月第3周周报：电力设备与新能源行业11

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The report highlights strong sales performance in the new energy vehicle sector, with October sales showing a year-on-year increase of 48% and a penetration rate of 46.8% [1]. - The solid-state battery technology is gaining traction, with successful demonstrations in eVTOL applications, indicating potential growth in related sectors [1]. - The photovoltaic sector is expected to see a reversal in supply-demand dynamics due to energy consumption control policies, which may lead to price increases in key materials [1]. - The wind power sector is projected to experience steady growth in domestic and overseas demand, benefiting from ongoing project tenders and construction [1]. - The report suggests prioritizing investments in companies with technological and management advantages, particularly in the silicon material and component segments [1]. Summary by Sections New Energy Vehicles - In October, China's new energy vehicle production and sales reached 1.463 million and 1.43 million units, respectively, marking a year-on-year growth of 48% and 49.6% [1]. - The total installed capacity of power batteries in October was 59.2 GWh, with a year-on-year increase of 51% [1]. Photovoltaic and Wind Power - The report notes that leading manufacturers are adjusting strategies to stabilize prices in the silicon material segment, with mainstream prices for domestic block silicon ranging from 36 to 42 RMB per kg [27]. - The price for 183N silicon wafers has stabilized around 1.03 RMB per piece, with demand dynamics shifting as manufacturers adjust production specifications [29]. - The report indicates that the wind power sector is expected to benefit from ongoing domestic and international project developments, with a focus on high-voltage transmission and distribution equipment [1]. Company Developments - Star Source Material has partnered with major companies to mass-produce separators for semi-solid batteries, indicating a strategic move towards advanced battery technologies [33]. - Tianqi Lithium plans to repurchase shares worth between 120 million to 160 million RMB, reflecting confidence in its market position [33]. - GreenMei is collaborating with Vale Indonesia to develop a nickel resource project, aiming for an annual production capacity of 66,000 tons of nickel content [33].