2025年是锂电新周期的起点

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected return exceeding the benchmark index by more than 10% over the next six months [19]. Core Insights - The report highlights that the new energy vehicle sector is experiencing significant effects from the "golden September and silver October" driven by trade-in subsidies, with a notable recovery in midstream supply and demand dynamics expected in 2025 [2]. - Continuous innovation in lithium battery technologies, including solid-state and sodium batteries, is anticipated to create investment opportunities as the industry transitions from 0 to 1 in product development [2]. - The charging infrastructure market in Europe and the U.S. is projected to grow significantly due to a large gap in public charging resources, with a focus on high-power charging pile companies and core components [4]. - The energy storage sector is expected to maintain high growth, particularly in large-scale storage, with a forecasted increase in installed capacity in China and the U.S. [6]. - The hydrogen energy sector is experiencing high demand for alkaline electrolyzers, although the target for fuel cell vehicles by 2025 may face challenges [8]. - The low-altitude economy is entering a phase of product and order realization, with significant opportunities in eVTOL manufacturing and core power systems [10]. Summary by Sections New Energy Vehicles - The report notes a recovery in midstream supply and demand, with a focus on companies capable of price increases and cost differentiation [2]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others in the lithium battery midstream sector [2]. Charging Infrastructure - The report emphasizes the significant growth potential in the charging pile market, particularly in the U.S. and Europe, where public charging infrastructure is lacking [4]. - Recommended companies include Daotong Technology and Wanma Co., among others [4]. Energy Storage - The report indicates that domestic energy storage prices have reached a bottom, with expectations for continued high demand and improved profitability for storage companies by 2025 [6]. - The U.S. energy storage market is also expected to benefit from economic improvements due to interest rate cuts [6]. Hydrogen Energy - The alkaline electrolyzer market is projected to remain robust, with significant growth in demand anticipated [8]. - Companies involved in hydrogen production and fuel cells are highlighted as potential investment opportunities [8]. Low-altitude Economy - The report discusses the emergence of eVTOL products and the realization of orders, indicating a promising investment landscape [10]. - Key players in the eVTOL manufacturing space are identified, including Wanfu Aviation and Zongheng Co. [10].