电池及储能行业周报：《能源法》发布，大储利用率有待提升

Investment Rating - The report maintains a "Market Perform" rating for the battery and energy storage sectors [3]. Core Insights - The battery sector shows a positive outlook with record production and sales in October, driven by strong demand for new energy vehicles (NEVs) [4][19]. - The energy storage market is recovering with an increase in bidding projects and a stable average bidding price [6][22]. Summary by Sections 1. Investment Highlights 1.1 Battery Sector - October saw record production and sales of NEVs, with 1.46 million units produced and 1.43 million sold, marking a year-on-year increase of 48% and 50% respectively [4][19]. - The total installed capacity of power batteries reached 59 GWh in October, with a year-on-year increase of 51% [4][19]. - The forecast for 2024 predicts NEV sales to reach 11.5 million units, a 20% increase year-on-year [4][19]. 1.2 Energy Storage Sector - A total of 22 new bidding projects were announced, with a total scale of 3.17 GW/10.08 GWh, indicating a recovery in the energy storage bidding market [6][22]. - The average bidding price for energy storage EPC projects increased to 1.31 yuan/Wh, reflecting a 15.5% rise [6][22]. 2. Market Performance - The battery sector index rose by 0.21% during the week of November 11-17, outperforming the CSI 300 index by 3.50 percentage points [27]. - Major inflows were observed in companies like Funi Dongfang and Weilan Lithium, while significant outflows were noted for CATL and Sungrow [27][28]. 3. Company Focus - CATL is highlighted as a leading global lithium battery manufacturer, with expected shipments of 480 GWh in 2024 and an estimated profit of 50.5 billion yuan [5][21]. - Shangneng Electric has established a full industry chain layout in energy storage, achieving significant market presence and project wins [7][25].