电力设备及新能源行业周报：宁德时代首次实现动力锂电池铁路运输，福建启动2.4GW海风竞配【第44期】

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [3]. Core Views - The lithium battery industry is expected to gradually improve production scheduling, with industry valuations at historical lows, indicating potential for valuation recovery. Key companies to watch include CATL, Yiwei Lithium Energy, Guoxuan High-Tech, and others in various segments such as cathodes, separators, anodes, electrolytes, and auxiliary materials [1][26]. - In the photovoltaic sector, the price of polysilicon has stabilized, with domestic block material prices ranging from 36 to 42 RMB per kilogram. The report suggests monitoring companies like Longi Green Energy, JA Solar, and Trina Solar [2][27]. - The wind power sector has seen significant growth, with 45.8 million kilowatts of new wind power installed from January to October, a year-on-year increase of 8.49 million kilowatts. The report highlights investment opportunities in offshore wind projects and suggests companies like Dongfang Cable and Sany Heavy Energy [2][28][32]. Summary by Sections New Energy Vehicles - Yiwei Lithium Energy's cylindrical battery project has successfully topped out, with an investment exceeding 10 billion RMB. CATL's second-generation sodium-ion battery is set to launch in 2025, and the first railway transport of lithium batteries has been successfully conducted [1][20]. - Yiwei plans to introduce a high-power, all-solid-state battery by 2026 and a 400Wh/kg high-energy version by 2028. The company has also signed a global strategic cooperation framework agreement with InnoVate for battery separator procurement [1][25]. New Energy Power Generation - The report notes stable pricing in the silicon material segment, with P-type silicon wafer prices at 1.1-1.15 RMB per piece and N-type prices at 1.4-1.43 RMB per piece. The photovoltaic industry is advised to focus on companies like Longi Green Energy and JA Solar [2][27]. - The wind power sector has seen a significant increase in installed capacity, with ongoing projects in offshore wind energy, particularly in Fujian, which is expected to contribute significantly to future installations [2][28][32]. Energy Storage and Power Equipment - National power generation equipment utilization averaged 2880 hours from January to October, a decrease of 128 hours year-on-year. Investment in power generation projects reached 718.1 billion RMB, up 8.3% year-on-year, while grid investment grew by 20.7% to 450.2 billion RMB [2][33]. - The report emphasizes the importance of flexible power sources and the ongoing reforms in the electricity market, suggesting a focus on companies involved in high-voltage transmission and smart grid technologies [2][34].