新能源周报（第112期20241118-20241124）：智能化加速带来新技术机会，重视底部布局

Investment Rating - The report maintains a positive outlook on the Electric Equipment and New Energy sector, emphasizing the acceleration of intelligence and new technology opportunities, while focusing on bottom-up investment strategies [1]. Core Insights - The report highlights that the acceleration of intelligence is expected to create new technological opportunities, particularly benefiting companies like Tesla and Xiaomi. The upcoming regulatory changes in the U.S. regarding autonomous vehicles are anticipated to favor Tesla significantly [4][18]. - The solid-state battery market is gaining attention, with companies like Purtai and Daozhi Technology expected to benefit from advancements in silicon-based anode materials [4][18]. - Mergers and acquisitions, as well as capacity expansion at the bottom of the market, are also seen as key opportunities, with recent activities involving companies like Fosun Technology and lithium battery equipment manufacturers [4][18]. Summary by Sections New Energy Vehicles - The report emphasizes the upward trend in intelligence acceleration, with Tesla and Xiaomi positioned to benefit. Recent developments include the U.S. administration's plans to prioritize a federal framework for fully autonomous vehicles, which could significantly benefit Tesla [4][18]. - The focus on solid-state battery silicon-based anode opportunities is highlighted, with Huawei's recent patent on silicon-based anode materials addressing expansion issues [4][18]. - The report notes the importance of mergers and acquisitions, particularly Fosun Technology's planned acquisition of a leading lithium battery separator company [4][18]. Photovoltaics - The report states that China's photovoltaic installations maintained a high growth rate, with 181.3 GW added from January to October 2024, representing a year-on-year increase of 27.17%. In October alone, 20.42 GW were added, marking a 49.92% increase year-on-year [6][20]. - Supply-side reforms are being implemented, with stricter controls on new capacity. The Ministry of Industry and Information Technology has issued new regulations that significantly raise the entry barriers for new photovoltaic manufacturing capacity [6][20]. - Key companies in the photovoltaic sector include integrated firms like Longi Green Energy and JinkoSolar, as well as supporting companies like Foster and Sungrow Power [7][20]. Wind Power - The report discusses the successful bid for the Yangjiang Qingzhou 5 and 7 ±500kV DC submarine cable project, which is expected to be completed and connected to the grid by 2025. The project has a total installed capacity of 2 GW and is a significant step in offshore wind power development [9][21]. - The report suggests that as offshore wind power moves into deeper waters, the value and market space for submarine cables will expand significantly [9][21]. - Investment recommendations include companies involved in submarine cables like Oriental Cable and turbine manufacturers such as Goldwind Technology and Sany Heavy Energy [9][21].