新能源行业周报（第112期）：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 driving are anticipated to favor Tesla significantly [4][18]. - The solid-state battery market is gaining attention, with companies like Purtai and Dao's 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 seen as key opportunities, with recent activities involving companies like Fosun Technology and lithium battery equipment manufacturers [4][18]. Summary by Sections 1. New Energy Vehicles - The report emphasizes the upward trend in intelligence acceleration, with Tesla and Xiaomi as key beneficiaries. 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 also notes the importance of mergers and acquisitions, particularly Fosun Technology's planned acquisition of a leading lithium battery separator company [4][18]. 2. 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, up 49.92% 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 [6][20]. 3. 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 the first in China to use this high-capacity DC cable system [9][21]. - The report anticipates significant growth in DC transmission projects as offshore wind power development progresses into deeper waters, expanding the market for submarine cables [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].