换电行业：宁德加速中，关注设备先行

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [1]. Core Insights - CATL is accelerating the promotion of battery swapping technology, with significant progress in partnerships and production of battery swapping vehicles and stations [1][2]. - The "Chocolate Battery Swapping Alliance" is expanding, with multiple automakers joining and a focus on creating a closed product chain from battery production to battery swapping station deployment [2]. - The report emphasizes the importance of battery swapping station construction and related supplier orders, suggesting investors pay attention to companies involved in battery swapping equipment [1][2]. Summary by Sections Industry Overview - CATL has made substantial advancements in the battery swapping model, collaborating with Changan and Sinopec to launch the first battery swapping vehicle and station [1]. - The partnership with SAIC-GM-Wuling aims to introduce the world's first commercial battery swapping strategy, targeting logistics and passenger vehicles [1]. Market Developments - As of November 2024, CATL has partnered with various companies including Didi, GAC Aion, BAIC, and SAIC-GM-Wuling to enhance battery swapping capabilities [2]. - The report highlights the potential profitability of the battery swapping model as CATL increases its market promotion efforts, particularly in passenger and commercial vehicle sectors [2].