电气设备行业2025年度投资策略：创新引领，东方既白

Industry Investment Rating - Stronger than the market (maintained) [5] Core Views - The electrical equipment industry is expected to see significant growth driven by innovation and policy support, particularly in sectors like lithium batteries, photovoltaics, energy storage, wind power, and grid equipment [1][2] Lithium Battery Sector - Supply and demand are rebalancing, with supply growth slowing and demand remaining strong [2] - Main industry chain: Positive and negative electrode materials are experiencing both volume and price increases, with lithium mining expected to recover [2] - New technologies: Solid-state batteries are nearing mass production, large cylindrical batteries are expected to scale, silicon-carbon anodes are about to be promoted, and composite current collectors are set to be implemented [2] - Domestic battery sales from January to September 2024 reached 686GWh, a year-on-year increase of 43% [29] - Global battery usage by Chinese companies increased, with CATL and BYD leading the market [49] Photovoltaic Sector - Price reductions and cost reductions are accelerating demand, with policy support driving supply chain adjustments [2] - Industry chain prices have bottomed out and are rebounding [2] - New technologies like BC cells and photovoltaic copper paste are leading the industry in new directions [2] - Overseas expansion is a key strategy for photovoltaic companies [2] Energy Storage Sector - Global resonance: The market structure is shifting from point markets in China, the US, the UK, and Australia to a global market, with significant increases in energy storage bidding and installation volumes in Europe, the Middle East, and the Asia-Pacific region [2] - US variables: High profits in the US energy storage market, coupled with subsidy and tariff policy disturbances, may open a window for energy storage installations in 2025 [2] Wind Power Sector - Internal competition is expected to slow, with signs of a turning point emerging [2] - Profit recovery in the wind turbine sector, with offshore wind power benefiting significantly [2] - Tower and component manufacturers are expanding overseas, benefiting from European markets, and casting parts are expected to see price increases [2] Grid Equipment Sector - Grid investment is reaching new heights, with ultra-high voltage projects expected to increase [1] - Virtual power plants are emerging as new market players, exploring market opportunities [1] Investment Recommendations - Lithium battery: Focus on the recovery of the main industry chain and breakthroughs in new technologies, with recommendations for companies like CATL, Hunan Yuneng, and Ganfeng Lithium [9] - Photovoltaic: Optimistic about price rebounds, new technology iterations, and overseas capacity expansion, with recommendations for companies like GCL Technology and Trina Solar [9] - Wind power: Positive on the recovery of wind turbines and the elasticity of submarine cables, with recommendations for companies like Goldwind and Mingyang Smart Energy [10] - Energy storage: Positive on the continued prosperity of large-scale storage and the clearing of household storage inventory, with recommendations for companies like Deye and Sungrow [10] - Grid equipment: Positive on the increase in ultra-high voltage projects and innovations in virtual power plants, with recommendations for companies like Siyuan Electric and NARI Technology [10]