电气设备行业行业周报：汽车报废更新申请超200万辆，以旧换新政策有望延续

Investment Rating - The investment rating for the electrical equipment industry is optimistic [1] Core Insights - The report highlights that over 2 million applications for vehicle scrapping and replacement have been submitted, indicating that the vehicle trade-in policy is likely to continue [1] Summary by Sections New Energy Industry Trend Commentary - Lithium carbonate prices are fluctuating at low levels, with significant divergence in market expectations for 2025 demand. In late November, lithium prices saw a slight increase due to unexpected production schedules for lithium battery materials, but the overall price increase is limited [7] - Cobalt prices remain stable with no significant recovery in demand, while nickel prices are also fluctuating with weak demand from downstream sectors [7] Battery and Materials - In October, China's sales of power and other batteries reached 110.3 GWh, a month-on-month increase of 6.2% and a year-on-year increase of 47.4%. The lithium battery material supply chain is expected to be at a low point, with potential for strong price increases in the iron-lithium sector [8] New Energy Vehicles - The industry is experiencing a boom due to the trade-in policy and the year-end peak season, with expectations that the trade-in policy will continue to support rapid penetration of new energy vehicles in 2025 [10] - In October, China's new energy vehicle sales reached 1.43 million units, a year-on-year increase of 50% [95] Photovoltaic/Wind Power - The Southeast Asia AD/CVD tariffs have been implemented as expected, and the entire industry is seeing production cuts, leading to clearer supply-side constraints [11] Energy Storage/Grid - Long-term demand for energy storage is expected to exceed expectations, with COP29 proposing a global energy storage target of 1500 GW by 2030, compared to only 89 GW in 2023 [14] - The ultra-high voltage direct current industry chain is anticipated to enter a profit release cycle in the first half of 2025 [14] Power (New Energy/Traditional Energy) - The national unified electricity market development plan has been officially released, aiming for most provinces to operate electricity spot markets by 2028 [15] Industry Dynamics & Data Tracking - Recent company developments include Sigma Lithium's second-phase expansion project, which is expected to add 250,000 tons of annual capacity by 2025 [19] - The lithium market is seeing increased futures delivery warehouses across multiple provinces in China [21]