电力设备与新能源行业周观察：看好海风景气延续，人形机器人产业化加速

Group 1 - Industry Investment Rating: Recommended [2] - Core Viewpoint: The new energy vehicle industry is in a rapid growth phase, with new models continuously launched, improving performance and reducing costs, which enhances cost-effectiveness. The introduction of new materials and technologies, such as fast charging and (semi) solid-state batteries, is expected to inject new vitality into the development of new energy vehicles. Additionally, the overseas electrification market has high growth potential, and the recovery of consumer electronics will expand the demand for the lithium battery industry chain [22][23][24]. Group 2 - Core Viewpoint: The supply of the new energy industry is expected to improve, with the photovoltaic sector entering a new upward cycle. The continuous decline in industry chain prices has put pressure on profitability, but recent proactive production cuts and the signing of self-discipline agreements are expected to further improve supply. Looking ahead to 2025, market clearing and industry self-discipline will optimize the supply-demand structure of the photovoltaic industry, leading to a recovery in product prices and profitability [31][34]. Group 3 - Key Data: In November 2024, domestic new energy vehicle sales/deliveries showed a month-on-month increase, with brands like BYD, Leap Motor, and Zeekr experiencing year-on-year growth rates exceeding 60%. Five brands among those surveyed saw month-on-month increases in sales/deliveries [21][22]. - Key Data: The average bidding price for onshore wind power (including tower) in November 2024 was 1825 CNY/kW, down 5.39% from November 2023. The average bidding price for offshore wind power (including tower) was 3225 CNY/kW [48][49].