电新周报：英伟达入局人形机器人，低空运输有望加速

Investment Rating - The report maintains a positive investment rating for the electric power equipment and new energy sector, indicating a favorable outlook for the industry [3]. Core Insights - The report highlights that the landscape for power batteries is expected to improve, with profitability in the sector likely to recover due to a long-term significant correction in lithium battery prices and a potential turning point in the oversupply of lithium batteries. The decline in lithium carbonate prices is anticipated to lower battery costs and stimulate downstream demand [3][4]. - The report emphasizes the importance of the electric grid investment in 2024, predicting that the total investment scale for grid construction by the State Grid will exceed 500 billion yuan, which will positively impact domestic power equipment demand [3][4]. - The report also notes that the energy storage sector is expected to maintain high growth momentum in 2024, with significant increases in installed capacity and a favorable market environment for commercial energy storage [3][4]. Summary by Sections New Energy Vehicles - The report indicates that in October 2024, sales of new energy vehicles reached 1.43 million units, a year-on-year increase of 49.6% and a month-on-month increase of 11% [10][15]. - The installed capacity of power batteries in October 2024 was 59.2 GWh, reflecting a year-on-year increase of 51% and a month-on-month increase of 8.6% [13][15]. Electric Power Equipment and Energy Storage - The report forecasts that 2024 will be a significant year for grid investment, with a growing demand for electric power equipment driven by the increasing electricity consumption from emerging industries like AI [3][4]. - The energy storage market is projected to see continued high growth, with the newly installed capacity in 2023 reaching approximately 22.6 million kilowatts, a growth of over 260% compared to the end of 2022 [3][4]. Photovoltaics - The report notes that European demand for photovoltaics remains strong, with domestic ground station demand also robust. The industry is expected to benefit from cost reductions and new technology iterations, such as the large-scale production of TOPCON technology [3][4]. Wind Power - The report highlights that the bidding for offshore wind turbines remains optimistic, with significant installed capacity potential in 2024. The total planned offshore wind power projects across various provinces is approximately 53.7 GW [4][20].