电力设备行业跟踪周报：锂电年底需求旺盛开启新周期、光伏行业自律达成初步协议

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Views - The demand for lithium batteries is expected to surge by the end of the year, marking the beginning of a new cycle, while the photovoltaic industry has reached a preliminary self-discipline agreement [1] - The report highlights significant growth in the energy storage sector, with major contracts signed and a strong outlook for electric vehicles and lithium battery demand [2][8] - The report emphasizes the importance of supply-side reforms and industry self-discipline to prevent excessive competition and stabilize prices in the photovoltaic sector [2][8] Summary by Sections Industry Performance - Electric equipment index rose by 0.29%, underperforming the broader market, while new energy vehicles increased by 2.38% and photovoltaic fell by 2.02% [2] - Key companies showing strong performance include Nanchuan Co., *ST Tianma, and Jiayun Technology, while companies like Dongfang Zirconium and Aisheng shares faced declines [2] Energy Storage - Significant contracts include a 1.5GWh supply agreement signed by Sungrow Power and a $1.2 billion order from Fluence for energy storage systems [2] - The National Energy Administration is focusing on planning and guiding new energy storage industries from the manufacturing and supply side [2] Electric Vehicles - In November, wholesale sales of new energy passenger vehicles in China reached 1.46 million units, a year-on-year increase of 51% [2] - BYD plans to enter the South Korean passenger car market by 2025, while Tesla has introduced a leasing program for its vehicles in North America [2] Lithium Prices - The report notes fluctuations in lithium prices, with industrial-grade lithium carbonate at 73,700 yuan/ton, a decrease of 1.7% month-on-month [2] Photovoltaic Sector - The report indicates a global installation target of over 490GW in 2024, with a 20% year-on-year increase expected [2] - The photovoltaic industry is undergoing self-regulation to stabilize production capacity and prevent excessive competition [2] Investment Strategy - The report suggests a strong outlook for energy storage, electric vehicles, and photovoltaic sectors, with expected compound annual growth rates (CAGR) of around 50% for global energy storage installations from 2023 to 2025 [2] - Key recommended stocks include CATL, Sungrow Power, BYD, and others, highlighting their strong market positions and growth potential [2][9]