月第2周周报：电力设备与新能源行业12

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The new energy vehicle market is experiencing robust growth, with November sales reaching 1.512 million units, a year-on-year increase of 47.4% [32]. - The photovoltaic industry is stabilizing, with upstream silicon material prices beginning to rise despite high inventory levels. Major companies are quoting prices above 0.69 yuan/W for solar modules [1][32]. - The wind power sector is expected to see steady demand growth, driven by domestic and overseas project developments [1]. - The solid-state battery industry is accelerating, with companies involved in battery, materials, and equipment likely to benefit [1]. - The report highlights the ongoing push for power system reforms in China, which is expected to accelerate the construction of ultra-high voltage and main grid projects, maintaining high demand for related equipment [1]. Summary by Sections New Energy Vehicles - The report notes a significant increase in sales, with a total of 67.2 GWh of power batteries installed in November, marking a 49.7% year-on-year growth [32]. Photovoltaic Market - The report indicates that after a recent industry self-discipline meeting, prices for silicon materials are attempting to rise, with current prices for domestic silicon materials around 37-39 yuan/kg [28]. - The price for P-type monocrystalline silicon wafers is reported at 1.1-1.15 yuan per piece, while N-type wafers are stabilizing at around 1.05 yuan [28][30]. Wind Power - The report anticipates steady progress in domestic wind power bidding and construction, with improved profitability expected in the complete machine and component sectors [1]. Solid-State Batteries - The report emphasizes the rapid development of solid-state battery technology, suggesting that companies with relevant layouts in batteries, materials, and equipment will benefit [1]. Power Equipment - The report highlights the ongoing reforms in the power system, which are expected to boost demand for ultra-high voltage and main grid equipment [1]. Hydrogen Energy - The report suggests focusing on companies with cost and technological advantages in electrolyzer production and those benefiting from hydrogen infrastructure development [1].