电新公用环保行业周报20241215：中央经济工作会议强调综合整治“内卷式”竞争及全面绿色转型

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector [1] Core Views - The report emphasizes the acceleration of domestic offshore wind projects and the recovery of bidding prices, indicating a strong demand outlook for 2025 [1] - It highlights the importance of addressing the consumption issues in the domestic new energy sector, with policies aimed at establishing a unified national electricity market by 2029 [1] - The report notes that the photovoltaic industry is facing a clearing cycle, with a focus on supply-side reforms and the need for self-discipline among leading companies [1] Summary by Sections New Energy - Lithium Battery: Short-term export demand is driving production, with strong overall demand expected in 2025. Focus on high-pressure lithium iron phosphate and copper foil segments for investment opportunities [1] - Wind Power: Domestic offshore wind projects are accelerating, with a recovery in bidding prices. The report suggests focusing on large megawatt models and components that can increase prices [1] - Electricity Reform and Grid: The report stresses that consumption remains a core constraint for new energy development, with multi-faceted measures to address this issue expected to be implemented over the next five years [1] - Photovoltaics: The report indicates a need for self-discipline among leading companies to ensure healthy industry development, while acknowledging an inevitable clearing cycle in the industry [1] Public Utilities - The report discusses the annual long-term electricity price signing phase for 2025, with expectations of a downward trend in overall long-term electricity prices due to falling coal prices [1] - It suggests focusing on power operators in regions with tight electricity supply, as they are expected to show resilience in electricity pricing [1] Environmental Protection - The report provides insights into the lithium carbonate market, indicating a potential stabilization in prices with slight downward pressure expected [3] - It highlights the current state of the electrolyte and separator markets, noting that prices are expected to remain stable due to demand and production conditions [4][11]