新能源车与储能12月观点：电车、储能，一路引吭高歌；电力、氢能，只着局部战斗

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The report highlights the significant impact of the Central Economic Work Conference on the new energy sector, particularly in accelerating the construction of renewable energy bases and promoting electric vehicle sales [3][5] - The report emphasizes the stable growth in demand for electric vehicles and energy storage, despite ongoing price pressures in the lithium battery sector [5][6] - The report indicates that the construction of large-scale wind and solar bases is crucial for achieving China's carbon neutrality goals, with projected installed capacity reaching approximately 455 million kilowatts by 2030 [3][5] Monthly Investment Insights - Electric vehicle sales in China reached 11.26 million units from January to November 2024, a year-on-year increase of 35.6%, with a penetration rate surpassing 40% for the first time [5] - The report notes that the new energy heavy truck market is benefiting from subsidies and declining lithium battery prices, leading to increased penetration rates [5] - The energy storage sector is experiencing a slowdown in bidding market growth, with November's bidding volume at 17.2 GWh, a year-on-year decrease of 16.2% [5][6] - The report highlights the rebound in lithium carbonate prices in Q4, with prices stabilizing after significant declines earlier in the year [6] Key Company Focus - Key companies to watch include BYD, China National Heavy Duty Truck Group, and CATL, which are expected to benefit from the ongoing trends in electric vehicles and energy storage [5][6] - The report also identifies leading companies in the solar sector, such as Tongwei Co. and GCL-Poly Energy, as having strong market positions amid ongoing industry consolidation [7]