电气设备行业：电池厂进入招标期，铁锂材料或有较强涨价动力

Investment Rating - The report rates the electric equipment industry as "Positive" [15]. Core Insights - The report highlights that the battery manufacturers are entering a bidding phase, indicating a strong upward price momentum for iron-lithium materials [15]. - The lithium salt factory negotiations are ongoing, with a firm price support sentiment due to low inventory levels and upcoming supply reductions [20]. - The report notes that the wind power sector is expected to see significant growth in 2025, driven by both onshore and offshore projects [30]. Summary by Sections New Energy Industry Trends - The lithium market is experiencing a strong price support due to low inventory levels and upcoming supply reductions from lithium salt factories [20]. - The cobalt market is facing challenges with low demand and prices remaining stagnant due to low operating rates at cobalt refining plants [20]. - The nickel market is under pressure from high inventory levels, leading to limited price increases [20]. Battery and Materials - In November, China's battery sales reached 118.3 GWh, showing a month-on-month increase of 7.2% and a year-on-year increase of 40.1% [94]. - The report indicates that the lithium materials industry is expected to be at a bottoming phase, with potential strong price increases for iron-lithium materials in the future [25]. Energy Metals - The report discusses the supply-demand balance for energy metals, noting that the lithium market is seeing a decrease in imports and a stable price environment [49][66]. - The report highlights that the nickel market is facing an oversupply situation, which is expected to continue in the medium term [20]. Power and Grid - The report mentions that the ultra-high voltage projects are progressing steadily, with expected profit releases in the first half of 2025 [33]. - It notes that long-term electricity prices are generally decreasing across provinces, reflecting a more balanced supply-demand situation [33].