电气设备行业：储能12月招标创新高，预计25年景气度持续

Investment Rating - The report rates the electric equipment industry as "Positive" [1] Core Insights - The report highlights that the domestic energy storage tender in December reached a record high, with expectations for continued growth in 2025 [1][19] - The report emphasizes the increasing demand for energy storage solutions, with a projected global shipment of energy storage batteries exceeding 320 GWh in 2024, marking a nearly 40% growth [19] - The report notes that the electric power system's adjustment capacity will be optimized, supporting an average annual increase of over 200 GW of new energy consumption from 2025 to 2027 [17][90] Summary by Sections New Energy Industry Trends - The report discusses the anticipated increase in demand for new energy vehicles (NEVs) in China, with a projected retail sales volume of 10.9 million units in 2024, reflecting a year-on-year growth of 40.7% and a penetration rate exceeding 47% [12][78] - It also mentions that the U.S. NEV penetration rate is 9.7%, with a total sales volume of 1.54 million units in 2024, showing a 13.4% increase [12][81] Energy Metals - Lithium prices are expected to maintain slight increases due to supply constraints, while cobalt prices are projected to decline due to low demand [11] - The report indicates that the production of nickel is under pressure due to high inventory levels, leading to continued low prices [11] Battery and Materials - In November, China's battery sales reached 118.3 GWh, representing a month-on-month increase of 7.2% and a year-on-year increase of 40.1% [11][55] - The report highlights that the lithium battery material supply chain is expected to be at a bottom range, with potential for price increases in iron-lithium materials [11] Renewable Energy - The report notes that the total approved capacity for wind power in 2024 is expected to reach 135.68 GW, doubling from 67.3 GW in 2023, which will support future installations [13] - It also mentions that recent price increases in photovoltaic materials are driven by accelerated inventory depletion [13] Energy Storage and Grid - The report states that the domestic energy storage tender in December reached 12.5 GWh, a year-on-year increase of 178%, indicating a strong growth trajectory for 2025 [19] - It highlights the acceleration of ultra-high voltage approvals and the advancement of flexible direct current technology [19] Carbon Market - The report describes a significant decline in carbon emissions trading volume following the end of the compliance period, indicating a "tidal phenomenon" in the carbon market [21]