电气设备行业行业周报：近期铁锂材料涨价兑现，锂电材料行业有望保持较高增长

Investment Rating - The report rates the electrical equipment industry as "Positive" [3] Core Insights - The lithium battery materials industry is expected to maintain high growth due to recent price increases in iron-lithium materials and strong downstream demand driven by policies such as battery replacement [11][20] - In January, China's sales of new energy vehicles met expectations, with significant growth in Europe as the region prepares to introduce electric vehicle incentive plans [14][70] - The report highlights a significant increase in domestic energy storage bidding, reaching 7.7 GW/60.7 GWh in January, a year-on-year growth of 204%/1088% [20] - The report anticipates that the overall investment in the power grid will exceed 800 billion yuan in 2025, marking a historical high [20] Summary by Sections New Energy Industry Trends - The report discusses the trends in energy metals, battery materials, new energy vehicles, photovoltaic/wind power, energy storage/grid, and carbon markets [8][10] Energy Metals - In January, lithium prices showed a slight rebound, while cobalt prices are expected to decline due to low demand [13] - The report notes that lithium salt plants are gradually resuming operations, which may lead to increased market demand [13][49] Battery and Materials - In December, China's battery sales reached 126.6 GWh, with a month-on-month increase of 7.0% and a year-on-year increase of 40.4% [11][55] - The report mentions that recent price increases for iron-lithium materials have been implemented, affecting various suppliers [55] New Energy Vehicles - The report highlights that January saw a significant year-on-year increase in new energy vehicle sales in China, while European markets also performed well [14][86] - The report notes that various automakers are setting ambitious sales targets for the new year, with some aiming for a doubling of sales [13] Photovoltaic/Wind Power - The report indicates that major photovoltaic companies continued to face losses in Q4 2024, while the wind power sector is expected to see significant growth in 2025 [15] Energy Storage/Grid - The report emphasizes the record-high bidding for energy storage in January and anticipates continued high growth in installations [20] Carbon Market - The report assesses the impact of the U.S. re-exiting the Paris Agreement on ESG investments, suggesting limited long-term effects [21]