电力设备行业研究周报：1月新能源汽车表现亮眼

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - January saw a significant increase in new energy vehicle (NEV) sales, with 944,000 units sold, representing a year-on-year growth of 29.4% and a penetration rate of 38.9% [10][11] - The overall installation of power batteries in January reached 38.8 GWh, marking a year-on-year increase of 20% [11][12] - The installation of lithium iron phosphate (LFP) batteries surged to 30.2 GWh, accounting for 78% of total installations, with a year-on-year growth of 53%. In contrast, ternary battery installations decreased by 32.5% to 8.5 GWh, representing 22% of total installations [12][13] - Leading companies in the battery sector, such as CATL and BYD, maintained strong positions, with CATL's installations at 18.25 GWh (47% of total) and BYD's at 8.88 GWh (23%), showing year-on-year growth of 14% and 48% respectively [19][20] Summary by Sections 1. NEV Sales Situation - NEV sales in January 2025 reached 944,000 units, a 29.4% increase year-on-year, with a penetration rate of 38.9% [10][11] 2. Power Battery Installation Overview - Power battery installations totaled 38.8 GWh in January, reflecting a 20% year-on-year increase [11][12] 3. Different Types of Power Battery Installations - LFP battery installations were 30.2 GWh, up 53% year-on-year, while ternary battery installations fell to 8.5 GWh, down 32.5% [12][13] 4. Leading Companies' Power Battery Installation Volumes - CATL's battery installations were 18.25 GWh (47% of total), and BYD's were 8.88 GWh (23%), with respective year-on-year growth of 14% and 48% [19][20] 5. Market Performance Review - The power equipment industry experienced a weekly increase of 2.9%, ranking 6th among 31 primary industries [27][28]