电气设备行业行业周报：矿盐价格倒挂，后续锂矿价格或将承压

Investment Rating - The report rates the electric equipment industry as "Positive" [1] Core Insights - The report highlights that the price inversion of salt and lithium may put pressure on lithium prices in the future [1] - The report discusses the dynamics of various segments within the new energy industry, including energy metals, batteries and materials, new energy vehicles, photovoltaic/wind power, energy storage/grid, and electricity [8][10] Summary by Sections New Energy Industry Trends - The report notes that in January, China's sales of power and other batteries reached 80.4 GWh, a month-on-month decrease of 36.5% but a year-on-year increase of 40.8% [11] - The lithium battery materials industry is expected to maintain high growth due to recent price increases and policies encouraging battery replacements [11] Energy Metals - Lithium prices are under pressure due to a price inversion with salt, and the supply from major lithium producers is recovering quickly [13] - Cobalt prices are expected to decline due to overall weak demand and high inventory levels [13] - Nickel market prices are constrained by low demand, despite a slight decrease in inventory [13] New Energy Vehicles - In February, new energy vehicle sales remained stable, with a slight month-on-month increase of 1% among reported manufacturers [14] - BYD has launched a full range of intelligent driving features, prompting other manufacturers to follow suit [14] Photovoltaic/Wind Power - The photovoltaic industry is expected to see a surge in production due to new policies, although profitability remains low [15] - Wind power production is increasing, with a significant rise in component prices as the industry enters a peak season [15] Energy Storage/Grid - The cancellation of mandatory energy storage requirements is seen as a positive development for the energy storage industry [20] - Total investment in the grid is expected to exceed 800 billion in 2025, with a focus on ultra-high voltage and smart grid technologies [20] Electricity (New Energy/Traditional Energy) - The 2025 energy work guidelines emphasize supply security and low-carbon transformation, with a target of adding over 200 GW of new energy capacity [20]