电力设备与新能源行业3月第4周周报：固态电池催化不断，新能源汽车旺季来临-2025-03-30

Investment Rating - The industry maintains a rating of "Outperform" compared to the market [1][2][31] Core Insights - The solid-state battery industry is progressing, with mass production expected by 2027, benefiting companies involved in battery, materials, and equipment [1] - The photovoltaic sector is experiencing a supply-side reform, with price increases stabilizing as the market approaches a critical threshold for end-user acceptance [1] - The wind power sector is expected to see steady demand growth in 2025, driven by domestic and overseas project developments [1] - The electric power equipment sector is benefiting from ongoing reforms and high demand for ultra-high voltage and main grid construction [1] - The hydrogen energy sector is being propelled by policy support, with applications in green hydrogen and chemical industries expected to expand [1] Summary by Sections New Energy Vehicles - National retail sales of new energy passenger vehicles reached 622,000 units from March 1-23, a year-on-year increase of 30% and a month-on-month increase of 40% [2][21] - Changan Automobile plans to launch a prototype equipped with solid-state batteries this year, with mass production expected in 2027 [21] Photovoltaics - Trina Solar's new bifacial component achieved a peak power of 808W, certified by TÜV [21] - The price of silicon materials remains stable, with mainstream manufacturers' prices around 40-42 RMB per kg [14][20] Wind Power - Domestic and overseas demand for wind power components is expected to remain strong, with ongoing project tenders and construction [1] Electric Power Equipment - Continuous promotion of power system reforms is expected to accelerate ultra-high voltage and main grid construction, maintaining high demand for related equipment [1] Hydrogen Energy - Policies are driving the industrialization of hydrogen energy, with a focus on cost-effective and technologically advanced electrolyzer manufacturers [1][21]