CATL(SZ:300750) GOLDEN SUN SECURITIES·2025-05-11 12:23Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The report highlights the stabilization of silicon material prices due to reduced production in response to weakened demand, with the average transaction price for granular silicon at 36,000 RMB/ton, down 2.7% week-on-week [14] - The report emphasizes the importance of two key directions: 1) focusing on silicon materials and glass with rigid supply and greater price elasticity post-demand recovery, with key companies including GCL-Poly Energy and Tongwei Co., Ltd. 2) exploring long-term growth opportunities brought by new technologies, focusing on Aiko Solar and Juhua Materials [14] - In the wind and electricity sector, Shandong has become the first province to implement the 136 document, clarifying pricing for existing projects at 0.3949 RMB/kWh, with a projected average settlement price for solar in Shandong at approximately 0.35 RMB/kWh in 2024 [15][18] - The report discusses the launch of China's first "trillion-level hydrogen energy project" in Shaanxi, which aims to utilize various hydrogen production methods to support low-carbon development [17] - The report notes that the average bidding price for energy storage systems in April was between 0.405 and 1.096 RMB/Wh, with recommendations to focus on companies with high growth certainty in large-scale storage, including Sungrow Power Supply and Eastern Gold Sun [21][24] Summary by Sections New Energy Generation - Photovoltaics: Silicon material prices are expected to stabilize as production is reduced in response to weakened demand, with a projected production reduction to 96,000 tons in May, down 3% month-on-month [14] - Wind Power & Grid: Shandong's implementation of the 136 document is expected to set a precedent for other provinces, with clear pricing mechanisms for existing projects [15][16] - Hydrogen & Energy Storage: The report highlights a significant hydrogen project in Shaanxi and provides insights into energy storage bidding prices, recommending key players in the sector [17][21] New Energy Vehicles - Ningde Times: The company has successfully passed the Hong Kong Stock Exchange listing hearing, aiming to raise approximately 5 billion USD for expansion projects, including those in Hungary and Indonesia [26] - The report suggests focusing on leading lithium battery companies and the solid-state battery industry for long-term investment opportunities [27] Price Dynamics in the Photovoltaic Industry - The report provides detailed price changes in the photovoltaic supply chain, indicating a downward trend in prices for various components, including polysilicon and solar cells [29] Important News - The report summarizes significant developments in the new energy sector, including partnerships and project announcements that could impact market dynamics [30][31]