Minsheng Securities·2025-06-15 07:12Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others [4]. Core Insights - The global power battery installation volume increased by 40.2% year-on-year in the first four months of 2025, reaching 308.5 GWh, with CATL leading the market with a share of 38.1% [2][9]. - The SNEC PV&ES International Photovoltaic and Energy Storage Exhibition showcased a shift towards high-efficiency N-type components, indicating a significant technological evolution in the solar industry [3][26]. - The Hami-Chongqing ±800 kV UHVDC project has been commissioned, marking a significant advancement in China's energy transmission capabilities, with a total investment of 28.6 billion yuan [4][47]. Summary by Sections 1. New Energy Vehicles - In the first four months of 2025, global power battery installation reached 308.5 GWh, a 40.2% increase year-on-year, with CATL and BYD holding a combined market share of 55.4% [2][9]. - CATL's market share rose to 38.1%, while BYD's increased to 17.3%, reflecting a strong competitive landscape [13][14]. 2. Photovoltaics - The SNEC exhibition highlighted the transition to N-type technology, with major manufacturers launching high-power components exceeding 800W [3][26]. - The industry is witnessing a shift towards perovskite technology, which is expected to drive future developments in solar cell technology [28][29]. 3. Electric Equipment and Industrial Control - The Hami-Chongqing UHVDC project, with a total investment of 28.6 billion yuan, is the first to transmit power from the desert renewable energy base, significantly enhancing energy supply security in the region [4][47]. - The project is expected to deliver over 36 billion kWh annually, replacing approximately 6 million tons of coal and reducing CO2 emissions by about 16 million tons [47].