Guoxin Securities·2025-06-29 11:47Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2] Core Views - In 2024, global offshore wind government auctions are expected to reach 56GW, setting a historical record. The solid-state battery industrialization is accelerating, with equipment companies beginning to deliver solid-state battery equipment in small batches to clients. Battery manufacturers plan to deliver full solid-state battery samples to clients between 2025 and 2027 [2][3] - The demand for AIDC electric equipment remains strong, driven by continuous updates in AI models requiring sustained computational power [9] Summary by Relevant Sections Wind Power - The global offshore wind government auctions are projected to reach 56GW in 2024, marking a historical high. The total installed offshore wind capacity is expected to reach 83GW by the end of 2024, with an additional 48GW under construction [3] - In Poland, Equinor and Polenergia have made a final investment decision for the Bałtyk 2 and 3 offshore wind farms, with a total capacity of 1.4GW and an investment exceeding €7.2 billion [3] Solid-State Battery - The solid-state battery industrialization is progressing rapidly, with equipment manufacturers successfully delivering solid-state battery production equipment to leading domestic clients. Strategic partnerships are being formed to develop solid-state battery materials and production equipment [6] - The consumer battery sector is seeing an increase in silicon content, with projections indicating that by mid-2025, the silicon content in batteries could reach 25% [6] AIDC Electric Equipment - The demand for AIDC electric equipment is expected to remain robust, supported by the ongoing advancements in AI technologies and the need for enhanced computational capabilities [9] Grid Equipment - In May, the newly installed photovoltaic capacity reached 92.9GW, a year-on-year increase of 388%, while wind power installations reached 26.32GW, a year-on-year increase of 801% [10] - The State Grid Corporation of China has completed the equity transfer for a high-voltage direct current project in Greece, which will enhance connectivity between Crete and the European mainland [10] Investment Recommendations - The report suggests focusing on the following companies: 1. Wind Power: Goldwind Technology, Oriental Cable, Wide Special Materials, Zhongji United, Daikin Heavy Industries, Times New Material, Hezhong Electric [2][5] 2. Lithium Battery: CATL, Xiamen Tungsten, Rongbai Technology, Tiannai Technology, Zhuhai Guanyu, Haopeng Technology, Shenghong Co., Ltd. [8] 3. AIDC Electric Equipment: Jinpan Technology, Mingyang Electric, Igor, Hezhong Electric, Shenghong Co., Ltd. [9] 4. Grid Equipment: Guodian NARI, Siyuan Electric, Samsung Medical, Jinpan Technology, Pinggao Electric, Oriental Electronics, Sifang Co., Ltd., Jinbei Electric [10]