电力设备及新能源周报20250706：6月新势力销量公布，光伏企业密集发声“反内卷-20250706

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 1.99%, outperforming the Shanghai Composite Index, with solar energy indices leading the gains at 6.80% [1]. - The report highlights a strong growth trend in the new energy vehicle market, with significant delivery increases from various manufacturers, indicating a competitive landscape [2]. - The photovoltaic industry is experiencing a shift away from price wars towards innovation-driven competition, supported by government policies aimed at improving supply-demand dynamics [3][34][36]. Summary by Sections 1. New Energy Vehicles - In June 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 36,279 units, and Xiaopeng exceeding its total deliveries for 2024 in just the first half of 2025 [12][14]. - NIO delivered 24,925 units in June, marking a 17.5% year-on-year increase, while BYD maintained its market leadership with 382,585 units delivered in June, a 12% increase [20][24]. 2. Photovoltaics - The report discusses recent government initiatives to curb "involution" in the photovoltaic sector, emphasizing the need for quality over price competition [34][36]. - Key industry players are expected to benefit from a potential rebound in prices and profitability as excess capacity is phased out [3][41]. 3. Electric Equipment and Automation - National electricity load reached a record high of 1.465 billion kilowatts, indicating robust demand for electric power infrastructure [4]. - The report notes the acceleration of ultra-high voltage projects, which are crucial for enhancing the efficiency of electricity transmission [4]. 4. Market Performance - The solar energy index showed the highest weekly increase, while industrial automation experienced a decline, reflecting varying market dynamics within the sector [1]. - The report identifies several companies to watch, including CATL, Keda, and others, which are positioned to capitalize on emerging trends in the electric equipment and new energy markets [4].