CATL(SZ:300750) Tai Ping Yang Zheng Quan·2025-08-03 13:14Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Insights - The industry is undergoing a transformation with solid-state batteries accelerating the introduction of new technologies, and the integration of AI with new energy is considered central to future developments [4][26]. - The new energy vehicle supply chain has entered a new cycle, with companies like CATL and Aulton benefiting from the introduction of solid-state batteries [4][5]. - The photovoltaic industry is expected to see price increases due to inventory accumulation and cost support, with companies like GCL-Poly and Flat Glass benefiting [6]. - The energy storage sector is experiencing rapid growth, with over 7737 new storage projects registered in the first half of 2025, indicating a significant increase in capacity [6][26]. Summary by Sections New Energy Vehicle Supply Chain - Solid-state batteries are being introduced rapidly, with companies like CATL and Aulton set to benefit from this trend. Mercedes-Benz plans to mass-produce solid-state battery electric vehicles within five years [4][5]. - The introduction of new technologies and products is crucial during the solid-state battery adoption phase, with companies like Tian Tie Technology and Shanghai Xiba benefiting from recent contracts and acquisitions [5]. Photovoltaic and Energy Storage - The photovoltaic industry is expected to stabilize with a focus on reducing competition and managing capacity, benefiting companies like GCL-Poly and Flat Glass [6]. - Policies supporting green electricity and rapid development in energy storage are anticipated to improve market conditions, with companies like Sungrow and Haibo benefiting from these trends [6]. AI and New Energy Integration - The integration of AI with new energy sectors, including humanoid robots, is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from new market breakthroughs [7][10]. - The development of controlled nuclear fusion is entering a critical phase, with companies like Helion Energy and Jingda benefiting from advancements in this area [7][10]. Market Dynamics - The report highlights significant price changes in the lithium battery supply chain, with lithium carbonate prices dropping by 5% recently, while cobalt prices have increased [12][15]. - The overall market is expected to shift from price competition to technology competition, with leading companies likely to gain advantages in the evolving landscape [35].