CATL(SZ:300750) Minsheng Securities·2025-09-07 10:59Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, highlighting strong growth potential and favorable market conditions [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 7.39%, outperforming the Shanghai Composite Index, with solar energy indices showing the highest growth at 14.51% [3]. - The report emphasizes the robust performance of new energy vehicle sales, with NIO achieving a record high in August, and overall market growth driven by multiple new energy vehicle manufacturers [4][13]. - The report discusses the government's initiative to regulate low-price competition in the photovoltaic sector, aiming for high-quality development and improved industry standards [5][37]. - The successful commissioning of the Jinshang-Hubei ±800 kV UHVDC project is noted, which is a significant part of China's "West-to-East Power Transmission" strategy, capable of transmitting approximately 40 billion kWh annually [6][56]. Summary by Sections New Energy Vehicles - In August 2025, several new energy vehicle manufacturers reported strong delivery numbers, with NIO delivering 31,305 units, a 49% month-on-month increase, and Li Auto delivering 28,529 units, reflecting a competitive market landscape [4][15]. - The overall trend indicates a significant increase in deliveries across various brands, showcasing the growing demand for new energy vehicles [4][21]. New Energy Generation - The report highlights the joint action plan by the Ministry of Industry and Information Technology and the State Administration for Market Regulation to combat low-price competition in the photovoltaic industry, aiming for sustainable growth and quality improvement [5][37]. - The plan sets a target for the photovoltaic and component manufacturing sectors to achieve an average annual revenue growth rate of over 5% from 2025 to 2026 [5][37]. Electric Equipment and Automation - The Jinshang-Hubei UHVDC project has successfully completed its trial operation, marking a significant milestone in China's energy transmission capabilities [6][56]. - The report notes the ongoing focus on key companies in the electric equipment sector, including CATL, Keda Li, and others, as they are expected to benefit from the growing demand for electric power infrastructure [6][56]. Market Performance - The report indicates that the electric equipment and new energy sector is experiencing a favorable market environment, with significant price movements in key materials and components, reflecting the industry's resilience and growth potential [3][27].