Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan (2025-2027)", indicating a clear trend towards solid-state battery industrialization, with significant advancements from QuantumScape and Mercedes-Benz [1]. - It anticipates that domestic new energy vehicle sales will continue to grow significantly in 2025, driven by new model releases and the sales peak season, which will boost demand for batteries and materials [1]. - The report emphasizes the importance of the "anti-involution" strategy in the photovoltaic sector, with notable price increases in upstream materials such as silicon and cells, and suggests monitoring the price transmission to end-user photovoltaic power station returns [1]. - It projects that by 2027, the installed capacity of new energy storage will exceed 180 million kilowatts, maintaining high demand for storage solutions [1]. - The report also notes the upward trend in the nuclear power sector, supported by the release of the "Atomic Energy Law of the People's Republic of China", which encourages controlled nuclear fusion research and technology development [1]. - In the hydrogen energy sector, the application of AI technology is expected to enhance energy preparation and control capabilities, promoting the development of new technologies such as nuclear fusion and hydrogen energy [1]. Summary by Sections Industry Dynamics - The power equipment and new energy sector saw a 0.53% increase this week, with the industrial automation sector rising by 7.09% and the new energy vehicle index increasing by 3.61% [2][10]. - Data from the China Association of Automobile Manufacturers indicates that in August, vehicle production and sales reached 2.815 million and 2.857 million units, respectively, with month-on-month growth of 8.7% and 10.1% [24]. - The report mentions that in August, the sales of power and other batteries in China reached 134.5 GWh, reflecting a month-on-month increase of 5.7% and a year-on-year increase of 45.6% [24]. Price Observations - The report provides insights into the lithium battery market, noting stable prices for ternary power batteries and fluctuations in the prices of various battery materials [14]. - In the photovoltaic market, silicon material prices have shown an upward trend, with first-tier manufacturers reaching prices of 55 RMB per kg [15]. - The report also highlights the price movements of solar cells and modules, with N-type battery prices increasing due to stable domestic demand [17][19]. Company Developments - Goldwind Technology plans to invest approximately 18.92 billion RMB in a wind power hydrogen ammonia integrated project [26]. - The report notes that major companies like JinkoSolar and Huayou Cobalt are involved in significant transactions, including acquisitions and sales of stakes in subsidiaries [26].
电力设备与新能源行业9月第2周周报:《新型储能规模化建设专项行动方案(2025—2027年)》印发,固态电池上车演示-20250915
Bank of China Securities·2025-09-15 03:00