ZHONGTAI SECURITIES·2025-09-22 09:03Investment Rating - The report maintains a "Buy" rating for key companies in the industry, including Ningde Times, Shenghong Co., and DeYe Co. [5][6][7] Core Insights - The report highlights the initiation of the Cangyue DC project, which is expected to enhance the capacity of offshore wind installations during the 14th Five-Year Plan [6][26] - The lithium battery sector is anticipated to enter a supply-demand inflection point in 2025, leading to a 2-3 year upward cycle for the industry [7][11] - The energy storage sector is experiencing significant growth, with a surge in overseas contracts and supportive policies from various regions [22][23][25] Summary by Sections Lithium Battery Sector - Key companies like Ningde Times and Fulin Precision have secured substantial prepayments for high-pressure cathode material supply [13] - The first generation of semi-solid batteries from Honeycomb Energy is nearing mass production, with a planned annual capacity of 2.3GWh [14] - Full solid-state batteries from Funeng Technology are set for delivery by the end of the year, supporting humanoid robots with 8-12 hours of endurance [15] - The lithium battery industry is expected to see performance and valuation improvements over the next two years, making it a favorable mid-term investment sector [7] Energy Storage Sector - The release of the "136 Document" in Heilongjiang encourages independent energy storage, with a pricing mechanism set at 0.374 yuan/kWh for existing capacity [22] - In the first nine months of 2025, Chinese companies signed contracts for 208.09GWh of energy storage projects, with significant activity in the Middle East [23] - The Guangdong "136 Document" promotes energy storage leasing and sets a pricing range of 0.2 to 0.453 yuan/kWh for new projects [25] Power Equipment Sector - The Cangyue DC project, a major clean energy transmission initiative, has commenced construction, expected to transmit over 43 billion kWh of clean energy annually [26] - The Henan Yunan 1000kV substation expansion project has been approved, adding 3 million kVA of capacity [27] Photovoltaic Sector - The report notes a slight increase in silicon material prices, with multi-crystalline silicon averaging 51 yuan/kg [28] - The price of silicon wafers has also risen, with the average price for 210N wafers at 1.70 yuan/piece [29] - The report anticipates stable prices for photovoltaic components, driven by upstream cost pressures and a recovery in demand [31][32] Wind Power Sector - The report emphasizes the orderly progress of offshore wind projects in China, with several key projects already under construction [7] - It suggests focusing on leading companies benefiting from domestic and international offshore wind demand [7]