Dongguan Securities·2025-09-26 11:59Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]