ZHONGTAI SECURITIES·2025-10-12 12:47Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Views - Solid-state battery technology continues to make breakthroughs, with significant developments in the lithium battery industry expected by 2025, indicating a potential supply-demand inflection point and a 2-3 year upward cycle for the industry [5][11] - The report highlights the strong demand in the energy storage sector, with September's energy storage procurement reaching 42.6 GWh and a 31% increase in the average price of 2-hour systems [5][19] - The report recommends key companies in the lithium battery sector, including CATL and EVE Energy, and suggests focusing on solid-state battery-related companies [5] Summary by Sections Lithium Battery Sector - The report notes that China will implement export controls on certain high-end lithium batteries and related materials starting November 8, 2025, which may impact the market [10] - The battery industry index fell by 5.76%, underperforming the broader market, primarily due to the export control announcement [8][10] Energy Storage Sector - In September, the energy storage procurement reached 42.6 GWh, with the average price of 2-hour systems increasing by 31% [5][19] - The demand from Xinjiang and Inner Mongolia contributed nearly half of the total procurement volume [17] - The report indicates a stable EPC pricing environment despite fluctuations in system prices [19] Electric Power Equipment Sector - The report discusses the issuance of the "Energy Planning Management Measures," which will guide energy planning across various levels [23][24] - It highlights the support for green electricity direct connection projects in Shandong, aimed at promoting renewable energy integration [25][26] Photovoltaic Sector - The report mentions stable prices for polysilicon, with no significant changes observed in the market [27][28] - It notes a decrease in demand for photovoltaic components, leading to a downward price trend [5] Wind Power Sector - The report outlines ongoing developments in offshore wind projects in various countries, indicating a robust construction pace in the domestic market [5]