电力设备新能源 2025 年10 月投资策略：六氟与电解液价格上涨，绿色甲醇行业布局持续推进

Core Insights - The report maintains an "Outperform" rating for the power equipment sector, highlighting the ongoing price increases in lithium hexafluorophosphate and electrolytes, which are expected to boost profitability in the lithium battery supply chain [1][4][66] - The green methanol industry is advancing, with significant capacity expansions planned by companies like Goldwind Technology, which aims to reach an annual production capacity of 1.45 million tons by the end of 2027 [2][4] - The AI data center capital expenditures are increasing, benefiting power equipment companies as major tech firms announce substantial investments in data center infrastructure [2][28] Lithium Battery Industry - The demand for lithium batteries remains strong, with short-term production continuing at high levels and energy storage battery demand expected to exceed expectations [1][66] - The price of lithium hexafluorophosphate has increased by 10%-20% since October, leading to improved profitability across various segments of the lithium battery supply chain [1][66] - Companies to watch in the lithium battery supply chain include Tianci Materials, Xinzhou Bang, CATL, and Yiwei Lithium Energy [1][66] Green Methanol Industry - Goldwind Technology has initiated the production of a 500,000-ton green methanol project and signed agreements for further expansions, bringing its total planned capacity to 2.05 million tons per year [2][4] - The report expresses optimism about the performance growth of companies with forward-looking investments in green methanol, particularly Goldwind Technology and Yunda Co [2][4] Energy Storage Industry - The domestic energy storage system bidding has seen a significant increase, with a cumulative bidding scale of 140 GWh from January to September, representing a year-on-year growth of approximately 21% [3][91] - The Sichuan province's energy storage projects indicate a substantial increase in registered capacity, laying a solid foundation for the stable development of the domestic energy storage market from 2026 to 2027 [3][91] - Key companies in the energy storage supply chain include Sungrow Power, Yiwei Lithium Energy, and Ningde Times [3][91] Power Grid Equipment Industry - The power grid equipment sector continues to experience robust growth, driven by high demand for transformers and power supply equipment due to the ongoing AIDC boom [4][38] - Companies such as Guodian NARI, Sifang Co., and Xuchang Electric are highlighted as key players benefiting from this trend [4][38] Wind Power Industry - The wind power sector is witnessing a simultaneous increase in volume and profitability, with both onshore and offshore projects ramping up [53][56] - Companies like Goldwind Technology and Dongfang Cable are recommended for their strong positions in the market [53][56] Overall Investment Recommendations - The report suggests focusing on the recovery of the power grid equipment sector, progress in green methanol industry layouts, fluctuations in lithium material prices, advancements in solid-state battery industrialization, and the release of global energy storage installation demands [4][66]