电力设备与新能源行业10月第3周周报：新能源汽车产销创历史新高，固态电池获央媒关注-20251020

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - In September, domestic new energy vehicle production and sales reached historical highs, with production at 1.617 million units and sales at 1.604 million units, reflecting year-on-year growth of 23.7% and 24.6% respectively [2][25] - The successful breakthrough in solid-state lithium batteries is expected to enhance the range of new energy vehicles to over 1,000 kilometers [2][25] - The photovoltaic industry is expected to maintain upward price momentum due to ongoing demand and regulatory support against price competition [1][25] - The new energy storage capacity is projected to exceed 180 million kilowatts by 2027, indicating sustained high demand in the storage sector [1][25] - The nuclear fusion industry is progressing with key components being assembled, suggesting accelerated commercialization [1][25] - The hydrogen energy sector is seeing pilot projects being initiated, indicating a structured development of green hydrogen and related fuels [1][25] Summary by Sections New Energy Vehicles - In September, new energy vehicle sales accounted for 49.7% of total new car sales, marking a significant milestone [2][25] - The National Development and Reform Commission has issued a plan to double the service capacity of electric vehicle charging facilities by 2027 [2][25] Battery Technology - The total installed capacity of power batteries in September reached 76.0 GWh, with a month-on-month increase of 21.6% and a year-on-year increase of 39.5% [2][25] - The production of lithium iron phosphate batteries saw a year-on-year growth of 50.4% [2][25] Photovoltaic Industry - The report emphasizes a "counter-involution" strategy in the photovoltaic sector, with price increases expected to be driven by demand and profitability [1][25] - Recent regulatory measures aim to stabilize market prices and enhance the economic viability of photovoltaic projects [1][25] Energy Storage - The report highlights a significant increase in overseas orders for energy storage systems, with a year-on-year growth exceeding 100% [1][25] Nuclear Fusion - The assembly of key components for nuclear fusion projects is progressing, indicating a potential acceleration in the commercialization of fusion energy [1][25] Hydrogen Energy - The National Energy Administration has initiated pilot projects in hydrogen energy, indicating a structured approach to developing green hydrogen technologies [1][25] Company Performance - Jinlang Technology reported a net profit of 865 million yuan for the first three quarters, a year-on-year increase of 29.39% [26] - Huayou Cobalt's net profit for the same period reached 4.216 billion yuan, reflecting a year-on-year growth of 39.59% [26] - The report notes significant profit increases for several companies, including Dongfang Iron Tower and Hengdian East Magnetic, with projected net profits growing by over 50% [26]