Western Securities·2025-10-26 09:08Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].