ZHONGTAI SECURITIES·2025-10-28 07:57Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The domestic offshore wind sector is expected to reach a delivery peak, with significant progress in the construction of a new energy system during the 14th Five-Year Plan [10][35] - The report highlights the importance of accelerating the green and low-carbon transition in energy, emphasizing the need for a new energy system that relies heavily on clean energy sources [35][37] Summary by Sections Lithium Battery Sector - CATL's Q3 2025 revenue reached 104.19 billion yuan, a year-on-year increase of 12.9%, with a net profit of 16.42 billion yuan, up 35.47% [14] - EVE Energy's Q3 2025 revenue was 16.832 billion yuan, a 35.85% increase year-on-year, with a net profit of 1.211 billion yuan, up 15.13% [15] - Tesla deployed 12.5GWh of energy storage in Q3 2025, achieving a gross margin of 32.21% [16] Energy Storage Sector - The report notes the signing of a large-scale energy storage project in the Philippines, indicating a push into the Southeast Asian market [22] - Various pricing policies for energy storage in different regions, such as Tianjin and Hunan, are highlighted, with storage prices ranging from 0.26 to 0.45 yuan/kWh [27][32] Power Equipment Sector - The report emphasizes the need for a green low-carbon transition in energy, with a focus on developing non-fossil energy sources and enhancing the efficiency of fossil fuel usage [35][36] - Recommendations include focusing on ultra-high voltage projects and potential opportunities in power equipment exports [8] Photovoltaic Sector - The report tracks fluctuations in silicon material prices and the overall stability in the silicon wafer market, with expectations of continued price stability in the short term [41] - The demand for different types of solar panels is noted, with a preference for 210 specifications despite some inventory build-up [41] Wind Power Sector - The report outlines the progress of various offshore wind projects in China, indicating a well-organized construction pace and the anticipation of a delivery peak [10][10] - Key companies benefiting from domestic and international offshore wind demand are identified, including cable manufacturers and turbine producers [10]