INDUSTRIAL SECURITIES·2025-11-02 12:44Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The report maintains a positive outlook on the photovoltaic industry, anticipating a value reconstruction driven by supply-side reforms and the end of excessive price competition [9][18]. - The solid-state battery sector is expected to accelerate its industrialization, with significant policy support and advancements in technology leading to a clearer path towards mass production [15][19]. - The AIDC electrical equipment sector is poised for growth due to high demand and technological upgrades, particularly in the context of data centers and new power supply systems [10][14]. - The wind power industry is experiencing a recovery in pricing and profitability, with a consensus forming around the need for self-regulation and adherence to pricing rules [20][22]. - The electric grid sector is entering a phase of rapid investment growth, driven by national policies aimed at enhancing smart grid infrastructure and meeting renewable energy consumption needs [23]. Summary by Sections Industry Weekly Viewpoint - The report emphasizes the positive effects of supply-side reforms in the photovoltaic sector, which are expected to lead to improved profitability and a healthier competitive landscape [9]. - The solid-state battery industry is transitioning from technology validation to preparation for large-scale production, with major companies outlining their industrialization paths [15]. - AIDC equipment demand is expected to grow, particularly with the transition to higher voltage power supply systems in data centers [10]. Market Review - The Shanghai Composite Index saw a slight increase of 0.11% during the reporting period, with the power equipment sector rising by 4.29% [24][25]. Industry Tracking - The lithium battery supply chain is experiencing price increases across various materials, driven by rising demand and supply constraints [29][32]. - The photovoltaic industry is witnessing a trend of reduced losses in Q3, indicating a recovery in profitability [18][20]. - The wind power sector is expected to see continued price recovery, supported by a stable demand environment [20][22].