TINCI(SZ:002709) Western Securities·2025-11-09 10:22Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Lithium battery material prices continue to rise, with the average price of domestic lithium hexafluorophosphate reaching 121,500 CNY per ton, a 13.02% increase month-on-month [1] - Tinci Materials has signed long-term electrolyte supply agreements with two major battery manufacturers, with an expected total supply of nearly 1.6 million tons of electrolyte products from 2026 to 2028 [1] - The report recommends several companies in the electric vehicle sector, including Zhuhai Guanyu, Shangtai Technology, and others, while suggesting to pay attention to companies in the PCB and solid-state battery sectors [1][2] Summary by Sections Electric Power Equipment - The National Energy Administration has released guidelines for the integration of coal and new energy, with the fifth batch of State Grid bidding for transmission and transformation equipment amounting to 10.559 billion CNY, with over 67% of the bids for combination electrical appliances, transformers, and power cables [2] - Recommended companies in the electric power equipment sector include Dongfang Electric, Siyi Electric, and others, with a focus on controllable nuclear fusion technologies [2] Energy Storage - The average price of 4-hour energy storage systems rose to 0.52 CNY/Wh in October, with a total of 10GW/29.4GWh of energy storage systems and equipment completed in the domestic market [2] - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and others [2] Wind Power - The government of Yancheng plans to develop 35.83GW of wind power, with a focus on deep-sea wind projects [3][61] - Recommended companies in the wind power sector include Goldwind Technology, Zhongtian Technology, and others [3] Photovoltaic Industry - November saw a decrease in photovoltaic module production, which may lead to a rebound in prices as companies look to restore profit levels [3][52] - Recommended companies in the photovoltaic sector include GCL-Poly, Tongwei, and others [3] AI and Industry Applications - iFlytek has launched the "Spark Industry Analyst," shifting its AI strategy from general models to industry-specific applications, enhancing decision-making capabilities in various sectors [3][65] - The State Council has issued opinions on accelerating scene cultivation and promoting large-scale applications of new scenarios, with AI being a core driver [3][67]