装备制造行业周报（11月第3周）：储能电芯价格持续上行-20251124

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The price of energy storage cells continues to rise, with mainstream lithium iron phosphate cell prices increasing across various models. Major cell manufacturers have orders extending into Q1 2026, indicating strong demand. The National Development and Reform Commission and the National Energy Administration have emphasized enhancing renewable energy consumption capacity, which is expected to drive the energy storage industry forward. Global energy storage installations are projected to grow over 50% in 2025, reaching approximately 300 GWh, with domestic independent storage expected to exceed 200 GWh [4][18]. - The engineering machinery sector shows a positive trend, with October domestic sales remaining strong. Notably, sales of truck cranes and crawler cranes increased by 41.7% and 54% year-on-year, respectively. Despite a slight slowdown in excavator sales, the overall trend in engineering machinery remains upward, suggesting continued investment opportunities in this sector [4][18]. - In the automotive sector, retail sales of passenger vehicles saw a slight decline in early November, but long-term growth is still anticipated. The decrease is attributed to high base effects from last year and tightening of trade-in and scrappage subsidy policies. However, the upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year, maintaining a positive outlook for passenger vehicle sales [4][18]. Summary by Sections Market Review - The mechanical equipment, power equipment, and automotive industry indices experienced declines of -4.78%, -10.54%, and -4.89%, respectively, ranking 13th, 31st, and 16th among 31 first-level industries in the Shenwan classification [9][11]. - The report highlights that engineering machinery, motorcycles, and commercial vehicles showed relatively better performance, while photovoltaic equipment and battery sectors faced significant declines [11]. Industry News and Key Company Announcements - The report discusses various industry developments, including the Ministry of Transport's initiatives to enhance transportation infrastructure and promote low-altitude economy and high-quality development of the car rental industry [18]. - It also mentions significant investments in robotics and AI, with companies like Xingdong Jiyuan and Blue Dot Touch completing substantial funding rounds to support their technological advancements [18]. - Noteworthy company announcements include Daikin Heavy Industries securing a contract worth approximately 1.339 billion yuan for an offshore wind farm project, which is expected to positively impact its 2027 performance [20].