Guolian Minsheng Securities·2025-12-14 14:40Investment Rating - The report maintains a "Buy" rating for key companies in the power equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The global power battery installation volume reached 933.5 GWh from January to October 2025, marking a year-on-year growth of 34.7%. CATL leads with 355.2 GWh, followed by BYD with 157.9 GWh, indicating a strong competitive landscape dominated by Chinese companies [2][14]. - The price of photovoltaic components shows signs of stabilization, with recent bidding prices indicating a recovery trend. The average bid price for large-scale projects has risen to 0.756 yuan/W, reflecting a positive shift in the market [3][33]. - The South China Power Grid has awarded a contract worth 5.184 billion yuan for a ±800 kV DC transmission project, highlighting ongoing infrastructure investments in the power sector [4][39]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume for January to October 2025 reached 933.5 GWh, a 34.7% increase year-on-year. The top ten companies account for nearly 90% of the market share, with Chinese firms holding six spots and a combined market share of 68.9% [2][14]. - CATL's market share stands at 38.1%, while BYD holds 16.9%, showcasing the dominance of these companies in the global market [18][19]. 2. New Energy Generation - Photovoltaic component prices are stabilizing, with recent bidding prices indicating a recovery. The average bid price for large-scale projects has increased to 0.756 yuan/W, reflecting a positive market trend [3][33]. - The demand for high-power components is rising, with prices for 210N components reaching 0.72-0.75 yuan/W, driven by market demand [34][38]. 3. Power Equipment and Automation - The South China Power Grid has awarded a contract worth 5.184 billion yuan for a ±800 kV DC transmission project, which includes various equipment and materials [4][39]. - The report emphasizes the ongoing investments in infrastructure and the positive outlook for the power equipment sector [4][39]. 4. Weekly Sector Performance - The power equipment and new energy sector saw a weekly increase of 1.19%, outperforming the Shanghai Composite Index. The nuclear power index had the highest increase at 1.34%, while the solar energy index experienced a decline of 0.59% [1].