Guohai Securities·2025-12-20 13:55Investment Rating - The overall investment rating for the electric power equipment sector is "Recommended," indicating positive fundamental changes and potential catalysts within the industry [9]. Core Views - The report highlights a significant increase in domestic wind power bidding, with a total of 5.06GW of land wind turbine bids recorded by December 10, 2025. The bidding remains robust, with expectations for continued high demand in 2026 [4][6]. - In the photovoltaic sector, there are signs of rising silicon material prices, with major companies increasing their quotes to 65,000 yuan/ton. This price increase is driven by expectations of improved terminal demand by the end of Q1 2026 [5]. - The energy storage sector has seen a record high in EPC bidding, with November 2025 witnessing 259 bidding segments, marking a 42.3% increase month-on-month. The total bidding scale reached historical highs, driven by large-scale projects [6]. - The lithium battery industry is advancing solid-state battery layouts, with companies like SAIC MG beginning deliveries of semi-solid batteries. This indicates a shift towards more advanced battery technologies [6][7]. Summary by Sections Wind Power - Domestic land wind bidding remains strong, with a total of 5.06GW recorded. The average bidding price for different power segments has shown a month-on-month increase, indicating a recovery in pricing [4][6]. Photovoltaics - The silicon material market is experiencing upward price adjustments, with major companies raising their prices significantly. The anticipated recovery in demand is expected to stabilize the supply chain and inventory levels [5]. Energy Storage - November 2025 saw a record number of EPC bids, with significant projects contributing to the overall bidding scale. The report emphasizes the growth of overseas orders, particularly in Australia and Chile, indicating a robust international demand for energy storage solutions [6]. Lithium Batteries - The industry is focusing on solid-state battery technology, with notable advancements in battery performance and delivery timelines. Companies are encouraged to explore new solutions in the supply chain to enhance production capabilities [6][7]. AI and Power Equipment - The integration of AI in power operations is expected to enhance efficiency and operational value, with recommendations to focus on companies leading in this technological advancement [8].