Guolian Minsheng Securities·2025-12-21 08:12Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].