电力设备行业周报：看好锂电材料价格修复，钠电产业发展有望加速-20251227

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights a positive outlook on the recovery of lithium battery material prices and anticipates accelerated development in the sodium battery industry [3] - The electric power equipment sector has shown strong performance, with a 42.8% increase over the past 12 months, outperforming the CSI 300 index [4] - The report emphasizes the ongoing high demand for energy storage, with significant project signings and a robust pipeline for future installations [7] Summary by Sections Wind Power - Domestic land wind turbine bidding reached 9.64GW as of December 20, 2025, with major companies initiating large-scale procurement [5] - The report expects continued growth in installed capacity for 2026, driven by high demand and favorable bidding conditions [5] Photovoltaics - The photovoltaic industry chain has seen widespread price increases, with N-type polysilicon prices rising by 1.2% and N-type TOPCon battery prices increasing by 13.3% [6] - The report suggests that supply-side reforms are enhancing industry sentiment, with a positive outlook for profitability in 2026 [6] Energy Storage - China Power Construction Corporation signed contracts for energy storage projects totaling 50 billion yuan, with a significant number of projects in the pipeline [7] - The report anticipates strong growth in overseas energy storage demand, particularly in Europe and emerging markets [7] Lithium Batteries - Several leading lithium iron phosphate manufacturers are undergoing simultaneous production halts for maintenance, coinciding with a price increase trend in the industry [7] - The report indicates that improved supply-demand dynamics may lead to a recovery in prices and profitability for lithium iron phosphate manufacturers [7] Sodium Batteries - The sodium battery industry is entering a phase of deep development, with advancements in technology and market penetration [7] - The report highlights the growing demand for sodium batteries in various applications, including energy storage and commercial vehicles [7] AIDC (Artificial Intelligence Data Center) - ByteDance plans to invest $23 billion in artificial intelligence, which is expected to drive demand for AIDC infrastructure [8] - The report notes that the shift towards energy-intensive operations by tech giants is likely to increase the demand for power equipment [8] Electric Grid - Alphabet's acquisition of an energy developer marks a trend of tech companies investing in power infrastructure [8] - The report suggests that the growing demand for data centers will continue to drive the need for electric power equipment [8]