CATL(SZ:300750) ZHONGTAI SECURITIES·2026-01-04 12:30Investment Rating - The report does not provide a specific investment rating for the industry [5] Core Insights - The report highlights the continuation of policies for the replacement of old electric vehicles in the new energy vehicle sector until 2026, with a focus on the need for 230GWh of energy storage in India by 2030 to support its non-fossil energy goals [1][20] - The report emphasizes the significant growth in energy storage projects in Shanxi Province, with a record increase in the number of projects and total capacity [21] - The report notes the introduction of a compensation mechanism for energy storage capacity in Gansu Province, which will support the development of new energy storage technologies [23] - The report discusses the anticipated large-scale application of sodium batteries by CATL starting in 2026, aimed at reducing reliance on lithium resources [13] Summary by Sections Lithium Battery Sector - CATL plans to apply sodium batteries in various fields from 2026 to reduce dependence on lithium [7][13] - The report forecasts a potential increase in performance and valuation for lithium battery companies over the next two years, recommending companies like CATL and EVE Energy [7] - The report tracks the performance of the battery industry index, noting a decline of 2.58% [11] Energy Storage Sector - India requires 230GWh of energy storage by 2030 to support its 500GW non-fossil energy target [20] - In November, Shanxi Province recorded a significant increase in energy storage project approvals, with 118 projects totaling over 50GWh [21] - Gansu Province has established a compensation mechanism for energy storage capacity, set at 330 RMB/kW per year [23] Power Equipment Sector - The report indicates support from government agencies for distributed independent storage and grid-replacement storage [25] - The report mentions the introduction of a single capacity pricing system for new energy consumption [25] Photovoltaic Sector - The report notes stable prices for silicon materials and an increase in silicon wafer prices, with expectations of limited market transactions due to high costs [29] - The report highlights the impact of rising silver prices on battery production costs, which may affect the pricing of photovoltaic components [29] Wind Power Sector - The report discusses ongoing projects in offshore wind power, indicating a robust growth outlook for domestic offshore wind installations [29]