Western Securities·2026-01-25 11:05Investment Rating - The report recommends investment in various sectors including commercial aerospace, solid-state batteries, and photovoltaic companies, highlighting specific companies for potential investment opportunities [1][2][3]. Core Insights - Elon Musk announced a plan to achieve 200GW of solar power capacity in the U.S. within three years, with a focus on space applications [1][51]. - The commercial aerospace sector remains robust, with recommendations for companies like Foster, Maiwei, and Mingyang Smart Energy [1]. - The solid-state battery sector is gaining traction, with a strategic partnership between Enjie and Enli Power to advance solid-state battery technology [2][54]. - The photovoltaic sector is highlighted with recommended stocks such as Aiko and suggestions to monitor other companies like Dike and Juhua Materials [1][2]. Summary by Sections Photovoltaic Sector - Musk's 200GW solar plan aims to support space AI and is expected to enhance the efficiency of solar power generation in space [1][51]. - Mingyang Smart Energy is acquiring 100% of Zhongshan Dehua, expanding its footprint in the energy sector [1][50]. - Recommended stocks in the photovoltaic sector include Aiko, with additional attention to Dike and Juhua Materials [1][2]. Solid-State Batteries - Enjie and Enli Power have signed a strategic cooperation agreement to promote the industrialization of solid-state batteries [2][54]. - The report emphasizes the importance of collaboration in overcoming key material and process bottlenecks in solid-state battery production [2][54]. Commercial Aerospace - The commercial aerospace sector is highlighted as a growth area, with recommendations for companies such as Foster and Maiwei [1]. - The report suggests monitoring companies like Hualing Cable and Liansheng Technology for potential investment opportunities [1]. Energy Storage - By the end of 2025, China's power storage capacity is projected to reach 213.3GW, with new energy storage installations expected to grow significantly [3]. - Recommended companies in the energy storage sector include Sunshine Power and Yiwei Lithium Energy [3]. Electric Vehicles - The report notes a significant increase in electric vehicle production and sales, with December 2025 seeing a production of 1.5348 million units, a year-on-year increase of 26.1% [9][12]. - Recommended stocks in the electric vehicle sector include CATL and Yiwei Lithium Energy [2]. Market Trends - The report indicates a 5.0% year-on-year growth in total electricity consumption in 2025, reaching 10,368.2 billion kWh [44]. - The electricity market transaction volume is expected to continue growing, with a notable increase in green electricity trading [45]. Pricing Trends - Prices for battery materials, including lithium and nickel, have shown upward trends, with battery-grade lithium carbonate reaching 171,000 CNY/ton, an increase of 8.23% [33][35]. - The report also notes price increases in battery cells and components, reflecting ongoing demand in the electric vehicle and energy storage markets [33][36].