Wanlian Securities·2026-03-10 08:01Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [40]. Core Insights - The power equipment index rose by 0.55% to 11,113.85 points, outperforming the market, with the electric grid equipment sector leading with a 6.66% increase [3][13]. - Lithium battery production in March 2026 is expected to grow by approximately 20% month-on-month and 40% year-on-year, driven by strong demand [10][37]. - The government work report emphasizes the development of new energy storage systems and the acceleration of smart grid construction [10][37]. Market Review - The power equipment sector has shown a year-to-date increase of 10.17%, outperforming the Shanghai and Shenzhen 300 index, which increased by only 0.66% [3][13]. - Among the sub-sectors, electric grid equipment saw the highest increase, while battery, photovoltaic, wind power, and motor sectors experienced declines [14][18]. Industry Data Tracking - As of March 6, 2026, the price of battery-grade lithium carbonate is 155,100 CNY/ton, down 9.77% week-on-week but up 107.42% year-on-year [24]. - The price of lithium hexafluorophosphate is 111,000 CNY/ton, reflecting a week-on-week decrease of 9.02% and a year-on-year increase of 80.49% [25]. - Prices for ternary materials (5, 6, and 8 series) have decreased slightly week-on-week but show significant year-on-year increases [27]. Major Industry News - The production of lithium batteries is accelerating post-holiday, with significant contributions from large-capacity energy storage cells [37]. - BYD has launched its second-generation blade battery and fast-charging technology, achieving record charging speeds [37]. - The government report highlights the push for a new energy system and the expansion of green electricity applications [37].