电力设备及新能源行业周报：2023年中国市场动力电池装机量发布，硅料价格处于底部区域【第7期】

Investment Rating - The report maintains an investment rating of "Outperform" for the electric equipment and new energy sector [1]. Core Views - The report highlights the strategic partnership between BorgWarner and BYD's FinDreams Battery, which will enhance the production of blade batteries for commercial vehicles [9]. - In 2023, the installed capacity of power batteries in China reached 395.84 GWh, with CATL holding a market share of 43% [9]. - The report anticipates a gradual recovery in the lithium battery industry as lithium carbonate prices stabilize, suggesting potential valuation recovery for the sector [26]. Summary by Sections New Energy Vehicles - BorgWarner announced a strategic partnership with BYD's FinDreams Battery to produce blade batteries for commercial vehicles [9]. - In 2023, CATL's installed capacity was 170.57 GWh (43% market share), followed by BYD's 107.26 GWh (27% market share) [9]. - The report expects a decrease in domestic lithium carbonate production to approximately 32,000 tons in February, a 22.9% month-on-month decline [26]. New Energy Power Generation - The report notes that in 2023, China's newly installed wind power capacity reached 75.9 million kW, a 102% year-on-year increase [27]. - It predicts that by the end of 2024, the cumulative installed capacity of new energy power generation will exceed that of coal power for the first time [27]. - The report suggests focusing on companies like LONGi Green Energy and Trina Solar for investment opportunities in the solar sector [27]. Energy Storage and Power Equipment - In 2023, major power generation companies completed investments of 967.5 billion yuan in power source projects, a 30.1% increase year-on-year [29]. - The report emphasizes the need for increased investment in smart grid construction, with expectations for total investment to exceed 500 billion yuan in 2024 [29]. - It highlights the establishment of a unified pricing mechanism for auxiliary services in the power market, effective from March 1, 2024 [29].