Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.18% in the last week, underperforming compared to the Shanghai Composite Index [1]. - The report highlights significant sales achievements in the new energy vehicle sector, with multiple companies reporting record monthly deliveries in December 2025 [2][14]. - The photovoltaic industry is facing a mixed scenario with rising upstream prices but weak downstream demand, leading to a "price without market" situation [3][38]. Summary by Sections New Energy Vehicles - In December 2025, several new energy vehicle manufacturers reported record sales, including Li Auto with 44,246 units delivered, a year-on-year decrease of 24.4% [15][21]. - Leap Motor achieved a delivery of 60,423 units, up 42% year-on-year, while BYD delivered 420,398 units, reflecting a year-on-year decrease of 17.5% [2][21]. New Energy Generation - The main industry chain prices are on the rise, with silicon material prices testing above 65 yuan/kg, although actual transactions are still based on previous orders [38]. - The report notes a significant reduction in demand, with a 78% decrease in procurement for domestic centralized projects [39]. Electric Equipment and Automation - The report indicates that the sixth batch of State Grid's bidding for power transmission and transformation equipment reached 13.205 billion yuan, with a total of 495 packages awarded [54]. - The largest single package was valued at 399.66 million yuan, with various categories such as switchgear and transformers receiving substantial funding [54]. Commercial Aerospace - Domestic policies are accelerating the industrialization of the commercial aerospace sector, with the National Space Administration incorporating commercial aerospace into the national development framework [4]. Market Trends - The report emphasizes the importance of technological advancements and market dynamics in shaping the future of the electric equipment and new energy sectors, suggesting a focus on companies that can leverage these changes for competitive advantage [40][41].