Core Viewpoint - The battery industry is transitioning into a multi-core era, focusing on user needs and enabling customization across various applications, including electric vehicles, buses, trucks, aircraft, and ships [1][2]. Group 1: Technological Diversity - The multi-core era represents the lithium battery industry's shift towards a diversified technological approach, with companies exploring multiple pathways such as sodium-ion and solid-state batteries [2][5]. - Recent innovations include CATL's sodium new battery and high-safety solid-state batteries with energy densities reaching 300Wh/kg, showcasing China's leading position in the lithium battery sector [5]. - Key performance indicators highlight China's advantages, with mass-produced battery systems achieving energy densities of 212Wh/kg and a cycle life exceeding 18,000 times [5][6]. Group 2: Application Diversity - The evolution towards multi-core technology reflects a deep resonance between technological supply and diverse application demands, with projections indicating that by 2030, China's new energy vehicle sales will reach 22 million units and lithium battery sales approximately 1,900GWh [7][8]. - The market is witnessing structural differentiation driven by high-voltage fast-charging technologies, leading to increased adoption of lithium iron phosphate batteries in mid-to-high-end vehicles [7]. - Emerging applications are experiencing breakthroughs, including eVTOL aircraft nearing certification, increased electrification in construction machinery, and advancements in battery technology for electric ships [8]. Group 3: Regional Diversity - The competition in the multi-core era has expanded globally, with companies like CATL and BYD accelerating overseas capacity expansion through local production bases in Hungary, Spain, and Thailand [9][10]. - China's global expansion strategy is characterized by clear planning, with expectations that by 2030, the overseas market share in key materials will continue to rise [10]. - The industry's globalization is complemented by a focus on technology output and standard-setting, with Chinese technologies being integrated into international automotive plans [10].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda Li, and others [4][5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 2.40%, outperforming the Shanghai Composite Index, with the nuclear power index leading gains at 9.61% [1]. - CATL launched three groundbreaking battery products, marking the entry into a "multi-core era" for power batteries, including sodium-ion batteries and the second-generation supercharging battery [2][11]. - In March 2025, domestic photovoltaic (PV) installations reached 20.24 GW, a year-on-year increase of 124.06%, driven by pre-installation demand ahead of regulatory deadlines [3][33]. - The report highlights significant growth in grid investment, with a 24.8% year-on-year increase in investment in power grid projects [4]. Summary by Sections 1. New Energy Vehicles - CATL introduced three innovative battery products, including the world's first mass-produced sodium-ion battery, which maintains 90% energy retention at -40°C and has a cycle life exceeding 10,000 times [11][19]. - The "Xiaoyao Dual-Core Battery" features independent energy zones for enhanced safety and efficiency, while the second-generation supercharging battery offers 800 km range and peak charging power of 1.3 MW [19][21]. 2. Photovoltaics - Domestic PV installations in Q1 2025 totaled 59.71 GW, a 30.5% increase year-on-year, with March alone contributing 20.24 GW [33]. - The report notes a significant improvement in inverter exports, with a 6.16% year-on-year increase, driven by demand from emerging markets [36]. - The government is accelerating the construction of large-scale wind-solar bases, which is expected to bolster domestic PV demand [41]. 3. Electric Equipment and Industrial Control - National power generation capacity reached 3.43 billion kW in Q1 2025, a 14.6% increase year-on-year, with grid investment rising to 95.6 billion yuan [4]. - The report emphasizes the ongoing construction of ultra-high voltage projects across various regions, enhancing the overall infrastructure [4]. 4. Weekly Sector Performance - The electric equipment and new energy sector outperformed the market, with notable gains in nuclear power and lithium battery indices [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda Li, and others, based on their strong growth potential and market positioning [4][5]. Core Insights - The electric vehicle sector is expected to continue its growth trajectory, driven by the introduction of innovative battery technologies by CATL, including sodium-ion batteries and the second-generation supercharging battery, which offers significant improvements in performance and safety [2][21]. - The photovoltaic industry has seen a substantial increase in new installations, with a 30.5% year-on-year growth in the first quarter of 2025, indicating strong demand despite potential slowdowns in the second half of the year [3][33]. - Investment in power grid infrastructure is on the rise, with a 24.8% increase in grid engineering investment in the first quarter of 2025, reflecting a commitment to enhancing energy transmission capabilities [4][41]. Summary by Sections 1. New Energy Vehicles - CATL launched three groundbreaking battery products, including the sodium-ion battery, which can operate in extreme temperatures and has a high energy density of 175Wh/kg, with a range exceeding 500km [2][11]. - The dual-core battery technology introduced by CATL enhances energy management and safety through innovative design and materials [11][19]. - The second-generation supercharging battery achieves a peak charging power of 1.3 MW, allowing for rapid charging capabilities [19][20]. 2. Photovoltaics - In the first quarter of 2025, domestic photovoltaic installations reached 59.71GW, with March alone contributing 20.24GW, a remarkable 124.06% increase year-on-year [3][33]. - The report highlights a significant improvement in inverter exports, with a 6.16% increase year-on-year, driven by demand from emerging markets [3][36]. - The government is accelerating the construction of large-scale wind-solar integrated bases, which is expected to bolster domestic photovoltaic demand [3][41]. 3. Electric Equipment and Automation - The total installed power generation capacity in China reached 3.43 billion kilowatts, marking a 14.6% year-on-year increase [4][41]. - Investment in power grid projects is increasing, with a total investment of 95.6 billion yuan in the first quarter of 2025, reflecting a strong push towards high-voltage engineering projects [4][41]. - Key companies to watch include CATL, Keda Li, and others, which are positioned to benefit from these industry trends [4][41].

以下文章来源于财经涂鸦 ，作者公司情报专家 财经涂鸦 . 公司情报专家，关注账号获取一手情报 " 宁德时代2024年研发投入近200亿，为海外申请专利数最多的中国企业。 " 作者： 苏打 编辑：tuya 出品：财经涂鸦（ID：caijingtuya） "当下，' 低垂的果子 '几乎 已被摘完，接下来 的果实都 非常难 摘。宁德时代的核心价值观是 修己 、 达 人 、 奋斗 、 创新 ，这非常符合当下的时代特征。 " 公司情报专家《财经涂鸦》获悉， 4月21日，宁德时代在首个超级科技日发布 钠新乘用车动力电池、骁遥 双核电池、第二代神行超充电池三款动力电池产品 ，及一款蓄电池产品钠新 24V重卡启驻一体蓄电池 ， 开启新能源行业的 "多核时代"。 宁德时代董事长兼 CEO曾毓群表示，之所以要开启多核时代，源于宁德时代的长期积淀——1 0 年间，公 司研发投入总计超过 7 00 亿， 2024年 达到近 200亿 的 历史新高 ，成为 海外申请专利数最多的中国 企业 。截至目前，公司已 在宁德、溧阳、上海、厦门、香港以及德国慕尼黑设立了六大研发中心，研发人 员超过 20000人，其中21C创新实验室已成为全球能源 ...

"今天，宁德时代提出了'双核架构''多核时代'的概念，我们认为这是恢复到产业创造价值的本质。随着 双核电池的到来，消费者可以根据自己的使用场景和需求来定义动力电池类型。我们也相信今天这些产 品可以对动力电池市场的格局带来改变，这种变化或许会在明年显现。"宁德时代市场部总经理罗坚在 接受《每日经济新闻》记者采访时表示。 钠新电池今年底落地巧克力换电车型 每经记者 黄辛旭 每经实习编辑 余婷婷 4月21日，宁德时代举行"超级科技日"重磅发布了三款产品，分别为宁德时代骁遥双核电池、钠新电 池、第二代神行超充电池。 "宁德时代致力于打造'多核'时代。这可以让用户真正成为中心，让电池的定制化成为可能，用户无需 在电池的各个特性之间妥协。一开始大家'卷'价钱，但消费者真正差这个钱吗？消费者的'痛'和'爽'需 要'多核'去解决。"宁德时代董事长曾毓群在发布会现场表示，未来，宁德时代将以"双核电池"为引擎， 推动动力电池正式驶入"多核时代"。 据了解，"骁遥双核电池"的架构是参考了客机的"双发架构"设计。高焕表示，双核架构意味着电池包拥 有两个的"独立能量区"，具备五大双核功能，包括高压双核、低压双核、结构双核、热管理双核以 ...