Investment Rating - The report maintains a "Recommended" rating for the electric power equipment industry [1] Core Views - The report highlights the continuous addition of new policies supporting novel energy storage and the positive trend in the wind energy sector [1][6] - The electric power equipment sector shows strong relative performance, with a 1-month increase of 1.8%, a 3-month increase of 30.0%, and a 12-month increase of 38.4% [5] - The report emphasizes the ongoing supply-side reforms in the photovoltaic sector, with silicon material prices stabilizing around 50,000 yuan per ton [6][7] - The wind energy sector is expected to benefit from increased demand and favorable policies, with an average bidding price for wind turbines rising to 2,325 yuan/kW [6][10] - The energy storage market is projected to reach a scale of 15GW by 2030 in Henan Province, with supportive measures being implemented [7][10] - Tesla's energy and storage business reported a revenue of $3.415 billion in Q3 2025, marking a 44% year-on-year increase [7] - The report notes advancements in solid-state battery technology and the growing demand for fast-charging LFP batteries [8][9] Summary by Sections Photovoltaic Sector - The report indicates that the supply-side reforms are gaining traction, with significant policy developments expected [6][7] - Companies to watch include GCL-Poly Energy and Tongwei Co., Ltd. for silicon materials, and LONGi Green Energy and Aiko Solar for high-efficiency battery technologies [6] Wind Energy Sector - The Beijing Wind Energy Exhibition has set an annual installation target of no less than 120GW for the 14th Five-Year Plan, with offshore wind expected to contribute significantly [6][10] - Key companies to monitor include Goldwind Technology and Mingyang Smart Energy [6] Energy Storage Sector - The report outlines Henan Province's plans for energy storage development, aiming for a 15GW capacity by 2030 [7] - Tesla's significant growth in energy storage deployment is highlighted, with a record 12.5GWh installed in Q3 2025 [7] Lithium Battery Sector - The report discusses the ongoing advancements in solid-state battery technology and the increasing production of fast-charging LFP batteries [8][9] - Companies such as CATL and A123 Systems are identified as key players in the fast-charging battery market [8]

Group 1 - The report highlights that Jia Yuan Technology is expected to benefit from the expansion of cloud infrastructure, with continuous improvement in its main business [3][4] - In August, coal supply continued to contract while thermal power demand still grew year-on-year, with a significant increase in coal prices month-on-month [2][6] - The report emphasizes the acceleration of supply-side reforms in the new energy sector as part of the national unified market construction [2][18] Group 2 - Jia Yuan Technology plans to invest 500 million RMB in Wuhan Endatong, acquiring a 13.6% stake, which will allow it to enter the optical module field [4] - The company achieved a copper foil production of approximately 41,400 tons in the first half of 2025, a year-on-year increase of 72.46%, and a sales volume of 40,700 tons, up 63.01% year-on-year [4] - The report forecasts that Jia Yuan Technology will achieve revenues of 10.1 billion, 13 billion, and 15.4 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 100 million, 200 million, and 400 million RMB [5] Group 3 - In August, the production of raw coal decreased by 3.2% year-on-year, with a daily average production of 12.6 million tons, which is a month-on-month increase of 307,000 tons [6][8] - The report indicates that the thermal power generation in August increased by 1.7% year-on-year, although the growth rate slowed compared to July [10][11] - The coal imports in August decreased by 6.77% year-on-year, with a total of 42.73 million tons imported [9][15] Group 4 - The report notes that the overall coal supply continued to contract, while demand from thermal power, metallurgy, and chemical industries showed positive growth [15][16] - The report suggests that the coal price in August increased by 51.37 RMB/ton, reflecting a month-on-month rise of 8.05% [15] - The report emphasizes the importance of maintaining orderly competition in the new energy sector, which is expected to improve the profitability of the industry [19][20]