电力设备及新能源周报 20250928 8 月用电量再破万亿，鸿蒙智行多款新车上市 2025 年 09 月 28 日 ➢ 本周（20250922-20250926）板块行情 电力设备与新能源板块：本周上涨 3.86%，涨跌幅排名第 1，强于上证指数。沪 指收于 3828.11 点，上涨 8.02 点，涨幅 0.21%，成交 49582.82 亿元；深成指收 于 13209 点，上涨 138.13 点，涨幅 1.06%，成交 65023.74 亿元；创业板收于 3151.53 点，上涨 60.53 点，涨幅 1.96%，成交 30832.05 亿元；电气设备收于 9749.37 点，上涨 362.57 点，涨幅 3.86%，强于上证指数。 ➢ 新能源车：2025 年 9 月 23 日，全新问界 M7、尚界 H5 正式上市 9 月 23 日，鸿蒙智行全新问界 M7 正式上市，共推出 12 款配置车型，提供增程、 纯电两种动力版本，售价 27.98-37.98 万元，M7 车身尺寸为 5080×1999× 1780mm，增程版配备 37kWh 和 53kWh 电池，CLTC 综合续航最高达 1625km， 纯电续航 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 3.07%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 9.25% [1]. - Global power battery installation volume reached 590.7 GWh in the first seven months of 2025, marking a year-on-year increase of 35.3%, with leading companies like Ningde Times and BYD holding a combined market share of 55.3% [2][11]. - New energy generation standards are set to significantly improve the supply-demand dynamics in the polysilicon market, with effective domestic polysilicon capacity expected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% compared to the end of 2024 [3][28]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume for January to July 2025 reached 590.7 GWh, a 35.3% increase year-on-year, with Ningde Times leading at 221.4 GWh [2][11]. - The market share of Ningde Times is 37.5%, while BYD holds 17.8%, indicating a stable competitive landscape among top players [12][15]. 2. New Energy Generation - The introduction of new energy consumption standards is expected to reshape the supply-demand landscape for polysilicon, with significant reductions in energy consumption limits for polysilicon products [3][28]. - The effective polysilicon production capacity is projected to drop to around 2.4 million tons per year, a decrease of 16.4% from the end of 2024 [29]. 3. Electric Equipment and Automation - The launch of the Tibet-Guangdong DC project, the largest flexible DC transmission project globally, is expected to be completed by 2029, delivering over 43 billion kWh of clean electricity annually to the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - Key projects in Yunnan's power grid construction are progressing, including the expansion of major substations and transmission projects [4]. 4. Weekly Market Performance - The electric equipment and new energy sector outperformed the Shanghai Composite Index with a weekly increase of 3.07%, driven by strong performance in 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, and others [5][6]. Core Insights - The report highlights the emphasis on self-discipline in the photovoltaic industry by the Ministry of Industry and Information Technology, indicating a potential recovery in the sector [3][30]. - CATL has launched the Shenzhou Pro battery, featuring advanced safety technology and impressive performance metrics, targeting the European market [2][11]. - The report notes a slight increase in battery prices, reflecting ongoing market dynamics and supply-demand adjustments [3][30]. Summary by Sections New Energy Vehicles - CATL's Shenzhou Pro battery, released on September 7, features NP3.0 safety technology and offers a range of 683 km with a 10-minute charge providing 478 km of range [2][11]. - The battery's long-life version boasts a range of 758 km and a lifespan of 12 years or 1 million kilometers, catering to European market demands [2][15]. New Energy Generation - The Ministry of Industry and Information Technology is addressing irrational competition in the photovoltaic sector, aiming to restore balance and promote healthy development [3][30]. - The report anticipates a bottom reversal in the photovoltaic sector due to ongoing policy measures [3][30]. Electric Equipment and Industrial Control - The report discusses the implementation of AI in energy development, focusing on enhancing grid safety and efficiency [4]. - Key companies to watch include CATL, Keda, and others, which are positioned to benefit from these developments [4]. Market Performance - The electric equipment and new energy sector saw a weekly increase of 0.53%, underperforming compared to the Shanghai Composite Index, which rose by 1.52% [1]. Company Profit Forecasts and Valuations - Key companies such as CATL, Keda, and others are projected to have strong earnings growth, with CATL's EPS expected to rise from 11.58 yuan in 2024 to 17.64 yuan in 2026 [5]. - The report provides a detailed valuation and earnings forecast for several companies, all rated as "Recommended" [5]. Industry Data Tracking - Recent price trends for lithium battery materials indicate slight increases, with NCM811 precursor prices rising by 4.45% [20][41]. - The report tracks price movements in the photovoltaic supply chain, noting increases in silicon material prices and battery cell prices [41][33]. Industry Announcements - The report includes updates on various companies, such as BYD's share buyback and announcements from other key players in the new energy sector [29][50].

Group 1: Market Performance - The electric equipment and new energy sector increased by 7.39% this week, ranking first in terms of growth, outperforming the Shanghai Composite Index [1][2] - The solar index saw the largest increase of 14.51%, while the nuclear power index experienced the largest decline of 2.17% [1][2] Group 2: New Energy Vehicle Sales - In August 2025, new energy vehicle sales showed strong performance, with Li Auto achieving a record high of 57,066 units delivered, and a total of over 320,000 units delivered from January to August [3] - NIO delivered 31,305 units in August, marking a 49% month-on-month increase, while XPeng Motors also reached a historical high with 37,709 units delivered [3] - BYD maintained its market leadership with 373,626 units delivered in August and over 2.86 million units delivered from January to August [3] Group 3: Policy and Industry Development - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to promote stable growth in the electronic information manufacturing industry, targeting an annual revenue growth of over 5% in the photovoltaic sector from 2025 to 2026 [4] - The plan emphasizes the need to eliminate low-price competition in the photovoltaic industry and to guide local governments in orderly layout and capacity management [4] Group 4: Infrastructure Development - The Jinshang-Hubei ±800 kV UHVDC project has successfully completed a 168-hour trial run and is now operational, capable of transmitting 4 million kilowatts of electricity to Hubei [5][6] - Once fully operational, the project is expected to deliver approximately 40 billion kilowatt-hours of electricity annually [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, highlighting strong growth potential and favorable market conditions [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 7.39%, outperforming the Shanghai Composite Index, with solar energy indices showing the highest growth at 14.51% [3]. - The report emphasizes the robust performance of new energy vehicle sales, with NIO achieving a record high in August, and overall market growth driven by multiple new energy vehicle manufacturers [4][13]. - The report discusses the government's initiative to regulate low-price competition in the photovoltaic sector, aiming for high-quality development and improved industry standards [5][37]. - The successful commissioning of the Jinshang-Hubei ±800 kV UHVDC project is noted, which is a significant part of China's "West-to-East Power Transmission" strategy, capable of transmitting approximately 40 billion kWh annually [6][56]. Summary by Sections New Energy Vehicles - In August 2025, several new energy vehicle manufacturers reported strong delivery numbers, with NIO delivering 31,305 units, a 49% month-on-month increase, and Li Auto delivering 28,529 units, reflecting a competitive market landscape [4][15]. - The overall trend indicates a significant increase in deliveries across various brands, showcasing the growing demand for new energy vehicles [4][21]. New Energy Generation - The report highlights the joint action plan by the Ministry of Industry and Information Technology and the State Administration for Market Regulation to combat low-price competition in the photovoltaic industry, aiming for sustainable growth and quality improvement [5][37]. - The plan sets a target for the photovoltaic and component manufacturing sectors to achieve an average annual revenue growth rate of over 5% from 2025 to 2026 [5][37]. Electric Equipment and Automation - The Jinshang-Hubei UHVDC project has successfully completed its trial operation, marking a significant milestone in China's energy transmission capabilities [6][56]. - The report notes the ongoing focus on key companies in the electric equipment sector, including CATL, Keda Li, and others, as they are expected to benefit from the growing demand for electric power infrastructure [6][56]. Market Performance - The report indicates that the electric equipment and new energy sector is experiencing a favorable market environment, with significant price movements in key materials and components, reflecting the industry's resilience and growth potential [3][27].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 3.99%, outperforming the Shanghai Composite Index, with lithium battery index showing the highest growth at 7.37% [1][4]. - NIO's new ES8 SUV has begun pre-sales, featuring advanced design and safety features, and is expected to enhance the competitive landscape in the electric vehicle market [2][9]. - The solar power generation capacity added in the first seven months of 2025 reached 223.25 GW, marking an 80.73% year-on-year increase, indicating strong growth in the renewable energy sector [3][32]. Summary by Sections New Energy Vehicles - NIO's ES8 pre-sale started on August 21, with prices starting at 416,800 RMB for the luxury version and 456,800 RMB for the signature version, set to launch in late September [2][9]. - The ES8 features a 5280mm length and 3130mm wheelbase, making it the largest pure electric SUV in China, with a 777L cargo capacity even with six passengers [10][11]. New Energy Generation - In the first seven months of 2025, solar power generation capacity increased by 223.25 GW, with a monthly addition of 11.04 GW in July, despite a year-on-year decline of 47.55% [3][32]. - The report highlights a significant increase in inverter exports, with a total of 37.109 billion RMB in the first seven months, reflecting a year-on-year growth of 8.87% [26]. Electric Equipment and Automation - The State Grid announced the results of its third high-voltage equipment tender for 2025, with a total value of 1.3 billion RMB, indicating ongoing investment in infrastructure [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from the growing demand in the electric equipment sector [4]. Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for key companies, with CATL projected to have an EPS of 14.96 RMB in 2025, and a price-to-earnings (PE) ratio of 19 [5]. - Other companies like Keda and Daikin Heavy Industries are also rated as "Buy," with expected EPS growth in the coming years [5]. Industry Data Tracking - The report tracks lithium battery material prices, showing stability in prices for ternary cathode materials and slight fluctuations in other components [15][43]. - The solar industry is experiencing price adjustments, with polysilicon prices ranging from 50 to 55 RMB per kg, reflecting market dynamics and supply chain adjustments [35][36].

Group 1: Market Performance - The electric equipment and new energy sector increased by 2.28% this week, ranking 20th in terms of performance, underperforming compared to the Shanghai Composite Index [1][2] - The new energy vehicle index saw the highest increase at 3.69%, while the wind power index had the smallest increase at 0.56% [1][2] Group 2: New Energy Vehicles - In July 2025, the U.S. light vehicle market continued its upward trend, but growth is slowing due to rising prices, reduced discounts, and tariff pressures [3] - The average price of new cars reached $45,063, an increase of nearly $1,000 year-on-year, with discounts narrowing to 6.1% [3] - Light vehicle inventory reached 2.19 million units, a year-on-year increase of 28% [3] - Electric vehicles accounted for a record 10.9% of the market share [3] Group 3: Renewable Energy Development - A meeting was held by multiple government departments to discuss the photovoltaic industry, emphasizing four key points: strengthening industry regulation, curbing low-price competition, ensuring product quality, and supporting industry self-discipline [4] - China Huadian Group announced a centralized procurement for 20GW of photovoltaic components, divided into two segments: 18GW and 2GW [4] Group 4: Electricity Consumption - In July, total electricity consumption exceeded 10 trillion kilowatt-hours for the first time, with a cumulative total of 58,633 billion kilowatt-hours from January to July, reflecting a year-on-year growth of 4.5% [5] - The electricity consumption by the primary industry was 847 billion kilowatt-hours, up 10.8% year-on-year, while the secondary industry consumed 37,403 billion kilowatt-hours, growing by 2.8% [5]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, based on their strong market positions and growth potential [5][6]. Core Insights - The global power battery installation volume reached 504.4 GWh in the first half of 2025, marking a year-on-year increase of 37.3%. Ningde Times leads the market with a share of 37.9% [2][11][15]. - The top ten solar module suppliers shipped approximately 247.9 GW in the first half of 2025, reflecting a 10% increase year-on-year, with a significant focus on the domestic market [3][30][34]. - The report highlights the ongoing transition in the photovoltaic industry, emphasizing the need for differentiation and sustainable profitability amid competitive pressures [35][48]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume for the first half of 2025 reached 504.4 GWh, a 37.3% increase year-on-year. Ningde Times and BYD dominate the market, holding a combined market share of 55.7% [2][11]. - Ningde Times installed 190.9 GWh, a 38% increase, while BYD followed with 89.9 GWh, experiencing a 56% decline [12][15]. 2. New Energy Generation - The top ten module suppliers shipped 247.9 GW in the first half of 2025, with a focus on the domestic market, which accounted for approximately 58% of total shipments [3][30]. - The report notes that the industry is in a low point, with a need for companies to balance scale and profitability to navigate the current market challenges [35][48]. 3. Electric Equipment and Automation - The State Grid Corporation of China announced a procurement of 2.066 million metering devices, with a 12% year-on-year increase in demand for electric meters [4]. - Key companies to watch include Ningde Times, Keda Li, and others, which are expected to benefit from ongoing market trends [4]. 4. Market Performance - The electric equipment and new energy sector saw a weekly increase of 5.84%, outperforming the Shanghai Composite Index, with industrial automation and battery indices showing significant gains [1].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with several new players achieving record sales in July 2025, particularly Leap Motor, which delivered 50,129 units, marking a significant increase [2][10]. - Turkey's photovoltaic battery import prices have been raised significantly, from USD 85/kg to USD 170/kg, indicating a 100% increase, which will impact the supply chain dynamics [3][32]. - The report highlights the ongoing digitalization efforts within the State Grid, with a total of 1.75 billion yuan awarded in contracts for digital equipment [4]. Summary by Sections New Energy Vehicles - In July 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Leap Motor leading at 50,129 units, followed by Zeekr and Xpeng with 44,193 and 37,717 units respectively [2][10]. - BYD continues to dominate the market with 344,296 units delivered in July, totaling over 2.49 million units for the year [2][18]. New Energy Generation - Turkey's trade department announced a significant increase in the import reference price for photovoltaic batteries, which will take effect 60 days after the announcement, reflecting a major shift in the market [3][32]. - The report notes that despite Turkey's efforts to localize production, the current domestic battery capacity is insufficient, leading to continued reliance on Chinese imports [3][37]. Electric Power Equipment and Automation - The State Grid has publicly announced the results of its digital equipment bidding, with a total contract value of 1.75 billion yuan across various categories, including servers and network equipment [4][22]. - Key companies to watch in this sector include CATL, Keda, and others, which are expected to benefit from ongoing digitalization and infrastructure investments [4][22]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 1.94%, with the new energy vehicle index showing the highest growth at 4.71% [1][4]. - The report emphasizes the competitive landscape in the new energy vehicle market, with increasing delivery volumes indicating a robust demand [2][10].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others, indicating a positive outlook for their performance [4]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.62% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The launch of Li Auto's first pure electric SUV, the Li i8, is expected to enhance competition in the electric vehicle market, with prices ranging from 321,800 to 369,800 yuan [2]. - The Ministry of Industry and Information Technology is implementing energy-saving inspections for 41 polysilicon companies, reflecting a commitment to "anti-involution" measures in the photovoltaic industry, which may lead to improved profitability in the polysilicon segment [3][30]. Summary by Sections 1. New Energy Vehicles - Li Auto's Li i8 was officially launched on July 29, with three models priced between 321,800 and 369,800 yuan, set for delivery starting August 20 [2][9]. - The vehicle features a yacht-inspired design, low drag coefficient of 0.218, and spacious interior dimensions of 5085/1960/1740mm, with a wheelbase of 3050mm [10]. 2. New Energy Generation - The "anti-involution" measures are being actively pursued, with energy consumption standards becoming a key indicator for industry consolidation, particularly in the polysilicon sector [3][30]. - The price of polysilicon has shown an upward trend, with the average transaction price for n-type polysilicon rising to 47,100 yuan per ton, reflecting a 0.64% increase week-on-week [33]. 3. Electric Equipment and Automation - Global electricity demand is at a historical high, with China's electricity consumption expected to grow by 5% year-on-year in 2025 [4]. - The report highlights key companies to watch, including CATL, Keda, and others, indicating strong growth potential in the sector [4]. 4. Market Performance - The electric equipment and new energy sector's performance was ranked 24th among sectors, with the lithium battery index experiencing the largest decline of 6.26% [1].