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].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].

电力设备及新能源周报 20251214 全球动力装机持续高增，光伏组件价格现企稳信号 glmszqdatemark 本周（20251208-20251212）板块行情 电力设备与新能源板块：本周上涨 1.19%，涨跌幅排名第 5，强于上证指数。本周核 电指数涨幅最大，太阳能指数跌幅最大。核电指数上涨 1.34%，工控自动化上涨 1.25%， 锂电池指数上涨 0.43%，新能源汽车指数上涨 0.22%，风力发电指数上涨 0.11%，储 能指数上涨 0.05%，太阳能指数下跌 0.59%。 新能源车：2025 年 1-10 月全球动力电池总装车量同比增长 34.7% 根据 SNE Research 最新数据，2025 年 1-10 月全球动力电池装车量达 933.5GWh， 同比增长 34.7%。从装机量来看，宁德时代以 355.2GWh 持续领先，比亚迪以 157.9GWh 保持第二，LG 新能源以 86.5GWh 位列第三。其中蜂巢能源表现亮眼，装 机量达 23.7GWh，同比增长 86.6%；亿纬锂能和国轩高科分别实现 73.3%和 80.8% 的高速增长；中创新航 10 月装机量首次超越 LG 新能源，跃 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the power equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The global power battery installation volume reached 811.7 GWh from January to September 2025, marking a year-on-year increase of 34.7% [2][10]. - In September 2025, China's photovoltaic module exports increased by 62% year-on-year, with a total export of approximately 27 GW [20]. - In October 2025, Chinese companies signed or completed overseas strategic cooperation and orders totaling approximately 69 GWh [3][23]. Summary by Sections New Energy Vehicles - The global power battery installation volume for January to September 2025 was 811.7 GWh, a 34.7% increase year-on-year [2][10]. - CATL led the market with 297.2 GWh, followed by BYD with 145.0 GWh, and LG Energy with 79.7 GWh [11][14]. - The top ten Chinese companies accounted for 68.2% of the market share, with significant growth from companies like Honeycomb Energy and EVE Energy [11][14]. New Energy Generation - China's photovoltaic module exports reached approximately 27 GW in September 2025, a 62% increase year-on-year [20]. - By the end of September 2025, total exports of photovoltaic modules were about 206 GW, up 10% from the previous year [20]. - In October 2025, 47 Chinese companies signed or completed overseas projects totaling approximately 69 GWh, with significant orders in Europe and North America [3][23]. Power Equipment and Automation - The State Grid issued six batches of bidding announcements for power transmission and transformation equipment, with a total of 498 bidding packages, a year-on-year increase of 32 packages [4]. - The report highlights key companies to watch, including CATL, Keda, and others [4]. Market Performance - The power equipment and new energy sector saw a decline of 0.80% in the week from November 10 to November 14, 2025, underperforming the Shanghai Composite Index [1]. - The lithium battery index experienced the highest increase of 1.29%, while the automation index saw the largest decline of 5.08% [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Kodali, and others [5][6]. Core Insights - The electric power equipment and new energy sector saw a weekly increase of 4.98%, outperforming the Shanghai Composite Index, with notable rises in nuclear power (10.94%), solar energy (7.70%), and energy storage (2.84%) [1]. - Demand for energy storage is significantly increasing, with the price of lithium hexafluorophosphate continuing to rise, exceeding 120,000 yuan/ton, doubling since the end of September [12]. - The domestic energy storage market completed 10GW/29.4GWh of bidding work in October 2025, with strong demand in regions like Inner Mongolia and Gansu [3][35]. Summary by Sections New Energy Vehicles - Tianqi Materials signed long-term contracts for 159,500 tons of electrolyte with Guoxuan High-Tech and Zhongchuang Innovation, bringing the total contracted electrolyte volume to over 3 million tons [2][12]. - The electrolyte market saw a 40% year-on-year increase in shipments for the first three quarters of 2025, with Q3 shipments up 32% [12]. New Energy Generation - The production of polysilicon is expected to decline by over 10% in November, with a projected output of 134,000 tons in October [3][33]. - The domestic component production is expected to be less than 44.5GW in November, with potential for price rebounds and profit recovery [34]. Electric Power Equipment and Automation - The State Grid's five batches of bidding for transmission and transformation equipment totaled 10.559 billion yuan, with significant contracts across various equipment types [4]. - Key companies to watch include Ningde Times, Kodali, and others [4]. Investment Recommendations - The report highlights three main investment themes: 1. Long-term competitive landscape improvements in battery and separator segments, recommending companies like Ningde Times and Enjie [29]. 2. The impact of 4680 technology iterations on the supply chain, focusing on companies involved in high-nickel cathodes and silicon-based anodes [29]. 3. New technologies leading to high elasticity, with a focus on solid-state battery companies [29].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, highlighting strong growth potential and favorable market conditions [7][8]. Core Insights - The electric power equipment and new energy sector saw a weekly increase of 4.29%, outperforming the Shanghai Composite Index, with solar energy indices leading the gains at 10.77% [3]. - The European automotive market is experiencing a significant shift towards electrification, with hybrid electric vehicles (HEVs) capturing 34.7% market share, while battery electric vehicles (BEVs) hold steady at 16.1% [4]. - The China Electricity Council forecasts a continued increase in electricity consumption growth in Q4, with total electricity consumption expected to reach 10.4 trillion kWh for the year, marking a 5% year-on-year increase [6]. Summary by Sections 1. New Energy Vehicles - The European car market registered a slight increase of 0.9% in the first three quarters of 2025, with a notable 10% growth in September [14]. - HEVs dominate the market with a 34.7% share, while BEVs maintain a 16.1% share, and plug-in hybrids (PHEVs) have seen a significant rise to 9% [16]. - Chinese brands like BYD and SAIC have shown remarkable growth, with BYD's registrations in the EU increasing by 272.1% [20]. 2. New Energy Generation - In October, silicon wafer production increased by approximately 4.4%, while polysilicon production rose by about 3% due to the resumption of capacity in certain regions [5][32]. - The report anticipates a decrease in silicon wafer output in November due to cost pricing logic and potential production cuts [32]. - The polysilicon production is expected to be refined significantly in November, influenced by seasonal water supply issues [32]. 3. Electric Power Equipment and Industrial Control - The China Electricity Council predicts that electricity consumption growth will exceed that of Q3, with a total expected consumption of 10.4 trillion kWh for the year [6]. - The report highlights key companies to watch, including CATL, Keda, and others, indicating their potential for growth in the upcoming quarters [6]. 4. Weekly Sector Performance - The solar energy index experienced the highest weekly gain at 10.77%, while the nuclear power index saw a decline of 1.92% [3]. - The report emphasizes the overall positive trend in the electric power equipment and new energy sectors, suggesting a robust market outlook [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others, based on their strong growth potential and market positioning [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 4.90%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 7.05% [3]. - The report highlights the launch of multiple strategic new products by Ruipu Lanjun, covering energy storage, commercial vehicles, and passenger vehicles, showcasing the company's commitment to innovation and market expansion [4][11]. - In September, China's inverter exports reached 5.085 billion yuan, marking a year-on-year increase of 4.96%, driven by strong demand in markets like Australia [5][29]. - The total electricity consumption in China for September was 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, with significant contributions from various industrial sectors [6][42]. Summary by Sections New Energy Vehicles - Ruipu Lanjun launched several strategic products in energy storage and vehicles, including a 6.25MWh energy storage system with a high efficiency of 35.5% and a 4C fast-charging battery for passenger vehicles [4][11]. - The company aims to leverage its parent company's resources and technological innovations to enhance its market position [11]. New Energy Generation - Inverter exports in September totaled 5.085 billion yuan, with a notable increase in the Australian market, which saw a year-on-year growth of 306% [5][29]. - The report also notes a significant increase in battery component exports, indicating robust demand in the international market [29]. Electric Equipment and Industrial Control - The total electricity consumption for the first nine months of 2025 reached 77,675 billion kWh, with a year-on-year growth of 4.6%, driven by industrial and residential demand [6][42]. - The report emphasizes the importance of digitalization and smart grid investments in the electric equipment sector, recommending companies involved in these areas [50][54]. Market Performance - The report indicates that the electric equipment and new energy sector is expected to continue its upward trend, supported by favorable policies and market demand [3][6].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Kodali, and others, based on their strong growth potential and market positioning [5]. Core Insights - The solid-state battery sector is experiencing significant breakthroughs, with global shipments expected to rise from 34 GWh in 2026 to 614 GWh by 2030, indicating a robust market expansion [2][9]. - The photovoltaic industry is stabilizing in terms of pricing, with silicon material prices holding steady and production levels increasing, suggesting a balanced supply-demand dynamic [3][28]. - The State Grid's investment is projected to exceed 650 billion RMB in 2025, reflecting ongoing infrastructure development and strategic projects [4]. Summary by Sections 1. New Energy Vehicles - The solid-state battery research in China has made substantial progress, addressing key challenges in interface, materials, and stability, paving the way for commercialization [2][9]. - The market for solid-state batteries is expected to grow, with their share in the overall market projected to increase from 10% in 2027 to 30% by 2030 [2][9]. 2. New Energy Generation - The pricing for silicon materials has remained stable, with first-tier manufacturers maintaining prices around 55 RMB per kg, while second and third-tier manufacturers are priced between 52-53 RMB [3][28]. - The production of silicon wafers has increased significantly in October compared to September, indicating a positive trend in the supply chain [28][29]. 3. Electric Power Equipment and Automation - The State Grid's fixed asset investment reached over 420 billion RMB from January to September, marking an 8.1% year-on-year increase, with expectations for 2025 to see investments surpassing 650 billion RMB [4]. - Key companies to watch include CATL, Kodali, and others, which are positioned to benefit from the anticipated growth in the sector [4]. 4. Market Performance - The electric power equipment and new energy sector saw a decline of 5.30% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The solar energy index showed a slight increase of 0.52%, while other indices, including wind power and energy storage, experienced declines [1]. 5. Investment Recommendations - The report suggests focusing on three main investment lines: 1. Long-term competitive segments with short-term marginal changes, highlighting companies like CATL and others [18]. 2. The impact of 4680 technology iterations on industry upgrades, with a focus on companies involved in high-nickel cathodes and structural components [18]. 3. New technologies that offer high elasticity, particularly in solid-state battery companies [18].

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 the industry [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 3.86%, outperforming the Shanghai Composite Index, which rose by 0.21% [1]. - In August, the total electricity consumption in China exceeded 1 trillion kWh, marking a year-on-year growth of 5.0% [4]. - The report highlights the launch of new electric vehicles, including the AITO Wenjie M7 and H5, which offer various configurations and competitive pricing [2][10]. - Solar power generation capacity increased by 230.61 GW year-on-year, although August saw a month-on-month decline in new installations [3][37]. Summary by Sections New Energy Vehicles - The AITO Wenjie M7 was launched on September 23, 2025, with 12 configurations and a price range of 279,800 to 379,800 CNY, featuring both range-extended and pure electric versions [2][10]. - The H5 model was also launched, priced between 159,800 and 199,800 CNY, offering similar powertrain options [2][12]. New Energy Generation - As of August 2025, the solar power generation capacity added 230.61 GW, a 64.73% increase year-on-year, but the monthly addition in August was 7.36 GW, down 55.29% year-on-year [3][37]. - The report notes a slight increase in inverter exports, with a total of 434.02 billion CNY from January to August 2025, reflecting a 7.85% year-on-year growth [30][31]. Electric Equipment and Industrial Control - Total electricity consumption in August reached 1,015.4 billion kWh, with a cumulative total of 6,878.8 billion kWh from January to August, representing a 4.6% year-on-year increase [4]. - The report emphasizes the importance of key companies such as CATL, Keda, and others in driving growth within the sector [4][5]. Weekly Market Performance - The electric equipment and new energy sector outperformed the broader market, with significant trading volumes reported [1][4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from ongoing industry trends [4][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, 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].