充电桩方面，比亚迪自研的全球首款全液冷兆瓦闪充终端系统，其最大输出能力可以达到1360千 瓦。"双枪充电"技术，可使超充桩变闪充桩、快充桩变超充桩。"智能升压"充电技术，还能够全面兼容 公共快充桩，让更多用户享受快充体验。 "如果电车充电能像油车加油一样快就好了"，不少新能源车主曾这样感慨。今年以来，快充技术不断突 破，缓解了许多车主的里程焦虑。 国家能源局最新数据显示，截至今年9月底，我国电动汽车充电设施（充电枪）总数达到1806.3万个， 同比增长54.5%，有效保障了全国4000万辆新能源汽车的充电需求。 其中，快充桩已经成为新能源车主充电的首选。技术突破、政策支持以及对市场需求的精准回应支撑了 快充的普及。 技术突破是关键。从60千瓦、360千瓦到600千瓦、800千瓦再到超1000千瓦，我国快充桩输出功率持续 提高，充电效率显著提升。这背后，是头部企业在技术领域不断突破创新。 记者了解到，从技术层面上，要实现"油电同速"，在充电上必须同时做到超高电压和超大电流。比亚迪 今年发布的超级e平台，是全球首个量产的乘用车"全域千伏高压架构"，把电池、电机、电源、空调等 都做到了1000V。在超高电压1000 ...

1秒2公里，超充桩变闪充桩、快充桩变超充桩—— 充电功率进入"兆瓦时代" "如果电车充电能像油车加油一样快就好了"，不少新能源车主曾这样感慨。今年以来，快充技术不 断突破，缓解了许多车主的里程焦虑。 国家能源局最新数据显示，截至今年9月底，我国电动汽车充电设施（充电枪）总数达到1806.3万 个，同比增长54.5%，有效保障了全国4000万辆新能源汽车的充电需求。 其中，快充桩已经成为新能源车主充电的首选。技术突破、政策支持以及对市场需求的精准回应支 撑了快充的普及。 技术突破是关键。从60千瓦、360千瓦到600千瓦、800千瓦再到超1000千瓦，我国快充桩输出功率 持续提高，充电效率显著提升。这背后，是头部企业在技术领域不断突破创新。 记者了解到，从技术层面上，要实现"油电同速"，在充电上必须同时做到超高电压和超大电流。比 亚迪今年发布的超级e平台，是全球首个量产的乘用车"全域千伏高压架构"，把电池、电机、电源、空 调等都做到了1000V。在超高电压1000V和超大电流1000A的加持下，"闪充电池"可以做到目前全球量 产最大充电功率1兆瓦（1000千瓦），让充电功率正式迈入"兆瓦时代"。 充电桩方面，比 ...

Core Viewpoint - The profitability of the power semiconductor industry is steadily improving, with ongoing localization of medium and low-voltage components in the automotive sector [3][4]. Group 1: Industry Performance - Excluding seasonal and year-over-year declines, power device companies have entered a phase of positive year-over-year profit growth [4]. - In Q1, the overall price decline of products was less than in 2024, benefiting leading listed companies from increased penetration in high-barrier markets such as automotive and computing [4]. - The overall profitability of the industry remains stable, with medium and low-voltage products showing steady year-over-year growth [4][9]. Group 2: Market Trends - The sales of new energy vehicles (NEVs) in March increased by 40% year-over-year, with a total of 1.24 million units sold [14]. - The penetration rate of NEVs reached 42.4% in March, indicating strong market demand [14]. - The share of main drive power modules with a peak power of over 200 kW in NEVs has increased from 9% in 2022 to 25% in early 2025 [17]. Group 3: Product Development - The penetration rate of SiC MOSFETs in NEVs has risen to 18.9% as of early 2025, reflecting a shift towards higher power segments [19]. - The competition among domestic IGBT module suppliers is intensifying, with local manufacturers capturing approximately 86% of the market share [20]. - The number of 800V models is increasing, which is a significant driver for the penetration of SiC devices [24]. Group 4: Charging Infrastructure - The cumulative increase in charging stations in the first quarter of 2025 was 931,000 units, representing a year-over-year growth of 30.1% [39]. - Public charging stations saw a significant increase of 75%, while private charging stations grew by 14.6% [39]. - The average power of charging stations is expected to continue increasing due to ongoing technological advancements [39].

Investment Rating - The report maintains an "Overweight" rating for the automotive sector [6] Core Insights - BYD has launched the groundbreaking Super e platform, featuring innovations such as a fast-charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking multiple global records [1][15] - The Super e platform aims to achieve "oil-electric synchronization" by enabling ultra-high voltage and ultra-large current charging [2][16] - The platform includes the world's first mass-produced 30,000 RPM motor, which significantly enhances vehicle speed while reducing motor weight and size [3][17] - BYD's self-developed liquid-cooled megawatt fast-charging terminal system can output up to 1,360 kW, with plans to build over 4,000 megawatt charging stations nationwide [3][17] - The pre-sale prices for the first models on the Super e platform, Han L and Tang L, are set between 270,000 to 350,000 CNY and 280,000 to 360,000 CNY respectively, with an official launch scheduled for April [3][17] Investment Strategy and Focus - The report suggests focusing on undervalued leading automakers and parts manufacturers due to performance improvements, as well as high-quality core targets in the new energy and intelligent sectors [4][18] - Recommended companies include BYD, Changan Automobile, Geely Automobile, and Li Auto in the new energy sector, along with stable, undervalued parts leaders like Huayu Automotive and Fuyao Glass [4][21] - The report highlights the potential benefits from domestic substitution opportunities and the positive impact of strong automakers on core components [4][21] Weekly Focus Portfolio - The report emphasizes a focus portfolio consisting of BYD (20%), Li Auto (20%), Top Group (20%), Desay SV (20%), and Shangsheng Electronics (20%) [5][20] Market Review - The automotive sector experienced a weekly decline of 0.75%, outperforming the Shanghai Composite Index and other major indices [20][23] - The report notes that the automotive industry is expected to rebound as economic conditions normalize and stimulus policies take effect, with production and sales likely to continue rising [18]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - BYD launched the Super e-platform, featuring a new fast-charging battery that reduces internal resistance by 50%, achieving a maximum charging power of 1000kW and a charging speed of 2 km per second [2][12]. - The new platform also includes the world's first mass-produced 30,000 RPM motor, enhancing power density and performance [2][16]. - In the first two months of 2025, solar power installations reached 39.47GW, a year-on-year increase of 7.5% [3][32]. - The inverter exports in January-February 2025 totaled 7.669 billion yuan, a year-on-year increase of 6.24% [3][33]. - The total investment in power grid projects in January-February 2025 was 43.6 billion yuan, a year-on-year increase of 33.5% [4]. Summary by Sections New Energy Vehicles - BYD's Super e-platform features a fast-charging battery and a high-speed motor, significantly improving charging efficiency and vehicle performance [11][19]. - The platform's charging capability allows for a range of 400 km with just 5 minutes of charging [11][19]. New Energy Generation - The solar power sector saw a total of 39.47GW of new installations in the first two months of 2025, with a year-on-year growth of 7.5% [3][32]. - Inverter exports showed steady growth, with a total of 7.669 billion yuan in exports during the same period [3][33]. Power Equipment and Automation - The investment in power grid projects reached 43.6 billion yuan in January-February 2025, marking a 33.5% increase compared to the previous year [4]. - The overall electricity consumption in February 2025 was 743.4 billion kWh, reflecting an 8.6% year-on-year growth [4]. Market Performance - The electric power equipment and new energy sector experienced a decline of 1.72% in the week of March 17-21, 2025, underperforming compared to the Shanghai Composite Index [1].