电力设备与新能源行业2月第2周周报：车企陆续发布固态电池进展，通威终止收购润阳

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1][29]. Core Insights - The report highlights that the solid-state battery development by automotive companies is progressing, with significant advancements expected by 2027 and 2030 for mass production [1][16]. - The market reform for renewable energy pricing is anticipated to drive an increase in demand for solar energy installations in China, with supply-side reforms expected to strengthen [1]. - The report emphasizes the potential for price increases in the short term within the solar industry due to supply and demand dynamics [1]. - The termination of Tongwei's investment in Runyang is seen as beneficial for the industry, particularly in the silicon material sector [1]. - The wind power sector is expected to see steady demand growth in 2025, driven by domestic and overseas project developments [1]. - The introduction of vehicle replacement policies in 2025 is projected to boost sales in the new energy vehicle sector [1]. - The report notes that recent price increases in certain material segments could lead to improved profitability in 2025 [1]. - The acceleration of solid-state battery commercialization is expected to benefit companies involved in battery, material, and equipment production [1]. - The ongoing push for electricity system reforms in China is likely to enhance demand for high-voltage and main network equipment [1]. - The hydrogen energy sector is being supported by policies aimed at promoting its industrial development, with significant investment opportunities identified [1]. Summary by Sections Market Overview - The electric equipment and new energy sector saw a slight increase of 0.08% this week, underperforming compared to the broader market indices [5][7]. - The lithium battery index rose by 2.15%, while the photovoltaic sector experienced a decline of 4.19% [5][7]. Industry Dynamics - Key developments include BYD's plans for solid-state battery applications and Changan Automobile's announcement regarding mass production of solid-state batteries by 2027 [16]. - The report mentions that SNE Research forecasts a 27.2% year-on-year increase in global power battery installations for 2024, reaching approximately 894.4 GWh [16]. - The average bidding prices for photovoltaic components were reported, with TOPCon at 0.696 CNY/W and HJT at 0.763 CNY/W [16]. Company Updates - Notable company activities include CATL's application for H-share listing and Tongwei's decision to halt its investment in Runyang [19]. - Ganfeng Lithium's Mariana lithium salt lake project has officially commenced production [19]. Price Observations - The report provides insights into the pricing trends of lithium battery materials, photovoltaic products, and components, indicating a stable market with some fluctuations [9][11][13][14].