Minsheng Securities: Contemporary Amperex Technology accelerates the layout of electric vehicle charging networks, domestic demand for photovoltaics continues to improve.

Minsheng Securities released a research report stating that Contemporary Amperex Technology recently released its latest standardized battery swap blocks, which will accelerate the layout of the battery swap network and further consolidate its leading position in the electric vehicle battery swap field. The introduction of battery swap station technology will greatly improve user experience and operational efficiency. Contemporary Amperex Technology expects battery swap stations to become an important part of the electric vehicle charging infrastructure, supporting the comprehensive development of the electric vehicle market. In terms of new energy generation, there is improvement in inverter exports compared to the same period last year, and domestic solar demand continues to improve. The firm recommends focusing on companies such as Contemporary Amperex Technology, Shenzhen Kedali Industry, Hunan Zhongke Electric, Hunan Yuneng New Energy Battery Material, Ningbo Orient Wires & Cables, and China XD Electric. Key points of Minsheng Securities: Power equipment and new energy sector: This week decreased by 2.10%, ranking 30th in terms of price fluctuations, weaker than the Shanghai Composite Index. The Shanghai Composite Index closed at 3368.07 points, down 23.81 points, a decrease of 0.70%, with a turnover of 29,557.7 billion yuan; the Shenzhen Component Index closed at 10,646.62 points, down 66.45 points, a decrease of 0.62%, with a turnover of 45,741.25 billion yuan; the ChiNext Index closed at 2,209.66 points, down 25.6 points, a decrease of 1.15%, with a turnover of 20,054.68 billion yuan; and the electrical equipment sector closed at 7,269.76 points, down 156.18 points, a decrease of 2.10%, weaker than the Shanghai Composite Index. Battery swap for electric vehicles: Contemporary Amperex Technology accelerates the layout of the battery swap network, standardized battery swap blocks leading industry development, and acceleration of battery exchange business layout In December 2024, Contemporary Amperex Technology launched the new "Chocolate Battery Swap" brand and introduced the 20# and 25# standardized battery swap blocks, further consolidating its leading position in the electric vehicle battery swap field. The company has partnered with many car manufacturers such as Changan, GAC, BAIC, Wuling, and FAW to launch 10 models of battery swap vehicles. The advantages of battery swap station technology are obvious: in terms of battery swap stations, the standardized battery swap stations launched by Contemporary Amperex Technology support wide compatibility, and the battery swap time can be controlled within 100 seconds, with a success rate of 99.99%, significantly improving user experience and operational efficiency. Industry outlook and market space: According to the plan of Contemporary Amperex Technology, by 2030, battery swap stations will become an important part of the electric vehicle charging infrastructure, supporting the comprehensive development of the electric vehicle market. New energy generation: Improvement in inverter exports compared to the same period last year, domestic demand for photovoltaics continues to improve Overseas, in November, inverter exports totaled 4.335 billion yuan, a year-on-year increase of 7.77% and a month-on-month decrease of 7.07%; battery component exports totaled 12.799 billion yuan in November, a year-on-year decrease of 30.08% and a month-on-month decrease of 16.50%. Domestically, new installed capacity in November totaled 25GW, a year-on-year increase of 17.26% and a month-on-month increase of 22.43%. From January to November, domestic new photovoltaic installed capacity reached 206.30GW, a year-on-year increase of 25.88%. Power equipment and industrial control: Electricity consumption for the whole society in November was 784.9 billion kilowatt-hours, a year-on-year increase of 2.8% On December 19th, the National Energy Administration released the electricity consumption data for November, with total electricity consumption for the whole society reaching 784.9 billion kilowatt-hours, a year-on-year increase of 2.8%. In terms of electricity consumption by industry, the electricity consumption of the primary industry was 10.4 billion kilowatt-hours, a year-on-year increase of 7.6%; the electricity consumption of the secondary industry was 539.9 billion kilowatt-hours, a year-on-year increase of 2.2%; the electricity consumption of the tertiary industry was 138.3 billion kilowatt-hours, a year-on-year increase of 4.7%; and the electricity consumption for urban and rural residents' daily life was 96.3 billion kilowatt-hours, a year-on-year increase of 2.9%. Risk warning: Unexpected policy changes, intensified industry competition leading to a greater-than-expected price drop, etc.