**Sector Overview** This week (2025.11.17–2025.11.21), the power equipment and new energy sector fell 10.54%, underperforming the Shanghai Composite Index. Nuclear power saw the smallest decline (-4.09%), while energy storage dropped the most (-8.25%).

**New Energy Vehicles: CATL Locks in Orders from Ronbay, Accelerating Sodium-Ion Scale-Up** Ronbay Tech has secured long-term orders from CATL as its primary sodium-ion cathode supplier. With three advanced technical routes in mass production—including polyanionic materials achieving 15,000 cycles and layered oxides matching LFP energy density—Ronbay’s integrated process cuts costs by 20–30% vs. lithium batteries. The company targets 1 million tons of capacity by 2030 to dominate the burgeoning market.

**New Energy Power Generation: Global Solar-Storage Demand Rises Amid Price Dips** Leading firms like JinkoSolar, JA Solar, and LONGi signed overseas PV module contracts, while Trina Solar, Canadian Solar, and Risen Energy secured energy storage deals. Silicon wafer and cell prices edged down this week, with November wafer output expected to decline MoM.

**Power Equipment & Industrial Automation: October Power Consumption Up 10.4% YoY** China’s October power usage hit 857.2 billion kWh (+10.4% YoY), with cumulative Jan-Oct consumption at 8.62 trillion kWh (+5.1%). Industrial (+3.7%) and residential (+6.9%) demand grew steadily.

**Key Stocks to Watch**: CATL, Kedali, Dajin Heavy Industries, HaiLi Wind Power, Deye, Liangxin, Sungrow, Xiamen Tungsten, XJ Electric, and Mingyang Electric.

**Risks**: Policy delays or intensified competition leading to price drops.

**Investment Highlights**: - **EVs**: Focus on 4680 battery upgrades (e.g., Kedali, Ronbay) and solid-state battery tech (Xiamen Tungsten). - **Solar**: Overseas demand and anti-dumping policies favor leaders like Tongwei, GCL-Poly. - **Wind**: Offshore projects (HaiLi, Mingyang) and global component suppliers (Dajin) show promise. - **Storage**: Commercial/industrial solutions (Suwen Dianneng) and grid-scale systems (Trina, Canadian Solar) are key.

**Data Snapshot**: - Sector declines: Nuclear (-4.09%), wind (-4.29%), solar (-6.40%), EVs (-7.25%), storage (-8.25%). - Top gainers: Hongxiang Electric (+21.55%), Ronbay (+4.24%); losers: Aotuo (-22.00%), Zhongli Group (-22.14%).