Core Viewpoint - The "anti-involution" research trend is gaining momentum in the A-share market, with expectations that it may become the main theme for the next market phase, benefiting various sectors such as lithium batteries, photovoltaics, coal, steel, chemicals, energy, and construction materials [2][3][4]. Group 1: Research and Analysis - In the past week, a total of 176 research reports on the "anti-involution" theme were published by institutions, covering multiple industries including strategy, macroeconomics, steel, fossil energy, electrical equipment, building materials, non-ferrous metals, chemicals, and aquaculture [2]. - The "anti-involution" theme has become a focal point in analyst roadshows, with 79 related events held in the past week, indicating a strong institutional interest [2]. - Analysts believe that the current round of "anti-involution" has a higher standing, broader coverage, and stronger synergy, with potential implications for the market's next phase [3]. Group 2: Policy and Market Implications - The Central Financial Committee's recent meeting emphasized the need to promote a unified national market and address issues of low-price competition, which has led to increased attention on "anti-involution" in the capital market [3]. - The "anti-involution" policy is expected to unfold in three stages: policy expectations, price increases, and demand expansion, with a focus on sectors that may experience a turnaround [4]. Group 3: Beneficiary Industries - Key sectors expected to benefit from the "anti-involution" policies include: - Midstream and downstream manufacturing such as lithium batteries, photovoltaics, wind power, passenger vehicles, paper, and medical devices - Service and consumer sectors like food processing, express delivery, and small appliances - Resource materials including steel, cement/glass, consumer building materials, chemical fibers/agricultural chemicals, and energy metals - Real estate-related sectors such as kitchen appliances and home furnishings [5][6]. - The steel industry is highlighted for its potential bottom reversal, with supply-side reforms and improved profitability expected [8]. Group 4: Sector-Specific Insights - The photovoltaic industry is entering a high-quality development phase, with significant stock price increases observed in related sectors [9]. - Analysts suggest that the photovoltaic sector's recovery will depend on effective supply-side reforms and the establishment of a long-term mechanism for eliminating outdated capacity [9]. - Recent downgrades in specific photovoltaic stocks indicate a cautious outlook despite the overall positive sentiment in the sector [10].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The wind power index increased by 2.83%, outperforming the CSI 300 index by 2.01 percentage points during the week of July 7 to July 11, 2025 [4][11] - The overall price-to-earnings ratio (PE TTM) for the Wind power index is 20.29 times [11] - GE is set to construct an 18MW offshore wind turbine prototype in Norway, indicating a significant step in offshore wind technology testing [5][10] - Domestic wind turbine manufacturers have surpassed their overseas counterparts in terms of single-unit capacity, with several companies already producing or installing 16-18MW offshore wind turbines [5][10] - Aiko Solar reported a turnaround in Q2 2025, achieving a net profit of 0.2-1.3 billion yuan, indicating improved operational conditions [5] - Shandong's new energy storage system set a record with a total capacity of 8.25 million kilowatts, highlighting the growing importance of energy storage in the power system [6] Summary by Sections Wind Power - GE Vernova's subsidiary will build an 18MW offshore wind turbine in Norway, part of its offshore wind technology testing plan [5][10] - The report notes that overseas companies face challenges in developing larger turbines due to long development cycles and financial conditions [5][10] - Domestic manufacturers are rapidly advancing in turbine capacity, creating a technological advantage for exports [5][10] Solar Power - Aiko Solar's Q2 2025 results show a significant improvement, with a net profit turnaround attributed to optimized product structure and increased overseas sales [5] Energy Storage & Hydrogen - Shandong's energy storage system achieved a record discharge capacity, emphasizing the critical role of energy storage in balancing power supply and demand [6] - The report anticipates a new market-driven business model for energy storage following the removal of mandatory storage policies [6] Investment Recommendations - In wind power, the report suggests focusing on domestic demand growth and investment opportunities in offshore wind turbine exports [6] - For solar power, it recommends monitoring structural opportunities within the BC industry [6] - In energy storage, it highlights potential in overseas markets and recommends companies with strong global competitiveness [6] - In hydrogen, it advises attention to companies involved in green hydrogen project investments [6]

Core Viewpoint - The "anti-involution" research trend in the A-share market is gaining momentum due to policy support and rapid responses from various industries [1][5]. Group 1: Research and Market Response - In the past week, financial institutions published 176 research reports on the "anti-involution" theme, covering various sectors including steel, energy, and chemicals [2]. - There were 79 roadshows related to "anti-involution" in the past week, indicating its prominence in analyst discussions [3]. - Analysts believe this round of "anti-involution" has a higher standing, broader coverage, and stronger synergy, potentially becoming the main market theme in the next phase [4][6]. Group 2: Policy Implications - The Central Financial Committee emphasized the need to promote a unified national market and regulate low-price competition, which has led to increased attention on "anti-involution" in the capital market [5]. - Analysts expect further policy deployments related to "anti-involution," with potential measures including industry self-discipline and price monitoring [5]. Group 3: Beneficial Sectors - Key sectors expected to benefit from the "anti-involution" policies include lithium batteries, photovoltaics, coal, steel, chemicals, and construction materials [8]. - The manufacturing sector, particularly in lithium, photovoltaics, and automotive, along with service industries like food processing and logistics, are highlighted as potential beneficiaries [8]. - The steel industry is noted for its potential bottom reversal, with supply-side reforms and improved profitability expected [11][12]. Group 4: Industry-Specific Insights - The photovoltaic sector has seen significant stock performance, with a 5.5% increase in the photovoltaic index over a week, driven by price recovery and regulatory support [13]. - Analysts suggest that the focus on supply-side reforms in the photovoltaic industry will be crucial for long-term competitiveness and market stability [13][14].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]

Investment Rating - Industry rating: Recommended [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic replacement of core components [12][15] - The domestic new energy vehicle (NEV) market is experiencing rapid growth, with production and sales in June exceeding 25% year-on-year, driven by technological advancements in vehicle performance [16][18] - The photovoltaic industry chain has seen a significant price increase across the board, with policies promoting orderly competition and a solidified industry foundation [24][29] - The approval of the UK's 1.5GW Mona offshore wind project marks a significant advancement in the European offshore wind sector, with expectations for further auctions and orders in the second half of the year [25][27] Humanoid Robots - The humanoid robot sector is witnessing increased participation from major tech companies, with a focus on the T-chain and domestic supply chain developments, indicating a robust market opportunity [12][15] - Key components such as dexterous hands and lightweight materials are expected to see significant advancements, enhancing the efficiency and application of humanoid robots [13][15] New Energy Vehicles - The NEV sector is in a growth phase, with new models enhancing performance and cost-effectiveness, supported by advancements in solid-state batteries and other technologies [16][18] - The demand for lithium battery materials is expected to expand due to the recovery of the consumer electronics market and the growth of energy storage applications [20][22] Photovoltaic Industry - The photovoltaic industry is experiencing a price surge due to supply chain adjustments and policy support, with specific beneficiaries identified in the silicon material and battery sectors [24][29] - The market is expected to stabilize as inventory levels decrease and production capacity is adjusted, with a focus on high-efficiency products and new technologies [30][32] Offshore Wind Power - The approval of the Mona offshore wind project is anticipated to stimulate further developments in the offshore wind sector across Europe, with domestic companies poised to benefit from upcoming orders [25][27] - The demand for offshore wind components is expected to rise, driven by both domestic and international projects, creating opportunities for companies involved in the supply chain [43][45]

Core Viewpoint - The company Aisuo is facing severe operational challenges due to its reliance on the ABC technology route, which has led to significant financial losses and a deteriorating market position amid intense competition in the photovoltaic industry [1][2]. Group 1: Technological Challenges - Aisuo has bet its future on the ABC technology, aiming for product differentiation to survive the industry's downturn, but this has resulted in a paradox where production costs exceed market prices, leading to deeper losses despite premium pricing [2]. - The company has neglected the mainstream TOPCon technology, causing its traditional products to lose competitiveness rapidly, especially as the industry evolves at an accelerated pace [2]. - Aisuo's strategy of focusing solely on ABC technology has limited its flexibility and innovation capacity, resulting in reduced R&D investment and a weakening technological moat [2]. Group 2: Financial Struggles - Aisuo is experiencing a financial crisis characterized by a high debt-to-asset ratio, with short-term debts significantly exceeding cash reserves, leading to a liquidity crunch [3]. - The company's cash flow is severely constrained, with ongoing negative cash flow cycles exacerbated by declining sales and increasing R&D costs [3]. - Aisuo's repeated failed attempts to raise capital through equity offerings have eroded investor confidence, trapping the company in a cycle where technological advancements require funding, which in turn requires proof of profitability [3].

Core Viewpoint - Several companies under the Aisxu brand have obtained a new patent related to solar cell technology, indicating a focus on innovation in the solar energy sector [1]. Company Summaries - Zhejiang Aisxu Solar Technology Co., Ltd. was established in 2016, located in Jinhua City, with a registered capital of 5691.89 million RMB. The company has invested in 11 enterprises and participated in 122 bidding projects, holding 1848 patents and 60 administrative licenses [2]. - Zhuhai Fushan Aisxu Solar Technology Co., Ltd. was founded in 2021, based in Zhuhai City, with a registered capital of 4500 million RMB. The company has participated in 101 bidding projects, holds 1013 patents, and has 314 administrative licenses [2]. - Tianjin Aisxu Solar Technology Co., Ltd. was established in 2018, located in Tianjin City, with a registered capital of 1300 million RMB. The company has invested in 1 enterprise, participated in 22 bidding projects, holds 1170 patents, and has 153 administrative licenses [2]. - Guangdong Aisxu Technology Co., Ltd. was founded in 2009, based in Foshan City, with a registered capital of 2823.47 million RMB. The company has invested in 1 enterprise, participated in 8 bidding projects, holds 1739 patents, and has 44 administrative licenses [3]. - Chuzhou Aisxu Solar Technology Co., Ltd. was established in 2024, located in Chuzhou City, with a registered capital of 500 million RMB. The company has participated in 2 bidding projects, holds 145 patents, and has 3 administrative licenses [3]. - Shenzhen Aisxu Digital Energy Technology Co., Ltd. was founded in 2022, based in Shenzhen City, with a registered capital of 650 million RMB. The company has invested in 2 enterprises, participated in 1 bidding project, holds 449 patents, and has 8 administrative licenses [3]. - Shandong Aisxu Solar Technology Co., Ltd. was established in 2023, located in Jinan City, with a registered capital of 4500 million RMB. The company has participated in 21 bidding projects, holds 128 patents, and has 15 administrative licenses [4].

Investment Rating - The report rates the photovoltaic industry as "Overweight" indicating an expectation for the industry to outperform the overall market [3][9]. Core Insights - The price of polysilicon has been continuously rising, currently near the full cost of leading companies, with spot prices reaching 44,500 CNY/ton, which is close to the estimated full cost range of 42,000 to 51,000 CNY/ton for top polysilicon producers [3]. - The price increases in the supply chain are expected to lead to higher component prices, with downstream prices for silicon wafers and batteries also rising, indicating a successful price transmission within the industry [3]. - The anticipated price increases are expected to benefit export profitability, mitigating concerns over domestic demand declines in the second half of the year, as overseas market demand is gradually increasing [3]. Summary by Sections Price Trends - Polysilicon prices have surged, with N-type dense material quoted at 44,500 CNY/ton, reflecting a daily increase of 5,500 CNY/ton [1]. - Silicon wafer prices for N-type 182 and 210 sizes have increased by 13.64% and 13.45%, respectively, indicating a cascading effect of price increases throughout the supply chain [1]. Industry Dynamics - The report highlights a positive feedback loop in the industry, driven by self-discipline and anti-involution measures, which are expected to sustain the upward trend in polysilicon prices [3]. - The report suggests that the price increases will not lead to a rise in polysilicon production rates due to industry self-regulation [3]. Investment Recommendations - The report recommends focusing on companies such as Tongwei Co., Daqo New Energy, and GCL-Poly Energy, which are expected to benefit from rising polysilicon prices [3]. - It also highlights companies with independent alpha trends, including Aiko Solar and LONGi Green Energy, as well as auxiliary material companies like Foster and Flat Glass [3].

Core Viewpoint - The photovoltaic industry is experiencing a strong signal for rectifying low-price disorderly competition, with silicon material prices beginning to rise [1][2] Group 1: Price Trends - The recent data from the China Nonferrous Metals Industry Association's Silicon Industry Branch indicates that the price of multi-crystalline silicon has continued to rise, with the N-type multi-crystalline silicon price range at 34,000-38,000 yuan/ton and an average price of 37,100 yuan/ton, reflecting a week-on-week increase of 6.92% [1] - The N-type granular silicon price range is reported at 34,000-37,000 yuan/ton, with an average price of 35,600 yuan/ton, also showing a week-on-week increase of 6.27% [1] - Although silicon wafer prices remained stable, several silicon wafer manufacturers raised their prices by 8% to 11.7% on July 9, with N-type G10L single crystal silicon wafer price increasing to 1 yuan/piece (up 11.1%), N-type G12R to 1.15 yuan/piece (up 11.7%), and N-type G12 to 1.35 yuan/piece (up 8.0%) [2] Group 2: Industry Dynamics - The silicon industry association noted that the price increase is primarily due to multi-crystalline silicon companies operating at a loss for over a year, leading to prices being significantly below comprehensive costs [2] - Despite the price increases in silicon materials, the downstream market has not stabilized, causing silicon wafer companies to remain cautious in the short term [2] - Industry experts suggest that the multi-crystalline silicon segment could lead the way out of the current "involution" situation, with potential price rebounds benefiting the entire supply chain [3] Group 3: Company Performance - Some photovoltaic companies have begun to turn losses into profits in the second quarter of this year, indicating positive signals in the industry [4] - Recent announcements from A-share companies show that Foster expects a net profit of 473 million yuan for the first half of the year, a decrease of 49.05% year-on-year, while TCL Zhonghuan anticipates a loss of 4 to 4.5 billion yuan [5] - Aiko Solar is expected to narrow its losses, projecting a net profit of 20 million to 130 million yuan for the second quarter, marking its first potential quarterly profit since Q4 2023 [5] Group 4: Market Sentiment - The industry is focusing on building a healthy business ecosystem, with companies expressing reluctance to accept orders that do not yield profits [6] - The ongoing discussions about "anti-involution" reflect a broader concern about establishing sustainable business practices within the N-type BC industry [6]

Group 1 - Aishuo Co., Ltd. expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [1] - Changcheng Military Industry anticipates a net loss of 25 million to 29.5 million yuan for the first half of 2025, with a net loss of 35 million to 41 million yuan after excluding non-recurring gains and losses [1] - Changyuan Donggu expects a net profit of 155 million to 180 million yuan for the first half of 2025, representing a year-on-year increase of 62.65% to 88.88% [1] Group 2 - Beifang Navigation forecasts a net profit of 105 million to 120 million yuan for the first half of 2025, turning around from a loss of 74.2168 million yuan in the same period last year [3] - Xizi Clean Energy expects a net profit of 130 million to 180 million yuan for the first half of 2025, a decrease of 47.40% to 62.01% compared to the same period last year [4] - Tianbao Infrastructure anticipates a net profit of 90 million to 130 million yuan for the first half of 2025, representing a year-on-year increase of 1581.80% to 2329.27% [4] Group 3 - Taiping Bird expects a net profit of approximately 77.7 million yuan for the first half of 2025, a decrease of about 55% compared to the same period last year [6] - Xibu Chuangye forecasts a net profit of approximately 295 million yuan for the first half of 2025, an increase of 88.99% compared to the same period last year [8] - Zhengbang Technology expects a net profit of 190 million to 210 million yuan for the first half of 2025, a year-on-year increase of 249.03% to 264.72% [9] Group 4 - Songzhi Co., Ltd. anticipates a net profit of 140 million to 170 million yuan for the first half of 2025, representing a year-on-year increase of 53.58% to 86.49% [10] - Hailide expects a net profit of 280 million to 310 million yuan for the first half of 2025, a year-on-year increase of 47.65% to 63.47% [12] - Chenhua Co., Ltd. forecasts a net profit of 48.8176 million to 56.6284 million yuan for the first half of 2025, a year-on-year increase of 25% to 45% [13] Group 5 - Yuanlin Co., Ltd. expects a net loss of 68 million to 92 million yuan for the first half of 2025, with a net loss of 70 million to 95 million yuan after excluding non-recurring gains and losses [14] - Chuanhua Zhili anticipates a net profit of 500 million to 550 million yuan for the first half of 2025, representing a year-on-year increase of 72.78% to 90.06% [15] - Longyuan Technology expects a net profit of 26 million to 31 million yuan for the first half of 2025, a year-on-year increase of 116.61% to 158.26% [17] Group 6 - Jiangshan Co., Ltd. forecasts a net profit of 300 million to 360 million yuan for the first half of 2025, a year-on-year increase of 75.65% to 110.78% [32] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan for the first half of 2025, a year-on-year increase of 100.73% to 114.12% [33] - Zhongyan Chemical's subsidiary signed a 6.809 billion yuan mining rights transfer contract [35]