Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

Group 1 - The core viewpoint emphasizes that comprehensive rectification of "involutionary" competition is a key measure to address current economic development contradictions, affecting both traditional and emerging industries [1][4][5] - The new round of anti-involution policies includes not only traditional industries like steel and cement but also emerging sectors such as photovoltaics, new energy vehicles, and lithium batteries, which have a higher proportion of private enterprises [1][4][5] - The recent Central Economic Committee meeting highlighted the need to legally govern low-price disorderly competition and promote the orderly exit of backward production capacity, signaling a national-level response to involution [2][5] Group 2 - The Ministry of Industry and Information Technology (MIIT) has initiated discussions with photovoltaic industry leaders to address production, innovation, and market competition challenges, aiming to support high-quality development in the sector [10] - The photovoltaic industry has faced significant pressure, with prices for silicon materials and components dropping below cash costs, leading to a substantial decline in profit margins [11][12] - Various industry associations, including those in steel, cement, and battery sectors, have called for a collective response to involution, advocating for quality over price competition and industry cooperation [13][15] Group 3 - The revised Anti-Unfair Competition Law, effective from October 15, 2025, aims to provide institutional tools to curb "involutionary" competition, particularly targeting platform operators to prevent forced low-cost sales [9] - Experts have identified two main causes of the current involution phenomenon: domestic economic adjustments leading to price sensitivity and external pressures on Chinese enterprises due to de-globalization [6][7] - The steel industry is particularly affected by involution, with a significant increase in crude steel production despite declining apparent consumption, indicating a supply-demand imbalance [15]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

Group 1 - The Ministry of Industry and Information Technology held the 15th manufacturing enterprise symposium focusing on accelerating the high-quality development of the photovoltaic industry [1] - 14 photovoltaic industry enterprises and association leaders shared insights on production operations, technological innovation, market competition, and industry ecosystem construction [1] - Longi Green Energy emphasized the importance of addressing low-price competition and optimizing capacity, creating structural opportunities for technologically advanced companies [1] Group 2 - Trina Solar highlighted the need for capacity integration to leverage the leading role of major enterprises and avoid disorderly competition [1] - JinkoSolar pointed out the urgency of addressing "involution" competition, reflecting the government's commitment to managing disorderly competition in the photovoltaic industry [1] - Minsheng Securities noted that the photovoltaic industry is currently at the bottom in terms of prices and profitability, with expectations for a rebound through policy and industry self-discipline [2]

Core Viewpoint - The article highlights the urgent need for the photovoltaic (PV) industry to combat "involution," characterized by excessive competition leading to low prices and reduced profitability, as emphasized by recent government meetings and industry responses [1][18]. Industry Overview - The PV industry has experienced a dramatic shift from profitability in 2023 to significant losses in 2024, with 68 PV equipment companies collectively losing approximately 257 billion yuan, compared to a profit of 993 billion yuan in 2023 [3][9]. - Major companies like Tongwei Co., Longi Green Energy, and JinkoSolar reported substantial revenues exceeding 100 billion yuan in 2023, but faced severe losses in 2024, with Longi Green Energy and TCL Zhonghuan losing 98.18 billion yuan and 86.18 billion yuan respectively [7][8]. Competitive Landscape - The industry has seen a split performance, with some segments like PV processing equipment and inverters thriving, while others, particularly silicon wafer and module manufacturers, are struggling with massive losses [3][8]. - The aggressive expansion strategies adopted by leading firms during the high-demand years of 2022 and 2023 have contributed to structural overcapacity and price declines in 2024, leading to a situation where companies are losing money even as they increase sales [10][13]. Policy and Industry Response - The government has initiated measures to regulate low-price competition and promote product quality, with the Central Financial Committee emphasizing the need for orderly market practices [1][18]. - Industry associations and companies are advocating for self-regulation and collaboration to foster a healthier market environment, with initiatives like the "Photovoltaic Industry Cooperation Initiative" signed by nine companies in 2023 [15][16]. Technological Innovation - Companies are increasingly focusing on technological advancements and innovation to improve product quality and operational efficiency, as seen with JinkoSolar's recent achievement in achieving a record conversion efficiency for its N-type solar cells [17][18].

Summary of Key Points Core Viewpoint - Longi Green Energy's recent financial activities and announcements indicate a focus on supporting its subsidiaries and managing its convertible bonds effectively, while also highlighting the company's significant guarantee commitments. Group 1: Trading Information - On July 4, Longi Green Energy's stock closed at 15.57 RMB, with a slight increase of 0.19% and a turnover rate of 1.71% [1] - The trading volume was 1.294 million shares, resulting in a total transaction value of 2.029 billion RMB [1] - The net inflow of main funds was 76.41 million RMB, accounting for 3.77% of the total transaction value [4] Group 2: Company Announcements - Longi Green Energy announced an additional guarantee amounting to 739.79 million RMB, bringing the total guarantees provided to 24.072 billion RMB, which represents 39.53% of the company's latest audited net assets [1][4] - The guarantees include support for the "He Mei Village" distributed photovoltaic business, with no overdue guarantees reported [1] - The company has scheduled a buyback period for its "Long 22 Convertible Bonds" from July 8 to July 14, 2025, at a price of 100.60 RMB per bond, with the current market price exceeding this buyback price [2][4]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. has announced the repurchase terms for its convertible bonds, "Long 22 Convertible Bonds," allowing bondholders to sell back their bonds at a specified price during a designated period [1][2]. Group 1: Repurchase Terms - The repurchase price is set at 100.60 RMB per bond, including accrued interest [1][4]. - The repurchase period is from July 8, 2025, to July 14, 2025 [1][4]. - The payment date for the repurchase funds is July 17, 2025 [1][4]. Group 2: Bondholder Rights - Bondholders can choose to sell back part or all of their unconverted convertible bonds during the repurchase period [2][3]. - The repurchase is not mandatory; bondholders have the option to exercise their repurchase rights [3][4]. Group 3: Calculation of Accrued Interest - The accrued interest is calculated using the formula: IA = B × i × t / 365, where B is the total face value of the bonds held, i is the annual coupon rate, and t is the number of days from the last interest payment to the repurchase date [3]. - The coupon rate for the fourth year is 1.20%, with a calculation period of 184 days [3]. Group 4: Trading During Repurchase Period - "Long 22 Convertible Bonds" will continue to trade during the repurchase period but will stop converting into shares [4]. - If the total face value of the convertible bonds falls below 30 million RMB after the repurchase, the bonds will still continue to trade until the end of the repurchase period [4].

重要内容提示： "隆 22 转债"持有人可回售部分或全部未转股的可转换公司债券。"隆 22 转债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.60 元/张（含当 期利息）卖出持有的"隆 22 转债"。截至目前，"隆 22 转债"的收盘价格高 于本次回售价格，可转债持有人选择回售可能会带来损失，敬请关注选择回售 的投资风险。 隆基绿能科技股份有限公司（以下简称"公司"）于 2022 年 1 月 5 日公开 发行面值总额 700,000.00 万元的可转换公司债券（债券简称："隆 22 转债"， 债券代码：113053）。根据战略规划和经营需要，公司 2024 年年度股东大会、 2021 年度公开发行可转换公司债券 2025 年第一次债券持有人会议分别审议通过 了《关于变更 2021 年可转债部分募集资金投资项目的议案》（具体内容详见公 司 2025 年 7 月 1 日披露的相关公告），拟对"隆 22 转债"部分募集资金用途进 行变更。根据公司《公开发行可转换公司债券募集说明书》（以下简称《募集说 明书》）有关"隆 22 转债"的附加回售条款，"隆 2 ...

电新周报：民航局成立通用航空和低空经济工作领导小组 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 7 月 06 日 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 本期核心观点 [Tale_S 行业展望及配置建议： um ➢ 新能源汽车： 动力电池格局有望优化，板块盈利有望回暖：1）锂电池板块经历长期大幅 回调。2）锂电池供给阶段性过剩问题有望迎来拐点。3）碳酸锂价格下降， 有望带动电池成本及终端售价下降，有望刺激下游需求。同时 5C 快充加速 推进，新能源车里程焦虑持续改善，复合集流体等新技术处于量产前夕，新 能源车渗透率有望继续提升。重视快速增长的充电桩行业及相关企业通合科 技、盛弘股份、沃尔核材等。重视磷酸锰铁锂、复合集流体等的 0-1 过程。 建议关注宁德时代、亿纬锂能、湖南裕能、当升科技、长远锂科、天赐材料、 科达利、比亚迪、星源材质、中伟股份、恩捷股份、德方纳米、信德新材、 天奈科技、杉杉股份、中科电气、壹石通、孚能科技等。 投资评级 看好 上次评级 看好 ...

以下文章来源于华夏能源网 ，作者www.hxny.com 华夏能源网 . 能源产业与财经信息服务平台 将投中网设为"星标⭐"，第一时间收获最新推送 等待机会重新起来。 作者丨 田思 作者丨 蒋波 王东 来源丨 华夏能源网 "所有企业都在承受着不可承受之痛，大家都在苦熬。"6月10日，中国机电产品进出口商会副会长 石永红在上海SNEC2025光伏展上说道。 这说出了广大光伏企业的真实状态和心声。 经过 7个季度的持续洗牌，一大批光伏企业倒下了，但产能依旧严重过剩。主要的龙头企业安然无 恙，按照业界调侃的每次寒冬"必死老大"的标准看，调整并没有到位。而那些暂时停产的"死而不 僵"的产能，随时在等待机会重开起来。 与此同时，今年上半年 "抢装潮"带动光伏装机再创新高，仅5月份光伏新增装机就高达92.92GW， 1-5月光伏新增装机198GW，相当于2024年光伏装机的七成。但是，如此强劲的装机还是没能拉起 来价格，光伏各产业链价格还在滑落，寒冬深不见底。 一边是艰难的产能出清，一边是见不到企稳希望的价格，整个光伏行业处在痛苦不堪的 "炼狱"之 中。没有谁会好过，也没有谁知道"炼狱"往下还有几层。大家只能在一点点失血 ...