Tabl e_First|Tabl e_Summary 华福证券 电力设备及新能源行业周报 产业周跟踪：硫化物量产时间表或超预期，苹果 阿里合作再次引爆 AIDC 投资要点： ➢ 锂电板块核心观点：全固态电池论坛在京举办，量产装车展望超预 期。1）硫化物车用全固态电池或将于25-27年量产，比亚迪、一汽预计27 年批量应用；2）2024年国电池企业海外动力电池份额提升。 ➢ 光伏板块核心观点：新能源全面入市落地，短期光伏或存在抢装。2 月9日，国家发展改革委、国家能源局联合印发《关于深化新能源上网电 价市场化改革 促进新能源高质量发展的通知》。新能源项目（风电、太 阳能发电）上网电量原则上全部进入电力市场，上网电价通过市场交易形 成，且针对存量项目和增量项目实施差价结算机制。根据通知，存量项目 以及赶在6月1日前并网的项目仍可按照固定电价结算，我们预计在此窗口 期前光伏有望迎来抢装热潮。 ➢ 储能板块核心观点：两部门发文深化新能源上网电价市场化改革，24 年国内工商业储能新增并网8.8GWh。1）两部门发文深化新能源上网电价 市场化改革，促进新能源高质量发展；2）2024年国内工商业储能新增并 网8.8GWh ...

Group 1 - Global stock markets experienced a general increase, influenced by Trump's signing of a memorandum for reciprocal tariffs, which is expected to reduce trade friction risks and allow more time for negotiations with trade partners [1][8] - The U.S. inflation data showed a rebound, with January CPI at 3% and core CPI at 3.3%, both exceeding previous and expected values, leading to a notable adjustment in interest rate cut expectations [2][9] - The implementation of the new tariff policy is anticipated to be completed by April 1, allowing for further negotiations and potentially easing trade tensions, alongside a possible de-escalation of the Russia-Ukraine conflict [1][8] Group 2 - Major global asset classes showed mixed performance, with the Hang Seng Index rising by 7.04%, while the Japanese Yen depreciated by 1.44% against the Renminbi [3][31] - In the equity market, the U.S. information technology sector saw the highest increase at 3.28%, while the healthcare sector experienced a decline of 1.03% [42] - The commodity market displayed varied results, with COMEX silver rising by 1.95% and CBOT soybeans falling by 1.12% [48] Group 3 - The U.S. labor market showed resilience, with initial jobless claims decreasing to 213,000, lower than the previous value of 220,000 [9][10] - The NFIB small business confidence index for January recorded at 102.8, down from the previous value of 105.1, indicating a decline in business sentiment [9][10] - The Federal Reserve officials maintained a hawkish stance, with a 96% probability of keeping interest rates unchanged in March, emphasizing the need for careful assessment of economic conditions [10]

Group 1 - The report highlights that all six sub-sectors of the pharmaceutical index recorded positive returns, indicating strong performance in the healthcare sector [2][9]. - According to the "Healthcare Big Model White Paper" from Zhejiang University, the application scenarios of healthcare big models are continuously expanding, focusing on smart healthcare, smart services, and smart management, which contribute to the high-quality development of the healthcare industry [3][8]. - In the smart service domain, healthcare big models are becoming essential tools for enhancing the efficiency and quality of medical services by providing personalized guidance based on patient data [8]. Group 2 - The report reviews the performance of the pharmaceutical sector from February 10 to February 14, noting that the medical service sector (+6.51%) and medical devices (+4.81%) had the highest gains, while traditional Chinese medicine II (+0.80%) and chemical pharmaceuticals (+0.71%) had the lowest [9][14]. - The report emphasizes the growing trend of pharmaceutical companies adopting AI technologies like DeepSeek, which is expected to reshape the industry landscape by improving drug development efficiency and personalized medical care [17][20]. - The appointment of Robert F. Kennedy Jr. as the U.S. Secretary of Health and Human Services is anticipated to bring significant changes to the food and pharmaceutical industries, focusing on reducing chronic diseases and enhancing food safety [21][22].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Views - The lithium battery sector is expected to see mass production of sulfide solid-state batteries between 2025 and 2027, with companies like BYD and FAW planning to apply them in vehicles by 2027 [12][13] - The photovoltaic sector is experiencing a surge in demand due to new policies that promote market-based pricing for renewable energy, leading to a potential rush in installations before the June 1 deadline [22][23] - The energy storage sector anticipates an addition of 8.8 GWh of commercial energy storage in 2024, driven by new regulations that enhance market participation [31][33] Summary by Sections 1. Lithium Battery and Electric Vehicle Sector - The second China Solid-State Battery Innovation Development Summit was held, predicting the first generation of sulfide solid-state batteries to be mass-produced by 2025-2027 [12] - In 2024, the overseas market share of Chinese battery companies is expected to increase, with a total of 361.4 GWh of power batteries installed, marking a 13.1% year-on-year growth [13][14] 2. Photovoltaic Sector - The National Development and Reform Commission and the National Energy Administration issued a notice on February 9, promoting market-based pricing for renewable energy, which is expected to lead to a rush in photovoltaic installations [22][23] - The price of solar cells remains stable, while the price of silicon wafers has slightly weakened due to strong resistance from downstream demand [24] 3. Energy Storage Sector - The new regulations are expected to facilitate the addition of 8.8 GWh of commercial energy storage in 2024, with a projected growth to over 10 GWh in 2025 [31][33] - The market is seeing a diverse influx of companies into the commercial energy storage sector, with a significant focus on manufacturing industries [35] 4. Power Equipment and Industrial Control Sector - The first equipment procurement results for ultra-high voltage projects were announced, with a total of 55 packages for five ultra-high voltage lines [43] - Siemens reported a strong start to its 2025 fiscal year, indicating positive market demand [45] 5. Hydrogen Energy Sector - The Sinopec Kuqa green hydrogen project is expected to reach full production capacity by 2026, with significant contracts signed for hydrogen-powered two-wheelers [54][55] - The collaboration between Guofu Hydrogen Energy and Wankel Aviation aims to develop hydrogen-powered aircraft systems, marking a significant step in green aviation technology [54]

Investment Rating - The industry rating is "Outperform the Market" [7][73]. Core Insights - BYD has announced its entry into the high-level intelligent driving sector with its self-developed system "Tian Shen Zhi Yan," which includes three versions tailored for different vehicle models and market segments. This strategy is expected to disrupt the traditional market structure and increase competition in the mid-to-low-end market [3][11]. - Zeekr Technology Group has been established following the acquisition of Lynk & Co, with a dual-brand strategy aimed at enhancing operational efficiency and product development. The group plans to launch five new models this year, primarily hybrid SUVs, targeting an annual sales goal of 710,000 units, representing a 40% growth rate [12][13]. Market Performance - From February 10 to February 14, the automotive sector rose by 1.2%, matching the performance of the CSI 300 index. Year-to-date, the automotive sector has increased by 9.1%, ranking third among 31 sectors [17][21]. - The sub-sectors of passenger cars, automotive parts, automotive services, and motorcycles saw increases of 3.7%, 0.1%, 0.5%, and 3.7% respectively, while commercial vehicles experienced declines [21][30]. Key Industry Data - For the period of February 1-9, retail sales of passenger cars reached 239,000 units, a year-on-year decrease of 31%, while retail sales of new energy passenger cars increased by 11% to 95,000 units [5][33]. - Wholesale sales of passenger cars were 219,000 units, showing no year-on-year growth, while new energy passenger car wholesale sales grew by 44% to 101,000 units [34][37]. New Vehicle Launches - BYD's new model "Seagull" was launched on February 10, 2025, as part of its ongoing product expansion strategy [66].

Group 1 - The report indicates that the current AI market is not overcrowded, with the overall market showing a 1.67% increase, led by the Shanghai 50, CSI 500, and ChiNext indices, while the CSI 300 and others lagged behind [2][9] - The report highlights that the AI sector is expanding from computing power to software and various "AI+" applications, with concerns about trading congestion being addressed [12][50] - The report notes that the market sentiment is improving, with a decrease in industry rotation intensity, and small-cap stocks outperforming [30][35] Group 2 - The report identifies key industry hotspots, including the success of the animated film "Nezha 2," which has grossed over 110 billion, indicating a strong rise of domestic IPs [4][50] - The report discusses the restructuring of three major Asset Management Companies (AMCs) under Central Huijin, which may lead to potential integration of brokerage licenses [51] - The report mentions the upcoming release of the Ruijin Pathology large model, which is expected to enhance efficiency in pathology diagnostics and stimulate investment opportunities in AI healthcare [52] Group 3 - The report recommends focusing on sectors such as low-altitude economy, smart driving, brokerage firms, AI consumption, and AI healthcare for investment opportunities [5][55] - It emphasizes the importance of the low-altitude economy as a new productive force, with recent initiatives to promote its development [55] - The report suggests that the brokerage sector, which has lagged in previous market rallies, is expected to catch up due to increased trading activity [55] Group 4 - The report highlights the market structure, noting a 32.5% increase in the proportion of high turnover stocks, with media, non-bank financials, and computing sectors showing strong bullish trends [35][39] - It points out that the net inflow of leveraged funds is primarily directed towards the computing, electronics, and machinery sectors [43][39] - The report also mentions a significant decrease in the average daily trading volume of the Stock Connect, indicating a shift in market dynamics [43][39]

Investment Rating - The industry rating is "Outperform the Market" [7][68]. Core Viewpoints - The report emphasizes that the recovery of housing demand is supported by policies aimed at stabilizing the real estate market, with expectations for improved purchasing willingness and capacity due to declining interest rates and monetary policies [3][5]. - The report indicates that the construction materials sector is expected to see a gradual recovery, driven by the stabilization of the real estate market and supportive government policies [3][5]. - The report highlights that the real estate market is entering a bottoming phase after three years of decline, with increased sensitivity to policy easing [3][5]. Summary by Sections Weekly Insights - The report discusses recent government meetings and initiatives aimed at improving housing security and stimulating the real estate market, including measures in Chongqing and Shanghai [3][11]. - It notes significant increases in housing transaction volumes in major cities like Shenzhen and Shanghai, indicating a potential recovery in the real estate sector [3][11]. High-Frequency Data - As of February 14, 2025, the average price of bulk P.O 42.5 cement is 388.6 CNY/ton, showing a 0.6% decrease week-on-week but a 12.4% increase year-on-year [4][12]. - The average price of glass (5.00mm) is 1347.1 CNY/ton, remaining stable week-on-week but down 33.4% year-on-year [4][22]. Sector Review - The report notes that the Shanghai Composite Index rose by 1.30%, while the construction materials index increased by only 0.22%, indicating underperformance relative to the broader market [4][54]. - Among sub-sectors, cement products and fiberglass manufacturing showed positive growth, while glass manufacturing experienced a decline [4][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term potential, and leading cyclical construction material companies [5][68].

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Viewpoints - The report indicates that the VLCC market is under pressure due to slow cargo release and oversupply of tonnage, while the medium to long-term outlook benefits from trade flow restructuring and capacity shortages, suggesting potential upward price movements [7] - The report highlights that the demand for medium-sized tankers in the Mediterranean is improving, leading to a steady increase in freight rates [7] - The report recommends focusing on companies such as COSCO Shipping Energy and China Merchants Energy, while also keeping an eye on China Merchants Jinling [7] Summary by Sections Oil Transportation Market - In the seventh week of 2025, the average TCE for VLCC ships was $40,122 per day, down 16.5% month-on-month and down 27.8% year-on-year [10] - The BDTI composite index averaged 897 points, remaining flat month-on-month but down 31.7% year-on-year [10] - The average TCE for LR2 ships was $22,064 per day, up 27.4% month-on-month but down 66.6% year-on-year [19] LNG Transportation Market - In the seventh week of 2025, the spot freight rates for 174,000 cubic meter LNG carriers were $9,000 per day, up 20% month-on-month but down 86.4% year-on-year [40] - The average price of LNG in China was reported at 4,235 RMB per ton, up 2.1% month-on-month and up 9.1% year-on-year [46] - The total LNG fleet size reached 120.1 million cubic meters, an increase of 6.8% year-on-year [55]

Investment Rating - The industry rating is "Outperform the Market" [7][31] Core Insights - The automotive sector is expected to see opportunities on the right side, with a focus on smart driving as a significant application of AI, leading to a competitive landscape among automakers [5][10] - Recent policies, such as trade-in incentives and local subsidies, are anticipated to support overall sales growth, with the industry expected to emerge from a seasonal downturn [5][10] - The report emphasizes the importance of smart driving technology and its integration into vehicles, predicting a shift from traditional manufacturing to technology-driven enterprises [5][10] Summary by Sections Recent Market Trends - The automotive index rose by 1.2%, ranking 15th out of 31 sectors [2] - Retail sales of passenger cars decreased by 31% year-on-year, while wholesale remained flat [4] - Significant partnerships and strategic plans were announced by major players, including BYD and Changan [4] Investment Strategy - The report suggests actively participating in the automotive sector, particularly focusing on leading companies such as BYD, Geely, and Li Auto [5][11] - The smart driving sector is highlighted as a key area for investment, with expectations of a competitive arms race among automakers [5][10] Company-Specific Insights - BYD is set to enhance its smart driving capabilities and maintain its electric vehicle advantage with new model launches [6] - Geely is expected to achieve profitability in its new energy segment and is preparing to launch several new models [6] - Xiaomi is advancing its AI strategy and plans to increase production capacity for its automotive division [6] - Other companies like Seres and Ideal Auto are also positioned for growth with new product launches and market expansions [6][9]

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [7] Core Insights - The integration of AI technology, specifically through DeepSeek, is expected to enhance user experience in home appliances and two-wheeled vehicles, stimulating consumer demand [2][11] - The home appliance sector has shown mixed performance, with white goods declining by 0.8% while black goods increased by 8.8% [3][31] - The report suggests that policy support will lead to a recovery in domestic demand, particularly benefiting large appliances through trade-in programs [4][29] Summary by Sections Investment Recommendations - Focus on large appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, Gree Electric, Hisense, and TCL [4][29] - Pet industry is expected to remain resilient, with recommendations for companies like Guibao Pet, Zhongchong Co., and Petty Holdings [4] - Small appliances and branded apparel are anticipated to recover next year from a low base, with recommendations for leading brands like Bear Electric, Feike Electric, and Anta Sports [4][29] - The electric two-wheeler market is expected to improve, with recommendations for Yadea Holdings, Aima Technology, and Ninebot [4][29] Market Data - The home appliance sector experienced a slight decline of 0.2% this week, with specific segments showing varied performance [3][31] - Raw material prices have increased, with LME copper rising by 5.64% and LME aluminum by 0.85% [3][31] Industry News - The home appliance trade-in program in Shenyang has expanded to include 20 product categories, promoting "green consumption" [49] - The "Guochao" trend in fashion continues to grow, with significant increases in orders for traditional Chinese-style clothing [49]