关注光伏政策落地 | 投研报告

Group 1: Industry Overview - In July 2025, 10 out of 12 categories of construction machinery products achieved year-on-year sales growth, with excavators showing a growth of +6.2% in June and +17.2% in July after a slight decline in May [2] - The sales growth of automobile cranes turned positive in July, recording an increase of +6.8% [2] - The two categories that continued to decline in sales were tower cranes and aerial work platforms, with year-on-year sales growth of -42.5% and -51.4% respectively, significantly impacted by the real estate sector [2] Group 2: Market Performance - From August 11 to August 15, the indices for machinery equipment, power equipment, and automotive sectors rose by 3.21%, 5.84%, and 3.08% respectively, ranking 8th, 4th, and 9th among 31 first-level industries [2] - The overall performance of the Shanghai and Shenzhen 300 index during the same period was a growth of 2.37% [2] Group 3: Automotive Sector Insights - From August 1 to 10, the retail sales of passenger cars in China decreased by 4% year-on-year, totaling 452,000 units, while the retail sales of new energy vehicles increased by 6% year-on-year, reaching 262,000 units [3] - The domestic automotive market is expected to continue its rapid development, supported by trade-in promotions and strong export growth, with a focus on manufacturers with brand and scale advantages [3] Group 4: Photovoltaic Sector Analysis - The main material prices in the photovoltaic sector remained stable, with no significant changes in overall quotations and transaction prices [3] - Demand for components is showing signs of weakness, with new orders for TOPCon components being signed at levels between 0.65 and 0.7 RMB, while subsequent order prices have begun to decline [3] - The photovoltaic sector experienced a slight recovery due to notifications for an industry meeting on August 19, but uncertainty remains regarding the industry's turning point if policies do not materialize and prices cannot be effectively transmitted downstream [3]