光伏组件缺货涨价，储能行业启动“反内卷”

Industry Overview - The electric equipment and new energy sector saw a weekly increase of 5.84%, with lithium battery index rising by 6.56%, wind power by 6.32%, industrial automation by 5.45%, photovoltaic by 5.32%, power generation equipment by 5.13%, new energy vehicle index by 3.85%, and nuclear power by 1.59% [1][3]. New Energy Vehicles - In July, the China Association of Automobile Manufacturers reported sales of 1.262 million new energy vehicles, a year-on-year increase of 27.4%, accounting for 48.7% of total new car sales for the month. It is expected that domestic new energy vehicle sales will maintain high growth through 2025, driving demand for batteries and materials [2][4]. - The price of lithium carbonate has recently increased significantly, which is expected to lead to a recovery in profitability for related sectors, with a focus on battery and cathode material segments [2]. Battery Technology - Solid-state batteries have made progress in both new energy vehicles and energy storage applications, with a clear trend towards industrialization. Future attention should be on the verification progress of solid-state battery-related materials and equipment companies [2]. Photovoltaic Sector - The Central Economic Work Conference emphasized the need to comprehensively rectify "involution-style" competition, with the Central Financial Committee indicating a commitment to legally and systematically address low-price disorderly competition among enterprises, guiding them to enhance product quality and promote the orderly exit of backward production capacity [2]. - The photovoltaic supply chain prices remained stable week-on-week, with all segments showing a willingness to maintain prices. The key catalysts for the photovoltaic sector include the actual production capacity release time and scale, with a continued focus on the silicon material segment and new technology directions in BC and precious metals [2]. Hydrogen Energy - Policies continue to promote the industrialization of hydrogen energy, with the Energy Bureau initiating hydrogen energy pilot projects in the energy sector and local policies providing ongoing support. Attention is recommended for electrolyzer manufacturers with cost and technological advantages, as well as companies benefiting from hydrogen energy infrastructure construction [2]. Company Highlights - Keda Li reported a net profit of 769 million yuan for H1 2025, up 18.72% year-on-year, with a non-recurring net profit of 720 million yuan, up 14.61% [5]. - Dongfang Precision reported a net profit of 397 million yuan for H1 2025, a significant increase of 142.52% year-on-year, with a non-recurring net profit of 257 million yuan, up 12.12% [5]. - Nandu Power reported a net loss of 232 million yuan for H1 2025, a decline of 225.48% year-on-year, with a non-recurring net loss of 250 million yuan, down 707.55% [5]. - Jinlang Technology reported a net profit of 602 million yuan for H1 2025, an increase of 70.96% year-on-year, with a non-recurring net profit of 549 million yuan, up 71.80% [5].