太平洋证券：新能源供需新周期有望开启 重视龙头+弹性方向

Group 1: Core Views on Energy Storage Industry - Chinese energy storage companies are continuously breaking through in global market share, with all top ten companies in global energy storage cell shipments being Chinese, collectively accounting for 91.2% of the global market share as of the first half of 2025 [1][2] - The Ministry of Industry and Information Technology has issued a document to eliminate "involutionary" competition, with the price of silicon materials having risen for ten consecutive weeks [1][2] - The new cycle in the mid and downstream of the new energy vehicle industry chain has begun, with leading companies making breakthroughs in solid-state battery technology [1] Group 2: Key Developments in Solid-State Battery Technology - EVE Energy's solid-state battery production base in Chengdu has been inaugurated, with the "Longquan No. 2" all-solid-state battery successfully produced, featuring an energy density of 300Wh/kg [1] - The Chengdu base is planned to be built in two phases, with the first phase expected to be completed by December 2025, achieving a manufacturing capacity of 60Ah batteries [1] - The second phase aims for an annual production capacity of 100MWh by December 2026, with a target energy density of 400Wh/kg and 1000Wh/L for solid-state batteries by 2025 [1] Group 3: Insights on Photovoltaic Industry - The photovoltaic supply and demand situation is expected to improve marginally, with a projected increase in the operating rate of components by 2.45% in September [3] - Production of photovoltaic EVA and photovoltaic film is also expected to rise in September, while the production of polysilicon may decline due to industry self-discipline [3] Group 4: AI and New Energy Market Developments - The integration of AI and new energy, particularly in humanoid robotics, is gaining momentum, with companies like Zhenyu Technology and Keda Li benefiting from this trend [4] - Tesla's fourth version of the "Master Plan" outlines the potential of the Optimus humanoid robot, which is expected to significantly change labor dynamics and contribute to Tesla's future value [4] - Yushu Technology plans to submit its listing application to the stock exchange between October and December 2025, with a projected revenue structure heavily reliant on quadruped and humanoid robots [4]