电力设备行业周报：储能发展模式日趋完善，地方紧跟配电网建设

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - Energy storage development models are becoming increasingly refined, with a focus on the PCS segment. The release of the energy transition white paper is expected to enhance the energy storage revenue model, while large-capacity battery cells are accelerating iterations to reduce costs and improve efficiency [5][6] - In the power equipment sector, the State Grid's four batches of bidding results for transmission and transformation equipment amount to 12.137 billion yuan, a year-on-year increase of 28.53%. The focus is on the construction of distribution networks and information technology [6][7] - The humanoid robot industry is seeing increased activity with numerous industry exchange meetings, suggesting potential opportunities for Tier 1 manufacturers in the Tesla robot supply chain [8][10] - In the electric vehicle sector, lithium carbonate prices remain stable, and there is a recommendation to focus on companies with strong profitability [11] - The photovoltaic sector is experiencing a decline in component prices, with overall Q2 performance down compared to the previous quarter. The industry is believed to be nearing the end of its downward cycle [15][18] - Wind power is projected to see significant growth, with domestic installations expected to reach 89 GW in 2024, a year-on-year increase of 17% [24][25] - The hydrogen energy sector is receiving policy support, with encouragement for the development of hydrogen fuel cell systems, which is expected to inject new momentum into the industry [5][11] Summary by Sections Energy Storage - The energy transition white paper emphasizes the importance of energy storage in enhancing system regulation capabilities and promoting diversified development [5] - The scale of newly connected energy storage projects is increasing, with GWh-level projects becoming more common, raising competitive barriers and potentially increasing market share for leading companies [5] - The market for large-scale energy storage is rapidly developing, with traditional and emerging markets expected to benefit from increased demand [5] Power Equipment - The State Grid's recent bidding results indicate a strong demand for transmission and transformation equipment, with significant year-on-year growth [6] - The focus on high-quality development of distribution networks is being driven by local initiatives, particularly in Inner Mongolia [7] Humanoid Robots - The humanoid robot sector is witnessing a surge in industry events, indicating a growing interest and potential for Tier 1 manufacturers to enter the Tesla supply chain [8][10] Electric Vehicles - Lithium carbonate prices are stable, and there is a recommendation to focus on companies with strong profitability amidst a challenging market environment [11] Photovoltaics - The photovoltaic sector is experiencing a price decline, with Q2 performance showing a downturn. However, signs of a bottoming out are emerging, suggesting potential recovery in the near future [15][18] Wind Power - The wind power sector is expected to grow significantly, with projections of 89 GW of new installations in 2024, reflecting a robust growth trajectory [24][25] Hydrogen Energy - The hydrogen energy sector is gaining momentum with supportive policies aimed at developing hydrogen fuel cell systems, which are expected to enhance green power supply [5][11]