电新周报：工业生产景气度回暖，工控行业有望顺周期复苏电力设备与新能源

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The industrial production sentiment is recovering, and the industrial control sector is expected to experience a cyclical rebound [1][2] - In the electric power equipment and new energy sectors, there are favorable investment opportunities due to the anticipated growth in grid investment and the increasing demand for power equipment driven by emerging industries [3][4] Summary by Relevant Sections New Energy Vehicles - The battery sector is expected to see an improvement in profitability as the lithium battery supply surplus is likely to reach a turning point. The decline in lithium carbonate prices may lower battery costs and stimulate downstream demand [2] - The sales of new energy vehicles reached 1.596 million units in December 2024, a year-on-year increase of 34% [14] - The installed capacity of power batteries in December 2024 was 75.4 GWh, up 57.4% year-on-year [14] Electric Power Equipment and Energy Storage - The electric power equipment sector is poised for growth as grid investment is expected to increase significantly, driven by the need for infrastructure to support renewable energy [3] - Energy storage is projected to maintain high growth, with large-scale storage expected to benefit from improved market structures and commercial models [4] - Key investment targets include companies like Sanyuan Electric, Haixing Power, and Ningde Times [3][4] Photovoltaics - The demand for photovoltaics in Europe remains strong, and the domestic ground station demand is robust, with new technologies like TOPCON entering mass production [4] - Recommended companies in the photovoltaic sector include Trina Solar, LONGi Green Energy, and JinkoSolar [4] Industrial Control and Robotics - The industrial control sector is anticipated to enter a new cycle of equipment upgrades, supported by macroeconomic policies and a recovering manufacturing sector [6] - The humanoid robot industry is expected to accelerate, with companies like Huichuan Technology and Xusheng Group being highlighted as key players [6] Low-altitude Economy - The establishment of a dedicated department for low-altitude economic development is expected to catalyze growth in this sector, with companies like Ningde Times and Xusheng Group recommended for investment [6]