电气设备-电力设备与新能源行业周观察：1月新能源汽车交付及销量公布，人形机器人产业化加速

Investment Rating - The industry rating is "Recommended" [6] Core Insights - The electric vehicle (EV) industry is experiencing significant growth, with major brands like BYD, NIO, and Xpeng showing substantial year-on-year increases in sales and deliveries in January 2025, despite the traditional seasonal slowdown [11][12] - The lithium battery supply chain is expected to benefit from the growing demand for EVs and energy storage, with prices stabilizing and potentially improving profit margins [11][12] - The humanoid robot industry is accelerating towards mass production, driven by advancements in AI technology and strong domestic demand for core components [48][49] Summary by Sections 1. New Energy Vehicles - January 2025 saw significant year-on-year growth in EV deliveries from brands like BYD (300,538 units, +49.16%), NIO (13,863 units, +37.87%), and Xpeng (30,350 units, +267.88%) [13] - The EV market is expected to continue growing due to new supply, vehicle replacement policies, and the transition to smart electric vehicles [11][12] - The global energy storage market is also expanding, which will further drive demand for the lithium battery supply chain [11][12] 2. New Energy - European photovoltaic (PV) component prices have increased, with N-type monofacial component prices rising by 12% in January 2025 [18][19] - The solar industry is anticipated to enter a new upward cycle as inventory levels decrease and demand improves with the upcoming installation peak in Q2 [19][22] - Key materials like silicon and battery cells are expected to see price rebounds, benefiting from improved cash flow and the exit of weaker players from the market [19][22] 3. Wind Power - Shanghai and Hainan are advancing offshore wind power projects, with significant capacity planned for 2025 [20][21] - The domestic offshore wind market is expected to grow significantly, supported by favorable policies and project developments [20][21] - The average bidding price for onshore wind projects is stabilizing, indicating a potential recovery in profitability for turbine manufacturers [28][41] 4. Power Equipment & Industrial Control - The humanoid robot industry is rapidly advancing towards mass production, with strong domestic demand for core components [48][49] - The demand for large-scale energy storage is expected to grow in both domestic and international markets, driven by policy support and declining costs [50] - Companies with strong technological capabilities and international supply chain integration are likely to benefit from the expanding energy storage market [50]