电新周报：北京设立1000亿投资基金支持具身智能产业电力设备与新能源

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric power equipment and new energy sectors are expected to see significant investment opportunities, particularly in the context of the establishment of a 100 billion yuan investment fund in Beijing to support the embodied intelligence industry [2][6] - The report emphasizes the potential recovery in profitability for the electric vehicle battery sector, driven by a reduction in lithium carbonate prices and advancements in fast-charging technology, which are expected to stimulate downstream demand [2][3] - The report suggests that 2025 will be a year of substantial investment in the power grid, as the grid has become a bottleneck for new energy development, with increasing electricity demand from emerging industries like AI [3][4] Summary by Relevant Sections New Energy Vehicles - The lithium battery sector is anticipated to recover, with a potential turning point in the oversupply of lithium batteries. The decline in lithium carbonate prices is expected to lower battery costs and retail prices, stimulating demand [2][3] - The report recommends focusing on rapidly growing charging pile companies and specific battery manufacturers such as CATL, Yiwei Lithium Energy, and BYD [2][3] Electric Power Equipment and Energy Storage - The report indicates that 2025 will likely be a significant year for grid investment, with increasing electricity demand from new industries and the need for grid upgrades due to the rapid development of new energy sources [3][4] - In energy storage, the report forecasts high growth in 2025, with improvements in the electricity market and auxiliary service markets expected to enhance the commercial viability of large-scale storage [4] Photovoltaics - The report notes sustained high demand in Europe and strong domestic demand for ground-mounted power stations, with new technologies like TOPCON and HJT expected to drive further growth in the solar market [4][5] Industrial Control & Robotics - The report highlights a new industrial control cycle approaching, with a recommendation to focus on companies like Huichuan Technology and Xusheng Group, as well as the establishment of a 100 billion yuan government investment fund to support AI and robotics [6][7] Wind Power - The report cites a 17.8% year-on-year increase in new wind power installations for 2024, indicating a positive trend in the wind energy sector [18][20]