电新公用环保行业周报：人形机器人与AIDC不惧回调，短期电网、海风与锂电可作平衡配置

Investment Ratings - Electric Equipment New Energy: Buy (Maintain) - Public Utilities: Buy (Maintain) - Environmental Protection: Buy (Maintain) [1] Core Views - The humanoid robot and AIDC sectors have experienced a pullback, primarily due to high market expectations leading to elevated valuations. Solid-state battery stocks, previously lagging, have seen a rebound. In the new energy sector, growth expectations for industrial control related to robots, AI power related to AIDC, and solid-state batteries present good investment opportunities this year [3]. - Humanoid Robots: The market previously valued this sector based on advancements in AI technology and Tesla's production expectations. The core support for valuations lies in the progress of embodied intelligence technology and its application in specific scenarios [3]. - AIDC: The development of DeepSeek has injected vitality into China's AI sector, with domestic capital expenditure on computing power reaching new heights. Future focus areas include the global arms race in computing power, enhancing data center efficiency, and new technologies in computing chips and algorithms [3]. - Solid-State Batteries: The market has underestimated the support provided by all-solid-state batteries for safety and endurance in humanoid robots and low-altitude economic demands. Attention should be paid to the mass production and cost reduction of solid electrolytes and lithium sulfide, as well as advancements in dry electrode processes [3]. - Electric Grid, Offshore Wind, and Lithium Batteries: Among various new energy chains, the electric grid and offshore wind have the most stable fundamentals. Current overall valuations are low, making them suitable for foundational allocation. Lithium batteries are expected to benefit from short-term export surges and the upcoming peak season, with optimistic data forecasts [3]. Summary by Sections Humanoid Robots - The humanoid robot industry has significant long-term potential, with key observation metrics being the pace of AI advancements. Unexpected progress in AI will bolster market confidence in future demand [7]. - "General humanoid robots" and robotic dogs have started to show cost-effectiveness in specific application scenarios such as elderly care and inspections [7]. - AI empowerment is expected to accelerate the development of traditional collaborative robots, enhancing their effectiveness in certain industrial applications [7]. Wind Power - In 2024, China's onshore wind power is expected to add approximately 75.8 GW, a year-on-year increase of 9.68%. Offshore wind power is projected to add about 4.0 GW, a year-on-year decrease of 40.85% [10]. Lithium Batteries - The average price of battery-grade lithium carbonate is reported at 75,200 CNY/ton. Demand from downstream material manufacturers for March is expected to be less optimistic, leading to an oversupply situation [16]. - The price of phosphoric iron lithium cathodes is expected to adjust due to rising processing fees, while the overall inventory is anticipated to increase [16]. - The market for anode materials is stable, with prices expected to rise as demand recovers, despite high raw material costs [16]. Solar Energy - The solar industry chain is experiencing price stabilization, with silicon material production remaining steady. The price of silicon wafers is expected to increase in March, alongside slight rebounds in battery and module prices [30]. - As of February 26, 2025, the profitability across various segments of the solar industry remains under pressure, with negative margins reported [32]. Public Utilities - As of February 28, 2025, the price of domestic thermal coal at Qinhuangdao Port is reported at 701 CNY/ton, a decrease of 28 CNY/ton from the previous week [44].