电力设备行业周报：光伏生产配额上调，人形机器人催化不断

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [10][19]. Core Insights - The photovoltaic (PV) industry is experiencing an upward adjustment in production quotas, with major companies increasing their quotas by 1% to 3% for the first half of 2025. This is expected to lead to a surge in distributed PV project installations before key policy changes take effect [5][15][16]. - The humanoid robot industry is witnessing rapid technological advancements and commercialization, with significant developments such as the launch of new manufacturing facilities and government support for robotics as part of consumption stimulus measures [7][17][18]. Summary by Sections Photovoltaic Industry - The PV sector is set for a mid-year rush in installations, with key policy changes scheduled for May and June 2025. Projects connected to the grid before May 1 can opt for guaranteed pricing, while those after must engage in market-based pricing [5][15]. - Recent price increases in silicon wafers have been noted, with N-type G10L wafers priced at 1.19 RMB per piece, reflecting a 0.53% increase, and N-type G12R wafers at 1.38 RMB, up 2.74% [6][16]. Humanoid Robot Industry - The humanoid robot sector is seeing breakthroughs in technology and commercial applications, with companies like Figure planning to produce 12,000 units annually at a new facility. The government has included robotics in its consumption support initiatives [7][17]. - Upcoming events, such as NVIDIA's GTC conference, are expected to catalyze further developments in AI and robotics [18]. Key Companies and Investment Recommendations - For the photovoltaic sector, companies such as Aisuo Co., Ltd. and Junda Co., Ltd. are highlighted as key investment opportunities. In the BC technology space, companies like Dier Laser and Haimu Star are recommended, while HJT technology investments should focus on Maiwei Co., Ltd. [10][21]. - In the humanoid robot sector, companies with high supply chain certainty and significant value in their industry segments, such as Sanhua Intelligent Control and Top Group, are recommended [10]. Market Performance - The electric power equipment sector has shown a performance increase of 10.1% over the past 12 months, outperforming the Shanghai Composite Index and the CSI 300 Index [3][39].