电新周报：人形机器人Figure 02步态更拟人电力设备与新能源

Investment Rating - The investment rating for the power equipment and new energy industry is "Positive" [2] Core Viewpoints - The report highlights that the electric vehicle (EV) battery sector is expected to see an optimization in its structure, leading to a potential recovery in profitability. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point for the oversupply of lithium batteries, and a decrease in lithium carbonate prices which may lower battery costs and stimulate downstream demand. The report also notes the acceleration of fast charging technology and the impending mass production of new technologies like composite current collectors, which are expected to enhance the penetration rate of new energy vehicles [2][3] - In the power equipment and energy storage sector, the report anticipates a significant year for grid investment, as the grid is becoming a bottleneck for new energy development. The demand for power equipment is expected to rise due to increased electricity consumption from emerging industries like AI, and the rapid development of new energy is putting pressure on the grid, necessitating upgrades and construction. Recommended companies include Siyi Electric, Haixing Power, and others [2][3] - The energy storage market is projected to maintain high growth in 2025, with expectations for the construction of power markets and auxiliary service markets to enhance the commercial viability of large-scale energy storage. The report also sees potential in commercial and residential energy storage, particularly with the upcoming peak electricity demand in summer [3] - The photovoltaic sector is experiencing sustained high demand in Europe, with domestic ground power station demand remaining strong. The report suggests that the reduction in costs across the industry chain may further stimulate global photovoltaic market demand, with new technologies like TOPCON and HJT accelerating industrialization [3][4] - In the industrial control and humanoid robot sectors, a new industrial control cycle is anticipated, driven by a significant update of large-scale equipment. The humanoid robot sector is highlighted for its advancements, with Figure AI's new robot achieving a walking speed of 1.2 meters per second, setting a new industry benchmark [5][6] Summary by Sections New Energy Vehicles - The report notes a 0.5% weekly increase in battery-grade nickel sulfate prices and a 1.6% increase in the weekly price of ternary precursors [8] - In February 2025, new energy vehicle sales reached 892,000 units, a year-on-year increase of 87% but a month-on-month decrease of 5.5% [11][12] Energy Storage - The report emphasizes the importance of energy storage in the power system, predicting a high growth trajectory for energy storage in 2025. It highlights the potential for large-scale energy storage to develop positively due to improvements in market construction and service models [3] Photovoltaic Industry - The report indicates that the photovoltaic industry is experiencing stable prices, with no significant changes noted in the week leading up to the report [14] Wind Power Industry - The report mentions a 6.2% year-on-year decrease in new wind power installations for January-February 2025, with a total of 9.28 GW added [16][17]