人形机器人Figure02步态更拟人

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 improvement in profitability as the lithium battery supply surplus is likely to reach a turning point. The decline in lithium carbonate prices is anticipated to lower battery costs and retail prices, stimulating downstream demand. The penetration rate of new energy vehicles is expected to continue increasing due to advancements in fast charging and new technologies [2][3] - In the power equipment sector, 2025 is projected to be a significant year for grid investment, with increasing demand for power equipment driven by the growth of AI and new energy sources. The report suggests that the grid has become a bottleneck for new energy development, leading to a favorable investment outlook for global grid infrastructure [2][3] - The energy storage sector is expected to maintain high growth, with large-scale energy storage benefiting from improved market structures and commercial models. The report also notes that commercial and residential energy storage demand is likely to rebound as inventory levels decrease and summer electricity demand rises [3] - The photovoltaic (PV) market is experiencing strong demand in Europe and robust domestic ground station demand, with new technologies like TOPCON and HJT accelerating industrialization. The report recommends several companies in the PV sector [3][4] Summary by Sections New Energy Vehicles - The lithium battery sector has seen a long-term price correction, but the supply surplus is expected to improve. The price of battery-grade lithium sulfate has increased by 0.5% week-on-week, while the price of ternary precursor 811 has risen by 1.6% [8][10] - In February 2025, new energy vehicle sales reached 892,000 units, a year-on-year increase of 87% [11][12] Power Equipment and Energy Storage - The report emphasizes that 2025 will be a pivotal year for grid investment, with AI and new energy driving demand for power equipment. Companies such as Siyi Electric and Haisun Power are highlighted as key players [2][3] - The energy storage market is expected to grow significantly, with large-scale storage benefiting from improved market conditions. Companies like Nanfang Technology and Sungrow Power are recommended for investment [3] Photovoltaic Industry - The report notes that the PV market is experiencing high demand, particularly in Europe, and that new technologies are set to drive further growth. Companies such as Trina Solar and LONGi Green Energy are recommended [3][4] Industrial Control and Humanoid Robots - The industrial control sector is anticipated to enter a new cycle of equipment upgrades, with companies like Inovance Technology and Xusheng Group being highlighted. The humanoid robot sector is also expected to see advancements, with Figure AI's new robot achieving significant improvements in walking speed [5][6]