电力设备与新能源行业周观察：海外光储进入高景气度，机器人产业化加速

Investment Rating - The industry rating is "Recommended" [6] Core Insights - The photovoltaic industry chain prices are on the rise again, with short-term price increases stabilizing as installation peaks approach. The industry is entering a mature phase, focusing on technological iteration and global layout to build new competitive barriers. Attention is drawn to leading companies with technological advantages and supply chain integration capabilities [1][16] - The overseas energy storage market is entering a high prosperity phase, with demand expected to recover in traditional markets like Europe and further release in emerging markets due to rising electricity prices and the need for stable power supply. The inverter sector is seen as having configuration space due to relatively low valuations and overall price increases [2][19] - The humanoid robot industry is accelerating towards mass production, driven by supportive industrial policies and breakthroughs in AI technology. There is a strong demand for domestic substitution of core components, indicating a broad market space for domestic companies that achieve breakthroughs [4][53] Summary by Sections 1. New Energy - The photovoltaic industry is experiencing a price increase, with component prices stabilizing as installation peaks approach. The industry is maturing, focusing on technological advancements and global strategies [1][16] - The overseas energy storage market is expected to grow significantly, with a projected 25% increase in global household energy storage capacity in 2025, reaching approximately 17.5 GWh [19][17] 2. Power Equipment & Industrial Control - The humanoid robot industry is transitioning from preparation to mass production, with strong domestic demand for core component substitution. Companies that achieve breakthroughs are expected to benefit significantly [4][53] - The domestic large-scale energy storage demand is anticipated to grow due to policy support and clearer business models, while the U.S. and European markets are also expected to see significant growth in energy storage installations [54]