电力设备行业周报：光伏组件维持涨价，人形机器人产业进展密集-2025-03-31

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [18]. Core Insights - The photovoltaic (PV) components are experiencing price increases due to a policy-driven rush for distributed PV projects as key policy deadlines approach [5][16]. - The humanoid robot industry is witnessing significant commercial advancements, with multiple companies making strides in technology and funding [7][17]. Summary by Sections Photovoltaic Components Price Trends - A policy-driven rush for distributed PV projects has led to a tight supply of components, resulting in price increases. As of March 25, the average price increase for 182mm Topcon distributed components was 19.84%, while for 210mm and 210R specifications, it was 20.62% [5][16]. - The prices of upstream components such as battery cells and silicon wafers are also rising due to the increased demand from the component market [5][16]. - After the policy rush period ends, prices may soften due to a decline in domestic demand, but sustained demand from large projects and overseas orders is expected to provide support [6][16]. Humanoid Robot Industry Developments - Recent commercial progress in the humanoid robot sector includes significant funding rounds and the establishment of new business units focused on home applications by major companies like JD.com [7][17]. - Notable technological advancements have been reported, such as Figure AI's new robot walking at a speed of 2.68 miles per hour (approximately 1.2 meters per second), which is nearly seven times faster than previous models [7][17]. - Upcoming events, such as a humanoid robot marathon, are expected to further validate advancements in motion control and adaptability [7][17]. Industry Dynamics - The report highlights the first equipment procurement for the State Grid's 2025 ultra-high voltage project, indicating ongoing infrastructure investments in the electric power sector [22]. - Recent company reports show varied performance, with some companies like Dongfang Cable and Goldwind Technology reporting revenue growth, while others like Flat Glass experienced declines [23][24]. Price Tracking in the Photovoltaic Supply Chain - The report tracks price stability in silicon materials, with current prices for silicon wafers ranging from 38 to 43 RMB per kilogram, and battery cell prices showing slight increases [25][26]. - The average price for components has slightly increased, reflecting the overall upward trend in the photovoltaic supply chain [28][30]. Market Performance - The electric power equipment sector saw a decline of 1.70% last week, underperforming compared to the broader market indices [37].