小鹏人形机器人IRON亮相上海车展，计划26年量产

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the landscape for power batteries is expected to optimize, leading to a potential recovery in profitability within the sector. 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 [2][3] - The report emphasizes the importance of the charging pile industry and related companies, as well as the rapid growth of the energy storage sector, which is projected to maintain a high growth trajectory in 2025 [3][4] - The report also notes that the photovoltaic industry is experiencing sustained high demand in Europe, with inventory pressures expected to ease and new technologies like TOPCON entering mass production, which will inject new momentum into the development of renewable energy [3][4] Summary by Sections New Energy Vehicles - The report indicates that in March 2025, new energy vehicle sales reached 1.237 million units, a year-on-year increase of 40.1% and a month-on-month increase of 38.7%. The installed capacity of power batteries was 56.6 GWh, up 214.4% year-on-year and 45.9% month-on-month [11][13] - It suggests focusing on companies such as CATL, BYD, and others involved in lithium battery production and related technologies [2][3] Power Equipment and Energy Storage - The report anticipates a significant year for grid investment, with the global grid entering a growth cycle. The demand for power equipment is expected to rise due to increased electricity consumption from emerging industries like AI and the pressure on grids from rapid renewable energy development [2][3] - Investment targets include companies like Sifang Co., XJ Electric, and others involved in power equipment and energy storage solutions [3][4] Photovoltaic Industry - The report notes that the photovoltaic industry is benefiting from strong demand in Europe and a robust domestic market for ground-mounted power stations. The reduction in costs is expected to accelerate installations [3][4] - Recommended companies include Trina Solar, LONGi Green Energy, and others involved in the photovoltaic supply chain [3][4] Industrial Control and Humanoid Robots - The report indicates a new industrial control cycle is approaching, with a PMI of 50.5% in March 2025, suggesting a recovery in manufacturing and inventory replenishment [5][6] - It highlights the rapid progress in humanoid robots, with companies like Xpeng showcasing their humanoid robot IRON, aiming for mass production by 2026 [6][5] Low-altitude Economy - The report discusses the acceleration of low-altitude economy projects, with policies supporting the development of eVTOL (electric vertical takeoff and landing) vehicles [6][5]