智元发布AI智能助行外骨骼机器人，光伏产业链价格下行

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1][2]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in solar power generation in the first quarter of 2025, with a notable decline in prices across the solar industry chain [3][5]. - The introduction of AI-powered exoskeleton robots by Zhiyuan Research Institute is noted, showcasing advancements in technology within the industry [1][4]. Summary by Sections Market Performance - The solar power generation capacity added in Q1 2025 reached 59.71 GW, with distributed solar accounting for 60.8% of the new capacity [5]. - The report indicates a downward trend in prices for polysilicon, silicon wafers, battery cells, and modules due to weak terminal demand and high production levels in April [6][7][8]. Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A [3][10]. Price Tracking - Polysilicon prices are reported at 40.0 CNY/kg, with a 5.3% decrease in granular silicon prices to 36.0 CNY/kg [6][7]. - The average price of 182mm monocrystalline silicon wafers remains stable at 1.15 CNY/piece, while N-type wafers have seen a decline of 8.7% [7]. - Battery cell prices have decreased, with M10 cells averaging 0.29 CNY/W, reflecting a 1.7% drop [8]. Investment Recommendations - The report recommends focusing on companies with new technology directions such as Aishuo Co., Ltd. and Longi Green Energy, as well as those improving supply-side conditions like Fulete [10]. - It also suggests monitoring companies involved in exoskeleton robotics, including Jinggong Technology and Zhenjiang Co., Ltd. [10].