Shanxi Securities·2025-05-07 08:45Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in national solar power generation from January to March 2025, while prices in the downstream of the industry chain are declining [3]. - The report emphasizes the launch of the first AI-powered exoskeleton robot in China, showcasing advancements in technology within the industry [1][4]. - The report notes that the first quarter of 2025 saw a new installed capacity of 59.71 GW in photovoltaic power generation, with distributed photovoltaic accounting for 60.8% of the total [5]. Summary by Sections Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A [3]. Price Tracking - The report provides price tracking data: - The average price of dense polysilicon is 40.0 CNY/kg, unchanged from last week, while granular silicon has decreased by 5.3% to 36.0 CNY/kg [6][7]. - The average price of 150um 182mm monocrystalline silicon wafers is 1.15 CNY/piece, unchanged, while 130um 183mm N-type wafers have decreased by 8.7% to 1.05 CNY/piece [7]. - The average price of M10 battery cells is 0.29 CNY/W, down 1.7%, and TOPCon battery cells are priced at 0.27 CNY/W, down 5.3% [8]. Investment Recommendations - The report recommends focusing on companies in various sectors: - New technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement direction: Flat Glass Group - Overseas layout direction: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology [10].