电力设备行业周报：美的更新机器人进展，海风进入基本右侧

Investment Rating - The report maintains a "Neutral" investment rating for the photovoltaic and wind power sectors, indicating cautious optimism amidst current market conditions [14][15][18]. Core Insights - The photovoltaic sector is experiencing weak terminal demand, leading to price pressures across the supply chain. The report suggests focusing on the BC technology industry trend, which has a relatively high certainty for the year [4][19]. - The offshore wind sector is entering a favorable phase, with projects like the Zhejiang Putuo 2 408MW offshore wind project commencing construction, indicating a positive outlook for the sector [4][21]. - Hydrogen energy policies are being reinforced, particularly in transportation applications, with recommendations to focus on hydrogen production and storage [4][34]. - The energy storage market is showing strong demand, particularly in provinces like Xinjiang and Yunnan, with significant bidding activity for storage projects [25][23]. - The electric grid equipment sector is witnessing substantial investment growth, with a nearly 30% increase in investment in the first quarter, suggesting robust future demand for high-voltage projects [40][41]. Summary by Sections Photovoltaic - Terminal demand remains weak, with prices under pressure across the supply chain. The report highlights the completion of component procurement ahead of the 531 installation rush, leading to a slight decline in prices [4][12]. - The report maintains a "Neutral" investment view for the silicon material, silicon wafer, battery cell, and module segments, indicating a cautious approach due to ongoing price declines and demand uncertainties [14][15][16][18]. Wind Power - The report notes that the offshore wind sector is entering a favorable phase, with significant projects being approved and initiated. The focus is on the tower and foundation segments [4][21][22]. - Investment opportunities are highlighted in undervalued stocks and those benefiting from offshore wind projects, with a recommendation to monitor upcoming project bids and international orders [22]. Hydrogen Energy - Continuous policy support for hydrogen energy is noted, particularly in transportation, with a focus on production and storage segments [4][34][35]. - Several significant hydrogen projects have been registered, indicating a growing interest and investment in the sector [34][39]. Energy Storage - The report indicates strong demand in the energy storage market, particularly in regions like Xinjiang and Yunnan, with a notable increase in project bidding activity [25][23]. - The average price for energy storage systems is showing a downward trend, reflecting competitive market conditions [25]. Electric Grid Equipment - The report highlights a nearly 30% increase in investment in electric grid construction in the first quarter, indicating a strong outlook for high-voltage projects [40][41]. - Recommendations are made to focus on undervalued companies in the electric grid sector, particularly those involved in high-voltage projects [41][42]. Electric Vehicles - The report discusses Geely's plan to privatize Zeekr, suggesting a focus on stable profit-generating segments within the electric vehicle supply chain [44][45]. - The report emphasizes the importance of maintaining a focus on profitable segments such as lithium batteries and structural components [50]. Humanoid Robots - The report notes advancements in humanoid robotics, with companies like Midea making significant investments in this area, indicating potential growth in the supply chain for key components [51][52].