Shanxi Securities·2025-05-20 05:21Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The electric equipment and new energy industry has shown a downward trend in prices across the photovoltaic supply chain, with significant price drops observed in polysilicon, silicon wafers, battery cells, and modules [2][7][8][9][10]. - The report highlights a strategic partnership between Huawei and UBTECH, focusing on humanoid robots and intelligent technology, which may influence the industry positively [2][5]. - The green certificate market in China is experiencing rapid growth, with a 6-fold increase in new transactions year-on-year in Q1 2025, indicating a robust policy framework supporting renewable energy [6]. Summary by Sections Investment Recommendations - Preferred stocks include: - 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 - Additional stocks to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., and others [4][11]. Price Tracking - Polysilicon prices have decreased to 37.0 CNY/kg, down 5.1% from the previous week, while silicon wafer prices have also seen declines of 5.0% and 4.3% for different specifications [7][8]. - Battery cell prices are under pressure, with a slight decrease of 1.9% for N-type cells, and module prices are expected to continue their downward trend due to reduced demand [9][11]. - Glass prices for photovoltaic applications have also dropped, with 3.2mm coated glass at 20.5 CNY/m², down 2.38% [10].