Huaan Securities·2025-05-27 00:23Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The offshore wind sector is entering a positive fundamental phase, with steady progress in offshore wind projects [6][20] - The energy bureau reported that from January to April 2025, national power industry investment reached 140.8 billion yuan, a year-on-year increase of 14.6%, indicating stable growth in grid investment [4][33] - The photovoltaic sector saw a significant increase in installed capacity, with 104.9 GW added in the first four months of 2025, a 75% year-on-year growth [12][6] - The battery storage market is experiencing a surge in overseas orders, particularly in Germany, indicating a trend towards large-scale applications in commercial storage [22][23] - The hydrogen energy sector is gaining momentum with supportive policies in Shanxi province, focusing on hydrogen production and storage [29][30] Summary by Sections Photovoltaics - The photovoltaic sector's weekly prices are stabilizing, with a notable increase in installed capacity [11][12] - The demand for photovoltaic products is expected to decline in the second half of 2025 due to the end of the "531" rush installation [13][18] - Investment recommendations include focusing on companies with high certainty in the BC technology trend, such as Longi Green Energy and Aiko Solar [18][13] Wind Power - The offshore wind projects are progressing steadily, with significant contracts awarded for major projects [20][21] - The cumulative installed capacity of wind power reached 540 million kilowatts by April 2025, reflecting an 18.2% year-on-year growth [20] - Investment suggestions include undervalued stocks like Mingyang Smart Energy and companies benefiting from offshore wind projects [21] Energy Storage - The energy storage market is witnessing a shift towards large-scale commercial applications, with significant projects being developed [22][23] - The Intersolar Europe 2025 event saw substantial orders signed, indicating strong market interest [27] - Investment focus should be on large-scale storage projects and innovative applications in the energy sector [23][27] Hydrogen Energy - Shanxi province is implementing supportive policies for hydrogen energy vehicles, including subsidies and toll exemptions [30][31] - The hydrogen sector is expected to accelerate with joint efforts from multiple ministries to promote green hydrogen applications [29][30] - Investment opportunities are highlighted in hydrogen production and storage technologies [29][30] Grid Equipment - The State Grid's investment in grid projects reached a historical high in the first four months of 2025, indicating robust growth in the sector [33] - The introduction of new 800V DC power products by ViDi is expected to enhance efficiency in power delivery [34] - Investment recommendations include focusing on undervalued companies in the grid equipment sector [34] Electric Vehicles - BMW has begun testing its first solid-state battery electric vehicles, marking a significant advancement in battery technology [35][36] - The inclusion of Contemporary Amperex Technology Co., Ltd. (CATL) in the MSCI index is expected to boost its market presence [36] - Investment strategies should continue to favor companies with stable profitability in the electric vehicle supply chain [35][36] Humanoid Robots - Tesla's Optimus robot is entering production, showcasing advancements in AI and robotics [37][39] - The humanoid robot sector is expected to see significant growth, with key players making strides in technology and production capabilities [39][42] - Investment focus should be on companies with strong technological barriers and those involved in the supply chain for humanoid robots [42]