Minsheng Securities·2025-05-29 11:23Group 1 - The overall performance of the electric power equipment and new energy sector was stagnant in the first half of 2025, with a decline of approximately 2.33% since the beginning of the year, underperforming the CSI 300 index by 0.99 percentage points [1][12]. - Within the sector, there was significant differentiation, with sub-sectors such as power grid, energy storage, and lithium batteries showing gains of approximately 7.72%, 7.38%, and 2.95% respectively, while photovoltaic and wind power sectors experienced declines of 16.16% and 6.56% [1][12]. - The report identifies three key segments for investment opportunities: humanoid robots, solid-state batteries, and AIDC, which are characterized by low penetration rates and high growth potential [2][25]. Group 2 - The humanoid robot industry is expected to enter a mass production phase in 2025, driven by advancements from companies like Tesla and AI models enhancing robot capabilities, with a projected global market size reaching $20.6 billion by 2028 [2][31]. - Solid-state batteries are highlighted for their high energy density and safety, with a significant acceleration in industrialization expected, supported by favorable policies [2][26]. - The AIDC sector is experiencing increased capital expenditure from major internet companies, leading to a rise in demand for related power equipment [2][26]. Group 3 - The wind power sector is showing strong recovery potential, with clear growth in demand and profitability, particularly in offshore and deep-sea technologies [3][27]. - The electric vehicle market is expected to maintain strong demand in China, with a gradual increase in adoption in Europe and the US [3][27]. - Energy storage demand is robust, particularly in emerging markets, with significant growth in both commercial and residential storage solutions [3][27]. Group 4 - The photovoltaic industry is currently facing an oversupply situation, leading to pressure on profitability, with future recovery dependent on overseas capacity expansion and new technologies [4][28]. - The report emphasizes the need for industry consolidation and efficiency improvements as key competitive factors in the photovoltaic sector [4][28]. Group 5 - The report provides earnings forecasts and valuations for key companies in the sector, with notable recommendations for companies like CATL and Xiamen Tungsten [5][28]. - The earnings per share (EPS) projections for CATL are 15.19 yuan for 2025, with a price-to-earnings (PE) ratio of 17 [5][28].