电力设备与新能源行业周观察：海外分布式储能边际变化，欧洲海风持续推进

Investment Rating - The industry rating is "Recommended" [6] Core Insights - The humanoid robot industry is accelerating its layout in China, with strong domestic demand for core components and significant market potential. Companies that can quickly implement clear application scenarios are expected to benefit significantly [2][15][19] - The electric vehicle industry is experiencing rapid growth, with several brands reporting significant year-on-year increases in delivery volumes. The introduction of new technologies and policies is expected to sustain this growth [3][21][22] - The demand for distributed energy storage in Australia is anticipated to grow rapidly due to new subsidy policies, which will lower installation costs and stimulate market growth [4][28][29] - Denmark is launching a 3GW offshore wind power tender with substantial subsidies, signaling a positive market outlook for offshore wind energy in Europe [5][30][32] Summary by Sections Humanoid Robots - The humanoid robot sector is entering a phase of embodied intelligence, with commercial applications expected to drive mass production. Domestic companies that achieve breakthroughs in core components are likely to benefit significantly [2][15] - Major tech companies are entering the humanoid robot market, creating opportunities for the supply chain. Companies with strong ties to the T-chain are expected to lead in market share and valuation [16][19] New Energy Vehicles - In May 2025, several electric vehicle manufacturers reported impressive delivery figures, with some companies like Xiaopeng and Leap Motor showing over 100% year-on-year growth. The overall market is expected to continue growing due to technological advancements and supportive policies [20][21][22] - The industry is characterized by rapid growth, with new models enhancing performance and cost-effectiveness, supported by innovations in battery technology [22][23] New Energy - Australia is set to see a surge in household energy storage demand, driven by new subsidy policies that will significantly reduce installation costs [28][29] - The penetration rate of household batteries connected to rooftop solar systems remains low, indicating substantial growth potential in the distributed energy storage market [29] Wind Power - Denmark's new offshore wind power tender is expected to double its offshore wind capacity, providing a significant boost to the European wind energy sector [30][32] - The offshore wind industry is anticipated to benefit from improved subsidy policies, which will enhance market confidence and stimulate demand across the supply chain [32][49]