电力设备行业周报：国内大储招标高增，关注虚拟电厂环节-20250609

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The report highlights a significant increase in domestic large-scale energy storage tenders, indicating a growing market opportunity in this sector [1][7] - The offshore wind power sector is entering a favorable phase, with ongoing projects and approvals, suggesting potential growth [4][20] - The hydrogen energy industry is developing positively, with an accelerating construction of the supporting system, indicating a favorable investment window [5][30] - The report emphasizes the importance of virtual power plants in the new power system construction, which could enhance flexibility and efficiency in energy management [5][37] Summary by Sections Photovoltaics - June production is declining, and competition among various segments is intensifying, with a notable drop in terminal demand as the "430/531" deadlines pass [12][14] - The overall price trend in the photovoltaic supply chain is stable, but there are downward pressures due to expected weak demand in the second half of the year [14][19] - Investment suggestions include focusing on companies with a strong position in the BC technology sector, such as Longi Green Energy and Aiko Solar [14][19] Wind Power - The offshore wind power sector is progressing, with several projects receiving approvals and moving forward, indicating a positive outlook for future developments [4][20][21] - Investment recommendations include focusing on undervalued stocks and those benefiting from offshore wind projects [23] Energy Storage - Domestic energy storage tenders exceeded 20GWh in May, indicating a robust market environment [7][24] - The report suggests monitoring the recovery of large-scale energy storage market conditions, especially with the introduction of new pricing policies [25][28] - Companies like China Energy Construction are expected to play a significant role in the upcoming energy storage system procurement [27][29] Hydrogen Energy - The hydrogen energy sector is experiencing favorable development, with initiatives to transition from gray hydrogen to green hydrogen [30][33] - The report outlines plans for significant investments in hydrogen infrastructure and technology, indicating a strong growth trajectory [30][34] Electric Grid Equipment - The National Energy Administration has initiated pilot projects for the new power system, focusing on virtual power plants and smart microgrids [37] - Investment opportunities are identified in companies involved in the construction and management of these new energy systems [38] Electric Vehicles - The potential cancellation of electric vehicle subsidies in the U.S. could negatively impact demand, suggesting a cautious approach to investments in this sector [39][40] - Companies with stable profitability in the lithium battery and structural components sectors are recommended for continued investment [39] Humanoid Robots - Developments in humanoid robotics are highlighted, with significant corporate restructuring and new product launches indicating a growing market [42][46] - Investment opportunities are suggested in companies that are solidly positioned in the core business of robotics and AI [42][46]