电力设备行业周报：国内大储招标高增，关注虚拟电厂环节

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 the virtual power plant segment [1][5] - The photovoltaic sector is experiencing a decline in production in June, with intensified competition among various segments, suggesting a cautious outlook for the second quarter of 2025 [12][14] - The offshore wind sector is entering a favorable phase, with steady progress in offshore wind projects, particularly in Jiangsu and Fujian [20][21] - The hydrogen energy industry is developing positively, with an accelerated establishment of a supporting system for its growth [30][33] - The report emphasizes the importance of virtual power plants and new power system construction as key areas for investment [37][38] Summary by Sections Photovoltaics - Production in June is declining, leading to increased competition among different segments [12][14] - The overall price trend in the photovoltaic supply chain is stable, but there is downward pressure 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 sector is seeing project approvals and progress, with significant projects in Jiangsu and Fujian [20][21] - Investment recommendations include focusing on undervalued stocks and those benefiting from offshore wind projects [23] Energy Storage - Domestic energy storage tenders exceeded 20 GWh in May, indicating a robust market [7][24] - The report suggests monitoring the recovery of large-scale energy storage market conditions [7][24] - The average price for two-hour energy storage systems reached a historical low of 0.55 yuan/Wh in May [28] Hydrogen Energy - The hydrogen energy sector is experiencing positive development, with a focus on transitioning from gray hydrogen to green hydrogen [30][33] - The report outlines plans for significant advancements in hydrogen energy technology and infrastructure by 2035 [33] Electric Grid Equipment - The report discusses the initiation of pilot projects for new power system construction, emphasizing the role of virtual power plants [37][38] - Investment opportunities are identified in companies involved in smart microgrids and virtual power plant technologies [37][38] Electric Vehicles - The potential cancellation of electric vehicle subsidies in the U.S. could negatively impact demand [39] - The report advises continued investment in high-profit companies within the electric vehicle supply chain [39] Humanoid Robots - The report notes significant developments in the humanoid robot sector, including leadership changes at Tesla's Optimus project and new product launches by various companies [42][46]