周观点0622：固态产业昭苏，重视风电业绩拐点-20250623

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Viewpoints - The solid-state battery industry is accelerating its industrialization process, and there is a notable inflection point in wind power performance expected in Q2 [17]. - The report emphasizes the importance of monitoring the recovery of the electricity consumption growth and the continuous high export levels in the power equipment sector [18]. Summary by Sections 1. Photovoltaics - The photovoltaic sector is witnessing a dual bottom in fundamentals and market sentiment, with leading companies actively promoting supply-side reforms [17][41]. - In May, the export of photovoltaic components reached 21.37 GW, a month-on-month increase of 4% but a year-on-year decrease of 8% [16][31]. - The report suggests focusing on segments with new technology advancements, such as BC and copper reduction methods, and recommends stocks like Longi Green Energy and Tongwei Co [17][41]. 2. Energy Storage - The energy storage sector is expected to benefit from the recovery of expectations in North America, with a positive outlook for both large-scale and residential storage markets [17][46]. - The U.S. Senate's revision of the "One Big Beautiful Bill" extends storage subsidies, which is anticipated to stimulate market demand [48]. 3. Lithium Batteries - Concerns regarding the lithium battery sector's profitability are noted, but the report highlights the potential for a liquidity premium following CATL's Hong Kong IPO [17]. - The solid-state battery industry is progressing, with new technologies and materials emerging, which could enhance the sector's growth [17]. 4. Wind Power - The report indicates that Q2 will see an acceleration in offshore wind project commencements, with a focus on the recovery of performance metrics [17]. - Key investment opportunities are identified in companies involved in offshore wind projects, such as Tian顺风能 and 明阳智能 [17]. 5. Power Equipment - The report highlights the upcoming intensive bidding period from June to August by the State Grid, which could catalyze opportunities in the power equipment sector [17]. - Continuous high export levels are noted, with a focus on new opportunities in power AI and virtual power plants [17]. 6. New Directions - The report discusses the potential in the humanoid robot sector, particularly with Tesla's adjustments in production schedules and the anticipated rollout of Gen3 solutions [17][18].