Changjiang Securities·2025-07-01 11:30Overall Viewpoint - The electric new industry is expected to maintain a favorable trajectory, with potential reversals in bottom sectors and continuous growth in new directions [6][22][25]. Continued Prosperity - The lithium battery sector shows a stable competitive landscape with strong demand from domestic and European markets, as well as emerging markets for energy storage [7][30]. - Wind power is anticipated to see increased installations, particularly in offshore wind, with significant growth expected in 2025-2026 [7][30]. - Energy storage is projected to recover in the domestic market, with strong demand from Australia and emerging markets, while commercial storage is expected to become a new growth driver [7][30][25]. Bottom Reversal - Lithium battery materials are currently at a cyclical low, with expectations for production recovery and price stabilization in the second half of 2025 [9][26]. - The photovoltaic sector is also at a cyclical bottom, with policy support expected to alleviate supply-demand imbalances by the end of 2025 [9][26]. New Growth Directions - Humanoid robots and AIDC (Artificial Intelligence Data Center) are emerging as significant growth areas, with strong production trends expected in 2025 [10][28]. - The humanoid robot sector is seeing progress from both domestic and international manufacturers, with Tesla's orders expected to catalyze growth [10][28]. - AIDC is experiencing fluctuations in capital expenditure from major internet companies, with potential catalysts from new technology applications [10][28].