电力设备与新能源行业周观察：光伏供给侧推动边际变化，固态电池新技术主线

Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and domestic companies' strong demand for core component localization, presenting significant market opportunities [1][14] - The new energy vehicle sector is experiencing stable growth, with several companies reporting increased delivery volumes, driven by the maturation of solid-state battery technology and supportive policies [2][18] - The photovoltaic industry is seeing improved supply-side expectations, with measures to address overcapacity being anticipated, which could lead to a positive marginal change in the industry [3][26] Summary by Sections Humanoid Robots - The launch of the fourth-generation frameless torque motor and hollow driver by the company is expected to enhance the performance and reliability of humanoid robots, with strong domestic demand for localization of core components [1][13] - The entry of major tech companies into the humanoid robot market is expected to accelerate industrialization, with significant opportunities for component suppliers [14][15] New Energy Vehicles - In June 2025, several new energy vehicle manufacturers reported stable month-on-month delivery volumes, with companies like NIO and Xpeng showing growth, while others like Li Auto experienced declines [2][17] - The introduction of new technologies such as solid-state batteries is expected to enhance vehicle performance and reduce costs, contributing to the overall growth of the new energy vehicle market [18][19] Photovoltaic Industry - The photovoltaic sector is addressing overcapacity issues, with government and industry discussions focusing on improving product quality and reducing low-price competition [25][26] - Companies involved in silicon material production and high-efficiency battery technologies are expected to benefit from upcoming supply-side adjustments and cost reductions [3][26][32] - The anticipated reduction in glass production by 30% is expected to alleviate inventory and pricing pressures in the photovoltaic glass market [3][26] Wind Power - The offshore wind power sector is recognized as a key component of marine economic development, with significant growth potential due to advancements in technology and cost reductions [4][28] - The industry is expected to benefit from a stable demand for wind power generation, with ongoing projects and technological improvements enhancing the overall efficiency of wind energy production [28][44]