Minsheng Securities·2025-07-27 09:12Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others, indicating a positive outlook for their performance [5]. Core Insights - The overall electricity consumption in June 2025 reached 867 billion kWh, reflecting a year-on-year growth of 5.4%, with significant contributions from various sectors [4][49]. - The domestic photovoltaic (PV) sector saw a substantial increase in new installations, surpassing 200 GW in the first half of 2025, although there was a notable decline in monthly installations in June [3][31]. - The inverter export market showed improvement, with June exports amounting to 6.591 billion yuan, marking a year-on-year increase of 1.15% and a month-on-month increase of 10.32% [3][26]. Summary by Sections New Energy Vehicles - NIO's new electric SUV, the L90, has begun pre-sales, featuring advanced design and technology, with a starting price of 279,900 yuan [2][9]. - The vehicle offers two powertrain options, with a maximum power output of 440 kW and a range of up to 605 km [11][13]. Photovoltaics - The inverter export market showed a positive trend, with June exports reaching 6.591 billion yuan, a year-on-year increase of 1.15% and a month-on-month increase of 10.32% [3][26]. - In the first half of 2025, domestic PV installations reached 212.21 GW, a year-on-year increase of 107.07%, although June saw a significant drop in new installations [31][31]. Electric Power Equipment and Industrial Control - In June 2025, total electricity consumption was 867 billion kWh, with a year-on-year growth of 5.4%, driven by increases in all sectors, particularly residential electricity consumption, which grew by 10.8% [4][49]. - Cumulative electricity consumption from January to June 2025 reached 48,418 billion kWh, reflecting a year-on-year increase of 3.7% [4][49]. Key Company Earnings Forecasts and Valuations - Key companies such as CATL, Keda, and others are projected to have strong earnings growth, with recommended buy ratings based on their performance metrics [5].