装备制造行业周报（7月第4周）：光伏组件报价短期上行-20250728

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on leading manufacturers with strong performance certainty in the equipment manufacturing sector [1]. Core Insights - The report highlights a short-term increase in photovoltaic module prices driven by major manufacturers adjusting prices due to raw material cost fluctuations and market sentiment, despite no substantial improvement in terminal demand [2][3]. - The construction machinery sector is experiencing a downturn, with tower crane rental utilization rates and rental price indices showing declines, indicating a continued low level of construction activity [2]. - The automotive market is showing growth in retail sales, supported by promotional activities and export growth, suggesting a positive outlook for manufacturers with brand and scale advantages [2]. - The photovoltaic sector is under pressure, with new installations significantly down compared to previous years, indicating a need for policy support to alleviate demand pressures [2]. Summary by Sections Market Review - From July 21 to July 25, the indices for machinery equipment, electric power equipment, and automotive sectors increased by +2.56%, +3.03%, and +1.03% respectively, ranking 16th, 11th, and 25th among 31 first-tier industries [7][9]. Industry News and Key Company Announcements - The China Photovoltaic Industry Association has raised its forecast for new installations in 2025, with global expectations adjusted from 531-583 GW to 570-630 GW, and China's from 215-255 GW to 270-300 GW [20]. - New product launches in the robotics sector, such as humanoid robots, indicate a growing trend in automation and robotics technology [20]. - The report notes significant project contracts in the marine energy sector, with a total value of 15.09 billion yuan, expected to positively impact future earnings [22].