山西证券研究早观点-20250730

Core Viewpoints - The report highlights the trend of domestic companies expanding overseas due to the easing of trade tensions between China and the US, with a focus on the advantages of the domestic industrial supply chain and engineering workforce [6] - The year 2025 is identified as a pivotal year for the mass production of humanoid robots, presenting significant opportunities for domestic supply chains [6][7] - The report emphasizes the expected growth in the photovoltaic industry, with projections for increased installed capacity and rising prices across the supply chain [7][11] Industry Commentary: Machinery - The machinery industry is experiencing a shift as leading companies accelerate their overseas expansion in response to new US tariff policies [6] - Key companies to watch include Giant Star Technology, Changrun Co., and Honghua Digital Science, which are positioned to benefit from this trend [6] - The report also notes the potential for growth in the humanoid robot sector, with significant contracts awarded for production services [6] Industry Commentary: Electric Equipment and New Energy - The report discusses the recent launch of a new humanoid robot by Yushun Technology, which is expected to drive demand in both commercial and industrial sectors [7] - The photovoltaic industry is projected to see an increase in installed capacity, with estimates for 2025 revised upwards to 270-300 GW in China [7] - The report tracks price movements in the photovoltaic supply chain, noting significant increases in polysilicon and silicon wafer prices, indicating a bullish outlook for the sector [8][11] Investment Recommendations - The report recommends focusing on companies involved in humanoid robotics and the photovoltaic supply chain, including Jack Co., Hengli Hydraulic, and Zhejiang Rongtai [6][11] - It suggests that investors pay attention to the automation of logistics and textile equipment, highlighting companies like Hangcha Group and Jack Co. for their innovative approaches [6] - The report also identifies key players in the photovoltaic sector, such as Aiko and Longi Green Energy, as potential investment opportunities [11]