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Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [6] Core Insights - The report highlights strong growth in the new energy vehicle export sector, with significant developments in lithium battery partnerships and price adjustments in the photovoltaic glass market [2][3][9][10][17][29][35][66] Summary by Sections New Energy Vehicles and Lithium Battery Sector - In July, new energy vehicle exports surged by 120.4% year-on-year, while domestic retail sales showed a marginal slowdown due to high base effects [9] - Shanghai Xiba signed a contract to establish a joint venture with Yuyuan Rare Earths for lithium sulfide business, aiming to enhance competitiveness in advanced materials for lithium-ion solid-state batteries [10] Photovoltaic Sector - The "anti-involution" policy has led to a rebound in glass prices, with new orders for photovoltaic glass set at 11 RMB per square meter starting August [3][17] - The overall glass market is experiencing a supply-demand imbalance due to inventory accumulation, indicating a potential new growth cycle for photovoltaic glass prices [17][18][24] Wind Power Sector - Guangxi has initiated a competitive allocation for 1.95GW of offshore wind projects, while the Liaoning deep-sea wind project is progressing rapidly [29][30] - The report emphasizes the importance of these projects in maintaining steady growth in the wind power sector [29] Energy Storage Sector - The report notes significant developments in energy storage, with July's bidding scale reaching 9.0GW/25.8GWh, marking a historical low in average prices for 2-hour storage systems at 0.526 RMB/Wh [35][37][38] - New policies in Shandong and Shanghai are expected to enhance the market for renewable energy integration [35][36] Power Equipment Sector - The report highlights the fourth batch of State Grid's bidding for transmission and transformation equipment, with notable growth in power cables and combination electrical devices [45][46] - The ongoing demand for liquid cooling systems in data centers is expected to drive growth in the power equipment sector, particularly for companies like NVIDIA [45][54] Industrial Control and Robotics Sector - The report discusses the launch of high-performance industrial control machines and the introduction of the first companion robot by Fourier, indicating advancements in automation and robotics [58][59][60] - The manufacturing PMI has shown signs of recovery, suggesting a positive outlook for industrial control components [58] Hydrogen Energy Sector - The National Energy Administration has announced eight major green hydrogen/ammonia projects, indicating a strategic push towards hydrogen energy development [66] - The establishment of a hydrogen gas pipeline in Qianjiang City is expected to support local hydrogen industry growth [67]