Changjiang Securities·2025-08-25 09:29Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [5]. Core Insights - The photovoltaic sector is expected to benefit from recent government meetings aimed at regulating competition and improving product quality, which may lead to price increases and a healthier market environment [24][41]. - The report highlights the importance of supply chain adjustments and the potential for price transmission from component procurement to end-users, particularly in light of recent bidding results showing significant price increases [25][35]. Summary by Sections Photovoltaic - The CJ Electric New Index rose by 2.28% this week, with all sub-sectors except wind power showing gains, particularly driven by the electric motor sector benefiting from robotics [10]. - A meeting held on August 19 emphasized the need for industry regulation, curbing low-price competition, and supporting self-discipline within the photovoltaic sector [24]. - Recent procurement bids from China Resources Power and Huadian Group showed average prices of 0.729 and 0.710 yuan/W respectively, indicating a positive trend in pricing [25]. - The report suggests that the photovoltaic sector is currently at a bottom, with expectations for policy support and technological advancements to drive recovery [41]. Energy Storage - The energy storage sector is experiencing a robust demand, with a 68% year-on-year increase in installed capacity in the first half of 2025, surpassing 100 GW in total installations [48]. - The report notes significant developments in the energy storage market, including new projects and partnerships aimed at enhancing financial models for storage solutions [49][51]. - The report recommends focusing on leading companies in the energy storage sector, such as Sunshine Power and DeYe Co., which are expected to benefit from ongoing market growth [41]. Lithium Battery - The lithium battery sector is stable, with a focus on solid-state battery advancements and the ongoing demand for electric vehicles driving growth [19]. - The report highlights the importance of cost-reduction strategies and new material developments in the lithium battery supply chain [41]. Wind Power - The wind power sector is seeing accelerated growth, particularly in offshore wind projects, with recommendations for companies like Goldwind Technology and HaiLi Wind Power [41]. Power Equipment - The report indicates a strong outlook for power equipment, driven by high demand for ultra-high voltage projects and international market opportunities [41]. New Directions - The report emphasizes the potential of humanoid robotics and AI applications, with recommendations for companies involved in these emerging technologies [41].