Tai Ping Yang Zheng Quan·2025-09-07 14:43Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Viewpoints - The overall industry strategy indicates that a new supply-demand cycle is expected to begin, emphasizing the importance of leading companies and flexible directions. The report suggests a continued focus on leading new energy companies during this layout window, with supply-side innovations like "anti-involution" and solid-state batteries, and demand-side growth in areas like energy storage [4][8]. - The core viewpoint of the new energy vehicle supply chain indicates that a new cycle has begun in the mid and downstream sectors, with leading companies making breakthroughs in solid-state battery technology [4][5]. Summary by Sections New Energy Vehicle Supply Chain - Leading companies such as EVE Energy, Peking University, and Xiamen Tungsten Industry are benefiting from advancements in solid-state batteries. EVE Energy's solid-state battery production base in Chengdu is set to achieve a manufacturing capacity of 60Ah by December 2025, with a target energy density of 400Wh/kg by 2025 [4][5]. Energy Storage Industry - Chinese energy storage companies are gaining a significant share of the global market, with a 106% year-on-year increase in global energy storage battery shipments, reaching 258GWh in the first half of 2025. Chinese companies dominate the top ten global energy storage cell shipments, holding a combined market share of 91.2% [5]. - The "anti-involution" strategy is yielding results, with companies like GCL-Poly, Aiko, and LONGi benefiting from government policies aimed at reducing low-price competition in the photovoltaic sector [5][8]. Photovoltaic Supply and Demand - The report anticipates a marginal improvement in photovoltaic supply and demand, with an expected increase in the operating rate of components in September by 2.45% [6][8]. AI and New Energy - The integration of AI and new energy sectors is highlighted, with companies like Zhenyu Technology and Keda Li benefiting from the upward trend in humanoid robots. Tesla's fourth "Master Plan" emphasizes that 80% of its future value will come from robots [8][23].