HUAXI Securities·2025-11-09 14:02Investment Rating - Industry Rating: Recommended [5] Core Views - The humanoid robot industry is expected to accelerate towards mass production due to advancements in AI technology and domestic companies' strong demand for core components [11][12] - The lithium battery supply chain remains in a high prosperity trend, with tight supply of certain materials and significant price increases, indicating a recovery phase for profitability [15][17] - The global energy storage market has entered a high prosperity phase, with substantial growth in both domestic and overseas markets driven by diverse revenue sources and increasing electricity demand [26][27] Humanoid Robots - The humanoid robot sector is seeing increased investment from major tech companies, with a focus on the T chain's production and domestic supply chain improvements [12][14] - Key components such as dexterous hands and lightweight materials are expected to drive innovation and market growth [13] New Energy Vehicles - The lithium battery supply chain is experiencing a recovery with multiple supply agreements signed, leading to price increases in key materials like lithium hexafluorophosphate [15][16] - New technologies such as solid-state batteries and advancements in battery materials are anticipated to enhance performance and reduce costs [18][19] New Energy - The global energy storage market is witnessing explosive growth, with significant increases in battery shipments and project developments across various countries [26][27] - The UK’s AR7 auction rules are expected to boost offshore wind energy investments, benefiting domestic suppliers with new orders [28][29] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the rapid development of AI in North America, creating opportunities for domestic power equipment companies [4]