电力设备与新能源行业周观察：全球电网设备共振迎超级周期，英国AR7海风落地规模超预期

Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights the upcoming release of the T-chain and Optimus V3 humanoid robots, indicating a potential acceleration in mass production driven by cost reduction needs and domestic suppliers' advantages in precision components and electronic skin [1][14] - The report anticipates a 28.2% year-on-year growth in new energy vehicle sales by 2025, with a penetration rate expected to reach 47.9% [2][17] - The development of commercial aerospace is accelerating, presenting new opportunities for space photovoltaics, with significant cost implications for satellite power systems [3][24] - The UK AR7 auction results indicate a significant increase in offshore wind power capacity, providing greater overseas market opportunities for domestic wind power companies [6][25] Summary by Sections Humanoid Robots - The humanoid robot industry is experiencing rapid development, with major tech companies entering the market and a focus on domestic suppliers for key components [1][14] - Companies like Zhejiang Rongtai and others are expected to benefit from the growing demand for humanoid robots and their components [1][16] New Energy Vehicles - New energy vehicle sales are projected to reach 1,662.6 million units in 2025, with a significant increase in market penetration [2][18] - The report emphasizes the importance of technological advancements and cost optimizations in sustaining growth in the new energy vehicle sector [2][19] New Energy - The report notes the potential for space photovoltaics to create new growth opportunities within the photovoltaic industry, particularly with advancements in technology [3][24] - Companies with relevant product and equipment layouts are expected to benefit from the growth in space photovoltaic applications [3][24] Power Equipment & AIDC - TSMC's capital expenditure plan for 2026 is projected to reach $56 billion, reflecting strong demand in AI and overseas power equipment markets [7][42] - The report anticipates a significant increase in investment in the power grid, with a projected total of 4 trillion yuan during the 14th Five-Year Plan period [8][43]