国内储能装机高增，十五五风电需求支撑明显

Investment Rating - The industry rating is "Overweight" [1] Core Views - The domestic energy storage installation is experiencing significant growth, with a projected installation of over 175 GWh by 2025, driven by the increasing demand for large-scale storage solutions [5][21][24] - The "14th Five-Year Plan" for wind energy aims for an average annual addition of 200 GW, indicating strong support for wind power demand [4][18] - The hydrogen energy sector is showing a positive development trend, with steady growth in domestic hydrogen fuel cell vehicle sales and supportive policies enhancing the industry's growth [6][33][32] Summary by Sections 1.1 Photovoltaics - TCL Zhonghuan plans to acquire a new energy company to enhance its industry chain layout, particularly in the BC battery sector [14] - The photovoltaic industry is expected to maintain stable prices due to self-discipline among manufacturers and supportive policies [17] 1.2 Wind Power - The National Grid aims for an average annual addition of 200 GW of wind and solar capacity during the "14th Five-Year Plan," with a total fixed asset investment expected to reach 4 trillion yuan, a 40% increase from the previous plan [18][20] - The successful installation of a 20 MW offshore wind turbine by Goldwind Technology sets a new global record [19] 1.3 Energy Storage - The global energy storage battery shipment is projected to reach 640 GWh in 2025, with domestic manufacturers accounting for a significant share [21][24] - The market for large-capacity energy storage batteries is expected to accelerate, driven by favorable policies and increasing demand [26] 1.4 Hydrogen Energy - The domestic sales of hydrogen fuel cell vehicles are steadily increasing, with a notable year-on-year growth in production and sales [32] - The industry is supported by favorable policies and a growing financing environment, indicating a robust development trend [33] 1.5 Power Grid Equipment - The National Grid's fixed asset investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, focusing on enhancing the power grid's capacity and supporting the integration of renewable energy [34][35] - The investment will significantly boost the performance of the power grid sector and support the development of new energy systems [35] 1.6 Humanoid Robots - The market for humanoid robots is gaining momentum, with significant interest following the unveiling of Tesla's Optimus V3, which is expected to revolutionize the industry [36][37] - Companies are actively engaging in partnerships and collaborations to enhance their technological capabilities in the humanoid robotics sector [38] 1.7 Electric Vehicles - A major contract worth 120 billion yuan for lithium iron phosphate batteries has been signed between Rongbai Technology and CATL, indicating strong demand in the electric vehicle supply chain [40] - The government is taking steps to regulate the electric vehicle market to promote fair competition and prevent price wars [41]