国泰海通｜策略：主题结构切换，聚焦反内卷政策加码

Core Viewpoint - The article discusses the current high trading heat in thematic investments, with a shift from technology themes to new energy themes, highlighting the performance of sectors like lithium batteries and solid-state batteries while noting a pullback in military and AI-related themes [1]. Group 1: Thematic Trading Overview - The average daily trading volume of hot themes was 1.177 billion yuan, showing a week-on-week decline, while the average turnover rate reached a new high of 5.4% for the year [1]. - New energy themes such as lithium batteries, inverters, and energy storage saw significant increases, with overall net inflows into these sectors [1]. - Military-related themes experienced substantial pullbacks, particularly in ground armaments and commercial aerospace [1]. Group 2: Anti-Competition Measures - The government is accelerating the comprehensive rectification of "involution" competition, particularly in the photovoltaic sector, to promote high-quality development [2]. - The renewable energy sector is witnessing a significant increase in new installations, with the share of power generation reaching nearly 40% [2]. - Recommendations include focusing on industries facing issues with excessive capacity and chaotic price competition, such as photovoltaic, energy storage, and wind power [2]. Group 3: Solid-State Batteries - The industrialization process of solid-state batteries is accelerating, with new applications emerging in humanoid robots and low-altitude economies [3]. - The energy density of the newly launched "Longquan No. 2" solid-state battery by Yiwei Lithium Energy reaches 300 Wh/kg, targeting high-end applications [3]. - By 2030, the shipment volume of solid-state batteries in China is expected to exceed 65 GW, indicating a rapid acceleration in industrialization and large-scale deployment [3]. Group 4: AI Applications - China's AI industry is entering a phase of large-scale commercialization and value creation, with a government goal for over 70% penetration of new intelligent terminals by 2027 [4]. - The trend towards universal access and intelligent equity is driving significant infrastructure investment in computing power [4]. - Recommendations include focusing on application companies benefiting from model efficiency improvements and cost reductions across various sectors [4]. Group 5: Embodied Intelligence - The robotics industry is transitioning from "technical exploration" to "scale commercialization," with significant advancements in product launches and financing [4]. - The domestic robotics sector is poised for rapid development, supported by a comprehensive supply chain and application scenarios [4]. - Recommendations include focusing on core components benefiting from technological upgrades and manufacturers capable of large-scale production [4].