Lithium Battery Sector - Lithium material prices are showing signs of bottom reversal, with leading companies delivering dry process equipment and South Korea initiating a hundred-ton lithium sulfide expansion [1] - In August, battery production and installation maintained high-speed year-on-year growth [1] - Solid-state batteries: leading companies are delivering dry process equipment, and ISU in South Korea is starting the construction of a hundred-ton lithium sulfide facility [1] Photovoltaic Sector - The price mechanism for near-term consumption of renewable energy is being improved, with distributed photovoltaic/storage and green electricity direct connection receiving certain benefits [1] - On September 12, the National Development and Reform Commission and the National Energy Administration issued a notice to enhance the price mechanism for promoting near-term consumption of renewable energy, requiring public grids to provide reliable power supply services for integrated projects [1] - The policy supports near-term consumption of renewable energy by clarifying grid connection responsibilities and safety interfaces, which will significantly enhance the attractiveness of investments in distributed photovoltaic and commercial storage [1] Wind Power Sector - Daikin Heavy Industries has recently received multiple offshore wind orders from Europe, indicating strong demand in the European offshore wind market [2] - The delivery of the world's largest floating wind turbine foundation has been completed, showing significant inflation in the usage of floating foundations [2] Energy Storage Sector - By the end of 2025, the new energy storage installation scale is expected to exceed 180 GW, with Ningxia announcing a storage capacity electricity price of 165 yuan/kW starting from January 2026 [2] - Two ministries have issued documents clarifying the energy storage installation targets and profit models, indicating a continued optimistic outlook for domestic energy storage [2] Electric Equipment Sector - Three departments have issued a notice on the "Electric Equipment Industry Stabilization Growth Work Plan (2025-2026)," which is expected to benefit leading enterprises [2] - The research work for the Long Electric Power project entering Sichuan has been completed and is expected to be approved within the year [2] Industrial Control and Robotics Sector - UBTECH has once again set a record for the largest single order in the global humanoid robot industry, while Zivariable has secured nearly 1 billion yuan in Series A financing [3] - In August, the PMI showed a slight increase, indicating positive trends in the industrial control and robotics sector [3] Hydrogen Energy Sector - The National Development and Reform Commission and the Energy Administration are promoting the integration of artificial intelligence and renewable energy for hydrogen production [3] - Cummins has delivered the largest scale PEM electrolyzer to date, and a feasibility study report for a 100,000-ton hydrogen and ammonia integrated project in Gansu is being procured [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The lithium battery materials prices have reversed from the bottom, with significant growth in battery production and advancements in solid-state battery technology [2][11][12] - The solar energy sector benefits from improved pricing mechanisms for near-consumption of renewable energy, enhancing the attractiveness of distributed solar and energy storage investments [3][22][24] - The wind energy sector sees increased demand with major orders for offshore wind projects and the delivery of the largest floating wind turbine foundation [3][37][38] - The energy storage sector is projected to reach over 180GW of installed capacity by 2025, with new pricing mechanisms for storage capacity being implemented [4][46][48] - The power equipment sector is supported by government initiatives aimed at stabilizing growth and enhancing the quality of equipment supply [5][60][61] Summary by Sections Lithium Battery Sector - Lithium battery material prices have shown a bottom reversal, with lithium carbonate prices rising from 61,400 CNY/ton to 73,000 CNY/ton [11] - In August, the total battery production reached 139.6 GWh, marking a year-on-year increase of 37.3% [12] - Solid-state battery technology is advancing with the delivery of dry-mixing equipment and the initiation of lithium sulfide production in South Korea [13] Solar Energy Sector - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve pricing mechanisms for renewable energy consumption [22] - The policy mandates that renewable energy self-consumption must account for at least 60% of total generation and 30% of total consumption by 2030 [23][24] - The solar industry is experiencing price stability in polysilicon and silicon wafer segments, with expectations for price increases in battery cells and modules [28][30] Wind Energy Sector - Daikin Heavy Industries has secured multiple offshore wind orders in Europe, indicating strong demand in the sector [37] - The delivery of the world's largest floating wind turbine foundation marks a significant milestone, with increased demand for floating foundations [38] Energy Storage Sector - The new action plan aims for 180GW of new energy storage capacity by the end of 2025, with a current installed capacity of 95GW [46] - The pricing mechanism for energy storage capacity will be implemented at 165 CNY/kW starting January 2026 [48][49] - The market is expected to see a shift towards integrated energy trading and capacity compensation mechanisms [47] Power Equipment Sector - The government has issued a plan to stabilize growth in the power equipment industry, targeting a 6% annual revenue growth for traditional equipment [60][61] - The plan emphasizes improving equipment supply quality and expanding domestic demand for renewable energy equipment [61][62] - Ongoing projects like the "Long Electric into Sichuan" high-voltage direct current project are expected to be approved within the year [66] Industrial Control and Robotics Sector - The sector has seen significant developments with the largest single order for humanoid robots and substantial funding rounds for robotics companies [69][70][71]