Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Viewpoints - The report highlights that the landscape for power batteries is expected to optimize, with profitability in the sector likely to recover. Key factors include a long-term significant correction in the lithium battery sector, a potential turning point for the oversupply of lithium batteries, and a decrease in lithium carbonate prices which may lower battery costs and stimulate downstream demand. The penetration rate of new energy vehicles is expected to continue to rise due to advancements in fast charging and new technologies [2][3] - The report anticipates that 2025 will be a significant year for grid investment, with the electric power equipment sector presenting favorable investment opportunities. The increasing demand for electricity from emerging industries like AI is expected to drive the demand for power equipment. The rapid development of new energy sources is creating pressure on the grid, leading to a positive outlook for global grid investment [3][4] - In the energy storage sector, a high growth trend is expected to continue in 2025. The report notes that the construction of the electricity market and auxiliary service market is likely to enhance the commercial viability of large-scale energy storage, while the recognition of commercial energy storage is expected to improve due to the development of virtual power plants [4] - The photovoltaic sector is experiencing sustained high demand in Europe, with domestic ground power station demand remaining strong. The report suggests that the reduction in costs across the supply chain is likely to accelerate the installation of photovoltaic systems globally [6][7] - The report discusses the industrial control and humanoid robot sectors, indicating a potential new cycle of industrial control driven by large-scale equipment updates. The report also highlights the rapid advancement of intelligent platforms in the humanoid robot industry, which may accelerate the deployment of robots in factories [6][7] - The low-altitude economy is being catalyzed by policy changes, with the establishment of a leadership group for general aviation and low-altitude economic development by the Civil Aviation Administration. This is expected to promote the safe and orderly development of the low-altitude economy [7] Summary by Sections New Energy Vehicles - In May 2025, sales of new energy vehicles reached 1.307 million units, a year-on-year increase of 36.9% and a month-on-month increase of 6.6%. The installed capacity of power batteries was 57.1 GWh, up 61.3% year-on-year [14][15] Electric Power Equipment and Energy Storage - The report emphasizes the importance of energy storage in the power system, predicting a high growth trend for energy storage in 2025. It highlights the potential for large-scale energy storage to develop commercially and the expected rebound in household storage demand as summer approaches [4][6] Photovoltaic Industry - The report notes that the photovoltaic industry is benefiting from high demand in Europe and strong domestic demand for ground power stations. The reduction in costs across the supply chain is expected to stimulate global market demand [6][7] Industrial Control and Humanoid Robots - The report indicates that a new cycle in industrial control is approaching, driven by low inventory levels in industrial enterprises. The development of intelligent platforms is expected to accelerate the deployment of humanoid robots in factories [6][7] Low-altitude Economy - The establishment of a leadership group for general aviation and low-altitude economic development is expected to promote the safe and orderly development of the low-altitude economy [7]