Investment Rating - The industry investment rating is "Outperform the Market" [1][38] Core Viewpoints - The report highlights the ongoing growth in the electric equipment and new energy sectors, particularly in the electric vehicle (EV) market, where sales of new energy vehicles (NEVs) continue to rise, with May 2025 sales reaching 1.31 million units, a year-on-year increase of 37% [2][26] - The report emphasizes the importance of solid-state battery technology, with companies like Xiaomi filing patents, indicating a shift towards advanced battery technologies [1][26] - In the photovoltaic (PV) sector, the report notes the recognition of new technologies such as BC components in overseas markets and the improvement in conversion efficiency by leading companies [1][26] - The hydrogen energy sector is also highlighted, with ongoing policy support for its industrialization and recommendations to focus on companies with cost and technological advantages in electrolyzer production [1][26] Summary by Relevant Sections New Energy Vehicles - In May 2025, NEV production and sales reached 1.27 million and 1.31 million units, respectively, marking a year-on-year growth of 35% and 37% [2][26] - Major automakers have announced a reduction in payment terms for suppliers to 60 days to enhance supply chain efficiency [1][26] Power Batteries - In May 2025, the installed capacity of power batteries was 57.1 GWh, a month-on-month increase of 5.5%, with ternary batteries accounting for 10.5 GWh [2][26] - The report mentions Xiaomi's new solid-state battery technology patent, which aims to enhance ion transport efficiency [1][26] Photovoltaics - The report notes the launch of HIBC technology by Longi, achieving a conversion efficiency of 27.81%, pushing the efficiency of PV modules into the "25%+" era [1][26] - The focus on supply-side reforms in the PV sector is emphasized, particularly in the silicon material segment [1][26] Hydrogen Energy - The report discusses ongoing policy initiatives to promote hydrogen energy, including pilot projects in the energy sector [1][26] - Recommendations are made to pay attention to companies benefiting from hydrogen infrastructure development [1][26] Industry Dynamics - The report summarizes key industry dynamics, including the actions of major automakers to streamline supplier payment terms and the growth in NEV sales [1][26] - It also highlights the investment plans in nuclear fusion by the UK government, indicating a broader interest in energy innovation [1][26]