Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Insights - The overall strategy for the industry emphasizes the unexpected progress in solid-state batteries and highlights the high growth potential in energy storage and related fields. It suggests focusing on leading new energy companies during this layout window, with a preference for sectors like energy storage and lithium batteries, while remaining flexible in selecting areas like AI+ and solid-state technologies [4]. Summary by Sections New Energy and AI - The development of solid-state batteries is resonating positively both domestically and internationally, benefiting companies like CATL, Xiamen Tungsten, and Putailai. Notable advancements include the operationalization of a 430Wh/kg solid-state silicon-based battery production line by Zhongxin Innovation, and the delivery of the first batch of sulfide solid-state batteries by Funeng Technology by the end of the year [4][24]. - The lithium battery market is showing favorable conditions, with companies like EVE Energy and Longpan Technology expected to benefit from recent developments, including EVE's entry into the Xiaopeng MONA supply chain [5]. Energy Storage Industry - The energy storage sector is experiencing unexpected growth, with companies like Tesla, Sungrow, and Haibo Si Chuang benefiting. The IRENA report indicates that "solar + storage" will become the most economical green energy solution, with significant increases in domestic energy storage bidding and installation scales [6][7]. - The report highlights a substantial increase in the bidding scale for new energy storage, with a 60% year-on-year growth to 33.8GWh in August 2025, and a projected installed capacity of over 180 million kilowatts by 2027 [6][27]. AI and New Energy - The integration of AI with new energy technologies is entering a critical phase, with companies like Zhenyu Technology and Keda Li benefiting from advancements in humanoid robots and related technologies. Notably, Figure AI has secured over $1 billion in funding, aiming to deliver 100,000 robots in the next four years [8][24]. - The wind power sector is also expected to exceed expectations, with major procurement projects indicating strong demand. In August 2025, 30 wind turbine procurement projects were opened, totaling approximately 15.39GW [8][23]. Price Trends - Recent trends show a continuous increase in silicon material prices, with the latest transaction price range for n-type granular silicon at 49,000 to 50,000 yuan per ton, averaging 49,500 yuan per ton [7][12]. - The report notes that the price of lithium carbonate has remained stable, while the price of cobalt has increased, reflecting broader trends in the battery materials market [11][17].

Core Insights - The report highlights the significant growth in the energy storage sector, with domestic energy storage bidding scale exceeding 210 GWh from January to August 2025, representing a year-on-year increase of 150% [1][3] - The integration of AI in the energy sector is entering a critical phase, with government initiatives aiming for the application of over five specialized large models by 2027 and striving for international leadership in AI technology within the energy field by 2030 [1][5] Energy Storage Sector - The demand for energy storage cells has exceeded expectations, benefiting companies like CATL and Yiwei Lithium Energy due to improved utilization rates and economic viability in new markets such as Saudi Arabia and Chile [3] - CATL has developed the world's first sodium-ion battery, which has passed new national standards for energy storage [3] - The solid-state battery market is also seeing unexpected growth, with companies like Xiamen Tungsten and Shanghai Xiba benefiting from advancements in this technology [3] Photovoltaic and Energy Storage Industry - Companies like Tesla and Sungrow are expected to benefit from new market expansions in energy storage [4] - Tesla has launched two new energy storage products, the Megapack 3 and Megablock, with plans to produce Megapack 3 in Houston by the end of 2026 [4] - Sige新能源 has submitted an IPO application in Hong Kong, focusing on distributed energy storage systems, projecting a revenue growth of 22.8 times from 2023 to 2024 [4] AI and New Energy Sector - The AI+ new energy sector is anticipated to accelerate, with companies like Haibo Sichuang and Xingyun Co. expected to benefit from government initiatives promoting AI integration in energy [5] - The recent launch of Tesla's official AI account indicates a strategic shift towards AI and robotics, aligning with their broader vision [6] Wind Power Sector - Companies like Dajin Heavy Industry and Yunda Co. are expected to benefit from new market opportunities in offshore wind power [6] - Dajin Heavy Industry has signed a long-term supply contract for offshore wind foundations, with a total contract value of approximately 1.25 billion yuan, scheduled for delivery in 2026 [6]

Core Insights - The report highlights breakthroughs in solid-state battery technology by leading companies such as EVE Energy, Putailai, and Xiamen Tungsten, benefiting from advancements in the energy storage sector [1][3] - A new supply-demand cycle is anticipated in the industry, emphasizing the importance of leading companies and flexible strategies [2] Group 1: Solid-State Battery Developments - EVE Energy's solid-state battery research institute in Chengdu has unveiled the "Longquan No. 2" all-solid-state battery, featuring a capacity of 10Ah and an energy density of 300Wh/kg, aimed at humanoid robots [1][3] - The Chengdu facility is being constructed in two phases, with the first phase expected to be completed by December 2025, achieving a manufacturing capacity of 60Ah batteries [3] - The solid-state battery industry aims to reach an energy density of 400Wh/kg and 1000Wh/L by 2025, accelerating the industrialization process [3] Group 2: Energy Storage Market Growth - Global energy storage battery shipments are projected to reach 258GWh in the first half of 2025, representing a year-on-year increase of 106% [1][4] - Chinese companies dominate the global energy cell shipment rankings, holding all top ten positions and accounting for 91.2% of the global market share [1][4] - Emerging overseas markets, such as Saudi Arabia, Australia, and Chile, have seen Chinese companies secure 199 new overseas energy storage orders, totaling over 160GWh, a year-on-year growth of 220.28% [4] Group 3: Photovoltaic and Silicon Industry Insights - The Chinese energy storage sector continues to gain global market share, with companies like CATL, Sungrow, EVE Energy, and others benefiting from this trend [4] - The Ministry of Industry and Information Technology has issued a plan to eliminate "involution" competition in the photovoltaic sector, promoting orderly development and capacity management [4][5] - China's polysilicon production reached 596,000 tons in the first half of 2025, with GCL-Poly's granular silicon cash cost dropping to 25.31 yuan/kg, potentially leading to profitability by August-September [5]

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Viewpoints - The overall industry strategy indicates that a new supply-demand cycle is expected to begin, emphasizing the importance of leading companies and flexible directions. The report suggests a continued focus on leading new energy companies during this layout window, with supply-side innovations like "anti-involution" and solid-state batteries, and demand-side growth in areas like energy storage [4][8]. - The core viewpoint of the new energy vehicle supply chain indicates that a new cycle has begun in the mid and downstream sectors, with leading companies making breakthroughs in solid-state battery technology [4][5]. Summary by Sections New Energy Vehicle Supply Chain - Leading companies such as EVE Energy, Peking University, and Xiamen Tungsten Industry are benefiting from advancements in solid-state batteries. EVE Energy's solid-state battery production base in Chengdu is set to achieve a manufacturing capacity of 60Ah by December 2025, with a target energy density of 400Wh/kg by 2025 [4][5]. Energy Storage Industry - Chinese energy storage companies are gaining a significant share of the global market, with a 106% year-on-year increase in global energy storage battery shipments, reaching 258GWh in the first half of 2025. Chinese companies dominate the top ten global energy storage cell shipments, holding a combined market share of 91.2% [5]. - The "anti-involution" strategy is yielding results, with companies like GCL-Poly, Aiko, and LONGi benefiting from government policies aimed at reducing low-price competition in the photovoltaic sector [5][8]. Photovoltaic Supply and Demand - The report anticipates a marginal improvement in photovoltaic supply and demand, with an expected increase in the operating rate of components in September by 2.45% [6][8]. AI and New Energy - The integration of AI and new energy sectors is highlighted, with companies like Zhenyu Technology and Keda Li benefiting from the upward trend in humanoid robots. Tesla's fourth "Master Plan" emphasizes that 80% of its future value will come from robots [8][23].

Core Viewpoint - The report highlights the ongoing investments and developments in the solid-state battery sector, with major companies like Nissan and others making significant strides in this technology [1][4]. Group 1: New Energy and AI Industry - The industry strategy emphasizes the importance of leading companies in the new energy sector, particularly in solid-state batteries and AI integration, as the market approaches a critical bottoming phase [2]. - Companies like Nissan are targeting the launch of electric vehicles equipped with self-developed solid-state batteries by the fiscal year 2028 [1][4]. - Dao Technology is increasing its investment in single-wall carbon nanotube projects, indicating a focus on advanced materials [1][4]. Group 2: New Energy Vehicle Supply Chain - The new cycle in the mid and downstream sectors of the new energy vehicle industry has begun, with companies like Xiaomi and Jinbo Co. benefiting from this trend [3]. - Xiaomi's smart electric vehicle business is projected to generate revenue of 20.6 billion yuan in Q2 2025, with a gross margin of 26.4% [3]. - Jinbo Co.'s carbon-ceramic brake disc products have received approval from leading global electric vehicle manufacturers, enhancing the safety and performance of automotive materials [3]. Group 3: Solid-State Battery Developments - Major players continue to invest in solid-state battery technology, with companies like Puxin and Xiamen Tungsten benefiting from these advancements [1][4]. - The global first mass-produced fourth-generation solid-state lithium ceramic battery platform has been launched by Huineng Technology, which boasts lower material costs [1][4]. - Deep Blue Huize has secured Pre-A investment from Saudi Aramco, accelerating its global solid-state battery strategy [1][4]. Group 4: Photovoltaic Industry Insights - The photovoltaic industry is experiencing a positive supply-demand dynamic, with recent increases in silicon material and wafer prices [5]. - The Ministry of Industry and Information Technology is working to regulate competition within the photovoltaic sector, which may lead to improved market conditions [5][6]. Group 5: AI and New Energy Integration - The integration of AI with new energy sectors, including humanoid robots, is gaining traction, with companies like Nvidia and others leading the charge [7]. - Zhongcai Technology reported a significant increase in net profit, driven by sales of wind turbine blades and specialized fiber products [7].

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall strategy emphasizes the importance of leading companies in the new energy sector and the continuous development of new directions [3]. - The report highlights that the second half of the year is crucial for confirming the bottom of leading companies in the new energy sector, with a focus on new areas such as new energy + AI and solid-state batteries [3]. - The report indicates that the core viewpoint of the new energy vehicle supply chain has entered a new cycle, with significant opportunities in the mid and downstream sectors [4]. Summary by Relevant Sections New Energy Vehicle Supply Chain - Attention is drawn to leading companies like Xiaomi in the smart vehicle sector, with Xiaomi's electric vehicle business revenue reaching 20.6 billion yuan in Q2 2025, achieving a gross margin of 26.4% and narrowing operational losses to 300 million yuan [4]. - Jinbo Co., Ltd. has received a notification from a global leading electric vehicle company regarding its carbon-ceramic brake disc products, which are expected to accelerate the lightweight and performance revolution in automotive brake materials [4]. Lithium Battery Sector - Companies like EVE Energy and Tianci Materials are highlighted for their strategic positioning at the bottom of the cycle, with EVE Energy achieving a net profit of 1.6 billion yuan in H1 2025 and Tianci Materials reporting a net profit of 267 million yuan, a year-on-year increase of 12.79% [4]. - The report notes that the supply and demand for lithium hexafluorophosphate are expected to tighten, benefiting companies like Tianci Materials [4]. Solid-State Battery Sector - Domestic and international leaders are increasing investments in solid-state batteries, with companies like Putailai and Xiamen Tungsten benefiting from this trend [4]. - Nissan has announced a partnership for the development of all-solid-state batteries, aiming to launch electric vehicles equipped with self-developed solid-state batteries by the fiscal year 2028 [4]. Photovoltaic Industry - The report indicates that the photovoltaic industry is experiencing a continuous improvement in supply and demand, with recent price increases in silicon materials and silicon wafers [5]. - The Ministry of Industry and Information Technology has convened a meeting to regulate competition in the photovoltaic industry, which is expected to further enhance market conditions [5]. AI + New Energy and Wind Power - The report emphasizes the importance of breakthroughs in new markets, particularly in the integration of AI with new energy and humanoid robots, with companies like Fulin Precision and Zhejiang Rongtai expected to benefit [6]. - The collaboration between NVIDIA and Foxconn to develop humanoid robots is highlighted as a significant advancement in the physical AI sector [6].

Group 1 - The article outlines a series of upcoming webinars focusing on various industries, including biotechnology, renewable energy, finance, machinery, beverages, and new materials [1][31]. - The first webinar will cover a deep update on Lepu Biopharma, scheduled for August 18, led by senior analysts in the pharmaceutical sector [1][32]. - A session on the current state of the engineering machinery industry is set for August 21, hosted by a mechanical analyst [1][32]. Group 2 - The webinar series includes a session on the beverage and tea industry's overseas expansion and outlook, also on August 21, presented by food and beverage analysts [1][32]. - A discussion on the mid-year report interpretation of Far East Horizon will take place on August 21, led by a financial sector analyst [1][32]. - The final session in this series will focus on weekly insights into new metal materials, scheduled for August 21, presented by a non-ferrous and new materials analyst [1][32].

Core Insights - The report emphasizes the continuous extension of the New Energy + AI sector and the deepening of "anti-involution" strategies as key trends in the industry [2] New Energy and AI Sector - The focus is on New Energy + AI and solid-state batteries as two major elastic directions, which are expected to be core drivers for the recovery of electric vehicles, photovoltaics, and lithium batteries [2] - The "anti-involution" strategy is seen as a supportive factor for the industry bottoming out [2] New Energy Vehicle Industry Chain - A new cycle has begun in the mid and downstream sectors, benefiting companies like CATL and Xiaomi [3] - In July, several car manufacturers achieved record deliveries: Leap Motor delivered 50,129 vehicles, Xiaomi over 30,000, and XPeng 36,717, indicating ongoing differentiation among new forces [3] - CATL is collaborating with Shenzhou Car Rental and other partners to build a battery-swapping ecosystem, introducing over 100,000 battery-swapping vehicles [3] - Solid-state battery development is gaining momentum both domestically and internationally, benefiting companies like Shanghai Xiba and Xiamen Tungsten [3] - SAIC Motor plans to announce pricing for its semi-solid-state battery version of the MG4 electric vehicle in September, with deliveries expected within the year [3] - SK On aims to produce semi-solid-state batteries by the end of 2026, while Volkswagen has invested $131 million in QuantumScape to support the trial production of all-solid-state batteries [3] - Shanghai Xiba plans to establish a joint venture with Yuyuan Rare Earth to develop lithium sulfide-related businesses [3] Photovoltaic and Energy Storage Industry Chain - The "anti-involution" trend in the photovoltaic sector continues to deepen, benefiting companies like Longi Green Energy and GCL-Poly [4] - The Ministry of Industry and Information Technology has issued a notice requiring 41 polysilicon companies to conduct energy-saving inspections, with results due by September 30, 2025 [4] - The China Photovoltaic Industry Association is soliciting opinions on the draft amendment to the Price Law, focusing on price behavior norms [4] - The National Development and Reform Commission emphasizes breaking down "involution-style" competition and promoting reforms in bidding and tendering systems [4] - AI and new technologies are seen as key to breakthroughs in the photovoltaic and energy storage sectors, benefiting companies like Haibo Shichuang and Aiko Solar [4] - Haibo Shichuang has formed a joint venture with Fan Shi Group to advance the integration of "AI + energy storage" technologies [4] - Aiko Solar expects to achieve a shipment volume of 8.57 GW for ABC components in the first half of 2025, a year-on-year increase of over 400% [4] - In Q2 2025, Aiko Solar reported a net profit of 63 million yuan, reversing losses amid industry downturns [4] AI + New Energy and Wind Power Industry Chain - The integration of new energy and humanoid robots is progressing, with companies like Zhejiang Rongtai, Keda Li, and Zhenyu Technology benefiting [5] - The 2025 World Robot Conference recently held in Beijing showcased over 100 new products, emphasizing the theme of making robots smarter and bodies more intelligent [5] - Industry experts predict that humanoid robots will achieve mass application in non-open industrial scenarios within 3-5 years [5] - The wind power sector shows positive trends, with companies like Windar and Goldwind benefiting from the ongoing developments [6] - From January to July 2025, 439 central state-owned wind power projects were awarded, with a cumulative capacity of approximately 78.01 GW [6] - The two largest winning companies in the bidding process were Windar and Goldwind, with market shares of 18.38% and 14.84%, respectively [6] - The overseas AI development is exceeding expectations, benefiting quality companies in the power electronics sector like Hewa Electric, Megmeet, and Sungrow [6] - Hewa Electric announced a net profit of 243 million yuan for the first half of 2025, a year-on-year increase of 56.79%, with ongoing investments in R&D to expand into new energy and AIDC sectors [6]

Core Viewpoint - The report highlights the acceleration of solid-state battery adoption and the integration of AI in the new energy sector as key trends shaping the future landscape [2][3]. New Energy Vehicle Industry Insights - Solid-state batteries are rapidly being introduced in the downstream market, benefiting companies like CATL and Aulton. Mercedes plans to mass-produce solid-state battery electric vehicles within five years, collaborating with Factorial Energy and Huineng Technology, with vehicle testing already underway [3]. - Huineng Technology has globally launched the fourth-generation superfluid solid electrolyte, achieving an ionic conductivity of 57 mS/cm, which is 5-6 times higher than traditional electrolytes [3]. - The EVTEKER QianTu 01GT electric motorcycle features an 11 kWh all-solid-state battery, offering a maximum range of 300 km and fast charging from 20% to 80% in just 40 minutes [3]. - The introduction phase of solid-state batteries emphasizes new technologies and products, with companies like Tiantian Technology, Shanghai Xiba, and Naconor benefiting from recent developments [3]. - Notable second-tier leaders with strong product capabilities, such as Aulton, are expected to gain market share, as seen with Dongfeng Nissan's N7 model, which achieved the highest sales in its category due to its partnership with Aulton [3]. Photovoltaic Industry Insights - The "anti-involution" trend in the photovoltaic sector remains a primary theme, benefiting companies like GCL-Poly and Flat Glass. Recent political meetings have emphasized the need for regulated competition and capacity management in key industries [4]. - Due to increased inventory and cost support, the price of photovoltaic glass is expected to rise in August [4]. Energy Storage and Green Electricity Insights - Policies supporting green electricity and rapid development in energy storage are expected to improve market conditions for companies like Sungrow and Haibo Innovation. The Shaanxi Provincial Development and Reform Commission has announced pilot projects for direct green electricity connections [5]. - By the first half of 2025, there will be 7,737 new energy storage projects registered in China, with a total capacity of 664.86 GWh, representing a year-on-year growth of over 120% [5]. AI and New Energy Industry Insights - The integration of AI with new energy and humanoid robots is gaining traction, benefiting companies like Zhejiang Rongtai and Keda Li. Recent product launches include a humanoid robot priced at 158,000 yuan and the global debut of Midea's home humanoid robot [6]. - The controlled nuclear fusion sector is entering a critical adoption phase, with companies like Helion Energy and Jingda Co. benefiting from the construction of the first commercial fusion power plant [6]. - The AI and new energy sectors, including smart glasses and PCBs, are experiencing continuous growth, with companies like Haopeng Technology and Defu Technology seeing significant developments, such as a twofold increase in sales of Ray-Ban Meta smart glasses [6].

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Insights - The industry is undergoing a transformation with solid-state batteries accelerating the introduction of new technologies, and the integration of AI with new energy is considered central to future developments [4][26]. - The new energy vehicle supply chain has entered a new cycle, with companies like CATL and Aulton benefiting from the introduction of solid-state batteries [4][5]. - The photovoltaic industry is expected to see price increases due to inventory accumulation and cost support, with companies like GCL-Poly and Flat Glass benefiting [6]. - The energy storage sector is experiencing rapid growth, with over 7737 new storage projects registered in the first half of 2025, indicating a significant increase in capacity [6][26]. Summary by Sections New Energy Vehicle Supply Chain - Solid-state batteries are being introduced rapidly, with companies like CATL and Aulton set to benefit from this trend. Mercedes-Benz plans to mass-produce solid-state battery electric vehicles within five years [4][5]. - The introduction of new technologies and products is crucial during the solid-state battery adoption phase, with companies like Tian Tie Technology and Shanghai Xiba benefiting from recent contracts and acquisitions [5]. Photovoltaic and Energy Storage - The photovoltaic industry is expected to stabilize with a focus on reducing competition and managing capacity, benefiting companies like GCL-Poly and Flat Glass [6]. - Policies supporting green electricity and rapid development in energy storage are anticipated to improve market conditions, with companies like Sungrow and Haibo benefiting from these trends [6]. AI and New Energy Integration - The integration of AI with new energy sectors, including humanoid robots, is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from new market breakthroughs [7][10]. - The development of controlled nuclear fusion is entering a critical phase, with companies like Helion Energy and Jingda benefiting from advancements in this area [7][10]. Market Dynamics - The report highlights significant price changes in the lithium battery supply chain, with lithium carbonate prices dropping by 5% recently, while cobalt prices have increased [12][15]. - The overall market is expected to shift from price competition to technology competition, with leading companies likely to gain advantages in the evolving landscape [35].