Group 1 - The photovoltaic industry is undergoing supply-side reforms, with the National Development and Reform Commission focusing on "anti-involution," leading silicon material companies to raise prices to cover comprehensive costs due to long-term losses [1] - The wind power sector is benefiting from marine power policies, with a significant increase in offshore wind project bids and a year-on-year increase of 801% in new onshore wind installations in May [1] - In the power equipment sector, stablecoin-related RWA is expanding financing models for renewable energy assets, alleviating cash flow pressures for companies, while AI and blockchain technologies are increasingly empowering renewable energy operations [1] Group 2 - The ultra-high voltage sector is entering a catalytic phase, with expected increased demand for main network equipment [1] - Overall, the power equipment industry is experiencing positive fundamental changes and potential catalysts across various sectors [1] - The Electric Power Equipment ETF tracks the Hang Seng A-share Electric Power Equipment Index, which reflects the overall performance of listed companies in the electric power equipment manufacturing and transmission sectors [1]