行 业 研 究 / 电 力 设 备 / 证 券 研 究 报 告 电力设备行业年度投资策略 新能源底部反转，机器人创新破局 2025 年 11 月 18 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周旭辉 证书编号：S1160521050001 证券分析师：李京波 证书编号：S1160522120001 证券分析师：杨安东 证书编号：S1160524070005 证券分析师：朱晋潇 证书编号：S1160522070001 证券分析师：安邦 证书编号：S1160525010002 证券分析师：唐硕 证书编号：S1160524090002 证券分析师：郭娜 证书编号：S1160524070001 相对指数表现 -20% -6% 8% 22% 36% 50% 2024/11 2025/5 2025/11 电力设备 沪深300 相关研究 《液冷：为何加速渗透？行业增速几何？ 新技术和受益标的》 2025.08.21 《MIM：轻量化高精密工艺，拓展机器人 应用领域》 2025.07.23 《机器人星辰大海，新能源关注新技术》 2025.06.24 《人形机器人系列专题之电子皮 ...

Core Insights - The report emphasizes that the bull market is not over, with a significant shift in Chinese residents' asset allocation towards equities still in its early stages [3][34][51] - The transition from "following" to "leading" in external circulation is a key theme, highlighting the need for A-shares to embrace competitive thinking [3][12][20] - The report outlines a two-phase bull market, with "Bull Market 1.0" expected to peak in spring 2026 and "Bull Market 2.0" potentially starting in the second half of 2026 [4][6][7] Group 1: Competitive Landscape - Global competition is intensifying, and A-shares must adopt a competitive mindset to navigate this environment [3][20][22] - The shift in external circulation from "following" to "leading" reflects China's growing competitiveness and the need to enhance its global influence [3][12][19] - The report suggests that the A-share market can reflect the outcomes of competitive events, impacting pricing and risk preferences [3][22] Group 2: Asset Allocation Trends - The report introduces a "resident asset allocation migration degree indicator," indicating that the migration towards equities is still in its early phase, with significant potential for growth [34][36] - Historical data shows that the peak of equity allocation occurred in 2021, followed by a decline until 2024, with a rebound expected in 2025 [36][51] - The report highlights that the accumulation of profit-making effects in the A-share market is undergoing a qualitative change, which will improve conditions for capital inflow over time [3][34][51] Group 3: Bull Market Phases - "Bull Market 1.0" is characterized by a focus on technology sectors, particularly AI, which may face short-term adjustments but is expected to continue its long-term trend [4][6][7] - "Bull Market 2.0" is anticipated to be a comprehensive bull market driven by cyclical improvements in fundamentals, emerging industry trends, and increased asset allocation towards equities [4][6][7] - The report predicts that by mid-2026, a clearer visibility of supply-demand dynamics will emerge, supporting the transition to "Bull Market 2.0" [4][6][7] Group 4: Industry Outlook - The report identifies key sectors for investment, including technology, manufacturing, and emerging industries, which are expected to benefit from cyclical improvements and policy support [4][6][7] - The anticipated recovery in the manufacturing sector and the emergence of new demand sources are crucial for the overall market outlook [4][6][7] - The report suggests that the transition from "Bull Market 1.0" to "Bull Market 2.0" will involve a shift in investment focus from high-growth technology stocks to cyclical and value-oriented sectors [4][6][7]

Market Overview - The decline in the stock markets is attributed to multiple negative factors over the weekend, with Hong Kong stocks dropping by 0.71% [1] - The most significant influence on the stock market is the deteriorating Sino-Japanese relations, particularly comments from Japan's Prime Minister suggesting potential military involvement in Taiwan, prompting strong responses from China [1] - The Chinese government has advised citizens to avoid traveling to Japan, indicating potential impacts on Japanese tourism and consumer stocks [1] Economic and Investment Insights - There is considerable uncertainty in the current market, leading to a risk-averse approach from investors; traditionally, gold prices rise during tensions, but they have fallen this time due to expectations of no hot war [2] - The People's Bank of China conducted an 800 billion yuan reverse repurchase operation to inject medium-term liquidity, with market focus shifting to the upcoming LPR announcement on November 20 [3] - Predictions for lithium prices suggest a potential surge due to structural changes in demand, particularly from the energy storage sector, with a forecasted price increase to 150,000 to 200,000 yuan per ton by 2026 [3] Company Developments - CATL's stock fell nearly 3% following news of a major shareholder's plan to reduce holdings by 1%, valued at approximately 18.4 billion yuan [4] - The organic silicon industry is facing significant price declines, with a potential meeting to set production reduction targets that could benefit leading companies like Dongyue Group [4] - Huawei is set to release a breakthrough AI technology on November 21, which could significantly enhance the efficiency of computing resources, benefiting companies collaborating with Huawei [6] Airline Industry Performance - China Eastern Airlines reported a turnaround in Q3, achieving a net profit of 2.103 billion yuan compared to a loss in the previous year, with a 3.73% increase in revenue [7] - The airline has expanded its international routes, including a new long-haul route that will set a record for the longest single journey, enhancing its competitive edge [8] - The overall airline industry is experiencing a recovery, with rising passenger traffic and improved load factors, supported by decreasing oil prices [8]

本次上市辅导，中信证券已协助宇树科技构建完善的上市公司治理体系，包括对辅导初期存在的独立董事缺位、董事会专门委员会未设置等问题，现公司 已聘任三名独立董事，并成立审计、提名等四大专门委员会。同时，结合行业趋势与企业规划，辅导券商已协助公司明确募集资金投向，为后续发展奠定 了基础。 11月15日，证监会官网显示，宇树科技已成功完成IPO上市辅导，并正式具备境内IPO申报资格。这次由中信证券牵头的辅导，自7月7日签署辅导协议至 完成辅导，历时仅132天，创下年内具身智能类企业辅导时间的新纪录。 | 全国一体化在线政务服务平台 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中国证券监督管理委员会网上办事服务平台(试运行) | | | | | | | | | | | | | | 公开发行辅导公示 | 辅导对象 | 辅导机构 | 备案时间 | 辅导状态 | 液出机构 | 报告类型 | 报告标题 | | | | | | | 广东县辉新材料股份有限公 | ...

"清华系"人形机器人公司加速进化（Booster Robotics）再获资本市场重磅加码。11月17日，证券时报记 者获悉，加速进化完成新一轮超亿元融资，由IDG资本投资、亦庄国投跟投，老股东源码资本、英诺天 使基金、深创投集团、博华资本等多家一线机构与政府基金持续加注。 今年三季度，加速进化全球交付量显著增长。为应对爆发式的市场需求，加速进化进一步全面优化生产 体系，预计明年产能将跃升至数万台规模，产品价格也将进一步下探，推动人形机器人走向更广阔的市 场。 加速进化表示，随着人形机器人行业逐步迈入商业化落地阶段，未来将与全球开发者共同推进人形机器 人在多场景的落地应用，持续深化商业影响力，让人形机器人像个人计算机一样简单、可靠、实用，为 具身智能时代的到来注入持续动力。 加速进化日前正式发布新品Booster K1，首批产品上线后20分钟即售罄，并采取"真交付"的销售模式。 据悉，区别于行业中常见的"先Demo后预售"模式，Booster K1承诺双11期间全款订单若未在12月底前完 成交付，将提供3倍赔付。 资料显示，加速进化于2023年成立，是"清华系"人形机器人赛道的代表企业之一。其于2024年10月 ...

Core Insights - The humanoid robot sector is gaining momentum globally, driven significantly by Elon Musk and Tesla's efforts with the Optimus robot, which has seen incremental developments since its concept reveal in 2021 [1][2] - Tesla's ambitious production goals for Optimus have faced setbacks, with the announcement of a production target of 5,000 units in 2025 being contradicted by reports of insufficient capacity [1][2] - The divergence in market focus between Tesla's C-end (consumer) applications and domestic players' B-end (business) strategies highlights differing approaches in the humanoid robot landscape [3][4] Market Dynamics - Tesla's Optimus aims to serve both industrial and consumer markets, with recent demonstrations showcasing its capabilities in home settings [2][3] - Domestic players, such as UTree and UBTECH, primarily target B-end applications, focusing on industrial orders and public service demonstrations [3][5] - The shift in consumer demographics in the U.S. towards tech-savvy individuals may create a favorable market for consumer-oriented humanoid robots [4][5] Technical Challenges - The delays in Optimus's production reflect ongoing technical challenges, particularly in developing a functional and standardized dexterous hand [7][8] - Competitors like XPeng have made strides in dexterous hand technology, highlighting Tesla's struggles in this area [8] - The need for effective AI and data collection methods remains a significant hurdle for both Tesla and domestic players [9] Cost Considerations - While Tesla has substantial resources, domestic players must navigate cost-performance balance to achieve profitability [10][11] - The humanoid robot sector has seen significant investment activity, with over 140 financing events totaling nearly 20 billion yuan in the first half of the year [10] - Collaborations with established suppliers and leveraging domestic supply chains are crucial for cost management and technological advancement [11][12] Industry Outlook - Tesla's Optimus project serves as a benchmark for supply chain integration in the humanoid robot industry, influencing upstream suppliers and market perceptions [12] - The success of domestic humanoid robot manufacturers will depend on their ability to meet market demands and provide effective solutions [12]

Market Overview - The A-share market experienced fluctuations this week, with the consumer and banking sectors showing slight strength, while the lithium battery and industrial metals sectors performed well [6] - The technology sector showed a mixed adjustment, with humanoid robots and AI core listed companies experiencing significant cumulative gains this year, contributing to recent adjustments in these sectors [7] Sector Analysis - The humanoid robot sector faced downward pressure due to uncertainties regarding large-scale production timelines, leading to investor concerns about the industry's future [7] - The AI sector saw a general weakening in both application and hardware aspects, with fears of an AI industry bubble arising from the contrasting performance of upstream and downstream companies in the US market [7] - Despite the overall weakness, some leading AI companies maintained strong stock performance due to continuous improvements in large model capabilities and optimistic industry prospects [7] Battery Sector Insights - The battery sector saw a strong increase this week, with lithium mines, lithium batteries, and solid-state battery concepts leading in gains [8] - The surge in overseas energy storage demand, driven by expectations of increased electricity consumption from data centers, contributed to the sector's strength [8] - Recent price increases in lithium hexafluorophosphate and electrolyte additives were noted, with prices doubling since mid-October, attributed to supply-demand mismatches [8] Economic Indicators - The October CPI data turned positive, boosting market confidence, with the Shanghai Composite Index reaching a new high of 4034.08 points, supported by stable performance in consumer stocks, banks, and non-ferrous metals [9] - However, the market adjusted significantly on Friday due to weakness in technology stocks, indicating that the A-share market is expected to maintain overall fluctuations with structural hotspots in the future [9]

Summary of Key Points from Conference Call Records Industry Overview - **Solid-State Battery Sector**: Focus on solid-state battery equipment, particularly dry electrode, constant insulation, and isostatic equipment. GWh-level production line bidding expected to start by the end of 2025, with mass production anticipated in 2027. Isostatic equipment is crucial for addressing solid-state interface issues [1][2][9] - **AIDC Data Center Power Supply Systems**: Chinese manufacturers are positioned to leverage cost advantages in the U.S. due to electricity shortages. SST technology provides new opportunities for domestic firms to expand internationally. The penetration rate of 800V HVDC is increasing, leading to higher demand for components. Energy storage systems are essential for ensuring the stability of AI data centers [2][3][8] - **Energy Storage Market**: Significant growth expected in the energy storage market by 2026, increasing demand for lithium batteries, components, and upstream raw materials. The long-term outlook for energy storage remains positive [4][15] - **Photovoltaic Industry**: After three years of adjustment, the photovoltaic industry is expected to see price and profitability recovery by 2026. The end of low-price competition and the formation of joint ventures among leading silicon material companies will drive value reconstruction for quality firms [5] - **Humanoid Robotics Sector**: The humanoid robotics sector is gaining attention, with Yuzhu Technology planning to submit an IPO application in Q4 2025, potentially attracting more investor interest [6][12] Core Insights and Arguments - **Investment Opportunities**: Current investment opportunities in the new energy sector include solid-state batteries and AIDC data center power supply systems. The solid-state battery sector is particularly promising due to anticipated positive impacts from government evaluations on energy density and cycle life [2][9] - **Challenges in AIDC Data Centers**: Local grid expansion delays are hindering the operation of AIDC data centers, with specific projects affected by insufficient power supply. Light-storage solutions are proposed as a viable alternative to ensure power supply stability [7][8] - **Wind Power Industry**: Wind turbine prices are recovering, with average bidding prices for projects in October 2025 at 2,110 RMB/kW (excluding tower costs). The European offshore wind demand is rapidly growing, presenting opportunities for the wind turbine supply chain [3][16] Additional Important Insights - **Recommended Companies**: In the energy storage sector, companies such as Sungrow Power Supply and Shenhong Co. are recommended. For solid-state circuit breakers, attention is drawn to Liangxin Co. [10] - **Solid-State Battery Equipment Companies**: Key companies to watch in the solid-state battery equipment sector include Nacknor, Soft Control, and Honggong Technology. For complete line leaders, Xian Dao Intelligent and Galaxy Technology are recommended [14] - **Future Trends in Energy Storage**: The energy storage market is expected to maintain good investment returns, driven by domestic and international demand, particularly from AIDC data centers [15] - **Electric Grid Construction**: The number of bidding projects for substations has increased, indicating a growth cycle for domestic electric grid investment driven by policy support and the need for renewable energy integration [17][18]

Investment Rating - The industry rating is "Recommended" [6] Core Insights - The demand for humanoid robots is expected to surge due to advancements in AI technology and domestic companies' efforts in cost reduction, leading to significant market opportunities for early movers [2][14] - The domestic new energy vehicle (NEV) market is experiencing robust growth, with sales expected to continue rising due to new model launches and seasonal demand, achieving over 50% market penetration [3][18] - The global energy storage market is entering a high prosperity phase, driven by increasing demand for energy storage solutions and supportive government policies [4][31] - The overseas power equipment market is anticipated to maintain high demand due to urgent upgrades in power grids and the rising need for AI electrical equipment [8] Summary by Sections Humanoid Robots - The completion of the IPO guidance for Yushu Technology indicates a strong market potential for humanoid robots, with significant domestic demand for core components [2][14] - Major companies are entering the humanoid robot space, enhancing the industry's growth prospects, particularly in the T-chain and domestic supply chains [15][16] New Energy Vehicles - October saw a year-on-year increase in NEV sales, with production and sales reaching 1.772 million and 1.715 million units respectively, marking a 21.1% and 20.0% increase [19] - The introduction of new technologies, such as solid-state batteries and high-performance materials, is expected to drive further growth in the NEV sector [20][21] Energy Storage - The global energy storage battery shipments reached 428 GWh in the first nine months of 2025, a 90.7% increase year-on-year, indicating strong market demand [31] - The implementation of compensation policies for energy storage projects is expected to enhance project profitability and stimulate market growth [30][31] Power Equipment - The urgent need for power grid upgrades in Europe and North America is creating significant opportunities for domestic power equipment manufacturers [8][9] - The price of energy meters has rebounded significantly due to new regulations, suggesting potential recovery in profitability for meter manufacturers [9]

Group 1 - Yushu Technology's IPO counseling completion has triggered significant stock price movements in four unrelated listed companies, with the highest ownership stake being just over 0.3% [1][3] - The market recalls the previous excitement surrounding GPU company Moore Threads' IPO, suggesting a similar scenario may unfold with Yushu Technology [3] - Dazhong Public, a gas supply company, holds a 10.80% stake in Shenzhen Venture Capital, which in turn owns approximately 2.0154% of Yushu Technology, translating to an effective ownership of less than 0.2% [3][5] Group 2 - Shoukai Holdings, a real estate developer, has an indirect stake of about 0.3% in Yushu Technology through its investment in Jinshi Investment, despite no direct business collaboration [5][9] - Wolong Electric Drive, a leading manufacturer of motors and drive products, has the highest business synergy with Yushu Technology, holding a 0.15% stake through Jinshi Investment [7][9] - Jinfa Technology, a leader in modified plastics, has a calculated ownership of approximately 0.32% in Yushu Technology and is actively involved in developing lightweight materials for humanoid robots [7][9] Group 3 - The ownership stakes indicate that Jinfa Technology and Shoukai Holdings have a slight advantage, while Dazhong Public and Wolong Electric Drive follow closely [9] - The stock price trends of Dazhong Public and Shoukai Holdings suggest they may be in the early stages of speculative trading, while Wolong Electric Drive and Jinfa Technology have experienced more complete price cycles [9]