Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and domestic companies' strong demand for core component localization, presenting significant market opportunities [1][14] - The new energy vehicle sector is experiencing stable growth, with several companies reporting increased delivery volumes, driven by the maturation of solid-state battery technology and supportive policies [2][18] - The photovoltaic industry is seeing improved supply-side expectations, with measures to address overcapacity being anticipated, which could lead to a positive marginal change in the industry [3][26] Summary by Sections Humanoid Robots - The launch of the fourth-generation frameless torque motor and hollow driver by the company is expected to enhance the performance and reliability of humanoid robots, with strong domestic demand for localization of core components [1][13] - The entry of major tech companies into the humanoid robot market is expected to accelerate industrialization, with significant opportunities for component suppliers [14][15] New Energy Vehicles - In June 2025, several new energy vehicle manufacturers reported stable month-on-month delivery volumes, with companies like NIO and Xpeng showing growth, while others like Li Auto experienced declines [2][17] - The introduction of new technologies such as solid-state batteries is expected to enhance vehicle performance and reduce costs, contributing to the overall growth of the new energy vehicle market [18][19] Photovoltaic Industry - The photovoltaic sector is addressing overcapacity issues, with government and industry discussions focusing on improving product quality and reducing low-price competition [25][26] - Companies involved in silicon material production and high-efficiency battery technologies are expected to benefit from upcoming supply-side adjustments and cost reductions [3][26][32] - The anticipated reduction in glass production by 30% is expected to alleviate inventory and pricing pressures in the photovoltaic glass market [3][26] Wind Power - The offshore wind power sector is recognized as a key component of marine economic development, with significant growth potential due to advancements in technology and cost reductions [4][28] - The industry is expected to benefit from a stable demand for wind power generation, with ongoing projects and technological improvements enhancing the overall efficiency of wind energy production [28][44]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态产业化进度加快，锂电龙头旺季提前 2025 年 07 月 06 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 42% 2024-7-5 2024-11-3 2025-3-4 2025-7-3 电力设备 沪深300 相关研究 《效率持续提升、GW 线逐步落地， 钙钛矿产业曙光渐近》 2025-07-02 《锂电排产旺季将临，固态技术迭代 加速 》 2025-06-30 东吴证券研究所 1 / 46 请务必阅读正文之后的免责声明部分 ◼ 电气设备 7107 上涨 1.99%，表现强于大盘。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 电力设备 反内卷促光伏供给侧改革，荣耀推出行业最高负极硅含量旗舰新机 光伏：破除"内卷式"竞争，关注光伏供给侧改革机会。6 月 29 日，人民日报推出 金社平文章《在破除"内卷式"竞争中实现高质量发展》指出，"要深化要素市场 化配置改革，主动破除地方保护、市场分割和'内卷式'竞争。"7 月 1 日，中央 财经委员会第六次会议表示要依法依规治理企业低价无序竞争，引导企业提升产 品品质，推动落后产能有序退出。7 月 3 日，工信部党组书记、部长李乐成主持召 开第十五次制造业企业座谈会，聚焦加快推动光伏产业高质量发展，听取光伏行 业企业及行业协会情况介绍和意见建议，并表示要巩固提升优势，治理光伏行业 低价无序竞争，加快塑造我国下一代光伏产品的竞争优势。光伏行业积极响应供 给侧改革，根据索比光伏网报道，光伏玻璃厂计划 7 月开始集体减产 30%以响应 "反内卷"号召，预计后续多晶硅料价格也有望反弹上行。核心关注两大方向：1） 供给侧偏刚性、后续需求复苏后价格弹性更大的硅料、玻璃和石英砂，核心关注协 鑫科技、通威股份、大全能源、石英 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic and wind energy sectors, emphasizing the importance of supply chain integration and government policies [1][5][24]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement, with significant government intervention expected to address low-price competition and excess capacity [5][24]. - The wind energy sector is projected to maintain a robust installation capacity of over 100GW in 2026, despite a slowdown in bidding activity [1][12][24]. - The report highlights the importance of government policies, such as the U.S. "Big Beautiful Act," which alleviates uncertainties for solar and storage exports to the U.S. [1][3][5]. Summary by Sections Photovoltaic & Energy Storage - The "de-involution" initiative in the photovoltaic sector has reached a high level, with government meetings signaling strong administrative intervention to address pricing issues and capacity clearing [5][24]. - Supply chain integration is crucial, particularly in the silicon material segment, which is central to the current capacity surplus [5][24]. - The report anticipates a recovery in silicon prices, contingent on the downstream price transmission capabilities and collective self-discipline within the industry [5][24]. Wind Energy - The domestic price of onshore wind turbines has shown a recovery trend in Q2, with expectations for continued strong installation capacity in 2026 [1][12][24]. - The report notes that even with a slowdown in bidding, historical data suggests that installation figures will remain stable due to previously approved projects [12][24]. - The central government has reiterated its commitment to promoting orderly development in offshore wind energy [1][12][24]. Electric Grid - Recent approvals for high-voltage direct current projects indicate significant investment potential, with expected project investments exceeding 500 billion and 170 billion yuan for specific projects [2][14][15]. - The report highlights the anticipated increase in equipment bidding for high-voltage projects, projecting a breakthrough of 500 billion yuan in 2025 [15][17]. Lithium Battery - The report emphasizes the long-term potential of lithium metal anodes, which can achieve higher energy densities compared to traditional materials [2][18][24]. - It suggests a focus on leading companies in various processing routes for lithium metal anodes, as well as solid-state battery technologies [18][24]. Hydrogen and Fuel Cells - The extension of tax credits for hydrogen projects in the U.S. provides a critical window for industry development [3][23]. - The European Union's new framework for clean industrial support is expected to accelerate the deployment of green hydrogen projects [3][23]. Investment Recommendations - The report recommends specific companies across various sectors, including photovoltaic glass manufacturers, battery cell producers, and offshore wind cable suppliers, highlighting their potential for recovery and growth [24].

证券研究报告 电力设备与新能源 周观点：工信部召开座谈会，治理低 价无序竞争 华泰研究 2025 年 7 月 06 日│中国内地 行业周报（第二十七周） 周观点：工信部部长召开座谈会，治理低价无序竞争 7 月 3 日，工业和信息化部党组书记、部长李乐成主持召开光伏行业制造业 企业座谈会，聚焦加快推动光伏产业高质量发展，听取光伏行业企业及行业 协会情况介绍和意见建议。14 家光伏行业头部企业及光伏行业协会负责人 作交流发言，介绍企业基本情况、面临的困难和问题，提出政策建议。会议 强调，要依法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品 质，推动落后产能有序退出，实现健康、可持续发展。我们认为本次会议工 信部部长主持，头部企业负责人参会，为历次光伏企业座谈会的最高规格， 明确了政府与行业协同推动供给侧改革的大方向，看好后续供给侧改革细则 陆续落地，推动行业供需格局重塑。 子行业观点 1）新能源车：6 月国内新能源车销量走势较好；2）储能：SPE 提出欧洲储 能十倍扩容目标，我们看好欧洲大储起量；3）光伏：工信部部长召开座谈 会，治理低价无序竞争；4）风电：国内海风招中标稳步推进。 重点公司及动态 1）宁 ...

央视网消息：从最新发布的数据中，感知中国经济活力。 2025年前5个月：我国服务贸易同比增长7.7% 1—5月，旅行服务继续快速增长，进出口达9200.5亿元，增长12.2%，为服务贸易第一大领域。 科技创新与制造业高质量发展加快推进 其中，其他商业服务、电信计算机和信息服务进出口规模较大，有效助推经济增长和产业结构升级。 国家税务总局公布的最新数据显示，2025年1—5月，支持科技创新和制造业发展的主要政策减税降费及退税达6361亿元。 6月份中国大宗商品价格指数继续回升 商务部最新数据显示，前5个月，我国服务进出口总额32543.6亿元人民币，同比增长7.7%。其中，出口14033.7亿元，增长15.1%；进口18509.9 亿元，增长2.7%。 服务贸易稳步增长的同时，结构进一步优化。1—5月，知识密集型服务进出口12492.7亿元，增长5.0%。 增值税发票数据显示，1—5月，高技术产业销售收入同比增长14.2%，明显快于全国总体增速。 1—5月，我国制造业企业销售收入同比增长4.2%。其中，数字产品制造业、高技术制造业销售收入均保持两位数增长。 中国物流与采购联合会7月5日公布，6月份，中国大宗商品 ...

电新周报：民航局成立通用航空和低空经济工作领导小组 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 7 月 06 日 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 本期核心观点 [Tale_S 行业展望及配置建议： um ➢ 新能源汽车： 动力电池格局有望优化，板块盈利有望回暖：1）锂电池板块经历长期大幅 回调。2）锂电池供给阶段性过剩问题有望迎来拐点。3）碳酸锂价格下降， 有望带动电池成本及终端售价下降，有望刺激下游需求。同时 5C 快充加速 推进，新能源车里程焦虑持续改善，复合集流体等新技术处于量产前夕，新 能源车渗透率有望继续提升。重视快速增长的充电桩行业及相关企业通合科 技、盛弘股份、沃尔核材等。重视磷酸锰铁锂、复合集流体等的 0-1 过程。 建议关注宁德时代、亿纬锂能、湖南裕能、当升科技、长远锂科、天赐材料、 科达利、比亚迪、星源材质、中伟股份、恩捷股份、德方纳米、信德新材、 天奈科技、杉杉股份、中科电气、壹石通、孚能科技等。 投资评级 看好 上次评级 看好 ...

Core Viewpoint - Yunda Co., Ltd. has achieved a significant breakthrough in the Brazilian renewable energy sector by entering into a cooperation agreement with a well-known local developer for a 5.4GW wind power project [1] Group 1 - The agreement stipulates that Yunda Co., Ltd. will be the preferred supplier, provided it meets local requirements and offers excellent solutions [1] - This development follows the establishment of a renewable energy research and development center in Salvador, Brazil, which was completed in 45 days [1]

Core Insights - The forum emphasizes the importance of green development and the exchange of experiences between Hainan and Guizhou, both designated as national ecological civilization pilot zones [2][3] - Hainan is exploring ways to monetize ecological value, while Guizhou has made significant progress in integrating big data into ecological governance [3][4] Group 1: Green Development Initiatives - Hainan has developed new industries such as wind power equipment manufacturing and biodegradable plastics, enhancing its green industrial base [2] - Guizhou's forest coverage has increased from 47% in 2012 to 63.3% in 2024, showcasing its commitment to ecological development [3] - The forum highlighted innovative themes such as AI and green development, showcasing Guizhou's achievements in green innovation [2] Group 2: Collaborative Opportunities - Both provinces can learn from each other in areas like ecological value transformation, institutional innovation, and digital governance [3] - Guizhou's experience in developing a robust big data industry can serve as a model for Hainan to enhance its digital ecological civilization [4] - There is a broad scope for cooperation in ecological tourism, comprehensive river basin management, and ecological compensation mechanisms [3] Group 3: Future Directions - Hainan aims to implement a "2+N" flagship project strategy and establish mechanisms for realizing ecological product value [4] - The province is committed to high-quality ecological environment protection to support the construction of its free trade port [4] - The 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" concept highlights the growing recognition of ecological advantages in economic development [4]

Group 1: International Multi-Modal Transport - The "Zheng He" international multi-modal transport train service launched from Kunming, Yunnan, to Vientiane, Laos, with new routes to Thailand, Singapore, and Bangladesh, including a new line from Kunming to Chittagong, Bangladesh [1] - The new route bypasses the Strait of Malacca, reducing transportation distance by one-third and time by half, with a total travel time of approximately 18 days [3] - The first train carried 26 containers of Yunnan specialty products, implementing a "single order" and "single box" system, which lowers logistics costs and enhances efficiency [4] Group 2: Offshore Wind Power Development - The first batch of units from the Jiangsu Dafeng offshore wind power project, located 85.5 kilometers offshore, has been connected to the grid, marking it as the farthest offshore wind power project in China [5][7] - The project consists of 98 wind turbines with a total installed capacity of 800 megawatts, aiming for full capacity grid connection this year, expected to supply over 2.6 billion kilowatt-hours of clean electricity annually, enough to power approximately 1.1 million households [7] - Global offshore wind energy resources exceed 710 billion kilowatts, with deep-sea areas accounting for over 70%, but the utilization rate is currently below 0.5% [9] Group 3: High-Speed Rail Infrastructure - The Nanzhu High-Speed Rail's Yucen section has completed the turning construction of the continuous T-beam bridge, laying the groundwork for subsequent beam installation and track laying [10] - The bridge spans 1,334.2 meters, with the continuous T-beam measuring 161.5 meters in length and weighing 14,000 tons, representing a key control project for the rail line [10] - Once completed, the Nanzhu High-Speed Rail will connect Nanning in Guangxi to Zhuhai in Guangdong, significantly promoting economic integration between the Beibu Gulf Economic Zone and the Guangdong-Hong Kong-Macao Greater Bay Area [12]