Group 1: Humanoid Robots and AI Technology - The humanoid robot industry is accelerating its layout both domestically and internationally, with AI technology breakthroughs expected to lead to mass production [1] - There is a strong demand for domestic substitution of core components in humanoid robots driven by cost reduction needs, indicating a broad market space [1] - Domestic companies that achieve breakthroughs first are likely to benefit significantly [1] Group 2: New Energy Vehicles and Solid-State Batteries - The industrialization of solid-state batteries is progressing, driven by the need for battery technology upgrades, which is a core driver of expanding terminal demand [1] - Solid-state batteries are identified as the next-generation battery technology due to their high energy density and safety advantages [1] - The maturation of battery technology and the improvement of the industrial chain are expected to accelerate the industrialization process of solid-state batteries [1] Group 3: New Energy and Photovoltaic Industry - The public consultation on the price law amendment aims to address "involution" competition, with expectations for the photovoltaic industry to return to an orderly competitive state [2] - Recent price increases in upstream silicon materials and wafers are anticipated to be transmitted downstream, indicating potential for price rebounds in components [2] - Companies benefiting from this trend include JA Solar, Trina Solar, and JinkoSolar, among others [2] Group 4: Offshore Wind Power Projects - Longyuan Power has initiated the preliminary bidding for a 1300MW offshore wind project in Jiangsu, with expectations for the industry chain to follow suit in subsequent bidding processes [3] - The Jiangsu region is projected to contribute over 10GW of offshore wind capacity by 2025-2030, benefiting companies like Haili Wind Power and Zhongtian Technology [3] Group 5: Power Equipment and AIDC - Google has raised its annual capital expenditure, reflecting the rapid growth in domestic and international computing power demand, which will benefit the AIDC industry chain [4] - The demand for high-power density server power supplies and cooling systems is expected to increase due to the high power consumption of AI chips [4]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

近日，中国电建（601669）总承包的沙特萨阿德2光伏项目首批799兆瓦如期实现商业运行。该项目位于 沙特首都利雅得市区10万米外的萨阿德地区，是中国电建承建的海外首个吉瓦级光伏项目，由中国电建 所属华东院.山东电建三公司联营体总承包建设。项目总装机容量1.25吉瓦，建设内容还包括33/132千伏 升压站、11.5公里输电线路以及电网接入系统等。(人民财讯) ...

多家机构报价显示，本周，光伏产业链中上游价格延续上涨态势。以InfoLink的报价为例，多晶硅致密 料成交均价4.2万元/吨，涨幅为13.5%，颗粒硅成交均价为4.4万元/吨，涨幅为10%。 根据该机构的观察，随着报价基准点将调整为"不能低于全成本"，多晶硅致密料报价持续上升至约5万 元/吨—5.2万元/吨，甚至不排除升至5.5万元/吨的可能性，实际情况将依据下游接受度而定，其中部分 给予大客户的报价约落在4.9万元/吨，颗粒硅报价看涨至4.5万元/吨的水平。 InfoLink指出，本周硅料价格区间落差仍较大，也侧面显示上下游博弈仍未落定。随着前期订单出货逐 渐步入尾声，本周均价更加贴近新签订单价格水平。然而仍需要注意，价格大幅提升的状况下，也诱发 部分厂家规划复产提产的可能性，虽仍有部分厂家检修，但测算8月硅料产量有机会突破11万吨以上， 甚至贴近12万吨的水平。 InfoLink也有类似观察，该机构指出，市场多数硅片厂家对目前价格以下的订单拒绝出货，并酝酿进一 步提价，此举显示企业对未来价格修复趋势抱持积极态度，并有望推动报价再度上探，但短期内报价是 否能被下游接受，仍需观察电池与终端环节的实际接受度。 ...

Valuation Summary - The overall PE of the A-share market is 20.2 times, positioned at the historical 82nd percentile [2][5] - The PE of the Shanghai 50 Index is 11.4 times, at the historical 59th percentile [2][5] - The PE of the ChiNext Index is 34.8 times, at the historical 20th percentile [2][5] - The PE of the Science and Technology Innovation 50 Index is 146.2 times, at the historical 100th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Building Materials, Electric Equipment (Photovoltaic Equipment), National Defense and Military Industry, Aviation and Airports, Light Industry Manufacturing, Chemical Pharmaceuticals, and IT Services [2][6] - The Passenger Vehicle industry has a PB valuation above the historical 85th percentile [2][6] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][6] Industry Midstream Prosperity Tracking New Energy - Photovoltaics: The price of polysilicon futures increased by 15.2% to 50,000 yuan, while the price of silicon wafers rose by 10.5% [2] - Battery materials: The prices of cobalt and nickel increased by 2.3% and 2.6%, respectively, while lithium prices saw increases of 7.1% for lithium hexafluorophosphate and 9.0% for lithium carbonate [2] Financial Sector - Insurance: The cumulative year-on-year growth of various insurance premiums was 5.3% for the first half of 2025, with an expected further reduction in the preset interest rate for life insurance products [3] Real Estate Chain - Steel: The spot price of rebar rose by 5.4%, and the futures price increased by 6.6% [3] - Cement: The national cement price index fell by 1.5% due to weak demand [3] Consumer Sector - Pork: The average price of live pigs decreased by 0.8%, while the wholesale price of pork increased by 1.0% [3] - Alcohol: The wholesale price index for liquor remained stable, with a slight decrease in the price of Moutai [3] Midstream Manufacturing - Excavators: Sales of excavators increased by 13.3% year-on-year in June 2025, with domestic sales up by 6.2% and exports up by 19.3% [3] Technology TMT - Optical Communication Modules: Exports decreased by 11.2% year-on-year, with a significant drop in export prices [3] Cyclical Industries - Precious Metals: COMEX gold and silver prices fell by 0.5% and 0.3%, respectively [3] - Coal: The price of thermal coal rose by 1.7%, while coking coal prices increased by 9.5% [3]

没有只涨不跌的商品，即使强如多晶硅。 2025年7月25日，虽然文华商品指数继续上涨0.64%并刷新近期高点，焦煤、锰硅、碳酸锂等期货品种亦强势涨停，但作为本轮商品多头行情"总龙头"的多晶 硅期货，却逆市下跌了2.16%。盘后数据显示，当天多晶硅加权指数（包含该品种全部合约）流出资金多达12.76亿元。 当晚夜盘（即7月28日行情），商品期货开始大幅调整，文华商品指数下跌1.69%，创下了6月25日以来最大单日跌幅。由于多晶硅没有夜盘交易，成功躲过 了周五晚的大跌。那么，下周甚至更长一段时间，它的行情走向又将如何呢？ 多位业内人士在接受经济观察报记者采访时指出，多晶硅期价在短期大幅拉升后已达此前预期且较现货呈升水状态，套保套利窗口被打开，短期回调风险加 大。 多晶硅期货于2024年年底在广州期货交易所（下称"广期所"）上市，是今年上半年跌幅最大的品种之一；即使在本轮商品多头行情初期的6月份，其走势亦 因受基本面拖累而继续下挫，直到6月底在一系列"反内卷"政策文件的刺激下，才成功止跌回升。 其后，围绕多晶硅"反内卷"这个题材，网络上出现了一系列未经证实的"小作文"，比如"收储""协会制定标杆成本价、前六企业联合 ...

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the electric vehicle (EV) battery sector is expected to see an optimization in its structure, leading to a potential recovery in profitability. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point in the oversupply of lithium batteries, and a decrease in lithium carbonate prices, which may lower battery costs and stimulate downstream demand [3][4] - The report emphasizes that 2025 is likely to be a significant year for grid investment, with the electric power equipment sector presenting favorable investment opportunities. The increasing electricity demand from emerging industries like AI is expected to drive the demand for power equipment [3][4] - In the energy storage sector, it is anticipated that energy storage will maintain a high growth trajectory in 2025, with large-scale energy storage expected to benefit from the gradual improvement of the electricity market and auxiliary service market [4] - The photovoltaic (PV) sector is experiencing sustained high demand in Europe, with inventory pressures expected to ease and domestic ground power station demand remaining strong. The report notes that new technologies such as TOPCON are entering large-scale production, which is expected to inject new momentum into the development of renewable energy [4][5] Summary by Sections New Energy Vehicles - The report indicates that the price of battery-grade lithium carbonate has increased by 16.5% week-on-week, reflecting a growing demand in the new energy vehicle market. In June 2025, new energy vehicle sales reached 1.329 million units, a year-on-year increase of 26.7% [9][13][15] Electric Power Equipment and Energy Storage - The report suggests that the electric power equipment sector is entering a growth cycle, driven by increased electricity demand from new industries and the need for grid upgrades due to rapid renewable energy development. Key companies to watch include Siyi Electric, Haixing Power, and Jindan Technology [3][4] - In energy storage, the report highlights investment opportunities in large-scale storage, commercial storage, and household storage, with specific companies recommended for each segment [4] Photovoltaic Industry - The report notes a 13.5% increase in the price of polysilicon, indicating a positive trend in the photovoltaic industry. The demand for solar installations is expected to accelerate due to cost reductions and new technology advancements [16][17] Industrial Control and Humanoid Robots - The report discusses the anticipated recovery in the industrial control sector, with a new cycle of equipment updates expected. The launch of the humanoid robot "UnitreeR1" by Yushu Technology is highlighted, showcasing advancements in the robotics industry [6][7]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others, indicating a positive outlook for their performance [5]. Core Insights - The overall electricity consumption in June 2025 reached 867 billion kWh, reflecting a year-on-year growth of 5.4%, with significant contributions from various sectors [4][49]. - The domestic photovoltaic (PV) sector saw a substantial increase in new installations, surpassing 200 GW in the first half of 2025, although there was a notable decline in monthly installations in June [3][31]. - The inverter export market showed improvement, with June exports amounting to 6.591 billion yuan, marking a year-on-year increase of 1.15% and a month-on-month increase of 10.32% [3][26]. Summary by Sections New Energy Vehicles - NIO's new electric SUV, the L90, has begun pre-sales, featuring advanced design and technology, with a starting price of 279,900 yuan [2][9]. - The vehicle offers two powertrain options, with a maximum power output of 440 kW and a range of up to 605 km [11][13]. Photovoltaics - The inverter export market showed a positive trend, with June exports reaching 6.591 billion yuan, a year-on-year increase of 1.15% and a month-on-month increase of 10.32% [3][26]. - In the first half of 2025, domestic PV installations reached 212.21 GW, a year-on-year increase of 107.07%, although June saw a significant drop in new installations [31][31]. Electric Power Equipment and Industrial Control - In June 2025, total electricity consumption was 867 billion kWh, with a year-on-year growth of 5.4%, driven by increases in all sectors, particularly residential electricity consumption, which grew by 10.8% [4][49]. - Cumulative electricity consumption from January to June 2025 reached 48,418 billion kWh, reflecting a year-on-year increase of 3.7% [4][49]. Key Company Earnings Forecasts and Valuations - Key companies such as CATL, Keda, and others are projected to have strong earnings growth, with recommended buy ratings based on their performance metrics [5].

Core Viewpoint - The recent surge in industrial commodity prices, driven by the "anti-involution" sentiment, has attracted significant attention, with some commodities experiencing price increases exceeding 50% within a week. However, regulatory measures have been implemented to curb excessive speculation, leading to a sudden market reversal [1][2][8]. Group 1: Market Dynamics - From June 3 to July 25, coal futures prices surged by 73%, while polysilicon, glass, and lithium carbonate saw increases of 56%, 35%, and 30%, respectively [2][8]. - On July 25, a wave of price increases was observed in industrial commodities, including coal and lithium carbonate, which were the market's focal points [2][5]. - Following the price surge, a significant market reversal occurred on the night of July 25, with coal futures dropping by 7.76% and other commodities also experiencing declines of over 6% [5][6][10]. Group 2: Regulatory Impact - Regulatory bodies have responded to the price volatility by increasing margin requirements and transaction fees for various commodities, including industrial silicon and lithium carbonate, to mitigate excessive speculation [8][15]. - The Dalian Commodity Exchange announced limits on daily opening positions for coal futures starting July 29, further tightening liquidity in the market [8][15]. Group 3: Sector Analysis - The "anti-involution" policy is expected to have a significant impact on both the futures and stock markets, particularly in sectors such as photovoltaic, building materials, and coal [15][22]. - Historical trends indicate that sectors facing severe losses are likely to see intensified supply-side reforms, which could lead to speculative trading opportunities [15][19]. - The chemical industry has also been quick to respond to the "anti-involution" policy, with signs of improvement in fixed asset investment and demand due to domestic economic recovery [22][23][24]. Group 4: Investment Opportunities - Despite the recent market volatility, there are potential investment opportunities in sectors like lithium and polysilicon, particularly for companies with cost advantages in production [19][20]. - The average production cost for lithium salt companies is projected to be around 66,700 yuan per ton, while lithium carbonate prices have exceeded 70,000 yuan per ton, indicating a significant profit margin [19][20]. - The ongoing consolidation efforts among major polysilicon producers aim to address overcapacity issues, with plans to store 1.5 million tons of polysilicon capacity [20][21].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - SAIC is set to launch a solid-state battery vehicle priced at 100,000 RMB, while QS has announced a partnership with Volkswagen to advance solid-state battery technology [1] - The Optimus robot from Tesla aims for an annual production of 1 million units within five years, indicating a strong growth trajectory in the robotics sector [2] - The Yarlung Tsangpo River hydropower project has commenced with a total investment of 1.2 trillion RMB, marking a significant development in the hydropower industry [2][62] - The new energy installed capacity in China saw a year-on-year increase of 18.7% in the first half of 2025, with wind and solar power growing by 22.7% and 54.2% respectively [63][64] Summary by Sections Electric Vehicle Sector - SAIC's MG brand will introduce a new electric vehicle model, MG4, featuring a semi-solid-state battery [1] - QS and Volkswagen are expanding their strategic cooperation on solid-state batteries, with a focus on the QSE-5 battery [1][52] Robotics Sector - Tesla's Optimus robot is currently in version 2.5, with plans for mass production of 1 million units in five years [2][58] - The WAIC conference showcased a surge in participation from robotics companies, indicating a vibrant market [2][59] Renewable Energy Sector - The Yarlung Tsangpo hydropower project, with an investment of 1.2 trillion RMB, is expected to significantly enhance clean energy output [62] - In the first half of 2025, China's total installed power generation capacity reached 364.807 million kW, reflecting an 18.7% year-on-year growth [63] - Wind and solar power installations are driving the growth, with wind power capacity reaching 57.26 million kW and solar power at 110.003 million kW [63][64] Solar Industry - New energy installed capacity in China increased by 18.7% year-on-year in the first half of 2025, with solar energy seeing a 54.2% growth [63][64] - The report highlights the rising prices of polysilicon and silicon wafers, indicating a tightening supply chain in the solar industry [21][27] Wind Energy Sector - Three offshore wind power projects in Jiangsu have begun the bidding process, signaling accelerated development in the wind energy sector [4][53]