以下为研究报告摘要： 电力设备板块：25H1业绩稳健。2025H1电网板块合计实现营收1740.49亿元，同比增长 10%；实现归母净利润139.98亿元，同比增长10%。25Q2板块保持增长趋势，收入实现 1045.20亿元，同比增长12%；归母净利润实现90.71亿元，同比增长8%。25H1板块毛利率为 25.57%，同比下降1.52pcts；净利率为7.33%，同比上升0.72pct，25H1盈利能力有所承压判 断主要系大宗材料价格波动小幅影响。 人形机器人：25H1营收和利润均实现双位数同增。2025H1板块合计实现营收1122.08亿 元，同比增长11.94%；实现归母净利润119.83亿元，同比增长21.23%。单季度来看，25Q2 实现营收599.73亿元，同比增长11.44%；实现归母净利润66.21亿元，同比增长16.71%。 风险提示：政策不达预期、电网投资不及预期、行业竞争加剧致价格超预期下降、资产 减值风险、原材料价格波动风险、新技术不及预期、海外经营风险等。（民生证券 邓永康, 王一如,朱碧野,李孝鹏,李佳,林誉韬,席子屹,赵丹,许浚哲,郝元斌） 民生证券近日发布电新行业2025年半 ...

□ 无论在行驶中还是停放状态，一旦发现涉水危险迹象，如水位迅速上涨、车门难以打开，应第一时间 破窗或开门逃生，撤离至安全高处，之后再联系保险公司和救援单位，切勿因顾惜车辆而冒险逗留。 □ 在确保人身安全并已妥善处置车辆的前提下，车主应及时拍照取证，照片需清晰显示车辆位置、车牌 号、淹水高度及整体受损情况，并在48小时内向保险公司报案申请理赔。 近年来，城市内涝发生频率上升，车辆涉水情况明显增多。遇到这类情景，车主应当如何正确应对？ 中汽中心新能源汽车检验中心能源系统部工程师王金伟表示，车辆泡水时，人身安全永远是第一位 的。"若车辆在行驶中遭遇涉水情况，先判断积水深度，积水未超过轮胎一半时，可低速通过；若水深 超过该限度，应立即停车。无论在行驶中还是停放状态，一旦发现危险迹象，如水位迅速上涨、车门难 以打开，应第一时间破窗或开门逃生，撤离至安全高处，之后再联系保险公司和救援单位，切勿因顾惜 车辆而冒险逗留。"王金伟说，如车辆已在水中熄火，务必保持冷静，严禁尝试二次启动。发动机进水 后，气缸内积水无法被压缩，若强行启动，活塞上行会挤压水体，导致连杆弯曲、缸体破裂等严重机械 损伤，大幅增加维修成本。此外，保险条款通 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric and new energy sectors, including Ningde Times, Keda Li, and others, indicating strong growth potential and favorable market conditions [7][8]. Core Insights - The overall performance of the electric and new energy sector is under pressure, but there was a sequential improvement in profitability in Q2 2025. The sector achieved a total revenue of 16,755.54 billion yuan in H1 2025, a year-on-year increase of 3.49%, with a net profit of 861.47 billion yuan, up 16.04% year-on-year [3][12]. - The new energy vehicle sector shows a positive trend, with H1 2025 revenue reaching 6,747.57 billion yuan, a 10.67% increase year-on-year, although net profit decreased by 41.93% [4][16]. - The renewable energy generation sector faced challenges, with H1 2025 revenue of 9,646.02 billion yuan, down 1.96% year-on-year, and a net profit of 360.66 billion yuan, down 4.60% [66]. Summary by Sections Electric and New Energy Sector Overview - The sector's overall revenue in H1 2025 was 16,755.54 billion yuan, with a net profit of 861.47 billion yuan, reflecting a year-on-year increase of 3.49% and 16.04% respectively. Q2 2025 saw a revenue of 9,206.13 billion yuan, a 5.22% increase year-on-year and a 21.95% increase quarter-on-quarter [3][12][14]. New Energy Vehicle Sector - The new energy vehicle sector reported a revenue of 6,747.57 billion yuan in H1 2025, a 10.67% increase year-on-year, with a net profit of 580.45 billion yuan, down 41.93%. In Q2 2025, revenue was 3,578.87 billion yuan, up 10.20% year-on-year, and net profit was 313.93 billion yuan, up 31.44% [4][16][23]. Renewable Energy Generation Sector - The renewable energy generation sector's revenue in H1 2025 was 9,646.02 billion yuan, a decrease of 1.96% year-on-year, with a net profit of 360.66 billion yuan, down 4.60%. The average gross margin for the sector was 14.74% [66][69]. Key Companies and Financial Projections - Key companies such as Ningde Times and Keda Li are projected to have strong earnings growth, with EPS estimates for 2025E at 14.96 yuan and 6.77 yuan respectively, indicating a favorable PE ratio [7][8].

Group 1: SF Express (顺丰同城) - The company has shown significantly better-than-expected revenue growth in the first half of the year, leading to an upward revision of revenue forecasts for 2025-2027 by 14%/12%/12%, reaching 22 billion to 30.4 billion HKD, with year-on-year growth rates of 40%/20%/15% [1] - Profit forecasts for 2025-2027 have been increased by 26%/23%/27%, resulting in projected profits of 340 million to 760 million HKD, with Non-IFRS net profit margins of 1.5%/2%/2.6% [1] - The company is expected to benefit from the rationalization of delivery subsidies and the continued deepening of business synergies with SF Express, alongside the cost reduction from the scaling of autonomous vehicle deliveries [2] Group 2: Automotive Industry - In August, the penetration rate of new energy vehicles reached 55.2%, marking a new high for the year, with retail sales of passenger cars at 1.995 million units, a year-on-year increase of 4.6% [3] - Domestic brands sold 1.32 million vehicles, with a retail market share increase of 2.3 percentage points to 65.7%, while mainstream joint venture brands saw a retail sales decline of 2% [3] - The export of new energy passenger vehicles maintained strong growth, with a total of 204,000 units exported in August, accounting for 40.9% of total passenger vehicle exports, a year-on-year increase of 16.6 percentage points [4]

Group 1 - The expectation of interest rate cuts by the Federal Reserve is increasing, leading to a more accommodative external environment, which supports the bullish outlook for the Hong Kong stock market [1] - The strong fundamentals of the constituent stocks in the Hong Kong market further bolster the potential for upward movement [1] - The Hong Kong stock market has a higher proportion of growth stocks, particularly in technology and pharmaceuticals, compared to the A-share market, providing a structural advantage [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which is compiled by China Securities Index Co., Ltd., selecting up to 50 quality companies from the technology sector listed under the Stock Connect [1] - The index covers multiple sub-sectors including Internet, biomedicine, and new energy vehicles, aiming to reflect the overall performance of core technology enterprises in the Hong Kong market [1] - Companies in this index not only hold advantages in the domestic market but also possess strong expansion capabilities in overseas markets [1]

Group 1: Market Performance - The electric equipment and new energy sector increased by 7.39% this week, ranking first in terms of growth, outperforming the Shanghai Composite Index [1][2] - The solar index saw the largest increase of 14.51%, while the nuclear power index experienced the largest decline of 2.17% [1][2] Group 2: New Energy Vehicle Sales - In August 2025, new energy vehicle sales showed strong performance, with Li Auto achieving a record high of 57,066 units delivered, and a total of over 320,000 units delivered from January to August [3] - NIO delivered 31,305 units in August, marking a 49% month-on-month increase, while XPeng Motors also reached a historical high with 37,709 units delivered [3] - BYD maintained its market leadership with 373,626 units delivered in August and over 2.86 million units delivered from January to August [3] Group 3: Policy and Industry Development - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to promote stable growth in the electronic information manufacturing industry, targeting an annual revenue growth of over 5% in the photovoltaic sector from 2025 to 2026 [4] - The plan emphasizes the need to eliminate low-price competition in the photovoltaic industry and to guide local governments in orderly layout and capacity management [4] Group 4: Infrastructure Development - The Jinshang-Hubei ±800 kV UHVDC project has successfully completed a 168-hour trial run and is now operational, capable of transmitting 4 million kilowatts of electricity to Hubei [5][6] - Once fully operational, the project is expected to deliver approximately 40 billion kilowatt-hours of electricity annually [6]

Group 1: Core Strategies and Innovations - Multiple companies listed on the Beijing Stock Exchange have conveyed positive signals through performance briefings, focusing on technological innovation, green transformation, and market expansion [1] - Guangmai Technology emphasizes 5G-A and 6G as key technology areas, with significant projects in smart shutdown and energy management systems to reduce operational costs [1] - Xingtong Measurement and Control is advancing in the commercial aerospace sector, planning to launch a space perception satellite constellation and utilizing AI for satellite management [1] Group 2: Green Transformation Initiatives - Guohang Ocean is actively promoting the construction of green ships and digital operations, with plans to build four methanol dual-fuel bulk carriers and two green low-carbon vessels by the end of 2025 [2] - Xinchuan Technology has rapidly grown in the renewable energy sector, focusing on servo systems and expanding from a single component supplier to a comprehensive solution provider [2] Group 3: Financial Performance and Market Adaptation - Rongyi Precision reported a significant year-on-year increase of 98.75% in sales revenue from automotive products, with a focus on new energy vehicle components [3] - Guangmai Technology's asset operation service revenue grew by 29.20% year-on-year, driven by effective income recognition methods [4] - Overall, the six companies displayed strong strategic determination and operational resilience, adapting to market changes through enhanced internal capabilities [4]

Core Viewpoint - The article emphasizes the critical importance of rare earth elements (REEs) in modern technology and industry, highlighting that the control of these resources equates to control over the future of high-tech industries [1][3]. Group 1: Japan's Dependence on Rare Earths - Japan relies heavily on imports for rare earths, with over 85% of its supply coming from China, leaving it vulnerable to supply disruptions [3][5]. - The country has minimal domestic reserves, with current stock levels insufficient to meet even a few days of demand [3][5]. Group 2: Discovery of Undersea Rare Earth Deposits - In 2012, Japanese researchers discovered a significant concentration of rare earths in seabed samples from the South Bird Island area, leading to excitement about potential domestic production [5][6]. - Official estimates suggest that the seabed contains over 16 million tons of rare earths, with specific elements like dysprosium, europium, and terbium having supply durations of 730 years, 620 years, and 420 years respectively [5][6]. Group 3: Challenges in Extraction - Despite the promising discovery, Japan has not extracted any rare earths from the seabed in over a decade, with plans for trial mining continuously delayed, now pushed to 2026 [6][7]. - The extraction process faces significant technical challenges due to extreme underwater conditions, including high pressure and low temperatures, which complicate the design of suitable mining equipment [8][10]. Group 4: Economic Viability and Environmental Concerns - The high costs associated with deep-sea mining, including the construction of specialized vessels and equipment, raise doubts about the economic feasibility of extracting rare earths compared to importing them [10][12]. - Environmental concerns have been raised regarding the impact of deep-sea mining on marine ecosystems, with opposition from scientists and Pacific island nations, which could hinder Japan's mining ambitions [12][14]. Group 5: Comparison with China's Approach - In contrast to Japan's struggles, China has developed a comprehensive and efficient rare earth industry, focusing on sustainable extraction and processing methods, which positions it favorably in the global market [14][16].

Group 1 - The report highlights the continuous optimization of supply and demand structures in the new energy vehicle industry, supported by favorable policies and strong demand resilience. In July, production and sales of new energy vehicles reached 1.243 million and 1.262 million units, respectively, marking year-on-year growth of 26.3% and 27.4% [3][72] - The report emphasizes that the overall price levels in the industry are at a low point, making it easier for prices to rise than to fall. This presents a good opportunity for investment in high-quality companies within the supply chain, which are currently valued at historically low levels [3][72] - The report maintains a "recommended" rating for the new energy vehicle industry, with a focus on sectors expected to yield excess returns, including solid-state batteries, battery materials, and liquid cooling technologies [4][73] Group 2 - The report provides a detailed analysis of the performance of various indices, with the new energy vehicle index and lithium battery index showing strong growth of 33.57% and 42.42% year-to-date, respectively [22] - Key companies such as Tianhong Lithium, Xian Dao Intelligent, and Yiwei Lithium Energy have shown significant weekly gains, with increases of 78.8%, 51.5%, and 36.4%, respectively [26] - The report tracks the prices of key materials in the lithium battery supply chain, noting a decrease in lithium carbonate prices to 74,700 yuan per ton, down 6.2% from the previous week, while cobalt prices increased by 1.5% to 271,000 yuan per ton [34][37] Group 3 - The report indicates that from January to July 2025, production and sales of new energy vehicles reached 8.232 million and 8.22 million units, respectively, with year-on-year growth of 39.2% and 38.5% [48] - The report mentions that in August, major companies like BYD and Xiaopeng reported varying sales figures, with BYD selling 374,000 units and Xiaopeng experiencing a 169% year-on-year increase in deliveries [49] - The report notes that the global power battery installation volume reached 590.7 GWh in the first seven months of 2025, reflecting a year-on-year growth of 35.3%, with Chinese companies showing particularly strong performance [64][65]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The battery sector is witnessing significant advancements in solid-state battery technology, with a penetration rate of 55.3% for new energy vehicles in August [2][10] - The photovoltaic sector is set for high-quality development following new government policies aimed at curbing low-price competition [3][17] - The energy storage sector has reached a record high in bidding scale, with 25.8GW/69.4GWh in August, indicating strong market demand [4][35] Summary by Sections New Energy Vehicles and Lithium Battery Sector - Battery companies are making substantial progress in solid-state battery development, with industry-wide commercialization on the horizon [9] - The penetration rate of new energy vehicles reached 55.3% in August, with expectations for market growth in September due to seasonal demand and subsidy implementation [10][11] Photovoltaic Sector - New government initiatives aim to eliminate low-price competition in the photovoltaic industry, promoting high-quality growth [3][17] - The plan includes measures for better industry planning, quality management, and international cooperation [18] Wind Power Sector - The successful delivery of the Fan Stone II project's submarine cable and new orders from Europe highlight ongoing growth in the wind power sector [27][28] - The wind power supply chain is experiencing stable pricing for key materials, with some fluctuations noted [29] Energy Storage Sector - August saw a historic high in energy storage bidding, with a total scale of 25.8GW/69.4GWh, driven by large-scale project completions [35] - The average price for 2-hour energy storage systems has dropped below 0.5 yuan/Wh, indicating a trend towards cost reduction [36][37] Electric Power Equipment Sector - The South Grid's first batch of metering products achieved a total bid of 3.462 billion yuan, with significant contributions from leading companies [49][50] - The Jinshang-Hubei ±800 kV UHVDC project has commenced operation, enhancing power transmission capabilities [51] Industrial Control and Robotics Sector - The PMI index showed improvement in August, indicating a recovery in manufacturing demand, which is expected to boost orders for industrial control components [58] - The establishment of the Wenzhou Artificial Intelligence Bureau aims to promote AI development, with significant contracts awarded in the humanoid robot sector [60] Hydrogen Energy Sector - The Yalong River Basin's hydrogen energy development plan is underway, with significant projects being awarded, indicating growth in the hydrogen sector [66][67]