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 industry investment rating is "Positive" [2] Core Viewpoints - The report highlights significant growth in wind power installations, with a 134.2% year-on-year increase in new installations from January to May 2025, totaling 46.28 GW [20] - The report emphasizes the potential recovery in profitability for the electric vehicle battery sector, driven by a decrease in lithium carbonate prices and advancements in fast-charging technology [2][3] - The energy storage sector is expected to maintain high growth, with commercial storage opportunities emerging through virtual power plants and increased demand for household storage as summer approaches [3] - The photovoltaic sector is experiencing strong demand in Europe and domestic ground power stations, with new technologies like TOPCON and HJT accelerating production [3][18] Summary by Sections New Energy Vehicles - The lithium battery sector is anticipated to recover, with a potential turning point in supply excess and a decrease in lithium carbonate prices stimulating downstream demand [2] - In May 2025, new energy vehicle sales reached 1.307 million units, a year-on-year increase of 36.9% [14] - The installed capacity of power batteries in May 2025 was 57.1 GWh, up 61.3% year-on-year [15] Power Equipment and Energy Storage - The report suggests that 2025 is likely to be a significant year for grid investment, with increasing demand for power equipment driven by new industries and the need for grid upgrades due to renewable energy development [2][3] - The energy storage market is expected to thrive, with large-scale storage and commercial storage gaining traction [3] Photovoltaics - The report notes that the photovoltaic industry is benefiting from high demand in Europe and a robust domestic market, with new technologies expected to drive further growth [3][18] Wind Power - Wind power installations have seen a substantial increase, with a reported 134.2% growth in new installations from January to May 2025 [20]