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]

电新周报：全球首个具身智能机器人 4S 店有望亮相北京 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 6 月 15 日 证券研究报告 行业研究 [Table_Title] 全球首个具身智能机器人 4S 店有望亮相北京 [Table_ReportDate] 2025 年 6 月 15 日 本期核心观点 [Tale_S 行业展望及配置建议： um [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 投资评级 看好 上次评级 看好 武浩 电新行业首席分析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电新行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 ➢ 新能源汽车： 动力电池格局有望优化，板块 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric power equipment and new energy sectors are expected to see improved profitability, particularly in the electric vehicle (EV) battery segment, as lithium battery supply issues are anticipated to reach a turning point. The decline in lithium carbonate prices is expected to lower battery costs and stimulate downstream demand [2][3] - The report emphasizes the growing demand for electric power equipment driven by emerging industries like AI, which is expected to lead to increased investment in global power grids. The report suggests that 2025 may be a significant year for grid investment [2][3] - In the energy storage sector, the report forecasts sustained high growth, particularly in large-scale storage and commercial storage, driven by the development of virtual power plants and the upcoming summer peak electricity demand [3][6] Summary by Sections New Energy Vehicles - The report notes a significant increase in new energy vehicle sales, with April 2025 sales reaching 1.226 million units, a year-on-year increase of 44.2%. The installed capacity of power batteries in April was 54.1 GWh, up 54.6% year-on-year [11][13] - Key companies to watch include CATL, Yiwei Lithium Energy, and BYD, among others [2][3] Electric Power Equipment and Energy Storage - The report indicates that the electric power equipment sector is poised for growth due to increased demand from AI and renewable energy developments. It recommends focusing on companies like Sifang Co., XJ Electric, and others [2][3] - In energy storage, the report highlights the potential for large-scale storage and commercial storage to thrive, with recommended companies including Nanjing Tech and Sungrow Power [3][6] Photovoltaics - The report mentions strong demand in Europe and a robust domestic market for ground-mounted solar power plants. It highlights the potential for new technologies like TOPCon to drive further growth in the solar market [3][15] - Recommended companies include Trina Solar, LONGi Green Energy, and others [3][6] Industrial Control & Robotics - The report notes an upcoming cycle of industrial control equipment updates, with a PMI of 49.5% in May 2025, indicating a potential recovery in manufacturing [5] - The establishment of the Guangdong AI and Robotics Industry Alliance is expected to facilitate the development of the humanoid robotics sector [5][6] Low-altitude Economy - The report discusses the rapid development of low-altitude economy projects, particularly eVTOL, with the establishment of a national low-altitude traffic network [6] - Companies to watch include CATL and others involved in low-altitude transportation [6]