Investment Rating - The report maintains a positive outlook on the electric equipment and new energy sector, particularly lithium batteries and photovoltaics, indicating a favorable short-term economic climate [1]. Core Insights - The overall strategy for the industry highlights a positive trend in lithium batteries and photovoltaics, with a focus on the main industrial chains that are expected to perform well in the near term [4]. - The report emphasizes the importance of new technologies in the photovoltaic sector, particularly the strong implementation capabilities of new technologies like BC [4]. - The report identifies a new cycle in the downstream ecosystem of the new energy vehicle industry, with a focus on high-end and intelligent trends [4]. Summary by Sections New Energy Vehicles - In March, the lithium battery sector shows a positive trend, with an expected production capacity of 108 GWh in China, reflecting a month-on-month increase of 11.3% and a year-on-year increase of 27.1% [9][10]. - There is an emphasis on segments with price increase expectations, such as lithium iron phosphate and cobalt, with recent price increases of approximately 500 yuan/ton for low-end and mid-range artificial graphite [4][10]. - The report highlights the trend towards high-end and intelligent electric vehicles, citing the pricing of Xiaomi's SU7 Ultra at 529,900 yuan, which exceeds market expectations [4][10]. - New product cycles are anticipated, with the launch of Li Auto's first pure electric SUV, the i8, and Tesla's FSD capabilities being pushed in the domestic market [4][10]. - The report also notes advancements in lithium battery technologies, including solid-state batteries and AI integration, with companies like Mercedes and Samsung SDI making significant strides [4][10]. Photovoltaic Industry - The photovoltaic sector is experiencing an increase in demand, with a significant rise in orders and a 40% month-on-month increase in component production in March [5][11]. - The report indicates that the price of photovoltaic glass has risen significantly due to strong demand and inventory depletion, with an increase of 2 yuan/square meter [5]. - The market is expected to confirm a bottom by 2025, with ongoing discussions among regulatory bodies to address "involution" competition [5]. - Technological innovation, particularly in BC technology, is seen as a key driver for the industry's upward movement, with plans for significant capacity expansion by leading companies [5]. Wind Power and Other Sectors - The report notes that the offshore wind sector remains strong, with the UK government launching a "clean industry bonus" program to support offshore wind development [6]. - There is a focus on humanoid robotics as a long-term core area, with companies like Huichuan Technology initiating recruitment for humanoid robotics [6]. Price Trends - The report details price trends across various segments, including a rise in prices for lithium battery materials and photovoltaic components, indicating a tightening supply and increasing demand [19][31].

乘用车中，纯电车对于普及快充最为焦虑。若以800V高压平台为观测窗口，从2022年的13款增至 2023年的37款，再到2024年前五个月的48款，实现成倍增长。 以"15分钟到80%"为技术焦点，面向多元车型、不同成本价位的快充诉求，动力电池快充技术向三大方 向分化。 快充价格门槛的降低在纯电快充车上表现得最为突出。 2024年中国20万元以上纯电车型已普遍配 置800V高压快充，据相关预测，2026年搭载800V高压平台的车型销量将达580万辆，渗透率突破 50%。小米SU7、极氪007、智界S7等代表快充车型在20万元的价格区间激战正酣，极狐阿尔法S5 则是直接将800V高压平台的配置门槛拉至20万元以下。 2月20日，华为在鸿蒙智行尊界技术发布会上推出全球首款800V高压6C动力电池包——巨鲸电池 2.0，并宣布今年将首发搭载尊界S800，6C动力电池即将开启装车。 在电动车成本更低、使用感更佳的影响下，混动车用户的用能倾向从油逐渐向电过渡。 快充技术 也从最初聚焦纯电动车，向增程式混动和高端插混车型扩展。 2025年混动车型也开始强调"快 充"卖点，华为尊界S800混动版、比亚迪2025款汉DM-i ...