Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The report highlights that the price of silicon materials continues to rise, driving strength in the upstream of the photovoltaic industry chain, while module prices remain stable. The overall performance of the photovoltaic sector is strong, with a 3.66% increase in the sector during the week [11][12] - In the wind power sector, multiple GW-level offshore wind projects are being tendered, indicating a sustained push in offshore wind development [18][19][20] - The energy storage market is experiencing robust growth in Europe and the US, with significant increases in household storage demand and favorable policies in regions like Anhui and Jiangsu [23][24][28][29] Summary by Sections Photovoltaics - Silicon material prices have increased, with N-type materials showing significant price rises. The prices of silicon wafers and battery cells have also been adjusted upwards, while module prices remain stable. The industry chain is expected to continue its strong performance, but attention should be paid to the progress of terminal project orders and downstream acceptance [12][13][14] - Investment suggestions include focusing on companies with high certainty in the BC technology industry trend, such as Longi Green Energy and Tongwei Co., Ltd. [13][17] Wind Power - Recent tenders for large offshore wind projects include a 1000MW project in Dandong, a 1300MW project in Jiangsu, and a 1500MW project in Hainan, indicating a concentrated release of large-scale projects [18][19][20] - Investment opportunities in the wind power sector include undervalued companies and those benefiting from offshore wind developments [20] Energy Storage - The global energy storage battery shipment reached 258GWh in the first half of 2025, a 106% year-on-year increase. Major players like CATL and Hicharge are leading the market [23][27][40] - The report emphasizes the importance of household storage markets in Europe and North America, with significant growth expected in the coming years [24][27] Hydrogen Energy - The successful maiden flight of a four-seat electric-hybrid aircraft and a significant order for hydrogen metallurgy green steel highlight the positive development of the hydrogen energy sector [32][33] - Investment in hydrogen energy applications, including fuel cell vehicles and hydrogen production, is recommended [34][35] Electric Grid Equipment - Investment in the electric grid is growing rapidly, with a reported 291.1 billion yuan invested in the first half of 2025, a 14.6% increase year-on-year. The focus is shifting towards enhancing grid infrastructure and smart grid technologies [38][39] - Key investment opportunities include companies involved in ultra-high voltage transmission and distribution networks [39] Electric Vehicles - The price of lithium carbonate has significantly increased, and the report suggests continuing to invest in companies with stable profitability in the battery and structural components sectors [40][43]

Core Viewpoint - The article highlights the significance of the first global export order for hydrogen metallurgy green steel, marking a milestone for the steel industry in China and its ability to meet international carbon footprint transparency requirements [2][3]. Group 1: Hydrogen Metallurgy Green Steel - Hebei Steel Group signed the world's first export order for hydrogen metallurgy green steel, amounting to 10,000 tons, scheduled for delivery by the end of August [2]. - This order demonstrates the capability of Chinese steel enterprises to respond to the EU's Carbon Border Adjustment Mechanism (CBAM) and opens new pathways in the international market [2]. Group 2: Environmental Impact and Technology - The company employs a self-developed hydrogen-based vertical furnace direct reduction process, replacing traditional carbon with hydrogen as a reducing agent, achieving zero carbon emissions in the iron-making process [3]. - The carbon emissions per ton of steel are reduced by 50% compared to traditional methods, aligning with EU TSI certification and EN standards, thus meeting stringent European market requirements for low-carbon products [3]. Group 3: Collaboration and Standards - Hebei Steel collaborates with automotive manufacturers such as BMW and Mercedes-Benz to apply green steel in vehicle manufacturing, promoting low-carbon initiatives across the entire industry chain [3]. - The products meet the EU LESS standard (low-carbon steel standard) and the draft of the Global Steel Climate Council (GSCC), facilitating the recognition of Chinese green steel on an international level [3].