Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and domestic companies' strong demand for core component localization, presenting significant market opportunities [1][14] - The new energy vehicle sector is experiencing stable growth, with several companies reporting increased delivery volumes, driven by the maturation of solid-state battery technology and supportive policies [2][18] - The photovoltaic industry is seeing improved supply-side expectations, with measures to address overcapacity being anticipated, which could lead to a positive marginal change in the industry [3][26] Summary by Sections Humanoid Robots - The launch of the fourth-generation frameless torque motor and hollow driver by the company is expected to enhance the performance and reliability of humanoid robots, with strong domestic demand for localization of core components [1][13] - The entry of major tech companies into the humanoid robot market is expected to accelerate industrialization, with significant opportunities for component suppliers [14][15] New Energy Vehicles - In June 2025, several new energy vehicle manufacturers reported stable month-on-month delivery volumes, with companies like NIO and Xpeng showing growth, while others like Li Auto experienced declines [2][17] - The introduction of new technologies such as solid-state batteries is expected to enhance vehicle performance and reduce costs, contributing to the overall growth of the new energy vehicle market [18][19] Photovoltaic Industry - The photovoltaic sector is addressing overcapacity issues, with government and industry discussions focusing on improving product quality and reducing low-price competition [25][26] - Companies involved in silicon material production and high-efficiency battery technologies are expected to benefit from upcoming supply-side adjustments and cost reductions [3][26][32] - The anticipated reduction in glass production by 30% is expected to alleviate inventory and pricing pressures in the photovoltaic glass market [3][26] Wind Power - The offshore wind power sector is recognized as a key component of marine economic development, with significant growth potential due to advancements in technology and cost reductions [4][28] - The industry is expected to benefit from a stable demand for wind power generation, with ongoing projects and technological improvements enhancing the overall efficiency of wind energy production [28][44]

Core Viewpoint - Guangdong is determined to build a strong marine economy, as evidenced by the high-level provincial meeting focused on marine economic development, marking a significant step towards becoming a marine powerhouse [1][4]. Group 1: Current Status and Challenges - Guangdong has maintained its position as the leading province in marine economy for 30 consecutive years, with a total marine economy exceeding 2 trillion yuan, but still faces challenges in transitioning from a large marine economy to a strong one [5][6]. - The province's marine industries are characterized by a high proportion of traditional industries, indicating significant potential for the development of high-value emerging marine industries [5]. Group 2: Strategic Directions - The meeting outlined a clear roadmap for enhancing marine economic development, emphasizing the need for an integrated approach to strengthen various sectors and achieve comprehensive growth [7]. - Key strategies include optimizing marine productivity layout, promoting bay area economies, and enhancing coordination between land and sea [3][4]. Group 3: Investment and Development Initiatives - Guangdong's provincial port and shipping group plans to invest over 4 billion yuan in modern marine ranch construction from 2025 to 2027, which is expected to create over 10,000 jobs and increase fishermen's income by over 1 billion yuan [6]. - The province has over 80,000 marine-related enterprises, with nearly 6,500 classified as "four above" enterprises, playing a crucial role in fostering new productive forces in the marine economy [6]. Group 4: Technological and Ecological Focus - The meeting highlighted the importance of technological innovation in marine industries, with a focus on developing key technologies and nurturing modern marine talent to support economic transformation [7][8]. - There is a strong emphasis on balancing marine resource development and ecological protection, with initiatives aimed at enhancing marine ecological restoration and sustainable resource management [8].

在海洋强国战略指引下，海南正以"向海洋要生产力"的魄力，开辟"以场带产深海智造"新赛道。依托全国唯一的国家海洋综合试验场（深海），海南瞄 准深海油气矿产、深海高端装备制造、海洋新能源等新兴产业，推动海洋经济年均增速超16%，2024年海洋生产总值占GDP比重达34.1%；2025年第一季 度，海洋经济占全省GDP比重达到41.7%。海南省委、省政府提出，通过打造"智慧海洋"深海科技创新策源地，力争用十年左右时间，再造一个"海上海 南"，为海洋强国建设贡献海南方案。 自然资源禀赋 "以场带产深海智造"发展海洋产业 浩瀚而神秘的深远海是有待于人类深度开发的领域，然而，要发展深远海产业却并非易事：深海装备制造技术门槛高、产业链长，需以重大科技基础设 施为依托。当前，我国深海资源开发、海洋安全等领域仍面临"卡脖子"问题。海南作为南海资源开发前沿，肩负着服务国家深海工程的重任。 国家海洋综合试验场（深海）具有可为海洋仪器装备提供定点、长期、连续海上试验测试的独特优势，是促进海洋技术原始创新和应用（如海洋仪器设 备和装备研发）、完善海洋观测监测网技术标准体系，促进海洋高新科技成果转化和提高基于海洋生态观测监测体系的海洋综 ...

日前，《广东省促进海洋经济高质量发展条例》（以下简称《条例》）经审议通过，将于7月1日正 式施行。这是广东省首部关于促进海洋经济发展的地方性法规，为打造高水平的"海上新广东"提供了有 力法治保障。 《条例》共七章五十三条，围绕海洋产业发展与空间布局、科技创新、绿色发展、开放合作、综合 服务与保障等五个方面，系统总结提升促进海洋经济高质量发展的经验做法，推动解决存在的堵点卡点 问题。 为保障海洋生态安全，《条例》提出海洋经济绿色发展的总体要求，明确健全海洋资源开发保护制 度，严守生态保护红线、环境质量底线、资源利用上线，严格落实自然岸线保有率管控目标，科学推进 各类涉海开发保护建设活动。 《条例》明确，加强海洋经济示范区建设，支持有条件的地方建设现代海洋城市，引导涉海企业向 经济技术开发区、高新技术产业开发区等集聚发展，探索建设海洋产业园区等。 在培育发展海洋新兴产业方面，《条例》明确，引导支持电子信息企业向海洋领域拓展，提升高端 海洋电子装备的研发能力，加快物联网、大数据、人工智能等技术在海洋领域的融合应用。推动海洋工 程装备制造业巩固提升，增强高端海洋工程装备研发、设计和建造能力，鼓励涉海企业在重点领域突破 ...

行 电力设备 2025 年 06 月 08 日 究 报 告 风险提示：电动车消费复苏不及预期、海外政策风险等；光伏下游需 求不及预期；行业竞争加剧；上游原材料价格大幅波动；风电装机不及预 期；政策落地不及预期；国际政治形势风险，市场规模不及预期；电网投 资进度不及预期；氢能技术路线、成本下降尚存不确定性等。 业 研 究 行 业 电力设备 产业周跟踪：宁德发布锂金属研究进展，能源局 启动七大新型电力系统领域试点 投资要点： 锂电板块核心观点：宁德时代锂金属电池成果登上 Nature，固态电池 设备集中亮相欧洲电池展。1）宁德时代发表锂金属电池研究成果；2）固 态设备亮相 2025 欧洲电池展，上海洗霸发布 eVTOL 固态电池。 定 期 报 告 光伏板块核心观点：6 月组件排产预计继续下降，关注下周 SNEC 展 新品发布。近期终端需求不断下降，6 月国内组件排产预计继续下降至不 足 45GW；受组件排产下降影响，上游硅片、电池片以及胶膜等辅材环节 排产相应下调，我们认为当前产业链排产及价格情况主要为国内短期需求 支撑有限，建议关注下半年国内集中式项目以及海外需求进展。下周第十 八届 SNEC 光伏&储能展预计 ...

Q&A • 2025 年国内海上风电装机量预计达 12GW，较 2024 年显著增长，主要 受益于已核准和招标项目的强力支撑，以及江苏、广东等地停滞项目的复 工。 • 二季度是海上风电施工旺季，4 月以来各项目加快发运和施工进度，预计 二季度整体发货量同比环比均显著增长，单位盈利能力有望修复，利润端 呈现显著增长。 • 海上风电装机量增加带动产业链公司盈利修复，受益于成本摊薄和单位盈 利快速修复。江苏大丰供应商、揭阳码头、海南和广东金风科技等均显示 二季度进入交付和发运旺季。 • 2026 年海上风电市场展望乐观，已招标但尚未开工的项目总量超过 15GW，预计 2026 年装机量有望进一步增长至 15GW，广东、浙江、海 南项目量较大。 • 2025 年 1-5 月海上风电招标量接近 5GW，同比增长约 30%，表明今年 海上风电招标有望实现较好增速。 • 长期来看，国内深远海风电市场潜力巨大，政府工作报告提及上海科技新 兴产业，相关政策加快落地将显著推动深远海市场发展。 • 海外市场前景乐观，2026 年欧洲有望达到 8-9GW 装机规模，国内头部企 业如东莞中集电通、广州大金电力和天顺风能等积极布局海外市 ...

论坛背景 在能源绿色低碳转型和"双碳"目标牵引下，我国海洋清洁能源开发能力稳步提升，海洋氢能、海上 风电、海上光伏、海洋能规模化开发和绿色消纳百花齐放、百家争鸣。2024年以来我国海洋清洁能 源产业成绩瞩目： 海上风电持续高增长态势，加速向漂浮式和机组大型化发展；多个沿海省份海上 光伏项目相继获批，项目开工投产迎来一波小高潮；国家重点研发计划"新型漂浮式潮流-波浪能联 合发电装备关键技术及应用"项目启动 ......。得益于沿海的地理优势，我国长三角地区海洋清洁能 源开发潜力巨大，作为制造业总量常年占据长三角首位的江苏省，依托全国领先的海洋船舶和海工 装备产业基础，海洋清洁能源产业发展成果显著： 海上风电并网容量全国领跑；2027年计划建成 千万千瓦级海上光伏基地；全球首个海水制氢装备基地在常州投产 ...... 本届论坛以" 融合发展 ·创新驱动 "为主题，将于7月23-25日在南通举办。论坛同期举办 青年科 学家10²论坛、产业发展与创新技术全体大会、圆桌对话、四大专题论坛 ，以及 产业需求对接、创 新产品与技术展览、产业报告与项目地图发布、参观交流 等特色活动。 组织机构 主办单位 长三角船舶与海工装备 ...