中信建投发布研报称，电力设备受益AIDC高景气与高压设备放量，出口端表现强劲;锂电凭借旺季、储能超预期及低估值优势，具备修复空间;光伏受政策 与硅料控产支撑，企业亏损有望收窄;储能延续高景气;风电主机企业盈利逐步修复;氢能SOFC赛道长期潜力凸显;机器人板块短期热度消退但技术与应用落 地可期。整体看，高景气赛道(AIDC、储能)、具备估值修复空间的领域(锂电龙头)及有长期成长逻辑的方向(氢能、机器人)，构成当前产业关注重点，业 绩与供需变化将成后续行情核心驱动因素。 中信建投主要观点如下： 电力设备：AIDC配套情绪持续走强，公司纷纷披露新产品进展(例如SST、HVDC等)市场对新技术+想象空间大的方向给出估值溢价。【1】AIDC高景气 延续;【2】关注H2高压设备放量;雅下项目配套延长高压设备景气周期;【3】出海景气度延续，25H1电力变压器出口增速40%+。业绩角度，H1出口&高压 设备&网外抢装带来积极影响。 锂电：锂电机会主要系①旺季来临+储能超预期，②资金高低切，锂电环节当前处于基本面较好的成长洼地，且很多标的是创业板的权重股;看好①业绩稳 定的低估值龙头公司;②弹性标的关注6F率先涨价。 光伏：《 ...

人民财讯8月25日电，中信建投研报称，预计6F环节2025年第三季度、第四季度供需比为122%、 102%，2026年第三季度、第四季度供需比为105%、93%，2025年第四季度起6F将进入供需紧平衡状 态，2026年第四季度将面临0.7万吨左右的缺口，6F有望成为供需率先扭转的锂电材料环节，已具备一 定的涨价基础。中信建投预计2025年第四季度将有望看到6F加工费初步上涨2000元/吨左右，2026年中 随着供需关系进一步紧张，加工费有望进一步上涨5000—20000元/吨，带来较大业绩弹性。 转自：证券时报 ...

Investment Rating - The industry investment rating is "Overweight" [9][30]. Core Views - The report highlights strong demand for commercial vehicles and favorable conditions for large-scale energy storage in China, leading to a month-on-month increase in lithium battery production in August [1]. - The report anticipates limited price reduction space in the battery and materials segments due to sustained demand growth and improved capacity utilization rates, particularly in Q3 [1]. - The report recommends several companies, including CATL, Yiwei Lithium Energy, and Xinwangda, as well as companies in the 6F and positive electrode materials sectors [1][5]. Summary by Sections Lithium Battery Production - In August, lithium battery production reached 110.3 GWh, a month-on-month increase of 1.5%, with positive and negative electrode production increasing by 2.6% and 2.3%, respectively [1]. - The demand for electric commercial vehicles and large-scale energy storage is driving this growth, indicating a continued upward trend in the lithium battery industry [1]. New Energy Vehicles - In July 2025, domestic retail sales of new energy vehicles reached 1.01 million units, a year-on-year increase of 15%, with a cumulative sales increase of 29.1% for the first seven months [2]. - The penetration rate of new energy heavy trucks in China reached 14.69%, with sales increasing by 186% year-on-year [2]. Energy Storage - The report notes that the profitability model for large-scale energy storage in China is gradually improving, with a significant increase in bidding scale [4]. - In the first half of 2025, the bidding scale for energy storage reached 176.59 GWh, a year-on-year increase of 180.57% [4]. Recommendations - The report recommends the following companies for investment: - CATL (300750 CH) with a target price of 341.24 and a "Buy" rating [7]. - Yiwei Lithium Energy (300014 CH) with a target price of 49.20 and a "Buy" rating [11]. - Xinwangda (300207 CH) with a target price of 23.18 and a "Buy" rating [12]. - Tianci Materials (002709 CH) with a target price of 22.80 and a "Buy" rating [12]. - Fulian Precision (300432 CH) with a target price of 26.77 and a "Buy" rating [14].

Investment Rating - The report maintains a recommendation for metals silicon, PBAT, and valine, indicating a positive outlook for these materials in the chemical industry [1]. Core Insights - The new materials sector outperformed the broader market and the basic chemical sector, with a weekly change of 1.37% for the new materials index compared to 1.17% for the basic chemical index and 1.09% for the CSI 300 index [8]. - Price increases were noted for metals silicon (+3.16%), PBAT (+0.51%), and valine (+0.35%), while significant declines were observed in electronic-grade hydrogen peroxide (-3.86%), 6F (-1.01%), and epoxy resin (-0.88%) [8][21]. - The report highlights the importance of the new materials sector, particularly in semiconductor materials, which showed significant gains [8][25]. Industry Updates - The Ministry of Industry and Information Technology held a meeting with photovoltaic companies to address low-price competition and promote the exit of outdated production capacity, aiming for sustainable development in the solar industry [9]. - The easing of trade tensions between China and the U.S. has led to a recovery in trade inquiries and shipping prices, positively impacting chemical prices [10]. - The report emphasizes the potential for growth in the new materials sector, particularly in areas that require domestic production capabilities and have been historically reliant on imports [11]. Trading Data - The Huachuang Chemical Industry Index stood at 73.06, reflecting a decrease of 0.22% week-on-week and a year-on-year decline of 25.03% [17]. - The industry inventory percentile is at 91.12%, indicating a high level of stock relative to the past five years [17].

Investment Rating - The report maintains a "Buy" rating for key companies in the renewable energy sector, particularly highlighting Sunshine Power and Daikin Heavy Industries as top recommendations [5][6][11]. Core Insights - The renewable energy sector, particularly photovoltaics, is identified as a benchmark industry in the current "anti-involution" movement, with significant price interventions showing initial effectiveness [5][6]. - The report emphasizes the importance of monitoring terminal price transmission capabilities and the formation of consistent expectations regarding price increases across the supply chain [5][6]. - The electric grid sector is experiencing accelerated construction, with significant contract wins reported, indicating robust growth potential [2][11]. - The solid-state battery trend is gaining momentum, with companies like Shanghai Xiba and Ganfeng Lithium making notable advancements in battery technology [7][9][12]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the photovoltaic industry as a key focus area within the new energy sector, with price interventions beginning to show results [5]. - It recommends Sunshine Power as a leading beneficiary of improved market conditions and optimistic Q2 performance outlooks [5][6]. Wind Power - Daikin Heavy Industries is noted for exceeding Q2 performance expectations, with a strong long-term profit outlook [6]. - The report discusses favorable policy developments in Hainan province for offshore wind projects, indicating potential order opportunities [6]. Electric Grid - The report notes that Siyuan Electric's Q2 revenue reached 5.3 billion yuan, a 50% year-on-year increase, with net profit up 62% [2][11]. - The State Grid's recent contract wins totaling 21.19 billion yuan reflect a 38% year-on-year increase, marking a new high for single-batch contract amounts [2][11]. Lithium Battery - The report emphasizes the solid-state battery trend and the importance of lithium metal anodes as a long-term direction for battery technology [7]. - Companies like Shanghai Xiba are actively pursuing acquisitions to enhance their capabilities in lithium-related materials [12]. New Energy Vehicles - The report indicates a shift in the automotive market towards quality competition, with companies focusing on product quality rather than price competition [3]. - The launch of new models, such as the NIO L90, is expected to enhance market competitiveness and brand perception [18]. Hydrogen and Fuel Cells - The report notes a resurgence in interest in hydrogen energy, with government support and low valuations making it a potential investment hotspot [3]. Industry Events - Key industry events include the release of the "Notice on Renewable Energy Power Consumption Responsibility Weight" by the National Development and Reform Commission, which sets ambitious targets for renewable energy consumption [4][5]. - The report also highlights significant IPO plans from companies like Tianqi Materials and Xingyuan Materials, indicating a trend towards capital market engagement [10][18].