Core Insights - The report highlights the integration of Grok voice assistant into Tesla's humanoid robot Optimus V3, marking a significant advancement in human-machine interaction [6] - The opening of the world's largest embodied intelligence data factory by Paccini in Tianjin aims to address the scarcity of high-quality datasets crucial for the development of robotics [6] - Yushu Technology has reported annual revenue exceeding 1 billion RMB, indicating strong growth and successful C-round financing [6] - The People's Daily emphasizes the need to eliminate "involution" competition to achieve high-quality development, advocating for market-oriented reforms [6] - In May 2025, the National Energy Administration issued 21.5 million green certificates, with an average trading price of 2.73 RMB per certificate, reflecting a 18.12% increase month-on-month [6] Market Trends - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 3,457.75, up 0.39% [5] - The prices of polysilicon and silicon wafers remain under pressure, with polysilicon prices stable at 35.0 RMB/kg and silicon wafer prices declining [8] - Battery cell prices have also decreased, with N-type battery cells averaging 0.235 RMB/W, down 2.1% from the previous week [8] - The report notes that the market for photovoltaic components is facing high uncertainty, with many manufacturers reducing production [8] Investment Recommendations - The report recommends focusing on companies involved in BC new technology, supply-side improvements, overseas expansion, and domestic substitution [8] - Specific companies highlighted for investment include Aiko, Longi Green Energy, and Xinyi Solar, among others [8] - It suggests actively monitoring companies related to humanoid robots, such as UBTECH and KOLI [8]

Investment Rating - The report maintains a "Synchronize with the Market - A" rating for the electric equipment and new energy industry [1] Core Viewpoints - The electric equipment and new energy industry has shown a stable market performance over the past year, with various companies recommended for investment based on their growth potential and market positioning [1][2] - The report highlights the integration of AI technologies in the industry, such as the introduction of the Grok voice assistant in Tesla's humanoid robot, which may revolutionize human-machine interaction [1][2] - The report emphasizes the importance of breaking away from "involutionary competition" to achieve high-quality development in the industry, as stated by the People's Daily [4] Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2] Market Trends - The report notes a decline in prices across various segments of the solar industry, including polysilicon, silicon wafers, battery cells, and modules, indicating a bearish market sentiment [6][7][8][9] - The average price of polysilicon is reported at 35.0 CNY/kg, while silicon wafer prices have decreased by 3.2% for N-type wafers [6][7] - Battery cell prices have also seen a decline, with N-type cells priced at 0.235 CNY/W, reflecting ongoing inventory accumulation and weak downstream demand [8] Investment Recommendations - The report recommends focusing on companies with innovative technologies and strong market positions, such as Aishuo Co., Ltd. and Longi Green Energy for BC new technology, and Flat Glass Group for supply-side improvements [10] - Companies with overseas expansion strategies, such as Hengdian East Magnetic and Sungrow Power Supply, are also highlighted as potential investment opportunities [10] - The report suggests monitoring companies involved in humanoid robotics, including UBTECH and other related firms [10]