推开亦创国际会展中心北门，迎面扑来就是人群的低声惊叹——有人举着手机追拍拳击人形的挥臂瞬间，有人被机械臂精准夹取散乱零件的动作吸引，目 光一秒没移开。 今年的WRC更像一次"交付力"大考。500余家来自全球的企业把工业、服务、特种、人形机器人全门类新品搬上舞台，100多款新品首发，其中50家整机 厂扎堆"人形化"赛道。 一位投资人在现场更是低声感叹："去年的关键词是'炫技'，今年是'能干活'。"而首程资本的预测更是直接——今年全球人形机器人出货量将超万台，单 一厂商突破千台的会有五六家。 市场代表： 英伟达 (NVIDIA): 绝对的底层算力霸主。其不仅提供GPU，更通过Project GR00T人形机器人基础模型和Isaac Sim仿真平台，为整个行业提供"操作系统"级 别的支持，试图复制其在AI领域的生态优势。 微软 (Microsoft): 通过对OpenAI的战略投资，深度参与大模型对机器人的赋能。其Azure云平台也为无数机器人公司的模型训练提供了海量算力。 硅谷高潜力初创： 作为一家深耕硅谷的一线专家咨询机构，我们不仅为投资者梳理了六个最值得关注的机器人投资主题，还精选了每个主题下最具代表性的上市 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The photovoltaic industry is experiencing a weakening market atmosphere, with continued price declines across the supply chain. N-type module prices fell by 0.02 CNY/W, driven by expectations of decreased terminal component demand as the 531 rush installation deadline approaches. It is recommended to focus on the BC technology industry trend, which has relatively high certainty for the year [3][17][22]. - Offshore wind projects are progressing steadily, with the Jiangsu 1550MW offshore wind project entering the basic phase of construction. The successful connection of the Guangdong Yangjiang offshore wind project to the grid marks a significant milestone [3][23]. - The energy storage sector is seeing a valuation recovery during the earnings announcement period, with a focus on storage PCS and industrial storage segments. Global energy storage demand is rebounding, particularly in Europe, and there is potential for valuation recovery in large-scale and household storage segments [3][26]. - The electric grid investment in the first quarter of 2025 reached 95.6 billion CNY, a year-on-year increase of 24.8%. The State Grid plans to accelerate investment in UHV projects in the second quarter [3][43]. - The electric vehicle sector is influenced by potential tariff exemptions proposed by the Trump administration, suggesting continued investment in high-profit companies within the sector [3][45]. Summary by Sections Photovoltaic - Market sentiment is weak, with prices continuing to decline. N-type components dropped by 0.02 CNY/W, and terminal component demand is expected to decrease [3][15][21]. - The supply chain is under pressure, with expectations of a decline in domestic terminal component demand in the second half of the year [3][17][22]. Wind Power - Offshore wind projects are entering a positive phase, with significant projects in Jiangsu and Guangdong making progress [3][23][24]. Energy Storage - The sector is experiencing a valuation recovery, with a focus on PCS and industrial storage. Global demand is increasing, particularly in Europe [3][26][27]. Electric Grid Equipment - Investment in electric grid projects in the first quarter of 2025 was 95.6 billion CNY, a 24.8% increase year-on-year. The State Grid is expected to enhance UHV investment in the second quarter [3][43][44]. Electric Vehicles - The electric vehicle sector is affected by proposed tariff exemptions, with a recommendation to continue investing in high-profit companies [3][45][46]. Hydrogen Energy - Multiple large-scale hydrogen projects are underway, with a focus on hydrogen production and storage. Significant investments are being made in green hydrogen projects [3][38][39][40].