供给侧改革持续推进，持续看好光伏、固态电池

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the photovoltaic (PV) industry and solid-state battery technology, highlighting ongoing supply-side reforms and their implications for market dynamics and investment opportunities. Key Points on Photovoltaic Industry 1. Supply-Side Reforms: Continuous supply-side reforms in the PV industry are expected to streamline the pricing across the industry chain, promoting healthy development. The rise in polysilicon futures prices and silicon wafer prices indicates cost transmission, with polysilicon prices potentially stabilizing around 60,000 RMB based on a five-year investment recovery period [1][2][6]. 2. Demand Concerns: Market concerns regarding PV demand for the second half of the year and 2026 may be overestimated. Historical trends suggest that significant demand growth often follows periods of low demand, as seen in 2012 and 2018. Key macro factors, such as overseas solar-plus-storage projects, are likely to catalyze demand [4][5]. 3. Overseas Projects: The Abu Dhabi 5.2 GW solar and 19 GWh storage project demonstrates competitive levelized cost of electricity at 3 cents per kWh, indicating strong demand for large-scale solar-plus-storage projects in overseas markets [4][5]. 4. Investment Focus: Recommendations include focusing on the main chain and auxiliary materials within the PV sector, as these areas may experience price recovery during the ongoing anti-involution process [7]. Key Points on Solid-State Batteries 1. Market Position: Solid-state batteries are still in the early stages of industrial development, with a positive outlook for equipment and materials sectors. Major companies like CATL and BYD are already making procurement moves in solid-state equipment [9]. 2. Technological Innovations: Innovations such as semi-solid batteries are enhancing solid electrolyte performance while reducing electrolyte usage, which significantly impacts equipment requirements [9]. 3. Comparison with Liquid Batteries: Liquid lithium batteries have made significant safety advancements, while solid-state batteries are still evolving. Liquid batteries currently offer cost advantages and have improved safety standards following new regulations [10]. Additional Insights - Emerging Technologies: New PV technologies, including BC (Back Contact) cells and silver reduction techniques, are critical for competitive positioning in the market. The inverter and storage sectors are also highlighted as areas of potential investment [3][8]. - AIDC Sector Dynamics: Developments in the AIDC sector, particularly NVIDIA's potential resumption of H20 sales to China, could drive growth in related markets, including HVDC and server power systems [13]. - Long-Term Trends: The long-term outlook for humanoid robots remains strong despite recent fluctuations, with upcoming events expected to catalyze interest and investment in this area [14]. Conclusion The conference call emphasizes the resilience and growth potential of the photovoltaic industry and solid-state battery technology, driven by supply-side reforms, technological advancements, and favorable macroeconomic factors. Investors are encouraged to focus on key areas within these sectors for potential opportunities.