光伏反内卷引领创新治理，新格局重塑产业逻辑

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the photovoltaic (PV) industry, highlighting the establishment of a multi-crystalline silicon storage platform by major companies to stabilize prices through coordinated production control. This initiative has already led to an increase in futures prices, with spot prices maintaining above 50,000 yuan, although transaction volumes remain limited. The platform is expected to enhance market confidence and drive price recovery across the industry [1][2][3]. Core Insights and Arguments - Market Dynamics: The overseas market is experiencing strong demand for photovoltaic products due to electricity shortages, with expectations for good demand in 2026. Conversely, the domestic market may see a decline in installed capacity next year, potentially setting the stage for a recovery [1][3]. - Supply-Side Reforms: The establishment of the multi-crystalline silicon storage platform, involving major players like Tongwei, Xiexin, and others, aims to achieve price stabilization and reasonable profitability across the supply chain. This contrasts with past supply-side reforms in industries like steel and cement [2]. - Investment Opportunities: The call emphasizes the importance of monitoring the photovoltaic sector and its supply-side reforms, which are expected to lead to a recovery in profitability [1][3]. Data Center Developments - The data center sector is focusing on the implementation of an 800-volt architecture to meet the power supply needs of AIGC (Artificial Intelligence Generated Content). This architecture enhances power density and reduces copper usage. Key components to watch include solid-state transformers, solid-state circuit breakers, and high-power PSUs [4]. Humanoid Robotics Progress - Recent developments in humanoid robotics include the launch of an application store by Yuzhu Technology, which allows users to share motion models, laying a foundation for ecosystem development. Additionally, Huawei has entered a procurement agreement with NewTaiKe, committing to purchase at least 1,000 units over the next three years, marking significant progress in the application of humanoid robots [5]. Solid-State Battery Advancements - The solid-state battery sector is gaining traction, with SAIC's new MG4 model featuring solid-state batteries completing its first batch of deliveries. QS, a key player in solid-state lithium metal technology, has signed a joint development agreement with the world's top ten automotive manufacturers, indicating steady progress in the solid-state battery supply chain [6]. Wind Power and Grid Construction Updates - In the wind power sector, downstream prices are recovering, and significant progress has been made in deep-sea projects, such as the successful grid connection of the 800 MW project in Jiangsu, which can supply electricity to 1.4 million households. The construction of ultra-high voltage (UHV) lines is also advancing, with new projects being approved and operational, indicating a steady progression in UHV construction and enhancing competitiveness in the wind power sector [7].