Pacific Securities has released a research report stating that the flexibility within the upstream segment of the power equipment and new energy industry holds significant certainty. Recent volatility in upstream components like lithium carbonate is expected, while the medium-term upward trend remains intact, suggesting strategic buying during price dips. The global expansion of AI and new energy is a major trend driving demand for supporting infrastructure like power equipment and energy storage, highlighting opportunities for related industry leaders.
Key views on the lithium battery industry chain are as follows: Focus on mid-upstream flexibility. 1. Zimbabwe has intensified management of lithium ore exports, and Indonesia is strengthening nickel management, leading to a broad upward trend for new energy metals. Companies such as Huayou Cobalt, Salt Lake Co., Ltd., and Dazhong Mining are poised to benefit. 1) Zimbabwe recently announced an immediate suspension of all exports of raw lithium ore and lithium concentrate, aiming to capture higher value by mandating local deep processing. Companies are optimistic that exports will resume once proper procedures are completed. 2) According to association data, China's lithium carbonate production capacity is projected to reach 1.78 million tons by 2025, with output of 976,000 tons, a year-on-year increase of 39.3%. Imports of lithium concentrate are expected to be approximately 7.751 million tons, up 39.4% year-on-year, with 1.204 million tons sourced from Zimbabwe. 3) Recently, Indonesia has implemented aggressive production cuts to boost nickel prices. The world's largest Weda Bay nickel mine has been assigned an ore production quota of 12 million tons for 2026, a significant decrease from the 42 million tons in 2025. 2. Solid-state batteries are expected to see continued implementation (standards and vehicle integration), benefiting companies like Xiamen Tungsten New Energy, Putailai, and Naconod. 1) China's first national standard for automotive solid-state batteries, GB/T "Solid-state batteries for electric vehicles - Part 1: Terminology and classification," is anticipated to be officially released in July 2026. 2) Changan Automobile has updated its solid-state battery plan, expecting to complete robotic and vehicle testing before the third quarter of 2026, with small-scale demonstration operations starting in 2027.
Key views on the wind power, solar power, energy storage, and power equipment industry chain are as follows: Focus on the driving effect of AI+. 1. Against the backdrop of vigorous development in AI and new energy, demand for power equipment continues to improve. Companies like TBEA, Sieyuan Electric, and Sifang Co., Ltd. are set to benefit. Recently, State Grid Corporation of China released ten measures to support the high-quality development of new energy, including enhancing grid resource allocation capacity and increasing new energy integration capacity. It aims to commission 15 UHVDC projects during the "16th Five-Year Plan" period. 2. The proportion of new energy in power generation is continuously increasing, elevating the importance of energy storage within the energy system. Companies such as CATL, Sungrow Power Supply, and Hyperstrong are positioned to benefit. 1) Based on data from the National Energy Administration, by 2030, the installed capacity share of new energy is expected to exceed 50% (making it the main source of power capacity), with its share of electricity generation reaching around 30%, laying a core foundation for building a new energy system by 2035. 2) At the State Council level, mechanisms like capacity pricing for new energy storage will be further refined to fully reflect the multi-dimensional value of electricity, including energy, regulation, and capacity. Clear overall goals have been set to basically establish a nationally unified electricity market system by 2030 and fully complete it by 2035. 3. Europe continues to advance floating offshore wind power, benefiting companies like Dajin Heavy Industry and Orient Cable. 1) Europe recently launched a strategic plan focused on offshore test infrastructure for high-power floating wind, aiming to promote the industrialization of floating offshore wind and maintain its leading position in the field by constructing dedicated offshore test bases capable of supporting floating turbines of 10MW and above. 2) Norway recently announced it has received applications for five floating offshore wind demonstration projects; final funding decisions are expected in spring 2026.
Key views on new industrial chains like AI+ new energy and commercial aerospace are as follows: Focus on breakthroughs in new markets. 1) Recently, Unitree Robotics released its new quadruped robot, the Unitree As2, with power performance approximately double that of its current flagship model, the Go2. 2) The 2026 CCTV Spring Festival Gala became a concentrated showcase for domestic humanoid robots. Robots from four major manufacturers—Unitree Robotics (H2, G1), Magic Atom (MagicBot Z1), Songyan Power (custom models like E1), and Galaxy General (Galbot G1)—were deeply involved in performances including martial arts, song and dance, skits, and microfilms. This demonstrated the industry's evolution from single-function performances to full-scenario adaptation and from pre-programmed execution to autonomous intelligent perception.
Risk warnings include downstream demand falling short of expectations, intensifying industry competition, and technological progress not meeting forecasts.
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