Power Equipment Weekly: Photovoltaic Industry Consolidation Accelerates; Tesla Optimus Milestones Highlight Robotics Momentum

Date: December 23, 2025
Sector: Power Equipment / New Energy
Rating: Overweight (Maintained)
Analysts: Zhang Han (S1050521110008), Luo Dixiao (S1050525070001)

Executive Summary

This week, the Chinese power equipment sector witnessed two pivotal developments that are set to redefine the investment landscape for 2026 and beyond. First, the 2025 China Photovoltaic (PV) Industry Annual Conference in Xi’an marked a decisive turning point in the industry’s "anti-involution" (anti-excessive competition) campaign. The establishment of the "Guanghe Qiancheng" polysilicon consolidation platform, backed by major industry players including Tongwei and GCL Technology, signals a structural shift from price wars to coordinated supply-side reform. Coupled with explicit guidance from the Ministry of Industry and Information Technology (MIIT) to accelerate the exit of outdated capacity in 2026, the PV sector is entering a critical phase of market clearing and profitability restoration.

Second, Tesla’s release of its 2025 Optimus Humanoid Robot Annual Report provided tangible evidence of rapid technological maturation. The demonstration of Optimus’s evolution from basic motor control to complex social interactions and task execution in real-world scenarios (e.g., service roles, physical training) validates the commercial viability timeline for humanoid robots. This reinforces the investment thesis for high-certainty supply chain beneficiaries, particularly in actuators, sensors, and precision mechanical components.

Despite short-term market volatility—with the Power Equipment index declining 3.12% last week due to year-end profit-taking and seasonal demand lulls—the fundamental drivers remain robust. We maintain an "Overweight" (Recommended) rating on the Power Equipment sector. Our strategy favors leaders in the PV upstream materials sector benefiting from supply consolidation and core suppliers in the humanoid robot value chain with high barriers to entry.

Key Market Data Snapshot

Key Takeaways

1. Photovoltaic Sector: Structural Turning Point via "Anti-Involution"

The narrative of the PV industry has shifted decisively from "capacity expansion" to "quality survival and consolidation." The recent industry conference and subsequent actions highlight three critical trends:

• Policy-Driven Capacity Clearing: The MIIT has designated 2026 as the "critical year" for PV governance. The regulatory stance is moving towards market-oriented and legal mechanisms to force the exit of inefficient, outdated capacity. This top-down support reduces the risk of prolonged price wars and accelerates the return to dynamic supply-demand balance.
• Formation of Polysilicon Consolidation Platform: The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. is a landmark event. With Tongwei holding a 30.35% stake and other majors like GCL Technology, East Hope, Daqo New Energy, and Xinte Energy holding significant shares, this entity serves as a formal vehicle for M&A and capacity integration. This suggests that the upstream polysilicon segment will lead the industry in reducing oversupply, thereby stabilizing prices across the entire value chain.
• Supply Chain Price Stabilization & Profit Repair:
  • Polysilicon: While spot transactions remain limited due to weak downstream demand, leading manufacturers have raised quotes for dense material to RMB 65-67/kg (from ~RMB 50-55/kg transaction levels). This indicates a strong intent to anchor prices.
  • Cells: N-type TOPCon cell prices have risen to RMB 0.30/W, driven by soaring silver paste costs and strategic inventory withholding by major manufacturers. The cessation of shipments below this price point by tier-1 players is forcing a market-wide repricing.
  • Outlook: Although Q1 2026 may see sluggish demand due to seasonality, the aggressive supply-side discipline (production cuts, inventory control) limits downside risk. We anticipate a gradual improvement in profitability for integrated leaders and specialized technology providers (e.g., BC technology) as the market share concentrates.

2. Humanoid Robots: Tesla Optimus Validates Commercial Trajectory

Tesla’s 2025 Optimus Annual Report moves the humanoid robot sector from "conceptual hype" to "execution verification." The progress demonstrated in 2025 provides a clear roadmap for industrial and commercial adoption:

• Technological Milestones:
  • May 2025: Demonstrated generalized algorithm potential through daily tasks (laundry, trash handling) and dance, showcasing improved limb coordination.
  • September 2025: Validated safety and human-robot interaction (HRI) in a service setting (Tesla Diner), making popcorn and interacting with children.
  • October 2025: Enhanced motion control capabilities, including kung fu and physical training with human coaches, indicating advanced balance and force feedback systems.
• Investment Implication: The rapid iteration cycle confirms that 2026-2027 could be the inflection point for small-batch commercial deployment. Investors should focus on companies with high supply chain certainty and high value-added components. Key areas include rotary/linear actuators, harmonic reducers, and sensory systems.
• Top Picks: We highlight Tuopu Group and Sanhua Intelligent Controls for their deep integration into Tesla’s supply chain, as well as Zhaowei Machinery and Meihu Shares for their specialized contributions to precision transmission and micro-drive systems.

3. Energy Storage: Resilient Pricing Amidst Seasonal Slowdown

The energy storage sector demonstrates resilience despite the traditional year-end slowdown in project bidding:

• Lithium Prices: Battery-grade lithium carbonate remains elevated at ~RMB 91,000/ton, supported by tight spot availability and sustained long-term contract executions. However, with the peak season ending and new supply from projects like Tibet Mining’s Zhabuye Phase II coming online, we expect a gradual easing of tightness in Q1 2026.
• System Prices: Contrary to the deflationary trend seen in previous years, energy storage system prices have edged upward. The average price for 2-hour DC liquid-cooled containers rose to RMB 0.43/Wh. This is attributed to the stickiness of cell prices and price hikes by leading PCS (Power Conversion System) manufacturers in Q4.
• Grid-Forming Premium: Projects utilizing grid-forming technology command a premium of RMB 0.10-0.20/Wh over standard grid-following systems, highlighting the value of advanced technical capabilities in an increasingly congested grid environment.

4. Wind Power: Offshore Development Continues

The announcement of the Huadian Liaoning 500MW Offshore Wind Project in Donggang, Dandong, underscores the steady progression of offshore wind development in Northern China. With a total investment of RMB 5.21 billion and a construction period of 12 months, this project supports the demand for high-voltage subsea cables and offshore foundation structures. The use of 12MW and 11MW turbines reflects the industry’s trend towards larger, more efficient units to lower Levelized Cost of Energy (LCOE).

Detailed Industry Analysis

I. Photovoltaic Industry: From Chaos to Order

1.1 Macro Overview: Supply-Demand Dynamics in Transition

The 2025 China PV Industry Annual Conference provided a comprehensive data dump that illustrates the current state of the industry. The data reveals a stark divergence between manufacturing output adjustments and demand fluctuations.

Manufacturing Side (Jan-Oct 2025):
* Polysilicon: Production fell by 29.6% YoY to 1.13 million tons. This significant contraction is the direct result of earlier price collapses forcing high-cost producers to idle capacity.
* Wafers: Output declined by 6.7% YoY to 567 GW, reflecting cautious production planning by wafer manufacturers amidst thin margins.
* Cells: Production grew by 9.8% YoY to 560 GW, indicating that cell manufacturing capacity remains relatively abundant, though growth is slowing.
* Modules: Output increased by 13.5% YoY to 514 GW. The slower growth rate compared to previous years suggests that module makers are aligning production more closely with realistic demand forecasts rather than building speculative inventory.

Demand Side (Jan-Oct 2025):
* Total Installations: Domestic installations reached 252.87 GW, a robust 39.5% YoY growth.
* Seasonal Volatility: The data exhibits a "rise then fall" pattern.
* Jan-May: New installations surged to 198 GW (+150% YoY), driven by rush-to-install before potential policy changes and favorable weather.
* Jun-Oct: New grid-connected installations dropped sharply, with a 46.1% YoY decline in the June-October period. This deceleration is attributed to grid connection bottlenecks, curtailment concerns in key provinces, and the natural seasonal dip in construction activity.

Interpretation:
The sharp drop in H2 installations highlights the infrastructure constraints of the Chinese grid. As penetration rates rise, the ability to absorb intermittent solar power becomes the primary bottleneck, not module availability. This structural issue necessitates the co-development of storage and grid upgrades, which supports our positive view on the storage sector. For PV manufacturers, the H2 slowdown has exacerbated inventory pressure, making the current "anti-involution" measures even more critical.

1.2 Policy Landscape: The 2026 "Critical Year"

The speech by Director Yang of the MIIT Electronic Information Department is a crucial signal for institutional investors. The declaration that 2026 is the "critical year" for governance implies:
1. Stricter Environmental & Energy Standards: Expect tighter enforcement of energy consumption quotas for polysilicon and wafer production, which will disproportionately affect older, less efficient facilities.
2. Financial Discipline: Regulatory guidance may restrict credit access for companies expanding capacity without proven technological advantages or off-take agreements.
3. M&A Facilitation: The government is likely to facilitate mergers and acquisitions to prevent disorderly bankruptcies that could disrupt supply chains. The formation of "Guanghe Qiancheng" is a direct response to this policy direction.

1.3 Supply Chain Price Tracking & Analysis

A. Polysilicon: The Anchor of Stability

• Current Status: The market is in a state of "quoted rise, transaction wait." Leading manufacturers have signaled a floor price.
  • Quotes: Dense material quotes have moved to RMB 65-67/kg. Granular silicon quotes are around RMB 62/kg.
  • Transactions: Actual transaction prices for dense recycled material remain at RMB 49-55/kg, with mixed packs at RMB 47-51/kg. Granular silicon trades at RMB 50-51/kg.
  • Premiums: Tier-1 manufacturers maintain prices above RMB 51-53/kg for high-quality dense recycled material, but volume at these levels is low.
• International Market:
  • Global Average: USD 17-18/kg.
  • Distressed/Spot: USD 15-16/kg for inventory clearance.
  • USA: Prices remain stable due to long-term contracts, but spot prices are trending up due to trade compliance risks (UFLPA, FEOC rules). However, strict delivery conditions limit actual trade volume.
• Outlook: We maintain a neutral-to-positive view. The key variable is the Q1 production cut execution. If major players adhere to the self-discipline agreement, inventory accumulation will be manageable. The traditional Q1 demand slump poses a risk, but the supply contraction should offset it, preventing a further price collapse. We expect prices to stabilize in Q1 and potentially rise in Q2 as demand recovers.

B. Wafers: Holding the Line

• Price Action: Wafer prices remained stable this week, but new quotations have been issued with slight increases.
  • 183N (182-183.75mm): Mainstream transaction price at RMB 1.18/piece. Low-price offers of RMB 1.15/piece have disappeared as manufacturers withhold stock.
  • 210RN: Transactions concentrated at RMB 1.20-1.23/piece. Some attempts to raise quotes to RMB 1.25/piece are being tested, but acceptance is pending.
  • 210N: Stable at RMB 1.50/piece, showing strong support due to specific demand for large-format modules.
• Drivers: The upward pressure on wafer prices is derived from:
  1. Cost Push: Rising polysilicon quotes and surging silver paste prices.
  2. Supply Control: Manufacturers are actively controlling shipment rhythms to create a sense of scarcity.
  3. Inventory Slowdown: The rate of inventory accumulation has decreased due to production cuts.
• Outlook: Wafer manufacturers have limited room to raise prices significantly until downstream cell/module makers accept the cost pass-through. However, the downside is limited. We expect prices to remain firm or inch higher in the short term.

C. Cells: The Bottleneck of Profitability

• Price Surge: N-type cell prices saw a notable increase this week.
  • 183N, 210RN, 210N: All averaged RMB 0.30/W.
  • Ranges: 183N (0.285-0.30), 210RN (0.28-0.30), 210N (0.285-0.30).
• Mechanism: The primary driver is the skyrocketing price of silver paste. Silver is a critical cost component in TOPCon cells. To protect cash flow, leading cell manufacturers halted shipments for orders below RMB 0.30/W. This collective action forced second and third-tier manufacturers to follow suit, effectively locking the market at this new price floor.
• Tension: There is a significant disconnect between cell makers and module makers. Module manufacturers, facing weak end-user demand, are reluctant to accept higher cell prices. This has led to a standoff, with many cell makers waiting for the results of the December 18th self-discipline meeting to gauge the next move.
• Export Markets:
  • P-Type 182: Export avg USD 0.039/W. US-bound Southeast Asian cells (using non-Chinese silicon) trade at USD 0.08-0.09/W.
  • N-Type 183N: Export avg USD 0.039/W. US-bound premium cells trade at USD 0.10-0.12/W.
• Outlook: The RMB 0.30/W level is likely to hold in the short term due to cost pressures. However, sustained profitability depends on whether module prices can rise accordingly. If module prices remain stagnant, cell makers may face margin compression despite the nominal price hike.

D. Modules: End-Market Reality Check

• Domestic Prices:
  • TOPCon (Centralized): RMB 0.64-0.70/W.
  • TOPCon (Distributed): RMB 0.66-0.70/W.
  • HJT (715-720W): RMB 0.71-0.73/W.
  • HJT (720-740W): RMB 0.76-0.84/W (wide variance due to premium efficiency).
• Market Sentiment: Demand is flat. Domestic order execution is winding down for the year, and overseas buyers are reducing purchases for the winter holiday season. While some leading module makers have updated quotes upwards, widespread transaction price increases have not yet materialized.
• Export Prices:
  • Asia-Pacific: TOPCon at USD 0.085-0.090/W. Australia at USD 0.09-0.10/W. India (non-DCR) at USD 0.14-0.15/W (competitive pressure emerging).
  • Europe: Stable at USD 0.084-0.088/W. Contracts are increasingly factoring in the 9% VAT refund implications, which may lead to pricing adjustments in early 2026.
  • Latin America: USD 0.08-0.09/W. Brazil shows price fragmentation.
  • Middle East: Bulk orders at USD 0.085-0.09/W. Previous high-priced locked orders still executing at USD 0.10-0.11/W.
  • USA: Southeast Asian imports at USD 0.27-0.28/W. Distribution market exceeding USD 0.30/W. The market is fragmented and chaotic due to regulatory uncertainty (FEOC, UFLPA). Contracts now heavily emphasize compliance and liability clauses.

E. Auxiliary Materials: Cost Pressures Mount

• Silver Paste: The most significant cost driver. Silver prices surged 9.0% WoW to RMB 14,854/kg. Consequently, front-side silver paste prices rose 8.4-8.5% to ~RMB 14,000-14,100/kg. This directly impacts cell margins.
• EVA/POE: Prices stable. EVA at RMB 10,200/ton. Supply is tight due to maintenance, but demand is weak, leading to a stalemate.
• Glass: Prices unchanged (3.2mm coated at RMB 18.5/sqm). Inventory is rising as module production slows, creating downward pressure.
• Aluminum Frame: Down 0.5% to RMB 21,877/ton. Weak demand from downstream.
• Copper: Up 1.4% to RMB 92,925/ton. Driven by macro factors, but demand from cable makers is weak.

1.4 Investment Strategy for PV

The "anti-involution" theme is not just rhetoric; it is becoming operational reality. The investment logic shifts from "growth at all costs" to "survival of the fittest" and "technological differentiation."

1. Upstream Leaders (Polysilicon): Beneficiaries of supply consolidation. Tongwei Shares and GCL Technology are best positioned due to their low-cost structures and leadership in the new consolidation platform. They will likely gain market share as smaller players exit.
2. Technology Innovators (BC Technology): As standard TOPCon becomes commoditized, Back Contact (BC) technology offers a differentiation path. Longi Green Energy and Aiko Solar are leaders in BC. Aiko, in particular, shows a turnaround trajectory with expected profitability in 2025/2026. Longi’s massive scale and R&D budget allow it to drive the BC transition.
3. Avoid: Pure-play module assemblers with no vertical integration or unique technology, as they are squeezed between rising cell costs and static module prices.

II. Humanoid Robots: The Tesla Catalyst

2.1 Technological Progress Analysis

Tesla’s Optimus report is a masterclass in iterative development. The progression from May to October 2025 demonstrates improvements in three core domains:

1. Generalization of AI Algorithms: The ability to perform diverse tasks (dancing, cleaning, cooking) using a unified neural network architecture suggests that Tesla is solving the "Moravec’s paradox" challenge—making high-level cognitive tasks easy for AI while hard for robots, and vice versa. The success in unstructured environments (home settings) is a key differentiator from industrial robots.
2. Safety and HRI (Human-Robot Interaction): The Diner test case is critical. Operating in close proximity to humans, especially children, requires fail-safe mechanisms and intuitive behavior. This validates Optimus for service industry applications, which represent a massive total addressable market (TAM).
3. Dynamic Motion Control: Kung fu and physical training require real-time balance adjustment, force modulation, and rapid response. This implies significant advancements in actuator bandwidth and sensor fusion (vision + proprioception).

2.2 Supply Chain Implications

The commercialization of Optimus will drive demand for specific high-precision components. The value chain is shifting from generic automotive parts to specialized robotic components.

• Actuators: The core of movement. Requires high torque density and precision.
  • Rotary Actuators: Used for joints.
  • Linear Actuators: Used for limbs.
• Reducers: Harmonic reducers are essential for precise joint movement.
• Sensors: Force/torque sensors, IMUs, and visual sensors.
• Control Systems: Chips and software integration.

2.3 Recommended Stocks

1. Tuopu Group (601689.SH):

   • Logic: Deeply embedded in Tesla’s supply chain for both EVs and robots. Provides linear and rotary actuators. High certainty of volume as Optimus scales.
   • Valuation: 2025E PE of 31.8x. Reasonable given the growth potential in robotics.
   • Rating: Buy.

2. Sanhua Intelligent Controls (002050.SZ):

   • Logic: Leader in thermal management and electromechanical actuators. Collaborating closely with Tesla on robot joint modules. Strong manufacturing scale and cost control.
   • Valuation: 2025E PE of 44.5x. Premium justified by market leadership.
   • Rating: Buy.

3. Zhaowei Machinery (003021.SZ):

   • Logic: Specializes in micro-drive systems and precision gears. Critical for hand dexterity and small joint movements in humanoid robots. High technical barrier.
   • Valuation: 2025E PE of 101.7x. High valuation reflects high growth expectations and niche dominance.
   • Rating: Not Rated (Monitor for entry point).

4. Meihu Shares (603319.SH):

   • Logic: Provider of precision mechanical components. Expanding into robot joint assemblies. Beneficiary of domestic substitution trends.
   • Valuation: 2025E PE of 47.4x.
   • Rating: Buy.

III. Energy Storage: Price Resilience and Structural Shifts

3.1 Lithium Market: The New Normal

• Price Dynamics: Lithium carbonate at ~RMB 91,000/ton is no longer "cheap" but also not "expensive" compared to historical peaks. It represents a new equilibrium where marginal high-cost producers (some lepidolite miners) are barely profitable, while major brine and spodumene producers enjoy healthy margins.
• Supply Side:
  • Domestic: Tibet Mining’s Zhabuye Phase II is now operational, adding consistent supply.
  • International: Shipments from Africa and South America are improving.
• Demand Side:
  • EVs: Peak season is over. Production schedules for Jan-Feb 2026 are typically lower.
  • Storage: Demand remains robust but is also seasonal.
• Outlook: We expect lithium prices to oscillate in a narrow range or trend slightly lower in Q1 2026 due to seasonal demand weakness. However, a crash is unlikely due to cost support at the RMB 80,000-85,000 level.

3.2 Storage Systems: Value Migration

• Price Increase: The slight uptick in system prices (e.g., 2h DC container to RMB 0.43/Wh) is significant. It breaks the multi-year deflationary trend.
• Drivers:
  1. Cell Prices: Stable/high.
  2. PCS Costs: Leading PCS manufacturers have raised prices in Q4, citing component costs and R&D investments for grid-forming capabilities.
  3. Quality Premium: Buyers are increasingly willing to pay for reliability and grid-support features (grid-forming), rather than just the lowest upfront cost.
• Investment Implication: This pricing power improves margins for integrated storage providers and PCS manufacturers. Companies with strong brand recognition and technical capabilities (e.g., Sungrow, Huawei - unlisted, Sineng Electric) will benefit.

3.3 Corporate Update: Canadian Solar (Artesyn)

• News: Canadian Solar’s storage subsidiary secured a 408 MWh order in South Australia for Vena Energy’s Tailem Bend 3 project.
• Significance: This is the fourth large-scale order in Australia, bringing total delivered/under-construction capacity to >2 GWh. It demonstrates the global competitiveness of Chinese storage solutions and the strong demand in mature markets like Australia for grid stabilization assets.

IV. Wind Power: Steady Offshore Expansion

4.1 Huadian Liaoning 500MW Project

• Project Details:
  • Location: Donggang, Dandong, Liaoning. 50km offshore, 35-43m depth.
  • Capacity: 500 MW (38 x 12MW + 4 x 11MW turbines).
  • Investment: RMB 5.21 billion.
  • Timeline: 12-month construction.
• Industry Impact:
  • Large Turbines: The use of 11-12MW turbines confirms the industry’s shift towards larger units to reduce BOS (Balance of System) costs.
  • Subsea Cables: The 66kV collection system and chain topology require high-reliability subsea cables. This benefits cable manufacturers like Orient Cable and Hengtong Optic-Electric.
  • Foundations: Single-pile foundations are specified, favoring established foundation suppliers.

Market Performance Review

Last Week’s Performance (Dec 15 - Dec 19, 2025)

The Power Equipment sector underperformed the broader market, reflecting year-end portfolio rebalancing and profit-taking after a strong YTD performance.

• Power Equipment Index (SW): -3.12%
• CSI 300 Index: -0.28% (implied from relative perf)
• Shanghai Composite: -0.03% (implied from relative perf)
• Ranking: 27th out of 28 SW Level-1 sectors.

Top Gainers in Sector:
1. Hualing Cable: +29.56% (Speculative momentum, possibly related to grid investment rumors)
2. Aerospace Electromechanical: +22.60%
3. Risen Energy: +19.39% (PV module maker, rebounding on anti-involution hopes)
4. Junda Shares: +19.14% (PV cell maker, benefiting from cell price hike narrative)
5. Saiwu Technology: +16.89%

Top Losers in Sector:
1. Enjie Shares: -18.36% (Separator maker, pressure from battery cost concerns)
2. Maxwell Technologies: -15.82% (Equipment maker, cyclical concern)
3. Zhongli Group: -14.25%
4. Micro-Nano Imprinting: -13.66%
5. Accelink: -13.48%

Analysis: The divergence between gainers (PV manufacturers riding the price hike news) and losers (equipment and material suppliers facing margin squeeze or cyclical doubts) highlights the market’s selective approach. Investors are rewarding immediate pricing power and penalizing perceived vulnerability to capex cuts.

Risks / Headwinds

While the outlook is constructive, investors must monitor the following risks:

1. PV Demand Miss: If global installations in 2026 fall short of expectations due to high interest rates, grid curtailment, or policy shifts (e.g., tariff changes in Europe/US), the supply-side consolidation may not be enough to support prices.
2. Policy Execution Risk: The "anti-involution" measures rely on voluntary industry discipline and local government enforcement. If smaller players ignore production cuts or if local governments protect inefficient local champions, the supply glut could persist.
3. Robotics Commercialization Delay: While Tesla’s progress is impressive, mass production and cost reduction challenges remain. Any delay in Optimus’s factory deployment could dampen sentiment for the supply chain.
4. Raw Material Volatility: Further spikes in silver prices could erode cell margins completely if not passed through. Similarly, unexpected drops in lithium prices could lead to inventory write-downs for storage integrators.
5. Geopolitical Friction: Escalating trade barriers (US FEOC, EU CBAM, India ALMM) could disrupt export channels for Chinese PV and storage companies, forcing them to compete in a smaller domestic market.
6. Systemic Market Risk: A broader correction in the A-share market could drag down the sector regardless of fundamentals.

Rating / Sector Outlook

Sector Rating: Overweight (Recommended)

We believe the Power Equipment sector is at an inflection point. The PV industry is transitioning from a destructive price war to a structured oligopoly, which will restore profitability for leaders. The robotics sector is moving from concept to commercial reality, offering a new high-growth engine. The storage sector is demonstrating pricing power and resilience.

Investment Horizon: 12 Months

Key Themes for 2026:
1. PV Supply-Side Reform: Buy the consolidators and technology leaders.
2. Robotics Supply Chain: Buy the high-certainty Tesla suppliers.
3. Storage Value-Up: Buy companies with grid-forming tech and integrated capabilities.

Investment View & Stock Recommendations

Based on the analysis, we recommend the following portfolio strategy:

1. Photovoltaic: Focus on Upstream Leaders & Tech Innovators

*Note: PE is negative or distorted due to temporary losses. Valuation should be based on 2026E earnings or PB.

2. Humanoid Robots: High-Certainty Supply Chain

3. Energy Storage & Wind: Selective Opportunities

• Storage: Focus on companies with strong overseas channels and grid-forming technology. Canadian Solar (for its storage arm) and leading PCS makers like Sineng Electric (not in table but recommended) are preferred.
• Wind: Orient Cable and Hengtong Optic-Electric benefit from the offshore wind cable demand. The Huadian project confirms the ongoing capex in this segment.

Appendix: Detailed Data Tables

Table 1: Photovoltaic Chain Price Tracker (as of Dec 17, 2025)

Table 2: Auxiliary Material Prices

Table 3: Energy Storage Chain Prices

Conclusion

The Power Equipment sector is undergoing a profound transformation. In Photovoltaics, the era of unchecked expansion is over, replaced by a disciplined, consolidated market structure that favors incumbents with cost advantages and technological edges. The formation of the Guanghe Qiancheng platform and the MIIT’s 2026 governance plan are catalysts for this shift. In Robotics, Tesla’s Optimus is proving that the technology is ready for prime time, creating a tangible investment opportunity in the supply chain. In Storage, pricing power is returning, supported by robust demand and technical premiums.

We advise institutional investors to position themselves in high-quality leaders who are navigating this transition successfully. Avoid speculative plays in overcrowded segments. Focus on companies with strong balance sheets, technological moats, and clear pathways to profitability in the new market regime.

Disclaimer: This report is for institutional investors only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information contained herein is believed to be reliable but has not been independently verified. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions.