Power Equipment Sector Weekly: Polysilicon Supply Tightens Amid New Energy Standards; Robotics Catalysts Accelerate

Date: September 22, 2025
Sector: Power Equipment / Renewable Energy / Robotics
Rating: OVERWEIGHT (Maintained)

Executive Summary

The Chinese Power Equipment sector demonstrated robust relative performance last week, outperforming the broader market indices significantly. The Shenwan Power Equipment Index rose by 3.07%, ranking first among all 28 primary industries, and outpaced the Shanghai Composite Index by 437 basis points and the CSI 300 Index by 351 basis points. This momentum is underpinned by two distinct yet converging thematic drivers: structural supply-side reforms in the photovoltaic (PV) polysilicon segment and accelerating commercialization catalysts in the humanoid robotics sector.

Key Developments Driving the Sector:

1. Polysilicon Price Rebound & Regulatory Supply Constraint: Polysilicon prices have entered a sustained upward trajectory, with N-type recycled material average transaction prices rising 8.57% week-over-week to RMB 53,200/ton. This price strength is driven by tight short-term supply as tier-1 producers reach sales caps, coupled with optimistic sentiment following the release of draft national energy consumption standards. The new standards, if implemented, are projected to reduce effective domestic polysilicon capacity by 16.4% compared to end-2024 levels, fundamentally improving the long-term supply-demand balance and providing a price floor.
2. Robotics Sector Catalysis: The humanoid robotics narrative gained significant traction following Elon Musk’s substantial $1 billion open-market purchase of Tesla shares—the largest since February 2020—signaling strong confidence in Tesla’s AI and Optimus production roadmap. Concurrently, AI robotics startup Figure AI completed a $1 billion Series C financing round at a post-money valuation of $39 billion, led by Parkway Venture Capital with participation from NVIDIA, Intel, and others. These events underscore the accelerating capital influx and industrial readiness of the humanoid robotics supply chain.
3. Policy Normalization in Renewable Energy Pricing: Multiple provinces, including Heilongjiang, Ningxia, and Guangdong, have released detailed implementation rules for "Document No. 136," deepening the market-oriented reform of new energy on-grid tariffs. These policies differentiate between existing ("stock") and new ("incremental") projects, introducing competitive bidding mechanisms for incremental capacity while maintaining stabilized mechanism prices for stock projects. This marks a critical transition towards sustainable, subsidy-free renewable energy economics.

Investment Stance:
We maintain an OVERWEIGHT rating on the Power Equipment sector. We recommend investors focus on:
* PV Upstream: Leaders benefiting from supply consolidation and pricing power, specifically Tongwei Co., Ltd. and GCL Technology.
* PV Glass & New Tech: Flat Glass Group for its dominant market position and Aiko Solar for its leadership in ABC (All Back Contact) technology.
* Humanoid Robotics: High-certainty supply chain partners with significant value capture, notably Tuopu Group, Sanhua Intelligent Controls, and Zhaowei Machinery & Electronics.

Key Takeaways

1. Polysilicon Market Dynamics: Price Surge and Structural Supply Reform

1.1. Price Trends and Market Sentiment

According to data from the Silicon Industry Branch, the polysilicon market has exhibited strong upward momentum in recent weeks. The transaction dynamics reflect a shift from buyer-dominated to seller-favored conditions, driven by temporary supply constraints and improved future expectations.

• N-Type Recycled Material: The transaction price range widened to RMB 51,000 – 55,000/ton, with the average transaction price reaching RMB 53,200/ton, representing a significant 8.57% increase from the previous period.
• N-Type Granular Silicon: The transaction price range was RMB 49,000 – 50,000/ton, with an average price of RMB 49,500/ton, up 3.13% week-over-week.

Drivers of Price Increase:
1. Supply Tightness: Leading tier-1 manufacturers have reached their阶段性 (phase-specific) sales limits, leaving limited spot availability for new contracts. Consequently, procurement activity has shifted towards tier-2 enterprises, which are now seeing increased order volumes. This structural shift has created a temporary bottleneck in immediate supply.
2. Policy-Induced Optimism: The anticipation of stricter industry standards has bolstered market confidence. Industry participants expect that the elimination of high-cost, inefficient capacity will support higher equilibrium prices in the medium to long term.

1.2. Impact of New National Energy Consumption Standards

On September 16, the Standardization Administration of China released three mandatory national standards for public comment, including the "Limits of Energy Consumption per Unit Product of Polycrystalline Silicon and Germanium." This regulatory intervention represents a pivotal moment for the industry’s supply-side restructuring.

Key Provisions of the Draft Standard:

(Note: kgce/kg = kilograms of standard coal equivalent per kilogram of product)

Implementation Timeline and Enforcement:
* Comment Period: Ends on November 15.
* Effective Date: Implementation begins 12 months after the official release.
* Penalties:
* Enterprises failing to meet the baseline requirement (6.4 kgce/kg) will be ordered to rectify within a specified period.
* Enterprises that fail to rectify or still fail to meet the access value (5.5 kgce/kg) after rectification will be shut down.

Quantitative Impact on Capacity:
Based on statistics from the Silicon Industry Branch, the enforcement of these standards will lead to a significant contraction in effective supply:
* Effective Capacity Reduction: Domestic effective polysilicon capacity is projected to fall to approximately 2.4 million tons/year.
* Comparison to End-2024: This represents a 16.4% decrease compared to the effective capacity at the end of 2024.
* Comparison to Installed Capacity: Relative to total built device capacity, the reduction is even more pronounced at 31.4%.

Strategic Implication:
While the 12-month transition period mitigates immediate shock to the supply-demand balance, the long-term implication is profound. The standard effectively raises the barrier to entry and forces the exit of high-energy-consumption, older-generation产能 (capacity). This will structurally improve the industry’s concentration ratio, enhance the profitability of compliant leaders, and establish a firmer price floor for polysilicon, reducing the volatility associated with oversupply cycles.

2. Humanoid Robotics: Accelerating Commercialization and Capital Inflow

The humanoid robotics sector is transitioning from conceptual hype to tangible industrial progress, marked by significant corporate actions and capital raises.

2.1. Tesla’s Strategic Commitment

On September 16, Elon Musk announced via social media that he would hold internal meetings with various Tesla departments in the following week. The agenda explicitly prioritizes:
1. Artificial Intelligence and Autonomous Driving Systems.
2. Optimus Robot Production Plans.
3. Vehicle Production and Delivery schedules.

Significance of Musk’s Stock Purchase:
Concurrently, regulatory filings revealed that Musk purchased approximately 2.57 million shares of Tesla stock at prices between $371 and $396 per share, totaling nearly $1 billion.
* Context: This is his largest open-market purchase since February 2020.
* Signal: Such a substantial capital commitment serves as a powerful vote of confidence in Tesla’s future growth engines, particularly its AI and robotics divisions. It alleviates investor concerns regarding execution risks and underscores the strategic priority of the Optimus program within Tesla’s broader ecosystem.

2.2. Figure AI’s Mega-Funding Round

In a parallel development highlighting the sector’s vibrancy, Figure AI, a leading humanoid robotics startup, announced the completion of its Series C financing round on September 16.

• Funding Amount: Over $1 billion in committed capital.
• Post-Money Valuation: $39 billion.
• Lead Investor: Parkway Venture Capital.
• Key Participants: NVIDIA, Intel Capital, Brookfield Asset Management, Macquarie Capital, Align Ventures, Tamarack Global, LG Technology Ventures, Salesforce Ventures, T-Mobile Ventures, and Lux Capital.

Utilization of Funds:
Figure AI intends to deploy this capital to:
1. Scale up its Helix AI platform and BotQ manufacturing system.
2. Accelerate the deployment of humanoid robots into home and commercial operations.
3. Build next-generation GPU infrastructure to enhance training and simulation capabilities.
4. Launch advanced data collection initiatives to improve model robustness.

Investment Implication:
The involvement of strategic tech giants like NVIDIA and Intel suggests a deepening integration between AI compute infrastructure and robotic hardware. For the A-share supply chain, this validates the long-term demand for precision components (actuators, sensors, reduction gears) and reinforces the investment thesis for companies with established ties to global robotics leaders.

3. Policy Landscape: Deepening Market-Oriented Tariff Reforms

Several key provinces have issued detailed implementation rules for "Document No. 136" (Notice on Deepening the Market-Oriented Reform of New Energy On-Grid Tariffs to Promote High-Quality Development). This policy framework aims to transition renewable energy from subsidized/guaranteed pricing to market-driven mechanisms, differentiating between existing ("stock") and new ("incremental") projects.

3.1. Heilongjiang Province Implementation

• Stock Projects (Pre-June 1, 2025):
  • Mechanism Price: RMB 0.374/kWh.
  • Volume Cap: Not higher than current guaranteed acquisition volumes.
  • Duration: Based on remaining reasonable utilization hours or 20 years from commissioning, whichever is earlier.
• Incremental Projects (Post-June 1, 2025):
  • Price Formation: Competitive bidding for projects commissioned within the next 12 months.
  • Price Cap: Cannot exceed the local coal-fired benchmark price.
  • Duration: Tentatively set at 12 years to allow for initial investment recovery.

3.2. Ningxia Autonomous Region Implementation

• Stock Projects:
  • Mechanism Price: RMB 0.2595/kWh (Ningxia coal benchmark).
  • Volume Allocation:
    • Distributed projects: 100% into mechanism volume.
    • Centralized subsidized projects (pre-June 2024): 10% into mechanism volume.
    • Centralized grid-parity projects (pre-June 2024): 30% into mechanism volume.
    • Centralized grid-parity projects (post-June 2024): 10% into mechanism volume.
• Incremental Projects:
  • Price Formation: Unified competitive bidding.
  • Bid Range: RMB 0.18 – 0.2595/kWh.
  • Duration: 12 years.

3.3. Guangdong Province Implementation

• Stock Projects:
  • Mechanism Price: RMB 0.453/kWh (Guangdong coal benchmark).
  • Volume Allocation:
    • <110kV projects: Up to 100%.
    • ≥110kV centralized PV (new from Jan 1, 2025): Up to 50%.
    • Other projects: Up to 70%.
  • Duration: 20 years or full lifecycle reasonable hours, whichever is earlier.
• Incremental Projects:
  • Bidding Schedule: First round in October 2025.
  • Bid Ranges:
    • Offshore Wind: RMB 0.35 – 0.453/kWh.
    • PV: RMB 0.2 – 0.453/kWh.
    • Note: Centralized PV and onshore wind do not participate in mechanism volume bidding for incremental projects in this phase.
  • Duration: Offshore Wind 14 years; PV 12 years.

Analysis:
These policies signal a definitive end to the era of uniform, high guaranteed tariffs for new renewable projects. Developers must now rely on cost competitiveness and operational efficiency. For equipment manufacturers, this reinforces the trend towards LCOE (Levelized Cost of Energy) reduction, favoring high-efficiency modules (such as N-type TOPCon and HJT) and reliable storage solutions that can arbitrage market price fluctuations.

4. Photovoltaic Supply Chain Tracking: Price Transmission and Inventory Dynamics

The PV supply chain is experiencing a phased price adjustment, with upstream gains partially transmitting downstream, though resistance remains in certain segments.

4.1. Polysilicon (Upstream)

• Pricing: Quotes have unified above RMB 50/kg. Tier-1 manufacturers have aligned around RMB 55/kg, while tier-2/3 firms quote around RMB 52/kg. Granular silicon new orders are quoted at ~RMB 51/kg.
• Transaction Volume: Bulk procurement has not yet fully resumed, but downstream wafer pulling and OEM sourcing are increasing.
• Outlook: The "anti-involution" (anti-cutthroat competition) policy narrative continues to support price stability. Average transaction prices are creeping up as older, lower-priced orders are replaced by new contracts in the RMB 50-55/kg range.
• International Market: Overseas polysilicon averages remain at $18-19/kg. US-bound suppliers are adjusting supply chains in response to the "Big and Beautiful Act" (referencing potential US trade legislation impacts), impacting production structures.

4.2. Wafers (Midstream)

• Price Movement: Wafer prices continued to rise, with most sizes increasing by ~RMB 0.05/piece over the weekend.
• Segment Performance:
  • 183N Wafers: Strong demand support. Prices moved from RMB 1.30 to RMB 1.35/piece. Transaction activity is robust.
  • 210N Wafers: Rose to RMB 1.70/piece, supported by domestic demand.
  • 210RN Wafers: Despite quotes rising to RMB 1.45/piece, actual transactions remain at RMB 1.40/piece. Battery manufacturers hold sufficient inventory, limiting acceptance of higher prices.
• Production Mix: Wafer manufacturers are adjusting schedules, increasing the output share of 183mm wafers due to better liquidity.
• Outlook: Prices likely to stabilize with a slight upward bias, contingent on 210RN demand realization.

4.3. Battery Cells (Midstream)

• Domestic N-Type Prices:
  • 183N: Avg RMB 0.31/W (Range: 0.31-0.32).
  • 210RN: Avg RMB 0.285/W (Range: 0.285-0.29).
  • 210N: Avg RMB 0.30/W (Range: 0.30-0.31).
• Price Transmission: Battery makers attempted to raise quotes to RMB 0.32/W (183N), RMB 0.29/W (210RN), and RMB 0.31/W (210N) in response to wafer cost increases. However, module makers are observing cautiously. As of mid-week, only limited transactions occurred at these higher levels, indicating ongoing price negotiations.
• Export Markets:
  • P-Type (182P): Export avg $0.039/W. Southeast Asian cells using overseas silicon for US export priced at $0.08-0.09/W.
  • N-Type (183N): Export avg rose to $0.041/W. Indian market seeing stockpiling due to tax adjustments and ALMM list relaxations. Southeast Asian cells for US export priced at $0.10-0.12/W (Avg $0.11/W).

4.4. Modules (Downstream)

• Domestic Market:
  • Strategy: Execution of prior orders dominates. Weak demand has led to some low-price clearing strategies, but major firms are reducing low-price deliveries for centralized projects.
  • TOPCon Dual-Glass: Range RMB 0.60-0.72/W. Bulk delivery at RMB 0.67-0.68/W.
  • PERC Dual-Glass: Range RMB 0.60-0.70/W.
  • HJT Modules: Stable at RMB 0.69-0.83/W. Centralized projects at RMB 0.69-0.75/W; distributed at RMB 0.78-0.83/W.
  • BC Modules (N-TBC): Stable at RMB 0.71-0.80/W.
• International Markets:
  • Asia-Pacific: TOPCon exports at $0.085-0.090/W. Australia at $0.09-0.10/W. India (non-DCR) at $0.14-0.16/W.
  • Europe: Delivery prices at 8.3-8.5 US cents/W. Contracts now explicitly account for 9% VAT rebate implications.
  • Latin America: Mainstream $0.08-0.09/W. Brazil shows price divergence.
  • Middle East: Bulk $0.085-0.09/W. Older high-price contracts still executing at $0.10-0.11/W.
  • USA: Prices stable at $0.27-0.28/W. Market fragmentation persists due to FEOC (Foreign Entity of Concern) rules under the Inflation Reduction Act, driving supply chain restructuring and stricter compliance clauses in contracts.

4.5. Auxiliary Materials

• EVA Particles: Price rose 3.0% to RMB 10,950/ton. Low petrochemical inventories support prices. Pre-holiday stocking may provide further short-term lift.
• Aluminum Frames: Price rose 1.4% to RMB 20,959/ton. Supported by macro optimism and domestic anti-involution policies.
• Copper (Cables): Price rose 1.1% to RMB 80,829/ton. Peak season demand delayed; prices expected to oscillate under pressure.
• Photovoltaic Glass: Prices unchanged (3.2mm coated at RMB 20/sqm; 2.0mm at RMB 13/sqm). Inventories declining, but trading slowed slightly near weekend.

5. Energy Storage Supply Chain: Cell Prices Rise, System Prices Stable

5.1. Lithium Materials

• Lithium Carbonate: Spot price for battery-grade lithium carbonate averaged RMB 73,000/ton (Range: 73,000-74,000). Prices dipped early in September due to CATL’s Yichun mine resumption news but rebounded slightly due to pre-holiday restocking and strong seasonal demand.
• Spodumene: CIF price averaged $842/ton.
• Outlook: Short-term range-bound oscillation expected. Supply disruptions have eased, but demand from EVs and storage remains robust.

5.2. Storage Cells

• Price Trend: Center of gravity for quotes is shifting upwards.
• 100Ah LFP Cells: Avg RMB 0.373/Wh (Range: 0.340-0.405). Up 0.7%.
• 280Ah LFP Cells: Avg RMB 0.298/Wh (Range: 0.260-0.335). Flat.
• 314Ah LFP Cells: Avg RMB 0.299/Wh (Range: 0.258-0.340). Up 0.5%.
• Drivers: Strong Q3 demand, high operating rates among mainstream cell makers, and cost support from lithium carbonate stabilizing above RMB 70,000/ton. Domestic large-scale projects (e.g., Inner Mongolia) are nearing grid connection, providing immediate demand support.

5.3. Storage Systems

• Price Stability: System prices have not fully transmitted cell cost increases.
• DC Side Liquid Cooling (2h): Avg RMB 0.40/Wh (Range: 0.37-0.43).
• AC Side Liquid Cooling (1h): Avg RMB 0.77/Wh (Range: 0.74-0.79).
• AC Side Liquid Cooling (2h): Avg RMB 0.48/Wh (Range: 0.42-0.54).
• AC Side Liquid Cooling (4h): Avg RMB 0.44/Wh (Range: 0.40-0.48). Lowest bid prices for 4h projects remain at RMB 0.39-0.40/Wh.
• Observation: While some manufacturers raised DC-side quotes, AC-side winning bids remain competitive, indicating intense competition in system integration.

Risks / Headwinds

Investors should carefully consider the following risks that could impact the sector’s performance and the recommended stocks:

1. PV Demand Miss: Global installation growth may fall short of expectations due to macroeconomic slowdowns, grid connection bottlenecks, or reduced subsidy incentives in key markets (Europe, US, emerging Asia).
2. Policy Implementation Risk: The anticipated benefits of the new polysilicon energy standards or provincial tariff reforms may be diluted by slower-than-expected enforcement, exemptions, or subsequent policy adjustments.
3. Robotics Commercialization Delay: The mass production and cost reduction of humanoid robots face significant technical hurdles. Delays in Tesla’s Optimus timeline or Figure AI’s deployment could dampen sentiment and delay revenue realization for supply chain partners.
4. Intensified Competition: Despite "anti-involution" rhetoric, price wars in modules, batteries, and inverters may persist, eroding margins for manufacturers.
5. Raw Material Volatility: Fluctuations in the prices of silicon, lithium, silver, copper, and aluminum can unpredictably impact manufacturing costs and profitability.
6. Geopolitical and Trade Frictions: Escalating trade barriers, such as US tariffs, EU anti-subsidy investigations, or supply chain decoupling measures (e.g., FEOC rules), pose significant risks to export-oriented Chinese manufacturers.
7. Systemic Market Risk: Broad market corrections, interest rate changes, or liquidity crunches in the A-share market could disproportionately affect high-valuation growth sectors like renewables and robotics.
8. Company-Specific Execution Risk: Recommended companies may fail to meet earnings forecasts due to operational inefficiencies, project delays, or management issues.

Rating / Sector Outlook

Sector Rating: OVERWEIGHT (Maintained)

The Power Equipment sector stands at a confluence of positive structural shifts. In the PV segment, the combination of rising polysilicon prices and the impending supply contraction from new energy standards offers a rare opportunity for margin recovery and valuation repair. The industry is moving from a phase of chaotic expansion to one of disciplined, quality-driven growth.

In the Robotics segment, the convergence of AI advancements and hardware maturation is creating a new growth frontier. The significant capital commitments from Tesla and Figure AI validate the sector’s potential, providing a clear catalyst for supply chain companies with proven technical capabilities and customer relationships.

We believe the market is underestimating the speed of supply-side clearance in polysilicon and the near-term commercial viability of humanoid robotics components. Therefore, we maintain our OVERWEIGHT stance, advising investors to position themselves in high-quality leaders with strong balance sheets and technological moats.

Investment View

1. Photovoltaic Sector: Focus on Supply-Side Leaders and Technology Innovators

The PV industry is undergoing a critical inflection point. The new energy consumption standards act as a "supply-side reform" tool, effectively capping low-end capacity and rewarding efficient, large-scale producers.

Recommended Stocks:

• Tongwei Co., Ltd. (600438.SH) - BUY

  • Logic: As the global leader in polysilicon and cell production, Tongwei is best positioned to benefit from the price rebound and capacity consolidation. Its low-cost advantage ensures it remains well within the new energy consumption limits (Tier 1/2), allowing it to capture market share from shut-down competitors. The company’s integrated model (Silicon-Wafer-Cell-Module) provides resilience against margin compression in any single link.
  • Valuation: Current price RMB 21.28. Estimated EPS 2025E: -0.51 (turnaround expected), 2026E: 0.71. P/E 2026E: ~30x. The negative 2024/2025 EPS reflects current cycle lows; the 2026 turnaround offers significant upside.

• GCL Technology (03800.HK) - BUY

  • Logic: GCL is the pioneer and leader in Granular Silicon (FBR) technology. The new national standards explicitly include favorable energy consumption limits for the silane fluidized bed method (3.6-5.0 kgce/kg vs. 5.0-6.4 for Siemens). This regulatory endorsement validates GCL’s technological route and provides a competitive moat. As granular silicon gains penetration, GCL’s cost and quality advantages will translate into higher margins.

• Flat Glass Group (601865.SH) - BUY

  • Logic: The dual-oligopoly structure of the PV glass market (Flat Glass + Xinyi Solar) ensures stable pricing power. With PV module installations expected to grow and inventory levels declining, Flat Glass benefits from steady demand. Its continuous expansion in production capacity and cost leadership through large-scale kilns sustain its profitability.
  • Valuation: Current price RMB 17.29. Estimated EPS 2025E: 0.74, 2026E: 1.08. P/E 2025E: ~23x, 2026E: ~16x. Attractive valuation relative to growth prospects.

• Aiko Solar (600732.SH) - BUY

  • Logic: Aiko is the leader in ABC (All Back Contact) technology, which offers higher efficiency and aesthetic appeal, particularly for distributed and high-end markets. As the industry moves towards N-type dominance, ABC’s premium positioning allows Aiko to maintain healthier margins compared to standard TOPCon producers. The company’s vertical integration and aggressive capacity expansion position it for significant market share gains in the premium segment.
  • Valuation: Current price RMB 15.19. Estimated EPS 2025E: 0.12, 2026E: 0.83. P/E 2026E: ~18x. Significant earnings growth expected as new capacity ramps up.

2. Humanoid Robotics Sector: High-Certainty Supply Chain Partners

The robotics theme is shifting from speculation to execution. Investors should focus on companies with high supply chain certainty and high value content per robot.

Recommended Stocks:

• Tuopu Group (601689.SH) - BUY

  • Logic: Tuopu has established itself as a core supplier for Tesla’s Optimus program, particularly in linear actuators and rotary joints. Its deep partnership with Tesla in the automotive sector translates seamlessly into robotics. The company’s expertise in precision manufacturing and rapid prototyping gives it a first-mover advantage. As Optimus moves towards mass production, Tuopu’s revenue exposure to robotics will increase substantially.
  • Valuation: Current price RMB 76.33. Estimated EPS 2025E: 2.21, 2026E: 2.90. P/E 2025E: ~34.5x, 2026E: ~26.3x. Reasonable valuation given the high growth potential of the robotics division.

• Sanhua Intelligent Controls (002050.SZ) - BUY

  • Logic: Sanhua is a global leader in thermal management and has successfully expanded into robotic electromechanical actuators. Like Tuopu, it is a key Tier-1 supplier for Tesla. Its strong R&D capabilities and scale allow it to produce high-performance, cost-effective actuators essential for humanoid robot movement. The diversification from HVAC/Auto to Robotics provides a new long-term growth engine.
  • Valuation: Current price RMB 42.97. Estimated EPS 2025E: 1.02, 2026E: 1.29. P/E 2025E: ~42.1x, 2026E: ~33.3x. Premium valuation justified by market leadership and technological barriers.

• Zhaowei Machinery & Electronics (003021.SZ) - UNRATED (Watchlist)

  • Logic: Zhaowei specializes in micro-drive systems and precision gears, which are critical for the dexterity of humanoid robot hands and joints. Its technology is applicable across various robotics platforms, not just Tesla. As the industry matures, demand for high-precision, miniaturized drive components will surge.
  • Valuation: Current price RMB 141.46. Estimated EPS 2025E: 1.11, 2026E: 1.42. P/E 2025E: ~127x, 2026E: ~99.7x. High valuation reflects high growth expectations and scarcity value in the micro-drive niche. Investors should monitor entry points.

3. Financial Summary of Recommended Companies

(Source: Wind, Huaxin Securities Research. Note: Unrated company forecasts are based on Wind consensus estimates.)

Conclusion

The Power Equipment sector is poised for a differentiated recovery. The PV sector offers a value play driven by supply-side discipline and price stabilization, with leaders like Tongwei and GCL standing to gain the most. The Robotics sector offers a growth play driven by technological breakthroughs and massive capital inflows, with Tuopu and Sanhua serving as the primary bridges to this new economy. We advise institutional investors to overweight these high-conviction names while monitoring policy implementation and global trade dynamics closely.

Appendix: Detailed Data Tables

Table 1: PV Industry Chain Price Tracking (InfoLink Consulting)

Table 2: PV Auxiliary Material Prices

Table 3: Energy Storage Chain Prices

Analyst Certification & Disclosures

Analyst Certification:
The analysts named in this report, Zhang Han (S1050521110008) and Luo Dixiao (S1050525070001), certify that all of the views expressed in this report accurately reflect their personal views about the subject securities or issuers. They also certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Important Disclosures:
Huaxin Securities Co., Ltd. holds relevant licenses for securities investment consulting. This report is intended solely for the clients of Huaxin Securities. The information contained herein is derived from sources believed to be reliable, but Huaxin Securities does not guarantee its accuracy or completeness. The opinions and estimates constitute our judgment as of the date of this report and are subject to change without notice. Past performance is not indicative of future results. Investors should consider this report as only one factor in making their investment decision.

Rating Definitions:
* Stock Ratings:
* BUY: Expected return > 20% relative to the benchmark index.
* ACCUMULATE: Expected return 10% - 20%.
* NEUTRAL: Expected return -10% - 10%.
* SELL: Expected return < -10%.
* Industry Ratings:
* OVERWEIGHT (Recommended): Expected industry index return > 10% relative to the benchmark.
* NEUTRAL: Expected return -10% - 10%.
* UNDERWEIGHT (Avoid): Expected return < -10%.

Benchmark Indices: A-Shares use CSI 300; HK Stocks use Hang Seng Index; US Stocks use Dow Jones Industrial Average.

End of Report