Pacific Securities: Focus on the flexibility of the upstream AI + new energy continuously driving equipment demand.

The Pacific Securities released a research report stating that there is a high level of certainty in the flexibility of the upstream of the electric power equipment and new energy industries: there has been significant volatility in the recent upstream links such as lithium carbonate, but the medium-term upward trend remains unchanged. It is recommended to position oneself on the low side. The significant development of global AI + new energy is a major trend in the era, which will drive the demand for electric power equipment, energy storage, and other complementary industries. Emphasis should be placed on the opportunities related to leading companies. Key points from The Pacific Securities: Core view of the lithium battery industry chain: Emphasize the flexibility of the middle and upper streams 1. Zimbabwe's increased control over lithium ore exports and Indonesia's nickel management strengthening have led to an overall upward trend in new energy metals. Companies like Zhejiang Huayou Cobalt, Qinghai Yanhu Industry, and Dazhong Mining have benefited. Zimbabwe recently announced the immediate suspension of all lithium ore and lithium concentrate exports, aiming to achieve higher added value through local processing. Companies are optimistic and will resume exports once procedures are in place. According to association data, China's lithium carbonate production capacity is expected to be 1.78 million tons by 2025, with production reaching 976,000 tons, a 39.3% increase. Imports of lithium concentrate are around 7.751 million tons, a 39.4% increase, with 1.204 million tons coming from Zimbabwe. Indonesia has taken aggressive production reduction measures to boost nickel prices. The production quota for the world's largest Weda Bay nickel mine in 2026 has been set at 12 million tons, a significant decrease from 42 million tons in 2025. 2. Solid-state batteries are expected to continue to land (standards + on board), benefiting companies like Xtc New Energy Materials (Xiamen) Co., Ltd., Shanghai Putailai New Energy Technology Group, and NAKNOR. China's first national standard for automotive solid-state batteries GB/T "Terms and Classification of Solid-State Batteries for Electric Vehicles Part 1" is expected to be officially released in July 2026. Chongqing Changan Automobile has updated its solid-state battery plan and is expected to complete Siasun Robot&Automation and vehicle testing by the third quarter of 2026, with small-scale demonstration operations in 2027. Core view of the wind-solar power storage industry chain: Emphasize the driving effect of AI+ 1. With the vigorous development of AI+ new energy, the demand for electric power equipment continues to be strong, benefiting companies such as TBEA Co., Ltd., Beijing Sifang Automation, and Sieyuan Electric. Recently, the State Grid Corporation of China has announced ten measures to enhance the resource allocation capacity of the power grid and increase the capacity of new energy sources to strive for high-quality development of new energy during the "Thirteenth Five-Year Plan" period. 2. The proportion of new energy generation continues to increase, and the importance of energy storage in the energy system continues to rise, benefiting companies like Contemporary Amperex Technology, Sungrow Power Supply, and Beijing HyperStrong Technology. According to the National Energy Administration's outlook, the proportion of new energy installed capacity will exceed 50% by 2030 (becoming the main part of power generation), with a proportion of electricity generation reaching around 30%, setting the core support for the completion of a new energy system by 2035. At the State Council level, new energy storage and other capacity-based electricity pricing mechanisms will be further improved, fully reflecting the multi-dimensional value of electricity in terms of energy, regulation, and capacity, with a clear goal to establish a national unified electricity market system by 2035. 3. Floating offshore wind power in Europe continues to progress, benefiting companies like Dajin Heavy Industry and Ningbo Orient Wires & Cables. Europe has recently launched a strategic plan focusing on high-power floating offshore wind power testing infrastructure, aiming to promote the industrialization of European floating offshore wind power by building dedicated offshore test sites capable of supporting floating wind turbines above 10MW and maintaining a leading position in this field. Norway has announced that it has received five applications for floating offshore wind power demonstration projects, with funding decisions expected to be made in the spring of 2026. Key points of the ShenZhen New Industries Biomedical Engineering chain such as AI+ new energy and commercial aerospace: Emphasize breakthroughs in new markets 1. Recently, Unitree Technology released a new four-legged Siasun Robot&Automation Unitree As2, with power performance about twice that of the current main model Go2. The CCTV Spring Festival Gala in 2026 became a concentrated showcase stage for domestic humanoid Siasun Robot&Automation, where companies like Unitree Technology (H2, G1), MagicAtom (MagicBot Z1), Songyan Power (E1 and other customized models), and Galaxy General (Galbot G1) four major manufacturers' Siasun Robot&Automation deeply participated in martial arts, song and dance, sketch comedy, and microfilms, showing the industry's evolution trend from single functional performance to full scene adaptation and from pre-programmed execution to autonomous intelligent perception. Risk warning: downstream demand falls short of expectations, industry competition intensifies, and technological progress falls short of expectations.