The declining cost of reusable rocket launches and the increasing maturity of low-Earth orbit satellite constellations are creating a favorable cost environment for the construction and deployment of space-based data centers. Market expectations for an improvement in the solar supply chain by 2025 are already reflected in current stock prices. However, the inherent demand for solar power for satellite operations and the emergence of new applications like space data centers are opening up fresh growth avenues for the photovoltaics sector. Concurrently, a trend of reshoring solar manufacturing in North America is emerging. Tesla Motors and SpaceX have announced plans to expand their respective photovoltaic production capacities by 100GW, which is expected to generate incremental orders for Chinese companies. Domestic manufacturers of PV equipment, auxiliary materials, and cells are well-positioned to secure overseas orders due to their technological expertise and cost advantages. In the short term, catalysts such as visits by leading overseas companies and the fulfillment of key contracts are likely to sustain positive market sentiment, driving a dual resonance in both valuation and earnings for related stocks. Beneficiaries include companies such as Shuangliang Energy, Deke, Autowell, Mayer, First, Linton, Kingsemi, Laplace, Jiejia, Junda, and Risen. Spain has initiated consultations for a floating offshore wind tender, highlighting a clear direction for the country's floating wind development and providing a significant reference for Chinese wind power companies aiming to deepen their presence in the European market. The design of Spain's tender rules emphasizes comprehensive capabilities and local collaboration, indicating that a strategy relying solely on low prices is no longer sustainable. Localized operations and full industrial chain service capabilities are becoming the core competitive advantages. Dajin's initiative to establish local manufacturing aligns with this trend. Through joint ventures and partnerships to integrate into the local supply chain, it addresses the requirements for "industrial driving effects" and "local manufacturing" outlined in the Spanish tender, thereby laying the groundwork for securing local floating wind projects. As the Spanish market gradually opens up, Dajin, with its advantages in manufacturing assembly and project delivery capabilities, is well-positioned to capitalize on opportunities in emerging European markets, accelerating its overseas expansion and leveraging synergies between its domestic and international operations to build a stronger competitive position. Strong order backlogs for electrical equipment businesses, such as Eaton's, are being driven by the scaling up of AI data center construction globally and increased demand for power grid upgrades overseas. Companies with superior channel resources, leading technical capabilities, and proactive capacity expansion in related areas are expected to benefit significantly. We maintain a positive outlook on companies with strong overseas operations and high gross margins from international business. Key areas of focus include transformers, gas turbines, AI power supplies, and the liquid cooling industry chain. Tesla Motors has announced the successful scaling of dry electrode manufacturing to mass production levels. Firstly, the dry electrode process is a critical component for solid-state batteries. This technique involves directly mixing materials into a dry powder and forming electrodes through mechanical pressing, which enhances electrode density, simplifies production, reduces costs, and improves efficiency. The scaling of this process can accelerate the commercialization of solid-state batteries. Secondly, as a leader in dry electrode technology, breakthroughs by Tesla Motors in this area will facilitate increased battery production, from which domestic suppliers across the supply chain are poised to benefit. Continued breakthroughs are being made in humanoid robotics technology. With advancements in AI and supportive policies globally, the mass production timeline for humanoid robots is approaching. Driven by cost reduction needs, the demand for domestic substitution of core components for humanoid robots is becoming more pronounced. We remain optimistic about domestic suppliers that hold strategic positions in key areas such as precision transmission components and electronic skin. Risks include potential underperformance in the new energy vehicle industry's development, new energy installation rates and curtailment improvements falling short of expectations, significant declines in product prices, and power grid construction and project bidding outcomes not meeting forecasts.