本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、对外投资概述 （一）基本情况 证券代码：832522 证券简称：纳科诺尔 公告编号：2025-085 邢台纳科诺尔精轧科技股份有限公司 对外投资设立全资孙公司并取得营业执照的公告 根据邢台纳科诺尔精轧科技股份有限公司（以下简称"公司"）的发展战略 和经营需要，公司通过全资子公司常州纳科诺尔精密轧制设备有限公司在海南省 设立全资孙公司纳科诺尔（海南）供应链有限公司，注册地为海南省海口市美兰 区蓝天街道国兴大道 5 号海南大厦 25 层 2212A-1 室 173 号，注册资本为 200 万 元。目前已完成工商注册登记手续并于近期领取了由海南省市场监督管理局颁发 的《营业执照》。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资设 立全资孙公司不构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 （四）决策与审议程序 根据《北京证券交易所股票上市规则》《公司章程》《 ...

Investment Rating - The report maintains an "Outperform" rating for the North Exchange [4] Core Insights - The North Exchange's Specialized, Refined, Unique, and Innovative Index (北证专精特新指数) serves as a new investment benchmark for innovative small and medium-sized enterprises, reflecting the government's strategic intent to enhance the development environment for SMEs and strengthen capital market services [14][17] - The index's total market capitalization reached 238.478 billion, with a 52-week increase of +144.42% as of August 5, 2025, indicating strong performance [14] - The index is designed to provide a diversified asset allocation tool and evaluation benchmark, addressing the lack of investment targets on the North Exchange [20] Summary by Sections Strategic Positioning of the Index - The North Exchange's Specialized, Refined, Unique, and Innovative Index was launched to support the high-quality development of SMEs, reflecting a collaborative effort between the government and exchanges [14][17] - The index includes 50 of the largest specialized and innovative small giant enterprises, with a base point of 1000 as of June 28, 2024 [14] Comparison with Other Specialized Enterprises - The North Exchange's specialized enterprises exhibit characteristics of "medium R&D, high profitability, and stable growth," distinguishing them from other boards [2][39] - The average ROE for the North Exchange is 6.57%, significantly higher than the 3.79% of the Growth Enterprise Market and 2.40% of the Sci-Tech Innovation Board [38][39] - The North Exchange's enterprises are primarily concentrated in mechanical equipment, power equipment, basic chemicals, automotive, and electronics sectors [40] Future Outlook - The North Exchange's index is expected to become a benchmark tool for institutional allocation of innovative small-cap assets, driving the exchange towards a "value discovery market" [3] - The index's dynamic optimization mechanism and policy empowerment are anticipated to enhance resource integration and liquidity [3][21] Index Composition and Rules - The index's component stocks are selected based on strict criteria, ensuring representativeness and investment value, with 49 national-level and 11 provincial-level specialized small giants included [23][27] - The index employs a free-float market capitalization weighting method, allowing larger companies to have a higher influence on the index [27] Industry Distribution - The index focuses on sectors related to new productivity, with mechanical equipment, electronics, power equipment, automotive, and computers representing 30%, 16%, 12%, 8%, and 8% of the listed companies, respectively [35][40]

Investment Rating - The industry investment rating is "Overweight" [2][51]. Core Viewpoints - The lithium battery industry is experiencing a structural shift with opportunities in solid-state battery segments. The demand for power batteries is expected to recover as the traditional peak season approaches, while energy storage demand remains high. The report suggests focusing on leading companies in the battery and materials sectors that have technological and production advantages in solid-state electrolytes and new materials [3][45]. Summary by Sections Market Review - As of August 7, 2025, the lithium battery index has decreased by 6.59% over the past two weeks, underperforming the CSI 300 index by 5.77 percentage points. Year-to-date, the lithium battery index has increased by 4.55%, also underperforming the CSI 300 index by 0.01 percentage points [4][13]. Price Changes in the Lithium Battery Supply Chain - As of August 7, 2025, the average price of battery-grade lithium carbonate is 71,200 CNY/ton, up 0.92% in the last two weeks. The price of lithium hydroxide (LiOH 56.5%) is 69,300 CNY/ton, up 2.36% [25][27]. - Electrolytic cobalt is priced at 267,000 CNY/ton, up 8.10%, while electrolytic nickel is at 122,400 CNY/ton, down 2.08% [26]. - Phosphate iron lithium prices remain stable at 32,700 CNY/ton, while NCM523, NCM622, and NCM811 have seen increases of 1.78%, 1.68%, and 0.69%, respectively [27][30]. - The price of lithium hexafluorophosphate is 50,300 CNY/ton, up 1.62%, with other electrolyte prices remaining stable [31]. Industry News - In July, the retail sales of new energy vehicles reached 1,003,000 units, a year-on-year increase of 14%, while wholesale sales were 1,179,000 units, up 25% year-on-year. The report indicates a traditional seasonal decline in sales but a strong year-on-year growth [42][45]. - Major automotive companies are advancing solid-state battery technology, with significant investments and developments reported by companies like Volkswagen and Gotion High-Tech [42][44]. Company Announcements - Notable companies such as CATL reported a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion CNY, up 33.33% [44][47]. - Other companies like Keda and Enjie are also showing strong performance and growth in their respective sectors, particularly in solid-state battery materials and components [47].

Investment Rating - The industry investment rating is "Overweight" [1][49]. Core Insights - The report highlights structural opportunities in the solid-state battery sector, indicating ongoing industrialization and the potential for material and equipment upgrades within the supply chain [1][43]. - The lithium battery index has shown a decline of 6.59% over the past two weeks, underperforming the CSI 300 index by 5.77 percentage points [3][12]. - The report suggests focusing on leading companies in the battery and materials sectors that are expected to improve fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new electrode materials [43][45]. Summary by Sections Market Review - As of August 7, 2025, the lithium battery index has decreased by 6.59% in the last two weeks and by 0.06% month-to-date, while it has increased by 4.55% year-to-date [3][12]. - The report notes that the lithium carbonate price is 71,200 CNY/ton, up 0.92% in the last two weeks, while lithium hydroxide is priced at 69,300 CNY/ton, up 2.36% [5][24]. Price Changes in the Lithium Battery Supply Chain - The report details price changes across various components, with lithium carbonate and lithium hydroxide prices increasing, while other materials like phosphoric iron lithium and negative electrode materials remained stable [22][30]. - The average price of lithium hexafluorophosphate is 50,300 CNY/ton, reflecting a 1.62% increase in the last two weeks [30][34]. Industry News - The report includes significant industry developments, such as the announcement of new electric vehicle models and advancements in solid-state battery technology by various companies [40][41]. - It mentions that the penetration rate of new energy vehicles in the retail market reached 54.7% in July, with a year-on-year growth of 14% [40][43]. Company Announcements - Notable company performance includes CATL achieving a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27% [42][45]. - Other companies like Keda Li and Enjie have also reported positive earnings forecasts, indicating growth in their respective sectors [45]. Recommended Stocks - Key stocks to watch include CATL (300750), Keda Li (002850), Enjie (002812), Tian Nai Technology (688116), and Naconor (832522), all of which are positioned to benefit from the anticipated growth in the solid-state battery market [43][45].

Core Insights - As of August 4, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) reached 6.244 billion yuan, an increase of 9.6997 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Better Ray, and Airon Software, with balances of 330 million yuan, 162 million yuan, and 156 million yuan respectively [1] - A total of 145 stocks on the BSE received net margin purchases, with 34 stocks having net purchases exceeding 1 million yuan, led by Naconor with a net purchase of 7.3827 million yuan [1][2] Margin Financing Overview - The margin financing balance on August 4 was 6.244 billion yuan, up by 9.5606 million yuan from the previous day, while the securities lending balance was 689,300 yuan, an increase of 139,100 yuan [1] - The average margin financing balance as a percentage of market capitalization for the stocks with the highest balances was 1.17%, with Shengye Electric, Wanyuantong, and Litong Technology leading at 4.21%, 4.07%, and 3.51% respectively [1][2] Industry Performance - The industries with the most stocks receiving net margin purchases over 1 million yuan were machinery equipment, power equipment, and computers, with 8, 4, and 4 stocks respectively [2] - On August 4, stocks with net margin purchases over 1 million yuan had an average increase of 1.24%, with notable gainers including Xingchen Technology, Longzhu Technology, and Naconor, which rose by 15.88%, 5.79%, and 5.31% respectively [2] Trading Activity - The weighted average turnover rate for stocks with net margin purchases over 1 million yuan on August 4 was 6.02%, with Fangsheng Co., Xingchen Technology, and Shengtong Technology having turnover rates of 31.24%, 28.14%, and 26.71% respectively [2] - The average daily turnover rate for BSE stocks on that day was 3.46% [2] Notable Stocks - Stocks with the largest increases in margin financing on August 4 included Naconor, Longzhu Technology, and Keli Co., with increases of 7.3827 million yuan, 6.7663 million yuan, and 6.3508 million yuan respectively [3][4] - The stock with the highest margin financing balance was Naconor at 1.3518 billion yuan, with a price increase of 5.31% [3]

Core Insights - The report emphasizes the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand resilience. In June, NEV production and sales reached 1.268 million and 1.329 million units, respectively, marking year-on-year growth of 26.4% and 26.7% [3][69] - The report maintains a "recommended" rating for the NEV industry, highlighting potential investment opportunities in solid-state batteries, liquid cooling technologies, and robotics [4][70] Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index experienced weekly declines of -2.91%, -2.40%, -2.11%, -0.22%, and -1.39%, respectively [5][22] - Notable performers in the lithium battery sector included companies like Zhongyi Technology and Kecuan Technology, which saw increases of 17.3% and 9.4%, while companies like Ganfeng Lithium and Tianqi Lithium faced declines of 8.2% and 8.7% [5][26] Price Trends in Lithium Battery Supply Chain - Lithium carbonate prices decreased to 71,300 CNY/ton, down 2.2% from the previous week, while lithium hydroxide prices increased by 4% to 65,700 CNY/ton. Cobalt prices rose by 11.3% to 276,000 CNY/ton [5][33] - The report indicates that the overall price structure in the supply chain is at a low point, with prices likely to rise in the future due to strong demand and ongoing adjustments in the industry [3][70] Production and Sales Data - In the first half of 2025, NEV production and sales reached 6.968 million and 6.937 million units, respectively, reflecting year-on-year growth of 41.4% and 40.3% [3][48] - Major NEV manufacturers reported their July sales figures, with BYD selling 344,000 units, Li Auto delivering 30,731 units, and NIO delivering 21,017 units, indicating varied performance across brands [49][60] Industry Dynamics - The report notes that several new energy vehicle manufacturers, including Li Auto and Xiaopeng, have reported significant sales growth, with Xiaopeng achieving a 229% year-on-year increase in July [60][62] - The report also highlights the introduction of new technologies, such as the "Star" super range extender by Zhiji Auto, which aims to enhance the electric vehicle experience [62][63] Key Companies and Earnings Forecast - The report identifies key companies in the NEV supply chain, including CATL, Haopeng Technology, and Zhejiang Rongtai, with positive earnings forecasts and investment ratings [7][8][70] - CATL's revenue for the first half of 2025 was reported at 178.886 billion CNY, with a net profit of 30.485 billion CNY, reflecting a year-on-year growth of 33.33% [66][70]

Market Overview - On July 30, the North Exchange A-shares trading volume reached CNY 27.01 billion, an increase of CNY 0.59 billion from the previous trading day[1] - The North Exchange 50 Index closed at 1439.64, down 1.75%, with a PE_TTM of 67.33 times[1] - The North Exchange Specialized and New Index closed at 2459.66, down 1.57%[1] Stock Performance - Out of 268 companies on the North Exchange, 81 rose, 4 remained flat, and 183 fell[1] - The top five gainers were: Yun Chuang Data (28.1%), Ke Li Co. (9.6%), Knight Dairy (9.3%), Fang Yi Pharmaceutical (9.2%), and Da Yu Biological (7.6%)[1] - The top five losers were: Ji Kang Instruments (-12.0%), Wu Xin Tunnel Equipment (-8.7%), Tie Tuo Machinery (-8.1%), Hui Tong New Materials (-7.0%), and Na Ke Nuo Er (-5.7%)[1] Investment Insights - Market focus was on themes such as innovative drugs, AI hardware, and military industry, with notable performance in these sectors[3] - The innovative drug sector showed increased activity due to policy support from the National Medical Insurance Administration[3] - The macro policy direction from the Central Political Bureau meeting supports long-term capital investment in specialized and new enterprises, indicating potential structural opportunities for growth-oriented companies[3] Risk Factors - Potential risks include policy regulatory risks, North Exchange policies falling short of expectations, and intensified industry competition[3]

Market Overview - On July 31, the A-share market closed with the Shanghai Composite Index at 3573.21, down 1.18%, and the Shenzhen Component Index at 11009.77, down 1.73% [1] Top Stocks Performance - Among the top 10 stocks by trading volume on the Beijing Stock Exchange, 5 stocks experienced price increases, with an average increase of 102.09%. N Dingjia (920005) led with a trading volume of 1.06 billion yuan and a price increase of 479.12% [1][2] - The other stocks in the top 10 included Hengli Drilling Tools (836942) with a decrease of 11.39%, Wuxin Suizhuang (835174) down 7.19%, and Parallel Technology (839493) up 1.73% [2] Capital Flow Analysis - In terms of capital flow, 5 out of the top 10 stocks showed net inflows of main funds, indicating positive investor sentiment towards these stocks [1]

Macro Strategy - The chemical sector has seen continuous catalysts on both supply and demand sides since 2024, with the current "anti-involution" trend enhancing the market outlook, driven by a favorable fundamental environment and potential valuation uplift from emerging industries [1][23] - More than half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, currently entering or about to enter the redemption period, coinciding with an upward cycle, leading to more proactive debt conversion measures [1][23] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][23] Currency Exchange Rate - The RMB central parity has shown a gradual appreciation trend, with the exchange rate expected to challenge the 7.15 range again, and the spot exchange rate may drop to the 7.10-7.15 range in August [1][25] - The recent strengthening of the RMB is supported by optimistic expectations from US-China trade negotiations and a robust domestic stock market [1][25] Anti-Involution Policy - The "anti-involution" price governance aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction to promote supply-demand balance, and long-term price recovery, particularly in PPI [2][26] - The previous supply-side reforms led to a 10-month recovery in PPI, and under neutral assumptions, a similar recovery may take 11-12 months, potentially reaching around 1.9% by September next year [2][26] Industry Rotation - The market is expected to remain optimistic in the third quarter, with a focus on sectors that align with upcoming policies and key events, particularly those benefiting from the "anti-involution" strategy [3][5] - Suggested sectors for investment include those with potential short-term demand improvements, such as photovoltaic, coal, and chemical industries, as well as technology sectors with recent catalysts [5][3] Company-Specific Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.10% year-on-year for the first three quarters of 2024, driven by significant contributions from its audio coil motor driver chip product line [11][12] - Minshida reported a 27.91% year-on-year revenue increase in its 2025 mid-year report, with expectations for continued growth in the transformer market driven by demand from sectors like new energy vehicles and wind power [13] - Gaomei's second-quarter performance is expected to turn profitable due to supply-side optimization driven by the "anti-involution" policy, with N-type silicon wafer prices rising to 1.1 yuan per piece [14][15]

（文章来源：证券日报） 证券日报网讯 7月29日晚间，纳科诺尔发布公告称，公司于近日收到国家知识产权局颁发的一项发明专 利证书，发明名称为"一种辊分机分切后检测断带的方法、装置及辊分机"。 ...