Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]

Core Points - As of September 24, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.751 billion yuan, a decrease of 39.9977 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances included Better Ray, Shuguang Digital Innovation, and Jinbo Biology, with balances of 369 million yuan, 363 million yuan, and 358 million yuan respectively [1] - A total of 109 stocks on the BSE had net margin purchases on September 24, with 35 stocks having net purchases exceeding 1 million yuan, led by Chuangyuan Xinke with a net purchase of 12.0422 million yuan [1] Industry Summary - The industries with the most stocks receiving net margin purchases over 1 million yuan included machinery equipment, electric power equipment, and computers, with 6, 5, and 5 stocks respectively [2] - On average, stocks with net margin purchases over 1 million yuan rose by 3.28% on September 24, with Henghe Co., Kaide Quartz, and Yuanhang Precision leading the gains at 29.98%, 9.92%, and 8.26% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 5.16%, with Chuangyuan Xinke, Henghe Co., and Kaide Quartz having turnover rates of 25.89%, 16.52%, and 14.03% respectively [2] Stock Performance - The stocks with the largest increases in margin financing balances on September 24 included Chuangyuan Xinke (increase of 12.0422 million yuan), Naconoer (increase of 11.6210 million yuan), and Jiezong Technology (increase of 10.5448 million yuan) [3] - The stock with the highest margin financing balance was Chuangyuan Xinke at 594.9 million yuan, followed by Naconoer at 1.785336 billion yuan and Jiezong Technology at 237.642 million yuan [3] - Stocks with significant decreases included Wantong Hydraulic, Deyuan Pharmaceutical, and Sanwei Equipment, with declines of 2.89%, 2.33%, and 1.50% respectively [2][3]

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with significant entry of active equity public funds. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three consecutive half-year periods since H1 2024. Among them, the proportion of active equity public funds allocated to the BSE reached 0.46%, up by 0.26 percentage points quarter-on-quarter, with an allocation coefficient of 0.74, an increase of 0.24 [7][24][47]. Active Equity - Active equity public funds significantly increased their allocation to the BSE, with a total market value of 11.22 billion as of H1 2025, a substantial increase of 116% compared to H2 2024. The BSE's thematic products also saw a market value of 3.9 billion, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open" fund [24][25][28]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion, up by 46%, while other index funds reached 580 million, up by 90%. The scale of passive index funds was 10.02 billion, up by 42%, and the scale of index-enhanced funds reached 1.06 billion, up by 162% [47][48]. Allocation - The institutionalization trend is accelerating, with a focus on growth sectors. As of H1 2025, the concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Naconoer, and Tongli Co. accounting for about half of the total market value held. The report emphasizes the importance of sectors with sustained growth potential, such as Jinbo Bio and Minshida [24][38][39].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with active equity public funds significantly entering the market. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion yuan, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three and a half consecutive half-years since H1 2024 [10][12]. Active Equity - Active equity public funds have significantly increased their allocation to the BSE. As of H1 2025, the total market value held by active equity funds in the BSE reached 11.22 billion yuan, a substantial increase of 116% compared to H2 2024 [29][30]. - The BSE theme products held a market value of 3.9 billion yuan as of H1 2025, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open Fund" [30][34]. - The average net value growth rate of BSE theme funds was 69.9% from the beginning of 2025 to September 10, 2025, significantly outperforming the BSE 50 index by 14.8% [30][34]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion yuan, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion yuan of this, up by 46% [54][55]. - The number of BSE 50 index products has increased, with 28 products established as of now, including two newly established products in Q3 2025 [54][55]. Allocation - The trend of institutionalization in the BSE is accelerating, with a focus on growth sectors. As of H1 2025, the public fund holding ratio for the BSE 50 reached 8.8%, up by 1.8 percentage points quarter-on-quarter. The active equity holding ratio was 3.9%, an increase of 2.0 percentage points [19][20]. - The concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Nacono, and Tongli Co. accounting for about half of the total market value held [40][44].

Investment Rating - The report maintains a "Recommendation" rating for the lithium battery equipment industry [2] Core Viewpoints - The lithium battery equipment sector is experiencing a recovery in demand, driven by both traditional lithium battery needs and new solid-state battery technologies, leading to a significant rebound in stock prices [5][10] - The overall revenue for the lithium battery equipment sector in Q2 2025 reached 12.347 billion, marking a year-on-year increase of 9.93%, while net profit attributable to shareholders was 434 million, a decrease of 12.76% [14][19] - The report highlights a fundamental turning point in the industry, with new orders beginning to recover after a downturn [9][14] Summary by Sections 1. Overview of Lithium Battery Equipment Mid-Year Report 2025 - The report analyzes the operational performance of 13 key listed companies in the lithium battery equipment sector, confirming a turning point in the fundamentals and a recovery in new orders [9] 2. Market Performance - The lithium battery equipment index has outperformed the broader market, with a year-to-date increase of 130.14% compared to a 17.84% rise in the CSI 300 index [10] - The sector's performance is attributed to fundamental changes, advancements in solid-state battery technology, and favorable policy expectations [10] 3. Mid-Year Report Summary - The lithium battery equipment sector achieved a total revenue of 21.476 billion in H1 2025, a slight decrease of 0.35% year-on-year, while net profit was 920 million, down 37.20% [14][16] - The report notes that the revenue growth in Q2 2025 ended a four-quarter decline, indicating a recovery in the revenue stream [14][19] 4. Future Outlook - The solid-state battery industry is approaching commercialization, with significant implications for equipment demand and value [5][43] - The report anticipates that the global market for semi-solid battery equipment could reach 62.44 billion by 2030, with a CAGR of 59% from 2024 to 2030 [5] - The solid-state battery market is projected to reach 45.50 billion by 2030, with a CAGR of 159% from 2024 to 2030 [5] 5. Investment Recommendations - The report suggests focusing on companies involved in the "selling shovel" logic, particularly those engaged in the upstream dry process equipment [5] - Key companies to watch include Naconoer, Xinyuren, Honggong Technology, and Mannester for their potential in the new technology segment [5] - The report also highlights leading companies with established relationships with major battery manufacturers, such as Xian Dao Intelligent, Yinghe Technology, Liyuanheng, and Hangke Technology [5]

Group 1 - In the past month (from August 20 to September 19), 70 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most popular, receiving attention from 114 institutions [1] - The types of institutions conducting the investigations include 70 from brokerages, 57 from funds, 49 from private equity, 33 from insurance, and 8 from overseas institutions [1] - The companies investigated belong to 17 different industries, with a concentration in machinery equipment, basic chemicals, and electronics, having 15, 10, and 10 companies respectively [1] Group 2 - The average stock price of the investigated BSE companies fell by 2.06% over the past month, with 23 companies experiencing price increases, notably KAIT and Better Ray, which rose by 53.42% and 34.50% respectively [2] - The average market capitalization of all BSE companies is 3.317 billion yuan, while the average market capitalization of the investigated companies is 4.617 billion yuan [2] - The companies with the highest market capitalization among those investigated include Better Ray, Shuguang Digital Innovation, and Tiangong Co., Ltd. [2] Group 3 - Naconor had the highest number of institutional investigations at 114, followed by Kelong New Materials with 67, Audiwei with 65, and Haidar with 64 [1] - Companies like Yuji Co. and Far航 Precision received the most frequent investigations, with 3 investigations each [1] - The average daily turnover rate for the investigated companies was 6.29%, with Gais Food, Wuhan Blue Electric, and Jiyang Precision leading with turnover rates of 20.17%, 15.12%, and 12.46% respectively [2]

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-143 邢台纳科诺尔精轧科技股份有限公司 股权激励计划限制性股票解除限售公告 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。 单位：股 | | | 是否为 | | 本 | | | | | 本次解 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 控股股 | 董事、监 | 次 | | | 本次变 | 变更 | 除限售 | | | 序 | 股东姓 | 东、实 | 事、高级 | 解 | 本次解除 | | 更限售 | 后限 | 股数占 | 尚未解除 | | | 名或名 | 际控制 | 管理人 | 限 | 限售登记 | | 类型登 | | | 限售的股 | | 号 | 称 | 人或其 | 员任职 | 售 | 股票数量 | | 记股票 | 售类 | 公司总 | 票数量 | | | | 一致行 | 情况 | 原 | | | 数量 | 型 | 股本比 ...

Group 1 - In the past month (from August 18 to September 17), 69 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Naconor being the most followed, attracting 114 institutions [1] - The types of institutions conducting research include 69 from brokerage firms, 57 from funds, 51 from private equity, 34 from insurance, and 8 from overseas [1] - The companies receiving the most attention by industry include machinery equipment, basic chemicals, and electronics, with 13, 10, and 10 companies respectively [1] Group 2 - The average stock price of the companies that received institutional research increased by 6.93% over the past month, with 43 stocks rising, including KAIT and WANTONG, which rose by 67.58% and 50.18% respectively [2] - The average market capitalization of all companies on the BSE is 3.4 billion yuan, while the average market capitalization of the companies that received research is 4.736 billion yuan [2] - The companies with the highest market capitalization among those researched include Better Ray, Shuguang Digital Innovation, and Tiangong Co., with significant increases in their stock prices [2] Group 3 - The most frequently researched company was Youji Co., which received 3 rounds of institutional research, while others like Kelong New Materials, Audiwei, and Haidal received 2 rounds each [1] - The detailed list of companies researched includes Naconor, Kelong New Materials, Audiwei, and Haidal, with their respective stock performance and industry classifications provided [2][3][4]

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-142 邢台纳科诺尔精轧科技股份有限公司 □现场参观 □新闻发布会 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 三、 投资者关系活动主要内容 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 9 月 15 日 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人员：副董事长、总经理付博昂先生，财务总监蔡军志先生， 董事会秘书吴民强先生 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 参会单位及人员：投资者网上提问 回答：尊敬的投资者，您好！公司在锂电辊压设备领域处于国内领先态势， 与国内头部电池企业均有合作，客户优势明显。公司在辊压设备性能以及干法电 极、固态电池等新工艺、新技术方面具备先发优势。公司通过持续提升客户服务 ...

Core Insights - The event held on September 15 focused on investor communication and the performance of listed companies in Hebei for the first half of 2025 [1] - Naconor announced that its joint venture, Qingyan Nacon, has successfully launched dry film forming equipment with a maximum width of 1200mm and a speed of 100m/min, showcasing leading product performance [1] - The company has received positive market feedback from several well-known battery manufacturers both domestically and internationally [1] - Naconor plans to increase R&D investment, deepen innovation in dry electrode processes, and accelerate market expansion in Southeast Asia, Europe, and North America to enhance global competitiveness [1]