【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月9日｜A股开盘，三大指数集体低开，沪指低开0.27%，深证成指低开0.54%，创业板指低开 1.09%。盘面上，金价屡创新高，继续带动黄金股上涨，西部黄金(601069)、晓程科技涨超3%；固态电 池板块回调，贝特瑞跌超5%，华盛锂电、欣旺达(300207)等跌超4%；光伏设备股普跌，通润设备跌超 4%，上能电气、阳光能源跌约3%。中芯国际复牌后跌超11%，公司拟发行股份购买中芯北方49%股 权。 (责任编辑：宋政 HN002) ...

9月8日，全球锂电池负极材料龙头贝特瑞（835185.BJ）股价延续强势表现，盘中一度涨超14%。截至收盘，贝特 瑞上涨5.76%，报收34.86元/股。自8月28日发布半年报以来，公司股价从22.97元/股一路攀升至34.86元/股，短短 10个交易日，累计涨幅达51.7%。其中，9月5日单日涨幅更是高达19.03%。 细分业务来看，负极材料作为贝特瑞核心支柱业务，上半年实现营业收入62.79亿元，出货量超26万吨，同比大幅 增长32.83%，毛利率维持在25.59%的较高水平，成为驱动公司营收增长的核心引擎。其中，人造石墨产品销量同 比激增46.23%，创历史新高。 贝特瑞正极材料业务也实现逆势改善。半年报显示，公司正极材料业务实现收入14.18亿元，同比增长4.30%，出 货量超1万吨；毛利率显著提升5.72个百分点至11.70%，业务盈利能力正在逐步修复。 海外布局方面，公司印尼基地年产8万吨负极材料项目（一期）目前满产满销；印尼基地年产8万吨负极材料项目 （二期）已完成产线建设，目前在试生产和客户认证中，今年内将逐步释放产能。此外，公司在摩洛哥也布局了 正极材料5万吨/年和负极材料6万吨/年的产能， ...

9月8日，全球锂电池负极材料龙头贝特瑞（835185.BJ）股价延续强势表现，盘中一度涨超14%。截至 收盘，贝特瑞上涨5.76%，报收34.86元/股。自8月28日发布半年报以来，公司股价从22.97元/股一路攀 升至34.86元/股，短短10个交易日，累计涨幅达51.7%。其中，9月5日单日涨幅更是高达19.03%。 细分业务来看，负极材料作为贝特瑞核心支柱业务，上半年实现营业收入62.79亿元，出货量超26万 吨，同比大幅增长32.83%，毛利率维持在25.59%的较高水平，成为驱动公司营收增长的核心引擎。其 中，人造石墨产品销量同比激增46.23%，创历史新高。 贝特瑞正极材料业务也实现逆势改善。半年报显示，公司正极材料业务实现收入14.18亿元，同比增长 4.30%，出货量超1万吨；毛利率显著提升5.72个百分点至11.70%，业务盈利能力正在逐步修复。 海外布局方面，公司印尼基地年产8万吨负极材料项目（一期）目前满产满销；印尼基地年产8万吨负极 材料项目（二期）已完成产线建设，目前在试生产和客户认证中，今年内将逐步释放产能。此外，公司 在摩洛哥也布局了正极材料5万吨/年和负极材料6万吨/年的产能， ...

自2017年党的十九大提出"培育世界级先进制造业集群"、2019年工信部启动先进制造业集群培育专项行 动以来，我在智通财经发表了深圳先进电池材料集群等几篇关于产业集群和创新集群的文章。在2025年 先进制造业集群发展大会即将召开之际，我想就先进制造业集群发展的关键谈几点看法。 三 深圳市场化改革最彻底，企业创新主力军地位和产业集群支撑是深圳创新之城的奥秘所在。以下，我再 次以工信部首批遴选出来的深圳先进电池材料集群为例来探讨先进制造业集群。深圳的智能手机和消费 类电子产品、新能源汽车、低空经济和无人机、AI和机器人、新型储能等先进制造业的创新无不得益 于先进电池材料产业集群的发展。在深圳市，像电池材料产业这样有集群生态系统存在的先进制造业案 例不胜枚举。 根据国际能源署数据，中国生产了全球超3/4的电池。深圳市的电池产业已形成从材料、电芯、装备到 回收的闭环生态，成为全球电池技术迭代的重要策源地，例如以清研电子、比亚迪为代表的干法极片工 艺、以欣旺达为代表的6C闪充电池技术、以星源材质为代表的高安全隔膜技术、以新宙邦为代表的电 解液3.0技术、以中科院深圳先进院为代表的铝基复合负极+抗冻耐热电池技术、以贝特瑞 ...

继今年1月证监会指导沪深北证券交易所发布了上市公司可持续发展报告首批编制指南(包括"总体要求 与披露框架""应对气候变化")后，9月5日，证监会再次指导沪深北证券交易所发布了"污染物排放""能源 利用""水资源利用"三个环境议题披露指南并公开征求意见。 北交所表示，修订工作坚持"提供参考为主，不新增强制披露要求"思路，旨在帮助上市公司更好地理解 可持续发展信息披露要求，提升ESG报告编制质量。据悉，北交所上市公司已积极开展ESG信息披露实 践，目前已有贝特瑞等16家公司披露了2024年度ESG报告，展现了上市公司对可持续发展理念的积极响 应。 北交所修订《指南》 日前，在中国证监会统筹指导下，北交所修订了《北京证券交易所上市公司可持续发展报告编制指 南》，自2025年9月5日起向社会公开征求意见。 北交所于2025年1月17日制定发布《指南》及附件《第一号 总体要求与披露框架》《第二号 应对气候变 化》。本次修订围绕环境相关议题新增系列应用指南《第三号 污染物排放》《第四号 能源利用》《第 五号 水资源利用》。 北交所表示，在本次修订的过程中，坚持以下总体思路：一是提升意识，筑牢可持续发展基础。在现有 披露框 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has guided the Beijing Stock Exchange (BSE) to release new disclosure guidelines focusing on environmental issues, aiming to enhance the quality of ESG reporting among listed companies [1][2]. Group 1: Guidelines and Framework - The BSE has revised the "Guidelines for the Preparation of Sustainable Development Reports" to include new application guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization," effective from September 5, 2025 [1][2]. - The guidelines aim to improve awareness and systematic management of sustainable development risks, while providing clear disclosure requirements without imposing additional burdens on companies [2][3]. - The guidelines serve as a reference for companies in preparing their sustainable development reports, detailing common risks and opportunities related to environmental issues [3][4]. Group 2: Industry Response and Practices - Companies listed on the BSE, such as BetterRay and others, have actively engaged in ESG reporting, with 16 companies already disclosing their 2024 ESG reports [1][4]. - BetterRay has integrated ESG principles into its corporate strategy, setting long-term goals for carbon neutrality and aiming for a 5% annual reduction in carbon emissions per product by 2030 [5][6]. - The BSE encourages innovative small and medium-sized enterprises to gradually enhance their ESG disclosures, reflecting a growing commitment to sustainable practices within the industry [4][3].

本报记者 丁蓉 由于具备高安全性和高能量密度等特性，固态电池被业界认为是下一代锂电池的重要技术方向之一，其 产业化发展进程也成为了市场关注的焦点。 从今年中报情况来看，新能源行业多家头部上市公司均重金投入研发。Wind资讯数据显示，比亚迪股 份有限公司、上海汽车集团股份有限公司、宁德时代新能源科技股份有限公司上半年研发支出分别为 308.80亿元、101.72亿元、100.95亿元，分别居A股上市公司第一、第五和第六。 此外，固态电池产业多个细分领域的上市公司也比去年同期加大了研发力度。例如，国轩高科2025年上 半年研发投入13.82亿元，较去年同期增长13.34%，公司在上半年发布了G垣准固态电池、"金石"全固态 电池等新产品；贝特瑞研发支出为4.01亿元，同比增长27.30%，公司在上半年发布了针对固态电池的材 料整体解决方案，分别为贝安FLEX半固态及GUARD全固态系列，为下一代电池技术提供"高能量+高 安全"的材料解决方案。 深度科技研究院院长张孝荣向《证券日报》记者表示，当前，全球固态电池产业化正进入换挡提速阶 段。随着上下游各环节不断取得新的突破，我国企业有望在全球固态电池产业化竞速中，建立领 ...

北交所策略专题报告 2025 年 09 月 07 日 北交所融资余额新高后中枢上移显韧性, 融资数据成情绪风向标 ——北交所策略专题报告 北交所研究团队 风险提示：政策落地不达预期风险、数据统计误差风险、宏观环境风险。 开 源 证 券 证 券 研 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北证融资余额创新高且中枢阶梯式上移，长期看融资额还有空间 截至 2025 年 9 月 4 日，北交所融资融券余额 73.64 亿元，其中融资余额 73.63 亿元。北交所融资融券余额与北证 50 指数走势较为一致，均在 2025 年 8 月末创 历史新高。从北交所融资余额趋势变化来看，1）2023 年 11 月、2024 年 9 月底 和 2025 年 2 月三轮北交所行情拉动了融资交易的活跃度；2）后两轮行情调整中 融资余额并未大幅回撤，反而实现平台突破与中枢上移，表明信心较强，持仓行 为更趋长期化。从融资买入额角度来看，随着 2024 年 9 月底北交所行情驱动成 交额改善，北交所融资买入额占成交额比重实现平台突破。2024 年 9 月 6 日至 2025 年 ...

Core Viewpoint - Shenzhen continues to be the "foreign trade capital" of China in the first half of this year, with new energy vehicles, lithium batteries, and photovoltaic products leading the growth in foreign trade [1][3]. Group 1: Industry Overview - The lithium battery industry in Shenzhen has seen the emergence of a unique "material team," consisting of four leading companies: Keda Li, Better Ray, New Zobang, and Xingyuan Material, which dominate key material sectors [3][13]. - These four companies have successfully broken the monopoly of Japanese and Korean firms in the lithium battery materials market, marking a significant achievement in China's industrial landscape [3][13]. Group 2: Company Performance - Keda Li is projected to achieve a revenue of 120.3 billion RMB and a net profit of 14.72 billion RMB in 2024, holding the largest global market share in structural components [4]. - Better Ray is expected to generate 142.37 billion RMB in revenue and 9.3 billion RMB in net profit in 2024, leading the global market in negative materials [4]. - New Zobang anticipates a revenue of 78.47 billion RMB and a net profit of 9.42 billion RMB in 2024, ranking third globally in electrolyte sales [4]. - Xingyuan Material is projected to achieve a revenue of 35.41 billion RMB and a net profit of 3.64 billion RMB in 2024, holding the second position globally in membrane sales [4]. Group 3: Historical Context - The lithium battery market was dominated by Japanese companies in the late 20th century, with a market share of 93% in 2000, leading to a reliance on imports for China [7][9]. - Shenzhen's entrepreneurs began to emerge in the late 1990s, tackling the challenges of high import costs and technological barriers in lithium battery materials [9][11]. Group 4: Recent Developments - Keda Li reported a revenue of 66.45 billion RMB in the first half of this year, a year-on-year increase of 22.01%, driven by rising sales of new energy vehicles [16]. - New Zobang's revenue reached 20.02 billion RMB in the first quarter of this year, reflecting a 32.14% increase compared to the previous year [19]. - Xingyuan Material's revenue was 8.89 billion RMB in the first quarter, a 24.44% increase year-on-year, despite a decrease in net profit [19]. - Better Ray's revenue for the first quarter was 33.92 billion RMB, a decrease of 3.88% year-on-year, attributed to increased market competition [20]. Group 5: Strategic Initiatives - Keda Li is expanding its overseas production capabilities with investments in Germany, Sweden, and Hungary to meet global demand [21]. - New Zobang has established over 20 production bases worldwide and is actively expanding its presence in East Asia and Southeast Asia [21]. - Xingyuan Material has built a major production facility in Malaysia, focusing on lithium-ion battery membranes and solid-state battery components [23]. - Better Ray is advancing its global strategy with projects in Indonesia and Morocco to enhance its competitive edge in the lithium battery materials market [25].

Group 1 - The lithium battery sector has become a new choice for short-term capital, with significant stock price increases observed on September 5, where the Wind Power Battery Index rose by 9.64% [1] - The performance of various segments within the lithium battery industry shows a clear divergence, with the negative electrode materials and electrolyte sectors experiencing substantial revenue growth, while the positive electrode materials and lithium battery separators lagged behind [2][4] - The electrolyte sector demonstrated the most notable improvement in performance, with average revenue growth of 20.77% and net profit growth of 35.4% among the 11 sample companies analyzed [5][6] Group 2 - The core material, lithium hexafluorophosphate, showed significant performance improvements, with revenue growth of 16.07% and net profit growth of 40.87% [5] - Despite a decline in sales prices, the sales volume of electrolytes increased significantly, leading to a rise in sales revenue [5][6] - The negative electrode materials sector also saw revenue growth of 25.62% and net profit growth of 119.19%, although some companies faced challenges with declining profit margins [8][9] Group 3 - The positive electrode materials and separators faced weaker performance, with net profit declines of 54.38% and 1.3% respectively, indicating a broader trend of profit margin compression across the industry [9][10] - The overall trend shows that while some companies are experiencing revenue growth, many are struggling with declining profit margins, suggesting that the price bottom for lithium battery materials has not yet been reached [10] - The mixed operations of lithium battery companies complicate the reflection of industry conditions in their performance, as many companies engage in multiple segments [11][12]