Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

证券代码：835185 证券简称：贝特瑞 公告编号：2025-038 贝特瑞新材料集团股份有限公司 2024 年年度权益分派实施公告 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。 贝特瑞新材料集团股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 8 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未 超过两个月。 现将权益分派事宜公告如下： 本 次 权 益 分 派 基 准 日 合 并 报 表 归 属 于 母 公 司 的 未 分 配 利 润 为 6,916,983,854.51 元，母公司未分配利润为 2,334,717,479.41 元。本次权益分派共 计派发现金红利 447,223,805.20 元。 （3）对于合格境外投资者之外的其他机构投资者和法人股东，本公司未代 扣代缴所得税，由纳税人在所得发生地缴纳。 3、除权除息特别提示： 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司股权登记日应分配股数 1,118,059,513 股为基数（应 ...

Group 1 - Solid-state battery concept stocks have been declining, with Ningxin New Materials and Lingge Technology dropping over 10% [1] - Other companies such as Wuhan Land Electric, Honggong Technology, Liwang Co., Lingpai Technology, Naconor, Jinyinhai, Liyuanheng, Betterray, and Shanghai Xiba have also seen declines of over 5% [1]

Group 1 - The core theme of the news revolves around the rising interest and investment in low-carbon economy initiatives, highlighted by the performance of the China Securities Low-Carbon Economy Theme Index and related ETFs [1][2][3] - The China Securities Low-Carbon Economy Theme Index (000977) saw a strong increase of 1.21%, with significant gains in constituent stocks such as Guoxuan High-Tech (up 9.99%) and Ningde Times (up 4.41%) [1] - The Carbon Neutrality ETF (159885) has experienced a 1.39% increase, marking its third consecutive rise, indicating growing investor confidence in carbon neutrality initiatives [2] Group 2 - The 2025 (Third Cross-Strait Carbon Neutrality Conference) held in Fuzhou focused on sustainable development opportunities and cooperation between the two sides, with over 200 experts and industry leaders participating [2] - The conference resulted in the "Cross-Strait Enterprises Carbon Neutral Green Action Fuzhou Initiative," urging enterprises to commit to green practices and contribute to global climate governance [2] - A report from Dongwu Securities emphasized the importance of achieving carbon peak and carbon neutrality by 2030, with a focus on establishing zero-carbon parks and factories, and expanding the national carbon trading market [2][3] Group 3 - CITIC Securities highlighted that achieving carbon neutrality by 2060 is crucial for China to integrate into the new global industrial chain and build a community with a shared future [3] - Non-fossil energy is expected to be the main driver of energy growth, with policies focusing on energy consumption control, carbon trading, and green finance [3] - The top ten weighted stocks in the China Securities Low-Carbon Economy Theme Index account for 62.79% of the index, indicating a concentrated investment in key sectors such as clean energy and storage [3]

电池ETF(159755)：紧密跟踪国证新能源车电池指数，国证新能源车电池指数反映沪深北交易所中新能 源车电池产业上市公司的市场表现。场外联接(A：013179；C：013180)。 政策面上，此前工信部发布《2025年汽车标准化工作要点》，在前瞻布局前沿领域标准研究中提到，推 动制定及发布车用人工智能、固态电池、电动汽车换电等标准子体系，加快全固态电池、动力电池在役 检测、动力电池标识标签等标准研制。 消息面上，国轩高科已推出G垣准固态电池，并在eVTOL、新能源汽车及人形机器人等领域取得实质性 进展。目前该电池已完成多家客户测试并实现样车超1万公里运行，产能达12 GWh。 招商证券最新研报观点认为，随着2025年中国工业机器人产量同比大幅增长，以及智能终端、智能制造 装备等新一代技术的发展，固态电池的市场需求显著提升，为其技术研发和产业化提供了广阔空间。 截至2025年5月21日 13:12，国证新能源车电池指数(980032)强势上涨2.55%，成分股国轩高科 (002074)10cm涨停，宁德时代(300750)上涨5.87%，当升科技(300073)上涨5.72%，贝特瑞(835185)，先 导智 ...

Group 1: Industry Overview - The CIBF 2025 exhibition in Shenzhen attracted over 400,000 visitors, indicating strong interest in the lithium battery industry despite ongoing adjustments [1] - Companies are competing fiercely in the solid-state battery sector, which is considered a key battleground in the lithium battery industry [1][2] - The industry consensus is that semi-solid batteries are ready for mass production, while full solid-state battery production is expected to be realized by 2027 [1] Group 2: Company Developments - XINWANDA (300207.SZ) launched the "XIN YUNXIAO 2.0" aviation power battery with an energy density of ≥360Wh/kg, utilizing "soft solid-state" technology [2][4] - Guoxuan High-Tech (002074) showcased the GY准 solid-state battery with an energy density of 300Wh/kg, which is entering pre-production [4] - BETTERRY (835185.BJ) presented various battery material solutions, including the BE安方案 for solid-state battery systems, with new silicon-carbon anode materials validated by customers [7] Group 3: Material Advancements - The upstream materials for solid-state batteries are becoming increasingly mature, with some semi-solid battery materials already in mass production [6][8] - Star Source Materials (300568.SZ) achieved significant progress in solid electrolyte membranes, with oxide electrolytes entering mass production [8] - BETTERRY's new silicon-carbon anode materials are set to be validated for solid-state battery applications in 2024 [7]

Core Viewpoint - The solid-state battery concept stocks experienced a significant surge, with Jinlongyu hitting the daily limit, driven by positive developments in the industry and announcements from Guoxuan High-Tech [1] Group 1: Stock Performance - Jinlongyu saw a limit-up in its stock price during the afternoon session [1] - Guoxuan High-Tech, Lingpai Technology, Wanrun New Energy, and Lingge Technology all rose over 5% [1] - Other companies such as Shanghai Washba, Better Ray, and Zhenhua New Materials also experienced gains [1] Group 2: Industry Developments - Guoxuan High-Tech held the 2025 Global Technology Conference, where it announced the completion of a 0.2 GWh pilot line for solid-state batteries [1] - The company introduced six new products, including the G-Yuan quasi-solid-state battery [1] - The quasi-solid-state battery has already been tested by more than four customers [1]

Core Insights - BTR New Material Group showcased its advancements in battery technology at the 17th China International Battery Fair, reinforcing its position as a global leader in lithium battery materials [1] Product Innovations - BTR introduced the "BTR SAFE" series, featuring comprehensive solid-state and semi-solid battery solutions, including high-nickel cathodes, polymer and oxide electrolytes, and silicon-based anodes [2] - The high-nickel cathode for semi-solid batteries showed a 110-minute delay in thermal runaway peak compared to conventional cathodes, providing critical emergency response time [2] - The silicon-based anode material achieved an energy density of up to 2,300mAh/g, marking a significant improvement [2] Sustainability Initiatives - BTR unveiled its "Full-Chain Rebirth" closed-loop recycling solution for cathode and anode materials, achieving zero wastewater discharge with the S cathode material produced without precursors [3] - The "Flexible Newborn" technology allows for the renewal of anode materials, highlighted by the introduction of R graphite [3] Industry Engagement - BTR's booth at the exhibition was designed to showcase its technological ecosystem and ESG focus, attracting significant attention from industry professionals [5] - Key exhibit areas included solid-state battery materials, fast-charging anode solutions, and closed-loop recycling processes [5] Event Overview - The China International Battery Fair (CIBF2025) is a major global battery industry event, featuring over 3,000 exhibitors and attracting more than 400,000 attendees [6] Company Background - BTR New Material Group, established in August 2000 and listed on the Beijing Stock Exchange in October 2021, is a leader in renewable energy material R&D, known for its technological innovation and comprehensive product portfolio [7]

Group 1: Company Capacity and Production - The company has an annual production capacity of 575,000 tons for negative electrode materials [3] - The sodium battery production capacity is approximately 3,000 tons per year, with both positive and negative electrode materials recognized by customers and achieving bulk shipments [9] Group 2: Solid-State Battery Insights - Solid-state batteries are not a disruptive reconstruction of existing electrode material systems but rather an innovation in electrolyte form, enhancing energy density and safety while retaining mature electrode materials [6] - The demand for high energy density and high safety batteries is expected to increase with the rise of new application scenarios such as low-altitude economy, drones, and robotics, driving the industrialization of solid-state batteries [6] Group 3: Overseas Expansion and Strategic Considerations - The company has launched an 80,000 tons per year negative electrode material project in Indonesia, with the first phase in production since 2024 and a second phase expected to be operational in 2025, bringing total capacity in Indonesia to 160,000 tons per year [7] - The establishment of factories overseas is a key measure for implementing a global strategy, helping to build a more resilient localized supply chain and better serve overseas markets [7][8] - The choice of Indonesia for factory establishment is based on favorable production factors compared to Europe and the U.S., including cost, tax advantages, and reliable raw material and transportation [8] - Morocco was selected for its strategic geographical and trade position, which helps consolidate global competitive advantages [8]

证券代码：835185 证券简称：贝特瑞 公告编号：2025-037 贝特瑞新材料集团股份有限公司 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 二、 投资者关系活动情况 活动时间：2025 年 5 月 16 日 活动地点：深圳市光明区凤凰街道光源四路 8 号贝特瑞新能源科技大厦 参会单位及人员：中国风险投资有限公司及其他个人投资者合计 27 人。 上市公司接待人员：董事会秘书张晓峰、董事会秘书处主任黄舒欣 回复：公司在印尼年产 8 万吨负极材料项目（一期）已于 2024 年实现投 产，产能持续爬坡；印尼二期项目正在建设中，预计 2025 年实现投产，建成 后，公司在印尼负极材料产能达到 16 万吨/年；同时，公司在摩洛哥也布局了 正极材料和负极材料的产能，目前正在稳步推进中。 公司在海外建厂是落实全球化战略的关键举措，通过在海外布局生产基 地，构建更具韧性的本地化供应链体系，一方面有利于应对地缘政治风险，另 一方面也有利于进一步贴近海外 ...