点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 无负极电池负极集流体表面不预置活性材料，锂离子从正极脱出后，直接在集流体表面沉积与剥离，区别于传统石墨和锂金属电池。 该技术具备更高能量密度与更 低的成本， 但面临锂枝晶生长和SEI 膜破裂重组导致的死锂问题，主要解决方向集中在集流体改性、电解液优化、人工SEI膜构建及补锂技引入四个方面 。 在产业进展方面， 宁德时代于2025年4月推出"自生成负极"技术 ，在提升能量密度与循环寿命方面表现显著。该技术通过纳米级界面层提高离子传导速度百倍，将 锂沉积粒径提升10倍，并构建自保护层以抑制副反应，显著增强电池稳定性。 比亚迪公开了一项无负极电池专利 ，采用多孔海绵状集流体，亲锂性由一面向另一面逐步增强，并掺杂锂、钠、镁等亲锂金属元素，显著降低电化学反应的动力学 壁垒，引导锂离子优先在底部沉积，实现自下而上的稳定生长。 无负极技术的优势：更高的能量密度和更低的成本 01 · 更高的能量密度: 1）更高的放电电压。实际上，无负极电池是锂金属电池的一种特殊存在，金属锂具备高理论比容量（3860mAh/g）和低氧化 ...

当前磷酸铁锂市场正呈现"冰火两重天"局面：跨界企业纷纷退场，而头部企业凭借技术、成本与市场优势持续扩大领先地位。 日前，邦普时代新一代磷酸铁锂项目建设正酣，国内设计产能最大单体车间年底在宜投产。 在500亩的项目用地上，即将建设国内设计产能最大的磷酸铁锂单体车间。 项目将建成三个生产车间，每个车间设计年产能15万吨，采用行 业领先的第四代磷酸铁锂技术 （压实密度高 于2.6g/cm³） 。 相比传统磷酸铁锂产品，邦普时代新一代磷酸铁锂的压实密度更高，以其作为正极材料的新能源动力电池，充电速度更快、容量更大，能更好 满足新能源汽车快充、长续航的市场需求， 可适配铁锂系快充动力电池，如宁德时代神行电池、比亚迪二代刀片电池。 邦普时代45万吨新一代磷酸铁锂项目总投资50亿元 ，是邦普公司在宜投资320亿元打造邦普全链条一体化产业园后，追加投资布局新能源电 池全产业链的又一重大举措。 通过打通磷酸铁锂材料制造的关键环节，实现"磷矿-原 料-前驱体-正极材料-电池循环利用"的发展模式，进 一步完善高端产品布局。 今年1月12日，宜昌市政府与宜昌邦普时代新能源有限公司，在广东佛山签署45万吨新一代磷酸铁锂项目投资协议， ...

Core Viewpoint - The article discusses the competitive landscape among the world's most influential business leaders, highlighting the rise of artificial intelligence and the critical role of companies like Nvidia in shaping the future of technology and business [3][5][6]. Group 1: Nvidia and AI Leadership - Jensen Huang, CEO of Nvidia, is recognized as the most influential business leader, with Nvidia becoming the highest-valued company on the U.S. stock exchange due to the demand for its AI chips [3][6][7]. - The demand for Nvidia's chips is described as nearly infinite, with major tech companies building large data centers equipped with thousands of Nvidia GPUs [7]. - Nvidia's stock price has reached historic highs, making it the first company to surpass a market capitalization of $4 trillion [7]. Group 2: Competitive Dynamics - The article emphasizes the intense competition among top business leaders, with many closely ranked, indicating a fierce battle for market dominance [4][5]. - The rankings reveal that even slight differences in position can signify significant competition, as seen with leaders from Amazon and Walmart, and Tesla and BYD [4]. - The historical context shows that past advantages can quickly become liabilities, with emerging startups posing threats to established giants [5][6]. Group 3: Transformations in Major Companies - Microsoft, under Satya Nadella, has successfully transitioned from personal computing to cloud services and now to AI, maintaining a market cap of over $3.7 trillion [9][10]. - Meta, led by Mark Zuckerberg, has pivoted towards generative AI, with projected revenues nearing $190 billion, despite facing social media-related challenges [12]. - Tesla's Elon Musk continues to innovate, with significant advancements in SpaceX and Neuralink, despite controversies affecting Tesla's brand image [14]. Group 4: Emerging Leaders and Market Trends - BYD, led by Wang Chuanfu, has become the largest seller of new energy vehicles, with sales exceeding 4 million units in 2024 [16]. - Alphabet's Sundar Pichai is navigating regulatory challenges while pushing for AI advancements within Google, which has a profit of $100 billion [17]. - OpenAI's Sam Altman has transformed the company into a $300 billion entity, leading the AI arms race against competitors like Meta and Google [21]. Group 5: Financial Sector Insights - Jamie Dimon of JPMorgan Chase wields significant influence in the financial sector, with the bank reporting revenues of $279 billion in 2025 [24]. - Citigroup's Jane Fraser is restructuring the bank with a focus on technology modernization, achieving an 8% revenue growth [32]. - Accenture's Julie Sweet has positioned the company as a leader in generative AI, reporting $1.8 billion in AI-related revenue [30].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies, but it suggests a focus on companies involved in the anode-free battery technology, indicating potential investment opportunities. Core Insights - Anode-free battery technology allows lithium ions to deposit directly on the current collector surface, leading to higher energy density and lower costs compared to traditional batteries. However, challenges such as lithium dendrite growth and SEI film stability remain critical issues to address [8][15][19]. - The report highlights significant advancements in the industry, particularly with companies like CATL and BYD, which are developing proprietary technologies to enhance battery performance and stability [8][40][45]. - The report recommends focusing on Zhongyi Technology, which has a strong position in the copper foil sector and is advancing in anode-free technology, particularly with its lithium-copper composite anode materials [8][49][55]. Summary by Sections 1. Anode-Free Technology Concept - Anode-free batteries differ from traditional lithium-ion and lithium metal batteries by not preloading active materials on the anode current collector, allowing for direct lithium ion deposition [11][15]. - This technology offers higher energy density (650 Wh/kg) and lower costs due to reduced reliance on lithium metal [15][19]. 2. Industry Progress of Anode-Free Technology - CATL launched its "self-generating anode" technology in April 2025, achieving a 60% increase in volumetric energy density and a 50% increase in mass energy density [40]. - BYD has patented a porous sponge-like current collector that enhances lithium ion deposition and reduces dendrite growth, significantly improving battery cycle life [45][46]. 3. Related Companies - Zhongyi Technology has been a key player in the copper foil industry for over a decade, focusing on high-performance electrolytic copper foil for lithium batteries and electronic circuits [49][55]. - The company has shown consistent revenue growth, with a notable increase in operating income from 2.197 billion to 4.786 billion from 2021 to Q1 2025, despite fluctuations in net profit due to industry supply and demand dynamics [57][58].

Core Viewpoint - The article discusses the dual dynamics of the Chinese electric vehicle (EV) market, highlighting the slowdown in domestic growth alongside strong export expansion, which is reshaping the competitive landscape and growth pathways for the battery industry [3][5]. Domestic Market Trends - In July, the production of new energy passenger vehicles reached approximately 1.15 million units, showing a year-on-year increase of 22%, but a month-on-month decline of 3%. Retail sales were about 990,000 units, with a year-on-year growth of 12% but a significant month-on-month drop of 11% [5][6]. - The penetration rate of new energy vehicles in the domestic market has remained stagnant between 50% and 54% for nearly a year, failing to surpass the 55% mark [5]. - The retail market for pure electric vehicles grew by about 25% year-on-year, while plug-in hybrid sales saw a slight decline of 0.2%, and range-extended models dropped significantly by 11% [5][6]. - The market share of domestic brands in new energy vehicles stabilized at 70%, with a penetration rate of 75%, while luxury brands had a penetration rate of 30% and mainstream joint ventures only 7% [5][6]. Price Competition and Cost Pressures - The average price reduction for new energy vehicles in July was approximately 17,000 yuan, representing an 11.1% decrease, indicating ongoing price wars that are transferring cost pressures to battery manufacturers [6][7]. - The average price of plug-in hybrid models dropped by about 33,000 yuan, with a reduction rate of 14%, which is higher than that of pure electric vehicles [6][7]. Battery Supply Chain Dynamics - In July, lithium iron phosphate batteries accounted for 81% of the domestic battery installations, with a year-on-year growth of 49%, while the installation of ternary batteries decreased by 4% [7]. - The market concentration of domestic power battery manufacturers continued to decline, with the top two companies' market share dropping by 4.5 percentage points year-on-year [7]. Export Growth and Global Market Trends - In July, exports of new energy passenger vehicles reached 210,000 units, a year-on-year increase of 120%, accounting for 45% of total passenger vehicle exports [9][10]. - Exports of pure electric vehicles constituted 65% of new energy exports, with A00 and A0 class small pure electric vehicles' share rising from 26% to 43% [9][10]. - BYD's exports reached 80,000 units in July, a year-on-year increase of 160%, particularly strong in the European market, where sales grew by 470% [10][11]. - The overall export volume of domestic power batteries increased by approximately 48%, surpassing domestic sales for the first time [10]. High-End Market Opportunities - Despite price competition in the low-end market, the high-end market (vehicles priced above 250,000 yuan) is emerging as a new battleground, with several brands launching new models in this segment [11][12]. - The global production of ternary materials reached a historical high in July, indicating a strong demand for high-performance batteries [11][12]. Future Outlook - The transition of automotive consumption subsidies from direct grants to loan interest subsidies signals a shift in policy direction, with a focus on service consumption areas such as battery testing and maintenance [12]. - As some hybrid models begin to retract in the domestic market, automakers must find ways to expand their advantages over traditional fuel vehicles rather than competing within the pure electric segment [12].

Core Viewpoint - The strategic cooperation between BYD Commercial Vehicles and JD Auto aims to enhance the application of new energy commercial vehicles across various scenarios, leveraging both companies' strengths in technology and market reach [1][3]. Group 1: Strategic Cooperation - On August 12, BYD Commercial Vehicles and JD Auto signed a strategic cooperation agreement in Shenzhen, marking a significant partnership in the commercial vehicle sector [1]. - BYD's General Manager, Tian Chunlong, highlighted the rapid electrification of commercial vehicles, with penetration rates increasing from single digits to double digits [3]. - JD Auto's Senior Vice President, Wang Peina, emphasized the company's growth in government and enterprise business platforms, planning to promote BYD's commercial vehicles in sectors like energy and tobacco [3]. Group 2: Product and Market Development - BYD aims to leverage its unique "three electric one core" technology to expand its product matrix and meet market demands [3]. - The collaboration will also explore product entry, platform recommendations, and employee purchase programs to enhance the overall service and product offering [3]. - Both companies are committed to creating greater value for users and the commercial vehicle industry in China through this partnership [3].

Core Viewpoint - BYD's impressive performance in the first half of the year is largely driven by overseas sales, which have seen significant growth despite increasing domestic competition [2][4]. Group 1: Sales Performance - From January to July, BYD's passenger car sales reached 2.4543 million units, a year-on-year increase of 25.99% [2]. - Overseas sales of BYD's passenger cars and pickups reached 550,300 units, a year-on-year increase of over 130%, contributing more than 60% to the overall sales growth [2][4]. - In July alone, BYD achieved overseas sales of 80,200 units, accounting for 23.51% of its monthly performance [2]. Group 2: Market Expansion - BYD's strategy includes stable sales in existing markets and explosive growth in new markets, with Indonesia showing a staggering year-on-year increase of 1142% [4][5]. - Other countries with significant sales growth include Turkey, the UK, Spain, Germany, Italy, Norway, and Portugal, all exceeding 100% growth [5][6]. Group 3: Management Insights - BYD's overseas business is managed by three executives, focusing on different regions: Li Ke for Europe and America, Liu Xueliang for Asia-Pacific, and Huang Xuezhi for the Middle East and Africa [6]. - Liu Xueliang emphasizes the importance of building brand trust through years of operation in various countries, particularly in the electric bus sector, which has laid a solid foundation for passenger car sales [7][10]. Group 4: Strategic Goals - BYD aims for sustainable growth rather than just rapid sales increases, focusing on establishing a strong brand presence in international markets [10][12]. - The company is committed to a long-term vision, prioritizing the establishment of trust and quality service over immediate sales figures [12][24]. Group 5: Competitive Landscape - BYD faces significant competition from Japanese and Korean automakers in the Asia-Pacific region, which are well-established and have a conservative consumer base [20][26]. - The company is actively working to improve its brand image and consumer perception of Chinese brands in international markets [33][34]. Group 6: Future Outlook - BYD is expanding its production capabilities in various countries, including Cambodia and Pakistan, to enhance local manufacturing and sales [28][29]. - The company is also exploring the establishment of R&D centers in overseas markets to better tailor products to local consumer needs [30].

Core Viewpoint - The article discusses the current state and trends in the pickup truck market in China, highlighting sales performance, export growth, and the rise of new energy pickups. Group 1: Pickup Truck Sales - In July 2025, the pickup truck market sold 41,000 units, a year-on-year increase of 1.7% but a month-on-month decrease of 15.0%, aligning with the median level of the past five years [2][6] - From January to July 2025, total sales reached 348,000 units, reflecting a year-on-year growth of 11.0% [2][6] - Great Wall Motors continues to lead the market, with strong performances both domestically and internationally, supported by export demand [2][3] Group 2: Regional Demand - The main demand for pickups is concentrated in the Southwest and Northwest regions, which accounted for 45% of total demand in July 2025 [2] - The growth of new energy pickups is notable in cities like Shenzhen and Guangzhou, indicating a strong potential for domestic demand [2] Group 3: Export Performance - In July 2025, pickup truck exports reached 23,000 units, a month-on-month decline of 13% but a year-on-year increase of 13% [2][3] - Exports accounted for 56% of total pickup sales in July 2025, up from 45% in 2024, indicating a significant improvement in China's pickup truck export capabilities [2][3] Group 4: New Energy Pickup Trucks - In 2024, the sales of new energy pickups are projected to reach 21,200 units, marking a substantial year-on-year growth of 170% [3] - In July 2025, new energy pickups sold 4,000 units, a year-on-year increase of 182% but a month-on-month decrease of 41% [3] - Cumulatively, from January to July 2025, new energy pickup sales reached 46,000 units, reflecting a staggering growth of 702% compared to the previous year [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [4][10]. Core Insights - The lithium battery sector is experiencing a general price increase across the supply chain, with a focus on short-term price trends and monthly sales performance [4]. - In July 2025, the lithium battery index rose by 2.47%, while the new energy vehicle index increased by 3.15%, both underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 3.37% [4]. - The report highlights a significant year-on-year growth in new energy vehicle sales, with July 2025 sales reaching 1.262 million units, a 27.35% increase compared to the previous year [4][14]. - The report emphasizes the importance of monitoring upstream raw material prices, monthly sales, and relevant domestic and international trade policies [4]. Summary by Sections 1. Market Review - The lithium battery sector's performance in July 2025 was weaker than the broader market, with 63 stocks rising and 41 falling within the sector [8][9]. - Key stocks in the sector showed varied performance, with notable gains from companies like Zhongcai Technology and Haopeng Technology [8]. 2. New Energy Vehicle Sales and Industry Prices - New energy vehicle sales in China reached 1.262 million units in July 2025, marking a 27.35% year-on-year increase [14]. - The report projects continued growth in the new energy vehicle market, supported by favorable policies and improved vehicle cost-performance ratios [14]. 3. Industry and Company News - The report outlines significant industry developments, including the release of new electric vehicle models and government initiatives to promote low-carbon transportation [54][56]. - It also notes the collaboration between major companies like CATL and BHP to enhance mining operations and battery recycling [56]. 4. Price Trends in the Supply Chain - As of August 13, 2025, the price of battery-grade lithium carbonate was 82,000 CNY/ton, reflecting a 33.88% increase from early July [4][39]. - The report indicates that prices for lithium hydroxide and other key materials are also on the rise, suggesting a potential upward trend in the short term [4][42]. 5. Investment Focus - The report suggests that investors should focus on leading companies within the lithium battery sector, as individual stock performance is expected to diverge [4]. - It highlights the importance of staying informed about raw material price movements and market dynamics to identify investment opportunities [4].

智通财经APP获悉，截止8月14日收盘，东北电气(00042)、复旦张江(01349)、弘业期货(03678)分列AH 溢价率前三位，溢价率分别为785.25%、230.34%、226.10%；宁德时代(03750)、恒瑞医药(01276)、招 商银行(03968)分列AH溢价率末三位，溢价率分别为-20.14%、-5.11%、4.67%。其中安德利果汁 (02218)、复旦张江(01349)、金力永磁(06680)的偏离值位居前三，分别为28.98%、27.73%、14.39%；另 外，比亚迪股份(01211)、东北电气(00042)、龙蟠科技(02465)的偏离值位居后三，分别 为-150.95%、-72.83%、-44.57%。 前十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.305 | 2.25 | 785.25% | -72.83% | | 复旦张江(01349) | 3.790 | 10.45 | 230.34% | 27.73% | | 弘业期货(0 ...