Core Viewpoint - The lithium battery industry is signaling a clear anti-involution stance through closed-door meetings among key players, focusing on self-discipline and addressing overcapacity issues in the phosphoric iron lithium and diaphragm sectors [2][3][4]. Group 1: Industry Meetings and Self-Discipline - A closed-door meeting involving 10 phosphoric iron lithium companies was held in Shenzhen to discuss solutions for overcapacity, particularly outdated capacity [2] - A subsequent meeting for wet diaphragm companies took place in Suzhou, following an earlier meeting for dry diaphragm companies [2] - The meetings emphasized the need for industry self-discipline, with a consensus that sales prices should remain above cost and no new capacity should be added beyond planned levels [3] Group 2: Policy and Compliance Measures - The anti-involution approach is not limited to self-discipline but also involves policy and compliance measures aimed at addressing supply-side structural issues [4][6] - Policies are expected to raise production thresholds, strengthen qualification reviews, and clarify pricing and cost lines, directly impacting inefficient or non-compliant capacities [6] Group 3: Market Recovery and Capacity Utilization - The lithium battery industry has been in a bottom cycle for an extended period, with signs of recovery expected by 2025 in terms of shipment growth, capacity utilization, and pricing [5][9] - In the first half of 2025, the overall growth rate of the lithium battery supply chain is projected to exceed 40%, with significant increases in battery shipments and material production [10] Group 4: Price Dynamics and Market Competition - While diaphragm prices continue to decline, other main materials have passed their low points, indicating a potential for price recovery [11] - Successful anti-involution efforts could lead to a comprehensive price rebound in the lithium battery industry, with average battery prices potentially increasing by double-digit percentages [12] - The focus of competition may shift from price to efficiency and technology as low-end capacities exit the market [12][14] Group 5: Capacity Utilization and Industry Trends - The overall capacity utilization in the phosphoric iron lithium sector remains low, but structural tensions are emerging, with some leading companies exceeding 90% utilization [16] - The exit of low-end capacities is expected to accelerate, particularly as new product generations and process upgrades come into play [16]

Group 1 - BYD and Geely ranked among the top ten global new car sales for the first half of 2025, with sales growth of 33% and 29% respectively, while Nissan fell out of the top ten for the first time [1][3] - Chery, ranked 12th, also showed a significant year-on-year sales increase of 14% [1] - Chinese automakers are gradually moving towards profitability amidst global competition and are increasingly gaining influence in the market, as evidenced by their improved rankings in the Fortune Global 500 list [3][6] Group 2 - Nissan's global sales dropped to 1.61 million units in the first half of the year, the lowest since the 2009 financial crisis, marking a significant decline [3][5] - The company faced an 18% decrease in sales in China, with only 270,000 units sold, a nearly 60% drop from its peak in 2018 [5] - Nissan's financial struggles are compounded by insufficient hybrid model offerings in the U.S. and challenges in Southeast Asia due to competition from Chinese electric vehicle manufacturers [5][6] Group 3 - The automotive industry is undergoing a transformation led by Chinese manufacturers, with a shift from technology to market presence, resulting in a reshuffling of global sales rankings [6]

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

文 | 中关村储能产业技术联盟 8月27日，内蒙古能源突泉独立新型储能电站项目、内蒙古能源苏尼特右旗30万千瓦/ 1 2 0 万千瓦时独立储能项目储能系统设备采购开标。 标段一：突泉5 0 0MW/ 2 0 0 0MWh 1 5家企业参与竞标，投标单价范围0.3896- 0.52元/Wh，平均报价0 . 4 3 2元/Wh。 | | 标段一:突泉开标情况记录表 | | | | --- | --- | --- | --- | | | 500MW/2000MWh | | | | 序号 | 投标单位名称 | 投标报价 (70) | 折合車价 (元/Wh) | | 1 | 远景能源有限公司 | 970000000 | 0.485 | | 2 | 北京海博思创科技股份有限公 | 1040000000 | 0.52 | | 3 | 江西赣锋锂电科技股份有限公 | 859800000 | 0.4299 | | 4 | 阳光电源股份有限公司 | 922934800 | 0.4615 | | 5 | 广州智光储能科技有限公司 | 855600000 | 0.4278 | | ଚ | 山东电工时代能源科技有限公司 | 83600 ...

Core Insights - BYD's official announcement on August 26 reveals that the Yangwang U9 engineering test vehicle achieved a maximum speed of 472.41 km/h, setting a new global record for electric vehicles [1] Group 1 - The Yangwang U9 has been recognized as the first Chinese supercar to reach over 100 units delivered, with a total of 149 units delivered since its first delivery on August 21 of the previous year [3] - The Yangwang U9 previously set a record as the fastest car in China with a speed of 391.94 km/h on October 26, 2024, and achieved a lap time of 7 minutes and 17 seconds at the Nürburgring on November 4 of the same year [3] - BYD has applied for a new model of the Yangwang U9 electric supercar, featuring four electric motors with a power output of 555 kW each, as per the Ministry of Industry and Information Technology's announcement [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Insights - The company is a national-level specialized and innovative small giant enterprise focusing on automotive thermal management sensors, controllers, and actuators. It has experienced rapid revenue and net profit growth, with a compound annual growth rate (CAGR) of 31.35% for total revenue and 45.44% for net profit from 2020 to 2024 [3][25]. - The company's actuator business has become a pillar, with revenues projected to grow significantly, benefiting from the electric and intelligent transformation of vehicles. The global automotive actuator market is expected to grow from 165.8 billion yuan in 2023 to 275.9 billion yuan by 2029, with a CAGR of 8.9% [3][6]. - The company has established strong customer relationships, particularly with BYD, which accounted for 29.0% of its revenue in 2023. The partnership with BYD has been ongoing since 2005, and the company has also entered the supply chain of a North American electric vehicle brand [4][5]. Summary by Sections Company Overview - The company has over 20 years of experience in the sensor field and has been recognized as a national-level specialized and innovative small giant enterprise. It focuses on automotive thermal management sensors, controllers, and actuators, with a history of significant technological advancements and market expansions [13][25]. Revenue and Profit Growth - The company has maintained high growth rates in both revenue and profit, with a total revenue of 826 million yuan in 2024, representing a year-on-year growth of 26.5%. The net profit for the same year was 138 million yuan, with a year-on-year increase of 21.2% [25][30]. Business Segments - The company's three main business segments—actuators, sensors, and controllers—are all growing. In 2024, the actuator segment generated 3.27 billion yuan in revenue, making it the largest revenue source, while the sensor segment contributed significantly to gross profit [30][39]. Market Potential - The automotive sensor market in China reached approximately 35 billion yuan in 2023, with a CAGR of over 15% from 2019 to 2023. The demand for automotive sensors is expected to continue growing due to the increasing production and ownership of vehicles [74][77]. Future Outlook - The company forecasts revenues of 1.15 billion yuan in 2025, 1.47 billion yuan in 2026, and 1.86 billion yuan in 2027, with net profits projected at 200 million yuan, 260 million yuan, and 320 million yuan respectively [6][7].

【#比亚迪泰国工厂出口电动车至欧洲#】比亚迪汽车（泰国）有限公司25日宣布，其泰国工厂生产的电 动车首次出口至欧洲市场，共计超过900辆，目的地包括英国、德国和比利时。 比亚迪泰国工厂去年7 月投产，涵盖冲压、涂装、焊接和总装全流程。（新华社，泽塔） ...

Group 1 - The event "2025 Year of 100 Japanese University Students Visiting China" was organized to promote cultural exchange, with participation from various associations and the Chinese Embassy in Japan [1] - The visit to Mixue Ice City highlighted its popularity among young people due to its high cost-performance ratio, showcasing it as a well-structured and innovative company rather than just a typical tea shop [3][5] - The visit to BYD's "Di Space" demonstrated advanced manufacturing processes and the impact of new energy vehicles on environmental improvement, impressing the students with the level of automation and efficiency [5] Group 2 - Japanese students expressed their surprise at the comprehensive supply chain and modern concepts of Mixue Ice City, changing their previous perceptions of the brand [3] - The students engaged with the brand's various IPs during their visit, indicating strong brand recognition and appeal among the youth [3] - The experience at BYD's facility provided insights into the intelligent manufacturing processes, enhancing the students' understanding of the automotive industry [5]

Economic Performance - The GDP of the Shenzhen-Shanwei Special Cooperation Zone grew by 12.4% year-on-year in the first half of 2023 [1] - The industrial added value above designated size increased by 22.0% year-on-year, with the manufacturing sector growing by 21.0% [3] - Key industries such as electricity, heat production, and supply saw an increase of 28.4% in added value [3] Automotive Industry Development - The cooperation zone is accelerating the construction of a world-class automotive city, led by BYD, forming a trillion-level new energy vehicle and parts industry cluster [4] - Since the signing of the first phase of the BYD Automotive Industrial Park in August 2021, subsequent phases have been launched with total investments exceeding 30 billion yuan [4] - The second phase of the project has commenced production, achieving a daily output of 1,300 vehicles, with plans to produce over 250,000 vehicles in 2024 [4] Investment and Industrial Upgrades - At the recent investment promotion conference, 15 projects were signed, focusing on new energy vehicle thermal management systems and high-end chemical materials [5] - The establishment of the Shenzhen High-end Electronic Chemicals Industrial Park aims to create a hundred billion-level high-performance materials industry cluster [6] - The cooperation zone is also developing an intelligent manufacturing equipment industrial park, attracting robotics companies and technology platforms [6]

Core Viewpoint - The announcement of the Yango U9 track version achieving a record speed of 472.41 km/h marks a significant milestone for Chinese automotive brands in the high-performance electric vehicle sector, showcasing their technological advancements and capabilities on a global stage [1][7]. Group 1: Performance Achievements - The Yango U9 track version set a new global electric vehicle speed record, driven by professional driver Marc Basseng, who previously held the record himself [1]. - The vehicle's performance is attributed to its innovative technology architecture, including the world's first mass-produced 1200 V ultra-high voltage platform, enhancing its capabilities in extreme conditions [3][5]. Group 2: Technological Innovations - The Yango U9 track version features a four-motor platform with a peak power of 555 kW per motor, providing a total output of over 3000 Ps, resulting in an impressive power-to-weight ratio of 1217 Ps/t [3][5]. - The vehicle employs a unique torque vectoring system that adjusts wheel torque in real-time, ensuring stability and control even at high speeds [5]. Group 3: Collaborations and Future Developments - Yango has partnered with Giti Tire to develop custom track-level semi-slick tires, enhancing tire performance and durability based on extensive testing data from Germany [7]. - The record achievement not only highlights the technological strength of BYD Group but also signifies a breakthrough for Chinese automotive brands in the high-performance vehicle market [7].