Core Points - The acquisition of a 10.94% stake in Jiangsu Aoliwei Sensor Technology Co., Ltd. has been completed as of October 10, 2025, with all preconditions met [1] - The board of directors of the target company has been adjusted, with a total of 5 directors, including 3 non-independent directors and 2 independent directors, following the completion of the share transfer [1] - The target company is considered a non-wholly-owned subsidiary of the company, and its financial performance will be consolidated into the group's financial statements [2] Summary by Sections - **Acquisition Completion** - The share transfer registration for the acquisition was completed on October 10, 2025, allowing the company to hold a 10.94% equity interest in the target company [1] - The parties involved are required to complete board member adjustments and amendments to the articles of association within 30 working days after the share transfer registration [1] - **Board Composition** - The target company held a shareholders' meeting on November 21, 2025, to approve the adjustment of board members [1] - The new board consists of 5 members, with 3 being non-independent directors (including 1 employee director) and 2 independent directors, where 4 directors are nominated by the company [1] - **Financial Integration** - The target company will be treated as a non-wholly-owned subsidiary, and its financial results will be included in the consolidated financial statements of the company [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） 自願公告 完成對目標公司的收購 本公告（「本公告」）乃由中創新航科技集團股份有限公司（「本公司」，連同其附屬 公司統稱為「本集團」）自願作出。 茲提述日期為2025年5月6日及2025年7月9日的公告以及日期為2025年6月18日的 通函（「通函」），內容有關收購目標公司（「本次收購」）及認購目標公司新發行股份 （「本次認購」）。除文義另有所指外，本公告所用詞彙與通函所界定者具有相同涵 義。 完成本次收購 目標公司被視為本公司的非全資附屬公司，目標公司的財務業績將併入本集團的 合併財務報表。 於本公告日期，目標公司新發行股份的認購尚未完成。本公司將根據上市規則適 時就（其中包括）有關本次認購之最新進展另行刊發公告（如必要）。 承董事會命 中創新航科技集團股份有限公司 ...

Group 1 - The core point of the article is the launch of the Xiaopeng X9 Super Extended Range version, which is priced at 309,800 yuan, significantly lower than market expectations and previous pre-sale pricing [1] - The pre-sale orders for the X9 Super Extended Range version reached nearly four times that of the 2024 X9 pure electric version within the first hour, indicating strong market demand [1] - The vehicle's performance in terms of range is highlighted, with the X9 Super Extended Range version achieving a pure electric range of over 452 km and a comprehensive range of 1,602 km, making it the longest-range large seven-seat MPV globally [1] Group 2 - The exclusive battery supplier for the X9 Super Extended Range version is Zhongchuang Xinhang, which provides a 5C supercharging battery that is the first of its kind in the industry [2] - The battery can charge from 10% to 80% in just 11.5 minutes, showcasing advanced technology that balances fast charging efficiency with safety [2] - This collaboration marks a significant breakthrough for Zhongchuang Xinhang in the extended range market, potentially solidifying its leading position in the extended battery sector as the Xiaopeng X9 gains popularity [2]

Core Viewpoint - Jiangsu Province is focusing on the development of the new energy industry, emphasizing the importance of innovation and collaboration between enterprises, academia, and research institutions to enhance the overall competitiveness of the sector [1] Group 1: Industry Development - Jiangsu Province has a solid foundation and clear advantages in the development of the new energy industry [1] - The provincial government aims to identify key innovation directions within the industry [1] Group 2: Enterprise Role - Leading enterprises are encouraged to play a pivotal role in driving industry growth [1] - There is a call for deeper integration of production, education, and research led by enterprises [1] Group 3: Economic Impact - The initiative aims to support a comprehensive green transformation of economic and social development [1] - The goal is to create a more competitive new energy industry cluster [1]

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Group 1 - Ganfeng Lithium (01722.HK) has seen a decline of 6.10% [1] - Tianqi Lithium (09696.HK) has experienced an increase of 2.89% [1] - Zhongchuang Innovation (03931.HK) has dropped by 2.46% [1]

Group 1 - The provincial government emphasizes the importance of integrating technological innovation with industrial innovation to enhance the competitiveness of modern industrial clusters [1] - Jiangsu Hengli Hydraulic Company is highlighted for its production of high-precision products, with a focus on increasing R&D investment and innovation to drive industry transformation towards intelligence and sustainability [1] - Weiyi Intelligent Manufacturing Technology Company is leveraging AI and big data for the digital transformation of industrial enterprises, with a call for enhanced support in computing power and data resources [1] Group 2 - The new energy sector is identified as a key industry in Changzhou, with a focus on breakthroughs in materials, energy efficiency, and safety in power and energy storage batteries [2] - The government stresses the need for deep integration of industry, academia, and research to enhance the overall R&D application level in the new energy industry [2] - The urban renewal project in Zhonglou District aims to improve living conditions in older neighborhoods through scientific planning and quality control in construction [2]

Group 1 - The competitiveness of A-share listed companies in international markets has significantly improved, with 3,667 companies disclosing overseas business income, accounting for 68% of total A-share companies [1] - Total overseas revenue reached 9.52 trillion yuan, a 56.58% increase compared to 2020, with manufacturing companies contributing 6.39 trillion yuan, marking a 75.42% growth [1] - New industries such as new energy vehicles, lithium batteries, and photovoltaics are emerging as new growth drivers for foreign trade, with companies like CATL and BYD leading the way [1] Group 2 - Improving the quality of listed companies is crucial for the healthy development of the capital market and the overall high-quality development of the national economy [2] - Five key areas for enhancing the quality of listed companies include strengthening governance foundations, focusing on core responsibilities, optimizing resource allocation, maintaining stable operations, and reinforcing risk prevention measures [2]

[Table_IndNameRptType] 电力设备 行业周报 锂电材料价格上涨，储能需求持续火热 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 [Table_IndRank] 行业评级：增持 报告日期： 2025-11-19 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -11% 6% 23% 40% 57% 11/24 2/25 5/25 8/25 电力设备 沪深300 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 分析师：王璐 执业证书号：S0010525040001 电话：18301818122 [Table_Report] 相关报告 ⚫ 电网设备：关注"高比例新能源消纳"创新调控方向，烟威特高压登 州升压环评公示 新型电力系统从系统运行端看，需聚焦"高比例新能源消纳"，创新调控 模式。需通过提升惯 ...

Group 1 - The core viewpoint of the article highlights significant growth in the production and sales of power and other batteries in October 2025, with a year-on-year increase of 50.5% in production and 50.8% in sales [5][12][14]. - In October 2025, the total production of power and other batteries reached 170.6 GWh, with a month-on-month increase of 12.9% and a cumulative production of 1,292.5 GWh for the year, reflecting a 51.3% year-on-year growth [10][11]. - The sales volume of power batteries in October was 124.3 GWh, marking a 56.6% year-on-year increase, while the cumulative sales for the year reached 910.3 GWh, up 49.9% compared to the previous year [19][36]. Group 2 - The export volume of power and other batteries in October 2025 was 28.2 GWh, showing a month-on-month increase of 5.5% and a year-on-year increase of 33.5% [24][25]. - Power battery exports alone reached 19.4 GWh in October, with a year-on-year growth of 76.7%, while the cumulative export for the year was 148.5 GWh, reflecting a 37.2% increase [25][41]. - The article notes that the cumulative export of other batteries for the year increased by 58.3% [26]. Group 3 - In October 2025, the domestic power battery installation volume was 84.1 GWh, with a month-on-month increase of 10.7% and a year-on-year increase of 42.1% [45]. - The cumulative installation volume for the year reached 578.0 GWh, reflecting a 42.4% year-on-year growth [45]. - The article details that the installation volume of lithium iron phosphate batteries accounted for 80.3% of the total, with a year-on-year increase of 43.7% [45][51]. Group 4 - The article provides insights into the market concentration of power battery installations, indicating that the top 10 companies accounted for 94.7% of the total installation volume in October 2025 [57]. - The leading companies in terms of installation volume include CATL, BYD, and Zhongchuang Innovation, with significant market shares [62][68]. - The average battery capacity per vehicle in October was 55.0 kWh, remaining stable compared to the previous month [58].