◎记者 俞立严 中创新航董事长刘静瑜经常无暇在位于江苏金坛的公司总部办公，她要到各地生产研发基地调研，与国 内外客户沟通业务。 中创新航动力电池装车量位居世界第四，已成为中国动力电池产业崛起的重要标志。"人的生命是有限 的，但怎样在有限的生命中发挥最大的价值？一定是要往前跑、做领跑者。"刘静瑜说。 源于中航，成于创新 "超越商业、造福人类，共创共赢、成就伟大"，是中创新航的使命和愿景。但在7年前，企业的名字还 叫"中航锂电"。中航锂电是动力电池行业先行者，也是第一梯队的玩家。但2017年，伴随中国新能源汽 车市场的爆发，众多企业蜂拥而至，动力电池行业很快陷入了红海竞争。与此同时，中航锂电因技术迭 代较慢、成本控制不佳和丢失重要客户等深陷连续亏损的困境。根据当时公司控股股东成飞集成的年 报，2017年和2018年，中航锂电亏损额分别达到3.3亿元和7亿元。 2018年7月，刘静瑜临危受命，从深圳来到金坛加入中航锂电，出任公司董事长兼总裁。在刘静瑜看 来，企业要想逆风翻盘，绝不能"犹抱琵琶半遮面"，必须全力以赴。刘静瑜到任中航锂电后第一个月就 拜访客户，走访行业专家，聆听团队分析汇报，深入了解市场动态和客户需求， ...

Core Viewpoint - The report from Bank of America Securities indicates a positive outlook for the energy storage industry, driven by domestic policy support and growth in overseas markets, particularly in the context of the recent World Energy Storage Conference held in Ningde, Fujian Province, China [1] Industry Summary - From 2025 to 2030, demand for energy storage batteries is expected to remain robust, with industry experts predicting that China's cumulative installed capacity for battery storage will reach 240 GW by 2030 [1] - Global energy storage demand is projected to be approximately 500 GWh in 2025, with growth rates of about 30% and 25% anticipated for 2026 and 2027, respectively [1] Company Summary - Bank of America has raised its sales and profit forecasts for CATL (Contemporary Amperex Technology Co., Limited) by 3%, 4%, and 3% for the years 2025 to 2027, along with an increase in battery shipment forecasts by 3%, 3%, and 2% for the same period [1] - The target price for CATL has been adjusted from HKD 475 to HKD 570, maintaining a "Buy" rating [1] - Additionally, the target price for China Innovation Aviation has been increased from HKD 24 to HKD 35, also with a "Buy" rating [1]

Core Viewpoint - The report from Bank of America Securities indicates a positive outlook for the energy storage industry, driven by domestic policy support and growth in overseas markets, particularly in the context of the recent World Energy Storage Conference held in Ningde, Fujian Province, China [1] Industry Summary - From 2025 to 2030, demand for energy storage batteries is expected to remain robust, with industry experts predicting that China's cumulative installed capacity for battery storage will reach 240 GW by 2030 [1] - Global energy storage demand is projected to be approximately 500 GWh in 2025, with growth rates of about 30% and 25% anticipated for 2026 and 2027, respectively [1] - The energy storage demand in Europe and emerging markets is also expected to remain strong over the next two to three years [1] Company Summary - Bank of America has raised its sales and profit forecasts for CATL (Contemporary Amperex Technology Co., Limited) by 3%, 4%, and 3% for the years 2025 to 2027, respectively, and has adjusted its battery shipment forecasts upward by 3%, 3%, and 2% for the same period [1] - The target price for CATL has been increased from HKD 475 to HKD 570, maintaining a "Buy" rating [1] - Additionally, the target price for China Innovation Aviation has been raised from HKD 24 to HKD 35, also with a "Buy" rating [1]

Core Viewpoint - The company confirmed that its major clients include prominent lithium-ion battery manufacturers such as CATL, BYD, and others, indicating a strong position in the supply chain of the battery industry [1] Group 1 - The company has a diverse client base that includes both domestic and international well-known lithium-ion battery manufacturers [1] - Major clients mentioned include CATL, BYD, China Innovation Aviation, Guoxuan High-Tech, Xinwangda, LG Chem, Samsung SDI, Murata, and SK On [1] - The inquiry about the impact of CATL's expansion on the company suggests potential benefits from increased demand in the battery sector [1]

Core Viewpoint - The report highlights a significant increase in the installation volume of power batteries for new energy passenger vehicles in China, with a week-on-week growth of 25.53% in the 37th week, driven by major players like CATL, BYD, and Zhongxin Innovation [1] Group 1: Industry Overview - The top three companies in terms of installation volume are CATL, BYD, and Zhongxin Innovation, with market shares of 42.36%, 28.35%, and 6.97% respectively [1] - The market concentration ratios (CR3, CR5, CR10) are 77.68%, 85.14%, and 95.95%, showing slight changes week-on-week [1] Group 2: Company Performance - CATL's installation volume increased by 22.97%, primarily driven by the sales of models such as Xiaomi SU7, Xingyuan, and Lantu Zhiyin, with week-on-week sales growth of 63%, 33%, and 194% respectively [3] - BYD's installation volume rose by 31.37%, benefiting from the rebound in Xiaomi's sales, particularly the Xiaomi YU7, which saw a week-on-week increase of over 1600 units [4] - Zhongxin Innovation recorded the fastest growth among the top 10 manufacturers at 36.32%, attributed to increased sales of models like XPeng G6, G7, and Leap C10 [5] - LG Energy Solution has also seen a rapid increase in installation volume, supported by Tesla's sales, particularly with the launch of Model Y L, moving from eighth to fifth place in rankings [7] Group 3: Market Dynamics - The rankings of the top six companies in weekly installations remained unchanged, while companies like Honeycomb Energy and Jiyou Tongxing dropped one position, and Jiangsu Zhengli and Yiwei Lithium Energy moved up one position [8]

Action | 17 Sep 2025 03:47:36 ET │ 13 pages CALB Group Co Ltd (3931.HK) Model Update; TP Raised to HK$33.4/sh, Maintain Buy CITI'S TAKE We update our CALB model post 1H25 result and revise up our 2025/26/27E earnings forecasts by 28%/22%/18% to Rmb1,721/2,640/3,583mn mainly to factor in mgmt. guidance and higher battery sales volume assumptions. Our TP of HK$33.40 (previously HK$19.90) is based on a 2026E P/E of 20.6x, the global battery producers' average. We believe the strong ESS battery demand and comme ...

Group 1: Industry Overview - The dual drivers of policy and demand are expected to highlight companies with resource advantages, technological barriers, and regional collaboration advantages in the lithium battery industry [1] - The global lithium battery demand is projected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size anticipated to exceed 1.5 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) has emphasized the strategic importance of the lithium battery industry, signaling a focus on preventing low-level redundant construction and optimizing industrial layout [1] Group 2: Policy Support - The MIIT and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic equipment manufacturing from 2025 to 2026, with the lithium battery sector contributing to an overall revenue growth of over 5% [2] - The automotive industry growth plan aims for approximately 32.3 million vehicle sales in 2025, including around 15.5 million new energy vehicles, providing a substantial market opportunity for the lithium battery sector [2] - Recent initiatives to stabilize payment terms for battery suppliers are expected to enhance order predictability and support capacity planning [2] Group 3: Market Demand - The current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is anticipated to create new growth points for the lithium battery sector [2] Group 4: Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027, which will drive structural growth in high-end lithium resource demand [3] - Companies like CATL are achieving significant technological breakthroughs, with pilot line yields exceeding 90%, accelerating the industrialization process [3] Group 5: Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026, focusing on leading battery companies such as CATL and Yiwei Lithium Energy [3] - New technologies like solid-state batteries are expected to reshape the competitive landscape, with companies that have technological advantages likely to see early rebounds [4] Group 6: Company Performance - Tianqi Lithium is positioned as a global leader in metal lithium production, with a capacity of 600 tons and an additional 1,000 tons under construction, indicating significant market potential as solid-state batteries gain traction [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market, indicating strong growth prospects [6] - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing robust demand in both electric vehicle and energy storage system markets, leading to upward revisions in earnings forecasts [7]

Industry Overview - The 2025 Suining International Lithium Battery Industry Conference highlighted the Ministry of Industry and Information Technology's (MIIT) commitment to deepening supply-side structural reforms and consolidating the industry's advantages [1] - The global lithium battery demand is expected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size projected to exceed 1.5 trillion yuan [1] Policy Support - The MIIT and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic device manufacturing from 2025 to 2026, which includes lithium batteries [2] - The automotive industry plan aims for approximately 32.3 million vehicle sales in 2025, with around 15.5 million being new energy vehicles, providing a significant market for lithium batteries [2] Market Demand - Current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is expected to create new growth points for the lithium battery sector [2] Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027 [3] - Solid-state batteries have a significantly higher lithium consumption per unit compared to traditional liquid batteries, which will drive structural growth in high-end lithium resource demand [3] Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026 [3] - Companies such as CATL, Yiwei Lithium Energy, and Xinwangda are recommended for their leadership in the battery sector, while materials companies like Tianqi Lithium and Puli Technology are also noted [3] Market Recovery - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, leading to a gradual recovery in market sentiment [4] - The upcoming traditional peak season and cost-reduction measures are expected to stabilize industry profitability and provide upward elasticity [4] Company Developments - Tianqi Lithium has a production capacity of 600 tons of lithium metal and is building an additional 1,000 tons, positioning itself as the second-largest globally [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market [6] - Zhongchu Innovation is experiencing strong demand for its energy storage batteries, with significant improvements in cost-effectiveness and yield rates [7] - CATL is operating at full capacity for both electric vehicle and energy storage system production, with strong demand particularly in overseas markets [7]

Market Analysis - The A-share market experienced a slight upward movement, with the Shanghai Composite Index facing resistance around 3876 points before stabilizing in the afternoon [1] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 15.74 times and 48.91 times, respectively, indicating a suitable environment for medium to long-term investments [1] - The total trading volume on the two exchanges reached 23.673 trillion yuan, above the median of the past three years [1] Industry Monthly Report: Telecommunications - The telecommunications industry index outperformed the CSI 300 index in August 2025, rising by 33.78% compared to the Shanghai Composite Index's 7.97% increase [1] - Cumulative telecommunications revenue from January to July 2025 reached 1,043.1 billion yuan, reflecting a year-on-year growth of 0.7% [1] Industry Monthly Report: 5G and Digital Integration - As of July 2025, 5G mobile phone users accounted for 62.7% of total mobile phone users, with a monthly data usage (DOU) of 20.91 GB per user, up by 12.9% year-on-year [2] - The proportion of gigabit and above fixed broadband users reached 33.3% of total users, highlighting the focus on key sectors such as industrial manufacturing and digital government [2] Industry Monthly Report: Lithium Battery and New Energy Vehicles - The lithium battery sector index increased by 13.23% in August 2025, outperforming the CSI 300 index [2] - New energy vehicle sales in China reached 1.395 million units in August, marking a year-on-year increase of 26.82% and a month-on-month increase of 10.54% [2] - The installed capacity of power batteries in August was 52.50 GWh, reflecting a year-on-year growth of 32.42%, with CATL, BYD, and Zhongxin Innovation leading the market [2] Industry Monthly Report: Semiconductor Sector - The semiconductor industry showed strong performance in August 2025, with the domestic semiconductor index rising by 23.84%, significantly outperforming the CSI 300 index [2] - The integrated circuit segment surged by 31.47%, while discrete devices and semiconductor materials rose by 16.29% and 15.24%, respectively [2] - Year-to-date, the semiconductor industry index has increased by 36.16% [3]

Core Viewpoint - Citigroup has updated the valuation model for Zhongxin Innovation航, raising the company's profit forecasts for 2025 to 2027 by 28%, 22%, and 18% respectively, with expected net profits reaching 1.721 billion, 2.64 billion, and 3.583 billion RMB [1] Group 1 - The upward revision is primarily based on management guidance and higher assumptions for battery sales volume [1] - Citigroup has increased the target price for Zhongxin Innovation航 from HKD 19.9 to HKD 33.4 while maintaining a "Buy" rating [1] - Strong demand for energy storage system batteries and commercial electric vehicle batteries is expected to significantly support Zhongxin Innovation航's battery shipment growth from 2025 to 2027 [1]