格隆汇8月15日丨容百科技(688005.SH)在互动平台表示，公司固态电池硫化物电解质材料粒度及离子电 导率等性能处于行业领先水平，目前正在进行中试线的建设，部分量产设备已经完成带料验证，预计将 于四季度竣工，2026年初投产。 ...

Core Viewpoint - Rongbai Technology has recently received authorization for a patent focused on cathode composite coating technology, addressing the high-temperature cycling stability challenge in all-solid-state batteries [1] Group 1 - The patent number for the newly authorized invention is ZL202410843447.9 [1] - The innovation represents a significant breakthrough in material innovation for the company [1] - The technology specifically targets the stability issues associated with high-temperature cycling in all-solid-state batteries [1]

券商评级是指证券公司的分析师，通过分析上市公司的财务潜力、财务指标、公司运营治理能力，然后 进行实地考察调研后得出的评论，备受投资者关注。 据证券之星数据库不完全统计，8月13日券商共给予超20家A股上市公司"买入"评级。从行业分布看， 券商8月13日关注的个股聚焦于酿酒、交运设备、汽车整车、生物制品、消费电子、汽车零部件等行 业。 | 股票代码 | 股票简称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | Q2业绩稳步兑现,看好龙头配置价值 | 买入 | 国金证劳 | 5 | 酿酒行业 | 8月13日 | | 000729 | 康京唯酒 | 燕京啤酒:U8全国化稳步推进,二季度业绩超预 自民 | 智持 | 大平洋 | 5 | 酮酒行Y | 8月13日 | | 603129 | 春风动力 | 公司信息更新报告:202502 //绩超预期, ¥ 务多 点开花、极核增速亮眼 | 买人 | 开源证券 | ਰੋ | 交运设备 | 8月13日 | ...

今日，A股行情高涨，科创新材料ETF汇添富（589180）大涨2.65%。热门股飙涨，中船特气20CM涨停，广钢气体涨超13%，华特气体涨超12%，聚和材料 涨超7%，西部超导涨超2%，中研股份涨超1%。 | 分时 多日 1分 5分 15分 30分 60分 +1 综合屏 F9 前复权 超级叠加 画线 工具 令 ② > | | | | --- | --- | --- | | 589180.SH[科创新材料ETF汇添富] 2025/07/08 收1.057 幅1.54%(0.016) 开1.041 高1.058 低1.041 均 □四 | | | | MA5 1.047↓ MA10 1.047↑ 2025/06/16-2025/08/13(43日)▼ ■ | | | | 1.165- | | | | -1.140 | | | | -1.100 | | | | 1.060 | | | | 1.020 | | | | 0.980 | | | | ? VOL: 6.8万 MA(5): 8.7万 MA(10): 11万 | | | | 65万 | | | | 0 | | | | 序号 代码 名称 涨跌幅 估算权重 ▼ | ...

Wind数据显示，截至3月24日记者发稿时，今年以来券商共调研了1061只个股，在行业分布上以电 子、医药生物、机械设备居多。从券商角度看，中信建投证券最为"勤奋"，共调研了386次，中金公 司、中信证券紧随其后。 券商分析师对A股后市普遍较乐观。兴业证券认为，A股迎来喘息期，股市有望走稳。短期来看，此前 市场调整幅度较大，政策释放积极信号，缓解了投资者担忧情绪。预计一季报业绩较好的成长股将成为 反攻的主要方向，如光伏、风电、智能驾驶、互联网、数字经济等行业。从中期角度看，随着经济逐步 复苏、消费逐步回暖，为了避免后续外部因素的扰动，建议增配与外部因素相关度低、与内部稳增长相 关度高的大金融板块。 招商证券认为，A股已逐渐出现多个见底信号，未来随着新增社融加速改善，外部负面因素缓解，A股 有望迎来新一轮上行周期。配置上建议围绕稳增长方向进行布局，关注传统基建地产投资和新基建领 域。 券商机构认为，随着A股市场企稳回升，成长股将吹起反攻号角。从中期看，需关注与外部因素相关度 低、与内部稳增长相关度高的大金融板块。 方正证券认为，A股估值已经接近历史底部，市场反弹还会延续，方向上可以关注前期超跌股和以新能 源、半 ...

随着科创板开市三周年临近，首批25家上市公司三年限售期的首发前股份将迎来解禁。7月15日晚 间，首批公司齐发公告，其中9家公司股东表示延长锁定期6个月或12个月，或承诺解禁后6个月内不减 持。 接受《证券日报》记者采访的专家认为，多家公司股东主动延长锁定期、承诺一定期间不减持等， 印证了科创板"关键少数"对公司中长期价值的坚定信心。解禁不等于减持，大股东、董监高减持需遵循 减持规则，3个月内可通过集中竞价减持的占比较低，对二级市场影响有限。此外，科创板公司成长性 良好，具备长期投资价值，解禁后有望迎来长线资金入驻。 对中长期发展有信心 9家公司关键股东"惜售" 除上述9家公司股东外，天准科技的实际控制人因前期增持股份，此次限售股解禁后在11月17日前 不减持。 开源证券副总裁、研究所所长孙金钜在接受《证券日报》记者采访时表示，由于解禁以及后续潜在 的减持压力，基本面较弱的个股在大规模解禁时往往表现不佳。但是多家科创板公司控股股东延长锁定 期或者承诺一定时间内不减持，可以增强各方对公司未来发展和行业前景的信心，减少市场情绪带来的 抛压。 "9家公司股东表态延长锁定期或不减持，减小了解禁对公司股价的压力，有助于科 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 31st week of 2025 (July 28 - August 3), domestic passenger car and new energy passenger car sales increased week - on - week. Passenger car retail sales were 465,000 units, a year - on - year increase of 2.8%; new energy passenger car retail sales were 247,000 units, a year - on - year increase of 10.4%, with a penetration rate of 53.1%. Since the beginning of the year, cumulative passenger car retail sales were 12.563 million units, a year - on - year increase of 7.0%; cumulative new energy passenger car retail sales were 6.407 million units, a year - on - year increase of 26.9%, with a cumulative penetration rate of 51.0% [2][110][118]. - The China Passenger Car Association slightly raised the full - year forecast for 2025. It is expected that passenger car retail sales will reach 24.35 million units, a 6% increase, with the forecast volume 300,000 units more than the June forecast; passenger car exports will be 5.46 million units, a 14% increase, with the forecast volume 160,000 units higher than the initial forecast; new energy passenger car wholesale will be 15.48 million units, a 27% increase, with the forecast volume slightly down from the June forecast, and the new energy wholesale penetration rate will reach 56%; automobile wholesale will be 34.04 million units, an 8% increase, with the forecast volume 5 percentage points higher than the initial forecast [2][108][118]. 3. Summary According to the Directory 3.1. Key Target Tracking - The report presents the weekly price changes of relevant sectors and listed companies. For example, among listed companies, Great Wall Motor (601633.SH) had a weekly increase of 3.00%, while BYD (002594.SZ) had a weekly decrease of 1.77% [16]. 3.2. Industrial Chain Data Tracking 3.2.1. China New Energy Vehicle Market Tracking - **Sales and Exports**: Charts show the sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV in the Chinese new energy vehicle market [17][22][24]. - **Inventory Changes**: Charts display the monthly new inventory of new energy passenger vehicle channels and manufacturers [26]. - **Delivery Volume of New Energy Vehicle Manufacturers**: Charts present the monthly delivery volumes of several new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, etc. [29][33][35]. 3.2.2. Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts show the sales (by region), penetration rate, and sales of EV and PHV in the global new energy vehicle market [41][44]. - **European Market**: Charts present the sales, penetration rate, and sales of EV and PHV in the European new energy vehicle market, as well as the sales of EV and PHV in the UK, Germany, and France [46][49][50]. - **North American Market**: Charts show the sales, penetration rate, and sales of EV and PHV in the North American new energy vehicle market [59][60]. - **Other Regions**: Charts display the sales, penetration rate, and sales of EV and PHV in other regions, including Japan, South Korea, and Thailand [62][63][67]. 3.2.3. Power Battery Industry Chain - Charts show the power battery loading volume (by material), export volume (by material), weekly average price of battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, precursors, lithium iron phosphate, etc. [78][82][83]. 3.2.4. Other Upstream Raw Materials - Charts present the daily prices of rubber, glass, steel, and aluminum [102][104]. 3.3. Hot News Summary 3.3.1. China: Policy Dynamics - The State Administration for Market Regulation plans to build a number of national carbon measurement centers by 2030, with priority given to the carbon measurement needs of key industries such as power batteries [108]. 3.3.2. China: Industry Dynamics - The China Passenger Car Association slightly raised the full - year forecast for 2025, including the increase in passenger car retail, exports, and automobile wholesale, and a slight decrease in new energy passenger car wholesale forecast [108]. - In July, the new energy wholesale sales were 1.18 million units, a year - on - year increase of 25%, and the cumulative wholesale from January to July was 7.63 million units, a year - on - year increase of 35% [109]. - From July 1 - 31, new energy retail sales increased by 14% year - on - year, and the cumulative retail sales since the beginning of the year increased by 30% year - on - year [110]. - From January to June, the domestic charging infrastructure increment was 3.282 million units, a year - on - year increase of 99.2%, and the vehicle - to - charging - pile increment ratio was 1.8:1 [111]. 3.3.3. China: Enterprise Dynamics - Sunwoda plans to list in Hong Kong and build a new production base in Vietnam with a total investment of no more than RMB 2 billion [113]. - Leapmotor's first batch of electric SUVs arrived in Brazil [114]. 3.3.4. Overseas: Policy Dynamics - Russia will allocate 5.7 billion rubles from 2025 - 2027 to develop electric vehicle charging infrastructure, aiming to have 28,000 DC charging stations with an output power over 149kW in operation by 2030 [114]. 3.3.5. Overseas: Industry Dynamics - In the UK, July passenger car sales decreased by 5.0% to 140,000 units, while pure - electric and plug - in hybrid vehicles increased by 9.1% and 33.0% respectively [115]. - In Germany, July passenger car sales increased by 11.1% to 265,000 units, with pure - electric and plug - in hybrid vehicles increasing by 58.0% and 83.6% respectively [116]. - In Brazil, July new car sales increased by 0.8% to 243,000 units, with pure - electric and plug - in hybrid vehicles increasing by 48.2% and 22.3% respectively [116]. 3.4. Industry Views - Similar to the core views, it emphasizes the sales situation in the 31st week of 2025 and the adjustment of the full - year forecast by the China Passenger Car Association [118]. 3.5. Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and price wars are gradually halted. Overseas, due to strong trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competitive landscape, domestic independent brands' market share continues to expand, and attention should be paid to companies with strong product capabilities, smooth overseas expansion, and stable supply [3][119].

Core Viewpoint - The article discusses the financial performance and strategic developments of Rongbai Technology, highlighting a decline in revenue and profit, while also emphasizing potential growth areas in new business segments and international expansion. Financial Performance - In H1 2025, the company's operating revenue was 6.248 billion, a year-on-year decrease of 9.28%, with a net profit attributable to shareholders of -68 million, indicating a shift to loss [4] - In Q2 2025, revenue reached 3.285 billion, showing a year-on-year and quarter-on-quarter increase of 3% and 11% respectively, but the net profit was -53 million, reflecting an expanded loss compared to the previous quarter [4] Business Segments and Challenges - After excluding investments in new industries such as sodium batteries and precursors, the actual profit from the ternary business was approximately 77 million. However, overall net profit declined due to temporary impairment issues, which may partially reverse in the second half of the year [5] - Ternary material sales reached 50,000 tons in H1 2025, with demand affected by U.S. subsidies and tariffs, leading to some orders being advanced. Sales are expected to improve in the second half as tariff policies clarify and new overseas production facilities come online [6] International Expansion - The first phase of the Korean factory, with a capacity of 20,000 tons/year for high-nickel cathodes, has passed international customer certification, and the second phase of 40,000 tons/year is completed with certification processes initiated [7] - The company plans to establish the first lithium iron phosphate production line in Poland to meet local supply chain demands in Europe [7] New Business Developments - In the sodium battery sector, the company is positioning its sodium battery cathode products in key customer segments, with production and sales expected to increase in H2 2025 to 2026, and a new 6,000-ton production line for polyacrylate cathodes has been initiated [8] - In the manganese iron lithium sector, sales in the commercial vehicle market have surpassed 1,000 tons, and the second-generation products are expected to meet stability tests for passenger vehicle applications by the end of the year [9] Advanced Technology Initiatives - The company is advancing solid-state battery technology with high-nickel and ultra-high-nickel cathodes, achieving ton-level shipments that meet the development needs for 400Wh/kg battery cells. The sulfide electrolyte materials are at industry-leading performance levels, with pilot line construction expected to complete by Q4 2025 [10] - The company has already achieved kilogram-level shipments in the lithium-rich manganese-based cathode sector and has received bulk orders, while the spinel nickel-manganese cathode has seen ton-level shipments in H1 2025, with mass production expected by 2026 [10]

事件：容百科技2025年H1营业收入62.48亿元，同比下降9.28%；归母净利润-0.68亿元，同比转亏。 25Q2营业收入32.85亿元，同/环比+3%/+11%，Q2归母净利润-0.53 亿元，同比转亏，环比亏损扩大。 减值与新业务投入导致亏损。公司25H1扣除在钠电、前驱体、锰铁锂等新产业上的投入后，三元业务 实际盈利约0.77亿元。但受阶段性的减值事项影响，公司整体上半年净利润同比有所下降，该减值有望 在下半年部分转回。 固态电池布局下一代正极和硫化物电解质。公司高镍及超高镍全固态正极吨级出货，客户评测可满足 400Wh/kg的电芯开发需求。硫化物电解质材料粒度及离子电导率等性能处于行业领先水平，正进行中 试线建设，预计25Q4竣工，26年初投产。富锂锰基正极方面，在全固态领域已有百公斤级出货，并已 拿到批量订单。 尖晶石镍锰正极25年上半年已有吨级出货，客户端预计2026年可实现量产。 政策扰动影响销量。25H1三元材料销量5万吨，受美国补贴和关税扰动影响，部分需求订单前置，二季 度销量环比一季度有所增加。下半年，随着关税政策明朗以及海外电芯新工厂投产，销量有望进一步提 升。Q2毛利率8.94%， ...

Investment Rating - The report downgrades the investment rating to "Accumulate" [3][5] Core Views - The company's H1 2025 revenue is 6.248 billion, a year-on-year decrease of 9.28%, with a net profit attributable to the parent company of -0.068 billion, indicating a shift to loss [1] - The loss is attributed to impairment and investments in new businesses, with the actual profit from the ternary business being approximately 0.077 billion after excluding new industry investments [1] - Sales volume of ternary materials reached 50,000 tons in H1 2025, with expectations for further growth in the second half of the year due to clearer tariff policies and new overseas production [1][2] - The company is leading in solid-state battery cathode layout, with high-nickel cathode production capacity increasing and new product lines being developed [2] - The report predicts a significant reduction in net profit forecasts for 2025-2027, with corresponding PE ratios of 159, 33, and 25 [3] Summary by Sections Financial Performance - H1 2025 revenue: 62.48 billion, down 9.28% YoY; Q2 revenue: 32.85 billion, up 3% YoY and 11% QoQ [1] - Q2 gross margin: 8.94%, an increase of 0.79 percentage points [1] - Net profit forecast for 2025: 0.97 billion, down 88% from previous estimates [3] Business Development - The company is expanding its overseas production capacity, with a 20,000 tons/year high-nickel cathode factory in Korea passing international customer certification [2] - Sodium battery products are positioned for growth in various sectors, with production expected to ramp up in late 2025 to 2026 [2] - Solid-state battery technology is advancing, with high-nickel and lithium-rich manganese-based cathodes already in production [2] Valuation Metrics - Revenue projections for 2025E: 13.76 billion, with a growth rate of -8.80% [4] - Net profit projections for 2026E: 4.75 billion, with a growth rate of 389.42% [4] - The report highlights the scarcity of the company's overseas production capacity as a potential competitive advantage [3]