格隆汇9月8日丨天奈科技(688116.SH)在互动平台表示，据了解，2025年CVD硅碳有效产能1000吨左 右，预计明年产能将快速放量，高至5倍以上。 ...

格隆汇9月8日丨天奈科技(688116.SH)在互动平台表示，公司已和国内主流研发固态/半固态电池生产企 业建立了稳定的客户关系，如国轩高科、卫蓝、太蓝、清陶、美国Q客户等。目前，公司在固态电池领 域CNT供货量占据市场绝大部分份额，客户采购公司三代及单壁相关产品，1-8月公司为前述客户累计 供货近1500吨，单壁产品约占70%。 ...

Core Insights - The company has established stable customer relationships with major domestic solid-state/semi-solid battery manufacturers, including Guoxuan High-Tech, Weilan, Tailan, Qingt ceramic, and a US client [1] - The company's supply volume of CNT in the solid-state battery sector occupies a significant market share, with approximately 70% of the supply being single-wall products [1] - From January to August, the company has supplied nearly 1,500 tons of products to the aforementioned clients, indicating strong demand and market presence [1]

Core Viewpoint - The establishment of Changzhou Tiannai Robotics by Tiannai Technology aims to explore the application of carbon nanotubes in the robotics sector, marking a strategic shift from solely serving the lithium battery industry to diversifying into new markets [4][8]. Group 1: Company Developments - Tiannai Technology has invested 5 million yuan to set up a wholly-owned subsidiary focused on the research and market development of carbon nanotube materials for robotics [4]. - The company has a leading position in the dispersion slurry and single-walled carbon nanotube technology, which is crucial for mitigating the impact of industry cycles on performance [4][8]. Group 2: Industry Trends - The robotics industry is transitioning from demonstration applications to large-scale implementation, with global industrial robot sales consistently exceeding 500,000 units annually [5]. - The rise of "embodied intelligence" has expanded the role of robots beyond manufacturing to include human-robot interaction and daily life applications [5]. Group 3: Material Innovations - Carbon nanotubes are identified as a promising material for robotics due to their high strength, excellent conductivity, and ability to be woven and compounded [6]. - Applications of carbon nanotubes in robotics include enhanced composite materials, electromagnetic shielding, anti-static components, artificial muscles, and flexible sensors, covering multiple critical areas of the robotics supply chain [6][7]. Group 4: Future Prospects - The potential for carbon nanotube fibers to be developed into "electrically driven muscles" could revolutionize robotic movement, making it more akin to biological systems [7]. - Tiannai Technology's ability to scale production and ensure consistency in carbon nanotube manufacturing positions it well for cross-industry applications, which could lead to significant market breakthroughs [7][8].

Core Viewpoint - The company specializes in the production of carbon nanotube-related products, which are increasingly being adopted in lithium batteries and other advanced technologies, indicating strong growth potential in the market [1][2]. Group 1: Company Overview - The company focuses on the research, production, and sales of nano-scale carbon materials, with main products including carbon nanotube powder, conductive paste, and masterbatch, primarily used in lithium batteries and conductive plastics [1]. - The company holds a leading position in the carbon nanotube conductive paste market, with market shares projected to be 40.3%, 46.7%, and 53.2% from 2022 to 2024 [4]. Group 2: Market Potential - The demand for carbon nanotubes is expected to rise significantly, with GGII forecasting that by 2030, the shipment volume of carbon nanotube conductive agent powder in China will reach 41,000 tons, corresponding to a market size of 680,000 tons for the paste [3]. - The growth of the carbon nanotube market is driven by advancements in fast-charging technology and new battery systems, which enhance the application of carbon nanotube conductive paste [3]. Group 3: Product Development - The company has begun mass production of single-walled carbon nanotubes, which offer superior performance compared to multi-walled carbon nanotubes, despite the higher production difficulty [4]. - The single-walled carbon nanotube products have started to see significant demand from downstream applications, indicating a positive market reception [4]. Group 4: Financial Outlook - The company is projected to achieve net profits of 341 million, 550 million, and 762 million yuan from 2025 to 2027, reflecting strong growth expectations [5].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [50]. Core Insights - The lithium battery industry has achieved significant year-on-year and quarter-on-quarter net profit growth over the past two quarters, indicating a performance turning point. The upcoming traditional peak season for the downstream new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to enter a peak season, with a month-on-month increase in September's lithium battery pre-production [3][45]. - The report highlights the continuous improvement in the fundamentals of leading companies across the industry chain, particularly those with technological and cost advantages. The ongoing industrialization of solid-state batteries is expected to bring incremental demand for materials and equipment in the industry chain [45]. - Key companies to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tianqi Technology (688116), and Xianlead Intelligent (300450) [45]. Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. The index has increased by 18.79% this month and 24.27% year-to-date, surpassing the CSI 300 index by 11.68 and 13.34 percentage points, respectively [4][13]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [6][27]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen price declines of 2.51%, 2.81%, and 2.02%, respectively [30]. - The price of electrolyte lithium hexafluorophosphate has increased by 1.25% to 56,500 CNY/ton, while the prices of phosphoric acid lithium electrolyte and ternary electrolyte have risen by 0.60% and 0.47%, respectively [33]. Industry News - Major global battery manufacturers are expected to produce a total of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%, with nearly 84% of this production coming from Chinese companies [44]. - EVE Energy's solid-state battery research institute in Chengdu has officially opened, with the "Longquan No. 2" solid-state battery successfully rolling off the production line. The facility is expected to have an annual production capacity of nearly 500,000 cells [44]. - Gotion High-Tech reported a 48% year-on-year increase in shipments in the first half of the year, with strong product demand and high capacity utilization [44].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][52]. Core Insights - The lithium battery industry has seen significant growth in net profits over the past two quarters, establishing a performance turning point. The upcoming traditional peak season for the new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to increase, with a year-on-year growth in September's pre-production of lithium batteries [8][47]. - The report highlights the importance of companies with technological and cost advantages, suggesting that these companies will benefit from improved capacity utilization and performance recovery. Recent advancements in solid-state batteries are expected to drive demand for materials and equipment in the industry [8][47]. Summary by Sections Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. Year-to-date, the lithium battery index has increased by 24.27%, surpassing the CSI 300 index by 13.34 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [29][6]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen decreases of 2.51%, 2.81%, and 2.02%, respectively [32][6]. Industry News - Major battery companies globally have a combined production capacity of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%. Approximately 84% of this capacity comes from Chinese companies [46]. - The report emphasizes the ongoing development of solid-state batteries, with companies like EVE Energy and Guoxuan High-Tech making significant advancements in production capabilities and technology [46][48]. Recommended Stocks - Key stocks to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tiannai Technology (688116), and Xian Dao Intelligent (300450), which are positioned well in the evolving lithium battery landscape [8][49].

Core Viewpoint - The report highlights the performance of the Jiashi New Energy Materials Stock A Fund, indicating a profit of 118 million yuan in the first half of 2025, with a net value growth rate of 5.25% and a fund size of 2.059 billion yuan as of mid-year [2]. Fund Performance - The fund's weighted average profit per share for the reporting period is 0.0959 yuan [2]. - As of September 3, the fund's unit net value is 2.113 yuan [2]. - The fund's one-year return is 69.74%, ranking it 3rd among comparable funds [5]. - Over the past three months, the fund's net value growth rate is 23.82%, ranking 21st out of 44 comparable funds [5]. Market Position and Competitiveness - The fund manager notes an increase in China's global competitiveness across various industries, including AI, internet, and military sectors, indicating a rise in domestic risk appetite [2]. - The fund's weighted average price-to-earnings (P/E) ratio is approximately 28.99 times, significantly lower than the industry average of 1550.21 times [10]. Valuation Metrics - The fund's weighted average price-to-book (P/B) ratio is about 2.51 times, compared to the industry average of 2.74 times [10]. - The weighted average price-to-sales (P/S) ratio stands at 2.09 times, lower than the industry average of 2.24 times [10]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate is 0.06%, and the weighted average net profit growth rate is 0.09% [18]. - The weighted annualized return on equity is 0.09% [18]. Fund Composition and Holdings - As of June 30, 2025, the fund's total assets amount to 2.059 billion yuan, with 343,700 holders collectively owning 1.148 billion shares [34][37]. - The fund has a high concentration of holdings, with its top ten stocks including Ningde Times, Putailai, and Yiwei Lithium Energy [42]. Trading Activity - The fund's turnover rate for the last six months is approximately 43.5%, consistently below the industry average [40].

Group 1 - The company announced a share repurchase plan proposed by its controlling shareholder and chairman Zheng Tao, with a repurchase period from January 10, 2025, to January 9, 2026, and an estimated repurchase amount of between 50 million and 100 million RMB [1] - The company has repurchased a total of 1,117,000 shares, representing 0.30% of the total share capital, with a total expenditure of approximately 54.15 million RMB [2][3] - The maximum repurchase price was adjusted from 63.47 RMB per share to 63.32 RMB per share due to the implementation of the 2024 annual equity distribution [3] Group 2 - The repurchased shares will be used for employee stock ownership plans or equity incentives, rather than reducing registered capital or converting convertible bonds [1] - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [4][6]

证券日报网讯 9月4日晚间，天奈科技发布公告称，截至2025年9月4日，公司通过上海证券交易所交易 系统以集中竞价交易方式累计回购公司股份1，117，000股，占公司总股本366，415，836股的比例为 0.30%。 （编辑 楚丽君） ...