Market Size Analysis and Forecast - The global lithium battery equipment market is projected to reach 99 billion yuan in 2025, representing a 25% year-on-year growth, driven by surges in energy storage, electric vehicles, and light-duty power markets in the second half of 2025 [2] - The demand for lithium batteries is expected to grow significantly in various sectors, including energy storage, electric vehicles, AI data centers, drones, light electric vehicles, electric ships, and new smart devices [2] - By 2027, the global lithium equipment market is forecasted to reach 141.9 billion yuan, with segment breakdowns of 46 billion yuan for front-end equipment, 43.4 billion yuan for mid-stream equipment, 38.3 billion yuan for back-end equipment, and 14.2 billion yuan for modules and PACK [2] 2025 China Lithium Battery Equipment Market Share TOP 50 Rankings - The top companies in the 2025 China lithium battery equipment market include: 1. XianDao Intelligent 2. YingHe Technology 3. JiaTuo Intelligent (a subsidiary of PuTaiLai) 4. HangKe Technology 5. Wuxi Liqi 6. LianYing Laser 7. Dazhu Lithium Battery (a subsidiary of Dazhu Laser) 8. LiYuanHeng 9. JiYang Intelligent 10. HaiMuXing [3][5][6] Detailed Company Rankings and Equipment Coverage - XianDao Intelligent and YingHe Technology provide complete lithium battery line solutions [6] - JiaTuo Intelligent specializes in processes such as rolling, cutting, and coating [6] - HangKe Technology focuses on formation, testing, and logistics lines [6] - Wuxi Liqi offers feeding and mixing systems [6] - LianYing Laser provides cell packaging lines and laser cutting equipment [6] Additional Market Segments - The report also highlights the top companies in various specific equipment segments, including stirring machines, coating machines, and drying equipment, indicating a comprehensive landscape of the lithium battery equipment market in China [8]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The lithium battery industry is expected to maintain optimistic demand outlook for 2026, despite a decrease in pre-production for January [45] - The recent implementation of the "2026 Automobile Trade-in Subsidy Implementation Details" is anticipated to stabilize market expectations and stimulate the expansion of the new energy vehicle market [45] - The solid-state battery technology is progressing, with the first solid-state battery pack successfully installed in a vehicle, indicating a shift from laboratory validation to real vehicle testing [45] Summary by Sections Market Review - As of January 8, 2026, the lithium battery index has decreased by 0.85% over the past two weeks, underperforming the CSI 300 index by 2.90 percentage points [12] - The lithium battery index has increased by 0.97% month-to-date, also underperforming the CSI 300 index by 1.36 percentage points [12] Price Changes in the Lithium Battery Supply Chain - As of January 8, 2026, the average price of battery-grade lithium carbonate is 138,600 CNY/ton, up 19.38% over the past two weeks [25] - The price of lithium hydroxide (LiOH 56.5%) is 136,700 CNY/ton, increasing by 33.24% in the same period [25] - The price of lithium iron phosphate is 47,100 CNY/ton, up 11.88% [28] - The price of hexafluorophosphate lithium has decreased by 12.5% to 157,500 CNY/ton [31] Industry News - The first solid-state battery pack developed by Hongqi has been successfully installed in the Hongqi Tian Gong 06 model, marking a significant milestone in solid-state battery technology [40] - The Ministry of Commerce and other departments have issued guidelines for the 2026 automobile trade-in subsidy, which is expected to stimulate the new energy vehicle market [40] Company Announcements - Companies like Ningde Times and Tianqi Lithium have announced plans for production adjustments and expansions, indicating ongoing developments in the lithium battery supply chain [42][46]

Group 1 - The core viewpoint of the news is that Xianhui Technology has shown a significant increase in stock price and trading volume, indicating positive market sentiment towards the company [1] - Xianhui Technology's main business involves the research, production, and sales of various intelligent manufacturing equipment, with a revenue composition of 63.35% from precision structural components for new energy power batteries, 34.90% from intelligent automation equipment for new energy vehicles, and minor contributions from other sectors [1] - As of the report, Xianhui Technology's stock price is 69.62 CNY per share, with a market capitalization of 8.802 billion CNY and a trading volume of 279 million CNY [1] Group 2 - The fund "Chuangjin Hexin New Materials New Energy Stock A" has increased its holdings in Xianhui Technology by 183,100 shares, bringing the total to 281,200 shares, which represents 4.4% of the fund's net value [2] - The fund has achieved a year-to-date return of 4.73% and a one-year return of 37.05%, ranking 257 out of 5,490 and 1,920 out of 4,193 in its category, respectively [2] - The fund manager, Xie Tianhui, has been in charge for 4 years and 2 days, with the fund's total asset size at 486 million CNY [3]

关于上海先惠自动化技术股份有限公司 2025 年度持续督导工作现场检查报告 东兴证券股份有限公司(以下简称"保荐机构"、"东兴证券")作为正在 履行上海先惠自动化技术股份有限公司(以下简称"先惠技术"、"公司")持 续督导工作的保荐机构,根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》和《上海证券交易所上市公司自律监管指引第 11 号 ――持续督导》等有关法律、法规的规定，对公司 2025 年度(以下简称"本持续 督导期间")的规范运作情况进行了现场检查,现就现场检查的有关情况报告如 下: 一、本次现场检查的基本情况 (一)保荐机构 东兴证券股份有限公司 东兴证券股份有限公司 (二) 保荐代表人 谢安、蒋文 (三)现场检查时间 2025年 12月 19 日 (四)现场检查人员 谢安 (五) 现场检查内容 公司治理和内部控制、信息披露、独立性、与关联方的资金往来、募集资金 使用情况、关联交易、对外担保及重大对外投资情况、公司经营状况等。 5、查阅本持续督导期间上市公司募集资金台账、募集资金专户银行对账单 等资料: 6、核查公司本持续督导期间内发生的关联交易、对外担保和重大对外投资 情况 ...

Core Insights - The report highlights a recovery in the lithium battery equipment sector driven by traditional lithium battery expansion and the surge in energy storage demand, with expectations for a new cycle of prosperity in 2026 as solid-state battery technology approaches commercialization [1][2]. Group 1: 2025 Review - The lithium battery equipment sector saw a significant stock price increase of 98.60% from January 1, 2025, to December 15, 2025, outperforming the CSI 300 and ChiNext indices [11]. - The recovery in the lithium battery sector is attributed to a surge in energy storage demand, driven by supportive policies, overseas market growth, and new application scenarios [14][19]. - The sector's performance is expected to continue improving as downstream battery manufacturers resume operations and expand production [19][23]. Group 2: 2026 Outlook - The solid-state battery industry is nearing a critical commercialization point, with equipment and material breakthroughs anticipated to create new demand for production equipment [3][28]. - The solid-state battery equipment market is projected to reach 59.216 billion yuan by 2030, with a compound annual growth rate (CAGR) of 103% from 2024 to 2030 [46][49]. - Key players in the lithium battery equipment sector include leading companies such as XianDiao Intelligent, Winbond Technology, and others, focusing on various segments of the production process [3][48]. Group 3: Investment Recommendations - The report suggests focusing on companies that are well-positioned in the equipment supply chain, particularly those involved in solid-state battery production and related technologies [3][48]. - The investment strategy emphasizes the "shovel seller" logic, where companies providing essential equipment for the solid-state battery industry are expected to benefit significantly as the market expands [3][48].

证券代码：688155 证券简称：先惠技术 公告编号：2025-070 上海先惠自动化技术股份有限公司 2025年第五次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 15 日 （二） 股东会召开的地点：上海市松江区文翔路 6201 号小昆山镇社区文化中心 三楼 315 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 69 | | --- | --- | | 普通股股东人数 | 69 | | 2、出席会议的股东所持有的表决权数量 | 68,919,770 | | 普通股股东所持有表决权数量 | 68,919,770 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 54.5096 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 5 ...

上海市广发律师事务所 关于上海先惠自动化技术股份有限公司 2025 年第五次临时股东会的法律意见书 致：上海先惠自动化技术股份有限公司 上海先惠自动化技术股份有限公司（以下简称"公司"）2025 年第五次临 时股东会于 2025 年 12 月 15 日 14 点 00 分在上海市松江区文翔路 6201 号小昆山 镇社区文化中心三楼 315 会议室召开。上海市广发律师事务所经公司聘请，委派 朱萱律师、陈蕾律师出席现场会议，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律法规、其他规范性文件以及《上海先惠自动化技术股份有限公司章程》（以 下简称"《公司章程》"）的规定，就本次股东会的召集和召开程序、召集人及 出席会议人员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等 出具本法律意见书。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺，公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的，有关原件及其上面的签字和印 ...

Summary of Key Points Core Viewpoint - On December 2, various brokerages provided target prices for listed companies, with notable increases in target prices for companies in the battery, liquor, and automotive parts industries, indicating potential investment opportunities in these sectors [1][2]. Target Price Increases - The companies with the highest target price increases are: - Xianhui Technology: Target price increased by 42.61% to 84.00 CNY [2][6] - Guizhou Moutai: Target price increased by 42.06% to 2040.00 CNY [2][6] - Del's Shares: Target price increased by 36.94% to 38.59 CNY [2][6] - Other companies with significant target price increases include: - Rongqi Technology: 35.39% increase to 96.11 CNY [2][6] - New Industry: 32.09% increase to 78.00 CNY [2][6] - Aladdin: 26.77% increase to 17.00 CNY [2][6] - Tianyue Advanced: 14.44% increase to 96.00 CNY [2][6] Brokerage Recommendations - A total of 15 listed companies received brokerage recommendations on December 2, with companies like Mengbaihe, Aladdin, and Jiuzhou Pharmaceutical each receiving one recommendation [2][6]. - The companies receiving the highest number of recommendations include: - Mengbaihe: Rated "Increase" by Industrial Securities [4][8] - Jiuzhou Pharmaceutical: Rated "Buy" by Xiangcai Securities [4][8] - Del's Shares: Rated "Buy" by Northeast Securities [4][8] - Minshida: Rated "Increase" by Bohai Securities [4][8] Rating Adjustments - On December 2, one company had its rating upgraded: - China Resources Sanjiu: Rating upgraded from "Increase" to "Buy" by Western Securities [3][7]. - A total of 9 companies received first-time coverage from brokerages, indicating growing interest in these firms [3][7].

Core Insights - On December 2, 2023, brokerage firms provided target prices for listed companies, with notable increases for Xianhui Technology, Kweichow Moutai, and Delong股份, showing target price increases of 42.61%, 42.06%, and 36.94% respectively, across the battery, liquor, and automotive parts industries [1][2]. Target Price Increases - The companies with the highest target price increases are: - Xianhui Technology (688155) with a target price of 84.00 and an increase of 42.61% [2] - Kweichow Moutai (600519) with a target price of 2040.00 and an increase of 42.06% [2] - Delong股份 (300473) with a target price of 38.59 and an increase of 36.94% [2] - A total of 15 listed companies received brokerage recommendations on December 2, with Mengbaihe, Aladdin, and Jiuzhou Pharmaceutical each receiving one recommendation [2]. Rating Adjustments - On December 2, one company had its rating upgraded, specifically China Resources Sanjiu (0009999), which was upgraded from "Hold" to "Buy" by Western Securities [3][4]. First-Time Coverage - Nine companies received first-time coverage from brokerages on December 2, including: - Mengbaihe (603313) rated "Hold" by Industrial Securities [5] - Jiuzhou Pharmaceutical (603456) rated "Buy" by Xiangcai Securities [5] - Delong股份 (300473) rated "Buy" by Northeast Securities [5] - Others include Minshida, Tongfu Microelectronics, Xianhui Technology, Rongqi Technology, Tianyue Advanced, and Beifang Huachuang, all receiving various ratings [5].

证券代码：688155 证券简称：先惠技术 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会会议资料 2025 年 12 月 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会 目录 | 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会会议须知 2 | | | --- | --- | | 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会会议议程 4 | | | 上海先惠自动化技术股份有限公司 年第五次临时股东会会议议案 6 2025 | | | 议案一: 关于续聘会计师事务所的议案 | 6 | | 关于变更公司注册资本及修订《公司章程》并办理工商变更登记的议案 议案二: | | | | 7 | 1 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会 上海先惠自动化技术股份有限公司 2025 年第五次临时股东会会议须知 为维护全体股东的合法权益，确保股东会的正常会议秩序和议事效率，保证 股东会的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东会规则》以及《上海先惠自 ...