本文来源：金融界 近日，万润新能在互动平台表示， 公司山东基地12万吨磷酸铁锂产能已建成投产， 受下游需求旺盛推 动，近期排产较好，产能利用率水平较高。 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ END 资料显示，万润新能主要聚焦于动力电池和储能电池用正极材料及其前驱体领域，产品涵盖磷酸铁锂、磷 酸铁、钠离子电池材料、磷酸锰铁锂等。 万润新能此前还提到，公司上半年在客户开拓方面持续发力，随着战略客户的订单放量和新客户的顺利导 入，预计公司三季度有望保持较高的产能利用率水平，实现产销两旺。此外，在正极材料方面，万润新能 已申请多项与高能量密度正极材料、材料包覆技术相关的专利，部分技术可服务于固态电池的材料需求， 如针对正极材料表面改性的专利技术，有助于改善其与固态电解质的界面接触。同时，公司在高镍三元、 富锂锰基等高能量密度正极材料方面已有研发布局，以匹配固态电池对高电压窗口和长循环寿命的要求。 ...

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries in the near to medium term [4][5]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement at the national strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the supply chain. The industry is currently at the bottom of the cycle, with future policy strength being a key variable influencing its trajectory. In the medium to long term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind power sector in China has a strong global competitive advantage, with a relatively reasonable supply-demand structure and robust profitability among companies. The year 2025 is anticipated to be a significant year for offshore wind power development in China, with accelerated construction and favorable export trends [4]. Weekly Market Review - From August 4 to August 8, 2025, the Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index and the ChiNext Index increased by 1.25% and 0.49%, respectively. The Shenwan Electric Power Equipment Index rose by 1.94%, outperforming the CSI 300 by 0.71 percentage points. Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment experienced changes of +1.29%, +4.50%, +0.99%, and +3.08%, respectively [12][18]. Key Sector Tracking - **Photovoltaic Sector**: The report highlights a significant project where JA Solar is the candidate for a 50MW photovoltaic component procurement project in Tibet, with a bid amount of approximately 36 million CNY and a unit price of 0.7215 CNY/W [3][21]. - **Wind Power Sector**: The report emphasizes the strong profitability of domestic wind power companies in the first half of the year and suggests focusing on leading companies such as Goldwind Technology and Dongfang Cable [4]. Investment Recommendations - **Photovoltaic**: Focus on segments that have undergone sufficient corrections, such as silicon materials, glass, and battery cells. Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - **Wind Power**: Maintain a positive outlook on the domestic wind power supply chain, with recommendations for companies like Goldwind Technology and Zhongtian Technology [4]. - **New Energy Vehicles**: The sector continues to grow rapidly, with recommendations to focus on battery and structural components benefiting from low upstream raw material prices, including companies like CATL and EVE Energy [5]. Industry Price Data - The report includes price trends for key materials in the photovoltaic supply chain, indicating fluctuations in silicon material, battery cell, and module prices, which are critical for assessing market dynamics [35][36][38].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][13] Core Viewpoints - The "anti-involution" policy is expected to lead to a turning point in profitability for the lithium battery industry. The recent acceleration in capacity expansion and increased competition have resulted in significant losses for many companies in the energy storage battery and lithium battery materials sectors. However, with the ongoing push for "anti-involution" and the revision of pricing laws, market concentration is likely to increase, and leading companies with cost and technological advantages are expected to show improved profitability [3][7]. Summary by Relevant Sections Policy Developments - On July 24, the National Development and Reform Commission and the State Administration for Market Regulation released a draft for public consultation regarding the revision of the Price Law, which aims to clarify standards for identifying unfair pricing behaviors and regulate market pricing order to combat "involution" competition [2][4]. - A meeting held on July 28 emphasized the need to address eight key areas, including the elimination of overdue payments to enterprises and the consolidation of the "anti-involution" efforts in the new energy vehicle sector [5][6]. Investment Recommendations - The report suggests that leading companies in the lithium battery sector are likely to see stable improvements in profitability due to the "anti-involution" backdrop. Companies to watch include Wanrun New Energy, Hunan Youneng, CATL, Yiwei Lithium Energy, Zhongxin Innovation, Tianci Materials, New Zobon, Putailai, Keda Li, Enjie, and Xingyuan Materials [3][7]. Financial Projections - The report provides financial forecasts for several companies, indicating expected net profits in billions of RMB for 2024A to 2026E, with notable companies like CATL projected to achieve a net profit of 507.4 billion RMB in 2024A [9].

作为磷酸铁锂正极材料头部企业，万润新能在产能及技术层面均构建了稳定的优势。 其中最值得提及的是万润新能与宁德时代的百万吨合作。今年5月，双方签订 重要合同，约定万润新能在 2025年5月-2030年5月，5年时间 预计向宁德时代供应磷酸铁锂约132.31万吨，并 建立长期合作的机制，共同推进高压实密度磷酸铁锂产品的迭代和量产导入。 2024年年报显示，万润新能有六家子公司涉及磷酸铁锂正极材料生产：虹润高科（湖北鄂州）、宇浩高科（湖北十堰）、安庆德润（安 徽）、宏迈高科（湖北十堰）、鲁北万润（山东滨州）和昊朔新能源（代建，湖北十堰）。 截至2025年一季度，万润新能国内总产能达46.8万吨（湖北31.1万吨+山东12万吨+安徽3.7万吨），此外，美国规划的5万吨项目也在按计 划推进中 （2028年全部投产） ，在海外市场具备一定的产能优势。 起点锂电认为， 万润新能扩产背后的底气主要来自于现有订单的支撑。在今年7月底投资者关系活动记录表中，万润新能公开表示， 公司上 半年在客户开拓方面持续发力，随着战略客户的订单放量和新客户的顺利导入，预计公司三季度有望保持较高的产能利用率水平，实现产销两 旺。 斩获百万吨超级 ...

Industry Overview - The performance of the Shenwan Electric New Energy sector decreased by 2.62%, ranking 24th among 31 industries, while the Shenwan Public Utilities sector fell by 1.84%, ranking 13th [1][2] - During the same period, the CSI 300 index declined by 1.75%, and the Wind Information All A index dropped by 1.09% [2] Key Developments - The Ministry of Industry and Information Technology (MIIT) has initiated energy-saving inspections for 41 polysilicon companies to promote energy conservation and green development in the polysilicon industry [2] - Abu Dhabi Future Energy Company (Masdar) and Spanish company Iberdrola have partnered to invest in the UK's largest offshore wind project with a capacity of 1.4 GW, setting a new reference for international cooperation in renewable energy [2] Company Insights - CATL (Contemporary Amperex Technology Co., Limited) anticipates small-scale production of solid-state batteries by 2027, with larger-scale production expected around 2030 [3] - Guangdong Province has decided to raise the capacity price for coal and gas power plants, with coal power capacity price set at 165 yuan per kilowatt per year starting January 1, 2026 [3] Investment Recommendations - The report maintains a "recommended" rating for the electric new energy and public utility sectors, suggesting to focus on leading photovoltaic companies such as Aiko Solar, Longi Green Energy, and Tongwei Co., Ltd. [4] - In the wind power sector, it is advised to pay attention to component manufacturers like Jinlei Co., Ltd. and Dayun Heavy Industry [5] - For lithium battery investments, companies in the iron-lithium and anode segments such as Hunan Youneng and Shanghai Xiba are highlighted [5]

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Group 1: Core Insights - The core viewpoint of the article highlights the growth in the shipment volumes of lithium battery cathode materials in China for the first half of 2025, with significant increases in different categories of cathodes [2][4][6]. Group 2: Shipment Volumes of Different Cathode Materials - In the first half of 2025, the shipment volume of ternary cathode materials reached 321,000 tons, representing a year-on-year growth of 4.2% [2]. - The top 10 companies in ternary cathode shipments include Ruixiang New Materials, Rongbai Technology, and Bamo Technology [3]. Group 3: Phosphate Iron Lithium Cathodes - The shipment volume of phosphate iron lithium cathodes was 1,606,000 tons in the first half of 2025, showing a remarkable year-on-year increase of 68.5% [4]. - The leading companies in this category are Hunan Youneng, Wanrun New Energy, and Defang Nano [5]. Group 4: Cobalt Lithium Cathodes - The shipment volume of cobalt lithium cathodes was 53,500 tons in the first half of 2025, with a year-on-year growth of 24.2% [6]. - The top 5 companies in cobalt lithium shipments include Xiamen Tungsten New Energy and Bamo Technology [7].

Summary of Key Points Core Viewpoint - The average premium of the latest closing prices of listed stocks on the Sci-Tech Innovation Board is 107.86% compared to their issue prices, with 159 stocks experiencing a decline in value, indicating a significant number of stocks have broken their issue prices [1]. Group 1: Premium and Discount Analysis - Among the 589 listed stocks, 430 stocks have a closing price that exceeds their issue price, with the highest premium being 3159.68% for Shangwei New Materials [1]. - The stocks with the largest discounts include Wanrun New Energy, which has a discount of 77.76%, and ST Pava, with a discount of 76.07% [1][2]. - The average premium indicates strong market performance for the majority of stocks, while the presence of 159 stocks that have broken their issue prices suggests potential concerns in specific sectors [1][2]. Group 2: Specific Stock Performance - Wanrun New Energy, listed on September 29, 2022, has an issue price of 299.88 yuan and a latest closing price of 43.97 yuan, reflecting a discount of 77.76% [2]. - ST Pava, listed on September 19, 2022, has an issue price of 51.88 yuan and a latest closing price of 10.24 yuan, resulting in a discount of 76.07% [2]. - Other notable stocks with significant discounts include Chengda Biology at 71.05%, Tianyi New Materials at 64.21%, and *ST Guandian at 62.31% [2][3].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [4][12] Core Viewpoints - The draft amendment to the Price Law aims to clarify standards for identifying unfair pricing behaviors, regulate market pricing order, and alleviate "involution" competition [4][6][7] - The amendment is expected to ease competition in industries such as polysilicon, lithium battery anode and cathode materials, wind power equipment, and energy storage, promoting price stability and improving profitability for related companies [4][7] Summary by Sections Price Law Amendment - The draft amendment includes ten articles focusing on three main areas: 1. Improvement of government pricing content, including the clarification of government-guided pricing mechanisms and the importance of cost monitoring in price setting [6][7] 2. Clarification of standards for identifying unfair pricing behaviors, including low-price dumping, price collusion, and price discrimination [6][7] 3. Establishment of legal responsibilities for pricing violations, including increased penalties for non-compliance with pricing regulations [7] Investment Recommendations - Companies to watch include: - Xinte Energy - GCL-Poly Energy - Wind Power Technology - Sungrow Power Supply - Wanrun New Energy [4][7] Profit Forecasts for Related Companies - Profit forecasts for selected companies indicate varying performance: - Xinte Energy: Expected net profit of -3.9 billion RMB in 2024 - GCL-Poly Energy: Expected net profit of -4.75 billion RMB in 2024 - Wind Power Technology: Expected net profit of 1.86 billion RMB in 2024 - Sungrow Power Supply: Expected net profit of 11.04 billion RMB in 2024 - Wanrun New Energy: Expected net profit of -870 million RMB in 2024 [9]

Group 1 - The National Development and Reform Commission and the State Administration for Market Regulation have released a draft amendment to the Price Law, aiming to improve the recognition standards for low-price dumping and address "involution" in various industries, emphasizing self-discipline and the elimination of backward production capacity [1] - The policy aligns with the Central Financial Committee's "anti-involution" initiative, signaling the end of rampant expansion in multiple industries, with sectors like lithium batteries, photovoltaics, steel, and cement leading the charge [1] - The secondary market has seen a recovery in the undervalued battery sector, with lithium battery stocks rising over 16% since June [1] Group 2 - Multiple industry associations have called for an "anti-involution" approach, shifting the focus from price competition to quality and innovation in the battery industry [2] - The competitive landscape for lithium iron phosphate (LFP) is expected to be reshaped, with market share concentrating among leading companies, as LFP production is projected to reach 1.632 million tons in the first half of 2025, a 66.6% year-on-year increase [2] - Leading companies maintain over 70% operating rates, while smaller firms face idle capacity, leading to the accelerated exit of backward production capacity [2] Group 3 - Integrated layout is key to cost reduction in a low-margin environment, with Wanrun New Energy signing an agreement to build an integrated lithium iron phosphate industrial park, enhancing supply chain coordination and cost optimization [3] - Wanrun New Energy has achieved an integrated production chain from raw materials to finished products, focusing on its core business of cathode materials after divesting its mining operations for 315 million yuan [3] - The company is collaborating with CATL to develop high-density lithium iron phosphate products, targeting high-value areas such as fast-charging batteries [3] Group 4 - Wanrun New Energy has improved the density and performance of its lithium iron phosphate products through material structure optimization and process innovation, making them compatible with solid-state battery systems [4] - The company has shipped over 200 tons of sodium battery materials in 2024, with existing production lines compatible with sodium battery production, potentially opening a second growth curve [4] - The top-down anti-involution policy is expected to have a profound positive impact on the lithium battery industry, marking a shift from scale expansion to value creation, with leading companies like Wanrun New Energy poised to thrive through technological innovation [4]