光储产业链核心观点：中期底部将逐步确认 太平洋近日发布新能源+AI行业周报：固态电池加速在下游导入，宁德时代、孚能科技 等受益。1）奔驰 计划五年内量产固态电池版电动车，其与Factorial Energy、辉能科技 合作 研发的固态电池已进入车辆测试阶段。2）辉能科技全球首发第四 代超流化固体电解质，离 子导电率达57 mS/cm，是传统电解质的5-6 倍。 以下为研究报告摘要： 报告摘要 行业整体策略：固态电池加速变革导入，新能源+AI是核心 在目前大底部酝酿的技术变革有望奠定未来长期的格局，AI+、固态电池、可控核聚变 等是核心；机会可能从配套、材料、数据的改变开始，短期重视相关弹性公司；长期特斯 拉、宁德时代仍有望引领趋势。 新能源汽车产业链核心观点：中下游新周期已开启 1、固态电池加速在下游导入，宁德时代、孚能科技等受益。1）奔驰计划五年内量产固 态电池版电动车，其与Factorial Energy、辉能科技合作研发的固态电池已进入车辆测试阶 段。2）辉能科技全球首发第四代超流化固体电解质，离子导电率达57mS/cm，是传统电解 质的5-6倍。3）EVTEKER虔途01GT电摩首发，搭载11kWh全 ...

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Group 1 - The stock price of Funeng Technology closed at 17.02 yuan on July 29, 2025, down by 0.51 yuan, a decrease of 2.91% from the previous trading day [1] - The company specializes in the research, production, and sales of lithium-ion power batteries and systems, primarily for the electric vehicle sector [1] - Funeng Technology is involved in the battery manufacturing industry and is also exploring emerging fields such as humanoid robots and low-altitude economy [1] Group 2 - On July 29, it was announced that shareholder Shenzhen Anyan reduced its holdings by 3.49 million shares, bringing its ownership stake down to 10.95% [1] - The company completed a share reduction of 20.58 million yuan on the same day [1] - Funeng Technology revealed on its investor interaction platform that its second-generation semi-solid-state battery has an energy density of 330 Wh/kg, with plans for mass production in the second half of 2025 [1] Group 3 - The company has begun supplying batteries to a leading eVTOL company in the United States, which has entered the FAA's fourth stage of certification [1] - On July 29, the net outflow of main funds was 78.27 million yuan, accounting for 0.38% of the circulating market value [1]

证券代码：688567 证券简称：孚能科技 公告编号：2025-042 孚能科技（赣州）股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少 | | --- | --- | --- | | 权益变动前合计比例 | 11.24% | | | 权益变动后合计比例 | 10.95% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ 否 | | | 是否触发强制要约收购义务 | 是□ 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动 | 其他 5%以上大股东及其一致行动人 | | 人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控股 | | | 股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | □ | 控股股东/实控 ...

证券代码：688567 证券简称：孚能科技 公告编号：2025-041 孚能科技（赣州）股份有限公司 股东减持计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本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： ? 股东持股的基本情况 本次减持计划实施前，孚能科技（赣州）股份有限公司（以下简称"公司"） 股东上杭兴源股权投资合伙企业（有限合伙）（以下简称"上杭兴源"）持有公 司股份 36,413,791 股，占公司总股本的比例为 2.9796%。 ? 减持计划的实施结果情况 公司于 2025 年 4 月 22 日披露了《股东减持股份计划公告》（公告编号： 股份，减持数量不超过 36,413,791 股，即不超过公司总股本的 2.9796%。本次减 持期间：通过集中竞价交易、大宗交易方式减持的，自公告披露之日起 3 个交易 日后的 3 个月内进行。 公司于近日收到上杭兴源出具的《关于股份减持进展的告知函》，截至本公 告披露日，上杭兴源在 2025 年 4 月 28 日至 2025 年 7 月 25 日通过集中竞价交易 ...

证券代码：688567 证券简称：孚能科技 公告编号：2025-041 孚能科技（赣州）股份有限公司 股东减持计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本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： 股东持股的基本情况 本次减持计划实施前，孚能科技（赣州）股份有限公司（以下简称"公司"） 股东上杭兴源股权投资合伙企业（有限合伙）（以下简称"上杭兴源"）持有公 司股份 36,413,791 股，占公司总股本的比例为 2.9796%。 减持计划的实施结果情况 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）股东因以下事项披露减持计划实施结果： 披露的减持时间区间届满 | 股东名称 | 上杭兴源股权投资合伙企业（有限合伙） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 减持计划首次披露日期 | 2025 年 4 月 | 22 | 日 | | | | | | 减持数量 | 12,176,763股 | | | | | | ...

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with small batch vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market opportunities for solid-state batteries [25][28] - The solid-state battery index increased by 3.5% from July 21 to July 25, 2025, with a cumulative increase of 25.5% for the year. The average increase for related stocks was 2.8% during the same period [4][11] - Key companies in the solid-state battery sector include CATL, Naconor, Honggong Technology, and others, with specific recommendations for investment in these companies [25][28] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 3.5%, with transaction volume increasing by 41.4% compared to the previous week. Equipment and conductive agent sectors led the gains [11][14] - The top five gainers included Naconor (+19.2%), Xingyun Co. (+16.9%), Delong Laser (+16.3%), Guansheng Co. (+15.6%), and Funeng Technology (+13.1%) [17][22] 2. Industry Dynamics - Qingyan Nako delivered the first domestic high-speed wide-width dry electrode equipment, which features solvent-free, low-energy consumption, and high-efficiency capabilities [29] - QuantumScape expanded its strategic partnership with Volkswagen's PowerCo to accelerate the development of its QSE-5 battery pilot production line, with potential funding of up to $131 million [28] 3. Individual Company Updates - Funeng Technology reported achieving GWh-level shipments of its semi-solid-state batteries, with costs only 5%-10% higher than liquid batteries, indicating strong market competitiveness [33][26] - Hanhua Energy plans to begin trial production of its first generation of 140Ah semi-solid-state batteries in Q4 2025, targeting supply for the next generation of BMW MINI models [37][26] - Qingyan Nako's high-speed wide-width dry electrode equipment has a width of 800mm and a maximum speed of 50m/min, supporting precise control of key parameters [29][24]

Group 1 - CATL has established a new energy company named Dongying Times Zero Carbon New Energy Technology Co., Ltd., focusing on carbon reduction and renewable energy technologies [2] - Funeng Technology received a development notification from GAC Group for battery pack assembly, expected to start supply within the year [3] - Chuangming New Energy signed a strategic cooperation agreement with Pinggao Group to develop mobile energy storage solutions [4] Group 2 - Chuangneng New Energy signed a long-term cooperation agreement with Nord Shares to procure 160,000 tons of copper foil materials over the next five years [5] - Ruipu Lanjun's revenue for the first half of the year is expected to be between 9.3 billion to 9.8 billion RMB, a growth of approximately 22.4% to 29.0% year-on-year [6] - Honeycomb Energy's second-generation battery has officially rolled off the production line, featuring a capacity of 65 kWh and ultra-fast charging capabilities [7] Group 3 - XWANDA's 20 GWh battery production project in Yiwu has received environmental approval, aiming for significant production capacity [8] - BYD has applied for a patent to increase the range of electric vehicles without changing battery pack dimensions [9][10] - Hunan Youneng plans to invest in a lithium battery cathode material project in Malaysia with a total investment of approximately 9.5 billion RMB [13] Group 4 - Jiangsu Yecheng New Materials' project for producing 400,000 tons of lithium battery anode materials has been approved [14] - Lithium Tai New Energy completed a million yuan angel round financing to advance battery safety technology [15] - Dingsheng New Materials announced a delay in the construction of its 800,000 tons battery foil project to December 2027 [16] Group 5 - Shanghai Weitai plans to acquire a 51% stake in Zhijiang New Materials, aiming to enter the lithium battery materials sector [17] - A new integrated phosphate-coal chemical project with a total investment of approximately 73 billion RMB has commenced construction [18][19] - Sichuan Wuke Jinsilicon received strategic investment to enhance its silicon-carbon anode material production capabilities [20] Group 6 - A 20 million RMB lithium battery composite new materials project has been signed in Jiangsu [21] - Yifei Laser delivered a new production line for large cylindrical batteries to a leading global battery customer [23] - Jing Shan Light Machinery has begun mass production of battery equipment for the energy storage sector [24] Group 7 - The Chinese lithium battery stacking equipment market is projected to reach 3.6 billion RMB in 2024, with a decline of 21.74% year-on-year [25] - A 18,000-ton lithium battery recycling project is set to be established in Heilongjiang [29] - A 48,000-ton lithium battery recycling project is proposed in Guangdong, with an investment of 651 million RMB [31] Group 8 - A new project for processing 60,000 tons of power batteries and 2 GWh of energy storage has been launched in Guangdong [32] - A 38,000-ton lithium battery recycling project is planned in Jiangxi [33] - BMW Group announced the establishment of a wholly-owned subsidiary in Nanjing, enhancing its information technology capabilities [35] Group 9 - XPeng Motors announced that its MONA M03 model has surpassed 150,000 cumulative deliveries [36] - Great Wall Motors reported a total revenue of 52.3 billion RMB for Q2 2025, a year-on-year increase of 7.8% [37] - BYD's 13 millionth electric vehicle has rolled off the production line [38] Group 10 - Chery aims to rank among the top ten global automotive manufacturers by the end of the year [39] - Mitsubishi Motors announced its complete withdrawal from the Chinese market [40][41] - Tesla's Model 3 has surpassed 3 million units in global sales [42]

Battery - Fudi Technology's semi-solid state battery has a cost that is only 5%-10% higher than liquid batteries, demonstrating good economic viability and market competitiveness, with GWh-level shipments already achieved [3] - Prit's first batch of square 314Ah semi-solid state batteries has been successfully delivered, making it the first domestic company to transition this technology from laboratory to mass production, positively impacting its semi-annual performance [6] - In the first half of 2025, China's new energy heavy truck sales are expected to reach approximately 79,000 units, a year-on-year increase of 185%, driving the installation of heavy truck power batteries to about 31.7GWh, a year-on-year growth of 230% [7] Materials - Oke Technology signed a 176 million yuan contract for two wet-process diaphragm production lines, which accounts for 40.51% of the company's audited revenue for the past year [11] - A new lithium battery anode material project with an annual production capacity of 100,000 tons has been accepted for environmental impact assessment in Guizhou, indicating ongoing technological upgrades [13] - Sanfu New Materials' 3D composite copper foil is currently in the sample testing phase for downstream battery manufacturers, with applications in high-end consumer electronics and high-end new energy vehicle power batteries [14] - CATL's subsidiary in Qinghai has commenced construction on a pole piece project with a total investment of 5 billion yuan, aiming to establish a complete production process chain [16]

Core Viewpoint - Company FuNeng Technology has received a development notification from GAC Group to supply battery packs for a new vehicle model, marking a significant step in their strategic partnership and recognition of FuNeng's SPS battery solution [1] Group 1: Partnership and Development - FuNeng Technology will start mass production and supply of battery packs by 2025 for GAC's new model, indicating a deepening strategic relationship [1] - The project will utilize lithium iron phosphate (LFP) batteries based on FuNeng's SPS battery solution, showcasing market acceptance of FuNeng's products [1] Group 2: Production and Technology - FuNeng's semi-solid battery production is progressing well, with costs currently 5%-10% higher than liquid batteries, but with clear advantages and a mature industrial foundation for GWh-level shipments [1] - The company has flexible production lines in Ganzhou, Guangzhou, and Zhenjiang, with a planned design capacity of 54 GWh for semi-solid batteries, ensuring large-scale production [1] - FuNeng plans to mass-produce its second-generation semi-solid batteries by 2025 and the third generation by 2026, targeting an energy density of 400 Wh/kg [1] Group 3: Market Impact - This collaboration represents FuNeng's first platform-level partnership with a top 5 domestic brand, indicating the mainstream acceptance of its SPS solution [1] - The success of the "soft pack + LFP" approach in the Chinese market may prompt other manufacturers to reassess the cost-performance ratio of soft pack batteries [1] - The company is systematically advancing technological breakthroughs and industrial implementation in the semi-solid battery sector [1]