1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Core Viewpoint - The lithium battery industry is experiencing a positive trend, driven by strong demand for energy storage and solid-state batteries, with significant investments and advancements in technology [2][5][10]. Industry Events - The CINE2025 Solid-State Battery Exhibition and Annual Conference will be held from November 6-8, 2025, in Guangzhou, with over 200 exhibitors and 20,000 professional attendees expected [1]. - The "New Energy Storage Scale Construction Special Action Plan" was released, aiming for a new energy storage installed capacity of over 180 million kilowatts by 2027, which has positively impacted the stock prices of several storage companies [7][8]. Market Performance - A-shares and Hong Kong stocks related to lithium batteries are showing strong performance, with notable increases in stock prices for companies like Zhongchuang and Tianneng, with Zhongchuang reaching a peak increase of 10.67% [2][5]. - The demand for lithium batteries is expected to rise as the year-end approaches, with significant orders for energy storage and long-term contracts for lithium iron phosphate [5][6]. Technological Advancements - Recent advancements in solid-state battery technology include the development of a new fluorinated polymer electrolyte by Tsinghua University, which addresses conductivity and interface stability issues [11][12]. - Companies like Kunlun New Energy and Yiwei Lithium Energy are making strides in large-capacity energy storage batteries, with projects like the 80GWh battery project and the world's first 628Ah energy storage battery [9][12]. Material Market Trends - The demand for battery materials is recovering, with positive developments in cathode materials, electrolyte solutions, and anode materials, as companies like Longpan Technology secure significant contracts and expand production [14][15][16]. - The negative electrode material sector is also seeing growth, with many companies reporting positive revenue growth compared to the previous year, indicating a robust recovery in the lithium battery supply chain [16].

Core Viewpoint - The recent share reduction actions by shareholders of Funeng Technology highlight concerns over the company's ongoing financial struggles, including continuous losses and declining revenues, amidst a backdrop of significant inventory issues and underutilized production capacity [1][3][5]. Group 1: Shareholder Actions - Vice President Wang Zhigang plans to reduce his holdings by up to 100,000 shares, representing 0.0082% of the total share capital, starting from October 23, 2025 [1]. - Shareholder Hangzhou Xingyuan announced a plan to reduce up to 24.237 million shares, accounting for 1.9832% of the total share capital, marking a continuation of their selling actions since November 2021 [1]. - Other shareholders, including Hong Kong Funeng and several entities associated with Lida, have also announced plans to reduce their stakes, indicating a broader trend of shareholder exits [1]. Group 2: Financial Performance - Funeng Technology reported a revenue of 4.353 billion yuan for the first half of 2025, a year-on-year decline of 37.58%, making it the only major lithium battery company to experience a revenue drop [3]. - The company recorded a net loss of 162 million yuan, although this represented a 14.92% improvement compared to the previous year, marking the fifth consecutive year of losses [3]. - In Q2 2025, revenue fell to 2.028 billion yuan, a staggering 49.92% decrease year-on-year, indicating a worsening operational situation [3]. Group 3: Inventory and Production Issues - As of June 30, 2025, Funeng Technology's inventory balance reached 3.565 billion yuan, a 58% increase year-on-year, with inventory turnover days rising to 149.27 days, up 71% [3]. - The significant increase in inventory turnover days suggests potential issues with product sales or declining competitiveness [3]. - Despite the inventory challenges, the company continues to expand production capacity, with new facilities in Ganzhou and Guangzhou expected to come online in the second half of 2025 [4]. Group 4: Control Change and Future Challenges - In January 2025, Funeng Technology underwent a change in control, with Guangzhou Industrial Investment Holding Group becoming the new controlling shareholder, backed by the Guangzhou Municipal Government [2][5]. - The new state-owned control has provided financial support and resources, but has not yet resolved the company's operational difficulties [5]. - The company faces the challenge of balancing technological investment with profitability, particularly in the context of the solid-state battery industry's capital-intensive nature [6].

Group 1 - The core viewpoint of the news is that Fulin Technology's stock has shown significant performance, with a year-to-date increase of 79.40% and a market capitalization of 25.432 billion yuan [1] - As of September 26, Fulin Technology's stock price was 20.81 yuan per share, with a trading volume of 84.0351 million yuan and a turnover rate of 0.33% [1] - The company has seen a net inflow of main funds amounting to 2.6097 million yuan, with large orders contributing significantly to the buying activity [1] Group 2 - For the first half of 2025, Fulin Technology reported operating revenue of 4.353 billion yuan, a year-on-year decrease of 37.58%, while the net profit attributable to shareholders was -162 million yuan, an increase of 14.92% year-on-year [2] - The number of shareholders as of June 30 was 25,900, a decrease of 1.24% from the previous period, with an average of 47,119 circulating shares per person, an increase of 1.25% [2] Group 3 - Fulin Technology specializes in the research, production, and sales of lithium-ion power batteries for new energy vehicles, with 96.47% of its revenue coming from power battery systems [1] - The company is categorized under the electric equipment industry, specifically in the battery sector, and is involved in various concepts such as solid-state batteries, ternary lithium, lithium iron phosphate, battery recycling, and sodium batteries [1]

Group 1 - The company has achieved GWh-level shipment of its second-generation semi-solid-state batteries, indicating a significant production capacity [2] - The energy density of the second-generation semi-solid-state battery is reported to be between 330-350 Wh/kg, with a cycle life exceeding 4000 cycles, placing it at an industry-leading level [2] - The semi-solid-state batteries have received recognition from major clients across various sectors, including SANY Heavy Truck, FAW Jiefang, leading eVTOL customers in the US, and others [2] Group 2 - With the mass production of the second-generation semi-solid-state batteries, the company expects a significant increase in shipment volume [2]

Core Viewpoint - The company has achieved GWh-level shipments of its semi-solid-state batteries, indicating a significant market presence and technological advancement in the industry [1] Group 1: Product Performance - The second-generation semi-solid-state battery has an energy density of 330-350 Wh/kg and a cycle life exceeding 4000 cycles, placing it at the forefront of the industry [1] - The high shipment volume of semi-solid-state batteries is expected to increase significantly with the mass production of the second-generation battery [1] Group 2: Client Recognition - The company's semi-solid-state batteries have received recognition from leading clients across various sectors, including SANY Heavy Truck, FAW Jiefang, top eVTOL customers in the US, and others [1]

Company Overview - Fudi Technology (stock code: 688567) is a soft-pack power battery company focused on the R&D, production, and sales of power battery systems and energy storage systems for new energy vehicles, with a core market layout centered on green travel and smart energy [1] Carbon Management Practices - Fudi Technology has established a carbon emission management system, creating a governance structure centered around "General Manager - ESG Committee - Sustainable Development Department," aligning with international standards [2] - The company has implemented a comprehensive carbon emission accounting system covering Scope 1, 2, and 3 emissions, utilizing a five-step sustainable carbon management approach: carbon accounting, carbon planning, carbon reduction, carbon offsetting, and carbon disclosure [2] - In 2024, the company reported a reduction in greenhouse gas emissions: Scope 1 emissions decreased by 15.0%, Scope 2 by 22.3%, and Scope 3 by 14.8% compared to 2023 [2] Resource Efficiency and Recognition - Fudi Technology has improved resource utilization efficiency, with total water consumption decreasing by 4.55% year-on-year, and the total recycled water amount reaching 4.841 million tons [2] - The Zhenjiang base achieved an 18% reduction in energy consumption through technologies such as thermal energy cascading and intelligent water storage [2] - The Ganzhou base has been recognized as a "National Green Factory" for its sustainable practices [2] Packaging and Supply Chain Sustainability - The company prioritizes recyclable packaging solutions, achieving a 99.69% recycling rate for packaging at the Ganzhou new energy base [3] - All domestic transportation of battery packs uses steel frames, achieving a 100% recycling rate, while non-express packaging for battery modules utilizes recyclable plastic boxes with a 100% recycling rate [3] - Fudi Technology plans to issue a "Supply Chain Energy Saving and Carbon Reduction Initiative" to suppliers by 2025, promoting green development and carbon reduction efforts throughout the value chain [3] Expert Commentary - Experts highlight Fudi Technology's significant achievements in environmental sustainability, establishing a comprehensive carbon emission accounting system and achieving carbon neutrality for specific products for four consecutive years, setting a benchmark for green development in the new energy industry [3]

Company Overview - Fudi Technology (stock code: 688567) is a soft-pack power battery company focused on the research, production, and sales of power battery systems and energy storage systems for new energy vehicles, with a core market layout centered on green travel and smart energy [1] Carbon Emission Management - Fudi Technology has established a carbon emission management system, creating a governance structure centered around the "General Manager - ESG Committee - Sustainable Development Department" to align with international standards [2] - The company has implemented a comprehensive carbon emission accounting system covering Scope 1, 2, and 3 emissions, utilizing a five-step sustainable carbon management approach: "Carbon Accounting - Carbon Planning - Carbon Reduction - Carbon Offsetting - Carbon Disclosure" [2] - In 2024, Fudi Technology's Scope 1, 2, and 3 greenhouse gas emissions are projected to decrease by 15.0%, 22.3%, and 14.8% respectively compared to 2023 [2] Resource Utilization Efficiency - The company has improved resource utilization efficiency, with total water consumption decreasing by 4.55% year-on-year, and a total of 4.841 million tons of recycled water used [2] - The Zhenjiang base has achieved an 18% reduction in energy consumption through technologies such as thermal energy cascading and intelligent water storage [2] Packaging and Supply Chain Management - Fudi Technology prioritizes recyclable packaging solutions, achieving a 99.69% recycling rate for packaging at the Ganzhou new energy base [3] - The company has implemented a sustainable development management focus on environmental issues within its supply chain, planning to issue a "Supply Chain Energy Saving and Carbon Reduction Initiative" to suppliers by 2025 [3] Recognition and Achievements - Fudi Technology has achieved carbon neutrality for specific products for four consecutive years and has received certifications from international organizations such as DEKRA [2] - The Ganzhou base has been awarded the title of "National Green Factory," setting a benchmark for green development in the new energy industry [2][3]

Industry Overview - The 7th High Energy Density Solid-State Battery Key Materials Technology Conference was held in Suzhou on September 23-24, focusing on solid electrolytes, anode and cathode materials, interface engineering, smart manufacturing, and industrialization progress [1] - The conference aimed to provide a platform for information exchange among companies, research institutions, and end-users in sectors such as new energy vehicles, energy storage, and consumer electronics, promoting collaboration in production, learning, and research [1] Market Trends - According to Guotai Junan, the industrialization of solid-state batteries is expected to accelerate from 2025 onwards, with a collaborative model emerging between automakers and battery manufacturers in China [1] - The development of materials, including main materials like solid electrolytes, anode and cathode materials, and auxiliary materials such as binders and additives, is rapidly advancing [1] - Multiple automakers and battery manufacturers have announced plans for mass production of solid-state batteries, with 2027 projected to be a pivotal year for the industry [1] Company Developments - Tianqi Materials is currently in the pilot testing stage for its sulfide-based solid electrolyte [1] - Funeng Technology has completed sample delivery of sulfide all-solid-state batteries to a leading humanoid robot client [1]

（文章来源：证券日报） 证券日报网讯 9月23日晚间，孚能科技发布公告称，截至本公告日，公司副总经理王志刚先生持有公司 股份400，000股，占公司总股本的比例为0.0327%。近日公司收到副总经理王志刚先生发来的《关于减 持计划的告知函》，因个人资金需要，王志刚先生计划自本公告披露之日起15个交易日后的3个月内通 过集中竞价交易方式减持不超过100，000股，占公司总股本的比例不超过0.0082%，不超过其减持前所 持有公司股份总数的25%。 ...