9月16日，孚能科技盘中下跌2.00%，截至10:14，报19.56元/股，成交1.85亿元，换手率0.77%，总市值 239.04亿元。 资金流向方面，主力资金净流出2869.35万元，特大单买入147.08万元，占比0.80%，卖出1321.47万元， 占比7.15%；大单买入3812.71万元，占比20.64%，卖出5507.67万元，占比29.82%。 孚能科技今年以来股价涨68.62%，近5个交易日跌4.40%，近20日涨7.53%，近60日涨39.51%。 资料显示，孚能科技(赣州)股份有限公司位于江西省赣州经济技术开发区金岭西路北侧彩蝶路西侧，成 立日期2009年12月18日，上市日期2020年7月17日，公司主营业务涉及新能源车用锂离子动力电池及整 车电池系统的研发、生产和销售。主营业务收入构成为：动力电池系统96.47%，其他(补充)3.53%。 责任编辑：小浪快报 孚能科技所属申万行业为：电力设备-电池-锂电池。所属概念板块包括：三元锂电、固态电池、磷酸铁 锂、电池回收、钠电池等。 截至6月30日，孚能科技股东户数2.59万，较上期减少1.24%；人均流通股47119股，较上期增加1.25 ...

2025年09月15日，孚能科技-聚势谋远 工控新程——广州工控集团上市公司2025年半年度集体投资者会 议在全景网顺利举行。出席本次业绩说明会的人员有总经理董立刚、董事会秘书潘链。 1、问：首先感谢广州工控集团举办本次投资者会议，为投资者提供了一个优质的互动机会。请问将来 工控集团打算如何更好的支持孚能科技发展？ 回答：尊敬的投资者您好，感谢您的关注！广州工控作为世界 500 强企业，将凭借自身资源和平台优 势，多方位推动孚能科技的发展： 在车企客户协同层面，助力孚能科技融入广州本地产业链的发展大 局，尤其通过强化与广汽集团的合作，提升孚能科技在广汽供应链中的份额，并积极探寻与小鹏汽车等 其他整车厂的合作契机。此外，广州工控还将充分挖掘旗下的天海电子、万力轮胎等汽车零部件企业资 源，助力孚能科技对接更多海内外整车厂，拓宽业务版图； 在低空经济领域，孚能科技在低空经济电 池技术方面处于全球领先地位，广州工控计划推动孚能科技融入广州市低空经济发展布局，加强与广州 eVTOL企业的合作，抢占产业发展先机； 在融资环节，国资并表进一步提升公司融资能力，降低融资 成本，保障供应链安全，助力公司为客户提供更优质的服务； ...

出品 | 搜狐财经 作者 | 王泽红 受益于新能源汽车销量的走高，动力电池供应商的业绩普遍向好。 但从应收款账期观察，车企账期的兑现并不明显。 此前6月10至11日，17家车企集体承诺，将供应商账期压缩至不超过60天，以缓解零部件企业现金流压力，动力电池作为新能源汽车的核心部件，电池企业 也被覆盖在内。 据搜狐财经不完全统计，12家主流动力电池供应商，上半年应收账款与票据周转天数均值为94.75天，相比2024年末的89.4天延长5.35天。其中，应收款账期 缩短的供应商有7家，增加的有5家。 此外，如蜂巢能源、远景动力、楚能新能源，也均是车企的主流动力电池供应商，但尚未上市，所以并未纳入统计。 2025上半年，中国新能源汽车产销分别完成696.8万辆和693.7万辆，同比增长41.4%、0.3%，新能源新车销量占汽车总销量比重首次突破44%。 由此也带动了动力电池市场的增长，根据高工产研锂电研究所数据，上半年中国动力电池出货量为477GWh，同比增长49%。 据搜狐财经不完全统计，动力电池营收占比超40%的7家供应商中，营收下滑的仅孚能科技，归母净利润下滑的仅亿纬锂能一家；其余供应商的营收、归母 净利均上升 ...

孚能科技连续4次在这里增资扩产，同兴达电子三期项目接连落地于此，潜行科技将深圳生产基地 迁到这里后又追加二期投资…… 江西赣州经开区正呈现"二期现象"，三年来，共推动35家企业建设了二期项目，书写企业"接连落 地、深深扎根"的故事。 产业交响：从"零起步"到"主引擎" 在赣州市同兴达电子科技有限公司，无人切割、贴片清洗等高精密生产设备一刻不停歇。这家显示 模组出货量占全国四分之一的龙头企业，14年间在赣州经开区完成了从一期到三期的跨越。 杉达精密通过政府牵线搭桥，与"链主企业"孚能科技达成合作，二期项目建成后将形成年产100万 套精密结构件的生产能力。公司负责人笑着说："这就像给我们装上了加速器。" 驱车前往赣州高铁空港新区，沿途可见一座座现代化厂房拔地而起。在立德电子产业园项目建设现 场，总经理何武宜站在工地高处，指着远处的开发区全景感慨道："7年前这里只有3个厂房，现在12条 产线同时运转，二期新厂明年投产后产能将再翻番。" 赣州经开区对标深圳政务服务工作，深化政务服务增值化改革。今年上半年，涉税事项网办率达 98.99%，"一表同享"平台已录入22万条基础数据，179户企业享受"一窗通办"服务。 创新协 ...

China Battery Chartbook September 2025 Eric Shen Goldman Sachs (Asia) L.L.C. +852-2978-7954 eric.shen@gs.com Qiying Wei Goldman Sachs (Asia) L.L.C. +852-2978-6426 qiying.wei@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For R ...

电力设备 ——行业周报 殷晟路（分析师） 电力设备 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 84% 2024-09 2025-01 2025-05 电力设备 沪深300 相关研究报告 《固态电池行业周报（第十三期）： 先导智能已打通全固态电池量产工艺 环节，亿纬锂能"龙泉二号"全固态 电池下线—行业周报》-2025.9.7 《低空经济行业周报（第三十二期）： 2025 低空经济发展大会在芜湖开幕， 四创电子"低空雪亮"安全监管系统 亮相—行业周报》-2025.9.6 《固态电池行业周报（第十二期）： 华域汽车拟收购上汽清陶 49%股权， 正式入局固态电池领域—行业周报》 -2025.8.31 低空经济行业周报（第三十三期）：小鹏汇天"陆地 航母"获颁中国企业首张海外有人驾驶航空器飞行 证，时的科技与 Autocraft 签署 350 架 eVTOL 协议 yinshenglu@kysec.cn 证书编号：S0790522080001 小鹏汇天"陆地航母"获颁中国企业首张海外有人驾驶航空器飞行证，时的 科技与 Auto ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

Core Viewpoint - Fulin Technology's stock price has decreased by 6.98% this week, closing at 20.12 yuan, with a total market capitalization of 24.723 billion yuan as of September 12, 2025 [1] Company Announcements - Fulin Technology plans to hold its third temporary shareholders' meeting on September 19, 2025, to discuss the proposed annual related party transaction limit for 2025, which is estimated at 53.1 million yuan [2] - The company intends to engage in related party transactions with its controlling shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., involving sales of products and services amounting to 16.1 million yuan and purchases of raw materials and services amounting to 37 million yuan [2]

Core Viewpoint - The solid-state battery sector has seen significant capital market interest, with the solid-state battery index rising 77.7% from April to September 2023, despite ongoing uncertainties regarding industrialization [1][4][16]. Industry Overview - Solid-state batteries are defined as batteries that completely lack liquid electrolytes, relying instead on solid electrolytes to facilitate lithium ion conduction [1]. - The industry consensus indicates that solid-state battery industrialization is still in its early exploratory phase, with semi-solid batteries being viewed as more feasible [6][18]. - The technology involves multiple routes based on electrolyte types, primarily including sulfide, oxide, and polymer systems, with most domestic manufacturers favoring sulfide electrolytes [7][18]. Production Challenges - The industry anticipates trial production within two years and mass production in five years, but significant technical hurdles remain, including interface resistance, material stability, and cost control [3][15]. - Current production capabilities for solid-state batteries are limited, with few manufacturers able to produce cells larger than 20Ah, and achieving 50Ah is seen as a critical milestone [9][10]. - Major manufacturers like CATL and BYD are exploring various combinations of materials and technologies, with mass production timelines extending to 2027 or later [11][15]. Market Dynamics - Despite the hype surrounding solid-state batteries, the market is experiencing signs of valuation bubbles, with companies like Xian Dai Intelligent and Li Yuan Heng seeing stock price surges despite the ongoing technological challenges [16][17]. - Some companies not directly involved in solid-state battery production have also benefited from the market's enthusiasm, highlighting the speculative nature of the current investment climate [17][18]. Future Outlook - The solid-state battery technology is expected to take 5-10 years to fully replace liquid batteries, with initial applications likely in specialized fields rather than mainstream automotive use [14][15][18]. - The industry is characterized by a complex interplay between capital market speculation and the slow, methodical pace of technological development and industrial readiness [3][14].

交银国际研究 行业更新 电池行业月报 2025 年 9 月 12 日 上半年储能电池出货量增长显著；关注固态电池产业化进度 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 宁德时代 | 300750 CH | 买入 | 314.11 | 322.55 | 14.358 | 15.517 | 22.5 | 20.8 | 4.79 | 4.06 | NA | | 亿纬锂能 | 300014 CH | 买入 | 56.51 | 71.70 | 2. ...