Group 1 - The core viewpoint of the article highlights the significant growth and favorable valuation of the New Energy ETF, which has seen a notable increase in trading volume and fund size, indicating strong investor interest [3] - The New Energy ETF has a turnover rate of 2.42% during trading, with a transaction volume of 22.09 million yuan, and an average daily transaction volume of 36.57 million yuan over the past year, ranking it among the top two comparable funds [3] - The fund's size has increased by 42.11 million yuan in the past month, and its shares have grown by 51 million in the last six months, demonstrating substantial growth [3] Group 2 - The underlying index tracked by the New Energy ETF, the CSI New Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.99, which is below 87.04% of the time over the past three years, indicating attractive valuation [3] - In the first quarter, China's newly installed photovoltaic capacity reached 59.71 GW, representing a year-on-year growth of 30.5%, with March alone seeing an installation of 20.24 GW, a remarkable increase of 124.39% year-on-year [3] - Analysts suggest that the photovoltaic sector is poised for a recovery in fundamentals, driven by a gradual rebound in demand and supply-side constraints, alongside potential benefits from upcoming reform policies [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include CATL, LONGi Green Energy, Sungrow Power Supply, China National Nuclear Power, Three Gorges Energy, TBEA, Eve Energy, Huayou Cobalt, Tongwei Co., and Ganfeng Lithium, collectively accounting for 44.26% of the index [3]

Core Viewpoint - Company has exceeded the requirements of the new battery national standard ahead of schedule, ensuring that its entire product system can withstand thermal runaway without catching fire or exploding for 24 hours [1] Industry Summary - The implementation of the new national standard is significant for supply-side reform in the industry, with only a few leading battery manufacturers currently able to meet these standards [1] - This situation is expected to accelerate the exit of less competitive capacity in the industry, presenting important market opportunities for the company [1] Product Trends - There is an increasing acceptance of semi-solid state batteries among downstream customers, driven by heightened safety requirements under the new national standard [1] - The new standard is anticipated to catalyze further commercialization of semi-solid state batteries [1]

Core Viewpoint - Company is advancing its battery technology with plans for mass production of second-generation semi-solid batteries with an energy density of 330Wh/kg and third-generation batteries reaching 400Wh/kg, while also exploring solid-state battery technologies with energy densities of 400-500Wh/kg [2] Group 1: Battery Technology Development - Company is developing multiple battery technologies including semi-solid, solid-state, lithium iron phosphate, high-voltage fast charging, and sodium-ion batteries [2] - The company’s products can support high-voltage fast charging, with SPS products achieving a full-system 6C fast charge [2] Group 2: Production Capacity and Profitability - Company has designed production capacities of 15GWh each for its Ganzhou and Guangzhou bases, with some production lines already operational and the rest expected to ramp up in the second half of the year [2] - The company anticipates a significant reduction in unit manufacturing costs as production capacity utilization increases in the second half of the year, leading to improved profitability [2] - Starting next year, as the utilization rate of new production bases increases, the company expects to see enhanced cost reduction effects and a significant improvement in gross margin [2] Group 3: Pricing and Cost Structure - The price of lithium carbonate has stabilized, and the company expects limited room for price reductions in downstream batteries [3] - The company anticipates a slight decrease in the overall average selling price of its products due to a shift in product mix towards lithium iron phosphate [3] - The company is implementing various cost reduction measures across manufacturing, management, and supply chain, which are expected to maintain a high gross margin [3] Group 4: Impact of Tariffs - Company indicated that the impact of U.S. tariffs on its exports and overseas market demand is minimal, with U.S. export revenue accounting for only about 5%-7% in the first quarter of 2024 and 2025 [3]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

孚能科技（赣州）股份有限公司 关于控股股东及实际控制人变更完成的提示性公告 本公司董事会及全体董事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： 孚能科技（赣州）股份有限公司（以下简称"公司"或"孚能科技"）于 2025 年 5 月 7 日召开了公司 2025 年第二次临时股东大会，审议通过了董事会换 届选举相关议案，本次董事会换届已完成。广州工业投资控股集团有限公司（以 下简称"工控集团"）及其一致行动人通过提名并当选非独立董事人数超过公司 非独立董事席位半数的方式，实现对公司经营管理的重大影响。 公司控股股东由 Farasis Energy（Asia Pacific）Limited（以下简称"香港 孚能"）变更为广州工业投资控股集团有限公司，公司实际控制人由 YU WANG、 Keith D. Kepler 变更为广州市人民政府。 一、本次控制权变更的基本情况 证券代码：688567 证券简称：孚能科技 公告编号：2025-032 | | | | 变动前 | | | | 变动后 | | | --- | --- | --- | ...

证券代码：688567 证券简称：孚能科技 公告编号：2025-031 孚能科技（赣州）股份有限公司 董事会完成换届选举及聘任高级管理人员的公告 本公司董事会及全体董事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。 孚能科技（赣州）股份有限公司（以下简称"公司"或"孚能科技"）于2025 年5月7日召开2025年第二次临时股东大会，选举产生了第三届非独立董事、第三 届独立董事，与公司职工代表大会选举产生的职工代表董事共同组成了公司第三 届董事会，任期自公司2025年第二次临时股东大会审议通过之日起三年。 同日，公司召开了第三届董事会第一次会议，选举了公司董事长、联席董事 长、各专门委员会委员及召集人，并聘任了公司高级管理人员，任期自本次董事 会审议通过之日起至第三届董事会届满之日止。相关具体情况如下： 一、董事选举情况 公司于2025年5月7日召开了2025年第二次临时股东大会，审议通过了《关于 选举公司第三届董事会非独立董事的议案》《关于选举公司第三届董事会独立董 事的议案》，以非累积投票方式选举谢勇先生、YU WANG（王瑀）先生、曹限 东 ...

证券代码：688567 证券简称：孚能科技 公告编号：2025-029 孚能科技（赣州）股份有限公司 关于选举公司职工代表董事、职工代表监事的公告 公司董事会及全体董事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。 孚能科技（赣州）股份有限公司（以下简称"孚能科技"或"公司"）第二 届董事会、监事会原定任期为2022年6月29日至2025年6月28日。鉴于公司股东 Farasis Energy（Asia Pacific）Limited（以下简称"香港孚能"）及其一致行动人赣 州孚创企业管理合伙企业（有限合伙）（以下简称"赣州孚创"）、YU WANG、 Keith D. Kepler和广东恒健工控新能源产业股权投资基金合伙企业（有限合伙） （以下简称"恒健工控"）、广州工业投资控股集团有限公司签署了《关于孚能科 技（赣州）股份有限公司的股份转让协议》（以下简称"《股份转让协议》"）， 具体内容请见公司于2025年1月4日在上海证券交易所网站（www.sse.com.cn）披 露的《孚能科技（赣州）股份有限公司关于股东权益变动暨控股股东和实际控制 ...

本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 7 日 证券代码：688567 证券简称：孚能科技 公告编号：2025-028 孚能科技（赣州）股份有限公司 2025年第二次临时股东大会决议公告 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： 2、公司在任监事5人，出席5人； 本次股东大会由公司董事会召集，董事长 YU WANG（王瑀）先生主持，会 第 1页 议采用现场投票和网络投票相结合的表决方式。公司董事、监事、高级管理人员 通过现场及视频方式出席了本次会议。公司聘请的律师通过现场参会方式对本次 会议进行见证。 （二） 股东大会召开的地点：江西省赣州经济技术开发区金岭西路北侧彩蝶路 西侧孚能科技行政楼三楼会议室 （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 | 187 | | --- | --- | | 普通股股东人数 | 187 | | 2、出席会议的股东所持 ...

上海市锦天城律师事务所 关于孚能科技（赣州）股份有限公司 2025 年第二次临时股东大会的 法律意见书 上海市锦天城律师事务所 关于孚能科技（赣州）股份有限公司 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 2025 年第二次临时股东大会的 法律意见书 致：孚能科技（赣州）股份有限公司 上海市锦天城律师事务所 法律意见书 性陈述或者重大遗漏，并愿意承担相应法律责任。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、本次股东大会召集、召开的程序 经核查，公司本次股东大会由公司董事会召集召开。公司已于 2025 年 4 月 22 日在上海证券交易所网站（http://www.sse.com.cn/）等指定信息披露媒体上刊 登了《孚能科技（赣州）股份有限公司关于召开 2025 年第二次临时股东大会的 通知》，将本次股东大会的召开时间、地点、审议事项、会议出席对象、登记方 法等予以公告， ...

证券代码：688567 证券简称：孚能科技 公告编号：2025-030 公司第三届监事会监事简历详见公司于 2025 年 4 月 22 日在上海证券交易所 网站（www.sse.com.cn）披露的《孚能科技（赣州）股份有限公司关于董事会及 监事会换届选举的公告》（公告编号：2025-018），以及于 2025 年 5 月 8 日在上 第 1 页 海证券交易所网站（www.sse.com.cn）披露的《孚能科技（赣州）股份有限公司 关于选举公司职工代表董事、职工代表监事的公告》（公告编号：2025-029） 二、监事会召开情况 孚能科技（赣州）股份有限公司 第三届监事会第一次会议决议暨监事会完成换届 选举及选举监事会主席的公告 本公司监事会及全体监事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。 孚能科技（赣州）股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日 召开 2025 年第二次临时股东大会，选举产生了第三届非职工代表监事，与公司 职工代表大会选举产生的职工代表监事共同组成公司第三届监事会，任期自公司 2025 年第二次临 ...