Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles (NEVs) in July were impressive, with the State Council's meeting emphasizing the need to regulate competition in the NEV industry, which is expected to benefit the sector's development. The introduction of new models in the second half of the year is anticipated to sustain high growth in domestic NEV sales, driving demand for batteries and materials [1][2]. - In the solid-state battery sector, Guoxuan High-Tech has officially initiated the design work for its first-generation solid-state battery production line, indicating a clear trend towards industrialization in this area. Attention should be paid to the progress of related materials and equipment companies [1][2]. - In the photovoltaic sector, the central economic work conference has called for a comprehensive rectification of "involutionary" competition, aiming to guide companies to enhance product quality and facilitate the orderly exit of outdated capacities. The Ministry of Industry and Information Technology has issued a notice regarding energy-saving supervision tasks for the polysilicon industry in 2025, maintaining a focus on energy consumption [1][2]. Summary by Sections Industry Overview - The electric equipment and new energy sector experienced a decline of 2.62% this week, with the wind power sector slightly increasing by 0.06%. The NEV index fell by 0.30%, while the lithium battery index saw a significant drop of 6.26% [2][10][13]. Key Industry Information - NEV deliveries in July included BYD with 344,300 units (up 1% year-on-year), Leap Motor with 50,100 units (up 127%), and Xpeng with 36,700 units (up 229%). However, Li Auto and NIO saw declines of 40% and 3%, respectively [2][27]. - The Ministry of Industry and Information Technology has issued a notice for energy-saving supervision in the polysilicon industry, and the China Electricity Council predicts an addition of 400 GW of new energy generation capacity by 2025 [2][27]. Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) reported a 33.33% year-on-year increase in net profit to CNY 30.485 billion for the first half of the year [30]. - Container Technology Co., Ltd. announced a stock issuance plan approved by the China Securities Regulatory Commission [30]. - The report highlights various companies' performance, including a significant loss reported by Rongbai Technology and a profit increase for Hongfa Technology [30]. Price Observations - The report notes that the prices of polysilicon and photovoltaic materials have shown fluctuations, with polysilicon prices stabilizing around CNY 49-55 per kg for dense materials and CNY 43-46 per kg for granular materials [15][19]. - The average price of silicon wafers has increased, with 183N wafers rising to CNY 1.20 per piece and 210N wafers reaching CNY 1.55 per piece [16][21]. Market Dynamics - The report emphasizes the importance of supply chain adjustments and the impact of international policies on pricing and demand in the photovoltaic sector, particularly in relation to the U.S. market [20][24].

在金博股份的锂电业务当中，多孔碳是其拳头产品之一。5月15日，金博股份携多孔碳产品亮相第十七 届深圳国际电池技术交流会/展览会，获得多家锂电头部企业的青睐和关注。金博股份的多孔碳材料以 石油焦、改性树脂为原料，通过碱活化造孔工艺，产品具有孔结构可控可调，电阻率低，颗粒缺陷少， 杂质含量低等特点。其有助于最终成品拥有较高的一致性、稳定性、较低工艺缺陷等优点。 根据公开数据显示，碳陶刹车装置较传统铸铁盘减重超60%，提升电动汽车的续航与操控性。同时，碳 陶刹车可耐受1300℃高温，抗热衰性能优异，制动性能高效稳定，而传统钢盘仅耐温650℃，高温下刹 车易失效。碳陶刹车的使用寿命可达50万公里，传统铁质制动盘寿命约10万公里。从制动效率来看，碳 陶刹车的刹车距离比铁质产品要缩短近12米，湿摩擦系数高，安全性显著提升。 在金博股份的交通业务当中，碳陶刹车装置是其拳头产品之一。金博股份的碳陶业务以汽车制动为核 心，依托其在碳基复合材料领域的技术积累，形成了涵盖制动盘、摩擦副系统解决方案的产品矩阵，并 通过性能突破与成本优化构建了显著优势。 本报讯 （记者肖伟） 某券商新材料行业分析师向《证券日报》记者表示："本次激励计 ...

Core Viewpoint - The remuneration and assessment committee of Hunan Jinbo Carbon Co., Ltd. has reviewed and approved the draft of the 2025 restricted stock incentive plan, confirming that the company meets the qualifications for implementing the stock incentive plan [1][2]. Group 1: Compliance and Qualifications - The company has confirmed that it is eligible to implement the stock incentive plan, as it has not received negative or unable-to-express opinions from auditors on its financial reports or internal controls in the last accounting year [1]. - The incentive plan does not include independent directors, supervisors, or shareholders holding more than 5% of the company's shares, ensuring compliance with relevant regulations [1][2]. - The company will publicly disclose the names and positions of the incentive plan participants at least 10 days before the third extraordinary general meeting of shareholders in 2025 [1]. Group 2: Benefits and Objectives - The incentive plan aims to align the interests of management and shareholders, enhancing management efficiency and supporting the company's sustainable development [2].

Core Viewpoint - Ceramic matrix composites (CMCs) exhibit excellent high-temperature performance and have broad applications in aerospace, nuclear power, and automotive industries, with significant market potential. China leads in brake and thermal protection for aircraft but lags in aerospace engine applications. The demand for CMCs in China's aerospace industry may reach a turning point in 2024, driven by advancements in production technology and cost reductions [2][12]. Group 1: CMC Characteristics and Applications - CMCs are defined as composites that incorporate reinforcing materials into a ceramic matrix, resulting in superior properties such as high-temperature resistance, low density, and high strength [3][19]. - SiCf/SiC composites are a research focus due to their excellent oxidation resistance and longevity, making them ideal for aerospace engine applications [4][26]. - CMCs are increasingly recognized as strategic materials for next-generation aerospace engines, capable of withstanding temperatures significantly higher than traditional nickel-based superalloys [29][33]. Group 2: Market Growth and Demand - The global CMC market was valued at $11.9 billion in 2022 and is projected to grow at a CAGR of 10.5%, reaching $21.6 billion by 2028, with the highest market share in defense and aerospace sectors [5]. - The demand for CMCs in the aerospace sector is expected to surge, particularly for components like combustion chambers and turbine blades, as countries strive for higher engine efficiency and reduced emissions [32][40]. Group 3: CMC Production and Industry Landscape - The production of CMCs involves complex processes with high barriers to entry, including fiber preparation, preform weaving, interface layer preparation, and matrix densification [6][7]. - General Electric (GE) has established a vertically integrated CMC supply chain, significantly increasing production capacity and demonstrating successful applications in various engine components [6][40][41]. - China's CMC industry has developed a relatively complete supply chain, with advancements in silicon carbide fiber production and CMC applications, particularly in brake materials for aircraft [8][10][11]. Group 4: Future Investment Opportunities - The anticipated turning point in demand for CMCs in China's aerospace industry presents substantial growth potential for related companies, especially as production technologies improve and costs decrease [12][8]. - As the application of SiCf/SiC composites matures, upstream raw material demand will increase, leading to potential rapid growth for midstream CMC component manufacturers [12][10].

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： 股权激励方式：第一类限制性股票 股份来源：公司自二级市场回购的本公司 A 股普通股股票及/或向激励对象定 向发行的本公司 A 股普通股股票。 证券代码：688598 证券简称：金博股份 公告编号：2025-044 湖南金博碳素股份有限公司 2025 年限制性股票激励计划（草案）摘要公告 股权激励的权益总数及涉及的标的股票总数：《湖南金博碳素股份有限公司 2025 年限制性股票激励计划（草案）》（以下简称"本激励计划"或"本次激励计划"） 拟向激励对象授予 400.00 万股限制性股票，约占本激励计划草案公告时公司股本总额 20,415.7916 万股的 1.9593%。本次授予为一次性授予，无预留权益。 一、股权激励计划目的及其他股权激励计划的简要情况 （一）本激励计划的目的 为了进一步建立、健全湖南金博碳素股份有限公司（以下简称"公司"）长效激 励约束机制，吸引和留住优秀人才，充分调动公司核心团队的积极性，有效地将股东、 公司和核心团队个人三方利益结合在一起 ...

湖南金博碳素股份有限公司 2025 年限制性股票激励计划激励对象名单 一、本次限制性股票激励计划的分配情况 2、参与本激励计划的激励对象不包括公司独立董事、监事、外籍员工、单 独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、子女。 3、上述合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五 入所造成。 湖南金博碳素股份有限公司董事会 本激励计划授予的限制性股票在各激励对象间的分配情况如下表所示： | 姓名 | | 国籍 | 职务 | 获授的限 制性股票 数量（万 | 占授予限制 性股票总数 的比例 | 占本激励计划 公告日股本总 额的比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 股） | | | | | | 1、董事、高级管理人员、核心技术人员 | | | | | | 戴朝晖 | | 中国 | 董事、总裁 | 10.00 | 2.50% | 0.0490% | | 王冰泉 | | 中国 | 董事、高级副总裁、核 心技术人员 | 8.00 | 2.00% | 0.0392% | | 李 | 军 | 中国 | 高级副总 ...

证券代码：688598 证券简称：金博股份 湖南金博碳素股份有限公司 2025 年限制性股票激励计划 （草案） 二〇二五年七月 湖南金博碳素股份有限公司 2025年限制性股票激励计划（草案） 声 明 湖南金博碳素股份有限公司及全体董事保证本激励计划及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性依法承担法律 责任。 -2- 湖南金博碳素股份有限公司 2025年限制性股票激励计划（草案） 特别提示 一、公司 2025 年限制性股票激励计划系依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股权激励管理办法》《上海证券交易所科创板 股票上市规则》《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 和其他有关法律法规、规范性文件，以及《湖南金博碳素股份有限公司章程》制 订。 二、本激励计划采取的激励工具为第一类限制性股票。股票来源为公司自二 级市场回购的本公司A股普通股股票及/或向激励对象定向发行的本公司A股普通 股股票。 三、本激励计划拟向激励对象授予 400.00 万股限制性股票，约占本激励计划 草案公告时公司股本总额 20,415.7916 万股的 1.95 ...

湖南启元律师事务所 关于湖南金博碳素股份有限公司 2025 年限制性股票激励计划（草案）的 法律意见书 2025 年 7 月 致：湖南金博碳素股份有限公司 湖南启元律师事务所（以下简称"本所"）接受湖南金博碳素股份有限公司 （以下简称"公司""金博股份"）的委托，作为公司2025年限制性股票激励计 划项目（以下简称"本次激励计划""激励计划"）专项法律顾问，为公司本次 激励计划提供专项法律服务。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）及中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、上海证券交易所发布的《科创板上市公司自律监管指南第 4号——股权激励信息披露》（以下简称"《监管指南》"）、《上海证券交易 所科创板股票上市规则》（以下简称"《上市规则》"）等现行法律、法规和规 范性文件以及《湖南金博碳素股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就公司 本次激励计划出具本法律意见书。 本所（含经办律师 ...

证券简称：金博股份 证券代码：688598 上海荣正企业咨询服务（集团）股份有限公司 关于 湖南金博碳素股份有限公司 2025 年限制性股票激励计划 （草案） 之 独立财务顾问报告 2025 年 7 月 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 金博股份、本公司、公司、 | 指 | 湖南金博碳素股份有限公司 | | --- | --- | --- | | 上市公司 | | | | 本激励计划、本计划、股权 | 指 | 湖南金博碳素股份有限公司 2025 年限制性股票激励 | | 激励计划 | | 计划 | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 《上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告 | 指 | 关于湖南金博碳素股份有限公司 年限制性股 2025 | | | | 票激励计划（草案）之独立财务顾问报告》 | | | | 公司根据本激励计划规定的条件和价格，授予激励 | | 限制性股票、第一类限制性 | 指 | 对象一定数量的公司股票，该等股票设置一定期限 | | 股票 | | 的限售期，在达到本激励计划规定的解除 ...

湖南金博碳素股份有限公司 2025 年限制性股票激励计划实施考核管理办法 湖南金博碳素股份有限公司 2025 年限制性股票激励计划实施考核管理办法 湖南金博碳素股份有限公司（以下简称"公司"）为进一步完善公司法人治 理结构，建立、健全公司长效激励约束机制，吸引和留住公司核心管理、技术和 业务人才，充分调动其积极性和创造性，有效提升核心团队凝聚力和企业核心竞 争力，有效地将股东、公司和核心团队三方利益结合在一起，使各方共同关注公 司的长远发展，确保公司发展战略和经营目标的实现，在充分保障股东利益的前 提下，按照收益与贡献对等的原则，制订了《2025年限制性股票激励计划（草案）》 （以下简称"本股权激励计划"或"本激励计划"）。 为保证公司本股权激励计划的顺利实施，现根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》等有关法律、行政法 规、规范性文件和《湖南金博碳素股份有限公司章程》的有关规定，并结合公司 实际情况，特制订本办法。 一、考核目的 制定本办法的目的是加强公司股权激励计划执行的计划性，量化公司股权激 励计划设定的具体目标，促进激励对象考核管理的科学化、规范化、制度化，确 ...