12月2日，国轩高科盘中下跌2.01%，截至13:27，报38.49元/股，成交7.46亿元，换手率1.11%，总市值 698.11亿元。 今年以来国轩高科已经5次登上龙虎榜，最近一次登上龙虎榜为10月10日，当日龙虎榜净买入-3.13亿 元；买入总计3.82亿元 ，占总成交额比5.74%；卖出总计6.95亿元 ，占总成交额比10.45%。 截至10月10日，国轩高科股东户数31.53万，较上期减少2.99%；人均流通股5504股，较上期增加 3.09%。2025年1月-9月，国轩高科实现营业收入295.08亿元，同比增长17.21%；归母净利润25.33亿元， 同比增长514.35%。 机构持仓方面，截止2025年9月30日，国轩高科十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股5640.23万股，相比上期增加328.90万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股1837.26万股，相比上期减少86.65万股。易方达沪深300ETF（510310）位居第八大流通股 东，持股1332.14万股，相比上期减少42.08万股。广发国证新能源车电池ETF（159755） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：开源证券研究所） 1. 锂电主链：动储需求旺盛，产业链供需拐点已至。动力、储能、消费电子等下游需求旺盛，驱动行业供需关系改善。产业链中格局较好、产能偏紧的环 节已率先开启涨价。锂电产业链供需拐点已至。 2. 欧洲电动车：新车型带动放量，Q4或进一步提速。2025Q1-3欧洲新能源车市场强劲复苏。 2025Q4-2026年初，大众、宝马、奔驰等将进入新一代电车 平台车型的量产及交付周期，且英国、法国、意大利陆续启动电车补贴。Q4欧洲电车或进一步提速。 3. 充电桩："三年倍增"行动方案落地，有望开启新一轮投资周期。2025Q1-3充电桩行业增速有所回暖。10月充电桩"三年倍增"行动方案落地，有望开启新 一轮投资周期。 4. 欧洲热泵 ：对欧出口2024Q4见底，2025年以来显著回升。我国对欧热泵出口于2024Q4见底，2025Q1-3对欧出口同比+20%。 证券研究报告 学 开源证券 动储需求旺盛,产业链供需拐点已至 锂电行业2026年度投资策略 姓名:殷晟路(分析师) 证书编号:S0790522080001 邮箱:yinshe ...

摘要 国轩UC切入大众：电池标准的反向输出样本 2025年11月20日，北纬31度，中国安徽，合肥新站高新区。 初冬的冷空气顺着长三角平原压下来，国轩高科合肥新站 UC工厂的装卸区却几乎没有空档。叉车 在厂房和集装箱之间往返，方形铝壳电芯被装进特制防震容器，码在等待发车的重卡上。 表面上，这只是中国出口机器的一个日常片段；对大众汽车集团来说，这批装上货车的，是它在电 动化转型关键关口押出的新 "心脏"。 同一时间窗口， 7700公里外的 德国 大众总部沃尔夫斯堡，管理层正把最新一季财报摊在桌面： 2025年第三季度，大众集团营业利润 由盈转亏， 核心汽车业务的利润 承压 。 德国本土部分工厂产能利用率跌破七成，工会与管理层围绕裁员、关厂的谈判愈发紧绷。 合肥的产线在开足马力往前赶，沃尔夫斯堡的会议室在讨论削减成本。大众管理层需要一个足够大 的变量，来在电动车时代重写成本曲线；而国轩高科负责量产、并实现交付的这批 UC标准电芯， 正是被放在计算器最显眼位置的那一项。 大众&国轩标准电芯量产交付仪式现场 按照大众与供应链内部测算， 相比此前长期采用的 LG体系电芯，基于UC平台的电芯方案，最高 可实现约50%的成 ...

12月1日消息，工业和信息化部近日组织召开动力和储能电池行业制造业企业座谈会。座谈会围绕规范 动力和储能电池产业竞争秩序、推动产业高质量发展，听取相关企业情况介绍及意见建议。工业和信息 化部党组书记、部长李乐成出席会议并讲话。12家动力和储能电池产业链企业负责人围绕企业生产经 营、技术研发、市场竞争、知识产权保护等深入交流，介绍企业基本情况和当前面临的困难问题，提出 意见建议。 《能见派》获悉，当天参会的企业代表包括：比亚迪董事长王传福，宁德时代副董事长李平，中创新航 董事长刘静瑜，亿纬锂能董事长刘金成，欣旺达集团创始人王明旺，天赐材料董事长徐金富，贝特瑞常 务副董事长、总经理黄友元，天合储能总裁杨豹，国轩高科中国业务板块副总裁陈炜，海辰储能执行董 事兼总经理王鹏程，容百科技董事长、总经理白厚善，恩捷股份副董事长、总经理李晓华。 工业和信息化部党组书记、部长李乐成指出，要全面客观认识产业发展形势，认真落实党中央关于综合 整治"内卷式"竞争的决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞 争，加强产能监测、预警和调控，加大生产一致性和产品质量监督检查力度，打击知识产权违法行为， 引导企 ...

| 倒计时18天 | | | --- | --- | | 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | &起点研究十周年庆典 | | | 2025起点用户侧储能及电池技术论坛 | | | 活动主题： 新周期 新生态 | 新技术 | | 活动时间： 2025年12月18-19日 | | | 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）二楼维纳斯厅（深圳市宝安区沙井 | | | 镇沙井路118号） | | | 主办单位： 起点锂电、起点固态电池、起点储能、起点研究院SPIR | | | 活动规模： 线下1200+，在线直播观看30000+ | | | 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/赣锋锂电/多氟多/保力新/ | | | 远东电池/国轩吉美泰/诺达智慧/创明新能源/德赛电池/陀普科技/蓝京新能源/北测新能源/亿鑫丰/达力 | | | 智能/金力股份/苏州莫洛奇/鑫晟达/先导智能/尚太科技/超业精密/科迈罗/东唐智能/贤辰智享/爱签/中 | | 起点研究院 SPIR 数据显示， 2025 前三季度 中国磷酸铁锂正极出货量达 257.5 ...

Core Insights - The article discusses the tumultuous development of China's energy storage industry over the past decade, highlighting the rapid rise and fall of numerous companies, leading to a chaotic market environment [2] - China currently holds a dominant position in the global energy storage supply chain, with significant market shares in battery shipments (87%), anode/cathode materials (90%), electrolyte (over 85%), and lithium battery separators (over 80%) [2] - The industry is experiencing a shift from a blue ocean to a red ocean competition within a short span of three years, driven by aggressive capital investment and production expansion, resulting in price wars and a new phase of market reshuffling [2] Industry Growth and Challenges - As of September 2025, the number of energy storage-related companies in China has exceeded 380,000, a 33.55-fold increase from 11,000 a decade ago [3] - Over the period from 2022 to 2024, more than 200 major energy storage projects with investments exceeding 1.5 trillion yuan (approximately 210 billion USD) have been announced, with planned energy storage capacity exceeding 2800 GWh [3] Financial Health and Debt Concerns - By June 2025, the total liabilities of over 110 listed companies in the energy storage sector reached 1.79 trillion yuan (approximately 250 billion USD), marking an 11.86% year-on-year increase [4] - The overall debt ratio stands at 57.74%, with short-term interest-bearing liabilities totaling 378.2 billion yuan (approximately 53 billion USD), reflecting a 25.86% year-on-year increase [4] - Excluding major players like CATL, many smaller companies are facing severe financial difficulties, with a net asset value of -55.4 billion yuan (approximately -7.7 billion USD) [4][5] Market Dynamics and Survival Risks - As of June 2025, 15 listed energy storage companies reported asset-liability ratios exceeding 70% and negative net asset values, indicating significant financial pressure [5] - Nearly 30,000 energy storage companies are in abnormal statuses such as cancellation or suspension, with over 3,200 companies established for only one year [5] - The ongoing "cell shortage crisis" has further strained smaller companies, with 38.7% forced to reduce production and 15.2% temporarily halting operations due to extended delivery times for energy storage cells [5] Sustainable Development Assessment - The 24潮产业研究院 (TTIR) emphasizes the importance of assessing the sustainable development capabilities of Chinese energy storage companies for stakeholders including operators, creditors, investors, and government [6] - Starting in 2025, TTIR will release a ranking of the top 20 Chinese energy storage companies based on their sustainable development capabilities across six primary dimensions [6]

Market Overview - A-shares experienced a strong upward movement during the day but retreated in the afternoon, with the Shanghai Composite Index closing up 0.29%, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.44% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 740 billion yuan compared to the previous trading day [1] - Over 2,700 stocks rose across the market, indicating a rapid rotation of market hotspots [1] Sector Performance - The lithium battery electrolyte concept saw a rebound, with stocks like Shida Shenghua hitting the daily limit [1][6] - The computing power chip sector was active, with Saiwei Electronics rising over 15% [1] - The consumer electronics sector remained strong throughout the day, with Yunzuka Technology hitting the daily limit [1] - The paper sector showed significant gains, with an overall increase of over 2%, driven by price hikes in various paper products [4] - Other sectors such as forestry, daily chemicals, chemical products, and chemical fibers also performed well [5] Specific Company Developments - Xi'an Catering's stock surged, reaching the daily limit after the announcement of 16 measures by the Shaanxi provincial government to deepen capital market reforms [2] - The company focuses on a dual-driven strategy of "catering main business + food industry," emphasizing regional specialty cuisine and food production [3] - Major paper companies have announced price increases for various paper types, benefiting from improved demand and supply-side adjustments [4][6] - Leading electrolyte companies are experiencing a surge in orders, with some contracts extending to 2028, indicating strong future demand [7]

Group 1 - The solid-state battery industry is gaining significant investor interest, with companies in the supply chain from battery manufacturing to upstream materials and equipment suppliers actively engaging with investors during Q3 earnings calls [1] - Semi-solid batteries are already in market application, while all-solid-state batteries are expected to enter a critical pilot testing phase between 2026 and 2027 [2][4] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported advancements in semi-solid battery production, with Guoxuan's G-Yuan semi-solid battery nearing mass production and Zhuhai Guanyu starting to ship semi-solid batteries [2][3] Group 2 - The foundation for solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small batch shipments [4] - Key materials such as high-nickel and lithium-rich manganese-based cathodes are becoming mainstream to meet the higher energy density requirements of solid-state batteries [4] - Companies like Better Ray and New Zobang have reported small batch applications of solid electrolytes in semi-solid batteries, while companies like Greeenmei have achieved ton-level shipments of solid-state battery materials [4] Group 3 - Equipment manufacturers are seizing opportunities in the solid-state battery sector, with significant differences in production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming year [7][8] - Overall, the solid-state battery industry is transitioning into a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving towards pilot testing, with material and equipment companies accelerating their engagement with downstream partners [8]

国轩高科股份有限公司董事会 国轩高科股份有限公司 关于债权融资计划兑付完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 国轩高科股份有限公司（以下简称"公司"）于2022年11月25日成功发行2022年度第一期绿色（科创）债 权融资计划（产品简称：22皖国轩高科ZRGN001（科创），产品代码：22CFGN0838，以下简称"本期 债权融资计划"）。挂牌金额为人民币5亿元，挂牌利率为4.0%，产品期限为3年，起息日期为2022年11 月25日，兑付日期为2025年11月25日。具体内容详见公司2022年11月26日刊载于《证券时报》《中国证 券报》《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）的《关于债权融资计划发行 结果的公告》（公告编号：2022-124）。 截至本公告披露日，本期债权融资计划的本金及利息已全部兑付完成，公司累计兑付本金及利息合计人 民币545,644,444.46元。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002074 证券简称：国轩高科 公告编号：2025-087 特此公告。 ...

Group 1: Market Trends and Developments - The solid-state battery industry is experiencing significant interest from investors, with companies in the battery manufacturing, upstream materials, and equipment sectors actively engaging in discussions about technological advancements and industry trends [2] - Semi-solid batteries have begun market applications, while all-solid-state batteries are entering a critical testing phase expected between 2026 and 2027 [3] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported that their semi-solid batteries are in mass production and gaining customer recognition, indicating that these products are no longer just concepts but are entering the market [3] Group 2: Material Innovations and Production - The foundation of solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small-scale shipments [5] - Companies such as Better Ray and New Zobang have reported small-scale applications of solid electrolytes in semi-solid batteries, while high-nickel and lithium-rich manganese-based materials are becoming mainstream for solid-state batteries [5] - The performance of high-nickel materials in solid-state batteries is approaching that of liquid batteries, with energy densities exceeding 400 Wh/kg, significantly surpassing current liquid battery levels [5] Group 3: Equipment and Supply Chain Opportunities - Equipment manufacturers are seizing opportunities in the solid-state battery sector due to the distinct production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming years [7] - Dayun Technology is also focusing on solid-state battery testing equipment, indicating a growing market for detection solutions in the solid-state battery industry [8] Group 4: Future Outlook - The solid-state battery industry is currently in a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving into testing, with significant advancements expected by 2026 to 2027 [8] - Material and equipment companies are accelerating their engagement with downstream manufacturers to position themselves for future growth opportunities in the solid-state battery market [8]