Core Viewpoint - The solid-state battery industry is set to accelerate commercialization, with small-scale applications expected by 2030 and large-scale global promotion by 2035, driven by technological breakthroughs and supportive policies [1][6]. Technological Breakthroughs - Chinese scientists have successfully overcome key challenges in all-solid-state lithium batteries, potentially doubling the range of a 100 kg battery from 500 km to over 1000 km [2]. - A research team developed an anion regulation technology that enhances the interface contact between the solid electrolyte and lithium electrode, crucial for practical applications [2]. - Another team achieved an integrated electrode-electrolyte material in a polymer system, improving electrochemical performance by reducing interface impedance [3]. Market Performance - Solid-state battery-related ETFs have shown significant activity, with the Guangfa Guozheng New Energy Vehicle Battery ETF (159755) seeing a net inflow of over 6.5 billion yuan in the last 20 trading days and a year-to-date increase of 57.60% [3]. - The Zhao Shang Zhong Zheng Battery Theme ETF (561910) has also experienced a year-to-date increase of 61.32%, with an average daily trading volume exceeding 300 million yuan [3]. Policy Support - Multiple government departments have issued policies to encourage the development of solid-state batteries, including the "New Energy Storage Manufacturing Industry High-Quality Development Action Plan" [4][5]. - Local governments, including Beijing and Shanghai, have incorporated solid-state batteries into their industrial planning, indicating strong policy backing [6]. Market Outlook - The solid-state battery market is projected to see a global shipment of 808 GWh by 2030, with significant demand anticipated for semi-solid-state batteries across various sectors [6]. - The industry is currently transitioning from pilot testing to production capacity building, with some companies nearing mass production capabilities [6].

Group 1: Policy Developments - The National Energy Administration issued an action plan to enhance the credit system in the energy sector by 2027, aiming for improved regulations, shared credit information, and effective mechanisms for rewarding trustworthiness and penalizing dishonesty [3] - The first national standard for carbon asset management was released, providing guidelines for organizations to enhance their carbon asset management capabilities [4] - The "Wind Energy Beijing Declaration 2.0" was launched, setting ambitious wind power installation targets for 2030 and 2035, emphasizing the importance of wind energy in achieving climate goals [7] Group 2: Industry Dynamics - The world's largest clean energy corridor, consisting of six major power stations, has generated over 4 trillion kilowatt-hours of electricity, significantly contributing to energy savings and CO2 emissions reduction [6] - The Guangxi Nanning pumped storage power station has completed its construction and is set to begin operations, marking a significant milestone in China's energy infrastructure [8] - South Africa plans to invest approximately $1267 billion to transition its energy sector, aiming to reduce coal dependency and increase renewable energy sources by 2039 [14] Group 3: Technological Advancements - Solid-state battery technology is progressing, with expectations for small-scale applications by 2030 and large-scale commercialization by 2035, driven by recent breakthroughs in battery performance [15][17] - Key technological advancements in solid-state batteries have been achieved, including improved energy density and efficiency, which are crucial for the battery's practical application [18] - The solid-state battery sector is experiencing increased market interest, with several ETFs related to this technology showing significant inflows and performance [19][20]

证券日报网讯比亚迪（002594）10月24日在互动平台回答投资者提问时表示，比亚迪储能始于2008年， 专注于储能系统及新型电池的技术研发和推广应用；已形成集储能产品研发、制造、销售、服务、回收 于一体的完整产业链，产品全面覆盖电源侧储能、电网侧储能、工商业储能、家庭储能、叉车电池、船 舶电池等应用领域。依托全球领先的电池研发制造技术和强大的创新能力，比亚迪储能已为国内外数百 个储能项目提供安全可靠的储能系统解决方案，新能源产品远销全球6大洲公司。 ...

Market Performance - The Shanghai Composite Index reached a new high, closing at 3950.31 points, up 0.71% on October 24, with the Shenzhen Component Index rising 2.02% and the ChiNext Index increasing by 3.57% [1] - A total of 3025 stocks rose while 2273 stocks fell, with market turnover amounting to 199.16 billion yuan, an increase of approximately 33.09 billion yuan compared to the previous day [1] Sector Performance - The storage chip sector saw significant gains, with stocks like Kexiang Co., Puran Co., and Xiangnong Xinchuan hitting the daily limit [1] - The CPO (Co-Packaged Optics) and PCB sectors also surged, with Zhongji Xuchuang reaching a historical high, and stocks like Shengyi Electronics and Shenzhen South Circuit hitting the daily limit [1] - The commercial aerospace sector experienced a wave of limit-up stocks, including China Satellite, Aerospace Changfeng, and Zhongtian Rocket [1] Fund Flow - Major funds experienced a slight net outflow of 41.08 billion yuan from October 20 to 24, with significant outflows from the pharmaceutical, non-ferrous metals, and computer sectors [4][5] - Conversely, the electronic, communication, and construction materials sectors saw net inflows exceeding 4 billion yuan, with the electronic sector leading at 7.78 billion yuan [6] Company Highlights - CITIC Securities reported a significant sell order of over 1.04 billion yuan, closing at 29.87 yuan per share, with Q3 revenue of 22.775 billion yuan, up 55.71% year-on-year, and a net profit of 9.44 billion yuan, up 51.54% [3] - Zhongji Xuchuang's stock price reached a new high of 495.65 yuan per share, closing up 12.05% at 494 yuan [7] Industry Insights - The Ministry of Science and Technology emphasized accelerating innovation in artificial intelligence and related technologies, which may benefit the computing power sector [8] - The "three swordsmen" of optical communication, including Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng, are among the top five in net fund inflows this week [8] - The geopolitical landscape and international trade disputes are leading to a reevaluation of the value of strategic resources, with gold and rare earths being highlighted as having long-term investment value [9]

每经AI快讯，10月24日，比亚迪（002594）在互动平台表示，比亚迪储能始于2008年，专注于储能系 统及新型电池的技术研发和推广应用；已形成集储能产品研发、制造、销售、服务、回收于一体的完整 产业链，产品全面覆盖电源侧储能、电网侧储能、工商业储能、家庭储能、叉车电池、船舶电池等应用 领域。依托全球领先的电池研发制造技术和强大的创新能力，比亚迪储能已为国内外数百个储能项目提 供安全可靠的储能系统解决方案，新能源产品远销全球6大洲公司。 ...

Core Insights - The 2025 Japan Mobility Show, taking place from October 29 to November 9, represents a significant shift in the Japanese automotive market, focusing on electric vehicle (EV) transformation and consumer demand changes [1][12] - Japanese automakers, including Toyota and Honda, are accelerating their transition towards electric and hybrid vehicles in response to competition from companies like BYD and Tesla [1][12] Group 1: Toyota's Strategy - Toyota will showcase its electric product concepts, including a new Corolla replacement model available in both pure electric and hybrid versions, aligning with its European strategy [3][4] - Lexus plans to unveil a new ES sedan and a six-wheeled LS concept car, indicating a commitment to both electric and luxury segments [3][4] - Toyota is also developing a new independent ultra-luxury brand to compete with Rolls-Royce and Bentley, alongside introducing a new coupe concept under its "Century" series [4] Group 2: Honda's Focus - Honda will present two new electric concept cars, including the third model of its next-generation 0 series electric vehicles, emphasizing small and easy-to-handle electric cars [6][12] Group 3: Nissan's Approach - Nissan will focus on mass production vehicles, introducing the new Elgrand with third-generation e-POWER technology and an upgraded Ariya electric crossover [9][12] - The company aims to showcase its commitment to electrification through various global electric models, including the third-generation Leaf and models developed in collaboration with the Chinese market [9] Group 4: Mazda's Innovations - Mazda will display two concept cars that represent its future design direction and next-generation power systems, including efforts in carbon-neutral fuel and carbon capture technology [11][12] Group 5: Market Trends - Data from JATO Dynamics indicates that the share of pure internal combustion engine vehicles in Japan has fallen below 50% for the first time in 2023, with projections showing a further decline to 42.3% in 2024 [12][15] - The market for hybrid vehicles has stabilized at a penetration rate of 33.8% in the first half of 2025, while pure electric vehicles remain at a low 1.3% [12][15] - The growth in the light vehicle segment is driving the increase in pure electric models, with Japanese consumers showing a willingness to adopt electric products if quality and quantity improve [15] Group 6: Competitive Landscape - BYD plans to introduce a dedicated micro electric vehicle for the Japanese market, indicating its strategy to compete in the unique microcar segment [17] - Hyundai and Kia will also present new electric models at the show, including the Nexo hydrogen fuel cell crossover and electric commercial vehicles, highlighting the competitive landscape in the Japanese EV market [19][20]

Core Insights - As of October 24, a total of 455 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is Tianma Technology, with 28 days, followed by Enwei Pharmaceutical with 20 days [1] - BYD has the largest total net outflow amount, with 4.402 billion yuan over six days, followed by Baogang Co. with 3.146 billion yuan over nine days [1] Summary by Category Continuous Net Outflow Stocks - The stocks with the longest continuous net outflows include: - Tianma Technology: 28 days, 0.552 billion yuan, -6.96% [1] - Enwei Pharmaceutical: 20 days, data not specified [1] Largest Net Outflow Amounts - BYD: 6 days, 4.402 billion yuan, 18.18% of trading volume, -2.99% [1] - Baogang Co.: 9 days, 3.146 billion yuan, 6.34% of trading volume, -5.73% [1] - Zijin Mining: 7 days, 2.087 billion yuan, 3.67% of trading volume, -3.07% [1] Net Outflow Proportions - BYD has the highest proportion of net outflow relative to trading volume at 18.18% [1] - Other notable stocks with significant net outflow proportions include: - Zhongjin Gold: 5 days, 1.261 billion yuan, 9.60% [1] - Huaneng Power: 5 days, 0.517 billion yuan, 11.47% [1]

Group 1 - Nvidia announced a collaboration with Uber to advance autonomous vehicle development, leveraging large-scale real driving data to accelerate technology progress [2] - Li Auto responded to a fire incident involving its MEGA model, confirming that all passengers safely exited the vehicle and that they will cooperate with fire department investigations [2] - Zhao Changjiang, General Manager of Tengshi Fangchengbao's direct sales division, has resigned, with rumors suggesting he may join a new brand under Huawei and Chery, although no official confirmation has been provided [2] - Xiaomi's automotive division has published a patent for a method and system for switching driving modes in electric vehicles, aimed at enhancing driver experience and acceleration efficiency [2]

10月24日，赵长江微博发文称："我将暂别比亚迪，稍作调整，希望在工作与生活间找到新的节奏。" 综合自：赵长江微博等 今年7月3日，比亚迪实施高管轮岗，赵长江由腾势销售事业部总经理转任腾势方程豹直营事业部总经 理；李慧由腾势方程豹直营事业部总经理转任腾势销售事业部总经理。 7月4日凌晨，赵长江发文，将在新的岗位继续努力。彼时，赵长江还透露，展望未来，腾势即将迎来一 系列重磅新品，全新车型N8L即将上市，标志着腾势将迈入月销2—3万台的全新增长阶段。 责编：李丹 ...

Core Insights - Chinese automotive brands are rapidly expanding into Southeast Asia, with a 58% year-on-year increase in sales in key markets like Indonesia, Malaysia, Thailand, and the Philippines, capturing over 10% of the region's total sales [1] - X-Motors, established in September 2024, aims to support Chinese automotive brands in their global expansion, focusing on building a localized service system in Southeast Asia and other emerging markets [1][2] - The company has formed strategic partnerships with well-known Chinese automotive brands and has secured dealership rights in overseas markets, enhancing its service capabilities [1][6] Company Overview - X-Motors recently completed a nearly $10 million first round of financing, led by Bosch Group's market-oriented investment platform, which will accelerate its store expansion in Southeast Asia and Central Asia [2] - The company has opened two Bosch automotive service flagship stores in Jakarta, Indonesia, serving over 5,000 car owners, and plans to develop 20 franchisees in Jakarta by the end of the year [2][6] - X-Motors is targeting a total of 60 stores in Indonesia by next year, aiming to establish the largest independent automotive after-sales service network in the country [2][6] Market Potential - Indonesia, as ASEAN's largest economy and the world's fourth most populous country, presents significant market potential, with a growing middle class and increasing consumer spending [6][7] - The automotive after-sales service market in Indonesia is valued at approximately $4.5 to $5 billion and is expected to grow steadily, with the Southeast Asian market projected to reach $28.8 billion by 2025 and $63.9 billion by 2035 [6][7] - The lack of standardized, large-brand service providers in the automotive after-market in Southeast Asia creates a market gap that X-Motors aims to fill [7] Strategic Partnerships - X-Motors has partnered with Bosch and CATL, leveraging their resources to enhance its market entry and service capabilities in Southeast Asia [6][7] - As the national general agent for Bosch's smart mobility after-sales service in Indonesia, X-Motors benefits from Bosch's global brand influence, facilitating its market development [7] - The company is also one of CATL's four overseas after-sales service centers, managing all battery maintenance, servicing, and recycling within its authorized regions, which is expected to grow with the increasing use of new energy vehicles [7] Future Plans - Following the establishment of a stable business foundation in Indonesia and Central Asia, X-Motors plans to expand into Malaysia and Australia [8] - The company anticipates a new round of financing by the end of the year to support its growth initiatives [8]