Group 1: Major Contracts and Industry Trends - Jiadian Co., Ltd. announced that its subsidiary, Harbin Electric Power Equipment Co., Ltd., won a bid for the Shandong Haiyang Xinan Nuclear Power Project with a contract value of 608.98 million yuan [1] - Over the past month, more than 130 major contract announcements have been made by listed companies, involving over 60 companies, indicating a robust activity in the infrastructure sector [1] - The infrastructure investment in the first half of the year grew by 4.6% year-on-year, supported by various policies aimed at expanding domestic demand and stabilizing growth [3] Group 2: New Infrastructure Projects - The infrastructure sector is witnessing a surge in large-scale projects, particularly in new energy and communication, alongside traditional projects [2] - Hengtong Optic-Electric recently secured contracts for marine energy projects totaling 1.509 billion yuan, highlighting the growing focus on renewable energy [2] - Companies like Hopu Co. and China Communications Construction Company are also engaging in new infrastructure projects, including solar power and energy storage [2] Group 3: Policy Support and Future Outlook - The completion of the 800 billion yuan "two重" construction project list and the rural road improvement plan are expected to bolster infrastructure development [3] - Analysts believe that there is significant potential for infrastructure projects in various western provinces and sectors like water conservancy and energy [3] Group 4: Emerging Technologies and New Growth Drivers - Companies are increasingly focusing on new technologies such as big data, cloud computing, and semiconductors, as evidenced by contracts in these areas [4] - Qidi Design signed a contract for a computing center project worth approximately 860 million yuan, showcasing the shift towards advanced technology infrastructure [4] - The demand for automation and digital transformation is expected to grow, particularly in the robotics and healthcare sectors [5] Group 5: International Expansion and Opportunities - There has been a notable increase in overseas contracts for listed companies, indicating a strategic push into international markets [7] - Zhongcheng Co. signed a contract for a solar project in Azerbaijan worth about 853 million yuan, while Enjie Co. has secured a supply agreement with LG Energy Solution for lithium battery separators [7] - The enhancement of China's high-end manufacturing capabilities and infrastructure construction is contributing to the competitiveness of Chinese exports [7]

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The AIDC (Artificial Intelligence and Data Center) sector is expected to experience significant growth, with humanoid robots being a key catalyst for this expansion, projected to reach mass production in 2025 [1][4] - The report highlights the strong performance of the electric vehicle sector, with a projected annual growth rate of 25% to reach 16 million units sold in 2025 [4][8] - The energy storage market is anticipated to grow by 30%+ in the U.S. due to increasing demand and favorable policy adjustments, with a compound annual growth rate (CAGR) of 30-40% expected from 2025 to 2028 [4][8] Industry Trends - The humanoid robot market is projected to have a potential market size exceeding 15 trillion yuan, with mass production expected to begin in 2025 [4][12] - The electric vehicle market in Europe is showing strong sales growth, with a 41% year-on-year increase in sales for nine countries [4][8] - The energy storage sector is seeing a surge in demand, particularly in emerging markets, with significant growth expected in both residential and commercial storage solutions [4][8] Company Performance - Companies such as Ningde Times, BYD, and Sunshine Power are highlighted as key players with strong growth potential in their respective sectors [4][7] - The report provides detailed financial performance metrics for various companies, indicating revenue growth and profitability trends [7] - Specific recommendations include investing in leading companies in the AIDC supply chain, electric vehicles, and energy storage sectors, emphasizing their competitive advantages and growth trajectories [4][5][7]

Core Viewpoint - The competition in the solid-state battery market is intensifying, with multiple listed companies updating their R&D and commercialization progress, indicating a significant market opportunity ahead [1][3]. Group 1: Company Developments - Nanhu Power has a pilot production line capable of small batch deliveries, but its all-solid-state battery products are not expected to significantly impact 2025 performance [1]. - Gotion High-Tech has successfully delivered samples of its semi-solid-state batteries to leading global logistics drone clients [1]. - Enjie Co., Ltd. has established a 10-ton level sulfide solid electrolyte production line and is ready for supply [1]. - Enjie Co., Ltd. aims to achieve an annual production capacity of 1,000 tons of sulfide solid electrolyte materials through a phased project in Yuxi [4]. Group 2: Market Potential - According to EVTank, global solid-state battery shipments are projected to reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [1]. - The solid-state battery industry is expected to see a rapid increase in market scale and application scenarios due to policy incentives, market demand upgrades, and continuous technological iterations [3]. Group 3: Technological Advancements - The key challenges in solid-state battery commercialization lie in material production and cell manufacturing, with sulfide solid electrolytes meeting industry application requirements [2]. - Enjie Co., Ltd. has achieved high-purity lithium sulfide production with a purity of over 99.9%, and its solid electrolyte materials are leading in various performance indicators [6][7]. Group 4: Industry Trends - The solid-state battery sector is viewed as a critical development direction for high-performance batteries, particularly in consumer batteries, new energy vehicles, and low-altitude applications [6]. - The industry is witnessing a trend of battery manufacturers and lithium battery material companies actively engaging in the solid-state battery market to seize early opportunities [3][5].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [2][54]. Core Insights - The lithium battery index has shown strong performance, with a 5.91% increase over the past two weeks, outperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the lithium battery index has risen by 11.38%, also surpassing the CSI 300 index by 2.41 percentage points [4][14]. - Recent price movements in the lithium battery supply chain indicate a significant increase in lithium carbonate prices, which rose by 17.08% to 83,300 CNY/ton, and lithium hydroxide prices increased by 4.33% to 72,300 CNY/ton [6][27]. - The demand for lithium batteries is expected to rise as the traditional peak season for new energy vehicles approaches, driven by the growth in renewable energy and new data center storage needs [7][48]. Summary by Sections Market Review - As of August 21, 2025, the lithium battery index has outperformed the CSI 300 index over various time frames, including a 6.46% increase this month and an 11.38% increase year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Key price changes include: - Lithium carbonate: 83,300 CNY/ton, up 17.08% in two weeks - Lithium hydroxide: 72,300 CNY/ton, up 4.33% - Phosphate lithium: 34,300 CNY/ton, up 5.05% - Electrolyte lithium hexafluorophosphate: 55,800 CNY/ton, up 10.93% [6][25][33]. Industry News - In July 2025, new energy vehicle production and sales reached 1.243 million and 1.262 million units, respectively, marking a year-on-year growth of 26.3% and 27.4% [7][44]. - The report highlights the ongoing industrialization of solid-state batteries, which is expected to create structural demand for materials and equipment in the supply chain [7][48]. Recommended Companies - Key companies to watch include: - CATL (300750): Achieved revenue of 178.886 billion CNY in H1 2025, a 7.27% increase year-on-year - Kodali (002850): Revenue of 6.645 billion CNY in H1 2025, up 22.01% - Enjie (002812): Focused on semi-solid battery separator production [49][50].

Core Viewpoint - The establishment and operation of the 5μm ultra-thin high-strength separator production line at Enjie Co., Ltd. marks a significant advancement in the company's mass production capabilities, amidst increasing industry competition and the need for continuous technological innovation [2][3][6]. Group 1: Production and Technology - Enjie Co., Ltd. has successfully launched a production line for 5μm ultra-thin high-strength separators, which represents a breakthrough in overcoming the "thin but fragile" technical bottleneck in lithium battery separators [3][4]. - The new 5μm product has a needle-puncture strength of 560gf, which is 16.7% higher than the conventional 7μm separators, and can withstand temperatures up to 230°C [4][5]. - The production process at the Yuxi base employs intelligent and automated operations, utilizing advanced technologies such as bi-directional stretching, plasma surface treatment, and nano-coating to achieve industry-leading performance in thickness uniformity, mechanical properties, and porosity [5][6]. Group 2: Financial Performance - In the first half of 2025, Enjie Co., Ltd. reported a revenue of 5.763 billion yuan, a year-on-year increase of 20.48%, with lithium battery separators contributing 4.820 billion yuan, representing a 24.83% growth [6][7]. - Despite revenue growth, the company faced pressure on net profit and gross margin, with the gross margin for lithium battery separators at 13.66%, down 5.82% year-on-year, attributed to intensified competition and rising operational costs [6][7]. Group 3: Strategic Initiatives - Enjie Co., Ltd. is committed to continuous research and development to maintain its competitive edge in the lithium battery separator market, while also exploring opportunities in the solid-state electrolyte sector [2][7]. - The company has been developing sulfide solid-state electrolyte materials since 2021, with plans to establish a production capacity of 1,000 tons per year at its Yuxi facility [7].

8月18日，云南恩捷新材料股份有限公司（下称"恩捷股份"，002812.SZ）发布2025年上半年业绩报告， 公司实现营业收入57.63亿元，同比增长20.48%，湿法锂电池隔离膜业务凭借显著的技术优势与市场韧 性，持续巩固全球领先地位。 日前，包括《华夏时报》在内的多家媒体走进恩捷股份云南玉溪基地，深度探访这家全球锂电池隔膜龙 头的智能化生产体系与前瞻性技术布局。 超薄隔膜背后的"智慧工厂" 在云南玉溪恩捷基地的生产车间内，几乎看不见传统制造业中工人密集穿梭的场景。取而代之的，是高 度洁净的环境中，自动化设备精准而安静地运转。一卷卷银白色的基膜，像丝绸一样在精密辊轴上平稳 传输，经历挤出、拉伸、萃取、涂覆、分切等一系列复杂工序，最终成为厚度仅5微米（µm）的锂电池 隔膜。 本报（chinatimes.net.cn）记者刘凯 于建平 玉溪报道 "一张普通A4纸的厚度大约是100微米，我们这款主力产品只有它的二十分之一。"恩捷股份投资总监庞 启智向《华夏时报》记者介绍道，这种极致的薄，并非以牺牲强度为代价，因为这种仅头发丝直径十分 之一细的薄膜，却能承受高达560克重物的垂直穿刺而不破裂，其针刺强度较常规7µm ...

Core Viewpoint - Yunnan Enjie New Materials Co., Ltd. reported a revenue of 5.763 billion yuan for the first half of 2025, marking a year-on-year increase of 20.48%, driven by its wet lithium battery separator business which continues to solidify its global leadership position [2] Group 1: Company Performance - The company achieved a revenue of 5.763 billion yuan in H1 2025, reflecting a 20.48% increase year-on-year [2] - Enjie has established a strong market presence in the lithium battery separator sector, leveraging significant technological advantages and market resilience [2] Group 2: Manufacturing and Technology - The Yuxi base features an advanced smart manufacturing system, designed to meet Industry 4.0 standards, allowing for real-time monitoring and flexible manufacturing processes [3] - The main product, a lithium battery separator with a thickness of only 5 micrometers, demonstrates superior strength, capable of withstanding a vertical puncture of up to 560 grams, with a 16.7% increase in puncture strength compared to conventional products [3][4] - Enjie has implemented an innovative online coating process that integrates base film manufacturing and coating, significantly enhancing production efficiency and quality consistency [4] Group 3: Quality Control and Supply Chain - The company employs a "four-in-one" quality control system that aims for "zero defects" in delivery, enhancing its competitive edge [4] - A robust supply chain management system ensures stability and efficiency, with exclusive supply agreements and rapid response capabilities [4] Group 4: Research and Development - Enjie invests an average of 700 million yuan annually in R&D, holding 505 effective patents related to lithium battery separators, with an additional 304 patents pending [6] - The company offers over 130 types of separators, catering to diverse markets including high-end power batteries and consumer electronics, with products meeting international standards [6] Group 5: Future Outlook and Strategic Initiatives - Enjie has entered the solid-state battery materials sector, focusing on sulfide technology, which is expected to have significant commercial potential [7] - The company is developing a production line for sulfide solid electrolyte materials, with plans for large-scale production to support its comprehensive product matrix covering liquid, semi-solid, and solid-state batteries [7] - Enjie aims to remain a key supplier in the evolving battery landscape, anticipating that solid-state batteries will coexist with traditional technologies [7] Group 6: Market Position - Enjie serves over 50 leading battery clients globally, including CATL and BYD, with a projected market share of nearly 26% in the global electric vehicle separator market by mid-2024 [8] - The company emphasizes its technological edge as a core competitive advantage, ensuring it remains at the forefront of market competition through continuous innovation [8]

Core Viewpoint - The article highlights the advancements made by Enjie Technology in the production of 5μm lithium battery separators, which are crucial for enhancing the performance of lithium batteries and breaking the technological monopoly previously held by foreign companies [1][2]. Company Overview - Enjie Technology has developed the world's most advanced lithium battery separator production line, producing ultra-thin 5μm high-strength separators that contribute to the new development of the lithium battery industry [1]. - The company has become the global market leader in lithium battery separators, breaking the long-standing foreign monopoly in wet-process separator technology [2]. Product Innovation - The 5μm separator balances thickness, strength, and ion permeability, challenging traditional beliefs that thinner separators compromise strength [2]. - The new separators have improved needle-puncture strength by 16.7% and reduced internal resistance by 20.9% compared to 7μm separators, showcasing significant advancements in material and process innovation [2]. Market Impact - The 5μm separators are expected to significantly enhance the energy density of power batteries, improve charging efficiency, and reduce the risk of thermal runaway in battery cells, thus injecting new momentum into the power battery industry [3]. - The product has already gained recognition from multiple clients and is anticipated to see broader application in the power battery sector [3]. Future Development - Enjie Technology plans to continue its focus on research and development to solidify its position in the lithium battery separator market and is actively expanding into the solid electrolyte field [3]. - The company has achieved initial commercialization of semi-solid electrolyte membranes and has two production lines capable of mass supply for semi-solid battery separators [3].

（文章来源：每日经济新闻） 民生证券8月20日发布研报称，给予恩捷股份（002812.SZ，最新价：32.02元）推荐评级。评级理由主 要包括：1）公司海外布局进展显著，竞争优势突出；2）市场地位领先，客户深度绑定；3）固态电池 领域多路线布局，兼顾当前应用与未来发展。风险提示：下游需求不及预期风险、市场竞争加剧、主要 原材料价格波动的风险等。 ...

Group 1: Company Performance and Capacity Utilization - The company's capacity utilization rate is at an industry-leading level, with a healthy financial status [2][4] - High capacity utilization effectively reduces production downtime and associated costs, maintaining a competitive edge [4] Group 2: Market Trends and Product Development - The company anticipates a shift from price competition to high-quality competition in the lithium battery separator industry, influenced by supply-demand dynamics and product structure [2][3] - The second-generation 5μm high-strength membrane has been launched, enhancing battery energy capacity by reducing inactive material volume [3] - The subsidiary Jiangsu Sanhe has achieved mass production capability for semi-solid battery separators, while Hunan Enjie focuses on solid-state battery material R&D [3] Group 3: Future Strategies and Cost Efficiency - The company is actively expanding its market presence in the semi-solid battery separator sector, with two production lines already established [3] - Ongoing investments in R&D and global customer partnerships are aimed at further cost reduction and efficiency improvements [4][5]