Investment Rating - The industry investment rating is "Overweight" [1][49]. Core Insights - The report highlights structural opportunities in the solid-state battery sector, indicating ongoing industrialization and the potential for material and equipment upgrades within the supply chain [1][43]. - The lithium battery index has shown a decline of 6.59% over the past two weeks, underperforming the CSI 300 index by 5.77 percentage points [3][12]. - The report suggests focusing on leading companies in the battery and materials sectors that are expected to improve fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new electrode materials [43][45]. Summary by Sections Market Review - As of August 7, 2025, the lithium battery index has decreased by 6.59% in the last two weeks and by 0.06% month-to-date, while it has increased by 4.55% year-to-date [3][12]. - The report notes that the lithium carbonate price is 71,200 CNY/ton, up 0.92% in the last two weeks, while lithium hydroxide is priced at 69,300 CNY/ton, up 2.36% [5][24]. Price Changes in the Lithium Battery Supply Chain - The report details price changes across various components, with lithium carbonate and lithium hydroxide prices increasing, while other materials like phosphoric iron lithium and negative electrode materials remained stable [22][30]. - The average price of lithium hexafluorophosphate is 50,300 CNY/ton, reflecting a 1.62% increase in the last two weeks [30][34]. Industry News - The report includes significant industry developments, such as the announcement of new electric vehicle models and advancements in solid-state battery technology by various companies [40][41]. - It mentions that the penetration rate of new energy vehicles in the retail market reached 54.7% in July, with a year-on-year growth of 14% [40][43]. Company Announcements - Notable company performance includes CATL achieving a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27% [42][45]. - Other companies like Keda Li and Enjie have also reported positive earnings forecasts, indicating growth in their respective sectors [45]. Recommended Stocks - Key stocks to watch include CATL (300750), Keda Li (002850), Enjie (002812), Tian Nai Technology (688116), and Naconor (832522), all of which are positioned to benefit from the anticipated growth in the solid-state battery market [43][45].

证券代码：002812 股票简称：恩捷股份 公告编号：2025-127 债券代码：128095 债券简称：恩捷转债 2025 年 8 月 7 日，公司已如期收回上述七天通知存款本金人民币 646.00 万 元及收益人民币 0.44 万元，本金人民币 1,499.00 万元及收益人民币 0.19 万元， | 证券代码：002812 | 股票简称：恩捷股份 公告编号：2025-127 | | --- | --- | | 债券代码：128095 | 债券简称：恩捷转债 | 并于同日将上述本金及收益合计人民币 2,145.63 万元全额转回公司募集资金专 项账户存储。 二、公告日前十二个月内（含本次）公司使用闲置募集资金进行现金管理 云南恩捷新材料股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日召 开第五届董事会第四十四次会议，审议通过了《关于使用部分闲置募集资金进行 现金管理的议案》，同意公司在确保不影响募集资金投资计划正常进行的 ...

云南恩捷新材料股份有限公司（以下简称"公司"）分别于 2025 年 4 月 22 日、2025 年 5 月 13 日召开第五届董事会第四十次会议和第五届董事会第四十三 次会议，审议通过了《关于变更注册资本并修订<公司章程>及办理工商变更登 记的议案》，具体内容详见公司分别于 2025 年 4 月 23 日、2025 年 5 月 14 日在 指定信息披露媒体《中国证券报》《证券日报》《证券时报》《上海证券报》和 巨潮资讯网（www.cninfo.com.cn）刊登的《关于变更注册资本并修订<公司章程> 及办理工商变更登记的公告》（公告编号：2025-060 号、2025-077 号）。上述 事项已经公司 2024 年度股东会和 2025 年第四次临时股东会审议通过，详见公司 分别于 2025 年 5 月 15 日、2025 年 6 月 3 日在指定信息披露媒体刊登的《关于 2024 年度股东会决议的公告》（公告编号：2025-081 号）、《关于 2025 年第四 次临时股东会决议的公告》（公告编号：2025-087 号）。 近日，公司完成了相关工商变更登记备案手续，并取得玉溪市市场监督管理 局换发的《营业执照 ...

云南恩捷新材料股份有限公司 证券代码：002812 股票简称：恩捷股份 公告编号：2025-126 债券代码：128095 债券简称：恩捷转债 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 关于公司合并报表范围内提供担保的进展公告 一、担保情况概述 云南恩捷新材料股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日召 开第五届董事会第三十五次会议，审议通过了《关于公司 2025 年度合并报表范 围内担保额度的议案》，详见公司于 2024 年 12 月 31 日在指定信息披露媒体《证 券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）刊登的《关于公司 2025 年度合并报表范围内担保额度的 公告》（公告编号：2024-253 号）。公司于 2025 年 1 月 16 日召开 2025 年第一 次临时股东会审议通过了上述事项。 二、担保进展情况 近日，公司与中信银行股份有限公司珠海分行（以下简称"中信银行珠海分 行"）签订《最高额保证合同》（合同编号：（2025）穗银珠海最高保 02564 号），对下属子 ...

关于股东部分股份质押变动的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材料股份有限公司 云南恩捷新材料股份有限公司（以下简称"公司"）于近日接到公司持股5% 以上股东玉溪合益投资有限公司（以下简称"合益投资"）的通知，获悉合益投 资将其持有的部分公司股份办理了补充质押、解除质押及质押展期手续，具体事 项如下： 债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2025-125 四、股东股份累计质押基本情况 截至本公告披露日，合益投资及其一致行动人所持股份质押情况如下： 一、股东部分股份补充质押的基本情况 | 股东名称 | 是否为控股股东 | 本次补充 | 占其所 | 占公司总 | 是否 | 是否为补 | 补充质押 | 质押 | 质权人 | 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 | 质押股份 | 持股份 | 股本比例 | 为限 | 充质押 | 起始日 | 到期日 | | | ...

Core Viewpoint - The company believes that the recent commitment from multiple automakers to shorten supplier payment terms will enhance the efficiency of cash flow across the supply chain, positively impacting cash flow management and capital turnover [1] Group 1: Company Strategy - The company will closely monitor subsequent developments related to the new payment policies [1] - The management is focused on developing operational plans, strengthening research and development (R&D) innovation, and maintaining long-term stable partnerships with clients [1] - The company is implementing effective cost reduction and efficiency enhancement measures while continuously developing new products to meet diverse customer needs [1] Group 2: Product Development - The company has already developed ultra-thin, high-strength, high-heat-resistant, fast-charging, and high-safety separator products [1] - The company is enhancing R&D efforts to achieve a diversified product matrix, thereby improving product competitiveness and promoting healthy industry development [1] Group 3: Solid-State Battery Materials - The company has laid out plans for the R&D, production, and sales of lithium sulfide, solid-state electrolytes, and solid-state electrolyte membranes [1] - The company will closely monitor technological developments and industry dynamics to steadily advance the expansion of solid-state battery materials [1]

Core Viewpoint - Enjie Co., Ltd. announced its ability to produce lithium sulfide with a purity of 99.9% using its carbon thermal reduction process, while also working on 99.5% purity lithium sulfide, which meets the requirements for electrolyte preparation [1] Group 1 - The company emphasizes that the standard for lithium sulfide purity should be based on its performance in electrolytes and batteries, rather than solely pursuing higher purity [1] - As a future bulk raw material, extremely high purity is not necessarily required for lithium sulfide [1] Group 2 - The company has various carbon source options, including organic carbon and biomass carbon, each with its own characteristics, and the final effectiveness will be validated through sintering [1]

Core Viewpoint - Enjie Co., Ltd. (002812) announced on August 5 that its electrolyte production utilizes a solid-state sintering process, which involves several critical steps including mixing, sintering, sand milling, depolymerization, and packaging [1] Group 1: Production Process - The core process of the electrolyte production includes mixing, which requires uniform blending of raw materials and the application of energy to achieve pre-reaction [1] - Sintering is another critical step, where the temperature distribution of different sintering equipment and precise temperature control significantly affect the quality of the electrolyte [1] - The transition from small-scale to pilot-scale production increases the difficulty of achieving uniform mixing [1] Group 2: Challenges in Liquid Phase Method - The liquid-phase method involves synthesis in a solvent, where sulfide electrolytes tend to adsorb the solvent, making it difficult to remove [1] - This adsorption can lead to suboptimal performance of the electrolyte in battery cell applications [1]

Core Viewpoint - Enjie Co., Ltd. (002812) announced on August 5 that its electrolyte powder types exhibit varying ionic conductivity and particle sizes, with the highest ionic conductivity reaching 16 mS/cm, and particle sizes ranging from 0.3 μm to 15 μm, indicating a leading position in the domestic market [1] Summary by Relevant Categories Product Performance - The company’s electrolyte powder can achieve ionic conductivity as high as 16 mS/cm, with the finest particle size of 0.3 μm also reaching a conductivity of 6 mS/cm, which is considered a domestic leading level [1] - Different ionic conductivities and particle sizes can be applied in the anode, electrolyte layer, and cathode, depending on customer requirements and application scenarios [1] Technical Insights - The variation in ionic conductivity among different electrolytes is attributed to changes in their components, and there is no direct correlation between conductivity and production yield [1] - The inherent properties of different component electrolytes determine their ionic conductivity [1]

Core Viewpoint - Enjie Co., Ltd. (002812) announced that its sulfide solid electrolyte membrane products do not require a skeleton support, consisting only of electrolyte and adhesive, with a tensile strength of 1.2 MPa [1] Product Development - The company has developed a self-supporting electrolyte membrane product by screening hundreds of solvent and adhesive formulations, achieving both high strength and high ionic conductivity [1] - The base material used during the coating process is removed before final use, indicating a focus on product efficiency and performance [1] Comparison with Skeleton Membranes - The company distinguishes its products from skeleton support membranes, which involve infusing slurry into a large pore skeleton to create a composite membrane [1] - Enjie Co., Ltd. is also planning to develop skeleton support membranes, with materials including non-woven fabrics [1]