制图:黄亚岚(元宝AI) 开普勒双臂机器人搬运周转箱。 受访方供图 开普勒"先行者K2"机器人在上汽通用实训视频截图。 从融资的角度看，上海开普勒机器人有限公司(下称"开普勒")显得不太寻常:绝大多数具身智能创业公司 都在疯狂引入财务投资机构，但开普勒今年新增的投资方却没有一家风险资本，除了几家上海本地国 资，其余是"清一色"的A股上市公司。 7月9日，开普勒宣布完成A+轮融资，新引入涛涛车业(301345.SZ)和福然德(605050.SH)两家上市企业。 此前在6月下旬和4月下旬分别完成的A轮和Pre-A轮中，兆丰股份(300695.SZ)、汉威科技(300007.SZ)、 乔锋智能(301603.SZ)、伟创电气(688698.SH)、柯力传感(603662.SH)等五家企业悉数入局。 这七家上市公司无一例外地均为汽车及机器人产业链上的玩家。业内通常认为，汽车产业链一定程度上 可以复用到人形机器人领域。 "融资实际上分为两部分，一部分是融钱，另外一部分实则融能力和融资源。"7月11日接受南都记者采 访时，开普勒CFO(首席财务官)、生态负责人谭峥嵘回应质疑称，"今年人形机器人赛道太过火热，融 资几亿对于 ...

锂电池产业链 超配（维持） 6 月磷酸铁锂电池装车量同比延续快速增长 锂电池产业链跟踪点评 2025 年 7 月 14 日 分析师：黄秀瑜（SAC 执业证书编号：S0340512090001） 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 事 件 点 评 行 事件： 2025 年 6 月新能源汽车产销量及动力电池装车量数据公布。 点评： 6月新能源汽车销量同比快速增长，环比小幅增长。根据中汽协数据，2025年6月新能源汽车产销分别 完成126.8万辆和132.9万辆，同比分别增长26.4%和26.7%，环比分别下降0.16%和增长1.68%。其中， 纯电动销量85.9万辆，同比增长40.4%，环比增长3%；插电式混动销量47万辆，同比增长7.8%，环比 下降0.63%。1-6月新能源汽车产销分别完成696.8万辆和693.7万辆，同比分别增长41.4%和40.3%。其 中，纯电动销量441.5万辆，同比增长46.2%；插电式混动销量252.1万辆，同比增长31.1%。6月新能 源汽车渗透率45.8%，环比下降2.9pct；1-6月渗透率44.3%。6月新能源汽车出口20.5万辆，同 ...

证券研究报告·行业研究·电力设备与新能源行业 稳健增长低估值，聚焦锂电龙头和固态新技术 --电动车2025年中期策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年7月13日 1 摘要： 2 ◆ 国内电动化率稳步向上，欧洲销量强势恢复，25年全球销量预计21%增长，26年有望维持15%+增长。25年国内汽车消 费政策持续+购置税退坡前抢装+汽车价格战，同时出口强势高增，前5月国内销561万辆，同比增44%，全年预期25%增 长。欧洲补贴退坡消化完毕，25年前5月销量强势恢复至142万辆，同比增25%，2H新车型陆续上市，预计全年27%增长。 美国不确定性增加，9月补贴完全退出，25-26年销量预期停滞。其他地区1-5月销量44万辆，同比增31%，全年预计维持 35%增长。因此25年我们预计全球销量可达2070万辆，增21%，26年仍维持16%增长。 ◆ 储能政策不确定下需求依旧强劲，25年锂电需求上修至30%+增长，26年近20%增长。25年全球储能预计42%增长至 452gwh，国内强制配储 ...

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态产业化进度加快，锂电龙头旺季提前 2025 年 07 月 06 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 42% 2024-7-5 2024-11-3 2025-3-4 2025-7-3 电力设备 沪深300 相关研究 《效率持续提升、GW 线逐步落地， 钙钛矿产业曙光渐近》 2025-07-02 《锂电排产旺季将临，固态技术迭代 加速 》 2025-06-30 东吴证券研究所 1 / 46 请务必阅读正文之后的免责声明部分 ◼ 电气设备 7107 上涨 1.99%，表现强于大盘。 ...

Core Viewpoint - The major shareholder of KedaLi, Yunnan Daye Shengde, plans to completely divest its holdings in the company, which may raise concerns about the company's future prospects among investors [1][3][4]. Shareholder Reduction - Yunnan Daye Shengde intends to reduce its stake by selling up to 3.82 million shares, representing 1.3985% of KedaLi's total share capital, from July 23, 2025, to October 22, 2025 [1][3]. - After the planned reduction, Yunnan Daye Shengde will have divested all its shares, which were valued at approximately 433 million yuan based on KedaLi's closing price of 113.17 yuan per share on June 30 [3][12]. Historical Context - Yunnan Daye Shengde was previously the fourth-largest shareholder of KedaLi in 2020, holding a 3.53% stake, and has been reducing its holdings multiple times since then [3][4]. - The controlling shareholders, Li Jili and Li Jianju, are related and have collectively reduced their stake from 45.19% at the end of 2020 to 37.65% by the end of 2024, realizing approximately 336 million yuan from share sales during this period [11]. Company Background - KedaLi, founded in 1996 and listed on the Shenzhen Stock Exchange in 2017, specializes in the research and manufacturing of precision structural components for lithium batteries and automotive applications [4][5]. - The company has benefited from the rapid growth of the new energy vehicle and lithium battery industries, leading to continuous expansion and significant financing activities, totaling 7.749 billion yuan since its IPO [5][6]. Financial Performance - KedaLi has conducted four rounds of financing since its IPO, with the most recent being a private placement that raised 3.51 billion yuan in August 2023 [5][6]. - The company has distributed a total of 1.069 billion yuan in dividends from 2021 to 2024, with the controlling shareholders receiving approximately 400 million yuan based on their ownership percentage [11].

Group 1 - The core point of the article highlights the financial challenges faced by the company, particularly in light of significant shareholder sell-offs and declining profitability metrics [1][4] - The major shareholder, Yunnan Daye Shengde, plans to reduce its stake by 3.8249 million shares, potentially cashing out approximately 433 million yuan, which raises concerns about the company's future performance [1] - The company reported a revenue of 3.022 billion yuan for Q1 2025, a year-on-year increase of 20.46%, but with a worrying decline in gross margin to 22.20% and net margin to 12.77% [1] Group 2 - The company has been aggressively expanding, raising significant capital through various funding rounds, including 1.36 billion yuan in November 2020 and 3.48 billion yuan in August 2023, primarily for new projects in the lithium battery components sector [2] - Despite the expansion, the overall capacity utilization in the structural components industry is only around 70%, indicating potential challenges in absorbing the increased production capacity [2] Group 3 - In response to slowing growth in the battery components sector, the company is diversifying into the humanoid robotics market, establishing partnerships to develop key technologies like harmonic reducers [3] - The company has set ambitious revenue targets for its overseas operations, projecting 1 billion yuan in revenue for 2025, but faces significant challenges due to high operational costs and market uncertainties in Europe and the U.S. [4] - The total market potential for harmonic reducers and rotary joints is substantial, with forecasts suggesting a global market exceeding 370 billion yuan and 600 billion yuan, respectively, by 2030 [3]

Core Insights - The domestic energy storage and battery market is experiencing significant growth, with May's installed capacity reaching 23.1 GWh, reflecting a year-on-year increase of 679% and a month-on-month increase of 427% [1] - The sales of energy storage and other batteries in May reached 36 GWh, with a year-on-year increase of 69% and a month-on-month increase of 15% [1] - The lithium battery sector is seeing price declines, with lithium carbonate priced at 59,600 CNY/ton, down 7% from the previous month, and lithium hydroxide at 62,400 CNY/ton, down 5% [1] Industry Changes - The solid-state battery technology is transitioning from pilot production to mass production, with key companies receiving MWh scale orders and planning GWh scale production lines [1][6] - The solid-state battery is expected to enter the vehicle testing phase between 2026 and 2027, marking a significant technological advancement in the industry [3] - The overall performance of the lithium battery sector has been active since June 2025, with over half of the segments outperforming major indices [2] Market Trends - The sales of new energy vehicles in May reached 1.22 million units in China, showing a year-on-year increase of 33% and a month-on-month increase of 17% [1][4] - The cumulative sales of new energy vehicles from January to May reached 4.98 million units, reflecting a year-on-year increase of 41% [1] - The market for energy storage in China is driven by the "531 installation rush," leading to a significant increase in installed capacity [4] Investment Recommendations - The lithium battery sector is expected to shift from broad market-driven growth to structural opportunities led by technological breakthroughs and new application fields in 2025 [7] - Key companies recommended for investment include CATL, EVE Energy, Keda Industrial, and Xiamen Tungsten [7]

Group 1 - The core point of the news is that Yunnan Daye Shengde Enterprise Management Co., Ltd. plans to reduce its holdings in Keda Li (002850.SZ) by up to 3,824,933 shares, which represents 1.3985% of the company's total share capital, without causing a change in actual control [1] - Keda Li's major shareholders, Li Jili and Li Jianju, will continue to hold 102,163,386 shares, accounting for 37.3532% of the total share capital after the reduction [1] - Keda Li was listed on March 2, 2017, with an initial issuance price of 37.70 yuan per share, raising a total of 1,319.50 million yuan [1] Group 2 - The company was approved to issue up to 40 million shares through a private placement, ultimately issuing 22,920,451 shares at an issuance price of 60.47 yuan per share, raising approximately 1,385.99 million yuan [2] - After deducting underwriting and other fees, the net proceeds from this issuance amounted to approximately 1,360.36 million yuan [2] - The company issued 15,343,705 convertible bonds with a total fundraising amount of 1,534.37 million yuan, with net proceeds of approximately 1,515.10 million yuan after deducting fees [3] Group 3 - The company received approval to issue 33,471,626 shares to specific investors, raising a total of approximately 3,509.50 million yuan, with net proceeds of about 3,480.12 million yuan after deducting issuance costs [4] - The total amount raised by Keda Li through four fundraising activities is approximately 774.94 million yuan [5]