智通财经APP获悉，国金证券发布研报称，锂金属为固态电池负极侧长期迭代方向，压延法能率先实现 规模化落地，长期来看，蒸发镀、液相法是制备超薄锂带的潜在发展方向。2025年，锂电板块的行情预 计将从全面景气驱动，转向由新技术突破与新应用领域主导的结构性机遇阶段，重点推荐细分赛道龙头 及固态新技术公司：宁德时代(300750.SZ)、亿纬锂能(300014.SZ)、科达利(002850.SZ)，及厦钨新能 (688778.SH)等。 国金证券主要观点如下： 本月行业重要变化 储能：6月国内储能抢装回落，美国维持相对稳定。6月国内装机6.9GWh，同/环比-41%/-70%;1～6月累 计49.0GWh，同比162%，月内装机波动主要受"531抢装潮"回落所致。6月美国储能并网3.7GWh，同/环 比-10%/-9.4%;1～6月累计16.8GWh，同比32%，5～6月同比下滑主要系美国新能源系列政策动荡导致。 据ABIA，6月我国储能及其他电池销量37.4GWh，同/环比62.5%/3.4%;1～6月累计销量173.5GWh，同比 108.5%，储能电池销量持续走高。 锂电排产跟踪：7月环比变动-2%～3%，同比 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the ongoing "anti-involution" trend in the photovoltaic industry, which is expected to drive price increases and improve profitability across the supply chain [16][36] - The energy storage sector is experiencing sustained demand growth, with significant project developments and favorable policy support [39][44] - The lithium battery segment shows stable demand, with advancements in solid-state technology and materials innovation [39][44] - The wind power sector is benefiting from increased offshore project activity and recovery in profitability [39][44] - The power equipment sector is seeing positive developments from high-voltage projects and international demand [39][44] - New directions in AI and robotics are highlighted as emerging investment opportunities, particularly in the context of increased capital expenditure from major manufacturers [39][44] Summary by Sections Photovoltaic - The photovoltaic industry is witnessing a price increase in key materials, with polysilicon prices rising to 49-55 CNY/kg and silicon wafer prices increasing by approximately 0.1 CNY per piece [22][25] - The government is pushing for the elimination of low-price competition and the orderly exit of outdated production capacity, with mergers and acquisitions in the polysilicon sector expected to progress in Q3 [16][36] - Recommended stocks include Tongwei Co., GCL-Poly, LONGi Green Energy, and Aiko Solar [16][36] Energy Storage - In H1 2025, major energy storage projects across 21 regions reached a total capacity of 124 GWh, with significant contributions from Inner Mongolia, Shandong, and Guangdong [41][42] - The report highlights the increasing stability of the energy storage market, with a positive outlook for domestic demand and pricing [39][44] - Recommended stocks include Sungrow Power Supply and Deye Technology [39][44] Lithium Batteries - The lithium battery sector is characterized by stable demand and a focus on solid-state battery technology, with companies like CATL and other second-tier players expected to benefit [39][44] - The report notes the importance of material innovations such as lithium metal anodes and nickel-iron current collectors [39][44] - Recommended stocks include CATL, Xiamen Tungsten, and Putailai [39][44] Wind Power - The offshore wind sector is accelerating project construction, with expectations for increased profitability in the second half of the year [39][44] - Recommended stocks include Mingyang Smart Energy and Zhongji Lingnan [39][44] Power Equipment - The report indicates that high-voltage projects have been approved, with overseas demand expected to rise [39][44] - Recommended stocks include Pinggao Electric and XJ Electric [39][44] New Directions - The report highlights advancements in humanoid robotics and AI applications, with significant capital expenditure from major companies [39][44] - Recommended stocks include Sanhua Intelligent Controls and Zhejiang Rongtai [39][44]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 住所：四川省宜宾三江新区宋家镇新源大道二段 1 号 关于全资子公司四川科达利完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开的第五届董事会第二十次（临时）会议审议通过了《关于全资子公司增加 注册资本的议案》，同意公司以自有资金人民币 20,000 万元向全资子公司四川 科达利精密工业有限公司（以下简称"四川科达利"）进行增资，增资方式为增 加注册资本。本次增资完成后，四川科达利的注册资本将由 50,000 万元增加至 70,000 万元，仍为公司的全资子公司。 近日，四川科达利完成了相关工商变更登记手续，变更后的登记信息如下： 名称：四川科达利精密工业有限公司 统一社会信用代码：91511500MAACFP487E 类型：有限责任公司（非自 ...

| ব | 霍元 深圳市伟立成长企业管理咨询合伙企业(有限合 成长 伙) | 7.00% | 350 | | --- | --- | --- | --- | | 5 | KEPLER开盘给 上海开普勒机器人有限公司 | 3.00% | 150 | | 下合台 Ra | 苏州依智灵巧驱动科技有限公司 全国企业信用查询 | | (x) 查一下 | | --- | --- | --- | --- | | 基本信息 16 | 法律诉讼 经营风险 | | 经营信息 | | 法定代表人 | 登记状态 邓雄 饶 关联企业 11 | | 在业 | | | 注册资本 | | 5000万元 | | 组织机构代码 | MAEQCP7Q-7 | 工商注册号 | 320506001752600 | | 企业类型 | 有限责任公司 | 营业期限 | 2025-08-01 至 无固定 | | 人员规模 | | 参保人数 | | | 所属地区 | 江苏省苏州市吴中区 | 登记机关 | 苏州市吴中区数据局 | | 国标行业 | 科技推广和应用服务业 (M75) V | 英文名 | Suzhou Yizhi Agile D | | 注册地址 | ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others, indicating a positive outlook for their performance [4]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.62% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The launch of Li Auto's first pure electric SUV, the Li i8, is expected to enhance competition in the electric vehicle market, with prices ranging from 321,800 to 369,800 yuan [2]. - The Ministry of Industry and Information Technology is implementing energy-saving inspections for 41 polysilicon companies, reflecting a commitment to "anti-involution" measures in the photovoltaic industry, which may lead to improved profitability in the polysilicon segment [3][30]. Summary by Sections 1. New Energy Vehicles - Li Auto's Li i8 was officially launched on July 29, with three models priced between 321,800 and 369,800 yuan, set for delivery starting August 20 [2][9]. - The vehicle features a yacht-inspired design, low drag coefficient of 0.218, and spacious interior dimensions of 5085/1960/1740mm, with a wheelbase of 3050mm [10]. 2. New Energy Generation - The "anti-involution" measures are being actively pursued, with energy consumption standards becoming a key indicator for industry consolidation, particularly in the polysilicon sector [3][30]. - The price of polysilicon has shown an upward trend, with the average transaction price for n-type polysilicon rising to 47,100 yuan per ton, reflecting a 0.64% increase week-on-week [33]. 3. Electric Equipment and Automation - Global electricity demand is at a historical high, with China's electricity consumption expected to grow by 5% year-on-year in 2025 [4]. - The report highlights key companies to watch, including CATL, Keda, and others, indicating strong growth potential in the sector [4]. 4. Market Performance - The electric equipment and new energy sector's performance was ranked 24th among sectors, with the lithium battery index experiencing the largest decline of 6.26% [1].

Core Insights - The article provides a comprehensive list of the top 30 publicly listed companies in the die-casting industry in China, highlighting their financial performance, technological advancements, and key clients. Group 1: Company Performance - Guangdong Hongtu reported Q1 2025 revenue of 2.099 billion with a gross margin of 12.58% and holds over 500 patents in aluminum alloy technology, serving clients like Tesla and BYD [1] - Huayang Group achieved Q1 2025 revenue of 1.991 billion and a gross margin of 21.56%, focusing on automotive electronic die-casting and serving clients such as BMW and Mercedes [4] - Ningbo Top Group reported Q1 2025 revenue of 5.768 billion, being a supplier for Tesla's integrated rear cabin [7] - Wencan Co. reported Q1 2025 revenue of 1.27 billion with a gross margin of 13.43%, specializing in integrated die-casting technology [9] - Lichung Group achieved Q1 2025 revenue of 5.967 billion, with a year-on-year growth of 16.49% [16] Group 2: Technological Advancements - Yian Technology is a global leader in liquid metal die-casting, producing over 5 million magnesium alloy parts annually [3] - Shenzhen New Star has developed a high vacuum die-casting process, expecting 1 billion revenue from automotive optical business in 2025 [17] - Meili Xin reported a 60% revenue growth in the photovoltaic sector in 2023, with a global market share of 25% in photovoltaic inverter die-casting [18] Group 3: Client Relationships - Aikodi serves clients including NIO and Bosch, with a 35% increase in net profit in 2023 [6] - Cloud Metal reported a 55% growth in magnesium alloy business in 2023, serving clients like Tesla and BMW [14] - BYD has achieved over 80% self-supply rate for die-casting parts in 2023, with a 30% increase in self-developed equipment capacity [20]

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or the embodied intelligence sector Core Insights - The embodied intelligence sector is entering a rapid implementation phase as of 2025, with multiple manufacturers planning mass production of robots across various applications [12][16][18] - The automotive industry is actively integrating embodied intelligence into its supply chain, leveraging existing technological advancements and manufacturing capabilities [34][37] - Government policies across various provinces are increasingly supportive of the embodied intelligence and robotics industries, aiming to foster innovation and market expansion [17][21][18] Summary by Sections 1. Rapid Development of Embodied Intelligence - The period from 2020 to 2025 marks a significant evolution in embodied intelligence, driven by advancements in AI and robotics, particularly following the release of OpenAI's ChatGPT3 [11] - Major manufacturers like Tesla and Xiaomi are entering the market, with Tesla predicting a production capacity of over 5,000 units by 2025 and 50,000 units by 2026 [13][16] - The demand for robots in various sectors is projected to grow significantly, with manufacturing being a primary area for automation due to its repetitive tasks [25][27] 2. Integration of Automotive and Embodied Intelligence - The automotive industry is leveraging its existing technological expertise in areas such as sensor fusion and control algorithms to facilitate the development of embodied intelligence [34][37] - Over ten automotive manufacturers are actively pursuing the embodied intelligence sector through self-development and strategic investments [36][37] - The shared supply chain for components like sensors and chips between automotive and robotics sectors is expected to reduce costs and enhance production efficiency [43][49] 3. Government Support and Policy Framework - Various provinces, including Shenzhen and Beijing, have introduced policies to support the development of embodied intelligence, focusing on technology breakthroughs and ecosystem building [17][21][18] - The policies aim to create a conducive environment for innovation, with specific targets for industry scale and technological advancements by 2027 [18][21] - The report highlights a collaborative approach among regions to drive the growth of the embodied intelligence sector, emphasizing the importance of technology and market integration [18][21]

金融界消息 截至2025年8月1日收盘，科达利（002850）报收于109.69元，上涨0.27%，换手率1.55%， 成交量3.06万手，成交金额3.33亿元。 天眼查商业履历信息显示，深圳市科达利实业股份有限公司，成立于1996年，位于深圳市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本27136.1808万人民币，实缴资本 27136.1808万人民币。公司法定代表人为励建立。 通过天眼查大数据分析，深圳市科达利实业股份有限公司共对外投资了20家企业，参与招投标项目7 次，知识产权方面有商标信息5条，专利信息364条，此外企业还拥有行政许可39个。 来源：金融界 资金流向方面，今日主力资金净流入2087.36万元，占比成交额6.26%。其中，超大单净流入1943.35万 元、占成交额5.83%，大单净流入144.01万元、占成交额0.43%，中单净流出流出1263.55万元、占成交 额3.79%，小单净流出823.81万元、占成交额2.47%。 科达利最新一期业绩显示，截至2025一季报，公司营业总收入30.22亿元、同比增长20.46%，归属净利 润3.87亿元，同比增长25 ...

Group 1 - The core viewpoint of the reports indicates that the fund is focusing on high-end manufacturing and new productivity sectors, particularly in areas such as power equipment, new energy, computers, electronics, machinery, military industry, and "Internet + AI" [1][2] - As of June 30, the fund's stock position reached 93.27%, with a slight increase from the previous quarter, and Hong Kong stocks accounted for 29.13% of the portfolio [1] - The top ten holdings of the fund are highly concentrated, with the largest positions being Keda Li (9.26%), CATL (9.24%), Tencent Holdings (9.18%), Meituan-W (6.82%), and others, collectively representing 67.64% of the net asset value [1] Group 2 - Positive signals have emerged in certain sectors, particularly in new energy and military industries, indicating signs of recovery [2] - The fund will continue to optimize its portfolio structure, focusing on leading internet companies in the AI sector, as well as computers, electronics, machinery, and high-end manufacturing areas that may experience a turnaround [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leading player in the domestic lithium battery precision structural components sector, achieving steady revenue and profit growth due to its strong technical foundation and scale advantages, solidifying its position as a cyclical leader. The company is proactively expanding into the robotics sector, focusing on harmonic reducers, modules, and dexterous hands to create a second growth curve [4][12][18]. Summary by Sections 1. Leading Position in Lithium Battery Structural Components - The company's structural components business continues to grow steadily, with a CAGR of 57.2% in precision structural component revenue from 2020 to 2024. The company benefits from economies of scale, with stable gross and net profit margins. With the ramp-up of production capacity in Europe and the establishment of factories in Malaysia and the USA, the company enhances its local supply capabilities, reducing logistics costs and strengthening supply chain relationships, which may lead to an increase in global market share [13][27][32]. 2. Robotics Sector Expansion - The company has initiated its robotics sector layout by establishing joint ventures focused on key components like harmonic reducers. The new harmonic reducers utilize lightweight PEEK materials, offering advantages such as high strength, high-temperature resistance (260℃), and wear resistance, significantly improving transmission accuracy and lifespan. This technology can also be applied in aerospace, medical devices, and semiconductor manufacturing, driving product upgrades towards higher value-added segments [14][21][62]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 144.81 billion, 174.62 billion, and 211.69 billion yuan from 2025 to 2027, with year-on-year growth rates of 20%, 21%, and 21% respectively. The net profit attributable to shareholders is projected to be 18.01 billion, 21.50 billion, and 26.51 billion yuan, with growth rates of 22%, 19%, and 23%. The EPS is expected to be 6.58, 7.86, and 9.69 yuan per share, with a 3-year CAGR of 21.68%. The corresponding PE ratios are projected to be 17, 14, and 12 times [20][30][31].