Market Overview - A-shares experienced a strong rally on September 29, with the Shanghai Composite Index rising over 1% at one point, and the ChiNext Index increasing over 3% [2] - The Shanghai Composite Index closed up 0.9% at 3862.53 points, the Shenzhen Component Index rose 2.05% to 13479.43 points, and the ChiNext Index increased 2.74% to 3238.01 points, with total market turnover nearing 2.2 trillion yuan [2] Brokerage Sector Performance - The brokerage sector surged, with an increase of over 7% at one point and closing up over 5% [3] - Notable stocks included Huatai Securities, Guosheng Securities, and GF Securities hitting the daily limit, while CITIC Securities approached the limit with a nearly 6% rise [3] Hong Kong Market - In the Hong Kong market, major brokerage firms such as GF Securities, Huatai Securities, and CITIC Securities saw their shares rise over 10% [4] Institutional Insights - Institutions suggest that the brokerage sector is likely to attract market attention during the third-quarter earnings disclosure period, benefiting from both strong performance and valuation recovery [5] Solid-State Battery Sector - The solid-state battery concept saw significant gains, with Wanrun New Energy hitting a 20% limit up, and other companies like Hunan Yuno and Haibo Technology also experiencing substantial increases [6] - The solid-state battery technology is advancing towards commercialization, with significant developments reported by Tsinghua University and companies like Panasonic and SK On [9]

中国经济网北京9月29日讯 科达利(SZ:002850)今日股价涨停，截至收盘报189.06元，涨幅10.00%， 总市值517.09亿元。 （责任编辑：康博） ...

Core Viewpoint - The lithium battery leader CATL's stock prices surged in both A-shares and H-shares, driven by positive developments in the solid-state battery sector and favorable company reports [1][4]. Industry Developments - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan to accelerate the application verification of solid-state battery materials and promote innovative applications of advanced materials [3]. - The solid-state battery industry is entering a critical phase of industrialization, characterized by rapid market growth, focused technological routes, and expanding application scenarios [7]. Company Developments - Morgan Stanley reiterated its "overweight" rating on CATL's A-shares and H-shares, highlighting the potential of new NCM811 battery products to enhance battery capacity to 80kWh and extend range beyond 600km [4]. - CATL's stock price increased by over 3% in A-shares and 4.43% in H-shares, with significant trading volumes reported [1]. Market Reactions - The CATL industry chain index saw a rise, with several related stocks experiencing significant gains, including Kodali (up 10%), Tianci Materials (up over 9%), and others [4][5]. - The solid-state battery supply chain is expected to benefit first from the accelerating industrialization, with downstream market demand anticipated to grow explosively [8].

科达利股价创出历史新高，截至10:49，该股上涨9.00%，股价报187.33元，成交量568.32万股，成交金 额10.33亿元，换手率2.89%，该股最新A股总市值达512.51亿元，该股A股流通市值368.89亿元。 公司发布的半年报数据显示，上半年公司共实现营业收入66.45亿元，同比增长22.01%，实现净利润 7.69亿元，同比增长18.72%，基本每股收益为2.8100元，加权平均净资产收益率6.22%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计显示，科达利所属的电力设备行业，目前整体涨幅为3.39%，行业内，目前股价上 涨的有318只，涨停的有易成新能、万润新能等11只。股价下跌的有71只，跌幅居前的有C昊创、金时 科技、优优绿能等，跌幅分别为7.30%、4.76%、3.66%。 两融数据显示，该股最新(9月26日)两融余额为6.08亿元，其中，融资余额为5.90亿元，近10日增加1.73 亿元，环比增长41.36%。 ...

Group 1 - The stock price of Keda Li reached a historical high, increasing by 9.00% to 187.33 yuan, with a trading volume of 5.6832 million shares and a transaction value of 1.033 billion yuan, resulting in a turnover rate of 2.89% [2] - The latest total market capitalization of Keda Li in A-shares is 51.251 billion yuan, with a circulating market value of 36.889 billion yuan [2] - The power equipment industry, to which Keda Li belongs, has an overall increase of 3.39%, with 318 stocks rising and 11 stocks hitting the daily limit [2] Group 2 - As of September 26, the latest margin trading balance for Keda Li is 608 million yuan, with a financing balance of 590 million yuan, reflecting a recent increase of 173 million yuan, a growth of 41.36% [2] - In the first half of the year, Keda Li achieved an operating income of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, a year-on-year increase of 18.72% [2] - The basic earnings per share for Keda Li is 2.8100 yuan, with a weighted average return on equity of 6.22% [2]

Core Viewpoint - The solid-state battery sector is experiencing significant growth, driven by strong market demand, supportive policies, and technological advancements, with key players in the industry showing robust stock performance [1][2][3] Group 1: Market Performance - On September 29, 2025, the solid-state battery sector saw strong upward movement, with stocks like Shida Shenghua and Dofluorid rising to their daily limit [1] - The battery ETF (159755) reached a nearly three-year high, with a price increase of over 4% during the morning session, and has seen a net inflow of 6 billion yuan over the past 20 trading days [1] - The energy storage battery ETF (159305) also rose over 3%, with a turnover rate of 12%, indicating strong market interest [1] Group 2: Policy and Industry Developments - Eight government departments issued a plan to accelerate the application verification of high-end products like solid-state battery materials [2] - The Ministry of Industry and Information Technology released an action plan to support foundational research in cutting-edge technologies, including solid-state batteries [2] - A new "Solid-State Battery Intelligent Manufacturing Platform" was established, indicating a collaborative effort among domestic lithium battery equipment companies [2] Group 3: Industry Outlook - The global solid-state battery industry is transitioning from research to commercialization, with China expected to achieve small-scale production by around 2027 [3] - The solid-state battery sector is projected to enter a critical phase of pilot production in the second half of 2025, with expectations of significant output growth by 2030 [3] - The overall battery industry is experiencing improved market conditions, with policies driving demand for energy storage solutions [3]

Group 1 - The core point of the news is that Keda Li's stock price increased by 5.31% to 181.00 CNY per share, with a trading volume of 397 million CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 49.519 billion CNY [1] - Keda Li, established on September 20, 1996, and listed on March 2, 2017, is primarily engaged in the research and manufacturing of precision structural components, with lithium battery structural components accounting for 96.52% of its main business revenue [1] - The company is located in Shenzhen, Guangdong Province, specifically at 16 Keji South Road, Nanshan District, Shenzhen Bay Technology Ecological Park, Building 11, A Block, 27th Floor [1] Group 2 - Morgan Fund has a significant holding in Keda Li, with the Morgan Power Selection Mixed A Fund (006250) increasing its stake by 8,070 shares in the second quarter, bringing its total holdings to 203,600 shares, which represents 4.03% of the fund's net value [2] - The Morgan Power Selection Mixed A Fund has achieved a year-to-date return of 56.99%, ranking 618 out of 8,244 in its category, and an annual return of 88.16%, ranking 606 out of 8,080 [2] - The fund manager, Zhao Longlong, has been in charge for 4 years and 161 days, with the fund's total asset size currently at 2.116 billion CNY [3]

Key Points Summary of KedaLi's Conference Call Company Overview - KedaLi reported a revenue of 6.65 billion yuan in the first half of 2025, representing a year-on-year growth of 22% with a net profit margin of approximately 10%-11% [2][6] - The company expects a full-year revenue growth of 25%, reaching over 14 billion yuan, with net profit projected to maintain at 12%, amounting to 1.7-1.8 billion yuan [2][22] Industry Insights - The structural components market is projected to be around 45-50 billion yuan in 2025, with an expected growth of over 20% in 2026 [17] - KedaLi holds a market share of over 50% in the domestic market and approximately 30%-40% globally in the lithium battery structural components sector [3] Business Segments Structural Components - KedaLi's structural components business benefits from market growth and stable market share, maintaining leading profitability [2] - High-end cover plates constitute a significant portion of revenue, with strong profitability [2][20] - The company has a diversified and high-quality customer base, with CATL accounting for about 35%-40% of KedaLi's revenue [2][20] Robotics Business - KedaLi has made significant progress in its robotics business, focusing on harmonic reducers and lightweight products [4][5] - The company has developed multiple products, including aluminum-steel alloy reducers and PEEK material harmonic reducers, targeting the lightweight needs of humanoid robots [8][9] - The second-generation PICO product has been successfully developed, achieving a weight reduction of 60% and a torque-to-weight ratio improvement of over 70% [9] Financial Performance - KedaLi's financial performance is robust, with a projected revenue of approximately 12 billion yuan in 2024, a 14% year-on-year increase [6] - The company anticipates a revenue of around 14.7 billion yuan in 2025, with profits between 1.7 billion and 1.8 billion yuan [22] Future Valuation and Market Expectations - KedaLi's structural business is expected to generate profits exceeding 2.2 billion yuan by 2026, with a corresponding valuation of 50-55 billion yuan [7] - The robotics business is estimated to have a valuation of at least 30 billion yuan, leading to a total target market valuation of 70-80 billion yuan [7] Competitive Advantages - KedaLi's cost advantages stem from high capacity utilization, local factory setups, and superior production efficiency, leading to transportation cost savings of 2%-3% [19] - The company has established a strong foundation with top-tier clients, including Tesla, enhancing its competitive position in the robotics sector [5][14] R&D and International Expansion - KedaLi invests significantly in R&D, allowing for early engagement with downstream clients and securing higher project shares [21] - The company has established production facilities in Hungary, Sweden, and Germany, with plans for a factory in Malaysia by 2026 and ongoing U.S. expansion [21] Conclusion - KedaLi is well-positioned for future growth, with a strong focus on innovation in both structural components and robotics, supported by a solid financial foundation and strategic international expansion plans [22]

Report Title - Local Boom in Convertible Bond Gold Mining (1) [2] Report Date and Analysts - Report Date: September 28, 2025 - Analysts: Luo Yunfeng (SAC No.: S1050524060001), Yang Feiran (SAC No.: S1050524070001) [3] Core Views - The core driving force of the market in this round has been the improvement of risk appetite, which is an endogenous variable of profitability. Since September, considering the decline in equity trading volume, the narrowing gap between the growth and value of equities, and the increase in the proportion of the same - direction movement of stocks and bonds, it is believed that the repair of risk appetite is basically in place. In the future, risk appetite will fluctuate within a range along with profitability, with the upper and lower limits corresponding to the levels in early January (the week of January 6) and early September (the week of September 8) respectively. On September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [4]. - The recent shift of the market from "banks + micro - cap stocks" to technology has a profit foundation, that is, the overall economy is bottoming out but there are local upturns. The private - sector debt growth rate is used as a proxy variable for profitability, and its downward bottom appeared in October 2024 and has not reached a new low as of July 2025 [4]. - The long - term cycle of convertible bonds is synchronized with equities. The periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Therefore, short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets [6]. 01 Risk Appetite Will Follow Profitability in Range - bound Fluctuations - The repair of risk appetite in this round may be basically in place. The highest point of risk appetite since data became available was in 2007, and the lowest point was on April 7, 2025. Excluding the impact of event - driven factors, the lowest point was in January 2025. The private - sector debt growth rate, as a proxy variable for profitability, reached its bottom in October 2024 and has not set a new low as of July 2025. The risk appetite may enter a range - bound fluctuation, and on September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [8]. - The overall economic fundamentals are still in the bottom - grinding stage. In the second quarter, the real GDP grew by 5.2% year - on - year, 0.2 percentage points lower than in the first quarter. Investment has been sluggish due to the real estate sector, and infrastructure investment has declined at an accelerating pace since mid - year. Consumption has been affected by the high - then - low national subsidies at the beginning of the year, and the CPI has been in a slump. Industrial product prices have shown a trend of price increases with volume contraction. From the perspective of Wind All - A earnings data, the overall economic fundamentals are still bottoming out [11][14]. 02 Fundamental Local Boom Corresponds to the Double - Innovation Market - In terms of revenue, the improvement of the Science and Technology Innovation 50 and the ChiNext Index is leading, while the Micro - cap and Dividend Indexes have the most obvious decline. In 2025Q2, the revenue growth rate of the ChiNext Index increased by 5 percentage points to 9.3%, and the Science and Technology Innovation 50 ended its relative disadvantage for three consecutive quarters. The revenue of the Micro - cap and Dividend Indexes decreased by 7.8% and 5.9% respectively in 2025Q2 [18]. - In terms of gross profit margin, compared with 2024Q2, the Science and Technology Innovation 50 and the SSE 50 had the most significant increase in gross profit margin in 2025Q2, up 2.5 and 2.0 percentage points respectively. The ChiNext Index had a gross profit margin of 24.5% in 2025Q2, still the highest among broad - based indexes [21]. - Most indexes' year - on - year growth rate of net profit attributable to shareholders in 2025Q2 declined quarter - on - quarter. The Science and Technology Innovation Board had a significant improvement in net profit in 2025Q2, and the ChiNext Index continued to lead other broad - based indexes in terms of growth rate [24]. - In terms of specific industries, in 2025Q2, the industries with the highest year - on - year growth rate of net profit attributable to shareholders were gaming (104%), steel (82%), precious metals (76%), etc. The industries with the largest decline were real estate (- 132%), coal (- 37%), etc. The industries with positive growth in 2025Q2 and an improvement compared with 2025Q1 were banks, insurance, etc. Combining the historical percentile of valuation, the industries with high performance growth and still some room for valuation are power equipment, new energy, gaming, and consumer electronics [29][30] 03 Convertible Bonds Follow Equities to Explore Locally Booming Sectors - The long - term cycle of convertible bonds is synchronized with equities. The short - term periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets. Convertible bond targets with good performance in 2025Q2 are concentrated in power equipment, electronics, etc. [45] - The All - A Index can basically explain most of the long - term fluctuations of convertible bonds. The regression results show that the performance of convertible bonds mainly follows the equity market, and the equity market trend can explain 91.4% of the price fluctuations of the convertible bond market. The convertible bond market follows equities in this round, and is less affected by the bond market [48][59] - The short - term fluctuations of convertible bond valuations provide signals for left - hand side position - adding and profit - taking. From June 23 to August 25, the active increase in convertible bond valuations was greater than that of the underlying stocks. Therefore, the convertible bond market entered the downward - oscillation cycle earlier than the equity market on August 27 and had a larger decline due to the return of valuations [61] - ETF share fluctuations have a relatively small impact on the price fluctuations of underlying convertible bond targets. Since September, the growth rate of convertible bond ETF shares has decreased significantly, which may mainly reflect sentiment and valuation [64] - Convertible bonds with good profitability have larger increases and are more resistant to declines. From June 23 to August 25, convertible bonds followed the underlying stocks in a sharp rise, with the growth sector leading. Some convertible bonds in individual sectors outperformed the underlying stocks, mainly concentrated in industries and targets with excellent performance. From August 25 to September 23, convertible bonds led the All - A Index in decline, and their subsequent performance was weaker than that of equities, mainly due to the periodicity of convertible bond valuation fluctuations [70][77] - The new energy sector under the goal of carbon peaking by 2030 may be one of the most certain trading directions in the next five years. The new energy vehicle penetration rate continues to increase, and the energy storage market has an important turning point. The report focuses on Keli Convertible Bonds and Hongfa Convertible Bonds in the new energy field [83] - Keli Convertible Bonds: Kodal Precision is the global leader in precision structural parts. The company's performance has been growing steadily. The convertible bond has a relatively large issuance scale, and the current price is around 140 yuan, with a conversion premium rate of 18.6%. It is an offensive convertible bond with high - quality underlying stocks and has no risk of forced redemption for the time being [87][89][92] - Hongfa Convertible Bonds: Hongfa Co., Ltd. is the world's largest relay manufacturer. The company's performance has been growing steadily. The convertible bond has a large issuance scale, and the current price is around 134 yuan, with a conversion premium rate of 18.2%. The downward - adjustment clause is relatively loose [95][98][101]

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 the industry [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 3.86%, outperforming the Shanghai Composite Index, which rose by 0.21% [1]. - In August, the total electricity consumption in China exceeded 1 trillion kWh, marking a year-on-year growth of 5.0% [4]. - The report highlights the launch of new electric vehicles, including the AITO Wenjie M7 and H5, which offer various configurations and competitive pricing [2][10]. - Solar power generation capacity increased by 230.61 GW year-on-year, although August saw a month-on-month decline in new installations [3][37]. Summary by Sections New Energy Vehicles - The AITO Wenjie M7 was launched on September 23, 2025, with 12 configurations and a price range of 279,800 to 379,800 CNY, featuring both range-extended and pure electric versions [2][10]. - The H5 model was also launched, priced between 159,800 and 199,800 CNY, offering similar powertrain options [2][12]. New Energy Generation - As of August 2025, the solar power generation capacity added 230.61 GW, a 64.73% increase year-on-year, but the monthly addition in August was 7.36 GW, down 55.29% year-on-year [3][37]. - The report notes a slight increase in inverter exports, with a total of 434.02 billion CNY from January to August 2025, reflecting a 7.85% year-on-year growth [30][31]. Electric Equipment and Industrial Control - Total electricity consumption in August reached 1,015.4 billion kWh, with a cumulative total of 6,878.8 billion kWh from January to August, representing a 4.6% year-on-year increase [4]. - The report emphasizes the importance of key companies such as CATL, Keda, and others in driving growth within the sector [4][5]. Weekly Market Performance - The electric equipment and new energy sector outperformed the broader market, with significant trading volumes reported [1][4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from ongoing industry trends [4][5].