Core Insights - The battery theme index has shown a slight decline of 0.06% as of September 26, 2025, with mixed performance among constituent stocks, highlighting the volatility in the sector [1] - The battery ETF managed by Harvest has seen a significant increase in net inflows and trading volume, indicating strong investor interest and confidence in the battery industry [3] - Solid-state batteries are emerging as the next generation of battery technology, driven by advancements in energy density and safety, which are expected to accelerate industrialization and capital expenditure across the supply chain [4] Group 1: Market Performance - The battery ETF Harvest has recorded a 5.70% increase over the past week as of September 25, 2025, reflecting positive market sentiment [1] - The ETF's trading volume reached 37.96 million yuan with a turnover rate of 2.96%, indicating active trading [3] - The ETF's net asset value has increased by 99.90% over the past year, ranking it 417th out of 3031 index equity funds, placing it in the top 13.76% [3] Group 2: Investment Trends - The latest scale of the battery ETF Harvest has reached 1.269 billion yuan, marking a new high since its inception [3] - Over the past 19 trading days, there have been 12 days of net inflows totaling 660 million yuan, showcasing strong investor confidence [3] - Wood Mackenzie forecasts that global energy storage capacity will grow more than sevenfold over the next decade, requiring an investment of 1.2 trillion USD in battery systems by 2034 [3] Group 3: Industry Developments - The top ten weighted stocks in the battery theme index account for 53.03% of the index, with significant players including Sungrow Power, CATL, and EVE Energy [4][6] - Solid-state battery technology is expected to lead to new product releases and capacity expansions, enhancing performance validation in the market [4] - The entire supply chain, including equipment, materials, and batteries, is anticipated to undergo iterative upgrades, increasing capital expenditure [4]

Core Viewpoint - KedaLi's stock price has shown significant growth this year, with an increase of 81.64% year-to-date, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, KedaLi reported a revenue of 6.645 billion yuan, representing a year-on-year growth of 22.01% [2]. - The net profit attributable to shareholders for the same period was 769 million yuan, reflecting an 18.72% increase compared to the previous year [2]. Shareholder Information - As of June 30, 2025, KedaLi had 22,500 shareholders, an increase of 17.83% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 15.11% to 8,746 shares [2]. Dividend Distribution - KedaLi has distributed a total of 1.312 billion yuan in dividends since its A-share listing, with 1.022 billion yuan distributed over the last three years [3]. Major Shareholders - As of June 30, 2025, the second-largest circulating shareholder is QuanGuo XuYuan Mixed A, holding 10.6984 million shares, an increase of 466,200 shares from the previous period [3]. - Hong Kong Central Clearing Limited is the third-largest shareholder with 6.6435 million shares, having decreased its holdings by 466,800 shares [3].

Core Viewpoint - Shenzhen Keda Li Industrial Co., Ltd. has elected Mr. Shi Huifeng as the employee representative director in accordance with the revised company articles and relevant regulations [1][2]. Group 1: Company Announcement - The company held its 21st meeting of the fifth board of directors on August 15, 2025, and the first extraordinary shareholders' meeting on September 2, 2025, where the amendment to the company articles was approved [1]. - The company convened an employee representative assembly on September 25, 2025, to elect Mr. Shi Huifeng as the employee representative director, effective from the date of approval [2]. Group 2: Director Qualifications - Mr. Shi Huifeng meets all qualifications and conditions for directorship as per the Company Law and the company articles [2]. - Following the election, Mr. Shi transitioned from a non-employee representative director to an employee representative director, maintaining the total number of board members [2]. Group 3: Director Profile - Mr. Shi Huifeng, born in 1978, holds a master's degree and is a certified public accountant with no foreign permanent residency [4]. - He has been with the company since 2010, currently serving as a director, vice president, and financial director, and has held various positions in other companies [4]. - Mr. Shi directly holds 7,700 shares of the company, representing 0.0028% of the total share capital, and has no conflicts of interest with major shareholders or other board members [4].

（文章来源：证券日报） 证券日报网讯 9月25日晚间，科达利发布公告称，选举石会峰先生为公司职工代表董事。 ...

深圳市科达利实业股份有限公司 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 关于选举第五届董事会职工代表董事的公告 2025 年 9 月 26 日 附件：石会峰先生简历 石会峰先生：1978 年出生，中国国籍，无境外永久居留权，硕士学历，中 国注册会计师。曾任深圳市中科蓝讯科技股份有限公司独立董事。2010 年进入 科达利，现任本公司董事、副总裁、财务总监，惠州三力协成精密部件有限公司 董事，深圳奥特迅电力设备股份有限公司独立董事。 石会峰先生符合《公司法》等法律法规及《公司章程》关于董事任职的资格 和条件，并将按照《公司法》、《公司章程》的有关规定行使职权。 本次选举完成后，石会峰先生由原公司第五届董事会非职工代表董事变更为 公司第五届董事会职工代表董事，公司第五届董事会构成人员不变，董事会中兼 任公司高级管理人员以及由职工代表担任的董事人数总计未超过公司董事总数 的二分之一，符合有关法律法规、规范性文件及《公司章程》的规定。 特此公告。 深圳市科达利实业股份有限公司 ...

Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report emphasizes the importance of long-term demand expectations as a key driver for valuation and performance in the lithium battery and photovoltaic sectors [24][28] - It highlights the significant impact of short-term marginal conditions, particularly pricing and production/output data, on market sentiment and stock performance [41][48] Summary by Sections 1. Stock Price Review - The lithium battery market began its upward trend in late 2019, driven by European carbon emission assessments and the rise of new energy vehicle consumption in China [11] - The photovoltaic market saw significant growth from 2020 to 2021 due to global carbon reduction targets and supply constraints, leading to a surge in prices and stock performance [15] - The inverter segment experienced explosive growth driven by demand from energy storage solutions, but faced a sharp decline in 2023 due to inventory issues [19] 2. Key Drivers - **Long-term Demand Expectations - Lithium Batteries** - The report notes that the adjustment of long-term demand expectations directly influences performance and valuation, with significant growth observed in 2020 due to rising demand for new energy vehicles [24] - **Long-term Demand Expectations - Photovoltaics** - The report indicates that from 2020 to 2021, demand expectations for photovoltaics were revised upwards, leading to a bullish market sentiment, but concerns about peak demand in 2023 led to a decline in valuations [29] - **Long-term Demand Expectations - Inverters** - The inverter market's performance was closely tied to demand expectations, with significant growth in 2022 driven by European energy needs, but a subsequent drop in orders in 2023 [33] 3. Short-term Marginal Conditions - **Pricing** - The report highlights that price changes in lithium and silicon materials significantly affect stock prices, with stock prices often leading material price increases [41] - **Production/Output** - Monthly production and shipment data are critical indicators for stock performance, particularly in the energy storage sector, where visibility is limited [48] - **Quarterly Profit Growth Expectations** - Market participants often use quarterly profit growth expectations to gauge industry health, with stock prices typically peaking ahead of profit expectations [49] 4. Other Insights - The report notes that valuation levels are not the primary indicators of market peaks, as fundamental expectations play a more crucial role in determining market trends [59] 5. Outlook - The report expresses optimism for the energy storage market, projecting significant growth in global installations driven by improved demand expectations and favorable market conditions [62][65]

人民财讯9月23日电，科达利（002850）9月23日在互动平台表示，公司目前订单充足，生产经营情况良 好。 ...

Core Viewpoint - Keda Li's stock price increased by 5.18% to 182.79 CNY per share, with a total market capitalization of 50.009 billion CNY as of September 23 [1] Group 1: Company Overview - Keda Li was established on September 20, 1996, and went public on March 2, 2017 [1] - The company is located in Shenzhen, Guangdong Province, and specializes in the research and manufacturing of precision structural components [1] - The revenue composition of Keda Li is as follows: lithium battery structural components 96.52%, automotive structural components 3.26%, other (supplementary) 0.13%, and other structural components 0.09% [1] Group 2: Fund Holdings - Morgan Stanley's fund has Keda Li as a significant holding, with the Morgan Stanley Basic Industry Mixed Fund (233001) reducing its position by 2,500 shares in the second quarter, holding a total of 10,800 shares, which represents 3.06% of the fund's net value [2] - The fund's current size is 39.9651 million CNY, with a year-to-date return of 26.27% and a one-year return of 42.87% [2] Group 3: Fund Manager Information - The fund manager of Morgan Stanley Basic Industry Mixed Fund is Chen Xiuzhu, who has been in the position for 2 years and 209 days [3] - The total asset size of the fund is 180 million CNY, with the best return during Chen's tenure being 15.11% and the worst being -24.82% [3]

Market Overview - The battery sector increased by 0.74% compared to the previous trading day, with Yihua Tong leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers in the Battery Sector - Yihua Tong (688339) closed at 28.91, up 11.41% with a trading volume of 222,200 shares and a transaction value of 632 million yuan [1] - Keda Li (002850) closed at 173.78, up 8.71% with a trading volume of 114,800 shares and a transaction value of 1.924 billion yuan [1] - Anfu Technology (603031) closed at 44.15, up 7.95% with a trading volume of 152,300 shares [1] - Other notable gainers include Xian Dao Intelligent (300450), Jin Yinhe (300619), and Jin Yang Co. (301210) with respective increases of 5.92%, 5.68%, and 5.45% [1] Decliners in the Battery Sector - XD Tianhong Lithium (873152) closed at 32.72, down 7.99% with a trading volume of 116,300 shares and a transaction value of 385 million yuan [2] - Yuanhang Precision (833914) closed at 37.31, down 6.14% with a trading volume of 39,400 shares [2] - Tianji Co. (002759) closed at 15.10, down 4.19% with a trading volume of 788,000 shares and a transaction value of 1.187 billion yuan [2] Capital Flow Analysis - The battery sector experienced a net outflow of 1.968 billion yuan from institutional investors, while retail investors saw a net inflow of 1.812 billion yuan [2] - Notable net inflows from retail investors were observed in Keda Li (002850) and Xian Dao Intelligent (300450) [3] - The main capital inflow was directed towards Anfu Technology (603031) with a net inflow of 89.9 million yuan [3]