Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][13] Core Viewpoints - The "anti-involution" policy is expected to lead to a turning point in profitability for the lithium battery industry. The recent acceleration in capacity expansion and increased competition have resulted in significant losses for many companies in the energy storage battery and lithium battery materials sectors. However, with the ongoing push for "anti-involution" and the revision of pricing laws, market concentration is likely to increase, and leading companies with cost and technological advantages are expected to show improved profitability [3][7]. Summary by Relevant Sections Policy Developments - On July 24, the National Development and Reform Commission and the State Administration for Market Regulation released a draft for public consultation regarding the revision of the Price Law, which aims to clarify standards for identifying unfair pricing behaviors and regulate market pricing order to combat "involution" competition [2][4]. - A meeting held on July 28 emphasized the need to address eight key areas, including the elimination of overdue payments to enterprises and the consolidation of the "anti-involution" efforts in the new energy vehicle sector [5][6]. Investment Recommendations - The report suggests that leading companies in the lithium battery sector are likely to see stable improvements in profitability due to the "anti-involution" backdrop. Companies to watch include Wanrun New Energy, Hunan Youneng, CATL, Yiwei Lithium Energy, Zhongxin Innovation, Tianci Materials, New Zobon, Putailai, Keda Li, Enjie, and Xingyuan Materials [3][7]. Financial Projections - The report provides financial forecasts for several companies, indicating expected net profits in billions of RMB for 2024A to 2026E, with notable companies like CATL projected to achieve a net profit of 507.4 billion RMB in 2024A [9].

Group 1 - The battery ETF managed by Jiashi has seen a turnover rate of 2.03% with a transaction volume of 6.2696 million yuan as of August 8 [3] - Over the past week, the average daily transaction volume for the battery ETF was 10.0503 million yuan, with a share increase of 4.5 million [3] - The net value of the battery ETF has increased by 29.29% over the past year, with the highest monthly return since inception reaching 31.11% [3] Group 2 - The collaboration between China National Nuclear Corporation and Tsinghua University aims to address key defects in traditional single-layer cathodes of all-solid-state lithium batteries using neutron depth profiling technology [3] - According to招商证券, the industrialization of all-solid-state batteries is accelerating, with mass production expected around 2030 [3] - The sulfide electrolyte route is becoming mainstream, with ionic conductivity nearing that of liquid lithium batteries, and vehicle manufacturers are expected to begin implementation in 2026 [3] Group 3 - As of July 31, 2025, the top ten weighted stocks in the China Battery Theme Index include 阳光电源, 宁德时代, and 三花智控, collectively accounting for 51.66% of the index [4] - The individual weightings of the top stocks are 阳光电源 at 10.28%, 宁德时代 at 9.64%, and 亿纬锂能 at 6.02% [6] - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [6]

Group 1 - The PEEK materials concept has seen a short-term surge, with Shuangyi Technology hitting the daily limit up of 20% [1] - Other companies such as Chaojie Co., Keda Li, Weike Technology, Jinfake Technology, Xinhan New Materials, and Kaisheng New Materials also experienced gains [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with several new players achieving record sales in July 2025, particularly Leap Motor, which delivered 50,129 units, marking a significant increase [2][10]. - Turkey's photovoltaic battery import prices have been raised significantly, from USD 85/kg to USD 170/kg, indicating a 100% increase, which will impact the supply chain dynamics [3][32]. - The report highlights the ongoing digitalization efforts within the State Grid, with a total of 1.75 billion yuan awarded in contracts for digital equipment [4]. Summary by Sections New Energy Vehicles - In July 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Leap Motor leading at 50,129 units, followed by Zeekr and Xpeng with 44,193 and 37,717 units respectively [2][10]. - BYD continues to dominate the market with 344,296 units delivered in July, totaling over 2.49 million units for the year [2][18]. New Energy Generation - Turkey's trade department announced a significant increase in the import reference price for photovoltaic batteries, which will take effect 60 days after the announcement, reflecting a major shift in the market [3][32]. - The report notes that despite Turkey's efforts to localize production, the current domestic battery capacity is insufficient, leading to continued reliance on Chinese imports [3][37]. Electric Power Equipment and Automation - The State Grid has publicly announced the results of its digital equipment bidding, with a total contract value of 1.75 billion yuan across various categories, including servers and network equipment [4][22]. - Key companies to watch in this sector include CATL, Keda, and others, which are expected to benefit from ongoing digitalization and infrastructure investments [4][22]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 1.94%, with the new energy vehicle index showing the highest growth at 4.71% [1][4]. - The report emphasizes the competitive landscape in the new energy vehicle market, with increasing delivery volumes indicating a robust demand [2][10].

Industry Rating - The industry investment rating is "Outperform the Market" [1][1] Core Insights - The European new energy vehicle market is reaching a turning point driven by stringent carbon emission assessments and the cyclical nature of vehicle models [2] - The EU's policies, including the ban on fuel vehicles and tiered carbon reduction targets, are creating rigid constraints that push for electrification [2][8] - Major automakers are accelerating their electric vehicle (EV) strategies to meet upcoming carbon targets, with significant growth in battery electric vehicle (BEV) sales [3][19] Policy and Market Dynamics - The EU's tightening carbon reduction policies are compelling automakers to expedite their transition to new energy vehicles [7] - The EU has set ambitious carbon emission targets, including a ban on new fuel vehicles by 2035 and specific CO2 emission limits for new cars starting in 2025 [8][11] - The introduction of the ZLEV coefficient incentivizes manufacturers to increase the share of zero and low-emission vehicles in their fleets [15] Automaker Performance - Volkswagen delivered 465,500 BEVs globally in the first half of 2025, with a significant contribution from Europe, achieving a year-on-year growth of 89% [3][32] - Stellantis has improved its market share in Europe, ranking first in the hybrid market and second in the BEV market, supported by a multi-platform strategy [3][33] - Renault's BEV sales in Europe increased by 88% in Q1 2025, with a focus on affordable models and a strong platform strategy [3][42] Supply Chain and Component Manufacturers - Companies like Minth and Weimars are benefiting from the growth in the new energy vehicle supply chain, with significant revenue increases projected [4][49] - Minth's battery box business is expected to generate 5.338 billion yuan in revenue in 2024, reflecting a 50.96% year-on-year growth [4][48] - Weimars is positioned as a leading supplier in the domestic market, with a market share of 29.41% in the third-party vehicle charging market [4][52] Future Outlook - The report anticipates continued growth in the European new energy vehicle market, driven by regulatory pressures and technological advancements [2][19] - The performance of key players in the supply chain is expected to improve as the demand for new energy vehicles rises [4][59]

Investment Rating - The industry investment rating is "Overweight" [2][51]. Core Viewpoints - The lithium battery industry is experiencing a structural shift with opportunities in solid-state battery segments. The demand for power batteries is expected to recover as the traditional peak season approaches, while energy storage demand remains high. The report suggests focusing on leading companies in the battery and materials sectors that have technological and production advantages in solid-state electrolytes and new materials [3][45]. Summary by Sections Market Review - As of August 7, 2025, the lithium battery index has decreased by 6.59% over the past two weeks, underperforming the CSI 300 index by 5.77 percentage points. Year-to-date, the lithium battery index has increased by 4.55%, also underperforming the CSI 300 index by 0.01 percentage points [4][13]. Price Changes in the Lithium Battery Supply Chain - As of August 7, 2025, the average price of battery-grade lithium carbonate is 71,200 CNY/ton, up 0.92% in the last two weeks. The price of lithium hydroxide (LiOH 56.5%) is 69,300 CNY/ton, up 2.36% [25][27]. - Electrolytic cobalt is priced at 267,000 CNY/ton, up 8.10%, while electrolytic nickel is at 122,400 CNY/ton, down 2.08% [26]. - Phosphate iron lithium prices remain stable at 32,700 CNY/ton, while NCM523, NCM622, and NCM811 have seen increases of 1.78%, 1.68%, and 0.69%, respectively [27][30]. - The price of lithium hexafluorophosphate is 50,300 CNY/ton, up 1.62%, with other electrolyte prices remaining stable [31]. Industry News - In July, the retail sales of new energy vehicles reached 1,003,000 units, a year-on-year increase of 14%, while wholesale sales were 1,179,000 units, up 25% year-on-year. The report indicates a traditional seasonal decline in sales but a strong year-on-year growth [42][45]. - Major automotive companies are advancing solid-state battery technology, with significant investments and developments reported by companies like Volkswagen and Gotion High-Tech [42][44]. Company Announcements - Notable companies such as CATL reported a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion CNY, up 33.33% [44][47]. - Other companies like Keda and Enjie are also showing strong performance and growth in their respective sectors, particularly in solid-state battery materials and components [47].

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].

Core Viewpoint - Shenzhen Keda Li Industrial Co., Ltd. has completed the registration of changes for its wholly-owned subsidiary Hubei Keda Li Precision Industry Co., Ltd., following a capital increase of 400 million RMB [1][2]. Group 1: Company Actions - The company approved a proposal to convert part of the funds raised from a specific stock issuance into capital for its subsidiary Hubei Keda Li, increasing its registered capital from 300 million RMB to 700 million RMB [1]. - The registration of changes for Hubei Keda Li has been completed, confirming its status as a wholly-owned subsidiary of the company [2]. Group 2: Subsidiary Information - Hubei Keda Li Precision Industry Co., Ltd. is registered with a capital of 700 million RMB and was established on October 12, 2021 [2]. - The company operates in various sectors including hardware manufacturing, import and export of goods, and automotive parts manufacturing [2].

关于全资子公司湖北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、第五届监事会第十一次（临时） 会议审议通过了《关于将部分募集资金借款转为对全资子公司江西科达利等增资 的议案》，同意公司将 2023 年向特定对象发行股票募集资金前期向全资子公司 湖北科达利精密工业有限公司（以下简称"湖北科达利"）提供的部分借款及后 续拟投入的部分募集资金转为对其增资，增资金额为 40,000 万元。本次增资完 成后，湖北科达利的注册资本将由 30,000 万元增加至 70,000 万元，仍为公司的 全资子公司。 近日，湖北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：湖北科达利精密工业有限公司 统一社会信用代码：91420804MA4F3EHD7C 类型：有限责任公司（非自然人投资或控股的法人独资） 法定代表人：王宗家 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-047 | | ...

Core Viewpoint - Shenzhen Keda Li Industrial Co., Ltd. has approved a capital increase of RMB 200 million to its wholly-owned subsidiary Sichuan Keda Li Precision Industry Co., Ltd., raising its registered capital from RMB 500 million to RMB 700 million [1][2]. Group 1 - The capital increase will be funded by the company's own funds [1]. - Sichuan Keda Li has completed the necessary business registration changes following the capital increase [1]. - The updated registration information includes a new registered capital of RMB 700 million and confirms that it remains a wholly-owned subsidiary of the company [1]. Group 2 - Sichuan Keda Li was established on February 23, 2021, and is located in Yibin, Sichuan Province [1]. - The company engages in various business activities, including battery manufacturing, automotive parts development, and technology services [1]. - The legal representative of Sichuan Keda Li is Huang Chuanhong [1].