Group 1 - The core point of the news is that Keda Li's stock price increased by 5.01% to 160.66 CNY per share, with a trading volume of 770 million CNY and a turnover rate of 2.53%, resulting in a total market capitalization of 43.984 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 96.52% of its revenue coming from lithium battery structural components [1] - The company's revenue composition also includes automotive structural components at 3.26%, other components at 0.13%, and additional structural components at 0.09% [1] Group 2 - The Hongtu Innovation Fund has a significant holding in Keda Li, with its Hongtu Innovation Technology Innovation 3-Month Open Mixed A Fund (009467) holding 34,900 shares, representing 5.73% of the fund's net value, making it the seventh-largest holding [2] - The fund has achieved a year-to-date return of 32.27%, ranking 2916 out of 8159 in its category, and a one-year return of 27.17%, ranking 3300 out of 8147 [2] - The fund manager, Zhang Yang, has been in position for 195 days, with the fund's total asset size at 119 million CNY, achieving a best return of 20.72% and a worst return of 20.45% during his tenure [3]

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

Group 1 - KedaLi's stock price increased by 5.04%, reaching 158.09 CNY per share, with a trading volume of 506 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 43.281 billion CNY [1] - KedaLi, established on September 20, 1996, and listed on March 2, 2017, specializes 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's revenue composition includes automotive structural components at 3.26%, other components at 0.13%, and additional structural components at 0.09% [1] Group 2 - Guolian Fund has one fund heavily invested in KedaLi, specifically Guolian Xinghong Optimal Mixed A (014961), which held 12,200 shares in the third quarter, representing 3.57% of the fund's net value, making it the eighth largest holding [2] - The fund has generated a floating profit of approximately 92,600 CNY today [2] - Guolian Xinghong Optimal Mixed A was established on August 3, 2022, with a latest scale of 41.976 million CNY, achieving a year-to-date return of 21.68% and a one-year return of 20.87% [2]

Core Viewpoint - KedaLi's stock price has shown significant growth this year, with a year-to-date increase of 60.54%, reflecting strong market interest and performance in the lithium battery sector [1][2]. Financial Performance - For the period from January to September 2025, KedaLi achieved a revenue of 10.603 billion yuan, representing a year-on-year growth of 23.41% [2]. - The net profit attributable to shareholders for the same period was 1.185 billion yuan, marking a year-on-year increase of 16.55% [2]. Stock Market Activity - As of December 25, KedaLi's stock price was 153.60 yuan per share, with a market capitalization of 42.051 billion yuan [1]. - The stock experienced a net inflow of 17.6152 million yuan from main funds, indicating positive investor sentiment [1]. - The trading volume showed a turnover rate of 0.80%, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.31% to 9,210 shares [2]. - The top shareholders include Hong Kong Central Clearing Limited and other institutional investors, with notable changes in their holdings [3]. 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 past three years [3]. Business Overview - KedaLi, established on September 20, 1996, specializes in the research and manufacturing of precision structural components, primarily for lithium batteries [1]. - The company's revenue composition indicates that 96.52% comes from lithium battery structural components, with automotive structural components contributing 3.26% [1]. Industry Position - KedaLi operates within the electric equipment industry, specifically in the battery and lithium battery sectors, and is associated with concepts such as energy storage and solid-state batteries [1].

Core Viewpoint - KedaLi's stock price has experienced fluctuations, with a year-to-date increase of 54.80%, but a recent decline in the short term, indicating potential volatility in investor sentiment and market conditions [1]. Financial Performance - For the period from January to September 2025, KedaLi reported a revenue of 10.603 billion yuan, representing a year-on-year growth of 23.41%. The net profit attributable to shareholders was 1.185 billion yuan, reflecting a growth of 16.55% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period. The average number of circulating shares per shareholder increased by 5.31% to 9,210 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 1.128 million shares [3]. 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 past three years [3].

Group 1 - The core initiative "East Expansion" aims to transform the urban development of Zaozhuang from a scattered to a concentrated model, focusing on industrial upgrading, transportation interconnectivity, and functional restructuring [1][5] - The "Zero Carbon Smart Valley" integrated development demonstration zone is being established, featuring leading lithium battery companies such as Xinwanda and Keda Li, creating a comprehensive ecosystem for the new energy battery industry [3][5] - The area has received approval for a control plan, with a 5.7 square kilometer zero-carbon demonstration park recognized as one of the first in the province, highlighting the commitment to low-carbon development [3] Group 2 - The planning adjustments under "East Expansion" provide more space for regional development, aiming to integrate industrial, commercial, and high-quality living areas, breaking traditional separations between industrial and urban functions [5] - A future industry development promotion center is planned to enhance service functions within the park, focusing on business offices, R&D incubation, and pilot transformation, set to start construction in March next year [7] - The center aims to attract high-quality enterprises and innovative teams, thereby enhancing the functionality of the "Zero Carbon Smart Valley" and injecting sustained momentum into the "East Expansion" initiative [7]

Group 1 - The core viewpoint of the articles highlights the performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a positive trend in the market with a 0.81% increase as of December 22, 2025 [1] - The CSI 500 Quality Growth ETF (560500) has shown a recent increase of 0.85%, with significant trading activity, averaging daily transactions of 8.55 million yuan over the past week [1] - The report from Galaxy Securities notes a "super central bank week," with mixed monetary policy actions from major global central banks, leading to increased volatility in capital markets, including A-shares [1] Group 2 - The A-share market is entering a critical window for cross-year layout, with expectations for structural opportunities driven by policy guidance and industry prosperity, particularly in early 2026 [2] - The CSI 500 Quality Growth Index closely tracks 100 high-profitability, sustainable, and cash-rich companies, providing diverse investment options for investors [2] - As of November 28, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index, with notable companies including Huagong Technology and Kaiying Network [2]

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 储能全球开花需求旺盛、AIDC 和人形加速 2025 年 12 月 21 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 行业走势 -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 电力设备 沪深300 相关研究 《储能全球开花需求旺盛，AIDC 和人 形加速》 2025-12-14 《储能锂电淡季不淡、AIDC 和人形加 2025-12-07 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 速》 ◼ 电气设备 9787 下跌 3.12%，表现弱于大盘。（本周，12 月 15 日-12 月 19 日），发电设备跌 3.77%，风电 跌 3.22 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].

（文章来源：证券日报） 证券日报网讯 12月16日，科达利在互动平台回答投资者提问时表示，目前公司订单充足，生产经营各 环节衔接有序，整体运营稳中向好。未来公司将继续深耕主业，积极拓展市场空间，专注于提升核心竞 争力，进一步扩大公司整体经营效益，以持续稳定的发展回报股东。 ...