Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

Core Viewpoint - Shenzhen Keda Li Industrial Co., Ltd. has completed the registration of changes in its business license, including an increase in registered capital to 271.361808 million RMB [2]. Group 1: Company Information - The company name is Shenzhen Keda Li Industrial Co., Ltd. with a unified social credit code of 914403002792732914 [2]. - The company is classified as a listed other joint-stock company and is located in Longhua District, Shenzhen [2]. - The legal representative is Li Jiji and the company was established on September 20, 1996, with perpetual operation [2]. - The business scope includes the production and sales of hardware products, aluminum cover plates, plastic products, die-casting products, molds, and automotive parts, as well as import and export of goods and technology [2]. Group 2: Corporate Governance - The changes in registered capital and amendments to the Articles of Association were approved by the company's fifth board of directors and the 2024 annual shareholders' meeting [1].

公司名称：深圳市科达利实业股份有限公司 统一社会信用代码：914403002792732914 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-028 | | --- | --- | --- | | 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 关于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"）第五届董事会第十六 次会议、公司 2024 年度股东会分别审议通过了《关于变更公司注册资本及修订< 公司章程>的议案》。具体内容详见公司于 2025 年 4 月 18 日、2025 年 5 月 10 日 在《证券时报》《中国证券报》《上海证券报》和《证券日报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《公司第五届董事会第十六次会议决议公告》 （公告编号：2025-006）、《公司关于变更公司注册资本及修订<公司章程>的公告》 （公告编号：2025-015）及《公司 2024 年度股东会决议公告》（公告编 ...

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

Core Viewpoint - The humanoid robot industry is expected to experience strong growth, with a significant demand for harmonic reducers projected by 2027, leading to potential supply shortages [1][2]. Group 1: Industry Growth and Demand - The traditional industrial sector, which includes industrial robots, is expected to demand approximately 2 million units in 2024, with an annual growth rate of 8-10% [2]. - The average usage of harmonic reducers in humanoid robots is over 10 units per machine, with global humanoid robot sales potentially exceeding 500,000 units by 2027, resulting in a demand for 6 million harmonic reducers [2]. - Total demand, combining traditional and humanoid robots, could reach 8.72 million units by 2027 [2]. Group 2: Supply and Capacity - By 2025, global effective production capacity for harmonic reducers is estimated at 5 million units, with a utilization rate of less than 50% [2]. - A demand surge in 2027 may create a supply gap exceeding 2 million units, with the long-term global market for harmonic reducers potentially exceeding 100 billion [2]. Group 3: Competitive Landscape - The competitive landscape is rapidly evolving, with domestic companies leading the incremental demand for humanoid robots [3]. - In 2024, Harmonic Drive (哈默纳科) is projected to hold a 58% global market share, while domestic company Green Harmonic (绿的) leads the first tier with a 15% share [3]. - New entrants are focusing on the humanoid sector, emphasizing manufacturers with strong technical capabilities and customer advantages [3]. Group 4: Pricing and Cost Structure - The mainstream price for harmonic reducers ranges from 1,000 to 2,000 per unit, with a slight downward trend expected [3]. - The manufacturing cost of harmonic reducers accounts for over 50% of the total cost, indicating significant potential for cost reduction through scale [3].

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [1] Core Views - The humanoid robot sector is expected to see significant growth, with a projected market space exceeding 15 trillion yuan and a production milestone in 2025 [9][10] - The electric vehicle market is experiencing a price war, with a projected annual sales growth of 30% [11] - The energy storage sector is anticipated to grow significantly, particularly in emerging markets, with a global installation CAGR of 20-40% from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power up by 3.8% and electric equipment down by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, with multiple companies launching new products and securing significant funding [5] - The energy storage market in China is seeing new projects and installations, with a notable increase in demand for large-scale storage solutions [24][25] Company Insights - Companies like Ningde Times and BYD are highlighted as key players in the battery and electric vehicle sectors, with strong sales performance and growth potential [8] - Tesla's humanoid robot production is set to ramp up, with expectations of thousands of units by the end of the year [9] - The report emphasizes the importance of supply chain players in the humanoid robot sector, recommending companies involved in key components like actuators and sensors [10] Investment Strategy - The report suggests a focus on leading companies in the humanoid robot, electric vehicle, and energy storage sectors, including Ningde Times, BYD, and various component manufacturers [11][8] - It highlights the potential for significant returns in the humanoid robot market, comparing it to the early stages of the electric vehicle market [9][10] - The energy storage market is expected to benefit from policy adjustments and increasing demand, particularly in Europe and emerging markets [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a global leader in lithium battery structural components, with a domestic market share of over 50% and a global market share of approximately 30% [8][14] - The company has established strong partnerships with major battery manufacturers, ensuring stable growth and profitability [8][42] - The structural components industry has high barriers to entry, and the company is expected to maintain its competitive edge through technological and cost advantages [8][34] Summary by Sections Company Overview - The company has rapidly grown by binding with leading battery manufacturers, achieving a domestic market share of 50% in lithium battery structural components [14] - The business structure is heavily focused on lithium battery structural components, which contribute over 95% of revenue and profit [21] - The company’s revenue is expected to follow industry growth, with a projected revenue of 120 billion yuan in 2024, reflecting a year-on-year increase of 14% [24] Industry Analysis - The structural components significantly impact battery safety and consistency, accounting for about 8% of battery costs [34] - The global market for structural components is projected to grow at a compound annual growth rate (CAGR) of 15%-20% over the next three years [39] - The industry is characterized by stable competition, with leading companies maintaining significant market shares [42] Competitive Advantages - The company possesses deep technological and cost advantages, which are expected to sustain its profitability [8][34] - The company is expanding its overseas production capacity, which is anticipated to contribute significantly to revenue growth [8][34] - The company has established joint ventures to enter the robotics sector, focusing on harmonic reducers, which could provide substantial future earnings potential [8][34] Financial Projections - The company’s net profit is projected to grow from 18.8 billion yuan in 2025 to 27.9 billion yuan in 2027, with corresponding P/E ratios of 16, 13, and 11 [8][24] - The report estimates a stable net profit margin of over 10% for the company, indicating strong operational efficiency [28]

Core Viewpoint - The China Securities Battery Theme Index (CS Battery, 931719) has shown a decline of 0.91% to 2370.64 points, with a trading volume of 17.313 billion yuan, reflecting a mixed performance in the battery sector [1] Group 1: Index Performance - The CS Battery Index has increased by 2.55% over the past month, but has decreased by 13.54% over the last three months and is down 5.16% year-to-date [1] - The index was established on December 31, 2014, with a base value of 1000.0 points [1] Group 2: Index Composition - The top ten holdings in the CS Battery Index are: CATL (10.8%), Sungrow Power (8.73%), Sanhua Intelligent Control (6.69%), Yiwei Lithium Energy (6.5%), Greeenme (3.63%), Xinwanda (3.2%), Guoxuan High-Tech (3.13%), Tianci Materials (2.65%), Xianlead Intelligent (2.52%), and Kodali (2.5%) [1] - The index's market distribution shows that 79.55% of holdings are from the Shenzhen Stock Exchange, 19.58% from the Shanghai Stock Exchange, and 0.87% from the Beijing Stock Exchange [1] Group 3: Industry Breakdown - The industry composition of the CS Battery Index indicates that 82.46% is in the industrial sector, 12.68% in consumer discretionary, 3.74% in materials, and 1.12% in utilities [1] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the CS Battery Index include various ETFs and mutual funds, such as the China Merchants CS Battery Theme ETF and others [2]

股票代码: 002850 债券代码:127066 股票简称:科达利 债券简称:科利转债 深圳市科达利实业股份有限公司 公开发行可转换公司债券 第一次临时受托管理事务报告 (2025 年度) 债券受托管理人 二〇二五年五月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于深圳市科达利实业股 份有限公司公开发行可转换公司债券之债券受托管理协议》(以下简称"《受托 管理协议》")《深圳市科达利实业股份有限公司公开发行可转换公司债券募集 说明书》（以下简称"《募集说明书》"）等相关规定,由本次债券受托管理人 中国国际金融股份有限公司编制。中金公司编制本报告的内容及信息均来源于 深圳市科达利实业股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下,投资者依据本报告所进行的任何作为或不作为,中金公 司不承担任何责任。 l 中国国际金融股份有限公司(以下简称"中金公司")作为深圳市科达利实 业股份有限公司(以下简称"科达利"、"发行人"或"公司")公开发行可转换 公司债券(债券 ...

今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...