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） ...

9月29日，锂电龙头宁德时代AH股齐涨，盘中一度涨超5%。截至午间收盘，A股宁德时代 （300750.SZ）涨超3%，报392元/股，成交额103.95亿元，已超上一日全天。H股宁德时代（3750.HK） 涨4.43%，报554港元/股。 消息面上，产业层面，近日固态电池领域利好消息迭出。 公司层面，摩根士丹利发布关于宁德时代的研报，重申其对宁德时代A股和港股的"增持"评级。研报认 为，尽管NCM811电池组新产品尚未获公司确认，但新产品有望将EREV电池容量提升至80kWh，续航 超600km，并结合NP3.0技术提升安全与寿命。 值得注意的是，产业、公司端利好叠加下，产业链相关个股亦股价高涨。宁德时代产业链指数盘中拉 升，成分股中科达利10CM涨停，天赐材料涨超9%，湖北宜化、远东股份、新宙邦等涨超6%。此外， 参股宁德时代指数中，成分股中山公用、天华新能涨幅居前，均涨超4.5%。 | < W | 宁德时代产业链指数(8841034) | | Q | | --- | --- | --- | --- | | | 2707.94 57.05 2.15% | | | | 祭料 | 资讯 成分 | | 相关基金 ...

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]

摩根动力精选混合A（006250）成立日期2019年1月29日，最新规模4.88亿。今年以来收益56.99%，同 类排名618/8244；近一年收益88.16%，同类排名606/8080；成立以来收益189.82%。 摩根动力精选混合A（006250）基金经理为赵隆隆。 截至发稿，赵隆隆累计任职时间4年161天，现任基金资产总规模21.16亿元，任职期间最佳基金回报 63.1%， 任职期间最差基金回报-39.37%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月29日，科达利涨5.31%，截至发稿，报181.00元/股，成交3.97亿元，换手率1.13%，总市值495.19亿 元。 资料显示，深圳市科达利实业股份有限公司位于广东省深圳市南山区科技南路16号深圳湾科技生态园11 栋A座27层，成立日期1996年9月20日，上市日期2017年3月2日，公司主营业务涉及精密结构件研发和 制造业务。主营业务收入构成为：锂电池结构件96.52%，汽车结构件3.26%，其他( ...

科达利 20250926 摘要 科达利 2025 年上半年收入达 66.5 亿元，同比增长 22%，净利润率约 10%-11%。预计全年收入增长 25%至 140 亿元以上，净利润维持 12%水平，达 17-18 亿元。结构件业务受益于市场增长和份额稳定，盈 利能力保持领先。 科达利结构件业务中，高端盖板收入占比高，盈利能力强。公司与宁德 时代等头部客户保持稳定合作关系，宁德时代占公司份额约 35%- 40%，科达利占宁德时代份额约 40%，客户结构分散且优质。 科达利通过高产能利用率、就近配套建厂策略、高良率和高自动化率实 现成本优势，运输费用节省 2%-3%，盖板产线 PPM 效率提升，良率高 于竞争对手 5 个百分点，毛利率高于竞争对手。 科达利在欧洲已投产匈牙利、瑞典、德国三个工厂，并计划 2026 年在 马来西亚投产，美国工厂也在规划中。预计 2025 年海外收入接近 10 亿元，实现盈亏平衡，2026 年预计增长 50%，实现盈利。 科达利重点布局谐波减速器，已迭代两代产品，并在轻量化方面表现出 色。与台湾门立合作多年，积累丰富经验，并与特斯拉等北美头部客户 合作超十年，为机器人业务建立信任基础。 ...

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].