Group 1 - Keda Li's stock price increased by 5.07% to 167.96 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 3.17%, resulting in a total market capitalization of 45.95 billion CNY [1] - Keda Li, established on September 20, 1996, and listed on March 2, 2017, specializes in the research and manufacturing of precision structural components, with 96.52% of its revenue coming from lithium battery structural components [1] Group 2 - The fund "Shangzheng New Energy Industry Mixed A" holds 20,900 shares of Keda Li, unchanged from the previous period, representing 7.38% of the fund's net value, making it the third-largest holding [2] - The fund has a total scale of 23.56 million CNY and has achieved a year-to-date return of 37.08%, ranking 1966 out of 8244 in its category [2] Group 3 - The fund manager Zhang Zhimei has a tenure of 7 years and 292 days, with a total fund asset size of 429 million CNY, achieving a best return of 121.21% during her tenure [3] - Co-manager Shi Jingcheng has a tenure of 173 days, managing assets of 32.05 million CNY, with a best return of 25.91% during his tenure [3]

泉果旭源三年持有期混合A（016709）基金经理为赵诣。 截至发稿，赵诣累计任职时间8年184天，现任基金资产总规模130.81亿元，任职期间最佳基金回报 329.41%， 任职期间最差基金回报2.72%。 9月18日，科达利跌5.04%，截至发稿，报162.70元/股，成交19.82亿元，换手率5.87%，总市值445.13亿 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(补充)0.13%，其他结 构件0.09%。 从科达利十大流通股东角度 数据显示，泉果基金旗下1只基金位居科达利十大流通股东。泉果旭源三年持有期混合A（016709）二 季度增持46.62万股，持有股数1069.84万股，占流通股的比例为5.44%。根据测算，今日浮亏损失约 9232.73万元。 泉果旭源三年持有期混合A（016709）成立日期2022年10月18日，最新规模112.01亿。今年以来 ...

Group 1 - The core viewpoint of the news is that KedaLi's stock price increased by 5.14% to 172.59 CNY per share, with a trading volume of 892 million CNY and a turnover rate of 2.74%, resulting in a total market capitalization of 47.218 billion CNY [1] - KedaLi, 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 is located in Shenzhen, Guangdong Province, specifically at the Shenzhen Bay Technology Eco-Park [1] Group 2 - Tianhong Fund has a significant holding in KedaLi, with its Tianhong Guozheng New Energy Battery Index Fund A (021963) increasing its position by 100 shares to a total of 4,900 shares, representing 3.9% of the fund's net value [2] - The Tianhong Guozheng New Energy Battery Index Fund A was established on October 15, 2024, with a current size of 5.9776 million CNY and a year-to-date return of 38.87%, ranking 983 out of 4222 in its category [2] - The fund manager, He Yuxuan, has been in the position for 4 years and 80 days, with the fund's total assets amounting to 11.448 billion CNY and a best return of 96.83% during his tenure [3]

9月17日，科达利盘中上涨2.02%，截至11:05，报167.47元/股，成交6.46亿元，换手率2.00%，总市值 458.18亿元。 资金流向方面，主力资金净流入770.22万元，特大单买入6518.65万元，占比10.08%，卖出6787.11万 元，占比10.50%；大单买入1.62亿元，占比25.03%，卖出1.51亿元，占比23.43%。 科达利今年以来股价涨75.03%，近5个交易日涨17.92%，近20日涨27.98%，近60日涨46.52%。 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(补充)0.13%，其他结 构件0.09%。 科达利所属申万行业为：电力设备-电池-锂电池。所属概念板块包括：汽车零部件、智能汽车、新能源 车、人形机器人、特斯拉等。 截至6月30日，科达利股东户数2.25万，较上期增加17.83%；人均流通股8746股，较上期减少15. ...

Core Viewpoint - The article highlights the dynamic changes in Malaysia's position as a key node in Southeast Asia's electric vehicle supply chain, with companies like Xinzhoubang and KedaLi making strategic decisions based on regional advantages and market conditions [3][8]. Group 1: Company Developments - Xinzhoubang's factory in Malaysia has successfully commenced operations, marking it as the first Chinese electrolyte manufacturer to achieve localized production and delivery in Southeast Asia [3]. - The factory, located in Kedah's Kulim Hi-Tech Park, took approximately seven months from registration to delivery, supported by the Kedah State Investment Development Corporation [3]. - Star Source Materials has also launched its first phase of production in Malaysia, with an annual capacity of 2 billion square meters and an investment close to 5 billion RMB, indicating strong market demand from global battery manufacturers [5]. Group 2: Investment Trends - Several lithium battery material companies are investing in Malaysia, including Shantai Technology, which plans to invest $154 million to build a 50,000-ton annual capacity for anode materials [6]. - Other companies, such as Jinyang Co. and Hunan Youneng, have announced plans to establish production facilities in Malaysia, contributing to a relatively complete battery supply chain in the region [6]. Group 3: Strategic Shifts - KedaLi announced a shift of its planned investment from Malaysia to Thailand, reducing the investment from up to 600 million RMB to 210 million RMB, citing better location conditions, policy support, and industrial chain collaboration in Thailand [7][8]. - This decision reflects a broader trend of companies dynamically assessing and comparing investment environments and benefits across different countries and regions [8].

事 锂电池产业链 超配（维持） 8 月电池销量同比延续快速增长 锂电池产业链跟踪点评 2025 年 9 月 15 日 分析师：黄秀瑜（SAC 执业证书编号：S0340512090001） 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 件 点 评 事件： 2025 年 8 月新能源汽车产销量及电池产销量数据公布。 点评： 8月新能源汽车产销同比延续快速增长。根据中汽协数据，2025年8月新能源汽车产销分别为139.1万 辆和139.5万辆，同比分别增长27.4%和26.8%，环比分别增长11.91%和10.54%。其中，纯电动销量90.8 万辆，同比增长40.5%，环比增长11.96%；插电式混动销量48.7万辆，同比增长7.5%，环比增长7.98%。 1-8月新能源汽车产销分别为962.5万辆和962万辆，同比分别增长37.3%和36.7%。其中，纯电动销量 615.8万辆，同比增长46.1%；插电式混动销量346万辆，同比增长22.8%。8月新能源汽车渗透率48.8%， 环比上升0.1pct；1-8月渗透率45.5%。8月新能源汽车出口22.4万辆，同比增长1倍，环比下降0.6% ...

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of KedaLi, indicating a significant increase in stock price and trading volume, alongside a strong financial performance in terms of revenue and profit growth [1][2]. - As of September 11, KedaLi's stock price increased by 2.06% to 144.95 CNY per share, with a total market capitalization of 39.656 billion CNY and a trading volume of 383 million CNY [1]. - KedaLi's stock has risen by 51.49% year-to-date, with notable increases of 10.62% over the last five trading days, 23.86% over the last 20 days, and 31.07% over the last 60 days [1]. Group 2 - For the first half of 2025, KedaLi reported a revenue of 6.645 billion CNY, representing a year-on-year growth of 22.01%, and a net profit attributable to shareholders of 769 million CNY, up 18.72% [2]. - The company has distributed a total of 1.312 billion CNY in dividends since its A-share listing, with 1.022 billion CNY distributed over the past three years [3]. - As of June 30, 2025, KedaLi had 22,500 shareholders, an increase of 17.83%, with an average of 8,746 circulating shares per shareholder, a decrease of 15.11% [2].

截至2025年9月11日 10:40，中证电池主题指数上涨0.86%，成分股科华数据10cm涨停，科士达上涨5.57%，厦钨新能上涨5.43%，德业股份上涨5.42%，南网 科技上涨5.02%。电池ETF嘉实(562880)上涨0.41%。拉长时间看，截至2025年9月10日，电池ETF嘉实近1周累计上涨11.42%，涨幅排名可比基金第一。 没有股票账户的场外投资者还可以通过电池ETF嘉实联接基金（016567）一键布局电池产业链投资机会。 截至9月10日，电池ETF嘉实近1年净值上涨81.44%，指数股票型基金排名577/3007，居于前19.19%。从收益能力看，截至2025年9月10日，电池ETF嘉实自成 立以来，最高单月回报为31.11%，最长连涨月数为4个月，最长连涨涨幅为34.63%，上涨月份平均收益率为8.13%。 消息面方面，多家头部企业披露关键进展，如国轩高科全固态电池中试线贯通，良品率达90%；亿纬锂能"龙泉二号"全固态电池成功下线，能量密度达 300Wh/kg。此外，南都电源签署全球最大半固态储能电池订单（2.8GWh），鹏辉能源固态电池能量密度提升至320Wh/kg，标志着商业化应用取 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric and new energy sectors, including Ningde Times, Keda Li, and others, indicating strong growth potential and favorable market conditions [7][8]. Core Insights - The overall performance of the electric and new energy sector is under pressure, but there was a sequential improvement in profitability in Q2 2025. The sector achieved a total revenue of 16,755.54 billion yuan in H1 2025, a year-on-year increase of 3.49%, with a net profit of 861.47 billion yuan, up 16.04% year-on-year [3][12]. - The new energy vehicle sector shows a positive trend, with H1 2025 revenue reaching 6,747.57 billion yuan, a 10.67% increase year-on-year, although net profit decreased by 41.93% [4][16]. - The renewable energy generation sector faced challenges, with H1 2025 revenue of 9,646.02 billion yuan, down 1.96% year-on-year, and a net profit of 360.66 billion yuan, down 4.60% [66]. Summary by Sections Electric and New Energy Sector Overview - The sector's overall revenue in H1 2025 was 16,755.54 billion yuan, with a net profit of 861.47 billion yuan, reflecting a year-on-year increase of 3.49% and 16.04% respectively. Q2 2025 saw a revenue of 9,206.13 billion yuan, a 5.22% increase year-on-year and a 21.95% increase quarter-on-quarter [3][12][14]. New Energy Vehicle Sector - The new energy vehicle sector reported a revenue of 6,747.57 billion yuan in H1 2025, a 10.67% increase year-on-year, with a net profit of 580.45 billion yuan, down 41.93%. In Q2 2025, revenue was 3,578.87 billion yuan, up 10.20% year-on-year, and net profit was 313.93 billion yuan, up 31.44% [4][16][23]. Renewable Energy Generation Sector - The renewable energy generation sector's revenue in H1 2025 was 9,646.02 billion yuan, a decrease of 1.96% year-on-year, with a net profit of 360.66 billion yuan, down 4.60%. The average gross margin for the sector was 14.74% [66][69]. Key Companies and Financial Projections - Key companies such as Ningde Times and Keda Li are projected to have strong earnings growth, with EPS estimates for 2025E at 14.96 yuan and 6.77 yuan respectively, indicating a favorable PE ratio [7][8].

Core Insights - The report highlights breakthroughs in solid-state battery technology by leading companies such as EVE Energy, Putailai, and Xiamen Tungsten, benefiting from advancements in the energy storage sector [1][3] - A new supply-demand cycle is anticipated in the industry, emphasizing the importance of leading companies and flexible strategies [2] Group 1: Solid-State Battery Developments - EVE Energy's solid-state battery research institute in Chengdu has unveiled the "Longquan No. 2" all-solid-state battery, featuring a capacity of 10Ah and an energy density of 300Wh/kg, aimed at humanoid robots [1][3] - The Chengdu facility is being constructed in two phases, with the first phase expected to be completed by December 2025, achieving a manufacturing capacity of 60Ah batteries [3] - The solid-state battery industry aims to reach an energy density of 400Wh/kg and 1000Wh/L by 2025, accelerating the industrialization process [3] Group 2: Energy Storage Market Growth - Global energy storage battery shipments are projected to reach 258GWh in the first half of 2025, representing a year-on-year increase of 106% [1][4] - Chinese companies dominate the global energy cell shipment rankings, holding all top ten positions and accounting for 91.2% of the global market share [1][4] - Emerging overseas markets, such as Saudi Arabia, Australia, and Chile, have seen Chinese companies secure 199 new overseas energy storage orders, totaling over 160GWh, a year-on-year growth of 220.28% [4] Group 3: Photovoltaic and Silicon Industry Insights - The Chinese energy storage sector continues to gain global market share, with companies like CATL, Sungrow, EVE Energy, and others benefiting from this trend [4] - The Ministry of Industry and Information Technology has issued a plan to eliminate "involution" competition in the photovoltaic sector, promoting orderly development and capacity management [4][5] - China's polysilicon production reached 596,000 tons in the first half of 2025, with GCL-Poly's granular silicon cash cost dropping to 25.31 yuan/kg, potentially leading to profitability by August-September [5]