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 ...

Core Viewpoint - Company is advancing into the robotics sector, driven by the anticipated growth in the humanoid robot market and the demand for precision mechanical components [1][2] Group 1: Company Strategy and Developments - Company is one of the largest suppliers of precision structural components for power batteries in China and has been involved in the research and production of these components since early on [1] - In June of last year, the company invested in Shenzhen Kemei Innovation Robotics Technology Co., Ltd. to capitalize on the future development prospects of humanoid robots in industrial applications [1] - The latest investor relations activity indicates that the company aims to provide comprehensive solutions through innovative R&D, aligning with the trend of downstream clients entering the robotics field [1] Group 2: Collaboration and Market Needs - The company has adopted a joint venture approach to enter the robotics market, addressing the diverse needs of market demand and product design [2] - The collaboration is intended to leverage both parties' strengths, ensuring product competitiveness and accelerating business expansion [2] - The company is focusing on the R&D and production of key components such as high-precision reducers and joint modules required for humanoid robots, with a strategy to dynamically optimize based on customer needs [2] Group 3: Material Innovation - The company has developed a PEEK material solution in response to customer demands for lightweight, impact-resistant, and easy-to-assemble characteristics [2] - The company possesses a proprietary PEEK material formulation system, allowing it to offer specialized lightweight solutions tailored to customer requirements [2]

Production Capacity and Expansion Plans - The company maintains a high capacity utilization rate and will dynamically optimize its capacity layout and strategic planning based on industry trends and customer demand [2][5] - The Hungarian Phase I production base has commenced operations, while Phase II is under continuous investment [2][3] - Preparations for production bases in the USA and Malaysia are currently underway [3] Pricing Strategy and Market Conditions - The industry faces downward price pressure; however, the company focuses on cost reduction and efficiency improvements to maintain reasonable pricing while ensuring good profit levels [4] - Current downstream demand is steadily increasing, supported by the gradual release of overseas markets, which is expected to drive performance growth [5] Solid-State Battery and Robotics Business - The solid-state battery sector is still in its development phase, with the company establishing partnerships to gradually release production based on customer needs [6] - The company aims to capture opportunities in the humanoid robot market, leveraging its insights into the sector's potential and aligning with customer developments [7] Strategic Partnerships and Technology Development - The company collaborates with partners through joint ventures to address market demand and product design diversity, ensuring product competitiveness and market resource integration [8][9] - Focus on developing high-precision reducers and joint modules for humanoid robots, with ongoing customer engagements primarily in sample delivery [10] PEEK Material Solutions - The company has launched PEEK material solutions based on customer demands for lightweight, impact-resistant, and easy-to-assemble features, backed by a proprietary formulation system [12] - PEEK solutions are designed to meet varying application needs while ensuring strength and lightweight characteristics [12] Future Plans and Shareholder Engagement - Currently, there are no plans for stock incentives or buybacks; future considerations will depend on operational performance, strategic planning, and market conditions [14]

电力设备及新能源周报 20250525 4 月光伏装机量同环比提升显著，小米 YU 7 正式发布 2025 年 05 月 25 日 ➢ 本周（20250519-20250523）板块行情 电力设备与新能源板块：本周下跌 0.71%，涨跌幅排名第 16，弱于上证指数。 本周锂电池指数涨幅最大，太阳能指数跌幅最大。锂电池指数上涨 2.69%，太 阳能指数下跌 3.46%，新能源汽车指数下跌 1.62%，储能指数下跌 1.45%，风 力发电指数下跌 0.73%，工控自动化下跌 2.38%，核电指数上涨 0.77%。 ➢ 新能源车：小米 Yu7 正式亮相，豪华、舒适、科技深度融合 ➢ 风险提示：政策不达预期、行业竞争加剧致价格超预期下降等。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（倍） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 3007 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4][5]. Core Insights - The report highlights significant growth in the photovoltaic (PV) sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is also emphasized, particularly with the launch of Xiaomi's Yu7 SUV, which features advanced technology and performance metrics [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7% [4]. Summary by Sections New Energy Vehicles - Xiaomi's Yu7 SUV was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic PV installations totaled 104.93 GW, a 74.6% increase year-on-year, with April alone contributing 45.22 GW [3][33]. - The report notes a significant increase in inverter exports, reaching 58.17 billion yuan in April, up 18% year-on-year [3][36]. - However, component exports saw a decline, with a total of 622.41 billion yuan in the first four months, down 26.54% year-on-year [3][37]. Electric Equipment and Industrial Control - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% increase year-on-year [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric equipment and new energy sector experienced a slight decline of 0.71% in the week of May 19-23, underperforming compared to the Shanghai Composite Index [1]. - The lithium battery index saw the highest increase at 2.69%, while the solar energy index experienced the largest drop at 3.46% [1].

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 债券代码：127066 债券简称：科利转债 调整前转股价格：人民币 150.70 元/股 调整后转股价格：人民币 148.70 元/股 转股价格调整生效日期：2025 年 5 月 30 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准深圳市 科达利实业股份有限公司公开发行可转换公司债券的批复》（证监许可〔2022〕 1143 号）核准，深圳市科达利实业股份有限公司（以下简称"公司"）于 2022 年 7 月 8 日公开发行可转换公司债券（以下简称"本次发行"）15,343,705 张， 每张面值为人民币 100 元，期限 6 年。经深圳证券交易所（以下简称"深交所"） "深证上〔2022〕715 号"文同意，公司可转换公司债券于 2022 年 8 月 3 日起 在深交所挂牌交易，债券简称"科利转债"，债券代码"127066"。 根据《深圳市科达利实业股份有限公司公开 ...

（二）自公司 2024 年度利润分配方案披露至实施期间，公司总股本因股权 激励行权、可转债转股发生变化，截至本次权益分派实施申请日（2025 年 5 月 20 日），公司股本总额为 273,504,701 股。 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-026 | | --- | --- | --- | | 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 2024 年年度权益分派实施公告 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"或"本公司"）2024 年年度权益分派方案已获2025年5月9日召开的公司2024年度股东会审议通过。 现将权益分派事宜公告如下： 一、股东会审议通过利润分配方案等情况 （一）公司 2024 年年度权益分派方案已获 2025 年 5 月 9 日召开的 2024 年 度股东会审议通过，公司 2024 年度利润分配方案拟定为：以公司 2024 年权益分 派实施时股权登记日的总股本为基数，以母公司可供股东分配的利润向全体 ...

《新质生产力为矛，周期成长为盾— 电新行业 2025 年中期投资策略》 -2025.5.15 《充电桩"倍增"行动或引领新一轮 充电桩投资 — 行 业 点 评 报 告 》 -2025.5.14 电力设备 电力设备 2025 年 05 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-05 2024-09 2025-01 2025-05 电力设备 沪深300 相关研究报告 《低空经济行业周报（5 月第 3 周）： 沃飞长空获 120 架 AE200 订单，需求 拉动下吉林化纤碳纤维涨价—行业周 报》-2025.5.18 欧洲电车趋势已起——从欧洲车企 2025Q1 财报看电 动化趋势 ——行业深度报告 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790123070003 2025Q1 雷诺、大众、宝马在欧 BEV 销量大幅增长，特斯拉份额下滑。 2025 年第一季度，包括雷诺、大众、宝马在内的多家车企在欧洲的 BE ...

行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-05 2024-09 2025-01 2025-05 电力设备 沪深300 相关研究报告 《低空经济行业周报（5 月第 3 周）： 沃飞长空获 120 架 AE200 订单，需求 拉动下吉林化纤碳纤维涨价—行业周 报》-2025.5.18 《新质生产力为矛，周期成长为盾— 电新行业 2025 年中期投资策略》 -2025.5.15 《充电桩"倍增"行动或引领新一轮 充电桩投资 — 行 业 点 评 报 告 》 -2025.5.14 电力设备 电力设备 2025 年 05 月 21 日 投资评级：看好（维持） 欧洲电车趋势已起——从欧洲车企 2025Q1 财报看电 动化趋势 ——行业深度报告 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790123070003 2025Q1 雷诺、大众、宝马在欧 BEV 销量大幅增长，特斯拉份额下滑。 2025 年第一季度，包括雷诺、大众、宝马在内的多家车企在欧洲的 BE ...

电池ETF(159755)：紧密跟踪国证新能源车电池指数，国证新能源车电池指数反映沪深北交易所中新能 源车电池产业上市公司的市场表现。场外联接(A：013179；C：013180)。 政策面上，此前工信部发布《2025年汽车标准化工作要点》，在前瞻布局前沿领域标准研究中提到，推 动制定及发布车用人工智能、固态电池、电动汽车换电等标准子体系，加快全固态电池、动力电池在役 检测、动力电池标识标签等标准研制。 消息面上，国轩高科已推出G垣准固态电池，并在eVTOL、新能源汽车及人形机器人等领域取得实质性 进展。目前该电池已完成多家客户测试并实现样车超1万公里运行，产能达12 GWh。 招商证券最新研报观点认为，随着2025年中国工业机器人产量同比大幅增长，以及智能终端、智能制造 装备等新一代技术的发展，固态电池的市场需求显著提升，为其技术研发和产业化提供了广阔空间。 截至2025年5月21日 13:12，国证新能源车电池指数(980032)强势上涨2.55%，成分股国轩高科 (002074)10cm涨停，宁德时代(300750)上涨5.87%，当升科技(300073)上涨5.72%，贝特瑞(835185)，先 导智 ...