Market Overview - The battery sector experienced a slight decline of 0.07% on the previous trading day, with Tianji Co. leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the battery sector included: - Xatu Tungsten New Energy (688778) with a closing price of 86.70, up 7.45% and a trading volume of 227,500 shares, totaling 1.973 billion yuan [1] - Zhongyi Technology (301150) closed at 42.00, up 5.53% with a trading volume of 219,100 shares [1] - Yema Battery (605378) closed at 29.29, up 4.98% with a trading volume of 191,800 shares, totaling 556 million yuan [1] - Major decliners included: - Tianji Co. (002759) closed at 15.76, down 9.99% with a trading volume of 1,147,300 shares, totaling 1.862 billion yuan [2] - Shanshan Co. (600884) closed at 14.13, down 7.10% with a trading volume of 1,587,500 shares, totaling 2.292 billion yuan [2] - Yihua Road (688339) closed at 25.95, down 6.05% with a trading volume of 168,800 shares [2] Capital Flow - The battery sector saw a net outflow of 2.157 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.057 billion yuan [2][3] - Key stocks with significant capital flow included: - Ningde Times (300750) with a net inflow of 396 million yuan from institutional investors [3] - Xatu Tungsten New Energy (688778) with a net inflow of 15.2 million yuan from institutional investors [3] - Tianhua New Energy (300390) with a net inflow of 93.886 million yuan from institutional investors [3]

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan. Lithium battery storage remains the primary technology route [43] - The lithium battery index has shown significant growth, with a year-to-date increase of 46.60%, outperforming the CSI 300 index by 32.29 percentage points [10] - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits across the lithium battery supply chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [43] Summary by Sections Market Review - As of September 18, 2025, the lithium battery index rose by 17.97% over the past two weeks, outperforming the CSI 300 index by 14.92 percentage points [10] - The lithium battery index has increased by 19.54% this month and 46.60% year-to-date [10] Price Changes in the Lithium Battery Supply Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [23] - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen price declines of 0.86%, 1.24%, and 0.34%, respectively [25] - The price of electrolyte lithium hexafluorophosphate increased by 0.88% to 57,000 yuan/ton [29] Industry News - The China Passenger Car Association estimates that the retail sales of new energy passenger vehicles in September will reach approximately 1.25 million units, with a penetration rate expected to rise to 58.1%, setting a new historical high [38] - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [38] - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [41][39] Company Announcements - CATL reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion yuan, up 33.33% [44] - Enjie Co., Ltd. is focusing on the development of solid-state battery materials and has established a production line for high-purity lithium sulfide [44] - Tianwei Technology has successfully developed a solid-state electrolyte with high ionic conductivity and is now capable of large-scale supply [42]

Core Viewpoint - The battery sector is experiencing fluctuations, with the Battery 50 ETF (159796) showing a slight decline but significant investment interest, indicating strong market engagement and potential growth opportunities in the sector [1][2]. Group 1: Market Performance - As of September 19, the Battery 50 ETF (159796) saw a minor drop of 0.11%, but it gained 86 million shares during the day, pushing its total scale beyond 6 billion yuan, leading its peers significantly [1]. - The China Securities Battery Theme Index (931719) increased by 0.1%, with notable gains from companies like Xian Dao Intelligent (over 4%) and Yiwei Lithium Energy (over 3%), while companies like Sanhua Intelligent Control experienced a significant drop of over 8% [2][3]. Group 2: Key Stocks and Components - The top ten components of the Battery 50 ETF include: - Sungrow Power (14.38%, -1.87%) - CATL (8.22%, +0.66%) - Sanhua Intelligent Control (7.15%, -8.30%) - Yiwei Lithium Energy (6.32%, +3.33%) - Xian Dao Intelligent (4.45%, +4.20%) [4]. - The ETF's index has a high storage content of 24%, significantly benefiting from the storage sub-sector's growth, while solid-state battery content stands at 37%, indicating strong potential for future growth [7]. Group 3: Industry Developments - The 2025 Suining International Lithium Battery Industry Conference emphasized the need for innovation in lithium battery technology, focusing on solid-state batteries, sodium-ion batteries, and fast-charging batteries [4]. - Xian Dao Intelligent announced advancements in solid-state battery production, having achieved multiple technological breakthroughs and successfully delivered equipment to various battery manufacturers [5]. - The solid-state battery industry is projected to see significant growth, with a potential market space of 2.5 billion yuan by 2027, growing at a CAGR of 122% to reach 27.3 billion yuan by 2030 [6].

Core Viewpoint - Xiaopeng Motors has introduced Yiwei Lithium Energy as a battery supplier for its MONA series vehicles, while the long-range versions will continue to use BYD batteries. This move reflects a broader trend in the automotive industry towards multi-supplier strategies to enhance supply chain stability and reduce costs [1][2][4]. Group 1: Supplier Strategy - Many leading automotive companies, including Tesla, BMW, Geely, and SAIC, have adopted a strategy of collaborating with multiple battery suppliers to mitigate risks associated with relying on a single source [2][4]. - The multi-supplier approach allows companies to enhance their bargaining power, as competition among suppliers can lead to improved service quality and lower prices [4][5]. - Analysts suggest that while companies prefer to have a single supplier for optimal quality, they typically maintain two to three backup suppliers to ensure reliability [5]. Group 2: Consumer Concerns - The mixed battery supply strategy has raised concerns among consumers regarding the transparency of battery sourcing and performance, as seen in the case of Li Auto's models that use batteries from different suppliers [6][7]. - Consumers have expressed dissatisfaction over the lack of clarity about battery origins, particularly for high-priced models, leading to questions about potential cost-cutting measures by manufacturers [6][7]. - Industry experts emphasize the importance of clear communication regarding battery specifications to respect consumer rights and avoid misunderstandings [7].

Group 1 - Xiaomi has officially open-sourced its first native end-to-end voice model, Xiaomi-MiMo-Audio, which is based on an innovative pre-training architecture and over one billion hours of training data, achieving few-shot generalization based on ICL in the voice domain for the first time [1] - The improvement in Xiaomi's AI capabilities is expected to enhance the user experience of related consumer electronics products [1] - As of September 19, 2025, the CSI Consumer Electronics Theme Index (931494) surged by 1.53%, with notable increases in component stocks such as Lixun Precision (002475) up by 4.97% and Industrial Fulian (601138) up by 5.95% [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index (931494) include Cambricon (688256), Lixun Precision (002475), and SMIC (688981), collectively accounting for 54.8% of the index [2] - The CSI Consumer Electronics Theme Index consists of 50 listed companies involved in component production and complete brand design and manufacturing, reflecting the overall performance of consumer electronics-related securities [1][2] - The performance of the Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, which has recently seen an eight-day consecutive rise [1]

①需求展望：储能电池需求持续性超预期，价格底部企稳开始回升。预计全球25年动储需求预计 1877GWh，同增35%，同时26年预计动储需求2309gwh，同比增23%，此后依靠海外电动化提速和储能 持续高增，预计仍可维持15-20%复合增长。其中，25年全球储能电池需求上修至521gwh，同比增 60%，26年预计全球储能需求上修至36%增长。 东吴证券研报指出：旺季来临储能电芯涨价落地超预期，锂电三年通缩结束，头部满产，二三线产能利 用率提升明显，26年龙头指引大超市场预期，预期差明显，电池一线盈利持续向好、二线盈利拐点，继 续强推电池板块。 ②供给端看，龙头25年新增产能减少，行业产能利用率提升至72%，26年维持72%，但一二线公司产能 利用率80-90%，而海外及小厂商产能利用率低。 ③价格端，储能价格底部回升，盈利改善明显，动力预计保持平稳，持续性可期。 ④产业趋势：电池出海加速，加速固态等新技术布局，龙头引领。为满足本土化配套，宁德、亿纬等二 线厂商纷纷加速欧洲和东南亚产能布局，配套海外客户，价格和盈利较国内市场具备溢价，预计26-27 年海外产能密集投放。技术上，储能电芯大电芯化，同时重视稳定性 ...

Group 1: Industry Events - The 2025 High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen [1] Group 2: Company Developments - Sichuan Yahua Industrial Group has confirmed the synthesis process for lithium sulfide and plans to establish a pilot line by 2026, with sample production expected by the end of this year [4] - EVE Energy has successfully entered the battery supply system for Xiaopeng's MONA model, providing traditional square batteries which offer better adaptability and lower development costs compared to BYD's blade batteries [5] - Greeenme has signed a strategic cooperation framework agreement with Lvtong Technology to focus on the recycling and utilization of new energy vehicles and power batteries, creating a closed-loop industrial chain [8] - Xingheng Power and Niu Electric have signed a strategic cooperation agreement for micro-blade electric motorcycle lithium batteries, with a collaboration scale of 3 GWh [9] - Tianqi Lithium has commenced the construction of a pilot project for 50 tons of lithium sulfide, utilizing new technology for rapid mass production [11] - Hebei Kuntian New Energy has launched its first phase of a silicon-carbon anode material production line, with plans for a second phase to reach an annual capacity of 5,000 tons [12][14] - Hailiang Co. has developed new copper foil products suitable for solid-state batteries, which are now ready for mass production [16] Group 3: International Developments - InoBat has received €53.8 million in subsidies and a €456,000 loan from the Spanish government to support the construction of a battery factory in Valladolid, with a total investment of approximately €712 million [17][19]

Market Overview - The Shanghai Composite Index fell by 1.15% on September 18, with only three sectors rising: electronics (0.93%), communications (0.19%), and social services (0.03%) [1] - The sectors with the largest declines were non-ferrous metals (-3.56%) and comprehensive industries (-2.85%) [1] - The power equipment sector also experienced a decline of 1.44% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 108.41 billion yuan, with only two sectors seeing net inflows: coal (235 million yuan) and social services (32.24 million yuan) [1] - The non-bank financial sector had the largest net outflow, totaling 18.97 billion yuan, followed by non-ferrous metals with a net outflow of 12.75 billion yuan [1] Power Equipment Sector Performance - The power equipment sector saw a net outflow of 11.11 billion yuan, with 362 stocks in the sector; 68 stocks rose while 293 fell [2] - The top three stocks with net inflows exceeding 100 million yuan were Tongyu Heavy Industry (563 million yuan), Xian Dao Intelligent (350 million yuan), and Far East Holdings (183 million yuan) [2] - The stocks with the largest net outflows included Ningde Times (-1.04 billion yuan), Yiwei Lithium Energy (-1.02 billion yuan), and Wolong Electric Drive (-878 million yuan) [2][4] Top Gainers in Power Equipment Sector - The top gainers in the power equipment sector included: - Tongyu Heavy Industry: +12.75% with a turnover rate of 22.61% and a main capital flow of 563.32 million yuan [2] - Xian Dao Intelligent: +5.90% with a turnover rate of 14.78% and a main capital flow of 350.03 million yuan [2] - Far East Holdings: +9.95% with a turnover rate of 8.22% and a main capital flow of 182.62 million yuan [2] Top Losers in Power Equipment Sector - The top losers in the power equipment sector included: - Ningde Times: -2.71% with a turnover rate of 1.22% and a main capital flow of -1.04 billion yuan [4] - Yiwei Lithium Energy: -4.71% with a turnover rate of 5.31% and a main capital flow of -1.02 billion yuan [4] - Wolong Electric Drive: +9.61% with a turnover rate of 20.28% and a main capital flow of -878 million yuan [4]

Group 1 - Sodium-ion battery energy storage systems are accelerating towards commercialization, with EVE Energy's first large-capacity sodium-ion battery energy storage system successfully connected to the grid at its Jingmen base [2] - EVE Energy announced the successful grid connection of its first 180kWh sodium-ion battery energy storage system on September 17, featuring the NF155L sodium-ion battery cell, which offers high safety, wide temperature range, high discharge rate, long lifespan, and low carbon emissions [3] - The NF155L battery supports 0% state of charge (SOC) for extended storage, ensuring safety during storage, transportation, and assembly, while also achieving over 30,000 cycles and reducing lifecycle carbon emissions by more than 42% compared to lithium-ion batteries [5] Group 2 - Multiple sodium-ion battery projects are progressing, including a 20MWh project awarded to Zhongke Haina by China Huaneng Group, indicating a shift from laboratory to commercial and grid-side energy storage applications [6] - In Anhui Huainan, the first megawatt-level aqueous sodium-ion battery energy storage demonstration station is under construction, with global sodium-ion battery shipments expected to approach 2GWh in 2024 and exceed 5GWh in 2025 [8]

Market Overview - The battery sector experienced a decline of 1.98% on the previous trading day, with Tianli Lithium Energy leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the battery sector included: - Yihuatong (688339) with a closing price of 27.62, up 13.38% and a trading volume of 293,100 shares, totaling 8.09 billion yuan [1] - Anfu Technology (603031) closed at 41.28, up 8.15% with a trading volume of 149,400 shares, totaling 6.07 billion yuan [1] - Jinyang Co. (301210) closed at 52.30, up 7.41% with a trading volume of 137,100 shares, totaling 7.12 billion yuan [1] - Conversely, significant decliners included: - Tianli Lithium Energy (301152) closed at 27.57, down 4.77% with a trading volume of 61,100 shares, totaling 172 million yuan [2] - ZhiJian Electronics (301121) closed at 49.06, down 4.74% with a trading volume of 69,000 shares, totaling 34.3 million yuan [2] - Yiwei Lithium Energy (300014) closed at 70.48, down 4.71% with a trading volume of 989,100 shares, totaling 707.42 million yuan [2] Capital Flow - The battery sector saw a net outflow of 5.733 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.521 billion yuan [2][3] - Key stocks with significant capital inflows included: - XianDao Intelligent (300450) with a net inflow of 390 million yuan from institutional investors [3] - TianCi Materials (002709) with a net inflow of 133 million yuan from institutional investors [3] - Hangke Technology (688006) with a net inflow of 107 million yuan from institutional investors [3]