Flash | 27 Aug 2025 10:42:33 ET │ 11 pages China Battery Materials +852-2501-2441 jack.shang@citi.com Anna Wang +852-2501-2739 anna.d.wang@citi.com Jimmy Feng +852-2501-7588 jimmy.feng@citi.com Cynthia Wu +852-2868-7813 cynthia.d.wu@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations China Battery Supply Chain on the Ground: Sep prod pipeline ahead of expectation CITI'S TAKE ZE Consulting suggests that Top-5 battery makers' production pipeline might b ...

力 证券时报·数据宝统计，截至8月29日收盘，深沪北共61只个股连续5日或5日以上主力资金净流入。银都 股份连续13日主力资金净流入，排名第一；ST瑞和等连续9日主力资金净流入，位列第二。从主力资金 净流入总规模来看，寒武纪主力资金净流入金额最大，连续8天累计净流入16.56亿元，亿纬锂能紧随其 后，5天累计净流入8.70亿元。从主力资金净流入占成交额的比例来看，天普股份占比排名居首，该股 近6日上涨77.14%。（数据宝） 连续5日或以上主力资金净流入个股排名 | 证券代 | 证券简 | 主力资金净流入 | | 主力资金净流入金额 | 主力资金净流入比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | | （亿元） | （%） | （%） | | 688256 | 寒武纪 | 8 | 16.56 | | 1.04 | 59.80 | | 300014 | 亿纬锂 能 | 5 | 8.70 | | 3.98 | 17.92 | | 002335 | 科华数 据 | 7 | 8.69 | | 4.60 | 14.18 | ...

Core Viewpoint - The lithium battery industry is experiencing significant growth and competitive restructuring in the first half of 2025, with energy storage batteries emerging as a new growth engine, outpacing the growth of power batteries [2][4]. Overall Performance - The overall performance of battery companies shows improvement, but with notable differentiation. More than half of the 18 surveyed battery companies achieved both revenue and profit growth, including major players like CATL and A123 Systems [5][6]. - CATL, A123 Systems, and other first-tier companies reported revenue growth rates exceeding 30%, driven by continuous technological breakthroughs and successful product launches [5][6]. Market Dynamics - The total shipment of lithium batteries reached 776 GWh in the first half of 2025, a year-on-year increase of 68%. Power batteries accounted for 477 GWh (up 49%), while energy storage batteries surged to 265 GWh (up 128%) [7][8]. - In the power sector, lithium iron phosphate batteries dominated with a market share of 78%, reflecting a year-on-year growth of 68% [8]. Structural Growth and Competition - The industry is characterized by structural growth and differentiated competition, with leading companies maintaining high production capacity utilization rates above 90%, while many second and third-tier companies struggle with utilization rates below 60% [4][10]. - Leading companies are investing heavily in R&D to build technological barriers, with CATL's R&D expenditure exceeding 10 billion yuan [10]. Differentiated Strategies - Smaller companies are focusing on emerging markets like humanoid robots, leveraging their flexibility to meet niche demands and avoid direct competition with larger firms [11]. - Major companies are innovating business models, such as CATL's battery swapping and V2G technologies, to enhance their market position and explore new revenue streams [12]. Capital Movements - Several battery companies, including CATL and A123 Systems, have initiated plans for IPOs in Hong Kong to support their technological development and global expansion [13].

Group 1 - The core point of the article is that EVE Energy Co., Ltd. announced the release and pledge of shares by its controlling shareholder, Yiwai Holdings, which holds approximately 3.97 billion shares, accounting for 48.74% of its total shares [1][1][1] - As of the announcement date, EVE Energy's market capitalization is 117 billion yuan [1][1][1] - For the first half of 2025, EVE Energy's revenue composition is entirely from the electronic components manufacturing industry, with a 100% share [1][1][1] Group 2 - The article also mentions the upcoming A-class car exhibition in Southwest China, which will feature nearly 120 brands and 1,600 vehicles, indicating a competitive market landscape for new energy vehicles [1][1][1]

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-107 惠州亿纬锂能股份有限公司 关于控股股东部分股份解除质押及质押的公告 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。 3、股东股份累计被质押的情况 截至本公告披露日，公司控股股东、实际控制人及其一致行动人累计质押股份数量为397,320,000 股，占其所持股份比例为48.74%。具体情况如下： 1 / 2 | 股东 名称 | 持股数量 （股） | 持股比例 | 本次质押前 质押股份数 | 本次质押后质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 已质押股份情况 已质押股份 限售和冻结 | 占已质押 | 未质押股份情况 未质押股份 限售和冻结 | 占未质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 量（股） | （股） | | | | 股份比例 | | 股份比例 | | | | | | | | | 数量 | | 数量 | | | 亿纬 | 655,064,787 ...

子公司对外提供财务资助的进展公告 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。 一、财务资助事项概述 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-108 惠州亿纬锂能股份有限公司 关于子公司收到其合资公司归还财务资助部分款项暨 截至2024年12月24日，亿纬亚洲收到华飞镍钴归还的上述财务资助本金1,000万美 元。具体内容详见公司在创业板信息披露网站巨潮资讯网披露的《关于子公司收到其 合资公司归还财务资助部分款项暨子公司对外提供财务资助的进展公告》（公告编号： 2024-175）。 华飞镍钴按照协议约定按时履行相关义务和责任，截至本公告披露日，亿纬亚洲 已收到华飞镍钴归还的上述财务资助本金合计4,000万美元。 特此公告。 惠州亿纬锂能股份有限公司董事会 2025年8月29日 1 / 1 惠州亿纬锂能股份有限公司（以下简称"公司"）于2021年5月23日召开第五届董 事会第三十次会议审议通过了《关于子公司亿纬亚洲拟签署<印尼华宇镍钴红土镍矿湿 法冶炼项目合资协议>并向合资公司提供财务资助的的议案》，同意公司全资子公司亿 纬亚洲有限公司（以 ...

Group 1 - The ChiNext Index rose over 1.5% on August 29, with the lithium battery sector continuing its strong performance, while sectors like GPU, servers, IDC computing leasing, and CPO optical modules faced significant declines [1] - The recent hot topic, the Sci-Tech Innovation 50 ETF (159783), saw a drop of over 0.5%, with mixed performance among its constituent stocks, including significant declines in companies like Cambricon, Shanghai Semei, Loongson Technology, and others, while companies like Siengda Intelligent, CATL, and others saw notable gains [1] - Huatai Securities indicated that A-shares remain relatively undervalued globally, suggesting potential for significant appreciation based on metrics like market capitalization to GDP ratio [1] Group 2 - Huabao Securities reported that current market sentiment remains high, with an influx of new capital continuing, supporting the "deposit migration" logic, and the profit-making effect is expanding [2] - It is expected that A-shares will continue a trend of oscillating upward unless there is policy intervention, with a recommendation to maintain a balanced allocation focusing on mid to large-cap and leading companies [2] - The report emphasizes a positive outlook on technology growth styles amidst increasing economic uncertainty, suggesting attention to sectors like technology, new energy, cyclical (including military and rare earth), pharmaceuticals, and high-dividend stocks for rotation and rebound opportunities [2]

Market Performance - The solid-state battery sector in the A-share market experienced a significant surge, with companies like XianDao Intelligent, Hangke Technology, and JieBang Technology hitting the 20% daily limit increase [1] - Other notable performers included HaiBo SiChuang nearing the limit, BeiTeRui rising by 17%, and NingDe Times increasing by over 11% [1] Company Financials - XianDao Intelligent reported a revenue of 6.61 billion yuan for the first half of 2025, marking a year-on-year growth of 14.92%, with a net profit of 740 million yuan, up 61.19% [1] - The operating cash flow for XianDao Intelligent reached 2.353 billion yuan, a substantial increase of 231.33% compared to the same period last year [1] - The lithium battery intelligent equipment segment generated 4.545 billion yuan in revenue, reflecting a year-on-year growth of 16.40% [1] Business Segments - Non-lithium business, particularly in photovoltaic intelligent equipment, achieved a revenue of 531 million yuan, up 32.04%, with its revenue share increasing to 8.04% [1] - XianDao Intelligent's overseas business continued to grow, with revenue reaching 1.154 billion yuan, a year-on-year increase of 5.42%, and a gross margin improvement to 40.27% [1] Stock Performance - XianDao Intelligent's stock rose by 20.01%, with a total market capitalization of 55.6 billion yuan and a year-to-date increase of 77.80% [2] - Other companies in the sector also saw significant stock price increases, with Hangke Technology and JieBang Technology both rising by 20% [2]

Core Viewpoint - The article discusses the performance of the Chuangye 50 ETF (159682) and its major holdings, highlighting the fund's recent returns and the performance of its constituent stocks [1]. Group 1: ETF Performance - The Chuangye 50 ETF (159682) opened at 1.267 yuan, showing no change in price [1]. - Since its establishment on December 23, 2022, the fund has achieved a return of 26.74% [1]. - Over the past month, the fund's return has been 22.22% [1]. Group 2: Major Holdings Performance - Major stocks in the ETF include: - Ningde Times: increased by 0.32% [1]. - Dongfang Fortune: increased by 0.50% [1]. - Huichuan Technology: increased by 1.65% [1]. - Zhongji Xuchuang: decreased by 1.96% [1]. - Mindray Medical: decreased by 1.11% [1]. - Xinyi Sheng: decreased by 1.39% [1]. - Sunshine Power: decreased by 0.01% [1]. - Shenghong Technology: increased by 0.77% [1]. - Yiwei Lithium Energy: increased by 0.13% [1]. - Tonghuashun: increased by 0.07% [1]. Group 3: Management Information - The fund is managed by Invesco Great Wall Fund Management Co., Ltd. [1]. - The fund managers are Wang Yang and Zhang Xiaonan [1].

Group 1 - The solid-state battery sector in the A-share market experienced a significant surge, with companies like XianDao Intelligent, HangKe Technology, and JieBang Technology hitting the 20% daily limit increase [1] - XianDao Intelligent reported a revenue of 6.61 billion yuan for the first half of 2025, marking a year-on-year growth of 14.92%, and a net profit of 740 million yuan, up 61.19% [1] - The operating cash flow for XianDao Intelligent reached 2.353 billion yuan, a substantial increase of 231.33% compared to the same period last year [1] Group 2 - The lithium battery intelligent equipment business of XianDao Intelligent generated a revenue of 4.545 billion yuan, reflecting a year-on-year growth of 16.40% [1] - The photovoltaic intelligent equipment business achieved a revenue of 531 million yuan, with a year-on-year increase of 32.04%, contributing to 8.04% of total revenue [1] - XianDao Intelligent's overseas business revenue reached 1.154 billion yuan in the first half of 2025, a year-on-year increase of 5.42%, with a gross margin of 40.27% [1]