之前多方爆料亿纬锂能与特斯拉合作，对此结果亿纬既没有承认也没有明确否认。 起点锂电获悉，充电头网在一次拆解中发现，特斯拉一款海外上市的产品中使用了亿纬锂能电芯，不过该产品既不是动力产品也不是储能产 品，而是 新款移动电源，名字叫 Scale Megapack Charger 。 该产品上架于今年 2 月份，形状与 Megapack 一致，外形比例为 1:40 ，其内部采用了 6 颗亿纬锂能 INR18650/35V 锂电池，该型号电 池容量 3500mAh ，电压达 3.65V ，能量为 12.78Wh ，已通过 CE 、 CCC 认证。 图片来源：充电头网 起点锂电也在特斯拉海外商城找到了该款移动电源的详细介绍： 1:40 规模的 Megapack 便携式充电器是特斯拉 Megapack 储能系统的微 型复制品,可让您随时随地携带可靠的电源。 用于制造实际Megapack的相同3D CAD数据用于再现该比例模型中的每个细节和表面,包括可操 作的门，它可以同时为三个设备提供快速充电,并在激活时发出红色环境光。 圆柱电池功不可没 进入特斯拉的供应链说明亿纬锂能的圆柱电池质量得到了甲方认可。 在 4月28日举行的 ...

Core Viewpoint - The China Securities Green Energy Index has experienced a decline in recent months, reflecting challenges in the green energy sector and the performance of its constituent companies [2]. Group 1: Index Performance - The China Securities Green Energy Index opened lower and fluctuated, down 0.82% to 3612.6 points with a trading volume of 24.847 billion yuan [1]. - Over the past month, the index has decreased by 7.44%, by 1.07% over the last three months, and has fallen by 5.27% year-to-date [2]. Group 2: Index Composition - The index comprises 50 listed companies involved in solar, wind, hydro, hydrogen energy, and lithium battery sectors, aiming to reflect the overall performance of green energy theme stocks [2]. - The top ten weighted companies in the index are: - Changjiang Electric Power (17.46%) - BYD (16.81%) - CATL (14.57%) - LONGi Green Energy (4.71%) - Sungrow Power Supply (4.65%) - EVE Energy (2.61%) - Huayou Cobalt (2.38%) - Tongwei Co. (2.3%) - Ganfeng Lithium (1.78%) - Chuanwei Energy (1.73%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.50%), followed by the Shanghai Stock Exchange (39.15%) and the Beijing Stock Exchange (0.35%) [2]. - In terms of industry distribution, the index's holdings are composed of: - Industrial sector (53.87%) - Utilities (20.47%) - Consumer discretionary (16.81%) - Materials (8.44%) - Information technology (0.41%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3]. - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment, unless special circumstances necessitate a temporary adjustment [3]. Group 5: Related Investment Funds - Public funds tracking green energy include the Huabao China Securities Green Energy ETF [4].

Core Viewpoint - The innovation and breakthroughs in power battery technology are crucial for competition in the booming electric vehicle industry, with EVE Energy showcasing strong development momentum in the large cylindrical battery sector [2][3]. Group 1: Technological Innovation - EVE Energy proposed an in-situ upgrade solution for large cylindrical batteries at the 2025 Shanghai Auto Show, allowing for differentiated performance without changing the shell design [2]. - The company has over 20 years of experience in research and production of cylindrical batteries, which supports its technological advancements and production capabilities [5][9]. Group 2: Market Demand and Application - The demand for large vehicles, especially SUVs, is increasing in the Chinese automotive market, and large cylindrical batteries can meet diverse user needs for range and charging time [7]. - EVE Energy aims to enhance the market penetration of large cylindrical batteries in mid-to-high-end vehicles, targeting a penetration rate of 10% to 30% [12]. Group 3: Competitive Advantages - EVE Energy's deep historical accumulation in cylindrical battery technology, complete R&D and manufacturing capabilities, and a differentiated development path provide it with a competitive edge in the market [9]. - The company emphasizes the importance of industry competition in driving technological progress and market development, positioning itself as a leader in the large cylindrical battery sector [12]. Group 4: Safety and Recycling - EVE Energy is actively involved in setting new national standards for battery safety, significantly enhancing the safety requirements for large cylindrical batteries [16]. - The use of ternary materials in large cylindrical batteries offers higher recycling value compared to lithium iron phosphate batteries, providing better economic benefits at the end of the battery's life [16]. Group 5: International Market Strategy - The in-situ upgrade concept of large cylindrical batteries aligns well with international market demands, allowing for efficient use of production lines and reducing risks associated with overseas manufacturing [13]. - EVE Energy is committed to improving battery performance and user experience through innovations such as liquid cooling technology and unique foaming techniques [13][14].

Group 1: Financial Performance - In Q1 2025, the company's revenue increased by 37.34% year-on-year, driven by high-quality products and stable deliveries [3] - The energy storage battery shipments reached 12.67 GWh in Q1 2025, a year-on-year growth of 80.54% [3] - The power battery shipments were 10.17 GWh in Q1 2025, reflecting a year-on-year increase of 57.58% [4] - The gross margin for power batteries in 2024 was 14.21%, while for energy storage batteries it was 14.72% [6] Group 2: Market Position and Strategy - The company holds a 12.15% market share in the domestic commercial vehicle battery market in 2024, ranking second [5] - In Q1 2025, the market share for commercial vehicle batteries increased to 13.41% [5] - The company is expanding its global layout and overseas production capacity to strengthen its competitive advantage [5] Group 3: Product Development and Innovation - The company plans to launch high-power all-solid-state batteries for hybrid applications in 2026 and high-energy all-solid-state batteries by 2028 [4] - The 46 series large cylindrical batteries have achieved mass production, with over 31,300 units produced by mid-February 2025 [6] - The Mr.Giant 5MWh energy storage system was launched in 2024 and has been in stable operation, achieving over 95.5% efficiency [10] Group 4: International Trade and Tariff Impact - Direct exports to the U.S. account for less than 4% of total sales, minimizing the impact of U.S. tariffs on current contracts [4] - The company actively monitors international trade policies and maintains communication with customers and suppliers to ensure stable operations [5] Group 5: Strategic Partnerships - A strategic cooperation agreement was signed with SF Express to enhance supply chain, green transformation, and smart logistics [8] - The partnership aims to develop high-rate power batteries suitable for logistics scenarios and explore applications in low-altitude economies [8]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

点 击 蓝 字 关 注 我 们 目 录 行业信息 1、宁德时代召开超级科技日活动 三大电池产品重磅发布 2、华为智能充电网络战略与新品发布定档４月22日 将发布兆瓦超充 3、超 135 亿元 财政部下达 2025 年第一批节能减排补助资金预算 4、河北省委书记倪岳峰：培育壮大空天信息和卫星互联网、新能源和智能网联汽车、 机器人等产业 5、2025 上海车展首日：国产新能源车成焦点，海外品牌智能化加速 6、亿纬锂能 Q1 营收扣非净利双增，分别同增 37.34%与 16.60%，动力电池业务有望 持续向好 7、特朗普计划豁免部分汽车关税,但保留 25%整车关税 8、上海：继续组织汽车消费嘉年华 各项促消费活动将开展 9、赣锋锂业：与杭州市拱墅区人民政府及杭州市能源集团有限公司签订战略合作协议 10、星星充电发布"液冷超充 2.0"两兆瓦超充系统 11、华为牵手 11 家汽车品牌发布智能辅助驾驶安全倡议：营销透明、技术先行 12、上海首座兆瓦级超充站投运，可实现"充电五分钟，行驶百公里" 13、浙江绍兴智慧零碳供能服务区投运 政策言意 1、四川遂宁发布充电基础设施施配置标准 2、四川渠县：到 2030年，实现高速 ...

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

Group 1 - As of April 28, 215 A-share companies have been newly held by social security funds in Q1 2023, with some companies having over 10% of their circulating shares held by these funds [1][2][3] - Notable companies include Andar Intelligent, which has 265.16 million shares held by the National Social Security Fund 103 portfolio, accounting for 12.15% of its circulating shares [1][3] - Industries such as metal smelting, chemical products, and communications are currently favored by social security fund portfolios, with companies like Baosteel, Cangge Mining, and Yiwei Lithium Energy being newly held [1][2][3] Group 2 - The National Social Security Fund 114 portfolio holds 158 million shares of Baosteel, with a market value of 1.14 billion yuan, making it the largest holding among newly acquired A-shares [2][8] - Cangge Mining and Yiwei Lithium Energy also show significant performance, with net profits of 447 million yuan (up 41.19%) and 1.1 billion yuan (up 3.32%) respectively in Q1 [2][8] - Other companies with strong Q1 performance include Baosteel, Cangge Mining, and Yiwei Lithium Energy, which are currently favored by social security funds [2][3] Group 3 - The QFII (Qualified Foreign Institutional Investor) also shows a diverse portfolio, with significant holdings in companies like Zijin Mining and Tonghuashun, indicating a broader industry focus compared to social security funds [9][10] - QFII has increased its holdings in various sectors, including finance and pharmaceuticals, while social security funds focus more on blue-chip and cyclical stocks [9][10] - The performance of different sectors in Q2 shows that public utilities, beauty care, agriculture, banking, and retail have seen increases, while basic chemicals, pharmaceuticals, and steel have declined [10]

Core Viewpoint - The company reported a slight decline in revenue for 2024, but a modest increase in net profit, indicating resilience in profitability despite revenue challenges [1] Financial Performance - Total revenue for 2024 was 48.615 billion yuan, a year-on-year decrease of 0.35% - Net profit attributable to shareholders was 4.076 billion yuan, a year-on-year increase of 0.63% - Non-recurring net profit reached 3.162 billion yuan, a year-on-year growth of 14.76% [1] - In Q4 2024, revenue was 14.565 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56% - Q4 net profit attributable to shareholders was 0.887 billion yuan, a year-on-year increase of 41.73% but a quarter-on-quarter decrease of 15.64% [1] Product Segmentation - The company achieved a sales volume of 30.29 GWh for power batteries, a year-on-year increase of 7.87% - Energy storage shipments reached 50.45 GWh, a significant year-on-year increase of 91.90%, outperforming industry growth rates [2] - Revenue from consumer batteries was 10.32 billion yuan, a year-on-year increase of 23.44%, with a gross margin of 27.6%, up 4 percentage points [2] Profitability Insights - The gross margin per Wh for both power and energy storage batteries declined year-on-year, primarily due to reduced overseas demand for ternary batteries and domestic price competition in energy storage [2] - In H2 2024, the gross margin per Wh for power batteries is expected to improve due to economies of scale and an increased share of commercial vehicles, which accounted for 12.15% of domestic battery sales [2] - Energy storage gross margin per Wh is also expected to improve due to better order structure [2] Future Outlook - Power battery shipments are anticipated to continue increasing, driven by the growth of commercial vehicles and Xiaopeng Motors [3] - The company aims to mitigate U.S. tariff impacts through its Malaysian energy storage base, with expectations for cylindrical battery shipments to enhance unit profitability [3] - Projected profits for 2025 and 2026 are 5.07 billion yuan and 7.11 billion yuan, respectively, with corresponding price-to-earnings ratios of 17 and 12 times [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 48.615 billion yuan for 2024, a slight decrease of 0.35% year-on-year. The net profit attributable to shareholders was 4.076 billion yuan, reflecting a year-on-year increase of 0.63%. The non-recurring net profit reached 3.162 billion yuan, up 14.76% year-on-year. In Q4 2024, revenue was 14.565 billion yuan, showing a year-on-year growth of 9.89% and a quarter-on-quarter increase of 17.56%. The net profit attributable to shareholders for Q4 was 0.887 billion yuan, up 41.73% year-on-year but down 15.64% quarter-on-quarter [2][4]. Financial Performance - The company achieved a sales volume of 30.29 GWh for power batteries, a year-on-year increase of 7.87%. The energy storage shipments reached 50.45 GWh, marking a significant year-on-year growth of 91.90%, which is notably higher than the industry growth rate. The revenue from consumer batteries was 10.32 billion yuan, up 23.44% year-on-year, with a gross margin of 27.6%, an increase of 4 percentage points year-on-year [10]. Future Outlook - The company is expected to see continued growth in power battery shipments, driven by the increase in commercial vehicles and the ramp-up of Xiaopeng Motors. The gross profit per watt-hour for power batteries is anticipated to improve due to enhanced utilization rates. The energy storage shipments are expected to remain stable, with unit profitability projected to hold steady. The company aims to mitigate the impact of U.S. tariffs through its energy storage base in Malaysia, and the shipment of large cylindrical batteries is expected to further enhance unit profitability [10]. Financial Projections - For 2025 and 2026, the projected net profits are 5.07 billion yuan and 7.11 billion yuan, respectively, corresponding to price-to-earnings ratios of 17 and 12 times [10].