Investment Rating - The report maintains an "Outperform" rating for the energy storage industry [5][4][6]. Core Insights - The energy storage industry is experiencing rapid growth, particularly in emerging markets, driven by power shortages and supportive government policies [2][4][54]. - The demand for energy storage systems is expected to remain strong in 2025, with significant increases in both domestic and international markets [1][3][56]. - The "Big and Beautiful" act in the U.S. is anticipated to boost short-term demand for energy storage, although a decline in demand may occur post-2026 [27][29]. Summary by Sections Industry Overview - In the first half of 2025, domestic energy storage system shipments reached 110 GWh, nearly matching the total for 2024, with battery shipments at 265 GWh, a year-on-year increase of 128% [1][56]. - The U.S. saw a 30% year-on-year increase in installed front-of-the-meter storage, reaching 5.65 GW in the first half of 2025 [1][27]. Emerging Markets - Emerging markets are projected to become significant export destinations for domestic energy storage companies, with orders from the Middle East, Australia, and East Asia reaching 35 GWh, 33 GWh, and 24 GWh respectively [2][51]. - The report forecasts a substantial increase in energy storage demand in regions facing power shortages, such as Southeast Asia, South Africa, and India [54][55]. Global Market Outlook - The global energy storage market is expected to see new installed capacity of 221 GWh in 2025, with a projected market value of 1787 billion yuan [3][96]. - Emerging markets are anticipated to achieve a cumulative installed capacity of 40.5 GWh by 2025, reflecting a 293% year-on-year growth [3][96]. Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, due to their strong market positions and growth potential [4][113].

7月31日，创业50ETF（159682）开盘涨0.29%，报1.043元。创业50ETF（159682）重仓股方面，宁德时 代开盘涨1.34%，东方财富跌0.59%，汇川技术跌0.09%，中际旭创涨4.94%，迈瑞医疗涨0.00%，新易盛 涨4.54%，阳光电源跌0.79%，胜宏科技涨3.00%，亿纬锂能跌0.20%，同花顺跌0.95%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为3.99%，近一个月回报为11.03%。 来源：新浪基金∞工作室 ...

Company Performance - As of July 30, 2025, at 15:10, EVE Energy's stock price was 45.99 CNY, down by 1.60 CNY, representing a decline of 3.36% from the previous trading day [1] - The opening price for the day was 47.48 CNY, with a highest price of 47.59 CNY and a lowest price of 45.78 CNY [1] - The trading volume reached 319,300 lots, with a total transaction amount of 1.486 billion CNY [1] Industry Overview - EVE Energy is part of the power equipment industry, which performed poorly on the same day [1] - The industry experienced a net outflow of 8.074 billion CNY in capital [1] - EVE Energy ranked fifth in terms of net capital outflow within the industry, with a net outflow amounting to 287 million CNY [1]

Investment Rating - The industry investment rating is "Overweight" [9][30]. Core Views - The report highlights strong demand for commercial vehicles and favorable conditions for large-scale energy storage in China, leading to a month-on-month increase in lithium battery production in August [1]. - The report anticipates limited price reduction space in the battery and materials segments due to sustained demand growth and improved capacity utilization rates, particularly in Q3 [1]. - The report recommends several companies, including CATL, Yiwei Lithium Energy, and Xinwangda, as well as companies in the 6F and positive electrode materials sectors [1][5]. Summary by Sections Lithium Battery Production - In August, lithium battery production reached 110.3 GWh, a month-on-month increase of 1.5%, with positive and negative electrode production increasing by 2.6% and 2.3%, respectively [1]. - The demand for electric commercial vehicles and large-scale energy storage is driving this growth, indicating a continued upward trend in the lithium battery industry [1]. New Energy Vehicles - In July 2025, domestic retail sales of new energy vehicles reached 1.01 million units, a year-on-year increase of 15%, with a cumulative sales increase of 29.1% for the first seven months [2]. - The penetration rate of new energy heavy trucks in China reached 14.69%, with sales increasing by 186% year-on-year [2]. Energy Storage - The report notes that the profitability model for large-scale energy storage in China is gradually improving, with a significant increase in bidding scale [4]. - In the first half of 2025, the bidding scale for energy storage reached 176.59 GWh, a year-on-year increase of 180.57% [4]. Recommendations - The report recommends the following companies for investment: - CATL (300750 CH) with a target price of 341.24 and a "Buy" rating [7]. - Yiwei Lithium Energy (300014 CH) with a target price of 49.20 and a "Buy" rating [11]. - Xinwangda (300207 CH) with a target price of 23.18 and a "Buy" rating [12]. - Tianci Materials (002709 CH) with a target price of 22.80 and a "Buy" rating [12]. - Fulian Precision (300432 CH) with a target price of 26.77 and a "Buy" rating [14].

Core Viewpoint - The establishment of Jingmen Yiwei Comprehensive Energy Service Co., Ltd. marks a significant expansion for Yiwei Lithium Energy in Hubei Jingmen, focusing on energy storage and renewable energy services [2][3]. Company Establishment - Jingmen Yiwei Comprehensive Energy Service Co., Ltd. was registered on July 23, with a registered capital of 5 million yuan, and its business scope includes energy storage technology services, energy management services, battery leasing, and power generation services [2][4]. - The company is wholly owned by Hubei Yiwei Power Co., Ltd., which is a subsidiary of Yiwei Lithium Energy, indicating further investment in the region [3]. Production Capacity and Expansion - Yiwei's Jingmen base has rapidly expanded its production capacity from 3 GWh to 169 GWh, with a projected output value exceeding 40 billion yuan in 2024 [5]. - The largest energy storage battery factory in China is under construction at this site, with a total investment of 10.8 billion yuan and a planned annual capacity of 60 GWh [6]. - The total production capacity of the Jingmen base is expected to reach 212 GWh, with an annual output value aiming for 100 billion yuan [7]. Product Development - The MB56 battery, a large-capacity energy storage battery, has been recognized as the first mass-produced 600Ah+ large cell in the industry [8]. - Yiwei Lithium Energy's MB56 battery has received certification under the new national standard for power storage lithium-ion batteries [9]. Market Performance - In 2024, Yiwei Lithium Energy is projected to achieve a revenue of 19.027 billion yuan from energy storage batteries, marking a year-on-year growth of 16.44% [11]. - The company has reported that energy storage battery shipments exceeded those of power batteries in Q1 2025, reaching 12.67 GWh, a year-on-year increase of 80.54% [12]. International Expansion - Yiwei Lithium Energy is planning overseas energy storage projects, including a new battery project in Malaysia with an investment of up to 8.654 billion yuan [13]. - The Malaysian factory is expected to have a capacity of 10 GWh to 15 GWh and aims to support global deliveries by the end of the year [14]. Financial Strategy - Yiwei Lithium Energy is seeking a secondary listing in Hong Kong, which could significantly boost funding for its overseas projects and accelerate its global strategy [15].

Core Viewpoint - The development of the green low-carbon industry in Guangdong is crucial for achieving carbon peak and carbon neutrality goals, and it serves as a new driving force for high-quality development in the province, with significant strategic importance and market potential [2][3][4]. Group 1: Industry Scale and Achievements - The total output value of the new energy industry in Guangdong is projected to reach 1.1 trillion yuan in 2024 [14]. - Guangdong has created 400 national-level green factories and established the country's first 1 million-ton hydrogen-based vertical furnace project [10][9]. - The total area of green buildings in the province has exceeded 1 billion square meters, with over 95% of new buildings being green [11]. Group 2: Renewable Energy Development - Guangdong has developed a complete industrial chain for offshore wind power, with an installed capacity exceeding 12 million kilowatts, ranking first in the country [13]. - The province's nuclear power installed capacity is also the highest in the nation [13]. - The new energy sector includes offshore wind power, new energy storage, photovoltaics, and hydrogen energy [14]. Group 3: Electric Vehicle and Battery Industry - The automotive industry in Guangdong is expected to achieve revenue exceeding 1.28 trillion yuan in 2024 [16]. - The province is nurturing globally competitive companies in electric and intelligent vehicles, including BYD, GAC Group, and Xpeng Motors, as well as battery manufacturers like Yiwei Lithium Energy and Xinwanda [17][19]. Group 4: Energy Storage and Recycling - The revenue of the new energy storage industry in Guangdong is projected to be around 400 billion yuan in 2024, with an installed capacity of 3.5 million kilowatts, a year-on-year increase of 114% [21]. - The province's energy-saving and recycling technology and service industry accounts for about 10% of the national scale, with several companies recognized in the top 50 environmental enterprises in China [22][24]. Group 5: Future Development Strategies - Guangdong aims to leverage the opportunity to build a world-class green low-carbon industrial cluster in the Greater Bay Area, enhancing its development capabilities and promoting a comprehensive green transformation of the economy and society [29][31]. - The province plans to improve the policy framework for green low-carbon industry development and focus on high-growth and strategic industries [32][34]. - There will be an emphasis on technological innovation and demonstration applications in the green low-carbon sector [35][36].

近日，证券之星第三届ESG新标杆企业评选结果揭晓，亿纬锂能凭借在环境、社会和治理(ESG)领域的卓越实践，荣获"ESG新标杆企业奖"。 该奖项是由证券之星联合妙盈科技等专业权威机构，在中国首席经济学家论坛等指导下设立的ESG领域权威奖项，旨在挖掘并表彰在环境(如低碳减排、绿色供应链)、社会(如乡村振兴、公益慈 亿纬锂能聚焦质量提升和技术创新，实现了高质量发展。公司致力于"以全场景锂电池方案，加速万物互联"，面向数字化驱动的可持续未来，依托"全球制造、全球合作、全球服务"能力体系， 环境方面，亿纬锂能致力于低碳减排和绿色供应链建设。2024年，公司发布了CREATE碳中和战略，目标是在2030年实现运营碳中和，2040年实现核心价值链碳中和。公司还积极投资和合作推 与此同时，亿纬锂能构建了负责任的绿色供应链，从原材料采购到产品交付的全过程中，严格筛选供应商，确保其符合环境、社会和治理标准；通过与供应商合作，推动绿色制造、绿色运输和资 社会方面，亿纬锂能始终不忘全社会给予的信任与支持，坚持把企业发展与承担社会责任相结合。对内，亿纬锂能正在持续健全人力资源制度，构建和谐、进取、包容的氛围，打造个人与公司共 公司治理 ...

Group 1: Industry Overview - The rapid development of China's new energy vehicle industry is significantly changing the automotive landscape and impacting capital market trends [1] - Power batteries are crucial components of new energy vehicles, with CATL emerging as a trillion-yuan market giant due to its strong performance in this sector [1] Group 2: CATL's Performance - CATL's stock price surged 27 times within three years after its successful A-share listing in 2018, reaching a historical peak in 2021 [1] - In May 2025, CATL successfully listed on the Hong Kong stock market, marking a significant step in its globalization strategy [1] - In June 2024, CATL's installed capacity reached 339.3 GWh, a year-on-year increase of 31.7%, with a market share of 37.9%, maintaining its position as the global leader [3] Group 3: Competitor Analysis - In contrast to CATL, EVE Energy has struggled in recent years, with its stock price plummeting nearly 70% since its peak at the end of 2021 [3] - EVE Energy's market share in the power battery sector dropped to approximately 3.4% in 2024, ranking fifth among domestic manufacturers [6] - EVE Energy is currently facing financial challenges, with a cash balance of 13.435 billion yuan and a funding gap of 4 billion yuan for overseas factory investments [6] Group 4: EVE Energy's IPO and Future Plans - EVE Energy has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming to raise funds for overseas factory construction and operational capital [5] - The company's asset-liability ratio is higher than the industry average, indicating significant repayment pressure [6] - Despite efforts to increase capacity and market share, EVE Energy's declining position in the market highlights the challenges it faces in a competitive landscape [6]

Group 1 - A new company named Jingmen Yiwei Comprehensive Energy Service Co., Ltd. has been established, with Liu Yiqing as the legal representative [1] - The company's business scope includes energy storage technology services, energy management services, battery leasing, and machinery equipment leasing [1] - Yiwei Lithium Energy holds an indirect 100% stake in the newly established company [2]

Core Insights - The ChiNext ETF Ping An (159964) has shown a significant increase in value, with a recent rise of 0.72% and a weekly increase of 3.16% as of July 28, 2025 [1] - The ETF has achieved a net value increase of 15.66% over the past six months, with a maximum monthly return of 37.37% since its inception [2] - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.016%, indicating strong performance in tracking the ChiNext Index [4][5] Performance Metrics - As of July 28, 2025, the ChiNext ETF Ping An has a year-to-date relative drawdown of 0.13%, with a recovery period of 101 days, which is relatively quick compared to similar funds [3] - The ETF's average monthly return is 6.56%, with an annualized profit percentage of 60.00% [2] - The Sharpe ratio for the past month is 1.96, placing it in the top 3 out of 16 comparable funds, indicating higher returns for the same level of risk [2] Fund Composition - The ChiNext Index, which the ETF closely tracks, consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [6] - As of June 30, 2025, the top ten weighted stocks in the ChiNext Index account for 51.16% of the index, with Ningde Times (300750) holding the highest weight at 18.77% [6][8]