行情复盘： 1）行业层面：本周新能源汽车指数、锂电池指数、燃料电池指数、充电桩指数、储能 指数分别涨跌幅为+3.68%、+9.20%、-0.94%、-0.95%、+11.45%；2）公司层面：参考锂电 池指数，本周天宏锂电、先导智能、杭可科技、亿纬锂能、天际股份表现靠前，分别上涨 78.8%、51.5%、49.7%、36.4%、30.2%，本周比亚迪、星云股份、东方精工、大族激光、中 材科技表现靠后，分别下跌6.0%、7.4%、8.1%、9.2%、9.7%。 华鑫证券近日发布新能源汽车行业周报：根据中汽协数据，7月新能源汽车产销分别完 成124.3万辆和126.2万辆，同比分别增长26.3%和27.4%；新能源汽车新车销量达到汽车新车 总销量的48.7%。1-7月，新能源汽车产销分别完成823.2万辆和822万辆，同比分别增长 39.2%和38.5%；新能源汽车新车销量达到汽车新车总销量的45%。 以下为研究报告摘要： 政策呵护，供需结构持续优化。根据中汽协数据，7月新能源汽车产销分别完成124.3万 辆和126.2万辆，同比分别增长26.3%和27.4%；新能源汽车新车销量达到汽车新车总销量的 48.7%。 ...

Core Insights - The report highlights breakthroughs in solid-state battery technology by leading companies such as EVE Energy, Putailai, and Xiamen Tungsten, benefiting from advancements in the energy storage sector [1][3] - A new supply-demand cycle is anticipated in the industry, emphasizing the importance of leading companies and flexible strategies [2] Group 1: Solid-State Battery Developments - EVE Energy's solid-state battery research institute in Chengdu has unveiled the "Longquan No. 2" all-solid-state battery, featuring a capacity of 10Ah and an energy density of 300Wh/kg, aimed at humanoid robots [1][3] - The Chengdu facility is being constructed in two phases, with the first phase expected to be completed by December 2025, achieving a manufacturing capacity of 60Ah batteries [3] - The solid-state battery industry aims to reach an energy density of 400Wh/kg and 1000Wh/L by 2025, accelerating the industrialization process [3] Group 2: Energy Storage Market Growth - Global energy storage battery shipments are projected to reach 258GWh in the first half of 2025, representing a year-on-year increase of 106% [1][4] - Chinese companies dominate the global energy cell shipment rankings, holding all top ten positions and accounting for 91.2% of the global market share [1][4] - Emerging overseas markets, such as Saudi Arabia, Australia, and Chile, have seen Chinese companies secure 199 new overseas energy storage orders, totaling over 160GWh, a year-on-year growth of 220.28% [4] Group 3: Photovoltaic and Silicon Industry Insights - The Chinese energy storage sector continues to gain global market share, with companies like CATL, Sungrow, EVE Energy, and others benefiting from this trend [4] - The Ministry of Industry and Information Technology has issued a plan to eliminate "involution" competition in the photovoltaic sector, promoting orderly development and capacity management [4][5] - China's polysilicon production reached 596,000 tons in the first half of 2025, with GCL-Poly's granular silicon cash cost dropping to 25.31 yuan/kg, potentially leading to profitability by August-September [5]

个股方面，9月5日有1583只个股获融资净买入，净买入金额在5000万元以上的有109股。其中，19股获 融资净买入额超2亿元。先导智能获融资净买入额居首，净买入16.43亿元；融资净买入金额居前的还有 寒武纪、宁德时代、紫金矿业、亿纬锂能、阳光电源、新易盛、胜宏科技等股，净买入金额均超6亿 元。 Wind统计显示，9月5日，申万31个一级行业中有14个行业获融资净买入，其中，电力设备行业获融资 净买入额居首，当日净买入58.5亿元；获融资净买入居前的行业还有电子、有色金属、通信、非银金 融、商贸零售等，净买入金额均超3亿元。 ...

Market Overview - In the first week of September (September 1 to September 5), the A-share market experienced wide fluctuations, with the solid-state battery concept driving the rise of the new energy sector, leading to over 10% gains in related indices such as CS Battery and Innovative Energy [1][2] - The A-share innovation and entrepreneurship sector saw increased volatility, with the leading products in related ETFs actively traded, and the ChiNext ETF (159915) recording a trading volume exceeding 40 billion yuan [1][4] Sector Performance - The solid-state battery sector saw significant gains, with companies like Xian Dao Intelligent rising over 50%, and other firms such as Sunshine Power, Jinlang Technology, and Yiwei Lithium Energy increasing by over 30% [2] - More than 20 related thematic ETFs in the battery, new energy, and photovoltaic sectors collectively rose over 10%, with the Easy Fund New Energy ETF (516090) and the Energy Storage Battery ETF (159566) tracking indices that also saw gains exceeding 10% [2] ETF Trading Activity - The trading activity of thematic ETFs related to innovation and entrepreneurship was notably high, with the ChiNext ETF (159915) and the Sci-Tech 50 ETF (588080) recording trading volumes of over 40 billion yuan and 10 billion yuan, respectively [4] - In the Hong Kong market, the innovation drug sector remained active, attracting significant trading volumes, with some leading ETFs surpassing 60 billion yuan in trading volume [4] Fund Flows - Recent inflows into ETFs tracking sectors such as securities, chemicals, batteries, and gold stocks were substantial, with ETFs tracking securities companies seeing net inflows exceeding 8 billion yuan [5][6] - Conversely, the innovation and entrepreneurship thematic ETFs experienced net outflows, with the ChiNext ETF (159915) and the Sci-Tech 50 ETF (588080) seeing combined net outflows exceeding 6 billion yuan [5][6] New ETF Launches - Fund managers have accelerated the launch of new related ETF products, including the Easy Fund Shanghai Stock Exchange Sci-Tech Board New Energy ETF and various other thematic ETFs focused on artificial intelligence and software [8] - The Easy Fund Shanghai Stock Exchange Sci-Tech Board New Energy ETF completed its fundraising on September 5, tracking an index composed of 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [8]

Market Performance - The China Securities Xinhua National Brand Engineering Index rose by 0.94% last week, closing at 1950.25 points, amidst market fluctuations [1][2] - The Shanghai Composite Index fell by 1.18%, while the Shenzhen Component Index decreased by 0.83%. In contrast, the ChiNext Index increased by 2.35% [2] Strong Stock Performances - Key stocks in the index showed strong performance, with EVE Energy rising by 36.39%, followed by Sungrow Power Supply at 35.52%, and Xinlitai at 15.87% [2] - Other notable performers included Zhongji Xuchuang (14.67%), Hengrui Medicine (9.42%), and Ningde Times (6.18%) [2] Year-to-Date Stock Gains - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 179.03%, while Sungrow Power Supply and EVE Energy have increased by 99.70% and 70.27%, respectively [3] - Several other stocks, including Kewo and Wu Biological, have also seen gains exceeding 50% [3] Market Outlook - According to Xing Shi Investment, there are currently no negative signals in market liquidity or macroeconomic factors, indicating a healthy upward trend in the market [4] - Daily market transactions have consistently remained above 2 trillion yuan, suggesting active capital seeking investment opportunities [4] Capital Inflow and Market Dynamics - Pingjing Investment notes that the key driver of market growth is the accumulation of profit-making effects leading to continuous capital inflow [5] - The market is expected to experience adjustments due to increased profit-taking by investors, but these adjustments are typically short-lived [5]

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Lithium Battery and Energy Storage - **Key Companies**: CATL (宁德时代), EVE Energy (亿纬锂能), Sunshine Power (阳光电源), and others Core Insights and Arguments 1. **Lithium Battery Sector Recovery**: The lithium battery sector is experiencing a rebound due to vehicle cycles, energy storage demand, and solid-state battery technology advancements. Major companies like CATL and EVE Energy have shown significant performance improvements [1][4] 2. **Energy Storage Demand Surge**: There is an explosive growth in energy storage demand, particularly in large-scale storage, which has exceeded expectations. The independent energy storage revenue model is becoming clearer, driven by economic factors [1][26] 3. **Solid-State Battery Development**: Solid-state battery technology is receiving policy support, with expectations for small-scale deployment by 2027. Major companies are actively positioning themselves in this area, which is anticipated to enhance their stock valuations [1][8] 4. **Price Increases in Photovoltaic Storage**: The photovoltaic storage sector is expected to see price increases across all segments due to anti-involution policies and low inventory levels in overseas markets, particularly in Australia and parts of Europe [1][5] 5. **Wind Power Market Dynamics**: The competition in the wind power sector has become more predictable due to deepening electricity reforms, with a notable increase in the economic viability of offshore wind projects [1][6] 6. **Lithium Hexafluorophosphate Market**: The lithium hexafluorophosphate market saw a price increase from under 50,000 RMB/ton to approximately 57,000 RMB/ton in August, indicating a clear upward trend in processing fees for the second half of the year [1][14] 7. **Investment Opportunities in Energy Storage**: Investors are encouraged to focus on undervalued leading companies in the energy storage sector, as their valuations are expected to be reassessed positively due to sustained demand growth [1][26] Additional Important Insights 1. **Market Sentiment Shift**: The recent surge in the battery cell sector is attributed to a shift in market sentiment, with investors moving from undervalued sectors like AIDC and PCB to lithium batteries and energy storage [2] 2. **Seasonal Trends**: Historical data indicates a clear seasonal pattern in the lithium battery industry, with significant valuation shifts expected during peak demand periods [3] 3. **Material Sector Performance**: The negative electrode material sector is showing signs of recovery, with companies like PULI and Zhongke Shangtai experiencing improved revenues [13] 4. **Future Trends in New Materials**: The lithium battery new materials sector is expected to see innovations, particularly with new materials like lithium sulfide and lithium metal anodes, which have significant potential for growth [23] 5. **European Power Equipment Market**: The European power equipment market is undergoing significant changes, with substantial investments planned for grid upgrades, which will benefit domestic companies looking to expand internationally [39][40] This summary encapsulates the key points discussed in the conference call records, highlighting the current state and future outlook of the lithium battery and energy storage industries, along with specific company performances and market dynamics.

Summary of Key Points from Conference Call Industry Overview - The lithium battery sector is benefiting from the diversification of applications in new energy vehicles and the overseas new car cycle, with high-voltage fast-charging and extended-range models increasing the single-vehicle battery capacity [1][2] - The energy storage sector is expanding from traditional electricity applications to commercial and residential storage, as well as data centers, with domestic energy storage economics expected to reach a turning point [1][3][4] Core Insights and Arguments - The lithium battery industry is experiencing a structural change, with applications expanding from passenger vehicles to broader transportation fields, including heavy trucks and engineering machinery [2] - The supply side is actively adjusting, leading to improved supply-demand dynamics, with leading companies operating at near full capacity [5] - New technologies, particularly solid-state batteries, are expected to drive the next cycle of capital expenditure, with significant implications for the industry's future [6] - Price inflation is anticipated, particularly for leading companies due to high capacity utilization and rising raw material prices, such as lithium carbonate [7] - Valuations for leading companies are projected to be between 15-25 times earnings for 2026, indicating a positive outlook for the sector [8] Important but Potentially Overlooked Content - The equipment segment is currently valued at over 30 times earnings, but remains relatively low compared to historical levels, suggesting potential for growth as capital expenditure increases [9] - Structural growth points exist in the equipment sector, particularly with the acceleration of small square shell batteries in 3C heavy trucks and large-capacity energy storage applications [10] - Investment logic focuses on materials with inflation attributes and new product iterations, with a preference for companies like CATL and EVE Energy, which have strong positions in overseas markets [11][12] - CATL is expected to achieve a shipment volume of 620-630 GWh this year, with a projected profit of approximately 800 million yuan for 2026 [12][13] - The AIDC backup power market is expected to grow significantly, with domestic markets primarily using lead-acid batteries and overseas markets favoring lithium batteries [15][16] Future Trends and Developments - The solid-state battery market is projected to reach mass production by 2030, with significant capital expenditure anticipated [25] - The iron-lithium sector is seeing improved supply-demand dynamics, with potential for price increases due to high capacity utilization among leading firms [26] - The high-voltage product segment is experiencing rapid growth, driven by demand for fast charging and long-range capabilities [27] - The "anti-involution" policy is expected to reshape the industry landscape, with a focus on improving profitability and reducing excessive competition [28] Conclusion - The lithium battery and energy storage sectors are poised for significant growth driven by technological advancements, structural changes in demand, and favorable economic conditions. Leading companies are well-positioned to capitalize on these trends, making them attractive investment opportunities.

Core Viewpoint - The recent surge in the new energy sector, particularly in battery and photovoltaic industries, signals a strong recovery and renewed investor interest, driven by government policies and market dynamics [1][2]. Battery Industry Summary - On September 5, the wind power battery index rose by 9.64%, with major companies like CATL seeing their market value rebound to 1.48 trillion yuan, close to its historical high [1]. - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released a plan aiming for an average annual revenue growth of over 5% in the electronic information manufacturing industry from 2025 to 2026, emphasizing the importance of lithium batteries and photovoltaics [2]. - The battery supply chain is experiencing growth due to policies promoting electric vehicle upgrades, export increases, and high demand for energy storage and consumer batteries [2]. - In the battery cell segment, companies like CATL and Aiko achieved significant revenue and profit growth, with EVE Energy and Zhongxin Innovation seeing revenue growth exceeding 30% [2]. - The positive trend extends to the positive electrode materials, with a 53% year-on-year increase in output, and leading companies like Hunan Youneng reporting a 33.17% increase in revenue [3]. - The negative electrode materials also saw a 37% increase in output, with companies like Shanshan and Zhongke Electric achieving substantial revenue and profit growth [3]. - Electrolyte production increased by 54.57%, with key players like Tianqi Lithium and New Energy achieving revenue growth [4]. - The separator segment showed significant growth, particularly in wet-process separators, with leading companies also reporting revenue increases [5]. - Solid-state battery technology is advancing, with companies like EVE Energy and Zhuhai Coslight making strides in production and technology [5][6]. Photovoltaic Industry Summary - The photovoltaic sector is experiencing a recovery, with government initiatives aimed at regulating competition and stabilizing prices, leading to an increase in polysilicon prices [8]. - Many photovoltaic companies reported reduced losses in Q2, with some turning profitable, indicating a positive trend [8]. - Longi Green Energy reported a significant reduction in net losses, aiming for breakeven in Q4, aided by advancements in technology such as BC cells [8]. - The industry is focusing on international expansion, technological innovation, and internal consolidation to optimize resources and eliminate outdated capacities [8]. - Despite these positive developments, the photovoltaic industry still faces challenges, including oversupply and market uncertainties [8].

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Viewpoints - The overall industry strategy indicates that a new supply-demand cycle is expected to begin, emphasizing the importance of leading companies and flexible directions. The report suggests a continued focus on leading new energy companies during this layout window, with supply-side innovations like "anti-involution" and solid-state batteries, and demand-side growth in areas like energy storage [4][8]. - The core viewpoint of the new energy vehicle supply chain indicates that a new cycle has begun in the mid and downstream sectors, with leading companies making breakthroughs in solid-state battery technology [4][5]. Summary by Sections New Energy Vehicle Supply Chain - Leading companies such as EVE Energy, Peking University, and Xiamen Tungsten Industry are benefiting from advancements in solid-state batteries. EVE Energy's solid-state battery production base in Chengdu is set to achieve a manufacturing capacity of 60Ah by December 2025, with a target energy density of 400Wh/kg by 2025 [4][5]. Energy Storage Industry - Chinese energy storage companies are gaining a significant share of the global market, with a 106% year-on-year increase in global energy storage battery shipments, reaching 258GWh in the first half of 2025. Chinese companies dominate the top ten global energy storage cell shipments, holding a combined market share of 91.2% [5]. - The "anti-involution" strategy is yielding results, with companies like GCL-Poly, Aiko, and LONGi benefiting from government policies aimed at reducing low-price competition in the photovoltaic sector [5][8]. Photovoltaic Supply and Demand - The report anticipates a marginal improvement in photovoltaic supply and demand, with an expected increase in the operating rate of components in September by 2.45% [6][8]. AI and New Energy - The integration of AI and new energy sectors is highlighted, with companies like Zhenyu Technology and Keda Li benefiting from the upward trend in humanoid robots. Tesla's fourth "Master Plan" emphasizes that 80% of its future value will come from robots [8][23].

固态电池行业周报（第十三期）：先导智能已打通全 固态电池量产工艺环节，亿纬锂能"龙泉二号"全固 态电池下线 ——行业周报 电力设备 行 业 研 究 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 先导智能已打通全固态电池量产工艺环节，亿纬锂能"龙泉二号"全固态电 池下线 （1）材料：9 月 1 日，天齐锂业在 2025 年半年度业绩说明会上宣布，年产 50 吨硫化锂中试项目在四川眉山实质动工。该项目采用自主开发的循环提纯技术， 硫化锂纯度达 99.9%，杂质含量降低 90%，生产成本降至行业平均水平的 60%。 （2）电池：9 月 2 日，亿纬锂能固态电池研究院成都量产基地正式揭牌，"龙 泉二号"全固态电池成功下线。该基地总面积约 1.1 万平方米，全面投产后年产 能近 50 万颗电芯，分两期建设：一期 2025 年 12 月建成，具备 60Ah 电池制造 能力；二期 2026 年 12 月实现 100MWh 年产能交付。"龙泉二号"为 10Ah 全固 态电池，能量密度 300Wh/kg、体积能量密度 700Wh/L，采用三元正极、硅碳负 极和硫化物固态电解质 ...