广东新能源产业 产值规模已达 1.1万亿元_南方 +_南方plus 绿色低碳产业既 是碳达峰碳中和 战略目标的重要 支撑，也是推动 广东省高质量发 展的新动能，在 全球共同应对气 候变化的大背景 下，战略意义重 大，市场前景广 阔。7月28日-29 日，广东省十四 届人大常委会第 二十次会议在广 州召开。会议审 议了省人民政府 关于发展绿色低 碳产业情况的报 告（下称"报 告"）。报告指 出，广东省政府 及有关部门在省 人大常委会的支 持和指导下，不 断完善绿色低碳 政策体系，强化 低碳领域科技创 新，深化制造业 绿色升级，以重 点领域绿色转型 牵引产业发展， 充分发挥支撑保 障体系作用，推 动新型能源与新 能源产业协同发 展，取得显著成 效。 累计创建国家级 绿色工厂400家 报告显示，在传 统产业绿色转型 方面，广东省累 计创建国家级绿 色工厂400家， 建成国内首套百 万吨级氢基竖炉 项目。 在绿色基建方 面，大力发展智 能建造、绿色建 造和装配式建 筑，全省绿色建 筑总面积已超10 亿平方米，绿色 建筑面积占新建 建筑面积比例超 95%。在绿色能 源方面，形成包 括研发制造、工 程设计、施工安 装、运 ...

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]

Core Insights - The global energy storage industry is entering a new cycle characterized by market competition and a shift from scale expansion to value cultivation [3] - Eight energy storage companies have disclosed their performance forecasts for the first half of 2025, with four expecting net profit growth exceeding 40% and one company turning a profit [1] Industry Overview - The global installed capacity of energy storage is rapidly increasing, leading to a significant rise in battery shipments, with a reported 258 GWh shipped globally in the first half of 2025, a year-on-year increase of 106% [3] - Domestic manufacturers in China shipped 252 GWh, marking a 109% year-on-year growth, solidifying their dominance in the global market [3] - The market concentration among leading manufacturers is increasing, with high capacity utilization rates reported among battery manufacturers [3] Investment Trends - There is a surge in investment enthusiasm, with 27 new projects signed, started, or completed in the energy storage system integration segment in China during the first half of the year, totaling over 55 billion yuan [4] - The expansion reflects a positive outlook for global energy storage market growth, with intensifying competition driving market share concentration [4] - Leading companies are increasing investment in new technology research and development, focusing on large-capacity battery cells and vertical integration into downstream operations [4] Emerging Markets - The demand distribution for global energy storage is changing, with emerging markets showing significant growth, particularly in large-scale projects delivered in countries like Chile and Australia [4] - Companies are developing energy storage products suitable for computing scenarios to adapt to the evolving demand landscape [4] - The energy storage industry is expected to develop healthily, supporting global energy transition and digital economy growth [4]

Investment Rating - The report indicates a positive investment outlook for the electric vehicle export industry, highlighting growth potential and strategic opportunities in emerging markets [4]. Core Insights - The report emphasizes that in 2024, China's electric vehicle exports reached 1.284 million units, marking a year-on-year increase of 6.7%, driven by technological innovation, industry chain integration, and government support [4][17]. - Key players like BYD and NIO have made significant technological breakthroughs, enhancing their competitiveness in the global market [4]. - The report outlines a shift from "product export" to "standard export," indicating a maturation of the industry as Chinese companies expand their global footprint [5]. Summary by Sections Industry Definition - The electric vehicle export industry involves the sale of vehicles produced in China to overseas markets, encompassing complete vehicles, components, and related services [5]. - The industry is driven by global green transportation goals and domestic overcapacity, with a focus on internationalization strategies by leading manufacturers [5]. Industry Characteristics - The industry features diverse business models, including complete vehicle exports, component exports, and local production through investments and acquisitions [6][7]. - The concentration of the market is increasing due to technological and cost advantages held by leading companies [8]. Development History - The industry has evolved through several stages: initial exploration (2010-2015), formation (2016-2020), rapid growth (2021-2023), and current adjustments (2024-present) [10][11]. - The rapid growth phase saw exports surge, with 2023 witnessing a 345% increase in exports compared to 2021 [15]. Current Market Dynamics - In 2024, the export volume reached 1.284 million units, with a focus on diversifying markets beyond Europe and North America to regions like Southeast Asia and Latin America [9][44]. - The report notes that over 40% of China's electric vehicle exports are directed towards the Asian market, reflecting a strategic pivot in response to changing global policies [9]. Supply Chain Analysis - The supply chain is characterized by upstream material suppliers, midstream vehicle manufacturers, and downstream sales channels, with a focus on optimizing each segment for better market penetration [19][30]. - The report highlights the importance of local production and service networks to enhance competitiveness and reduce trade barriers [21]. Market Size and Growth Forecast - The electric vehicle export market is projected to grow significantly, with exports expected to reach 1.4 million units in 2025, reflecting a nearly 10% annual growth rate [39]. - The market size is anticipated to exceed $40 billion by 2029, driven by continued demand and technological advancements [39][43]. Competitive Landscape - The competitive landscape is increasingly concentrated, with leading companies like BYD and SAIC dominating the market, accounting for over 50% of total exports [50]. - The report identifies a tiered structure in the industry, with top-tier companies leveraging technology and brand recognition to maintain their market positions [50][53].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is deeply engaged in lithium primary batteries and lithium-ion batteries, with extensive layouts in energy storage, power, and consumer sectors. With the acceleration of domestic and international capacity expansion, the company is expected to become a global premium supplier of lithium batteries across various scenarios as downstream demand for lithium batteries grows rapidly [4][12][18]. Summary by Sections 1. Company Overview - The company has a strong foundation in lithium primary batteries and has expanded into lithium-ion batteries, focusing on energy storage, power, and consumer applications. The company aims to leverage the rapid growth in downstream lithium battery demand to solidify its position as a leading global supplier [12][18]. 2. Energy Storage Demand - The company has seen a continuous increase in domestic energy storage EPC bidding volumes, with a total of 26 GWh in the first four months of 2025, representing a year-on-year growth of 18.3%. Global energy storage demand is expected to grow by 52% in 2025, driven by the resonance of demand in China, the US, Europe, and emerging markets [50][61]. 3. Consumer Battery Growth - The global consumer battery shipment is projected to exceed 70 GWh in 2025, with the company's core product, cylindrical batteries, achieving full production and sales in 2024. The company is expected to maintain a strong market share in traditional and emerging sectors [15][75]. 4. Power Battery Recovery - The demand for power batteries remains robust, with a cumulative installation of 299.6 GWh in the first half of 2025, reflecting a year-on-year increase of 47.3%. The company achieved a shipment of 10.17 GWh in Q1 2025, up 58% year-on-year, indicating a steady improvement in profitability [13][20]. 5. Financial Forecasts - The company is expected to achieve revenues of 631.95 billion yuan, 800.50 billion yuan, and 1,040.05 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 27%, and 30%. The net profit attributable to shareholders is projected to be 50.57 billion yuan, 67.96 billion yuan, and 90.63 billion yuan for the same years, with corresponding growth rates of 24%, 34%, and 33% [20][17].

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the lithium battery sector, highlighting the impact of supply-side constraints and policy support on the industry [1][3]. Core Insights and Arguments - **Supply Constraints**: Lithium resource supply has contracted due to production halts and environmental rectifications by companies such as Jiangte Electric and Cangge Mining, leading to upward price elasticity for lithium carbonate [1][4]. - **Strong Performance in 2025**: The lithium battery supply chain showed robust growth in the first half of 2025, with battery shipments increasing by 68% year-on-year, and cathode material shipments rising by 53% [1][5]. - **Rising Demand for Power Batteries**: Domestic commercial vehicle power battery installations surged, with passenger vehicle installations up 136% and heavy truck sales up 186% [1][6]. - **Significant Energy Storage Demand**: Energy storage demand has exceeded expectations, with new policies in Gansu and Liaoning raising the annual energy storage installation forecast to 120-130 GW [1][6]. - **Material Supply Tightness**: Key material suppliers like Zhenhua New Materials and Jiayuan Technology are experiencing tight capacity and plan to expand production, indicating a healthy industry utilization rate [1][7]. Investment Opportunities - **Recommended Companies**: The call suggests focusing on companies such as CATL, Yiwei Lithium Energy, and Tianqi Lithium, which are well-positioned to benefit from the current market dynamics [2][11]. - **Market Recovery**: The lithium battery sector is seen as a favorable investment opportunity due to policy guidance and fundamental recovery, with a notable correction in irrational pricing within the industry [3][11]. Additional Important Insights - **Policy Changes in the EV Sector**: Recent policies aimed at improving competition in the domestic new energy vehicle supply chain are expected to enhance operational quality across the industry [1][9]. - **Future Outlook for U.S. Energy Storage**: The demand outlook for the U.S. energy storage industry in 2025 and 2026 is optimistic, driven by increased policy support and growing demand for green energy solutions [8].

Core Viewpoint - The commercial vehicle industry is at a critical stage of intelligent assisted driving and new energy transformation, requiring companies to navigate competitive pressures while investing in new industries and business models [1]. Group 1: New Company Establishments - Foton Motor and Telepower established a joint venture to build 25 charging stations by 2025, focusing on heavy-duty electric trucks and global charging pile sales [1]. - FAW Jiefang and Shaanxi Automobile have deepened strategic cooperation with Telepower, aiming to promote at least 10,000 heavy-duty truck charging terminals and build 100 microgrid charging stations, targeting a cumulative charging volume of 50 billion kWh [3]. - Foton Motor announced a 500 million RMB investment to establish a new energy technology company with EVE Energy, enhancing its competitive edge in the new energy heavy truck market [4][6]. Group 2: Financing Activities - XCMG signed agreements with 30 strategic investors, raising 6.444 billion RMB, marking the largest financing in the commercial vehicle sector in five years [11][13]. - ZhiTu Technology, an autonomous driving company initiated by FAW Jiefang, secured over 100 million RMB in Series B financing to enhance its smart product manufacturing capabilities [14]. - Kaven New Energy completed a Pre-A round financing of 1.208 billion RMB, with funds aimed at R&D and digital infrastructure [17][20]. - ChunH2 Technology raised over 200 million USD in its third round of financing to advance its liquid sunlight hydrogen technology [23]. - Zero One Automotive announced a 500 million RMB Series A financing, aiming to enhance its market presence and technology development [25][27]. Group 3: Equity Transfers - Chongqing Yufu Holdings acquired an 80% stake in Shanghai New Power Automotive Technology through a capital increase of 5 billion RMB, indirectly holding 12.67% of the company [28][31]. - Anhui Quanchai Power's 90% state-owned equity was transferred to a local investment group, maintaining the company's operational stability [34][36]. - Chongqing's government plans to transfer 80% of its stake in Qingling Motors to Yufu Holdings, ensuring continuity in management and operations [39][41][42]. Group 4: Listings in Hong Kong - Weichai Power plans to spin off its subsidiary Weichai Lovol Smart Agriculture for a listing on the Hong Kong Stock Exchange, aiming to enhance corporate governance and market presence [44][46]. - CATL successfully listed on the Hong Kong Stock Exchange, attracting a diverse range of investors and marking a significant step in its global expansion [47]. - EVE Energy announced plans to issue H-shares and list on the Hong Kong Stock Exchange to strengthen its capital base and competitiveness [49]. Group 5: Restructuring and Integration - Changan Automobile's indirect controlling shareholder changed to an independent central enterprise following the restructuring of its parent company [51][53]. - SAIC Hongyan was placed into reorganization by the court, with plans to optimize its structure and attract investors for recovery [54][56]. Conclusion - The commercial vehicle industry has seen active capital operations in the first seven months of 2025, with various strategies employed by leading companies to enhance technology, market expansion, and ecosystem development [58].