证券代码：300035 证券简称：中科电气 公告编号：2026-011 湖南中科电气股份有限公司 湖南中科电气股份有限公司（以下简称"公司"、"中科电气"）为更好地实施公 司发展战略，满足公司及下属子公司湖南中科星城石墨有限公司（以下简称"湖南中科 星城"）、贵州中科星城石墨有限公司（以下简称"贵州中科星城"）、贵安新区中科 星城石墨有限公司（以下简称"贵安新区中科星城"）、云南中科星城石墨有限公司（以 下简称"云南中科星城"）、中科星城（香港）控股有限公司（以下简称"中科星城（香 港）"）、中科星城苏哈尔新材料科技（自贸区）有限责任公司（以下简称"中科星城 苏哈尔"）日常经营和业务发展资金需要，提高融资效率、降低融资成本，在综合分析 公司及子公司的盈利能力、偿债能力和风险控制能力后，于 2025 年 8 月 27 日第六届董 事会第十四次会议及 2025 年 9 月 15 日 2025 年第三次临时股东会审议通过了《关于公 司与子公司间提供担保的议案》，同意公司及上述子公司间提供担保总额不超过人民币 105 亿元，有效期自公司 2025 年第三次临时股东会审议批准之日起一年。其中，公司拟 为子公司湖南中科星 ...

Core Viewpoint - The recent surge in the new energy sector, particularly in lithium battery materials, is driven by the U.S. decision not to impose tariffs on Chinese battery materials, which is seen as a significant positive for the market [1][2]. Group 1: Market Reaction - On March 13, the lithium battery index rose by 3%, with notable stocks like Jinzhengdai hitting the limit up within a minute of opening. A total of 35 stocks in the sector saw gains exceeding 5% [2]. - The U.S. International Trade Commission (USITC) ruled that imports of key battery components from China did not harm domestic industries, leading to a positive market response [2]. Group 2: Tariff Impact - The U.S. decision means that previously imposed high tariffs on Chinese anode materials, which were as high as 93.5% for specific exporters, will not be applied, benefiting the negative electrode materials the most [2][3]. - The previous tariffs included a 160.32% to 169.58% cash deposit requirement for importers, which will now be lifted, enhancing the competitiveness of Chinese battery materials [3]. Group 3: Future Trends - Starting in 2025, the lithium battery midstream sector is expected to enter a "recovery-prosperity" phase, driven by a new round of capacity expansion and breakthroughs in solid-state battery technology [3]. - The demand for lithium batteries is projected to reach 2,280.5 GWh globally by 2025, with energy storage accounting for 29% of this demand. By 2026, demand is expected to rise to 3,016 GWh, with energy storage projected at 1,090 GWh [4][5]. Group 4: Industry Dynamics - The supply-demand dynamics in the lithium battery materials sector have changed significantly compared to two years ago, with cautious capacity expansion in upstream materials expected to lead to over 80% utilization by the end of 2025 [4]. - The overall industry is entering a proactive inventory replenishment phase, with a decline in power battery inventory and an increase in energy storage inventory [3].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [11]. Core Insights - The lithium battery sector is experiencing internal rotation, with mid-term demand expected to continue rising. However, short-term price increases and negative feedback on demand may create volatility. If upstream supply issues ease, such as the resumption of lithium mica production by CATL, market confidence in demand may strengthen. Additionally, if industry production exceeds expectations or enters a peak season, price elasticity may increase, particularly for lithium carbonate, 6F, and iron lithium [3][30]. - In the mid-term, segments with stronger certainty and greater potential, such as separators, copper foil, and anodes, are expected to lead the market [3][30]. Separator Segment - The separator industry is entering a period of oversupply, with prices declining significantly, leading to reduced profitability for companies. The capacity utilization rate for wet-process separators is expected to recover positively due to sustained lithium battery demand [6][32]. - The penetration rate of wet-process separators is projected to increase, with expectations of a significant demand boost from the transition to 5μm products. This may lead to a tightening supply-demand balance and potential price surges in the future [6][42][50]. Copper Foil Segment - The copper foil industry is facing challenges due to supply-demand mismatches and technological iterations. However, the industry is at a cost support stage, with production expansion stagnating and profitability expected to recover as demand strengthens [8][58]. - The market for high-value low-profile (HVLP) copper foil is anticipated to grow rapidly, driven by high-frequency and high-speed requirements in AI servers, leading to a potential upgrade cycle [8][58]. Anode Segment - The anode segment is currently experiencing low profitability, with weak expansion intentions across the industry. Capacity utilization rates are expected to improve gradually, with potential catalysts needed for price increases, such as rising upstream petroleum coke prices or stricter energy consumption policies [9][30].

Group 1 - XianDao Intelligent is a key player in high-end intelligent equipment, focusing on precision manufacturing and automation solutions, particularly in the PCB industry [1] - The company provides high-precision cutting, forming, and testing automation equipment for the PCB industry, enhancing production efficiency and yield for high-end products [1] - With the acceleration of AI server and data center construction, the demand for high-end processing equipment in the PCB industry continues to rise [1] Group 2 - Fangzheng Technology has a state-owned background and long-term industry accumulation in the electronic information field, focusing on the R&D, production, and sales of printed circuit boards (PCBs) [2] - The company is upgrading its PCB production lines, emphasizing high-layer and high-frequency boards to meet the demands of 5G communication and industrial internet [2] - Fangzheng Technology maintains a stable market position in the communication and industrial control PCB sectors, providing reliable PCB supply to downstream equipment manufacturers [2] Group 3 - Helitai is a privately held company with a complete layout in electronic components and display modules, focusing on FPC flexible circuit boards and rigid PCBs [3] - The company invests in automotive PCBs and flexible boards, enhancing performance to meet the increasing electronic penetration in new energy vehicles [3] - Helitai leverages its vertically integrated supply chain to optimize cost control and product yield, aligning with the trends of lightweight and high-reliability terminal devices [3] Group 4 - Nord shares focus on copper-based new materials and is a significant player in the domestic copper foil industry, with high-precision electrolytic copper foil as a core product [4] - The company is investing in high-end PCB copper foil R&D and production, optimizing thickness uniformity and surface roughness to meet market demands [4] - Nord shares are deeply integrated with the PCB upstream supply chain, supporting material upgrades in the industry [4] Group 5 - Beifang Copper Industry, controlled by local state assets, has integrated resource and processing advantages, focusing on cathode copper, copper rods, and copper foil [5] - The company is enhancing copper material purity and processing precision, developing ultra-thin PCB copper foil to meet stringent requirements for HDI and high-layer boards [5] - Beifang Copper Industry provides stable, high-quality basic material supply to the PCB industry, supporting the domestic material supply chain [5] Group 6 - Tongling Nonferrous Metals is a leading copper smelting and processing enterprise in China, with a complete industry chain from mining to processing [6] - The company focuses on PCB copper foil, which is crucial for the production of printed circuit boards, and is increasing its investment in high-end copper foil products [6] - Tongling Nonferrous Metals is also developing recycled copper business to promote green manufacturing in line with the PCB industry's low-carbon development trend [7] Group 7 - Huagong Technology, with strong technical research and development capabilities, provides laser processing equipment and high-end manufacturing solutions for the PCB industry [8] - The company’s products meet the high-precision processing needs of communication, server, and automotive electronics PCBs, benefiting from the expansion of the PCB industry driven by AI computing power [8][9] - Huagong Technology is positioned favorably in the domestic PCB equipment market, contributing to the industry's manufacturing level and production efficiency [8] Group 8 - Shenghong Technology specializes in high-end PCB products, including HDI and high-frequency boards, serving major clients in various sectors [9] - The company maintains high production efficiency and product stability, with a strong order backlog driven by the demand for AI servers [9] - Shenghong Technology is advancing its automotive PCB certification and production expansion, solidifying its position in the domestic PCB market [9] Group 9 - Deep Kangjia A is a state-owned enterprise with a diversified technology platform, focusing on high-end PCB products for communication and industrial control applications [10] - The company leverages group resources to optimize its PCB business structure and enhance collaboration with key downstream clients [10] - Deep Kangjia A is positioned to benefit from the recovery of consumer electronics and the advancement of computing infrastructure, maintaining stable growth in the PCB sector [10] Group 10 - Guanjie Technology is a leading global player in the display field, extending its business into PCB and electronic components [11] - The company’s PCB products align with trends towards lightweight and high integration, supporting the growing demand in smart displays and automotive applications [11] - Guanjie Technology optimizes its PCB business quality through vertical integration, enhancing its competitive position in the electronic components market [11] Group 11 - Tiantong Co., Ltd. specializes in soft magnetic materials and high-end equipment, providing precision processing and testing equipment for the PCB industry [12] - The company’s products enhance circuit stability and anti-interference capabilities, supporting the production of high-end PCBs [12] - Tiantong Co., Ltd. benefits from its dual focus on materials and equipment, providing essential support to the PCB industry [12] Group 12 - Huhua Electric is a leading enterprise in the PCB industry, focusing on high-reliability PCB products for communication and automotive applications [13] - The company has a strong technical foundation in high-frequency and high-speed PCB fields, supplying major global communication and automotive clients [13] - Huhua Electric is positioned to expand its high-end order volume and production capacity, maintaining a leading position in the global PCB market [13][14] Group 13 - Xingsen Technology is a leader in PCB samples and small batch production, serving a wide range of R&D clients across various sectors [15] - The company’s rapid delivery capabilities and flexible production model are industry-leading, making it a crucial supply chain partner during product development stages [15] - Xingsen Technology is expanding its high-end PCB production capacity, tapping into the server and automotive electronics markets [15] Group 14 - Dongshan Precision is a significant player in precision manufacturing, leading in FPC and PCB sectors [16] - The company’s FPC products are widely used in smart terminals and automotive applications, driving its core growth [16] - Dongshan Precision is optimizing its product structure to maintain strong competitiveness in the flexible circuit board and automotive PCB markets [16] Group 15 - Liyuan Information is a leading distributor of electronic components, connecting upstream manufacturers with downstream electronic manufacturers [17] - The company provides a comprehensive supply chain and technical support for PCB manufacturers, playing a critical role in the industry [17] - Liyuan Information is enhancing its collaboration with the PCB supply chain, improving supply chain efficiency and cost control [17] Group 16 - China Jushi is a global leader in the fiberglass industry, with a focus on electronic-grade fiberglass for PCB applications [18] - The company’s products are essential for PCB performance, meeting the demands of high-frequency and high-speed applications [18] - China Jushi is positioned to support the domestic material supply chain and play a vital role in the high-end material upgrade process [18] Group 17 - Zhongtung High-tech specializes in hard alloys and tungsten materials, providing critical consumables for PCB processing [19] - The company’s products meet high standards for hardness, wear resistance, and precision, supporting the production of high-end PCBs [19] - Zhongtung High-tech is leveraging its resource and technology advantages to maintain a significant position in the PCB specialized hard alloy materials market [19] Group 18 - Zhao Chi Co., Ltd. focuses on smart terminals and semiconductor products, with a strong PCB business for consumer electronics and smart home applications [20] - The company’s vertical integration allows for collaborative design and production, enhancing competitiveness in the PCB market [20] - Zhao Chi Co., Ltd. is optimizing its PCB production capabilities to meet the growing demand in consumer electronics and smart home sectors [20] Group 19 - Dazhu Laser is a leading domestic laser equipment manufacturer, providing essential laser processing solutions for the PCB industry [21] - The company’s laser equipment is crucial for high-end PCB production, meeting the precision requirements of advanced applications [21] - Dazhu Laser is benefiting from the growing demand for high-end PCB production driven by AI computing power [21] Group 20 - Zhongke Electric is a privately held company with expertise in electromagnetic equipment and new materials, providing automation and thermal treatment equipment for the PCB industry [22] - The company’s products enhance PCB stability and consistency, supporting the industry's shift towards automation and intelligence [22] - Zhongke Electric is expanding its presence in the electronic manufacturing equipment sector, providing reliable support for the PCB supply chain [22] Group 21 - Hezhu Intelligent is a provider of high-end forming equipment and automation solutions for the PCB industry [23] - The company’s equipment is critical for the production of high-layer and thick copper boards, directly impacting PCB reliability and flatness [23] - Hezhu Intelligent is positioned to benefit from the growing demand for PCB production equipment driven by automotive electronics and server applications [23] Group 22 - Huace Testing is a leading third-party testing enterprise, providing comprehensive reliability and environmental testing services for the PCB industry [24] - The company’s services are essential for ensuring PCB quality in communication, automotive, and server applications [24] - Huace Testing is maintaining a leading position in the PCB testing sector, supporting industry quality assurance amid increasing regulatory demands [24] Group 23 - Sichuan Jiuzhou is a significant player in the military and electronic information sectors, focusing on high-reliability PCBs for communication and industrial control applications [25] - The company’s PCB products are known for their high yield and reliability, supported by a military-grade quality control system [25] - Sichuan Jiuzhou is positioned to meet the growing demand for high-reliability PCBs driven by new infrastructure and specialized fields [25] Group 24 - Jin Xin Nuo specializes in RF communication and high-speed interconnect products, focusing on high-frequency PCBs for communication and automotive applications [26] - The company’s products are designed to meet the demands of 5G and AI computing, with low loss and high stability [26] - Jin Xin Nuo is leveraging its expertise in RF and PCB to maintain competitiveness in the communication interconnect supply chain [26] Group 25 - Rongda Photosensitive is a leading manufacturer of PCB photosensitive inks and wet process materials, essential for PCB production [27] - The company’s products directly impact PCB precision and reliability, covering the entire PCB production process [27] - Rongda Photosensitive is positioned to benefit from the growing demand for high-precision photosensitive inks in the PCB industry [27] Group 26 - Hongchang Electronics focuses on epoxy resins and electronic chemicals, providing core materials for PCB manufacturing [28] - The company’s high-purity epoxy resins meet the demands of high-frequency and high-temperature PCBs, supplying major domestic manufacturers [28] - Hongchang Electronics is expanding its production capacity for high-end electronic-grade resins, supporting the domestic material supply chain [28] Group 27 - Dongcai Technology is a key player in the new materials sector, focusing on functional materials for PCB applications [29] - The company’s products are designed to meet the high-performance requirements of modern PCBs, supporting the domestic supply chain [29] - Dongcai Technology is leveraging its technical and production advantages to expand its presence in the PCB materials market [29]

Group 1 - The core viewpoint of the article is that Zhongke Electric has established a production capacity for lithium battery anode materials through its joint venture with CATL in Guian New Area [1] - The joint venture, Guian New Area Zhongke Star City Graphite Co., Ltd., has achieved an annual production capacity of 100,000 tons of integrated lithium battery anode materials [1] - The products developed include fast-charging anode materials, indicating a focus on advanced technology in the battery materials sector [1]

Group 1 - Zhongke Electric Co., Ltd. experienced a stock price increase of 5.27%, reaching 22.36 CNY per share, with a trading volume of 487 million CNY and a turnover rate of 3.79%, resulting in a total market capitalization of 15.326 billion CNY [1] - The company, established on April 6, 2004, and listed on December 25, 2009, is primarily engaged in the research, production, sales, and service of industrial magnetic application technologies and products [1] - The main revenue composition of Zhongke Electric includes 92.50% from lithium battery anode materials, 8.53% from electromagnetic equipment, and 2.71% from other sources [1] Group 2 - Among the top ten circulating shareholders of Zhongke Electric, one fund from Harvest Fund Management holds 4.0354 million shares, unchanged from the previous period, representing 0.69% of the circulating shares, with an estimated floating profit of approximately 4.5196 million CNY [2] - The Harvest Intelligent Automotive Stock Fund, established on February 4, 2016, has a current scale of 3.911 billion CNY, with a year-to-date return of 3.71%, ranking 3402 out of 5570 in its category, and a one-year return of 44.3%, ranking 902 out of 4305 [2] Group 3 - The fund manager of Harvest Intelligent Automotive Stock Fund is Yao Zhipeng, who has a cumulative tenure of 9 years and 304 days, managing total assets of 19.657 billion CNY, with the best fund return during his tenure being 189.7% and the worst being -10.04% [3]

Core Viewpoint - The company is working on integrated project construction to improve its relatively low self-sufficiency rate in graphitization, driven by increasing demand in the downstream electric vehicle and energy storage markets [1] Group 1: Company Developments - The company reported that the shipment volume of lithium-ion battery anode materials is expected to continue its growth trend by Q4 2025, supported by rising demand in fast-charging electric vehicles and energy storage [1] - Due to insufficient in-house graphitization capacity, the company has increased outsourcing, which has led to certain cost pressures [1] - The company is implementing measures such as increasing R&D investment, enhancing product innovation, and launching differentiated products to improve cost control and market competitiveness [1] Group 2: Industry Context - The anode materials industry is currently facing a structural and phase imbalance in supply and demand, which has not fundamentally changed, leading to intense market competition and some compression of profit margins [1]

Group 1 - The company, Zhongke Electric (300035.SZ), has been included in the 2026 edition of the "Titanium Enterprise Directory" due to its capabilities in the magnetic electric equipment business [2] - The company's induction heating products are applicable in the smelting of titanium and other non-ferrous metals, indicating its involvement in the titanium industry [2] - Zhongke Electric has established collaborations with titanium alloy enterprises to provide relevant metallurgical solutions [2]

Core Viewpoint - The company anticipates continued growth in the shipment of lithium-ion battery anode materials driven by increasing demand in the downstream electric vehicle market, particularly for fast-charging vehicles, and the energy storage market [1] Group 1: Market Demand and Supply - By Q4 2025, the company expects the shipment volume of lithium-ion battery anode materials to maintain a growth trend due to rising demand in the electric vehicle and energy storage sectors [1] - The anode materials industry is currently facing a structural and phase imbalance in supply and demand, leading to intense market competition and a certain degree of compression in profit margins [1] Group 2: Cost and Production Challenges - The company is experiencing cost pressures due to an increase in outsourced production as its own graphitization capacity is relatively insufficient [1] - The company is working on integrated project construction to improve its self-sufficiency in graphitization, which is currently low [1] Group 3: Strategic Initiatives - The company is increasing its R&D investment to enhance product innovation and is planning to launch differentiated products to further improve cost control and market competitiveness [1]

Core Viewpoint - The company, Zhongke Electric (300035), announced that it and its subsidiaries have no overdue external guarantees and have not provided guarantees for shareholders, actual controllers, or their related parties [1] Group 1 - The company confirmed the absence of overdue external guarantees [1] - There are no guarantees provided for shareholders or actual controllers [1] - The announcement reflects the company's commitment to financial transparency [1]