自2017年党的十九大提出"培育世界级先进制造业集群"、2019年工信部启动先进制造业集群培育专项行 动以来，我在智通财经发表了深圳先进电池材料集群等几篇关于产业集群和创新集群的文章。在2025年 先进制造业集群发展大会即将召开之际，我想就先进制造业集群发展的关键谈几点看法。 三 深圳市场化改革最彻底，企业创新主力军地位和产业集群支撑是深圳创新之城的奥秘所在。以下，我再 次以工信部首批遴选出来的深圳先进电池材料集群为例来探讨先进制造业集群。深圳的智能手机和消费 类电子产品、新能源汽车、低空经济和无人机、AI和机器人、新型储能等先进制造业的创新无不得益 于先进电池材料产业集群的发展。在深圳市，像电池材料产业这样有集群生态系统存在的先进制造业案 例不胜枚举。 根据国际能源署数据，中国生产了全球超3/4的电池。深圳市的电池产业已形成从材料、电芯、装备到 回收的闭环生态，成为全球电池技术迭代的重要策源地，例如以清研电子、比亚迪为代表的干法极片工 艺、以欣旺达为代表的6C闪充电池技术、以星源材质为代表的高安全隔膜技术、以新宙邦为代表的电 解液3.0技术、以中科院深圳先进院为代表的铝基复合负极+抗冻耐热电池技术、以贝特瑞 ...

Core Viewpoint - Shenzhen continues to be the "foreign trade capital" of China in the first half of this year, with new energy vehicles, lithium batteries, and photovoltaic products leading the growth in foreign trade [1][3]. Group 1: Industry Overview - The lithium battery industry in Shenzhen has seen the emergence of a unique "material team," consisting of four leading companies: Keda Li, Better Ray, New Zobang, and Xingyuan Material, which dominate key material sectors [3][13]. - These four companies have successfully broken the monopoly of Japanese and Korean firms in the lithium battery materials market, marking a significant achievement in China's industrial landscape [3][13]. Group 2: Company Performance - Keda Li is projected to achieve a revenue of 120.3 billion RMB and a net profit of 14.72 billion RMB in 2024, holding the largest global market share in structural components [4]. - Better Ray is expected to generate 142.37 billion RMB in revenue and 9.3 billion RMB in net profit in 2024, leading the global market in negative materials [4]. - New Zobang anticipates a revenue of 78.47 billion RMB and a net profit of 9.42 billion RMB in 2024, ranking third globally in electrolyte sales [4]. - Xingyuan Material is projected to achieve a revenue of 35.41 billion RMB and a net profit of 3.64 billion RMB in 2024, holding the second position globally in membrane sales [4]. Group 3: Historical Context - The lithium battery market was dominated by Japanese companies in the late 20th century, with a market share of 93% in 2000, leading to a reliance on imports for China [7][9]. - Shenzhen's entrepreneurs began to emerge in the late 1990s, tackling the challenges of high import costs and technological barriers in lithium battery materials [9][11]. Group 4: Recent Developments - Keda Li reported a revenue of 66.45 billion RMB in the first half of this year, a year-on-year increase of 22.01%, driven by rising sales of new energy vehicles [16]. - New Zobang's revenue reached 20.02 billion RMB in the first quarter of this year, reflecting a 32.14% increase compared to the previous year [19]. - Xingyuan Material's revenue was 8.89 billion RMB in the first quarter, a 24.44% increase year-on-year, despite a decrease in net profit [19]. - Better Ray's revenue for the first quarter was 33.92 billion RMB, a decrease of 3.88% year-on-year, attributed to increased market competition [20]. Group 5: Strategic Initiatives - Keda Li is expanding its overseas production capabilities with investments in Germany, Sweden, and Hungary to meet global demand [21]. - New Zobang has established over 20 production bases worldwide and is actively expanding its presence in East Asia and Southeast Asia [21]. - Xingyuan Material has built a major production facility in Malaysia, focusing on lithium-ion battery membranes and solid-state battery components [23]. - Better Ray is advancing its global strategy with projects in Indonesia and Morocco to enhance its competitive edge in the lithium battery materials market [25].

Group 1 - The lithium battery sector has become a new choice for short-term capital, with significant stock price increases observed on September 5, where the Wind Power Battery Index rose by 9.64% [1] - The performance of various segments within the lithium battery industry shows a clear divergence, with the negative electrode materials and electrolyte sectors experiencing substantial revenue growth, while the positive electrode materials and lithium battery separators lagged behind [2][4] - The electrolyte sector demonstrated the most notable improvement in performance, with average revenue growth of 20.77% and net profit growth of 35.4% among the 11 sample companies analyzed [5][6] Group 2 - The core material, lithium hexafluorophosphate, showed significant performance improvements, with revenue growth of 16.07% and net profit growth of 40.87% [5] - Despite a decline in sales prices, the sales volume of electrolytes increased significantly, leading to a rise in sales revenue [5][6] - The negative electrode materials sector also saw revenue growth of 25.62% and net profit growth of 119.19%, although some companies faced challenges with declining profit margins [8][9] Group 3 - The positive electrode materials and separators faced weaker performance, with net profit declines of 54.38% and 1.3% respectively, indicating a broader trend of profit margin compression across the industry [9][10] - The overall trend shows that while some companies are experiencing revenue growth, many are struggling with declining profit margins, suggesting that the price bottom for lithium battery materials has not yet been reached [10] - The mixed operations of lithium battery companies complicate the reflection of industry conditions in their performance, as many companies engage in multiple segments [11][12]

记者丨 董鹏 编辑丨朱益民 视频编辑丨 许婷婷 板块轮动之下，锂电股成为了短期资金的新选择。 9月5日，锂电行业公司全线大涨，当天wind动力电池指数大涨9.64%。其中，负极材料、电解 液行业指数涨幅分别达到9.23%和9.19%，正极材料、锂电隔膜涨幅其次，分别为7.87%和 5.25%。 | | | Wind锂电各环节业绩表现 | | | --- | --- | --- | --- | | 行业 | | 营业收入增速 扣非后净利润增速 经营活动现金流净额增速 | | | 锂电负极 | 25.62% | 119.19% | -130.54% | | 六氟磷酸锂 | 16.07% | 40.87% | 154.23% | | 锂电电解液 | 20.77% | 35.40% | 43.36% | | 锂电隔膜 | 7.85% | -1.31% | 992.11% | | 锂电正极 | 11.87% | -54.38% | -31.23% | | | | | ***** | 上述差异化的股价走势，与各细分领域的基本面保持一致， 上半年负极材料、电解液相关公 司的业绩增速明显更好 。 "2025年上半年新能源锂电 ...

该基金属于偏股混合型基金，长期投资于先进制造股票。截至9月3日，单位净值为2.411元。基金经理是李瑞，目前管理4只基金。其中，截至9月3日，东方 新能源汽车主题混合近一年复权单位净值增长率最高，达57.84%；东方高端制造混合A最低，为38.99%。 基金管理人在半年报中表示，东方新能源汽车将围绕新能源汽车行业进行布局，自上而下精选子行业，自下而上深度研究，选择具备持续增长潜力的中长期 投资标的，追求长期投资回报。 AI基金东方新能源汽车主题混合（400015）披露2025年半年报，上半年基金利润3.91亿元，加权平均基金份额本期利润0.0946元。报告期内，基金净值增长 率为4.59%，截至上半年末，基金规模为78.58亿元。 截至9月3日，东方新能源汽车主题混合近三个月复权单位净值增长率为25.30%，位于同类可比基金56/171；近半年复权单位净值增长率为10.29%，位于同类 可比基金120/171；近一年复权单位净值增长率为57.84%，位于同类可比基金41/169；近三年复权单位净值增长率为-30.84%，位于同类可比基金103/130。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类 ...

Core Viewpoint - The company has made significant investments in solid-state electrolyte research, with over 30 related patent applications to date, indicating a strong commitment to innovation in this field [2] Group 1: Research and Development - The company, including its subsidiaries, has accumulated more than 30 patent applications related to solid-state and semi-solid-state electrolytes [2] - The company's affiliate, Shenzhen Xinyuanbang Technology Co., Ltd., has established a comprehensive research, testing, and production platform for solid-state electrolyte materials, achieving stable production and product delivery at a scale of hundreds of tons [2] Group 2: Market and Commercialization Challenges - Semi-solid batteries still require the use of electrolytes in conjunction with solid-state electrolytes, while full solid-state batteries face challenges related to cost, technology, and supply chain issues [2] - The company acknowledges that achieving large-scale commercialization of new technologies requires ongoing market validation and that there are many uncertainties to address [2] Group 3: Strategic Approach - The company plans to continue its diversified technology layout, sustained research and development investment, and proactive industrialization efforts to steadily enhance its market competitiveness [2]

证券日报网讯新宙邦（300037）9月5日在互动平台回答投资者提问时表示，公司的参股公司深圳新源邦 科技有限公司已建立固态电解质材料研发、测试及生产平台，目前氧化物电解质已经达到批量生产并销 售阶段，同时其他类型的电解质技术也进行了储备和生产，公司也在积极根据客户需求规划未来的产 能。 ...

证券日报网讯新宙邦（300037）9月5日在互动平台回答投资者提问时表示，定期报告中原材料价格是不 含税价格，公司的采购是基于整体供应链管理和生产需求进行的，公司的采购价格是综合考虑了多种因 素的结果。在降低采购成本、提升利润规模方面，公司一直非常重视与供应商的战略合作关系，并已采 取了一系列措施：与国内外大宗基础化工原料供应商建立战略合作关系，签订长期采购框架协议，在保 障供应稳定的同时增强成本管控能力；密切跟踪主要原材料市场行情，基于价格波动趋势灵活调整采购 策略和库存水平，优化采购成本；持续加大研发投入，提升产品技术含量和附加值，增强产品竞争力， 从而提高产品毛利率，保障公司盈利能力；通过纵向整合或战略合作优化供应链结构，降低原材料价格 波动及供应短缺风险，增强供应链韧性。 ...

阳光电源（300274）、宁德时代（300750）、汇川技术（300124）、亿纬锂能（300014）、先导智能 （300450）、欣旺达（300207）、捷佳伟创（300724）、罗博特科（300757）、金力永磁（300748）、 新宙邦（300037） 券商研究方面，信达证券指出AI应用政策加码背景下，英伟达上调资本开支预期将带动AI能源及数据 中心产业链景气度延续，重点关注HVDC、服务器电源及液冷等细分领域；中原证券则分析锂电池行业 集中度持续提升，2025年1-7月磷酸铁锂装机占比达81.21%，行业技术路线变化与政策导向高度相关， 头部企业凭借规模优势进一步巩固市场地位。 关联产品： 创业板新能源ETF（159261），光伏ETF基金（159863）,创业板新能源ETF（159261）,机器人ETF （159278）,科创新能源ETF（588830） 关联个股： 消息面上，1) 欣旺达消费电池Q3涨价10-15%，动力储能订单饱满，国际客户Q4放量或助扭亏；2) 2025 年8月磷酸铁锂正极材料产量同比增51.9%，碳酸锂涨价刺激下游抢货，产能利用率升至69.8%；3) 嘉元 科技积极布局储能领 ...

Group 1: Industry Insights - The rapid increase in power of AI server cabinets is pushing the limits of cold plate liquid cooling, leading to a rise in the penetration of immersion liquid cooling and a surge in demand for fluorinated liquids [1] - Currently, fluorinated compounds account for approximately 94.2% of the immersion cooling liquid market, indicating a strong market share for this segment [1] - Based on calculations, if 1% of the 2.1 million AI servers expected to be shipped in 2025 utilize immersion cooling, the demand for fluorinated liquids could reach 10,500 tons [1] Group 2: Product Development - Perfluoropolyether is expected to become the preferred choice for immersion cooling fluorinated liquids due to its excellent properties such as low dielectric constant, good insulation, and high thermal conductivity [2] - The synthesis of perfluoropolyether is complex, with only a few companies globally, including Solvay, Chemours, and Daikin, capable of mass production [3] - The main production methods for perfluoropolyether include photochemical oxidation and anionic polymerization, with K-type and Y-type being the most common types in the market [3] Group 3: Company Profiles - Sinochem International (New Zhou Bang) has established a production capacity of 2,500 tons of perfluoropolyether, which supports various applications including immersion cooling for data centers [4] - The company has plans to expand its production capacity through technological upgrades and a new project aimed at producing 30,000 tons of high-end fluorinated fine chemicals, with an investment of approximately 1.2 billion yuan [4] - Juhua Co., Ltd. has developed a series of perfluoropolyether-based cooling liquids, which have been recognized as excellent industrial new products in Zhejiang Province for 2025 [5] - The company has established demonstration applications for its immersion cooling liquids and plans to produce 5,000 tons annually, with the first phase already in operation [5]