截至6月30日，当升科技股东户数8.67万，较上期增加2.18%；人均流通股5834股，较上期减少2.13%。 2025年1月-6月，当升科技实现营业收入44.32亿元，同比增长25.17%；归母净利润3.11亿元，同比增长 8.47%。 分红方面，当升科技A股上市后累计派现12.65亿元。近三年，累计派现8.21亿元。 机构持仓方面，截止2025年6月30日，当升科技十大流通股东中，易方达创业板ETF（159915）位居第 二大流通股东，持股1004.59万股，相比上期减少24.56万股。南方中证500ETF（510500）位居第四大流 通股东，持股604.35万股，相比上期增加79.05万股。香港中央结算有限公司位居第五大流通股东，持股 443.33万股，相比上期增加37.80万股。华安创业板50ETF（159949）位居第六大流通股东，持股379.94 万股，相比上期减少27.74万股。汇添富中证新能源汽车产业指数(LOF)A（501057）位居第九大流通股 东，持股258.39万股，相比上期减少9.02万股。 责任编辑：小浪快报 10月23日，当升科技盘中上涨2.04%，截至14:07，报65.59元 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风 险自担。 【责任编辑：王少晨 】 技术实力保持业内领先，新兴领域充分前瞻布局。公司已在高镍、超高镍、中镍高电 压、磷酸铁锂、钴酸锂及下一代电池材料等领域形成了完整的产品布局，其中，高镍和超高 镍多元材料技术持续领跑行业发展。固态电池产业化在即，公司系统布局氧化物、硫化物、 卤化物等固态电池材料体系，全固态正极材料已批量出货。 全球化战略深入推进，卡位高端产业链。公司多元材料多项产品作为行业标杆，深度绑 定优质国内外客户，海外市场方面，与LGES、SKon、三星SDI、Murata等国外客户建立深 度合作关系，进入海外高端新能源车企供应链；国内市场方面，高镍、中镍高电压产品批量 导入亿纬锂能、比亚迪等国内主流动力电池厂商。积极拓展磷酸（锰）铁锂业务，深度绑定 中创新航、中汽新能、瑞浦兰钧、宜春清陶、Power Co等国内外客户，在动力、储能及EV 领域实现应用。 投资建议：我们预测2025-2027年公司营业收入分别为102.99/133.72/154.69亿元，同比增 速分别为35.6%、29.8%、15.7%，归母净利润分别为6. ...

截至2025年10月22日 13:27，中证国新央企现代能源指数下跌0.13%。成分股方面涨跌互现，石化油服 领涨10.00%，石化机械上涨9.97%，中国核建上涨4.10%；平高电气领跌4.25%，中国西电下跌3.16%， 当升科技下跌2.82%。央企现代能源ETF(561790)多空胶着，最新报价1.21元。拉长时间看，截至2025年 10月21日，央企现代能源ETF近1周累计上涨0.50%。 流动性方面，央企现代能源ETF盘中换手3.62%，成交161.57万元。拉长时间看，截至10月21日，央企 现代能源ETF近1年日均成交615.35万元。 据报道，《风能北京宣言2.0》于10月20日北京国际风能大会上由全球超1000家风能企业联合发布，明 确提出"十五五"期间年新增风电装机不低于120GW，"十六五"期间年均新增不低于140GW，并设定 2030年累计装机达1300GW、2060年达5000GW的长期目标。该宣言较2020年版本显著上调发展目标， 彰显行业对风电中长期发展的坚定信心。 消息面上，10月17日，公告称，自2025年11月1日起取消陆上风电增值税即征即退50%政策，海上风电 该政策延续 ...

Core Viewpoint - The company is making significant progress in the research and production of key materials for solid-state batteries, achieving energy density breakthroughs and substantial production capabilities [1] Group 1: Solid-State Battery Materials - The company has developed all-solid-state cathode materials that match battery energy density exceeding 400 Wh/kg, significantly surpassing current liquid battery levels [1] - The company has achieved batch supply of over 10 tons of all-solid-state cathode materials [1] - Semi-solid-state cathode materials have been applied in fields such as drones, eVTOL, and humanoid robots, with cumulative shipments reaching the kiloton level [1] Group 2: Solid Electrolytes - The company has developed a novel chloroiodide composite sulfide electrolyte, achieving stable production at the ton level [1] - The new electrolyte has received certification and adoption from multiple key downstream customers [1] Group 3: Production Plans and Testing - The company currently has no plans for solid-state battery production but has established a testing line for all-solid-state batteries to verify material performance within battery systems [1] - The testing aims to ensure that products meet downstream customer demands for high safety and high-efficiency solid-state batteries [1]

Market Overview - Major indices in China opened higher, with the Shanghai Composite Index up 0.18%, Shenzhen Component Index up 0.52%, and ChiNext Index up 0.81, led by gains in precious metals and deep earth economy sectors [1] - In the external market, major US indices rose over 1%, with the Dow Jones up 1.12% to 46,706.58 points, S&P 500 up 1.07% to 6,735.13 points, and Nasdaq up 1.37% to 22,990.54 points [3] - Chinese concept stocks also saw collective gains, with the Nasdaq China Golden Dragon Index rising 2.39% [3] Industry Insights - CITIC Securities highlighted the rapid advancement of solid-state battery technology, noting a breakthrough that addresses the solid-solid interface contact issue, which has been a major bottleneck for mass production [4] - The collaboration between Changsheng Technology and Boyuan Co. aims to enhance the supply chain and accelerate the commercialization of sulfide solid-state batteries [4] - Huatai Securities emphasized that internet platform companies are actively seeking commercialization opportunities in their advantageous scenarios, particularly in basic cloud service providers and advertising sectors [5] - CITIC Securities recommended focusing on "small but beautiful" companies in the textile and apparel manufacturing sector, which are showing positive operational changes and potential for valuation re-evaluation [6] - China Galaxy Securities noted a market style shift leading to a recovery in the food and beverage index, with a focus on new consumption trends and companies with solid fundamentals [8]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Core Viewpoint - The company is actively engaged in the development and production of high-performance battery materials, particularly for humanoid robots and energy storage applications, which are expected to positively impact its performance as market demand matures. Group 1: Company Performance and Market Position - As of October 17, 2025, the company's stock closed at 65.83 yuan, down 1.51%, with a turnover rate of 6.54% and a trading volume of 331,000 shares, amounting to a transaction value of 2.205 billion yuan [1] - The company has successfully applied solid-state lithium battery materials in various fields, including drones and humanoid robots, with significant progress in production and supply [2][3] - The company has established a solid-state battery testing line to ensure that its materials meet the safety and efficiency requirements of downstream customers [2] Group 2: Product Development and Technological Advancements - The company is focusing on the development of high-pressure lithium iron phosphate battery materials, with the third-generation product achieving a packing density of 2.58 g/cm³ and the fourth-generation product showing increasing shipment volumes with a density of 2.68 g/cm³ [3] - The fifth-generation ultra-high pressure lithium iron phosphate product has been validated with a packing density exceeding 2.75 g/cm³, maintaining excellent fast-charging capabilities and low-temperature performance [3] Group 3: Regulatory Environment and Export Control - The recent export control measures by the government primarily target high-pressure lithium iron phosphate and ternary precursor materials, which do not affect the company's main export products, namely multi-element positive electrode materials [4][5][6] - The company plans to continue monitoring policy developments and maintain close communication with relevant authorities and clients to assess the potential impacts on the global lithium battery market [5][6][8][9] Group 4: Customer Collaborations and Market Applications - The company's energy storage positive electrode materials have been confirmed to be used in Tesla's energy projects, including the Megapack products produced at Tesla's Shanghai factory [3] - The company collaborates with several prestigious institutions, including Tsinghua University and the Chinese Academy of Sciences, to advance technology and project development [2]

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The price of lithium hexafluorophosphate continues to rise, with a current price of 75,500 yuan/ton, up 12,200 yuan/ton from the end of September and 26,000 yuan/ton from the mid-July low, representing an increase of over 50% [4][13] - The demand for lithium hexafluorophosphate is increasing, while supply is relatively tight, leading to sustained price increases [4] - The Ministry of Commerce and the General Administration of Customs have implemented export controls on lithium batteries and certain materials, which will affect the availability of overseas production capacity [4][13] - The National Development and Reform Commission has launched an action plan to double the service capacity of charging facilities by 2027, aiming to establish 28 million charging facilities nationwide [4][10] Industry Dynamics - The domestic sales of new energy vehicles in September reached 1.604 million units, a year-on-year increase of 25% and a month-on-month increase of 15% [4] - In Europe, new energy vehicle sales in September reached 311,200 units, up 34% year-on-year and 74% month-on-month [4] - The lithium battery supply chain production in October is expected to continue to rise, with domestic battery production increasing by 10% month-on-month [13] Company Recommendations - Recommended companies to focus on include leading enterprises in the lithium battery industry such as CATL, Yiwei Lithium Energy, and others, as well as companies in the low-altitude economy and robotics sectors [2]

Core Viewpoint - The company, Dongsheng Technology, is actively collaborating with several prestigious universities and research institutions to tackle technological challenges and promote the transformation of scientific research achievements [1] Group 1 - The company has established deep cooperative relationships with Tsinghua University, Chinese Academy of Sciences, Beijing Institute of Technology, and Beijing University of Science and Technology [1] - The collaboration focuses on multiple areas including technological research, project applications, and talent cultivation [1] - The aim is to jointly overcome technical difficulties and facilitate the practical application of research outcomes [1]

Core Viewpoint - The company, Dongsheng Technology, is focusing on the research and production of key materials for solid-state batteries, achieving significant advancements in this area [1] Group 1: Solid-State Battery Materials - The company has developed all-solid-state cathode materials that match battery energy density exceeding 400Wh/kg, significantly surpassing current liquid battery levels, and has achieved over 10 tons of bulk supply [1] - Semi-solid-state cathode materials have been applied in fields such as drones, eVTOL, and humanoid robots, with cumulative shipments reaching the kiloton level [1] Group 2: Solid Electrolytes - The company has successfully developed a new type of chloroiodide composite sulfide electrolyte, achieving stable production at the ton level and receiving certification and adoption from several key downstream customers [1] Group 3: Production Plans and Testing - Currently, the company has no plans for solid-state battery production but has established a testing line for all-solid-state batteries to verify the performance of materials within the battery system, ensuring products meet downstream customer demands for high safety and high efficiency [1]