每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" （记者 曾健辉） 每经AI快讯，当升科技（SZ 300073，收盘价：58.74元）发布公告称，2025年11月26日10:00-11:30，当 升科技接受中信证券等投资者调研，公司副总经理、磷系产品线总经理、当升蜀道董事长陈新参与接 待，并回答了投资者提出的问题。 2025年1至6月份，当升科技的营业收入构成为：非金属矿物制品占比98.35%，专用设备制造业占比 1.65%。 截至发稿，当升科技市值为320亿元。 ...

Group 1: Business Progress and Product Development - The company has rapidly developed its lithium iron phosphate (LiFePO4) business, with significant increases in shipment volumes, making it a key revenue source. The main products are third and fourth generation, with the fourth generation's share steadily increasing. The fifth generation is expected to enter mass production in the second half of 2026 [2][3] - The company has a total planned production capacity of 300,000 tons for manganese iron phosphate, with the first phase producing 120,000 tons already operational. Due to strong demand in the downstream energy storage market, the company is facing capacity shortages and is actively planning expansions in the southwest region [4] - The global energy storage market's rapid growth positively impacts the company's manganese iron phosphate business, which has become a significant revenue source. The company has established itself as a strategic supplier to major domestic energy storage and power battery manufacturers [5] Group 2: Raw Material Management and Supply Chain - The company closely monitors raw material market dynamics and price fluctuations, establishing long-term strategic partnerships with key suppliers to optimize supply chain management and mitigate cost impacts from raw material price volatility [6] - The company is advancing its resource layout for upstream materials such as phosphorus, lithium, and cobalt, aiming to build a sustainable and cost-effective strategic supply chain [6] Group 3: Customer Base and Market Expansion - The company's manganese iron phosphate materials are in high demand, with products being supplied to major domestic energy storage and power battery clients, including CATL and EVE Energy. The company is also expanding its customer base to meet increasing demand from the new materials industry [6] - The company has signed strategic supply agreements with international clients, contributing to stable growth in its multi-material product sales, with significant increases in international customer sales [11] Group 4: Technological Advancements - The company has made breakthroughs in manganese iron phosphate technology, addressing industry challenges such as manganese leaching, and has achieved small-scale shipments of its products, establishing itself as a benchmark in the industry [7] - The company is developing sodium battery cathode materials and solid-state electrolyte materials, with products entering batch verification stages and meeting diverse customer needs [8][9] Group 5: International Expansion - The company is accelerating the construction of its new materials industrial base in Finland, which is expected to be operational in the second half of 2026, to meet local supply demands and strengthen its international business advantages [12] - The European new materials industrial base project is planned to have a total capacity of 500,000 tons, including 200,000 tons of multi-materials and 300,000 tons of manganese iron phosphate, with phased construction based on market trends and customer needs [13][14]

Group 1 - The solid-state battery industry is gaining significant investor interest, with companies in the supply chain from battery manufacturing to upstream materials and equipment suppliers actively engaging with investors during Q3 earnings calls [1] - Semi-solid batteries are already in market application, while all-solid-state batteries are expected to enter a critical pilot testing phase between 2026 and 2027 [2][4] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported advancements in semi-solid battery production, with Guoxuan's G-Yuan semi-solid battery nearing mass production and Zhuhai Guanyu starting to ship semi-solid batteries [2][3] Group 2 - The foundation for solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small batch shipments [4] - Key materials such as high-nickel and lithium-rich manganese-based cathodes are becoming mainstream to meet the higher energy density requirements of solid-state batteries [4] - Companies like Better Ray and New Zobang have reported small batch applications of solid electrolytes in semi-solid batteries, while companies like Greeenmei have achieved ton-level shipments of solid-state battery materials [4] Group 3 - Equipment manufacturers are seizing opportunities in the solid-state battery sector, with significant differences in production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming year [7][8] - Overall, the solid-state battery industry is transitioning into a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving towards pilot testing, with material and equipment companies accelerating their engagement with downstream partners [8]

在构建现代化经济体系、推动高质量发展的进程中，央企作为国民经济的中坚力量，正将ESG理念深度 融入企业战略与运营，从过去的"经济顶梁柱"逐步转型为更具韧性与担当的"责任压舱石"。 11月26日，2025年金牛企业可持续发展论坛在苏州举办。会上，以"ESG夯实央企核心竞争力"为主题的 圆桌论坛汇聚多位央企代表，共同探讨ESG如何从理念走向实践，从合规要求演变为价值驱动的核心要 素。与会嘉宾一致认为，ESG不仅是央企履行社会责任的体现，更是重塑企业竞争力、引领产业绿色转 型、实现可持续发展的战略抓手。在政策引导与市场驱动的双轮推动下，央企正以系统化、实质化的行 动，推动ESG从报告书走向生产线、从会议室融入供应链，逐步形成具有中国特色的ESG实践路径。 ● 本报记者 杨梓岩 王婧涵 锻造核心竞争力 随着ESG实践的深化，其如何转化为实实在在的企业价值，成为各方关注的焦点。在高发伟看来，ESG 已成为企业应对物理与转型风险、获取市场认可的关键。"公司通过对海上风电项目进行气候风险压力 测试，优化设计以抵御极端天气；在海外项目中主动采用高于当地标准的环保设计，规避社区风 险。"高发伟表示，这些举措不仅增强了资产的韧性 ...

Group 1: Market Trends and Developments - The solid-state battery industry is experiencing significant interest from investors, with companies in the battery manufacturing, upstream materials, and equipment sectors actively engaging in discussions about technological advancements and industry trends [2] - Semi-solid batteries have begun market applications, while all-solid-state batteries are entering a critical testing phase expected between 2026 and 2027 [3] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported that their semi-solid batteries are in mass production and gaining customer recognition, indicating that these products are no longer just concepts but are entering the market [3] Group 2: Material Innovations and Production - The foundation of solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small-scale shipments [5] - Companies such as Better Ray and New Zobang have reported small-scale applications of solid electrolytes in semi-solid batteries, while high-nickel and lithium-rich manganese-based materials are becoming mainstream for solid-state batteries [5] - The performance of high-nickel materials in solid-state batteries is approaching that of liquid batteries, with energy densities exceeding 400 Wh/kg, significantly surpassing current liquid battery levels [5] Group 3: Equipment and Supply Chain Opportunities - Equipment manufacturers are seizing opportunities in the solid-state battery sector due to the distinct production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming years [7] - Dayun Technology is also focusing on solid-state battery testing equipment, indicating a growing market for detection solutions in the solid-state battery industry [8] Group 4: Future Outlook - The solid-state battery industry is currently in a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving into testing, with significant advancements expected by 2026 to 2027 [8] - Material and equipment companies are accelerating their engagement with downstream manufacturers to position themselves for future growth opportunities in the solid-state battery market [8]

Core Insights - The lithium battery industry is entering a new phase of high-quality growth by 2025, moving away from previous adjustment cycles, with significant market expansions expected in both power and energy storage batteries [3][4] - The industry is set to experience a third wave of capacity expansion, with an anticipated increase of over 700 GWh in effective capacity by 2026, supporting market demand growth [3][4] Group 1: Industry Trends - The power battery market is projected to achieve a milestone with annual shipments reaching TWh levels, and the energy storage battery market is expected to maintain a doubling growth trend, becoming a core engine for industry growth [3] - The lithium battery industry is experiencing a significant transformation driven by technological advancements and cost reductions, with the cost of wind and solar energy decreasing dramatically over the past decade [9][10] Group 2: Key Speakers and Their Insights - Zhao Weijun from Farasis Energy emphasized the importance of understanding the cyclical nature of the lithium battery industry and highlighted three core certainties for the new cycle: demand certainty, competitive methodology certainty, and globalization certainty [9][10] - Dr. Cao Hui from Ruipu Lanjun reported a 50%+ year-on-year growth in battery installations, with significant achievements in both passenger and energy storage markets, advocating for a shift from globalization to regional collaboration [11][14] - Chen Yanbin from Dingsheng Technology discussed the challenges in achieving higher energy density in lithium batteries, focusing on the need for systematic improvements across different material levels [15][18] Group 3: Technological Innovations - Nord's president Chen Yubi highlighted the rising cost of copper and the company's efforts to develop ultra-thin copper foil to reduce costs, which can save approximately 9.3 million yuan per GWh [22][23] - The introduction of nickel-plated alloy foil by Nord aims to address corrosion issues in solid-state batteries, enhancing performance and reliability [22][23] - The CEO of SES AI, Hu Qichao, discussed how AI is revolutionizing battery R&D by enabling faster and more efficient development processes, significantly reducing resource consumption compared to traditional methods [33][34]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.967 billion yuan for Q3 2025, representing a year-on-year increase of 49.54% and a quarter-on-quarter increase of 17.52%. The net profit attributable to shareholders was 192 million yuan, up 8.02% year-on-year but down 4.43% quarter-on-quarter. The non-recurring net profit was 136 million yuan, showing a year-on-year growth of 29.36% but a quarter-on-quarter decline of 26.42% [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 29.67 billion yuan, with a year-on-year growth of 49.54% and a quarter-on-quarter growth of 17.52%. The net profit attributable to the parent company was 1.92 billion yuan, reflecting an 8.02% increase year-on-year but a 4.43% decrease quarter-on-quarter. The non-recurring net profit was 1.36 billion yuan, which is a 29.36% increase year-on-year but a 26.42% decrease quarter-on-quarter [2][4]. Product Performance - The company's ternary and cobalt acid lithium shipments continued to grow, indicating a positive industry demand. The iron-lithium business maintained steady growth, with profitability significantly improving. The report noted that the operating profit per ton for ternary and cobalt acid lithium was under pressure, primarily due to a decrease in sales to overseas customers [9]. Market Outlook - The company is expected to continue growing its ternary cathode shipments in 2025 and maintain growth above the industry average in 2026, driven by previously signed supply agreements with overseas customers. The iron-lithium business is anticipated to improve further with new capacity coming online in 2026, enhancing profitability and becoming a new growth point for performance [9]. Technological Advancements - The company is leading in solid-state battery technology, having developed stable and scalable production capabilities for lithium sulfide electrolytes. These advancements are expected to open new market opportunities in applications such as drones and humanoid robots, contributing to long-term growth [9]. Profit Forecast - The company forecasts net profits attributable to shareholders of 750 million yuan and 1.03 billion yuan for 2025 and 2026, respectively, and continues to recommend the stock [9].

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Group 1 - The company has completed the first phase of its phosphoric (manganese) lithium production capacity in Panzhihua, with an initial capacity of 40,000 tons, achieving "completion and production immediately, production and full capacity immediately" [2] - The second phase of the project, which aims for an annual production capacity of 80,000 tons, is currently undergoing equipment installation and debugging, expected to be completed and put into production by the end of 2025 [2] - Once the second phase is completed, the company's self-owned production capacity of phosphoric (manganese) lithium cathode materials will significantly increase to 120,000 tons, providing strong support for future business growth and market share expansion [2]

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue of 7.399 billion yuan, a year-on-year increase of 33.92%, and a net profit attributable to shareholders of 503 million yuan, up 8.30% year-on-year [1] - The company has a comprehensive product layout in various battery materials, including high nickel, medium nickel high voltage, lithium iron phosphate, and next-generation solid-state battery materials [2] - The company is expanding its domestic and international customer base, establishing deep partnerships with major global players and increasing market penetration in the domestic market [3] Financial Performance - For Q3 2025, the company achieved revenue of 2.967 billion yuan, a year-on-year increase of 49.54%, and a net profit attributable to shareholders of 192 million yuan, up 8.02% year-on-year [1] - The company's non-recurring net profit for Q3 2025 was 136 million yuan, reflecting a year-on-year growth of 29.36% [1] Product Development - The company leads in multi-material technology, with high nickel and ultra-high nickel NCM/NCA products being supplied to global high-end battery customers [2] - Significant breakthroughs have been made in solid-state battery materials, with the introduction of a novel electrolyte that reduces operational pressure to below 5 MPa, addressing key industry challenges [2] Market Expansion - The company has established deep cooperation with international giants such as LGES, SK on, and Samsung SDI, securing orders worth hundreds of millions of yuan for the next three years [3] - In the domestic market, the company has successfully integrated its products with major new energy vehicle manufacturers, enhancing its market penetration [3]