债券代码：20欣旺03 债券简称：149219.SZ 欣旺达电子股份有限公司 2020 年公开发行公司债券 受托管理事务报告（2024 年度） 债券受托管理人 第一创业证券承销保荐有限责任公司 2025 年 6 月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）和《欣旺 达电子股份有限公司2020年面向专业投资者公开发行公司债券（疫情防控债） 债券受托管理协议》（以下简称"《债券受托管理协议》"）等相关规定、《欣 旺达电子股份有限公司2024年年度报告》等，由本次公司债券的受托管理人第 一创业证券承销保荐有限责任公司 （以下简称"一创投行"、"受托管理人"） 编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为一创投行所做承诺或 声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告作 为投资行为依据。 1 | 第一节 | 受托管理的公司债券概要 3 | | --- | --- | | 第二节 | 公司债券受托管理人履职情况 4 ...

Core Insights - The article discusses the transformation of Shiyan, a region in Shenzhen, from an industrial hub to a center of "new quality productivity," highlighting its evolution in the context of advanced manufacturing and innovation [1][2]. Group 1: Manufacturing Transformation - Shiyan is a microcosm of China's manufacturing industry, holding 27 out of 31 major manufacturing categories nationally, and is undergoing a transformation to optimize resource allocation, with land output efficiency increasing from 1.17 billion yuan per 10,000 square meters to 2.2 billion yuan per 10,000 square meters [2]. - The region is witnessing the emergence of three strategic new industrial clusters: ultra-high-definition display, power semiconductors, and new energy, supported by over 40 national-level specialized and innovative "little giant" enterprises [2]. Group 2: Innovation Ecosystem - The "5G+8K" core technology ecosystem in Chuangwei Innovation Valley features over 90 upstream and downstream enterprises, enhancing efficiency through close collaboration and rapid information exchange [3]. - The establishment of a cross-regional innovation network, integrating basic research from Guangming Science City and R&D from Nanshan, positions Shiyan as a transformation hub for innovation [4]. Group 3: Urban Development and Quality of Life - Shiyan balances industrial growth with quality of life, offering supportive measures for businesses such as rent control and extended renovation periods, fostering a nurturing environment for enterprises [5]. - The region has added 14,700 educational slots and 24,800 parking spaces, enhancing community infrastructure and transforming old streets into vibrant commercial areas, contributing to a high-quality living environment [6].

Group 1 - The core viewpoint of the news highlights the significant progress in the solid-state battery sector, with major manufacturers entering pilot production and automotive companies commencing road tests, indicating an accelerated industrialization process [2] - As of June 26, 2025, the China Battery Theme Index has shown a 0.47% increase, with notable gains from component stocks such as Xingyuan Material (+6.79%) and Wenkang New Energy (+3.15%) [1] - The battery ETF, Jia Shi, has experienced a 17.39% increase in net value over the past year, with a significant growth in shares by 22.5 million [1] Group 2 - The solid-state battery industry in China has an expansion plan exceeding 50 GWh with a total investment of approximately 15 billion yuan, indicating strong growth potential [2] - The top ten weighted stocks in the China Battery Theme Index account for 50.34% of the index, with Ningde Times and Sunshine Power being the most significant contributors [2][4] - The industry is expected to reach product finalization by the end of 2025, with vehicle testing starting in 2026 and a move towards large-scale cost reduction in 2027 [2]

Group 1 - The new national standard for electric vehicle batteries, which emphasizes "non-flammability and non-explosion," is set to take effect on July 1, 2026, and aims to enhance safety requirements significantly compared to the previous standards [1][3]. - Many leading automotive brands, including Xiaomi, Xpeng, Zeekr, and BYD, along with battery manufacturers like CATL and A123 Systems, have announced that they have already met or exceeded the new standards [2]. - The current battery technologies of some leading manufacturers are already mature enough to comply with the new standards, making early compliance not uncommon in the industry [3]. Group 2 - The implementation of the new standard is intended to provide smaller manufacturers with additional time to catch up, as many may not yet meet the new requirements [4]. - Official statements from car manufacturers regarding compliance with the new standards carry legal implications, and any future violations could lead to accusations of false advertising [4].

Core Viewpoint - The newly released national standard for electric vehicle batteries, known as the "strictest battery safety regulation in history," emphasizes safety over energy density, marking a shift in the industry towards prioritizing safety technology and quality over mere performance metrics [2][4][12]. Summary by Sections New National Standard - The "Safety Requirements for Power Batteries for Electric Vehicles" (GB38031-2025) will be implemented on July 1, 2026, introducing mandatory standards for batteries to not catch fire or explode after thermal runaway [4][11]. - The new standard includes 7 individual tests and 17 battery pack/system tests, enhancing safety measures compared to the 2020 version [4][5]. Industry Impact - The introduction of the new standard is expected to raise industry entry barriers, accelerate the exit of low-end production capacity, and concentrate market resources among leading companies [2][12]. - Companies like CATL, BYD, and others have already announced compliance with the new standards, indicating a proactive approach to safety [7][12]. Technological Advancements - The new standard requires improvements in battery design to reduce the likelihood of self-ignition, including new tests for rapid charging cycles and impact resistance [5][8]. - Solid-state batteries are anticipated to benefit from the new safety requirements, as they offer better thermal stability and safety features compared to traditional lithium batteries [9][12]. Market Dynamics - The shift towards safety as a core competitive advantage is expected to reshape the industry landscape, favoring companies that invest in research and development and prioritize product quality [12]. - The new regulations may lead to increased costs for companies as they upgrade technology and production processes to meet the new standards [11][12]. Future Outlook - The industry is likely to see a consolidation trend, with larger firms gaining a competitive edge due to their ability to meet the new safety standards and invest in advanced technologies [12]. - The transition from a price-driven market to one focused on quality and safety is expected to enhance the overall stability and reliability of electric vehicle batteries [11][12].

Core Viewpoint - The energy storage industry is rapidly evolving towards larger capacity cells, with major players like CATL, EVE Energy, and others announcing mass production of high-capacity energy storage cells, indicating a competitive shift in the market towards larger battery capacities [1][21][22]. Group 1: Industry Developments - CATL announced the mass production of a 587Ah energy storage cell, marking a significant step in the competition for large-capacity cells [1][10]. - EVE Energy has begun mass production of its 628Ah "Mr. Big" cell, which has been successfully integrated into a system that has been operating efficiently for over 10 months [5][7]. - Sungrow Power has launched a 684Ah energy storage cell, which boasts a cycle life of over 15,000 times and an energy density exceeding 440Wh/L [11][13]. - Haicheng Energy has produced the world's first 1175Ah long-duration energy storage cell, setting a new industry record for cell capacity [15]. Group 2: Technological Innovations - Xinwanda's 625Ah energy storage cell features a unique thermal separation design that enhances safety by directing pressure release during thermal runaway [4]. - The new generation of large-capacity cells is designed to improve energy density and lifespan, with some cells achieving over 95% energy efficiency and cycle lives exceeding 10,000 times [19][20]. Group 3: Market Dynamics - The competition among energy storage cell manufacturers is intensifying, with the top nine companies in the market being Chinese, and CATL leading globally [22][24]. - The market is expected to see a significant increase in the production of cells over 500Ah, with mass production timelines projected between Q2 2025 and Q2 2026 [22]. - The cost advantages of cells in the 300Ah to 500Ah range are highlighted, as they can support larger storage systems while maintaining lower production costs [22]. Group 4: Global Trade and Strategic Moves - The global trade environment, particularly U.S. tariffs, is impacting the energy storage sector, with Chinese companies holding a significant market share in the U.S. [24]. - Companies like EVE Energy and CATL are expanding their production capabilities overseas to mitigate tariff impacts, with new factories being established in Malaysia and Hungary [24].

Core Viewpoint - The article discusses the advancements and challenges in solid-state battery technology, highlighting the expected growth in demand and applications across various sectors, particularly in electric vehicles and energy storage solutions [5][6][11]. Group 1: Solid-State Battery Developments - Semi-solid batteries have achieved a breakthrough from "0 to 1," with no core limitations in materials and applications, moving towards scaling, maturity, and cost reduction [5]. - Full solid-state batteries are expected to take 5-6 years to reach GWh-level production, with a breakthrough anticipated post-2028 [5]. - By 2030, solid-state batteries are projected to drive demand for high nickel and silicon-based materials exceeding 50,000 tons, electrolytes and conductive agents over 5,000 tons, and significantly impact the equipment market, exceeding 10 billion [5]. Group 2: Market Trends and Applications - The peak capacity construction period is expected between 2025-2026, with the energy storage sector likely to be prioritized [5]. - In 2025, semi-solid battery shipments are anticipated to exceed 10 GWh, with an increasing share of lithium iron phosphate systems [5]. - New energy vehicles will remain the primary application for solid-state batteries, while energy storage, robotics, and flying vehicles are expected to be major growth areas in 2025 [5]. Group 3: Challenges in Solid-State Battery Technology - Solid-state batteries face two main challenges: the solid-solid contact issue leading to low lithium-ion conduction efficiency, and the inability of single solid-state electrolyte materials to meet the demands of full solid-state batteries [6]. - Solutions proposed include in-situ solidification methods to enhance contact between solid-state materials and electrodes, and a hybrid approach combining solid and liquid electrolytes to balance cost and performance [6][9]. Group 4: Innovations in Battery Technology - Companies like Liyuanheng have developed equipment to address ion transmission bottlenecks caused by solid-solid contact issues [9]. - Innovations in eVTOL (electric Vertical Take-Off and Landing) aircraft highlight the need for high energy density batteries, with specific requirements for energy density and power density to meet operational demands [11]. - The development of dry processing techniques for electrode materials is recommended to improve efficiency and performance, with companies like Qingyan Electronics leading in automation and dry process exploration [14].

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including CATL, EVE Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [1][17]. Core Insights - The battery industry continues to experience high growth in installed capacity, with a year-on-year increase of approximately 58% in power battery installation volume as of May 2025 [2]. - The report highlights that the export growth rate has slowed but is expected to recover soon, with May exports reaching 19 GWh, a year-on-year increase of 30% [2]. - CATL's market share in China's power battery installation volume increased by 3.4 percentage points to 42.9% in May 2025, indicating a strong competitive position [2][15]. Summary by Sections Industry Performance - In May 2025, China's total power and other battery production/sales reached 123.5 GWh/123.6 GWh, with year-on-year growth of 47.9%/58.1% [2]. - The concentration of power battery installation volume slightly increased, with the top three and five companies holding 72.9% and 82.1% market shares, respectively [2][17]. Company Developments - EVE Energy plans to issue H-shares to enhance its global strategy and improve its capital strength [2]. - CATL has made progress in developing lithium metal battery products, aiming to achieve energy density breakthroughs of over 500 Wh/kg [2]. Market Trends - The report notes that the full solid-state battery standards have been published, which will help accelerate the transformation of industry achievements [2]. - The report anticipates a recovery in exports in June 2025, driven by a partial tariff agreement between China and the U.S. [2].

Group 1 - The Industrial Internet ETF (159778) has increased by 0.98%, with its underlying index, the CSI Industrial Internet Theme Index (931495), rising by 0.89% [1] - Notable stock performances include CATL (300750) up by 3.08%, Xinwangda (300207) up by 2.80%, and BYD (002594) up by 2.14% [1] - BYD has announced a unified payment term for suppliers to within 60 days to support the stability of the supply chain and promote high-quality development in the automotive industry [1] Group 2 - The CSI Industrial Internet Theme Index (931495) includes 50 listed companies involved in industrial internet hardware manufacturing, software development, and application services [2] - As of May 30, 2025, the top ten weighted stocks in the index include BYD (002594), Northern Huachuang (002371), and Weichuan Technology (300124), collectively accounting for 47.11% of the index [2]

Core Viewpoint - The solid-state battery industry is experiencing rapid development driven by technological advancements and increasing application demands, particularly in energy storage and new energy vehicles [2][3][4]. Group 1: Industry Trends - The solid-state battery market is seeing significant growth, with over 450 GWh of planned capacity and more than 280 related companies in China as of April 2025 [4][8]. - Energy storage is currently the largest application market for solid-state batteries, with a notable increase in the penetration rate of phosphate iron lithium semi-solid batteries [2][4]. - The demand for solid-state batteries is expanding into new sectors such as drones, eVTOL aircraft, robotics, and commercial vehicles, indicating a diversification of application scenarios [2][10]. Group 2: Future Projections - New energy vehicles are expected to become the most significant application area for solid-state batteries, with projections indicating that domestic shipments of solid-state batteries will exceed 10 GWh by 2025 and potentially reach over 70 GWh by 2030 [3][9]. - The period from 2025 to 2026 is anticipated to be a peak for capacity construction, with energy storage expected to be the first to release capacity [9]. Group 3: Technological Developments - Different technological routes are being pursued, with semi-solid battery companies focusing on cost reduction and market share, while all-solid-state battery technology is transitioning from laboratory to market validation [6][12]. - Challenges such as solid-solid contact issues and the need for diverse solid-state electrolyte materials are being addressed through innovative approaches like in-situ solidification and hybrid electrolyte strategies [12][13][21]. Group 4: Equipment and Manufacturing - Companies are developing advanced manufacturing processes, such as dry electrode technology, to enhance the performance and reduce costs of solid-state batteries [15][23]. - The establishment of automated production lines and collaboration with equipment manufacturers are key strategies for scaling up production capabilities [23][24].