诉讼不可怕，可怕的是质保金计提不足。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 2025年11月26日，欣旺达（300207.SZ）公告了一件大事： 2025年12月25日，欣旺达旗下做动力电池的子公司欣旺达动力收到浙江省宁波市中级人民法院 送达的民事起诉状及应诉通知书，要求赔偿23.14亿，原告为威睿电动汽车技术（宁波）有限公 司。 根据天眼查，威睿电动汽车技术（宁波）有限公司（简称"威睿电动"）是吉利控股集团旗下的新能源 科技企业，股东分别是极氪汽车和吉利汽车，分别占股51%、49%。 风云君认为可以从两方面去看。 （股东情况，天眼查） 威睿电动起诉理由是欣旺达动力在2021年6月-2023年12月交付的电芯存在质量问题并导致了严重损 失，因而提起诉讼要求欣旺达动力履行支付赔偿金等款项的义务。 因此，这个事件很好理解：吉利系（极氪）采购了欣旺达的动力电池，但是出现了电池质量问题，所 以后者估计需要召回并维修，影响了品牌销量和信誉。 今天早上欣旺达也因为这个事件开盘后大跌10%以上，截止上午收盘跌11.87%。 那么吉利系起诉，赢的概率大不大？而欣旺达面 ...

12月29日，A股市场走势分化，沪指翘尾翻红，喜提九连阳！同类规模领先、费率最低档的电池50ETF（159796）跌超2%，六连阳后首度回调！资金逆势涌 入、无惧波动，电池50ETF（159796）全天获9100万份净申购。 电池50ETF（159796）标的指数成分股多数回调，欣旺达跌超11%，多氟多跌超8%，亿纬锂能（维权）跌超4%，天赐材料跌超3%，阳光电源、宁德时代等 回调，三花智控逆势上涨。 【电池50ETF（159796）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万―级行业 | 涨跌幅 | 估自权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | -2.96% | 9.37% | | 2 | 300750 | 宁德时代 | 电力设备 | -1.37% | 7.75% | | 3 | 002050 | 三花智控 | 家用电器 | 0.91% | 7.34% | | 4 | 300014 | 亿纬锂能 | 电力设备 | -4.43% | 5.94% | | 5 | 002709 | 天赐材料 ...

从资金流向上来看，当日电池板块主力资金净流出67.58亿元，游资资金净流入14.59亿元，散户资金净流 入52.99亿元。电池板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002850 | 科达利 | | 1.53亿 | 11.83% | -7508.81万 | -5.81% | -7774.88万 | -6.02% | | 300953 震裕科技 | | | 1.07亿 | 7.52% | -7922.51万 | -5.57% | -2771.18万 | -1.95% | | 002805 丰元股份 | | | 5613.27万 | 4.66% | 1.11亿 | 9.19% | -1.67 Z | -13.85% | | 600152 维科技术 | | | 3102.47万 | 6.28% | 1209.11万 | 2.45% | -4311.58万 | -8.73 ...

Core Viewpoint - The stock price of XINWANDA (SZ:300207) dropped by 11.46% to 26.34 yuan following a lawsuit involving a significant claim of 2.314 billion yuan against its subsidiary, XINWANDA Power Technology Co., Ltd. [1] Group 1: Lawsuit Details - XINWANDA Power Technology is being sued by Weir Electric Vehicle Technology (Ningbo) Co., Ltd. for alleged serious quality issues with battery cells delivered between June 2021 and December 2023 [1] - The lawsuit has been accepted by the Ningbo Intermediate People's Court in Zhejiang Province, but has not yet gone to trial [1] - The plaintiff is seeking compensation for losses and covering all litigation costs, including appraisal and legal fees [1] Group 2: Company Operations - XINWANDA stated that its production and operations remain normal, and it is currently unable to assess the impact of the lawsuit on profits until the trial progresses [1] - The company will handle the situation according to accounting standards and await the audit results [1] Group 3: Shareholding Information - As of the third quarter of 2025, several funds hold significant shares in XINWANDA, including: - E Fund's ChiNext ETF with 29.075 million shares (1.696% of circulating shares) - GF Fund's Social Security Fund 420 Portfolio with 23.007 million shares (1.342%) - GF's National Index New Energy Vehicle Battery ETF with 14.901 million shares (0.869%) - E Fund's Kelong Mixed Securities Investment Fund with 11.129 million shares (0.649%) [1]

Core Viewpoint - The precious metals market experienced significant volatility, with silver prices dropping sharply, while the A-share market saw a pullback despite a strong start, resulting in the Shanghai Composite Index achieving a nine-day winning streak [2][12]. Group 1: Silver Market Dynamics - On December 29, silver futures on the Shanghai Futures Exchange fell over 2% at the close, with a high-to-low drop exceeding 12% [4][6]. - Spot silver prices briefly fell below $75 per ounce, with a decline of over 3% reported [7]. - Analysts attribute the drop in silver prices to profit-taking and progress in peace negotiations between Trump and Zelensky regarding the Russia-Ukraine conflict, which has temporarily pressured gold and silver [8]. Group 2: Silver and Gold Performance - Year-to-date, silver has surged by 181%, outperforming gold, driven by factors such as being recognized as a critical mineral by the U.S., tight supply, low inventories, and increased industrial and investment demand [8]. - Gold has also seen a significant increase of 72% this year, with multiple historical highs reached, influenced by expectations of further U.S. interest rate cuts, geopolitical tensions, strong central bank demand, and rising ETF holdings [8]. - Analysts suggest that if the next Federal Reserve chair adopts a dovish policy, gold could potentially reach $5,000 per ounce by next year, while silver may aim for $100 per ounce by 2026 if interest rates drop and industrial demand remains strong [8]. Group 3: A-share Market Overview - On December 29, the Shanghai Composite Index closed slightly higher, achieving a nine-day winning streak with a gain of 0.04%, while the Shenzhen Component and ChiNext Index fell by 0.49% and 0.66%, respectively [12]. - A total of 1,995 stocks rose, with 87 hitting the daily limit, while 3,332 stocks declined [13]. Group 4: Sector Performance - The commercial aerospace sector continued to show strength, with stocks like China Satellite and Shenjian Co. hitting the daily limit [15]. - Robotics sector stocks remained active, with companies such as Awei New Materials and Buke Co. reaching their daily limit and achieving new highs [16]. - The carbon fiber sector also saw gains, with stocks like Heshun Technology and Jilin Chemical Fiber hitting the daily limit [18]. - Digital currency concept stocks surged, with Yuyin Co. and Cuiwei Co. reaching their daily limit following the announcement of a new digital RMB management framework by the People's Bank of China [20].

业内人士认为，从司法实践与动力电池行业特性来看，此类质量纠纷的认定需遵循严格举证规则与多维 度核查流程。根据《最高人民法院关于民事诉讼证据的若干规定》，产品质量纠纷中，原告需承担核心 举证责任，不仅要证明"产品存在质量问题"，还需证实"损失与质量问题存在直接因果关系"。而动力电 池作为融合材料、电子、结构等多领域技术的系统性部件，其使用效果受生产制造、整车装配工艺、后 期运维管理、实际使用环境等多重因素叠加影响，质量争议的厘清必须依托完整、严谨的证据链支撑。 业内人士表示，作为新能源汽车产业链核心环节，动力电池质量评判涉及性能、安全、耐用性等多个维 度，涵盖功率密度、循环寿命、K值稳定性等多项关键指标，这就要求企业建立覆盖研发、生产、检 测、交付的全流程质量管控体系。欣旺达作为行业领先的动力电池供应商，已搭建完善的全流程质量管 控机制，产品供应覆盖多家主流车企，此次诉讼本质上属于企业经营过程中可能遭遇的正常法律事务。 对于新能源汽车产业链而言，此类纠纷也凸显了动力电池全生命周期数据留存、质量追溯体系建设的重 要性，或将进一步推动行业规范质量管控与纠纷处理流程。 中证报中证网讯（记者 齐金钊）日前，锂电池行业头 ...

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up 0.04% at 3965.28 points, marking a nine-day rise, while the Shenzhen Component Index fell 0.49% to 13537.1 points, and the ChiNext Index dropped 0.66% to 3222.61 points. The total trading volume in both markets reached 2.14 trillion yuan, with over 3300 stocks declining [1] Hot Sectors - The commercial aerospace sector continued to show strength, with over ten stocks hitting the daily limit, including Shenjian Co. with eight consecutive limit-ups. The recent announcement from the Shanghai Stock Exchange regarding new listing rules for commercial rockets is expected to drive demand in related industries such as satellite manufacturing and ground equipment [2] - The brain-computer interface sector saw significant gains, with stocks like Haige Communication and Xilinmen hitting the daily limit. This surge followed the opening of the Fifth Frontier Brain Science and Industry Conference, which launched the "Guangdong-Hong Kong-Macao Greater Bay Area Brain Science and Central Nervous System Disease AI Innovation Alliance" [3] - The carbon fiber sector experienced a rally, with stocks like Heshun Technology and Jilin Chemical Fiber hitting the daily limit. This was influenced by Toray's announcement of a price increase for its carbon fiber products, expected to improve market conditions [4] - The robotics sector remained active, with stocks such as Awat New Materials and Buke Co. hitting the daily limit and reaching historical highs. The establishment of a humanoid robot standardization committee is anticipated to drive growth in specialized robotics [5] Institutional Insights - CITIC Securities noted that a year-end market rally has begun, driven by optimistic expectations among institutional investors, improved overseas liquidity, and a series of policy announcements. Key sectors to watch include non-ferrous metals and AI computing power, with commercial aerospace remaining the primary focus [6] - Guosheng Securities suggested that the market is likely to confirm its direction before the holiday, despite ongoing adjustments. They highlighted the potential for a mid-term reversal in various sectors [8] - Huatai Securities indicated that while the overseas environment has improved, the A-share market may still experience volatility in the short term due to a lack of cohesive funding and ongoing policy uncertainties. They recommend focusing on sectors with improving fundamentals, such as batteries and certain chemicals [9]

Core Viewpoint - The strategic cooperation between Zhongwei Co., Ltd. and Xinwanda Power Technology Co., Ltd. aims to accelerate the industrialization of solid-state batteries by leveraging their respective strengths in materials and battery manufacturing [1][3][6]. Group 1: Strategic Cooperation Details - Zhongwei and Xinwanda will collaborate on the development of new precursor materials for solid-state batteries, focusing on high energy density, safety, and long cycle life to meet the demands of applications in electric vehicles and energy storage systems [3]. - The partnership will integrate both companies' advantages in materials, battery technology, and engineering to ensure deep compatibility between materials and battery performance [3]. - The collaboration aims to streamline the industrialization process of solid-state battery materials by combining production and processing capabilities [3]. Group 2: Industry Position and Impact - Zhongwei has over 10 years of experience in the new energy battery materials sector, consistently ranking first globally in the shipment of nickel and cobalt materials, while also being a strong player in phosphate and sodium materials [5]. - Xinwanda, established in 1997, is a leading company in the lithium-ion battery market, holding the top position in mobile phone batteries for five consecutive years and ranking second in laptop and tablet batteries [6]. - The partnership is expected to enhance both companies' core competitiveness in the solid-state battery field, driving collaborative innovation across the new energy industry chain and positioning China favorably in the global energy transition [6].

Core Viewpoint - The stock price of Xinwanda (300207.SZ) experienced a significant drop of nearly 16%, reaching a new low of 25 yuan, before narrowing the decline to under 11% due to a lawsuit involving a substantial amount of 2.314 billion yuan related to quality issues in battery cells [1] Group 1: Lawsuit Details - Xinwanda's wholly-owned subsidiary, Xinwanda Power Technology Co., Ltd., is being sued by Weir Electric Vehicle Technology (Ningbo) Co., Ltd. for a total amount of 2.314 billion yuan due to contract disputes [1] - The plaintiff claims that the battery cells delivered by Xinwanda Power from June 2021 to December 2023 have serious quality issues, resulting in significant economic losses [1] - The lawsuit includes multiple claims for compensation, covering losses, identification and legal fees, as well as all litigation costs [1] Group 2: Company Response and Impact - In response to the lawsuit, Xinwanda stated that as of the announcement date, all production and operations within the company and its consolidated subsidiaries are normal [1] - The lawsuit has not yet gone to trial, and the outcome remains uncertain, making it difficult for the company to assess the impact on current or future profits [1] - The company will follow accounting standards and will adjust its financial statements based on the progress of the case, with the final impact on profits to be confirmed by an auditor [1]

Core Viewpoint - The lawsuit filed by Weir Power against Xiwanda Power over quality issues with battery cells has led to a significant drop in Xiwanda's stock price, raising concerns about the company's financial outlook and reputation in the electric vehicle battery market [1][2]. Group 1: Lawsuit Details - Weir Power has filed a civil lawsuit against Xiwanda Power, claiming that battery cells delivered from June 2021 to December 2023 have quality issues, seeking over 2.3 billion yuan in damages [1]. - Weir Power, established in 2017, is backed by Geely Group, with its major shareholders being Zeekr and Geely Automobile [1]. - The collaboration between Geely and Xiwanda Power began in 2021, focusing on supplying battery cells for the PMA platform project [1]. Group 2: Product Issues - The Zeekr 001, which utilizes Xiwanda battery cells, sold over 70,000 units in 2022, with the WE86 version accounting for over 60% of sales [2]. - Customers reported issues with charging speed and inaccurate battery level readings, prompting Zeekr to conduct a battery health monitoring initiative [2]. - Although the battery issues did not meet warranty replacement standards, Zeekr offered free battery replacements to affected customers, leading to speculation that Xiwanda batteries were being replaced with those from CATL [2]. Group 3: Financial Implications - The amount in dispute in the lawsuit is significant, nearly equivalent to Xiwanda's projected net profit of 2.544 billion yuan for 2023 and 2024 combined [2]. - Xiwanda has stated that the lawsuit has not yet gone to trial, and the impact on current or future profits remains uncertain [3]. - The company is actively seeking a reasonable resolution and enhancing communication with relevant parties regarding the lawsuit [3].