Core Viewpoint - The acquisition of a majority stake in A-share listed company Wisen Technology by Zhiyuan Robotics marks a significant step in the development and deployment of humanoid robots in industrial settings, showcasing their capabilities through a live demonstration of the A2-W robot [1][2]. Group 1: Company Developments - Zhiyuan Robotics plans to acquire at least 63.62% of Wisen Technology's shares through a combination of equity purchases and further increases in holdings [1]. - The A2-W robot demonstrated its operational capabilities by completing tasks in a live broadcast, showcasing its ability to work in both fixed and generalized scenarios [2][3]. - The A2-W robot can perform tasks with a 0% error rate over a 3-hour period, handling over 800 turnover boxes, and is designed for high-intensity work environments [2][3]. Group 2: Technological Advancements - The A2-W robot features advanced capabilities such as multi-modal perception, dynamic obstacle avoidance, and autonomous path planning, allowing it to work safely alongside human operators [2][3]. - Equipped with a fisheye camera and a six-dimensional force sensor, the A2-W can identify object weight and detect blockages, enhancing its operational stability [3]. - The robot's dual-arm design allows it to handle various sizes and weights of boxes, and it can autonomously adjust its posture for effective handling [2][3]. Group 3: Industry Context - The manufacturing industry faces challenges such as labor shortages and high labor costs, making humanoid robots like the A2-W essential for flexible production needs [4]. - Traditional industrial robots are limited in adaptability, while humanoid robots can perform complex tasks in dynamic environments, thus addressing the need for flexible production [4]. - The collaboration between Zhiyuan Robotics and Fulin Precision highlights the growing importance of humanoid robots in industrial applications, with expectations for further advancements in speed, load capacity, and adaptability [3][4]. Group 4: Strategic Partnerships - Zhiyuan Robotics has established partnerships with various companies, including Fulin Precision and Annu Intelligent, to enhance its robot application solutions and services [5][6]. - The company has invested in multiple upstream and downstream enterprises within the robotics industry, aiming for a comprehensive layout in robot manufacturing and application [6]. - Future plans include accelerating the iteration of robot bodies and algorithms to promote the large-scale application of humanoid robots in various industrial scenarios [7].

Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall strategy emphasizes the evolution of the supply side in the new energy sector, focusing on innovation and avoiding "involution" in the market [3][5]. - The new energy vehicle supply chain is entering a new cycle, with companies like CATL benefiting from collaborations with tech giants like Xiaomi and Huawei [3][21]. - The lithium battery sector is expected to see a positive outlook, with production forecasted to exceed 130 GWh in July, marking a nearly 40% year-on-year increase [4][35]. - The photovoltaic industry is facing challenges due to overcapacity and competition, but recent government measures aim to optimize supply and stabilize the market [5][25]. Summary by Sections New Energy Vehicle Supply Chain - The downstream landscape is evolving, with companies like CATL collaborating with automakers to enhance production efficiency and shorten delivery times [3][27]. - The launch of Xiaomi's YU7 has exceeded expectations, indicating a shift in consumer behavior towards valuing emotional and intelligent experiences in vehicles [21][22]. Lithium Battery Sector - The lithium battery production is projected to grow, with significant investments in high-end products and solid-state technologies [4][35]. - Companies like Fulin Precision and Enjie are expanding their production capabilities, focusing on high-performance lithium iron phosphate and solid-state battery materials [4][31]. Photovoltaic Industry - The photovoltaic sector is expected to confirm a mid-term bottom as supply-side optimization measures are implemented [5][25]. - Major glass manufacturers in the photovoltaic industry plan to reduce production by 30% starting in July to address overcapacity issues [5][25]. Offshore Market Opportunities - Leading companies like EVE Energy are investing in overseas projects, such as a new energy storage project in Malaysia worth up to 8.654 billion yuan [4][22]. - The establishment of independent pricing systems and production capacities in overseas markets is seen as a strategy to enhance profitability [4][22]. AI and New Energy Integration - The integration of AI with new energy sectors is highlighted, with companies exploring innovative applications and market breakthroughs [8][21]. - The report notes the acceleration of controlled nuclear fusion technology, with companies like CFS partnering with Google for future energy supply [8][34].

证券代码：300432 证券简称：富临精工 公告编号：2025-043 富临精工股份有限公司 第五届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 富临精工股份有限公司（以下简称"公司"）第五届董事会第二十四次会议通 知于 2025 年 7 月 3 日以通讯方式向各位董事发出，并于 2025 年 7 月 7 日以通讯 表决方式召开。应出席会议的董事 9 人，实际出席会议的董事 9 人，公司监事及高 级管理人员列席了会议，会议由董事长王志红先生主持。会议的召集、召开符合《公 司法》及《公司章程》规定。 一、审议通过了《关于向子公司提供财务资助的议案》 为支持公司控股子公司江西升华新材料有限公司（以下简称"江西升华"）及 其子公司业务发展，满足其资金周转及日常经营需要，在不影响公司正常经营的前 提下，公司拟以自筹资金向江西升华及其子公司提供不超过 20,000 万元人民币的 财务资助，在上述额度范围内循环使用，期限自实际借款之日起不超过 12 个月， 按年化利率 4.2%收取利息，根据实际发生的资助金额和资助时间，按季付息，到 期偿还 ...

证券代码：300432 证券简称：富临精工 公告编号：2025-045 1 富临精工股份有限公司 关于向子公司提供财务资助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、富临精工股份有限公司（以下简称"公司"）拟以自筹资金向控股子公 司江西升华新材料有限公司（以下简称"江西升华"）及其子公司提供不超过 20,000 万元人民币的财务资助，在上述额度范围内循环使用，期限自实际借款 之日起不超过 12 个月，按年化利率 4.2%收取利息，根据实际发生的资助金额和 资助时间，按季付息，到期偿还本金，具体以实际借款协议为准。 2、本次财务资助事项已经公司 2025 年 7 月 7 日召开的第五届董事会第二十 四次会议、第五届监事会第二十次会议审议通过。本次财务资助事项在董事会审 议权限范围内，无需提交股东大会审议。 3、本次财务资助对象为公司合并财务报表范围内的公司，公司对江西升华 有实质的控制，能够对其业务、财务、资金管理等方面实施有效的风险控制，整 体风险可控，不存在损害公司及股东特别是中小股东利益的情形，不属于《深圳 证券交易所创业板 ...

监事会认为：公司本次向江西升华及其子公司提供财务资助，有利于促进江西 升华及其子公司的业务发展，整体风险可控。本次财务资助事项的决策程序符合相 关法律、法规和《公司章程》的规定，借款利率符合公平合理原则，具有公允性， 不存在损害公司及股东特别是中小股东利益的情形，不会对公司的日常经营产生 重大不利影响。因此，监事会同意公司本次财务资助事项。具体内容详见公司在巨 - 1 - 证券代码：300432 证券简称：富临精工 公告编号：2025-044 富临精工股份有限公司 第五届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 富临精工股份有限公司（以下简称"公司"）第五届监事会第二十次会议通知 于2025年7月3日以电话及专人送达方式向各位监事发出，并于2025年7月7日在公 司会议室以现场方式召开。应出席会议的监事3人，实际出席会议的监事3人。会议 由监事会主席胡国英女士主持。会议的召集、召开符合《公司法》及《公司章程》 规定。 一、审议通过了《关于向子公司提供财务资助的议案》 为支持公司控股子公司江西升华新材料有限公司（以下简称"江西升 ...

重要内容提示： 1、投资种类：安全性高、流动性好、低风险的短期理财产品。 2、投资金额：使用暂时闲置自有资金不超过人民币 20,000 万元（含本数）进 行现金管理，在前述额度内可循环滚动使用。 证券代码：300432 证券简称：富临精工 公告编号：2025-046 富临精工股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 3、投资期限：自公司第五届董事会第二十四次会议审议通过之日起 12 个月 内。 4、特别风险提示：投资收益具有不确定性，敬请广大投资者注意投资风险。 富临精工股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日召开第五届 董事会第二十四次会议、第五届监事会第二十次会议，审议通过了《关于使用部分 闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常经营及确保 资金安全的情况下，使用不超过人民币 20,000 万元（含本数）暂时闲置自有资金 进行现金管理，用于购买安全性高、流动性好的短期低风险理财产品。 根据《深圳证券交易所创业板股票上市规则》《公司章程》等相关规定， ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic supply-side reform is ongoing, with a focus on improving product quality and eliminating low-price competition [1][2]. - In June, the wholesale sales of new energy passenger vehicles in China reached 1.26 million units, a year-on-year increase of 29% [1][2]. - The demand for batteries and materials is expected to grow as new models of electric vehicles are launched in the second half of the year, with projections indicating high growth in domestic sales of new energy vehicles by 2025 [1]. - The solid-state battery industrialization trend is clear, with attention on related materials and equipment companies [1]. - In May, China's photovoltaic installed capacity reached 92.92 GW, a year-on-year increase of 388%, which may suppress demand for photovoltaic installations in the near term [1]. - The hydrogen energy sector is being driven by policies promoting industrialization, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.99% this week, outperforming the Shanghai Composite Index, which increased by 1.4% [10]. - The photovoltaic sector saw a significant increase of 6.80%, while the lithium battery index rose by 3.84% [2][13]. New Energy Vehicles - Major players in the new energy vehicle market reported varying delivery figures for June, with BYD delivering 383,600 units (up 11.98% year-on-year) and Li Auto experiencing a decline of 24% [2][27]. - The report highlights the expected growth in new energy vehicle sales, driven by the introduction of new models [1][2]. Photovoltaic Sector - The central economic work conference emphasized the need to regulate low-price competition and improve product quality in the photovoltaic industry [1][2]. - The report notes the significant increase in installed capacity and the potential impact on future demand [1]. Hydrogen Energy - The approval of a large-scale green hydrogen pipeline project indicates ongoing support for the hydrogen energy sector [1][27]. Company Developments - Companies like EVE Energy and Xinwanda are planning to issue H-shares for overseas listings, indicating growth strategies in the electric equipment sector [2][28].

证券研究报告 电力设备与新能源 周观点：工信部召开座谈会，治理低 价无序竞争 华泰研究 2025 年 7 月 06 日│中国内地 行业周报（第二十七周） 周观点：工信部部长召开座谈会，治理低价无序竞争 7 月 3 日，工业和信息化部党组书记、部长李乐成主持召开光伏行业制造业 企业座谈会，聚焦加快推动光伏产业高质量发展，听取光伏行业企业及行业 协会情况介绍和意见建议。14 家光伏行业头部企业及光伏行业协会负责人 作交流发言，介绍企业基本情况、面临的困难和问题，提出政策建议。会议 强调，要依法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品 质，推动落后产能有序退出，实现健康、可持续发展。我们认为本次会议工 信部部长主持，头部企业负责人参会，为历次光伏企业座谈会的最高规格， 明确了政府与行业协同推动供给侧改革的大方向，看好后续供给侧改革细则 陆续落地，推动行业供需格局重塑。 子行业观点 1）新能源车：6 月国内新能源车销量走势较好；2）储能：SPE 提出欧洲储 能十倍扩容目标，我们看好欧洲大储起量；3）光伏：工信部部长召开座谈 会，治理低价无序竞争；4）风电：国内海风招中标稳步推进。 重点公司及动态 1）宁 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源： #鑫椤锂电 富临精工公告，公司与四川发展龙蟒签署《合作框架协议》，双方将开展股权与资本合作，共同投资设立 合资公司，新建高压实密度磷酸铁锂正极材料项目与前驱体项目。 合资公司拟新建10万吨/年高压密磷酸 铁锂项目和10万吨/年磷酸二氢锂前驱体项目，选址于绵竹市德阳—阿坝生态经济产业园。 锂电材料端市场情况 行业热点 I C C S I N O 2025H1磷酸铁锂市场盘点：上半年产量同比增长66.6% 根据ICC鑫椤锂电统计， 2025年上半年磷酸铁锂产量163.2万吨，同比增长66.6%。 企业份额来看：湖南裕 能市场份额约30%，龙头地位显著，位于第一梯队；万润新能、德方纳米、友山科技、富临升华、常州锂 源市场份额在5%-10%之间，位于第二梯队。产量增速来看：TOP10企业中安达科技、当升科技增速最 高，均超过200%；友山科技、富临升华、国轩高科均超过100%；万润新能、泰丰先行也均超过80%；湖 南裕能虽然基数大，但也实现了超过40%的增幅。从发展潜力来看：除了湖南裕能、富临升华等综合实 ...

Core Viewpoint - The collaboration between Sichuan Development Longmang Co., Ltd. and Fulian Precision Co., Ltd. is seen as a strong alliance between two leading companies in their respective fields, aiming for complementary advantages and mutual benefits [2][3]. Group 1: Partnership Details - Both companies signed a Cooperation Framework Agreement to collaborate in equity and capital, as well as in lithium iron phosphate projects and precursor projects [2]. - They plan to establish a joint venture where Fulian Precision or its designated party will hold 51% and Sichuan Development Longmang or its designated party will hold 49%, to invest in a new 100,000 tons/year high-pressure dense lithium iron phosphate project [2]. - Another joint venture will be formed with Fulian Precision or its designated party holding 49% and Sichuan Development Longmang or its designated party holding 51%, to build a 100,000 tons/year lithium dihydrogen phosphate precursor project [2]. Group 2: Strategic Advantages - Sichuan Development Longmang is recognized as a leading company in the domestic phosphate chemical sector, with a focus on lithium iron phosphate and other new energy materials, creating a dual-driven industrial pattern [3]. - Fulian Precision is a core supplier of intelligent electric control and incremental components for new energy vehicles, known for its advanced high-pressure dense lithium iron phosphate materials with significant technical and performance advantages [3]. - The partnership is expected to enhance both companies' core competitiveness in the new energy materials sector and optimize their resource integration capabilities within a green circular economy industry chain [3].