中信建投（601066）研报称，锂电设备正逐渐走出行业底部，固态电池有望于2027年实现商业化应用， 设备先行。(1)2024年9月以来国内头部电池厂稼动率有所提升；2025年以来头部锂电设备公司海外订单 仍在持续，国内显著好转，国内全年预期有望上调。(2)固态电池近期催化剂较多，海外美国固态电池 企业Quantum Scape、Solid Power等技术进展顺利，股价持续新高，引起资本市场高度关注；国内政策 层面，2025年5月《全固态电池判定方法》发布，规范了行业标准，同时新修订的《电动汽车用动力蓄 电池安全要求》强化了安全标准，为固态电池行业发展奠定了坚实基础；产业层面，随着头部电池厂全 固态中试线逐步落地拉通，工信部固态电池专项迎来中期验收，固态电池设备行业有望率先受益。建议 关注先导智能（300450）、先惠技术、海目星等；以及复合集流体设备的东威科技、骄成超声等。 ...

数据统计显示，AMAC专用设备指数近一个月上涨5.85%，近三个月上涨8.72%，年至今上涨7.57%。 金融界7月21日消息，上证指数高开高走，AMAC专用设备指数 (AMAC专用，H30062)上涨1.29%，报 3496.58点，成交额811.75亿元。 从指数持仓来看，AMAC专用设备指数十大权重分别为：北方华创（6.49%）、迈瑞医疗（6.42%）、 三一重工（5.43%）、中微公司（3.77%）、徐工机械（3.37%）、联影医疗（3.0%）、中联重科 （1.81%）、先导智能（1.3%）、华海清科（1.27%）、爱美客（1.26%）。 从AMAC专用设备指数持仓的市场板块来看，深圳证券交易所占比57.23%、上海证券交易所占比 42.77%。 从AMAC专用设备指数持仓样本的行业来看，工业占比53.32%、医药卫生占比24.75%、信息技术占比 17.44%、能源占比1.75%、可选消费占比0.89%、金融占比0.59%、原材料占比0.51%、公用事业占比 0.39%、房地产占比0.24%、主要消费占比0.13%。 据了解，中基协基金估值行业分类指数依据《中国上市公司协会上市公司行业统计分类指引》 ...

17 July 2025 Equity Research Report China Equity Strategy Equity Strategy Supply side reform 2.0: This time may be different On 1 July, the Central Commission for Financial and Economic Affairs (CCFEA) called for efforts to deal with disorderly price competition and eliminate obsolete capacity. This followed the publication of a critical article in Qiushi magazine and a Ministry of Industry and Information Technology (MIIT) symposium on the solar industry. This has fuelled investor expectations for a new ro ...

证券代码：300450 证券简称：先导智能 公告编号：2025-036 无锡先导智能装备股份有限公司 证券代码：300450 证券简称：先导智能 公告编号：2025-036 表决结果：7 票同意；0 票反对；0 票弃权。 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、误导性陈述或者重大遗漏。 经与会董事认真审议，通过了以下议案： 为提高募集资金使用效率，在确保不影响募集资金投资项目建设和公司正常 生产经营的前提下，使用不超过10,000万元（含本数）的闲置募集资金进行现金 管理，投资的产品包括但不限于安全性高、流动性好的保本型理财产品、结构性 存款或办理定期存款等。上述资金额度自董事会审议通过之日起12个月内可以滚 动使用。同时授权总经理或其授权人行使该项投资决策权并签署相关合同文件， 由财务中心具体实施相关事宜，到期后将归还至募集资金专项账户。 公司保荐机构已就该议案发表核查意见。 具体内容详见同日刊登在中国证监会指定的创业板信息披露网站的相关公 告。 一、董事会会议召开情况 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）第五 届董事会第十二次会议通知于 2025 ...

中信证券股份有限公司 关于无锡先导智能装备股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称中信证券或保荐人）作为无锡先导智能装 备股份有限公司（以下简称先导智能或公司）2020 年向特定对象发行股票的保 荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》 《深圳证券交易所创业板股票上市规则（2025 年修订）》及《深圳证券交易所上 市公司自律监管指引第 2 号—创业板上市公司规范运作（2025 年修订）》等相 关法律、法规和规范性文件的规定，对先导智能使用部分闲置募集资金进行现金 管理的事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意无锡先导智能装备股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2021〕1424 号）并经深圳证券交易 所同意，先导智能向特定对象发行股票111,856,823股，每股发行价格人民币22.35 元，募集资金总额为人民币 2,499,999,994.05 元。 根据天职国际会计师事务所（特殊普通合伙）出具的《验资报告》（天职业 字[2021]33267 号），公司于 20 ...

证券代码：300450 证券简称：先导智能 公告编号：2025- 038 无锡先导智能装备股份有限公司 关于使用部分闲置募集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、误导性陈述或者重大遗漏。 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）于 2025 年 7 月 18 日召开第五届董事会第十二次会议、第五届监事会第十次会议，审议 通过了《关于使用部分闲置募集资金进行现金管理的议案》。公司拟在确保不影 响募集资金投资项目建设和公司正常生产经营的前提下，使用不超过 10,000 万 元（含本数）的闲置募集资金进行现金管理，上述资金额度自董事会审议通过之 日起 12 个月内可以滚动使用。同时授权总经理或其授权人行使该项投资决策权 并签署相关合同文件，由财务中心具体实施相关事宜，到期后将归还至募集资金 专项账户。现将相关事宜公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意无锡先导智能装备股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2021〕1424 号）并经深圳证券交易 所同意，先导智能向特定对象发行股票111, ...

证券代码：300450 证券简称：先导智能 公告编号：2025-037 无锡先导智能装备股份有限公司 第五届监事会第十次会议决议公告 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、误导性陈述或者重大遗漏。 表决结果：3票同意；0票反对；0票弃权。 三、备查文件 1、第五届监事会第十次会议决议。 1 / 2 一、监事会会议召开情况 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）第五 届监事会第十次会议通知于 2025 年 7 月 15 日以专人送达、电子邮件、电话方式 发出，通知了公司全体监事。公司本次监事会会议于 2025 年 7 月 18 日在公司会 议室以现场方式召开，由监事会主席卞粉香女士召集和主持，本次会议应出席监 事 3 人，实际出席监事 3 人，公司董事会秘书列席了会议。公司本次监事会会议 的召集、召开以及参与表决的监事人数符合《中华人民共和国公司法》等法律、 行政法规、规范性文件和《无锡先导智能装备股份有限公司章程》的相关规定。 二、监事会会议审议情况 经与会监事认真审议，通过了以下议案： 1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 经 ...

无锡先导智能装备股份有限公司 第五届董事会第十二次会议决议公告 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、误导性陈述或者重大遗漏。 证券代码：300450 证券简称：先导智能 公告编号：2025-036 一、董事会会议召开情况 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）第五 届董事会第十二次会议通知于 2025 年 7 月 15 日以专人送达、电子邮件、电话方 式发出，通知了公司全体董事、监事和高级管理人员。公司本次董事会会议于 2025 年 7 月 18 日在公司会议室以现场结合通讯方式召开，由公司董事长王燕清 先生召集和主持，本次会议应出席董事 7 人，实际出席董事 7 人，公司监事、高 级管理人员列席了本次会议。公司本次董事会会议的召集、召开以及参与表决的 董事人数符合《中华人民共和国公司法》等法律、行政法规、规范性文件和《无 锡先导智能装备股份有限公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，通过了以下议案： 1、审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 为提高募集资金使用效率，在确保不影响募集资金投资项目建设和 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In June 2025, the production and sales of new energy vehicles (NEVs) continued to show rapid growth year-on-year, with production reaching 1.268 million units and sales at 1.329 million units, representing year-on-year growth of 26.4% and 26.7% respectively [3]. - The penetration rate of new energy vehicles in June was 45.8%, a decrease of 2.9 percentage points from the previous month, while the cumulative penetration rate for the first half of the year was 44.3% [3]. - The global power battery installation volume from January to May 2025 was 401.3 GWh, a year-on-year increase of 38.5%, with the top five companies holding a combined market share of 73.9% [3]. - In June 2025, the installation volume of lithium iron phosphate batteries reached 47.4 GWh, a year-on-year increase of 49.7%, accounting for 81.5% of the total installation volume [3]. Summary by Sections New Energy Vehicle Sales - In June 2025, NEV sales reached 1.329 million units, with pure electric vehicle sales at 859,000 units (up 40.4% year-on-year) and plug-in hybrid sales at 470,000 units (up 7.8% year-on-year) [3]. - Cumulatively, from January to June 2025, NEV production and sales were 6.968 million and 6.937 million units, reflecting year-on-year growth of 41.4% and 40.3% respectively [3]. Battery Installation Volume - The total power battery installation volume in June 2025 was 58.2 GWh, with a year-on-year increase of 35.9% [3]. - Cumulatively, from January to June 2025, the total installation volume was 299.6 GWh, representing a year-on-year growth of 47.3% [3]. Export Data - In June 2025, power battery exports reached 15.8 GWh, accounting for 65% of total exports, with a year-on-year increase of 16.6% [3]. - Cumulatively, from January to June 2025, power battery exports totaled 81.6 GWh, reflecting a year-on-year growth of 26.5% [3]. Investment Recommendations - The report suggests focusing on leading companies in the battery and materials sectors that show fundamental improvements, particularly those with technological and capacity advantages in solid-state electrolytes and new types of electrodes [3]. - Key investment targets include CATL, EVE Energy, Keda Technology, and others [3].

Group 1 - The core viewpoint of the articles is that there is a surge of Chinese lithium battery companies planning to list on the Hong Kong Stock Exchange (HKEX), driven by the need for capital and global competition [3][4][5] - Companies like XINWANDA are seeking to establish an "A+H" dual-share structure, following in the footsteps of NINGDE TIMES, to enhance their international presence and competitiveness [3][4] - The trend reflects a broader strategy among lithium battery firms to transition from domestic competition to global competition, as they respond to the increasing demand for energy transformation [4][5] Group 2 - The HKEX is favored by companies due to its strong international financial connections, liquidity, and favorable investor structure, making it an ideal platform for global expansion [5][6] - Recent policies from the China Securities Regulatory Commission support leading domestic companies in their efforts to list in Hong Kong, facilitating access to capital markets [5][6] - In the first half of the year, approximately 40 companies are expected to list in Hong Kong, raising around 108.7 billion HKD, marking significant increases in both the number of IPOs and the amount raised compared to the previous year [5] Group 3 - The lithium battery industry is facing challenges such as declining profitability despite revenue growth, with major companies like NINGDE TIMES and YIWAI ZHINENG reporting negative growth and cash flow issues [6][7] - The industry is undergoing a transformation, with increasing competition and the need for localized operations to meet international market demands, particularly in Europe and the U.S. [6][7] - Companies are using IPOs as a means to gather capital for expansion and technological innovation, which are critical for maintaining competitiveness in a rapidly evolving market [7][8] Group 4 - The current wave of IPOs may reshape the competitive landscape of the lithium battery industry, with capital internationalization becoming a key differentiator among leading firms [8][9] - Data indicates that by 2024, the top ten domestic power battery companies will include several that have listed or are planning to list in Hong Kong, highlighting the trend towards dual or multiple listings [8][9] - The ongoing growth in global lithium battery demand is expected to keep investor interest high, with projections indicating that global shipments will exceed 5,000 GWh by 2030 [9][10]