Core Viewpoint - The lithium battery equipment industry is gradually emerging from its bottom phase, with solid-state batteries expected to achieve commercial application by 2027, leading the equipment sector [1] Group 1: Industry Trends - Since September 2024, the operating rates of leading domestic battery manufacturers have shown improvement [1] - From 2025 onwards, leading lithium battery equipment companies continue to receive overseas orders, with significant domestic recovery expected, leading to potential upward adjustments for the entire year [1] Group 2: Solid-State Battery Developments - Recent catalysts for solid-state batteries include successful technological advancements by overseas companies such as Quantum Scape and Solid Power, which have seen their stock prices reach new highs, attracting significant attention from the capital market [1] - The release of the "Solid-State Battery Determination Method" in May 2025 has established industry standards, while the revised safety requirements for electric vehicle batteries have strengthened safety protocols, laying a solid foundation for the development of the solid-state battery industry [1] Group 3: Investment Opportunities - The gradual establishment of pilot lines for solid-state batteries by leading manufacturers and the mid-term acceptance of the solid-state battery special project by the Ministry of Industry and Information Technology indicate that the solid-state battery equipment industry is likely to benefit first [1] - Companies to watch include Xianlead Intelligent (300450), Xianhui Technology, and Haimeixing, as well as Eastway Technology and Jiao Cheng Ultrasonic, which focus on composite current collector equipment [1]

Group 1 - The carbon neutrality ETF, TaiKang (560560), has shown a strong performance with a recent increase of 1.39%, marking its fourth consecutive rise, and has a trading volume of 3.64 million yuan [1] - The underlying index, the CSI Mainland Low Carbon Economy Theme Index (000977), has also risen by 1.41%, with significant gains from constituent stocks such as Tebian Electric Apparatus (600089) up by 9.98% and Daqo New Energy (688303) up by 6.87% [1] - The total size of the carbon neutrality ETF reached 65.5 million yuan, a new high in the past month [2] Group 2 - The construction of hydropower stations downstream of the Yarlung Tsangpo River is significant, with a capacity of approximately 60-70 million kilowatts, equivalent to three Three Gorges projects, and a total investment of about 1.2 trillion yuan, which is six times that of the Three Gorges project [2] - The project will enhance the investment intensity in related sectors due to the high technical requirements and the long transmission distances, which are expected to drive growth in the power grid investment [2] - The hydropower project commenced on July 19, with a conservative estimate of the total value of related investments in turbine and generator businesses ranging from 53.5 billion to 95.4 billion yuan, potentially becoming a new growth point for hydropower equipment after 2030 [2] Group 3 - The CSI Mainland Low Carbon Economy Theme Index consists of 50 core enterprises in the low-carbon economy, covering the entire industrial chain from clean energy generation to waste treatment [3] - The top ten weighted stocks in the index include leading companies such as Yangtze Power and CATL, indicating strong industry representation [3] - The TaiKang carbon neutrality ETF serves as a bridge for ordinary investors to participate in the global climate change response, aiming to provide substantial investment returns amid the growing green economy [3] Group 4 - The carbon neutrality ETF (560560) acts as an efficient allocation tool, mitigating individual stock risks through its diversified holdings and capturing leading companies' dividends [4]

Group 1 - The AMAC Specialized Equipment Index increased by 1.29%, closing at 3496.58 points with a trading volume of 81.175 billion [1] - The AMAC Specialized Equipment Index has risen by 5.85% in the past month, 8.72% in the past three months, and 7.57% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC Specialized Equipment Index include: North China Innovation (6.49%), Mindray Medical (6.42%), Sany Heavy Industry (5.43%), and others [1] - The market share of the AMAC Specialized Equipment Index is 57.23% from the Shenzhen Stock Exchange and 42.77% from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the AMAC Specialized Equipment Index shows that industrials account for 53.32%, healthcare for 24.75%, and information technology for 17.44% [2] - Other sectors include energy (1.75%), consumer discretionary (0.89%), financials (0.59%), materials (0.51%), utilities (0.39%), real estate (0.24%), and consumer staples (0.13%) [2]

Summary of Key Points from the Equity Research Report Industry Overview - The report discusses the potential for a new round of supply-side structural reforms in China, referred to as Supply-Side Structural Reform 2.0 (SSSR2.0), following a call from the Central Commission for Financial and Economic Affairs (CCFEA) to address price competition and eliminate obsolete capacity [2][11]. Core Insights 1. **Differences from Previous Reforms**: - SSSR1.0 focused on upstream industries like coal, steel, cement, and glass, while SSSR2.0 is expected to encompass both traditional industries (e.g., steel) and new industries (e.g., solar, auto, lithium batteries) [3][13]. - The current reforms may be driven by self-regulating industry associations and market players rather than solely by government mandates, which characterized SSSR1.0 [3][13]. - Economic conditions differ significantly; SSSR1.0 coincided with a boost from infrastructure projects, whereas the current economy faces challenges in property and consumption sectors [3][13]. 2. **Urgency of Reform**: - The solar industry is identified as having the highest urgency for reform due to low capacity utilization rates (73.5%) and negative return on equity (ROE) among top players [5][24]. - Other industries in need of reform include steel, lithium batteries, and auto [5][24]. 3. **Potential Outcomes**: - The pace of capacity elimination may be slower in SSSR2.0 compared to SSSR1.0 due to the different measures and types of enterprises involved (state-owned vs. private) [4][26]. - It may take longer for Producer Price Index (PPI) growth to return to positive territory due to weaker demand and less stringent supply-side controls [4][26]. Key Beneficiaries - The report highlights five stocks that could benefit from the anticipated supply-side measures: - **Tongwei** (Hold) - **Longi Green** (Hold) - **First Applied Material** (Buy) - **Lead Intelligent** (Buy) - **Bank of Jiangsu** (Buy) [7][35]. Additional Insights 1. **Historical Context**: - SSSR1.0 led to significant improvements in capacity utilization and ROE for industry leaders, suggesting that similar outcomes could be expected for leading firms in SSSR2.0 [30][31]. - During SSSR1.0, industries involved in reforms outperformed the CSI300 benchmark, with large caps generally outperforming small caps [31][33]. 2. **Current Economic Indicators**: - The report notes that PPI has been in contraction for 33 months since October 2022, indicating ongoing economic challenges [14][26]. - Capacity utilization rates have declined across various sectors, with electrical equipment and auto industries experiencing significant drops [16][29]. 3. **Regulatory Measures**: - Recent measures include standardized conditions for solar manufacturing and initiatives to curb price wars in the auto industry, indicating a proactive approach by regulatory bodies [21][22]. 4. **Market Sentiment**: - Investor expectations for SSSR2.0 are fueled by recent government discussions and publications highlighting the need for structural reforms to address overcapacity and competition issues [2][12]. This comprehensive analysis provides insights into the potential impacts of SSSR2.0 on various industries and highlights key stocks that may benefit from these reforms.

Group 1 - The board of directors of Wuxi Xian Dao Intelligent Equipment Co., Ltd. convened its 12th meeting of the 5th session on July 15, 2025, with all 7 directors present, complying with relevant laws and regulations [1][2] - The board approved a proposal to utilize up to 100 million yuan of idle raised funds for cash management, ensuring that it does not affect the construction of investment projects or normal operations [1][2] - The investment products include but are not limited to high-safety, liquid principal-protected financial products, structured deposits, or time deposits, with the amount available for rolling use within 12 months from the date of approval [1][2] Group 2 - The proposal received unanimous approval with 7 votes in favor, and no votes against or abstentions [2]

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].