摘要 本轮设备需求不仅源于产能扩张，更来自固态电池、海外建厂、产线升级等多重趋势叠加。 全球锂电设备行业正迎来一轮强劲的"订单狂潮"。 据高工锂电不完全统计，2025年上半年，先导智能、海目星、赢合科技、利元亨等多家头部设备企业披露的新签及在手订单总额已超过300亿元， 同比增长幅度高达70%～80%，电池领域新一轮扩产周期已全面启动。 从订单结构可以看出，本轮设备需求不仅源于产能扩张，更来自固态电池、海外建厂、产线升级等多重趋势叠加。 龙头企业订单呈现爆发式增长。 先导智能2025年上半年新签订单总额达124亿元，同比增长近70%；海目星1-6月新增订单约44.21亿元，同比大幅增长117.5%，截至6月末在手 订单规模突破100亿元；赢合科技截至一季度末因订单合同负债金额达27.59亿元，创历史峰值，环比增长67%；利元亨截至5月末在手订单为 49.21亿元。 订单的持续放量，清晰地指向一个趋势。头部电池企业正在大幅增加资本开支，以应对技术迭代、加速出海并升级产能。强劲的下游排产数据，为这 一判断提供了坚实依据。 目前，锂电行业景气度持续走高。Q3旺季整体排产实现环比6%～8%的增长，延续了8月以来的回升 ...

| 权益类证券大宗交易 (协议交易) | | | | | | | | 国 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | | 2025-09-02 | 300450 | 先导智能 | 43.80 | 6.00 | 262.80 | 中国中金财富证券 | 机构专用 | | | | | | | | | 有限公司福州五四 | | | | | | | | | | 路证券营业部 | | | 9月2日，先导智能大宗交易成交6万股，成交额262.8万元，占当日总成交额的0.03%，成交价43.8元， 较市场收盘价43.8元持平。 ...

东莞证券研报指出，先导智能2025Q2业绩同比大幅增长，业绩拐点已至。公司是全球锂电设备龙头供 应商，2025年上半年受益于国内头部电池企业开工率显著提升、扩产节奏逐渐恢复，订单同比强势反 弹，同时国际化战略稳步推进，经营态势筑底回升，经营现金流回款明显改善。随着行业回暖后续有望 回升，全球化战略持续推进，上半年海外业务收入11.54亿元，同比增长5.42%，收入占比17.46%，毛利 率同比提升至40.27%。另外，随着固态电池中试线密集落地，公司固态电池设备订单将起量，并提升 整体毛利率水平。该行预计2025-2026年EPS分别为1.11元、1.46元，对应PE分别为32倍、24倍，行业周 期回暖，叠加固态电池设备起量，公司后续业绩有望明显增长，维持"买入"评级。 ...

东莞证券：维持先导智能"买入"评级，公司后续业绩有望明显增长。 ...

Group 1 - The A-share market is under pressure, with the Shanghai Composite Index down 1.09%, Shenzhen Component down 2.12%, and ChiNext down 2.30% as of 11:18 AM on September 2 [1] - The Huaxia New Energy ETF (159368) has seen a slight decline of 1.41%, but its holdings, particularly leading company QianDao Intelligent, have surged over 9% [1] - The Huaxia New Energy ETF has attracted significant capital, with 7.22 million yuan raised yesterday and 14.3 million yuan over the past five days [1] Group 2 - The Huaxia New Energy ETF (159368) is the first ETF in the market tracking the ChiNext New Energy Index, covering sectors such as batteries, photovoltaics, and semiconductors, which are highly elastic and growth-oriented [2] - The management fee for the Huaxia New Energy ETF is 0.15%, and the custody fee is 0.05%, totaling only 0.2%, making it the lowest fee among similar products [2] - The ETF aligns well with the structural changes in the industry and the "anti-involution" policy, suggesting a favorable investment opportunity in the future of the new energy sector [2] Group 3 - The photovoltaic industry is showing signs of "anti-involution" effectiveness, with significant price increases in silicon materials and wafers since early July, and a recovery in battery and module prices [1] - Supply-side reforms in the photovoltaic industry are expected to deepen, focusing on silicon materials as a core area, with energy consumption control and capacity storage to constrain outdated production [1] - The introduction of new technologies is anticipated to accelerate the elimination of outdated production capacity, with recommendations to focus on the BC industry chain, leading TOPCon companies, and key auxiliary material leaders [1]

光伏产业链股2日盘中走势活跃，截至发稿，科新机电20%涨停，京运通、大东南、鹿山新材等均涨 停，先导智能涨超9%，捷佳伟创涨约7%。 光大证券指出，光伏产业链价格加速赶底，预计本轮合理底部价格将很快到达。近期放缓的终端需求有 望在价格触底前后集中释放，板块股价大概率在产业链价格触底之前确认底部，当前即是板块明确底 部。 该机构表示，当前市场主要担心产业链进入绝对过剩之后，明年的行业景气度和中游环节的盈利维持能 力，考虑到近期产业链价格加速赶底，预计硅料将很快迎来此轮下行周期的触底价格，届时各环节在过 剩状态下的盈利可初见端倪，预计除硅料龙头季度盈利低点获确认外，中游环节盈利（以一体化组件为 代表）也不会呈现如市场担心的大幅压缩局面。只要届时中游环节盈利（以一体化组件为代表）不呈现 如市场担心的大幅压缩局面，板块在三季度有比较大的预期修复机会和空间，当前位置即是已经提前于 产业链价格底部获得确认的板块股价底部。综合考虑各环节长期竞争壁垒，以及未来景气周期波动中的 盈利维持能力，以及当前的市场预期差，继续建议重点配置：一体化组件/高效电池、大储（优选海外 占比高的）、α硅料/硅片/设备、盈利触底的辅材/耗材。 （ ...

Core Insights - The battery sector is experiencing positive momentum, with the China Battery Theme Index rising by 0.61% and notable gains in key stocks such as Xiamen Tungsten and CATL [1][4] - The battery ETF, Jia Shi, has shown strong performance with a weekly increase of 7.63%, ranking first among comparable funds [1][3] - The ETF has seen significant liquidity and inflows, with a recent net inflow of 55.46 million yuan over four days [3] Market Performance - The top-performing stocks in the battery sector include: - Xiamen Tungsten: +5.37% - CATL: +0.16% - Leading stock, Xian Dao Intelligent, surged by 10.02% [1][6] - The Jia Shi battery ETF has reached a new high in scale at 401 million yuan and a new high in shares at 630 million [3] Production and Export Data - In the first seven months of 2025, the production of power and other batteries reached 831.1 GWh, reflecting a year-on-year increase of 57.5% [3] - Power battery exports for the same period totaled 96.4 GWh, up 29.4% year-on-year [3] Industry Trends - The report from CITIC Securities highlights CATL's sodium battery production progress and its competitive edge with a 40% market share [4] - The future performance of the sector may depend on the strength of inventory replenishment by automakers in Q4 and the realization of overseas orders [4]

9月2日，A股大面积回调，固态电池板块再度异动，同类规模领先、费率最低的电池50ETF（159796）早盘冲高，一度涨超2%，截至10:09，涨1.09%！资金 加速进场，电池50ETF（159796）盘中再获4700万份净申购，值得注意的是，昨日更是大举吸金超1.82亿元！ 电池50ETF（159796）标的指数成分股涨跌不一，先导智能再度大涨近9%，阳光电源涨超4%，宁德时代、亿纬锂能等微涨，欣旺达、格林美等跌超2%，三 花智控、天赐材料等回调。 产业进展来看，半固态电池已量产装车，预计2027年全固态电池实现量产装车。目前，车端半固态电池已实现上车， 8月发布的名爵MG4搭载半固态电池， 定价10万级，半固态电池进入主流价格带。多家车企、电池厂加速全固态电池研发，宝马、奔驰等车企已开启全固态电池路测，全固态电池产业化进程加 速，预计2027年全固态电池实现量产装车。（来源于国泰海通20250829《国泰海通｜新能源：再读固态电池投资机会——固态电池工艺与设备》） 中信建投火线点评，2025年上半年新能源行业景气度回暖，头部电池厂稼动率提升并启动扩产计划，先导智能作为锂电上游核心设备厂商率先受益，营收利 ...

Core Viewpoint - The company has shown impressive performance in Q2 2025, driven by the recovery in the lithium battery industry, steady progress in internationalization and platformization, and the potential of solid-state battery technology to contribute to growth [1] Group 1: Financial Performance - In H1 2025, the company's revenue reached 6.61 billion yuan, a year-on-year increase of 14.92%, with net profit attributable to shareholders at 740 million yuan, up 61.19% year-on-year [2] - Q2 2025 single-quarter revenue was 3.51 billion yuan, reflecting a year-on-year increase of 43.85% and a quarter-on-quarter increase of 13.35% [2] - The gross margin for H1 2025 was 33.75%, while the net margin was 10.82%, showing a year-on-year decrease of 2.6 percentage points for gross margin but an increase of 3.3 percentage points for net margin [2] Group 2: Business Segments - The company's lithium battery laser equipment is a domestic leader, with improving orders and expected revenue acceleration, leading to an upward revision of EPS forecasts for 2025-2027 [2] - Non-lithium battery business, particularly photovoltaic intelligent equipment, achieved revenue of 531 million yuan, a year-on-year increase of 32.04%, with its revenue share rising to 8.04% [3] - The solid-state battery business is a key focus, with the company being a fully autonomous service provider for solid-state battery production lines, achieving breakthroughs in various critical equipment segments [3] Group 3: Strategic Initiatives - The company's globalization strategy has shown significant results, with overseas business revenue in H1 2025 reaching 1.15 billion yuan, a year-on-year increase of 5.42% [3] - The solid-state battery equipment has entered the supply chains of leading battery companies in Europe, America, Japan, and South Korea, indicating deep cooperation and repeat orders [3] - The company is enhancing its high-end equipment manufacturing technology, with innovations in various processes such as coating and electrolyte membrane preparation [3]

Group 1 - The National Standardization Administration and the Ministry of Industry and Information Technology issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance product quality and equipment upgrades, with at least 300 standards to be revised or formulated [2] - The Shanghai Futures Exchange announced the expansion of trading varieties for qualified foreign institutional investors starting September 10, 2025, including new futures and options contracts for petroleum asphalt and fuel oil [2] - The National Medical Insurance Administration is promoting the direct issuance of maternity allowances to individuals, with 20 provinces implementing this system, covering nearly 80% of the coordinated areas [3] - From September 1, new national standards for AI-generated content identification, network attack event determination, and safety of electric bicycles will be implemented to support the healthy development of emerging industries [5] Group 2 - Guizhou Moutai's controlling shareholder increased holdings by 67,821 shares on September 1 [4] - BYD's new energy vehicle sales reached 373,600 units in August [4] - Chengdu Huami launched a high-precision RF ADC chip [4] - JD Group made a voluntary public acquisition offer to CECONOMY [4] - Sichuan Jinding's subsidiary obtained a mining license [4] - Su Da Weige plans to acquire up to 51% of Changzhou Weipu [4] Group 3 - Guotai Junan Securities expects a balanced market expansion, with a focus on new technology trends and consumer demand, recommending sectors like financials and high-dividend stocks [6] - Dongwu Securities highlights the role of policies in supporting AI applications, suggesting a focus on downstream applications with long-term certainty [7] -招商证券 notes marginal improvements in revenue, recommending attention to midstream manufacturing and healthcare sectors [8]