两融余额持续回升，最新市场两融余额24054.44亿元，连续9个交易日增加，期间杠杆资金大幅加仓哪 些股票？ 证券时报·数据宝统计显示，截至9月17日，沪深北两融余额为24054.44亿元，较上一交易日增加127.92 亿元，其中融资余额23885.22亿元，较上一日增加127.11亿元。分市场来看，沪市两融余额为12213.99 亿元，较上一日增加39.56亿元，深市两融余额11761.35亿元，较上一日增加87.71亿元。北交所两融余 额79.09亿元，较上一日增加6509.53万元。值得注意的是，这已经是两融余额连续9个交易日持续增加， 其间两融余额合计增加1259.00亿元。 分行业看，两融余额连续增加的态势下，申万所属的31个行业中，融资余额增加的共有23个行业，电子 行业融资余额增加最多，其间融资余额增加321.75亿元，融资余额增加居前的行业还有电力设备、非银 金融等；融资余额减少的行业有国防军工、交通运输等。以幅度进行统计，电力设备行业融资余额增幅 最高，达15.50%，其次是电子、家用电器，增幅分别为10.64%、8.94%。 融资余额行业变动 | 行业 | 最新融资余额（亿元） | 融资余 ...

Core Viewpoint - Recently, the company has delivered multiple sets of dry mixing coating equipment for solid-state battery production lines to various well-known domestic and international battery manufacturers and automotive OEMs, indicating a significant advancement in solid-state battery technology and production capabilities [1] Group 1: Equipment Delivery and Production Cost Reduction - The GWh-level dry film forming equipment can significantly reduce overall production costs by over 15% [1] - The delivered equipment is a mass production type integrated dry mixing coating system, covering all processes including controlled feeding, film formation, thinning, current collector compounding, and quality inspection [1] - The company has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising volume and price of solid-state battery equipment [1] Group 2: Industry Policy and Application Acceleration - On the policy front, the Ministry of Industry and Information Technology issued a standard system for all-solid-state batteries in April 2025, with a prior investment of 6 billion in dedicated R&D funds [1] - On the application front, terminal road tests and pilot trials by leading battery manufacturers are gradually progressing, indicating an acceleration in the industrialization of solid-state batteries [1] Group 3: Profit Forecast and Investment Rating - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 1.5 billion, 2 billion, and 2.5 billion respectively [1] - The current stock price corresponds to dynamic P/E ratios of 56, 42, and 35 times for the years 2025, 2026, and 2027 respectively [1] - The company maintains a "buy" rating based on these projections [1]

Summary of Solid-State Battery Conference Call Industry Overview - The focus is on the solid-state battery industry, particularly addressing the solid-solid interface issues and innovations in materials and equipment systems [1][2][3]. Key Points and Arguments 1. **Manufacturing Techniques**: Solid-state batteries utilize dry forming, isostatic pressing, structured materials, and laser equipment to enhance ionic conductivity and reduce side reactions, thereby improving overall performance and commercialization [1][7]. 2. **International vs. Domestic Strategies**: - International companies like QuantumScape and Solid Power have advanced in high-end equipment and are in pilot to small-scale production stages, employing Atomic Layer Deposition (ALD) technology for interface modification [1][5]. - Domestic companies focus on technological innovation using cost-effective methods such as dry processes and structured materials, currently in small-scale to pilot stages [5][11]. 3. **Key Manufacturing Processes**: - **Solvent-free Dry Forming**: This method has the highest application certainty and is valued at tens of millions, with high technical barriers and a significant degree of localization [11]. - **Isostatic Pressing**: This technology addresses interface contact issues systematically and is also valued at tens of millions, currently in the technical verification or small-scale procurement phase [11]. - **Structured Materials**: These include structured copper foils and supporting membranes, which are in the scale testing or introduction phase, valued in the tens of millions [11]. - **Laser Equipment**: Used for cutting and processing, currently in scale testing or introduction stages, with a high degree of localization [11]. - **Atomic Layer Deposition (AOD)**: Although primarily used in semiconductor or photovoltaic fields, its potential in lithium batteries is significant, with domestic leaders collaborating with top companies [12]. 4. **Interface Modification Techniques**: - Techniques such as coating, doping, controlled reactions, and alloying are crucial for enhancing performance by increasing contact area and blocking adverse reactions [13][14]. - ALD is highlighted as one of the most effective methods for improving interface stability and ionic conductivity [15]. 5. **Challenges in Solid-State Batteries**: - Key challenges include ionic conduction barriers due to the absence of liquid electrolytes, side reactions from active materials, mechanical matching issues, high interface resistance, and dendrite growth risks [9][10]. - Solutions require advanced material selection, precise processing techniques, and innovative design to ensure reliability, safety, and long cycle life [10]. Additional Important Insights - **Market Leaders**: Companies like QuantumScape and Solid Power are leading the global solid-state battery development due to their deep ties with automotive manufacturers and measurable progress [12]. - **Emerging Players**: Domestic companies such as CATL and BYD are beginning sample trials and pilot line setups, indicating a slower but growing presence in the market [12]. - **Key Equipment Suppliers**: Companies like Xian Dai Intelligent and Li Yuan Heng are significant players in the dry and isostatic equipment sectors, contributing to the supply chain [17][18]. - **Potential Growth Companies**: Firms like DeLong Laser and Yanhang Precision are noted for their roles in the solid-state battery supply chain, with potential for growth despite some uncertainties [23][24]. This summary encapsulates the critical aspects of the solid-state battery industry as discussed in the conference call, highlighting the technological advancements, market dynamics, and key players involved.

证券研究报告·公司点评报告·电池 先导智能（300450） 交付多条固态电池干法成膜设备，龙头强者 恒强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,800 | 15,850 | 19,000 | | 同比（%） | 19.35 | (28.71) | 16.41 | 14.86 | 19.87 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,533.42 | 2,040.81 | 2,483.70 | | 同比（%） | (23.45) | (83.88) | 435.97 | 33.09 | 21.70 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.98 | 1.30 | 1.59 | | P/E（现价&最新摊薄） | 48.54 | 301.08 | 56.17 | 42.21 | 34.68 | [Tab ...

1）25H1：营收 66.10 亿元，同比增 14.92%；归母净利润 7.40 亿元，同比增 61.19%；扣非归母净利润 7.32 亿元，同比增 63.48%。 2）25Q2：营收 35.12 亿元，同比增 43.85%，环比增 13.35%；归母净利润 3.75 亿元，同比增 456.29%，环比增 2.67%;扣非归母净利润 3.73 亿元，同比增 461.46%，环比增 3.52%。 证券研究报告 | 公司点评 | 电池 先导智能(300450) 报告日期：2025 年 09 月 17 日 业绩拐点确立，固态电池业务打开全新增长空间 ——先导智能点评报告 投资要点 ❑ 业绩拐点确立，盈利能力与现金流大幅改善 亮点：业绩高增主要得益于前期计提风险出清，H1 信用减值损失转回 2.34 亿 元。经营性现金流表现亮眼，净流入 23.53 亿元，同比大幅转正（+231.33%）， 经营质量显著提升 ❑ 行业周期见底，主业困境反转逻辑持续兑现，海外与新兴业务打开增长空间 经历 2022-2024 年的行业调整期后，锂电设备行业自 24Q4 起迎来复苏，核心驱 动力源于下游头部电池厂开工率提升及新一轮扩产周期的 ...

Core Insights - The 2025 World Energy Storage Conference opened in Ningde, where the Ministry of Industry and Information Technology released the "New Energy Storage Technology Development Roadmap (2025-2035)", aiming for over 180 million kilowatts of new energy storage capacity by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [1][2] Group 1: Industry Development Plans - The roadmap outlines development goals for new energy storage technologies, including electrochemical storage, electromagnetic storage, mechanical storage, thermal storage, and hydrogen storage [1] - The "Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" was issued, targeting over 180 million kilowatts of new energy storage capacity by 2027, with an expected direct investment of approximately 250 billion yuan [2] Group 2: Investment and Project Signings - During the conference, 22 new industrial projects were connected in Ningde, with a total planned investment of 36.7 billion yuan, and 18 projects were signed with a total investment of 24.58 billion yuan, covering new batteries, energy storage systems, new materials, and zero-carbon parks [1] - The commercial model innovation is seen as a key driver for future growth in the energy storage sector, with expectations for improved economic efficiency through coupling with wind and solar installations [2] Group 3: Company Performance - A total of 20 energy storage concept stocks reported net profits exceeding 100 million yuan in the first half of the year, with five companies achieving over 1 billion yuan in net profit, including CATL, BYD, and Sungrow [3][4] - BYD reported a revenue of 371.28 billion yuan in the first half of the year, a year-on-year increase of 23.3%, and signed the world's largest energy storage project contract with a capacity of 12.5 GWh [3] - Sungrow's energy storage system revenue reached 17.80 billion yuan, a year-on-year increase of 127.78%, with its revenue share surpassing that of its photovoltaic inverter business for the first time [3] Group 4: Profit Growth Analysis - Shanshan Co. led in net profit growth with a year-on-year increase of 1079.59%, followed by Jinlang Technology and Camel Group with increases of 70.96% and 69.46%, respectively [4] - The demand for lithium battery materials continues to grow due to the high market demand for new energy vehicles and energy storage, with Shanshan Co. reporting a revenue of 9.858 billion yuan in the first half of the year [4]

Core Viewpoint - The Shanghai Composite Index rose by 0.37% on September 17, with the power equipment and automotive sectors leading the gains, increasing by 2.55% and 2.05% respectively [1] Industry Summary - The power equipment sector experienced a significant increase of 2.55%, with a net inflow of 1.835 billion yuan in capital. Out of 362 stocks in this sector, 209 stocks rose, with 9 hitting the daily limit up, while 142 stocks fell, with 1 hitting the daily limit down [1] - The top three stocks with the highest net capital inflow in the power equipment sector were: - TBEA Co., Ltd. (600089) with a net inflow of 1.334 billion yuan and a price increase of 10.01% [1] - Contemporary Amperex Technology Co., Ltd. (300750) with a net inflow of 1.243 billion yuan and a price increase of 6.70% [1] - Blue Lithium Battery (002245) with a net inflow of 865.63 million yuan and a price increase of 9.98% [1] Capital Outflow Summary - The power equipment sector also saw significant capital outflows, with the following stocks experiencing the largest net outflows: - Lead Intelligent (300450) with a net outflow of 573.11 million yuan and a price decrease of 2.60% [2] - Tianji Co., Ltd. (002759) with a net outflow of 526.92 million yuan and a price decrease of 6.26% [2] - Ocean Electric (002249) with a net outflow of 369.25 million yuan and a price increase of 5.42% [2]

New Stock Issuance - Cash option declaration period for *ST Tianmao (000627) is from September 15 to September 19, 2025[1] - *ST Zitian (300280) has 12 trading days remaining until the last trading day during the delisting arrangement period[1] Trading Alerts - *ST Jishi Media (601929) reported severe abnormal fluctuations in stock price[1] - *ST Yushun (002289) and *ST Weier (002058) are under scrutiny due to abnormal trading activities[1] Company Announcements - *ST Gao Hong (000851) and *ST Dongtong (300379) have recent announcements regarding their financial status[1] - Shanghai Construction (600170) and Zhongke Shuguang (603019) have disclosed important updates on their operations[1] Market Trends - The report indicates a trend of increased scrutiny on companies with abnormal trading patterns, reflecting a tightening regulatory environment[2] - The number of companies under cash option declarations and delisting arrangements suggests a potential increase in market volatility[1]

新能源车需求催化，产业化进程加速 中金主要观点如下： 新能源车企加速布局全固态电池路线，多数头部车企预计全固态电池将在2026年实现装车，2027年进入 小批量生产。宁德时代（300750）、比亚迪（002594）、清陶能源、LGES等均已启动中试线建设，逐 步向百兆瓦-吉瓦级量产导入。 核心设备更迭，前+中段价值量抬升 固态电池取消注液封装工序，引入干法电极、胶框印刷、等静压、高压化成等关键新工艺。我们判断电 池整线价值量由传统锂电的1-2亿元提升至2-3亿元，其中前、中、后段价值量分别占比约 35%/40%/25%。 技术壁垒提升，龙头设备厂具备先发优势 中金发布研报称，随着全固态电池向产业化导入阶段稳步迈进，设备端作为最先兑现的产业链环节处 于"从验证到放量"的关键窗口期。车企或于2027年小批量全固态电池装车，测算2027年全固态电池设备 增量市场空间或达到25亿元，并有望以122%的CAGR增长至2030年达到273亿元。另外，前中段设备价 值量占比升至75%-80%，干法电极、等静压等新工艺所需设备是核心增量，具备明确替代与重估逻辑。 前道干法负极和后道高压化成分容逐步放量，干法正极由于高镍等正极 ...

Market Performance - The Shanghai Composite Index rose by 0.04% to close at 3861.87 points, with a daily high of 3876.69 points [1] - The Shenzhen Component Index increased by 0.45% to close at 13063.97 points, reaching a high of 13071.22 points [1] - The ChiNext Index saw a rise of 0.68%, closing at 3087.04 points, with a peak of 3089.78 points [1] Margin Trading Data - The total margin trading balance in the Shanghai and Shenzhen markets was 23848.08 billion yuan, with a financing balance of 23679.68 billion yuan and a securities lending balance of 168.4 billion yuan [1] - The margin trading balance increased by 226.82 billion yuan compared to the previous trading day [1] - The Shanghai market's margin trading balance was 12174.44 billion yuan, up by 122.78 billion yuan, while the Shenzhen market's balance was 11673.64 billion yuan, increasing by 104.04 billion yuan [1] Top Stocks by Margin Buying - A total of 3449 stocks had margin buying, with the top three being: - Shenghong Technology (47.06 billion yuan) - Zhongke Shuguang (40.13 billion yuan) - Hanwujing (37.64 billion yuan) [2] New Fund Issuances - Five new funds were launched, including: - Xingyin Yifu Conservative Pension Target One-Year Holding Mixed Fund (FOF) - Southern CSI Hong Kong Stock Connect Technology ETF Initiating Link A - Southern CSI Hong Kong Stock Connect Technology ETF Initiating Link C - Wanji Cycle Vision Stock Initiating Fund C - Wanji Cycle Vision Stock Initiating Fund A [3] Top Net Purchases by Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list were: - Huasheng Tiancai (66337.98 million yuan) - Hanwei Technology (37405.82 million yuan) - Sanhua Intelligent Control (33447.08 million yuan) - Xinghui Entertainment (27845.08 million yuan) - Gongxiao Daji (26218.34 million yuan) - Shanzigao Technology (26125.3 million yuan) - Kuaijingtong (25741.69 million yuan) - Kesen Technology (17282.26 million yuan) - Tianji Shares (12011.21 million yuan) - Puzhou Shares (9725.6 million yuan) [4]