Group 1 - Main funds in the market experienced a net outflow of 37.278 billion yuan on September 12, with the ChiNext board seeing a net outflow of 18.948 billion yuan and the CSI 300 index stocks a net outflow of 18.506 billion yuan [1] - Among the 9 industries that received net inflows, the non-ferrous metals industry led with a net inflow of 1.599 billion yuan, followed by the pharmaceutical and biological industry with 565 million yuan [1] - The electronic industry faced the largest net outflow, amounting to 7.716 billion yuan, while the computer sector saw a net outflow of 5.367 billion yuan [1] Group 2 - The automotive parts stock, Shanzi Gaoke, saw a net inflow of 1.105 billion yuan, ranking first among individual stocks, with a trading volume of 5.279 billion yuan and a turnover rate of 20.5% [2] - The stock of Wolong Electric Drive in the electric motor sector hit the daily limit with a net inflow of 837 million yuan, marking the highest net inflow since March 26, 2025 [3] - The precious metals concept stock, Hunan Silver, experienced a net inflow of 549 million yuan, with its stock price also hitting the daily limit [3] Group 3 - The consumer electronics stock, Luxshare Precision, had the largest net outflow of 2.51 billion yuan, with its stock price declining by 0.36% [5] - Other notable stocks with significant net outflows included XianDao Intelligent and New Yi Sheng, each with outflows exceeding 1.2 billion yuan [5][6] - A total of 34 stocks saw net outflows exceeding 600 million yuan, with 15 stocks experiencing outflows over 1 billion yuan [9]

Core Viewpoint - The company, XianDao Intelligent, has successfully established a complete production line for solid-state batteries, ensuring the industrialization process of solid-state batteries is on track with fully self-developed core technologies [1] Group 1 - The company possesses complete independent intellectual property rights in the solid-state battery field [1] - The company has successfully connected all process links for mass production of solid-state batteries [1] - The key core technologies are developed and controlled by the company itself, providing assurance for the industrialization process of solid-state batteries [1]

Core Insights - The company has successfully established a complete production line for all-solid-state batteries, achieving multiple technological breakthroughs in key manufacturing processes [1] - The production of semi-solid batteries can largely rely on the company's existing lithium battery production equipment [1] - The company has formed partnerships with several leading domestic and international enterprises, delivering core equipment for solid-state batteries and receiving high recognition from clients [1] Production Capabilities - The company has developed a flexible production line that can adapt to various electrolyte material systems, including polymers, oxides, and sulfides [1] - Key manufacturing equipment covers all aspects of solid-state battery production, from electrode preparation to electrolyte membrane production and cell assembly [1] - The company has successfully output mass production-level solid-state battery solutions, leading to repeat orders from clients [1] Client Relationships - The company has established collaborations with major battery customers and well-known automotive manufacturers in both domestic and international markets [1] - Notable clients include Qingtao and Guanyu, who have recognized the company's products and services [1]

（编辑 袁冠琳） 证券日报网讯 先导智能9月12日在互动平台回答投资者提问时表示，公司H股募集资金将主要用于深化 全球化战略布局、固态电池设备研发生产等，为公司业务持续增长筑牢基础。关于募集资金使用的具体 规划与安排，详见招股说明书。 ...

Group 1 - The core point of the news is that XianDao Intelligent experienced a 5.8% drop in stock price, closing at 56.64 CNY per share, with a trading volume of 2.504 billion CNY and a turnover rate of 2.84%, resulting in a total market capitalization of 88.707 billion CNY [1] - XianDao Intelligent, established on April 30, 2002, and listed on May 18, 2015, specializes in the research, design, production, and sales of automation equipment and solutions [1] - The company's main business revenue composition includes: 68.76% from lithium battery intelligent equipment, 15.76% from other sectors, 8.04% from photovoltaic intelligent equipment, 6.44% from intelligent logistics systems, 0.95% from 3C intelligent equipment, and 0.05% from other supplementary sources [1] Group 2 - Among the top ten circulating shareholders of XianDao Intelligent, Huaan Fund holds a position, with its Huaan Growth ETF (159949) reducing its holdings by 855,600 shares in the second quarter, now holding 10.3806 million shares, which is 0.67% of the circulating shares [2] - The estimated floating loss for Huaan Growth ETF today is approximately 36.2282 million CNY [2] - Huaan Growth ETF was established on June 30, 2016, with a latest scale of 25.16 billion CNY, achieving a year-to-date return of 49.24% and a one-year return of 111.47% [2]

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

格隆汇9月12日丨先导智能(300450.SZ)在互动平台表示，半固态电池生产大部分可依托于公司原有的锂 电池生产设备。在全固态电池领域，公司已成功打通全固态电池量产的全线工艺环节，整线产品可柔性 适配多种电解质材料体系（聚合物、氧化物、硫化物等），实现了从全固态电极制备（涵盖混料及干 法、湿法极片复合设备）、全固态电解质膜制备及转印复合设备，到裸电芯组装（包括新一代固态叠片 机、胶框印刷设备）、致密化设备（等静压设备和其他致密化设备）及高压化成分容等全固态电池制造 关键设备的覆盖，并在核心环节取得多项技术突破。截至目前，公司已与多家国内外行业领军企业达成 设备合作，不仅向欧美日韩等国家和地区及国内的头部电池客户、知名车企和新兴电池客户交付了各工 段的固态电池核心设备，更成功输出量产级固态电池整线方案，相关产品得到客户的高度认可并已陆续 获得重复订单且后续有望持续放量。清陶、冠宇是公司的客户。 ...

Group 1 - The company has successfully established a complete production line process for solid-state batteries, ensuring the industrialization of solid-state battery technology [1] - The company claims to possess fully independent intellectual property rights in the solid-state battery field, with all key core technologies developed in-house and under its control [1] - The company aims to provide a reliable guarantee for the industrialization process of solid-state batteries [1] Group 2 - An investor raised concerns about the controllability of the company's core technologies, comparing it to China's large aircraft which, despite having independent intellectual property rights, still relies on imported engines [3] - The investor questioned whether the company's core technologies are self-developed or dependent on foreign sources [3]

先导智能成交额达100亿元，现跌5.95%。 ...