记者丨费心懿 王燕清 图/新闻联播 编辑丨张伟贤 2025年9月的A股市场，掀起了固态电池热。 这波搅动行业的浪潮背后，一家来自无锡的上市公司尤为亮眼——先导智能（300450.SZ）在 一个月内股价暴涨80%，从8月28日的收盘价 29.59元/股，一路涨至10月10日收盘价54.79元/股，最新市值高达858.1亿元。其间公司市值更一度突破千亿元，并两度公告股票交易异常波 动。 按照在上市公司29.31%的持股比例， 公司创始人王燕清目前身价已超251亿元。 作为率先实现固态电池整线解决方案交付的设备企业，其亦有望率先受益于固态电池产业化前夜的业绩突破。 不过，面对荣耀和财富，王燕清却非常清醒。 此前他就对员工说： "别被股价冲昏头，真正的比赛，2030年才开始。" 从技术宅到宁王卖铲人 这家新能源设备企业的掌门人王燕清， 是从无锡桃农家庭走出的工程师。 他用26年时间，将公司从一间150平方米的"仓库工厂"发展为如今覆盖锂电、光伏、氢能的全球新能源装备的"千亿帝国"。 眼下，是中国锂电行业激荡的又一史诗级时刻。当中国企业在固态电池时代以领跑之姿出现，却鲜少有人觉察，产业的每一次飞跃，都离不开 工程师精神 ...

根据沪深交易所融资融券交易实施细则（2023年修订）和《北京证券交易所融资融券交易细则》，被实施风险警示、进入退市整理期的证券，静态市盈率 在300倍以上或者为负数的A股股票的折算率为0%。据中国证券报记者了解，折算率的调整是券商动态风控措施的一部分。 10月10日，申万宏源证券、申万宏源西部证券发布《关于融资融券可充抵保证金证券、标的证券的调整公告》显示，今日收市后对可充抵保证金证券及折 算率做出调整，自10月13日起生效。其中，先导智能、南极光、曼恩斯特、联动科技、海光信息、长盈通、佰维存储、中芯国际、华信永道等的可充抵保 证金证券折算率由0%上调至30%—70%不等，而通裕重工、创益通两股的折算率则由65%调至0%。此前，多家券商将佰维存储、中芯国际等的折算率调 为零，自10月9日生效。 | 序号 | 证券代码 | 证券名称 | | 可充抵保证金证券及其折算率 | | | | | 融资标的及其保证金比例 | | | 融券标的及其保证金比例 | | | | 集中度分类 调整 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Points - The announcement from Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities regarding adjustments to margin securities and their corresponding ratios will take effect on October 13 [1] - Several stocks, including XianDao Intelligent, NanjiGuang, ManensTer, and others, have seen their margin securities ratios increased from 0% to between 30% and 70% [1][4] - Conversely, Tongyu Heavy Industry and Chuangyitong's margin ratios have been reduced from 65% to 0% following their recent performance [1][4] Summary by Category Margin Securities Adjustments - Stocks such as XianDao Intelligent, NanjiGuang, ManensTer, and others have had their margin ratios adjusted upwards, with specific ratios set at 30% to 70% [1][4] - The margin ratios for Tongyu Heavy Industry and Chuangyitong have been adjusted downwards to 0% due to their static P/E ratios exceeding 300 [1][4] Performance Metrics - Recent trading days have seen significant declines in the stock prices of XianDao Intelligent (down 11.94%), NanjiGuang (down 8.32%), and ManensTer (down 4.31%) [4][5] - As of October 10, the static P/E ratios for XianDao Intelligent, NanjiGuang, and ManensTer were reported at 299.93, 291.44, and 289.43 respectively, indicating a downward trend [4][5] Regulatory Context - The adjustments in margin ratios are part of dynamic risk control measures implemented by brokerages, in accordance with the revised financing and securities trading regulations [4]

Core Insights - A total of 476 stocks in the Shanghai and Shenzhen markets have experienced a net outflow of main funds for five consecutive days or more as of October 10 [1][2] - The stock with the longest continuous net outflow is Suda Co., Ltd., with 33 days, followed by Xilinmen with 23 days [1] - Luxshare Precision has the largest total net outflow amounting to 7.43 billion yuan over six days, while Xian Dao Intelligent follows with a net outflow of 6.27 billion yuan over eight days [1] Summary by Category Stocks with Longest Net Outflow - Suda Co., Ltd. has seen a net outflow for 33 days [3] - Xilinmen has experienced a net outflow for 23 days [1] Stocks with Largest Net Outflow Amount - Luxshare Precision: 6 days, 7.43 billion yuan, -13.39% cumulative change [1] - Xian Dao Intelligent: 8 days, 6.27 billion yuan, -6.96% cumulative change [1] - Heertai: 7 days, 5.58 billion yuan, -12.12% cumulative change [1] Stocks with Highest Net Outflow Proportion - Daqin Railway has the highest proportion of net outflow, with a 6-day decline of 3.62% [1][2] - Other notable stocks include Zhongke Shuguang and Guotai Huitong, with significant net outflows and varying cumulative changes [1][2] Additional Notable Stocks - Tianfu Communication: 7 days, 3.72 billion yuan, -16.65% cumulative change [1] - Zhongke Shuguang: 5 days, 2.96 billion yuan, -9.67% cumulative change [1]

Market Overview - The Shanghai Composite Index fell by 0.94% on October 10, with 18 out of the 28 sectors rising, led by construction materials and coal, which increased by 1.92% and 1.37% respectively [2] - The electronic and electrical equipment sectors experienced the largest declines, with drops of 4.71% and 4.46% respectively [2] Capital Flow - The net outflow of capital from the two markets reached 125.784 billion yuan, with 8 sectors seeing net inflows [2] - The construction materials sector had the highest net inflow of 418 million yuan, followed by the agriculture, forestry, animal husbandry, and fishery sector with a net inflow of 379 million yuan [2] - A total of 23 sectors experienced net outflows, with the electronic sector leading with a net outflow of 38.319 billion yuan, followed by the electrical equipment sector with 25.535 billion yuan [2] Electrical Equipment Sector - The electrical equipment sector declined by 4.46%, with a net outflow of 25.535 billion yuan [3] - Out of 363 stocks in this sector, 133 rose, 4 hit the daily limit up, while 226 fell, with 3 hitting the daily limit down [3] - 113 stocks in the sector saw net inflows, with the top three being Xinte Electric (net inflow of 364 million yuan), Guodian Nanzi (240 million yuan), and Sifang Co. (226 million yuan) [3] - 52 stocks experienced net outflows exceeding 100 million yuan, with the largest outflows from CATL (29.37 billion yuan), Sungrow Power (26.88 billion yuan), and Xianlead Intelligent (17.88 billion yuan) [3] Top Gainers in Electrical Equipment - The top gainers in the electrical equipment sector included: - Xinte Electric: +20.03%, turnover rate 30.00%, net inflow 363.6693 million yuan - Guodian Nanzi: +10.01%, turnover rate 6.84%, net inflow 240.3050 million yuan - Sifang Co.: +10.01%, turnover rate 6.52%, net inflow 225.5709 million yuan [4] Top Losers in Electrical Equipment - The top losers in the electrical equipment sector included: - CATL: -6.82%, turnover rate 1.25%, net outflow -2937.0654 million yuan - Sungrow Power: -7.79%, turnover rate 7.08%, net outflow -2687.7907 million yuan - Xianlead Intelligent: -12.89%, turnover rate 12.92%, net outflow -1787.6312 million yuan [5]

证券代码：300450 证券简称：先导智能 公告编号：2025-052 无锡先导智能装备股份有限公司 监事会关于公司 2025 年限制性股票激励计划 激励对象名单的核查意见及公示情况说明 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。 无锡先导智能装备股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开第 五届董事会第十四次会议和第五届监事会第十二次会议，审议通过了《关于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等议案。具体内容详见公司于 2025 年 9 月 30 日披露于巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券 交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易所创业 板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律监管指南第 1 号》"） 和《公司章程》等相关规定，公司对 2025 年限制性股票激励计划激励对象名单在公司 内部进行了公示。公司监事会结合公示情况对拟激励对象人 ...

锂电池产业链 超配（维持） 锂电池产业链双周报(2025/09/26-2025/10/09) 行 两部门对锂电池等相关物项实施出口管制 2025 年 10 月 10 日 投资要点： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池指数走势 分析师：黄秀瑜 业 周 SAC 执业证书编号： 行情回顾：截至2025年10月9日，锂电池指数近两周上涨5.09%，跑赢沪 深300指数2.57个百分点；锂电池指数本月至今累计上涨1.52%，跑赢沪 深300指数0.04个百分点；锂电池指数年初至今上涨64.43%，跑赢沪深300 指数44.75个百分点。 报 锂电池产业链近两周价格变动： 锂盐：截至2025年10月9日，电池级碳酸锂均价7.29万元/吨，近两周下 跌0.82%；氢氧化锂(LiOH 56.5%)报价7.16万元/吨，近两周价格持稳。 正极材料：磷酸铁锂报价3.43万元/吨，近两周价格持稳；NCM523、NCM622、 NCM811分别报价12.30万元/吨、12.50万元/吨、14.95万元/吨，近两周 分别上涨5.13%、3.73%、2.40%。 ...

证券之星消息，10月10日电池板块较上一交易日下跌6.99%，利元亨领跌。当日上证指数报收于 3897.03，下跌0.94%。深证成指报收于13355.42，下跌2.7%。电池板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000000 | 中国宝安 | -8006.74万 | 7.65% | -112.27万 | -0.11% | -7894.47万 | -7.54% | | 300409 道氏技术 | | 3565.74万 | 1.69% | 4773.60万 | 2.27% | -8339.34万 | -3.96% | | 688353 华盛锂电 | | 1771.12万 | 4.13% | 110.96万 | 0.26% | -- 1882.08万 | -4.39% | | 301292 海科新源 | | 1555.85万 | 2.15% | -2627.62万 | -3.63% | ...

先导智能成交额达100亿元，现跌12.59%。 ...

Core Viewpoint - The recent export control decision by the Ministry of Commerce and the General Administration of Customs on lithium batteries and artificial graphite anode materials has a minimal overall impact on the company, as its overseas orders primarily come from domestic battery manufacturers' overseas expansion, which are not subject to the restrictions [1] Group 1 - The company stated that the recent notification only implements export controls and does not prohibit exports, allowing for normal application processes for export business [1] - The company has previously faced similar requirements and has been able to obtain the necessary licenses for exports [1] - This year, the company's orders are mainly driven by expansion orders from domestic clients [1]