Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][13] Core Viewpoints - The "anti-involution" policy is expected to lead to a turning point in profitability for the lithium battery industry. The recent acceleration in capacity expansion and increased competition have resulted in significant losses for many companies in the energy storage battery and lithium battery materials sectors. However, with the ongoing push for "anti-involution" and the revision of pricing laws, market concentration is likely to increase, and leading companies with cost and technological advantages are expected to show improved profitability [3][7]. Summary by Relevant Sections Policy Developments - On July 24, the National Development and Reform Commission and the State Administration for Market Regulation released a draft for public consultation regarding the revision of the Price Law, which aims to clarify standards for identifying unfair pricing behaviors and regulate market pricing order to combat "involution" competition [2][4]. - A meeting held on July 28 emphasized the need to address eight key areas, including the elimination of overdue payments to enterprises and the consolidation of the "anti-involution" efforts in the new energy vehicle sector [5][6]. Investment Recommendations - The report suggests that leading companies in the lithium battery sector are likely to see stable improvements in profitability due to the "anti-involution" backdrop. Companies to watch include Wanrun New Energy, Hunan Youneng, CATL, Yiwei Lithium Energy, Zhongxin Innovation, Tianci Materials, New Zobon, Putailai, Keda Li, Enjie, and Xingyuan Materials [3][7]. Financial Projections - The report provides financial forecasts for several companies, indicating expected net profits in billions of RMB for 2024A to 2026E, with notable companies like CATL projected to achieve a net profit of 507.4 billion RMB in 2024A [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 31st week of 2025 (July 28 - August 3), domestic passenger car and new energy passenger car sales increased week - on - week. Passenger car retail sales were 465,000 units, a year - on - year increase of 2.8%; new energy passenger car retail sales were 247,000 units, a year - on - year increase of 10.4%, with a penetration rate of 53.1%. Since the beginning of the year, cumulative passenger car retail sales were 12.563 million units, a year - on - year increase of 7.0%; cumulative new energy passenger car retail sales were 6.407 million units, a year - on - year increase of 26.9%, with a cumulative penetration rate of 51.0% [2][110][118]. - The China Passenger Car Association slightly raised the full - year forecast for 2025. It is expected that passenger car retail sales will reach 24.35 million units, a 6% increase, with the forecast volume 300,000 units more than the June forecast; passenger car exports will be 5.46 million units, a 14% increase, with the forecast volume 160,000 units higher than the initial forecast; new energy passenger car wholesale will be 15.48 million units, a 27% increase, with the forecast volume slightly down from the June forecast, and the new energy wholesale penetration rate will reach 56%; automobile wholesale will be 34.04 million units, an 8% increase, with the forecast volume 5 percentage points higher than the initial forecast [2][108][118]. 3. Summary According to the Directory 3.1. Key Target Tracking - The report presents the weekly price changes of relevant sectors and listed companies. For example, among listed companies, Great Wall Motor (601633.SH) had a weekly increase of 3.00%, while BYD (002594.SZ) had a weekly decrease of 1.77% [16]. 3.2. Industrial Chain Data Tracking 3.2.1. China New Energy Vehicle Market Tracking - **Sales and Exports**: Charts show the sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV in the Chinese new energy vehicle market [17][22][24]. - **Inventory Changes**: Charts display the monthly new inventory of new energy passenger vehicle channels and manufacturers [26]. - **Delivery Volume of New Energy Vehicle Manufacturers**: Charts present the monthly delivery volumes of several new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, etc. [29][33][35]. 3.2.2. Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts show the sales (by region), penetration rate, and sales of EV and PHV in the global new energy vehicle market [41][44]. - **European Market**: Charts present the sales, penetration rate, and sales of EV and PHV in the European new energy vehicle market, as well as the sales of EV and PHV in the UK, Germany, and France [46][49][50]. - **North American Market**: Charts show the sales, penetration rate, and sales of EV and PHV in the North American new energy vehicle market [59][60]. - **Other Regions**: Charts display the sales, penetration rate, and sales of EV and PHV in other regions, including Japan, South Korea, and Thailand [62][63][67]. 3.2.3. Power Battery Industry Chain - Charts show the power battery loading volume (by material), export volume (by material), weekly average price of battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, precursors, lithium iron phosphate, etc. [78][82][83]. 3.2.4. Other Upstream Raw Materials - Charts present the daily prices of rubber, glass, steel, and aluminum [102][104]. 3.3. Hot News Summary 3.3.1. China: Policy Dynamics - The State Administration for Market Regulation plans to build a number of national carbon measurement centers by 2030, with priority given to the carbon measurement needs of key industries such as power batteries [108]. 3.3.2. China: Industry Dynamics - The China Passenger Car Association slightly raised the full - year forecast for 2025, including the increase in passenger car retail, exports, and automobile wholesale, and a slight decrease in new energy passenger car wholesale forecast [108]. - In July, the new energy wholesale sales were 1.18 million units, a year - on - year increase of 25%, and the cumulative wholesale from January to July was 7.63 million units, a year - on - year increase of 35% [109]. - From July 1 - 31, new energy retail sales increased by 14% year - on - year, and the cumulative retail sales since the beginning of the year increased by 30% year - on - year [110]. - From January to June, the domestic charging infrastructure increment was 3.282 million units, a year - on - year increase of 99.2%, and the vehicle - to - charging - pile increment ratio was 1.8:1 [111]. 3.3.3. China: Enterprise Dynamics - Sunwoda plans to list in Hong Kong and build a new production base in Vietnam with a total investment of no more than RMB 2 billion [113]. - Leapmotor's first batch of electric SUVs arrived in Brazil [114]. 3.3.4. Overseas: Policy Dynamics - Russia will allocate 5.7 billion rubles from 2025 - 2027 to develop electric vehicle charging infrastructure, aiming to have 28,000 DC charging stations with an output power over 149kW in operation by 2030 [114]. 3.3.5. Overseas: Industry Dynamics - In the UK, July passenger car sales decreased by 5.0% to 140,000 units, while pure - electric and plug - in hybrid vehicles increased by 9.1% and 33.0% respectively [115]. - In Germany, July passenger car sales increased by 11.1% to 265,000 units, with pure - electric and plug - in hybrid vehicles increasing by 58.0% and 83.6% respectively [116]. - In Brazil, July new car sales increased by 0.8% to 243,000 units, with pure - electric and plug - in hybrid vehicles increasing by 48.2% and 22.3% respectively [116]. 3.4. Industry Views - Similar to the core views, it emphasizes the sales situation in the 31st week of 2025 and the adjustment of the full - year forecast by the China Passenger Car Association [118]. 3.5. Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and price wars are gradually halted. Overseas, due to strong trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competitive landscape, domestic independent brands' market share continues to expand, and attention should be paid to companies with strong product capabilities, smooth overseas expansion, and stable supply [3][119].

Core Insights - The core viewpoint of the article highlights the significant growth in China's lithium battery separator shipments, with a projected volume of approximately 13.3 billion square meters in the first half of 2025, representing a year-on-year increase of 47.6% [2]. Group 1: Industry Overview - The total shipment of lithium battery separators in China for 2025H1 is estimated at 13.3 billion square meters, with a year-on-year growth of 47.6% [2]. - Among the shipments, wet-process separators account for 10.95 billion square meters, making up 82.3% of the total, while dry-process separators contribute 2.35 billion square meters, or 17.7% [2]. - The share of wet-process separators has increased by 11.1% compared to the previous year, primarily due to the rising penetration of 314Ah cells in the energy storage sector, which are better suited for wet-process separators [2]. Group 2: Market Leaders - The top 10 companies in China's lithium battery separator shipments for 2025H1 are as follows: 1. SEMCORP (恩捷股份) 2. Xingyuan Material (星源材质) 3. Jinli (金力股份) 4. China National Materials (中材科技) 5. Housheng New Energy (厚生新能源) 6. Kanghui New Materials (康辉新材) 7. Huiqiang New Energy (惠强新能源) 8. Zhongxing New Materials (中兴新材) 9. Cangzhou Mingzhu (沧州明珠) 10. Putailai (璞泰来) [3].

星源材质的高管列表及最新持股情况如下： 融资融券数据显示该股近5日融资净流出1970.06万，融资余额减少；融券净流出408.56万，融券余额减 少。 该股最近90天内共有10家机构给出评级，买入评级7家，增持评级3家；过去90天内机构目标均价为 20.0。根据近五年财报数据，证券之星估值分析工具显示，星源材质（300568）行业内竞争力的护城河 良好，盈利能力一般，营收成长性较差。财务可能有隐忧，须重点关注的财务指标包括：有息资产负债 率、应收账款/利润率。该股好公司指标2.5星，好价格指标2.5星，综合指标2.5星。（指标仅供参考， 指标范围：0 ~ 5星，最高5星） 以上内容由证券之星根据公开信息整理，与本站立场无关。证券之星力求但不保证该信息（包括但不限 于文字、视频、音频、数据及图表）全部或者部分内容的的准确性、完整性、有效性、及时性等，如存 在问题请联系我们。本文为数据整理，不对您构成任何投资建议，投资有风险，请谨慎决策。 (相关资料图) 证券之星讯，根据5月8日市场公开信息、上市公司公告及交易所披露数据整理，星源材质（300568）最 新董监高及相关人员股份变动情况：2023年5月5日公司董事, ...

Group 1 - The core viewpoint of the news is the performance of the CSI 1000 Industrial Index, which has shown significant growth over the past month, three months, and year-to-date [2] - The CSI 1000 Industrial Index has increased by 7.59% in the last month, 14.31% in the last three months, and 13.33% year-to-date [2] - The index is composed of liquid and representative securities from various industries, providing diverse investment options for investors [2] Group 2 - The top ten weighted stocks in the CSI 1000 Industrial Index include Huicheng Environmental Protection (1.21%), Inner Mongolia First Machinery (0.94%), and Aerospace Rainbow (0.92%) [2] - The market share of the CSI 1000 Industrial Index is 54.98% from the Shenzhen Stock Exchange and 45.02% from the Shanghai Stock Exchange [2] - The industry composition of the CSI 1000 Industrial Index shows that machinery manufacturing accounts for 31.95%, power equipment for 28.24%, and transportation for 11.90% [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample stock is delisted or undergoes mergers, acquisitions, or splits [3] - When adjustments are made to the CSI 1000 Index, corresponding adjustments are also made to the CSI 1000 Industry Index [3]

Core Viewpoint - The Hong Kong stock market is becoming a strategic "springboard" for lithium battery companies to accelerate overseas expansion amid global energy transition, with a surge in IPOs expected in 2024 [1][18]. Group 1: Companies Going Public - XINWANDA has submitted an application for H-share listing on the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1]. - As of now, around 15 companies from the battery sector, including NINGDE TIMES, YIWAI LITHIUM ENERGY, and others, are aiming for IPOs in Hong Kong, indicating a trend of "A+H" dual listings [2]. - NINGDE TIMES successfully listed in Hong Kong on May 20, 2024, raising significant capital for overseas projects [4]. Group 2: Funding and Expansion Plans - ZHENGLI NEW ENERGY raised approximately HKD 10.05 billion in its IPO, with plans to expand production capacity and invest in R&D [5]. - YIWAI LITHIUM ENERGY is focusing its Hong Kong listing on financing overseas production bases in Hungary and Malaysia, with a planned capacity of 30 GWh in Hungary [6]. - HAI CHEN ENERGY aims to become the third-largest global supplier of lithium-ion storage batteries, with a market share of 11% and significant overseas revenue growth [7]. Group 3: Globalization Strategies - XINWANDA has established production bases in multiple countries, with overseas revenue expected to reach 41.83% in 2024 [9]. - ZHONGWEI CO., LTD. has seen its overseas revenue grow from CNY 202 million to CNY 17.88 billion from 2017 to 2024, indicating a strong international presence [11]. - STAR SOURCE MATERIALS plans to enhance its global footprint through a new factory in Malaysia, aiming for a production capacity of 2 billion square meters of battery separators [12]. Group 4: Market Dynamics - The increasing competition in the domestic market and the need for capital have driven companies to seek listings in Hong Kong, which offers a more favorable financing environment [18]. - The trend of lithium battery companies pursuing IPOs in Hong Kong reflects the necessity for local operations to navigate trade barriers in overseas markets [18]. - The upcoming IPO wave is expected to reshape the competitive landscape of the lithium battery industry, with capital internationalization becoming a new avenue for leading companies [18].

证券日报网讯星源材质（300568）7月31日在互动平台回答投资者提问时表示，关于对日本磁性技术控 股的增持计划，公司始终基于整体战略布局、双方业务协同潜力等核心因素进行综合评估，同时也会密 切关注宏观经济走势、行业市场环境变化等外部条件，审慎决策。 ...

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. is seeking a dual listing on the Hong Kong Stock Exchange, having recently submitted its prospectus, with CITIC Securities International as the sole sponsor [1][2]. Company Overview - Founded in September 2003 and transformed into a joint-stock company in 2008, the company is headquartered in Shenzhen, Guangdong Province. It was listed on the ChiNext board in December 2016 and on the Swiss Stock Exchange in December 2023 [2]. - As of July 31, 2025, the company's A-share market capitalization is approximately 15.6 billion RMB [3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first quarter of 2025 was 2.867 billion RMB, 2.982 billion RMB, 3.506 billion RMB, and 881 million RMB, respectively. Net profits for the same periods were 748 million RMB, 594 million RMB, 371 million RMB, and 51 million RMB [6][8]. - The gross profit margins for the reporting periods were 44.8%, 43.3%, 28.1%, and 23.6%, indicating a downward trend [9]. Product Segmentation - The company specializes in lithium-ion battery separator manufacturing, utilizing all three production technologies: dry, wet, and coated separators. In 2024, the revenue breakdown was approximately 72.5% from coated separators, 14.1% from wet separators, and 13.4% from dry separators [4]. Market Position and Competition - The global battery separator market is projected to grow significantly, with a compound annual growth rate of 44.5% from 2020 to 2024. The company ranks second globally in lithium-ion battery separator shipments, increasing its market share from 11.0% in 2020 to 14.4% in 2024 [11]. - The company faces high customer concentration risk, with its top five customers accounting for 67.4% of total revenue during the reporting periods [10]. Future Plans - The company plans to raise 6.3 billion HKD for expansion, including establishing production bases in Malaysia and the United States, and a research and operations center in Singapore [11].

Core Viewpoint - The company Xingyuan Material (300568) has increased its stake in Ferrotec (6890.T) to over 5%, signaling its commitment to expanding into the semiconductor sector and establishing a second growth curve amid declining lithium battery separator prices [1][2]. Group 1: Company Strategy - Xingyuan Material is a leader in the lithium battery separator market, holding over 80% of the global market share, but faces pressure to diversify due to slowing growth in the new energy sector [2][3]. - The investment in Ferrotec, a company with strong vertical integration in semiconductor equipment and materials, aligns with Xingyuan's strategy to respond to national industrial security and ensure sustainable development [2][3]. Group 2: Market Position and Collaboration - Ferrotec holds approximately 60% market share in semiconductor equipment cleaning in China and has a significant presence in various segments globally, including a 35% share in thermoelectric semiconductor coolers [3][4]. - The partnership between Xingyuan Material and Ferrotec is expected to create synergies in technology and market access, enhancing both companies' capabilities in the semiconductor industry [5][7]. Group 3: Future Prospects - The semiconductor market presents vast opportunities, and Xingyuan Material's strategic investments, including a partnership with RSTechnologies, aim to strengthen its position in semiconductor materials [4][5]. - The establishment of a factory in Malaysia by Xingyuan Material, alongside Ferrotec's operations in the same region, provides a platform for collaborative growth in international markets [6][7].

证券代码：300568 证券简称：星源材质 公告编号：2025-076 深圳市星源材质科技股份有限公司 关于子公司提交《大量保有报告书》的公告 深圳市星源材质科技股份有限公司（以下简称"公司"）子公司星源国际控股 （新加坡）有限公司（以下简称"新加坡星源"）因首次持有日本磁性技术控股 股份有限公司（英文名：Ferrotec Corporation、股票代码：6890.T）股份比例超 过 5%，股东需向日本财务省提交《大量保有报告书》。新加坡星源于近日向日本 财务省提交《大量保有报告书》，主要申报内容如下： "新加坡星源已持有 Ferrotec Corporation 超过其总股本 5%的股份"。 公司将按规定对有关后续进展情况及时履行信息披露义务，敬请广大投资者 理性投资，注意风险。 特此公告。 深圳市星源材质科技股份有限公司董事会 2025 年 7 月 28 日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 ...