Group 1 - The concept of a "C7 license" for low-speed electric vehicles, commonly referred to as "old man joy," has been circulated, claiming trials in cities like Shanghai and Guangzhou by the end of the year, but local authorities have denied these claims [1] - Xiaomi clarified rumors regarding a fire incident in its automotive factory, stating it was a minor event caused by a mishap during equipment debugging, with no injuries reported and production quality unaffected [2] - North Automotive Group reported that its order delivery cycle is now stabilized within 30 days, and parts availability has significantly improved from 65% to 95% [3] Group 2 - North Automotive Group announced a legal victory against a competitor for unauthorized use of its brand names, emphasizing the importance of protecting its intellectual property rights [4] - GAC Group has launched a pilot production line for solid-state batteries, aiming for mass production of automotive-grade batteries by 2026 [5] - CATL and SAIC Commercial Vehicle have entered into a strategic partnership to enhance collaboration in the fields of new energy and intelligent commercial vehicles [6] Group 3 - Tesla is facing a lawsuit in Washington state related to a fatal accident, with claims that a design flaw in the door handle obstructed rescue efforts during a fire [7]

Core Viewpoint - The recent stock transfer of Ningde Times (300750) from Goldman Sachs (Asia) Securities to Citibank, valued at HKD 2.905 billion, indicates a significant shift in shareholder strategy amidst the unlocking of nearly 50% of its H-share IPO locked shares, which may exert pressure on the stock price [1] Group 1: Stock Transfer and Market Impact - On November 21, Ningde Times' shareholder transferred shares worth HKD 2.905 billion from Goldman Sachs (Asia) Securities to Citibank, representing 3.86% of the company [1] - Nearly 50% of Ningde Times' H-share IPO locked shares were unlocked on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Morgan Stanley noted that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the current H-share price is 107% higher than the IPO price, and the H-share is trading at a 23% premium to the A-share, which is rare for dual-listed shares, suggesting potential pressure on the stock price due to the unlocking [1] Group 2: Shareholder Actions - Shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at RMB 376.12 per share, which would allow Huang Shilin to cash out approximately RMB 17.163 billion [1] - Huang Shilin is a co-founder of Ningde Times and previously served as the vice chairman and deputy general manager, currently holding a 10.21% stake, making him the third-largest shareholder [1]

Core Insights - On November 21, shareholders of CATL (03750) transferred shares from Goldman Sachs (Asia) Securities to Citibank, with a market value of HKD 29.05 billion, accounting for 3.86% of the company [1] Group 1: Shareholder Activity - Nearly 50% of CATL's H-share IPO lock-up shares were released on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Huang Shilin, a co-founder and the third-largest shareholder of CATL, plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The initial inquiry transfer price is set at HKD 376.12 per share, potentially allowing Huang Shilin to cash out HKD 17.163 billion [1] Group 2: Market Implications - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the release of lock-up shares may exert pressure on the stock price due to CATL's current share price being 107% higher than the IPO price and a 23% premium of H-shares over A-shares, which is rare in dual-listed shares [1]

Core Viewpoint - The lithium carbonate futures market experienced a significant decline after a period of continuous increase, with the main contract LC2601 dropping by over 9% on November 21, closing at 91,020 yuan/ton [1][2]. Group 1: Market Performance - The main contract for lithium carbonate futures saw a substantial drop of 9% on November 21, following a strong upward trend that began on November 5, where it had cumulatively increased by 24.5% by November 20 [1]. - The A-share lithium battery concept sector also faced widespread declines, with leading lithium mining companies such as Shengxin Lithium Energy, Jinyuan Co., and Tianqi Lithium all hitting the daily limit down [1]. - Battery manufacturers also experienced declines, with companies like Desay Battery and XWANDA dropping over 6%, while EVE Energy fell nearly 6%, Guoxuan High-Tech dropped over 4%, and CATL fell over 2% [1]. Group 2: Supply and Demand Dynamics - The decline in lithium carbonate prices is attributed to market concerns regarding a potential narrowing of the supply-demand gap in December, following an announcement from the Guangzhou Futures Exchange regarding increased transaction fees and limits on daily opening positions for non-futures company members [2]. - The domestic inventory of lithium carbonate has been decreasing for 13 consecutive weeks, with a total reduction of 22,000 tons, leading to a new low in total inventory turnover days at 28.1 days since the futures listing [1].

Core Insights - The domestic first large-capacity all-solid-state battery production line has been established, currently undergoing small-scale testing production, marking a significant milestone in the all-solid-state battery technology [1] - The all-solid-state battery is recognized as the "holy grail of next-generation battery technology," offering higher energy density, inherent safety, longer lifespan, and wider temperature range compared to traditional liquid lithium batteries [2] - Multiple companies are advancing their solid-state battery projects, with plans for small-scale vehicle integration and mass production set for 2027 [4] Industry Developments - The all-solid-state battery technology is included in the national strategic development plan, indicating its importance for future energy storage solutions [2] - Major players like CATL and Changan Automobile are targeting 2027 for mass production, with significant improvements in battery safety and energy density [2] - The industry is expected to see a peak in pilot production lines in 2026, with small-scale commercialization anticipated by 2027 [3] Company Progress - GAC Group has completed the first large-capacity all-solid-state battery production line, capable of producing batteries with an energy density nearly double that of current batteries [1] - SAIC Group and Penghui Energy have also reported advancements in their solid-state battery production lines, with plans for sample production and vehicle testing in the near future [4] - Companies are focusing on overcoming technical bottlenecks related to manufacturing costs, cycle life, and environmental adaptability to facilitate the industrial application of solid-state batteries [4]

Core Viewpoint - The industry remains optimistic about the unexpected growth of the energy storage sector despite recent declines in the A-share storage index, driven by increasing demand and large-scale project implementations [1] Group 1: Industry Outlook - The energy storage industry is expected to benefit from China's continued expansion of renewable energy installations and the construction of new power systems during the 14th Five-Year Plan [1] - The shift in storage demand from the power generation side to the grid side is becoming more pronounced, indicating a trend towards larger projects [1][3] - The introduction of the "136 Document" has decoupled energy storage from renewable energy construction, allowing it to become an independent market investment entity [3] Group 2: Company Developments - Companies like Haibo Technology and CATL are experiencing a surge in orders, with Haibo Technology planning to purchase at least 200 GWh of battery cells from CATL between 2026 and 2028 [2] - CATL has announced significant expansions across multiple bases, with the Jining base alone expected to add over 100 GWh of storage capacity by 2026 [2] - The recent equipment failure at Shandong Genyuan New Materials has created a supply variable, amplifying market attention on the energy storage supply chain [2] Group 3: Market Demand and New Applications - The rapid expansion of overseas markets, particularly in North America, Europe, and Southeast Asia, is driving up demand for energy storage solutions [4] - New applications such as data centers and high-energy-consuming factories are increasingly seeking direct connections to renewable energy sources, further supporting energy storage demand [5] - Analysts predict a 40% year-on-year growth in global energy storage demand by 2026, driven by the needs of artificial intelligence data centers and renewable energy integration [5] Group 4: Policy and Economic Factors - Recent government policies are setting higher renewable energy installation targets, with energy storage identified as a critical component for consumption [6] - The energy storage sector is expected to support significant investment demand in the economy, following the real estate sector [6] - The industry is poised for growth, with the potential for large-scale development contingent on government initiatives to enhance public storage infrastructure [5][6]

Core Insights - The "Sea and Air Integrated Low-altitude Economic Solution" was officially launched on November 22, featuring a combination of "zero-carbon water airports" and eVTOL aircraft, marking a significant breakthrough in low-altitude infrastructure [2][3] - This innovative solution aims to extend low-altitude infrastructure to vast water areas, enhancing efficiency and reducing overall costs while addressing traditional industry pain points such as site selection and slow deployment [2][3] Company Developments - The solution includes adaptable water-based eVTOL takeoff and landing sites for industrial-grade aircraft, enabling rapid deployment of low-altitude economic infrastructure in coastal and inland water cities [3] - The solution is expected to expand applications in five core scenarios: energy platform operations, emergency rescue, high-frequency commuting, sea and air tourism, and mobile airport operations [3] Industry Trends - The low-altitude economy is at a critical window for systematic and large-scale development, as highlighted in the "14th Five-Year Plan" [3] - The integration of the "Sea and Air Integrated Low-altitude Economic Solution" signifies a potential market expansion for battery products from passenger vehicles to low-altitude aviation, contributing to the establishment of a zero-carbon transportation ecosystem [3]

Core Viewpoint - The increasing global competition in technology necessitates the cultivation of leading private technology enterprises and continuous emergence of technological leaders in China [1] Group 1: Recognition of Private Enterprises - Three leaders from private enterprises were elected as academicians of the Chinese Academy of Engineering, highlighting the recognition of their contributions to technology innovation [1][2] - Private enterprises contribute 70% of the country's technological innovation results and encompass 80% of the national specialized "little giant" enterprises, establishing themselves as key players in technological innovation [1] Group 2: Research and Development Advantages - The elected academicians specialize in fields such as artificial intelligence, new energy, semiconductors, and biomedicine, which are crucial for high-quality development [2] - Private enterprises possess advantages in seamlessly linking theoretical design, experimental products, and market-ready products, making their research value and market value hard to match by traditional research institutions [2] Group 3: Policy and System Changes - The decision to break the "public over private" resource allocation pattern reflects a commitment to building a collaborative research and innovation system between public and private sectors [3] - The recent guidelines for the election of academicians indicate a shift towards supporting candidates from private technology enterprises, demonstrating ongoing institutional innovation in the research evaluation system [3] Group 4: Future Expectations and Support - The implementation of the Private Economy Promotion Law emphasizes the state's encouragement and support for private enterprises in driving technological innovation and developing modern industrial systems [4] - To foster more technological leaders from private enterprises, it is essential to strengthen their role in technological innovation and industrial development [4] Group 5: Collaborative Efforts - There is a need for enhanced "two-way openness" between private enterprises and traditional research institutions, with policies supporting capable private enterprises in undertaking major national technological tasks [6] - The newly elected academicians have both research institution experience and achievements in private enterprises, indicating a model for future collaboration [6] Group 6: Long-term Goals - The election of academicians is just a stage; the focus should be on achieving breakthroughs in deeper fields, with continued efforts required to implement specific support measures for private enterprise technological innovation [7]

证券研究报告 | 2025年11月23日 锂电产业链双周评（11月第2期） 锂电行业持续反内卷，固态电池产业化稳步推进 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为9.23万元/吨，较两周前上涨1.19万元/吨。相较两周前，三元正极、磷酸铁锂正极、负极、六氟磷酸锂、电解液、湿法隔膜报价均上 涨。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用280Ah电芯报价为0. ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to rapid advancements in AI technology and increased domestic demand for core components [1][13] - The lithium iron phosphate (LFP) battery material industry is recovering from previous demand lows, with high operating rates and strong orders for leading companies expected to last until 2026 [2][18] - The solar PV tracker market is witnessing significant growth, with a notable increase in orders from the Middle East, indicating strong competitive advantages for companies like Zhongxinbo [3][27] Humanoid Robots - The report highlights the strong domestic demand for core components in humanoid robots, driven by cost reduction needs and technological breakthroughs [1][13] - Key areas of focus include dexterous hands, lightweight designs, and advanced AI capabilities, with domestic manufacturers expected to benefit significantly [1][14] - Companies like Meihu Co. are already seeing production ramp-up in critical components, positioning them well for future growth [16] Electric Vehicles - The LFP material industry is experiencing a recovery phase, with average costs for LFP materials established between 15,714.8 to 16,439.3 RMB per ton [2][19] - The introduction of new technologies and models in the electric vehicle sector is expected to enhance performance and reduce costs, driving further growth [19][20] - The demand for LFP materials is anticipated to stabilize and potentially increase due to a combination of recovering demand and structural supply shortages [2][19] New Energy - Zhongxinbo has secured significant overseas orders for solar PV tracking systems, ranking second globally with a 16% market share [3][27] - The company is expected to benefit from the Saudi Vision 2030 initiative, which aims to increase renewable energy installations [3][29] - The report emphasizes the importance of technological advancements in the solar industry, particularly in the context of new materials and production techniques [30][32] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the urgent need for grid upgrades in Europe and North America [7][8] - The report notes that domestic power equipment manufacturers are well-positioned to capitalize on these overseas market opportunities [7][8] - The construction of ultra-high voltage projects is projected to continue, supporting stable demand for related equipment [8]