Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies, but it suggests a focus on companies involved in the anode-free battery technology, indicating potential investment opportunities. Core Insights - Anode-free battery technology allows lithium ions to deposit directly on the current collector surface, leading to higher energy density and lower costs compared to traditional batteries. However, challenges such as lithium dendrite growth and SEI film stability remain critical issues to address [8][15][19]. - The report highlights significant advancements in the industry, particularly with companies like CATL and BYD, which are developing proprietary technologies to enhance battery performance and stability [8][40][45]. - The report recommends focusing on Zhongyi Technology, which has a strong position in the copper foil sector and is advancing in anode-free technology, particularly with its lithium-copper composite anode materials [8][49][55]. Summary by Sections 1. Anode-Free Technology Concept - Anode-free batteries differ from traditional lithium-ion and lithium metal batteries by not preloading active materials on the anode current collector, allowing for direct lithium ion deposition [11][15]. - This technology offers higher energy density (650 Wh/kg) and lower costs due to reduced reliance on lithium metal [15][19]. 2. Industry Progress of Anode-Free Technology - CATL launched its "self-generating anode" technology in April 2025, achieving a 60% increase in volumetric energy density and a 50% increase in mass energy density [40]. - BYD has patented a porous sponge-like current collector that enhances lithium ion deposition and reduces dendrite growth, significantly improving battery cycle life [45][46]. 3. Related Companies - Zhongyi Technology has been a key player in the copper foil industry for over a decade, focusing on high-performance electrolytic copper foil for lithium batteries and electronic circuits [49][55]. - The company has shown consistent revenue growth, with a notable increase in operating income from 2.197 billion to 4.786 billion from 2021 to Q1 2025, despite fluctuations in net profit due to industry supply and demand dynamics [57][58].

Market Overview - The two markets experienced a significant net outflow of 37.726 billion yuan, with 1,510 stocks seeing net inflows and 3,419 stocks experiencing net outflows [1] - The Shanghai Composite Index closed down by 0.46% [1] Industry Analysis - Among the Shenwan first-level industries, four sectors saw net inflows from large orders, with the computer sector leading at a net inflow of 999.7 million yuan, despite a 0.57% decline in its index [1] - The non-bank financial sector also saw a net inflow of 625 million yuan and an increase of 0.59% [1] - The defense and military industry had the highest net outflow, totaling 5.890 billion yuan, followed by machinery equipment with a net outflow of 4.422 billion yuan [1] Individual Stock Performance - A total of 34 stocks had net inflows exceeding 200 million yuan, with Huasheng Tiancheng leading at 1.585 billion yuan [2] - Other notable stocks with significant net inflows include Ningde Times at 1.441 billion yuan and Sifang Jingchuang at 1.224 billion yuan [2] - Stocks with the highest net outflows included Changcheng Military Industry at 1.299 billion yuan and China Great Wall at 1.045 billion yuan [2][4] Stock Price Movements - Stocks with net inflows over 200 million yuan saw an average increase of 7.32%, outperforming the Shanghai Composite Index [2] - Specific stocks that closed at their daily limit include Changcheng Securities and COFCO Sugar [2] Sector Concentration - The stocks with the highest net inflows were concentrated in the computer, non-bank financial, and electronics sectors, with 8, 4, and 4 stocks respectively [2]

8月14日，A股市场超4000股回调，两市成交额爆量，沪指尾盘回落收跌0.46%。同类规模领先、费率最低档的电池50ETF（159796）尾盘跌幅 收窄，最终收跌1.4%。 【供给侧：储能行业反内卷，关注储能企业盈利改善机会】 国信证券指出，反内卷政策推动下，关注储能企业盈利改善机会。近年来，伴随储能电池、储能变流器、储能系统等行业扩张加速、行业竞争 压力加大，多数企业盈利面临承压。在反内卷持续推进与价格法修正背景下，随着行业出清加速与技术迭代推进，市场集中度有望进一步提 升，具备成本与技术优势的头部企业盈利弹性值得期待。（来源于国信证券20250813《电力设备新能源行业点评储能行业"反内卷"倡议提出， 关注储能企业盈利改善机会》） 【需求侧：储能项目招投标延续高增，储能需求延续】 "531"节点后储能项目招投标延续高增，单6月招标容量创2025年新高。根据CESA发布数据，2025年6月储能项目（含直流侧设备采购）公开招 标规模为62.8GWh，较2024年6月招标容量19.1GWh同比增长228%。 | 分时 多日 1分 5分 15分 30分 综合屏 F9 不复权 超级春加 圆线 工具 | | | 60 ...

全固态电池：锂电池的下一代解决 方案 民生电新邓永康团队 ——固态电池专题（一） 2025年8月14日 * 证券研究报告 * 请务必阅读最后一页免责声明 1 证券研究报告 * 请务必阅读最后一页免责声明 摘要 01 02 固态电解质：硫化物是未来主流路线 03 核心问题：固固界面润湿性 01 全固态电池的优势：高能量密度+高安全性 其他环节变化：设备、负极、集流体是关键 变量 04 05 产业节奏：政策托底，空间星辰大海 07 风险提示 06 投资建议 目 录 C O N T E N T S 证券研究报告 2 * 请务必阅读最后一页免责声明 ➢ 全固态电池相比传统锂离子电池具有显著优势，传统锂离子电池能量密度接近理论上限，且有机电解液易燃导致热失控问题难以根 除。而全固态电池正极材料沿用高镍三元，因此负极是提升固态电池能量密度的关键，其能适配高比例硅基负极或锂金属负极，能 量密度有望突破500Wh/kg。全固态电池因采用固态电解质，在抑制锂枝晶生长与穿透、具备不可燃性及拥有更高耐热极限方面显 著优于液态电池。 ➢ 固态电解质主要分为聚合物、氧化物、硫化物、卤化物四大类。聚合物加工性好但离子电导率低；氧化物稳定 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [4][10]. Core Insights - The lithium battery sector is experiencing a general price increase across the supply chain, with a focus on short-term price trends and monthly sales performance [4]. - In July 2025, the lithium battery index rose by 2.47%, while the new energy vehicle index increased by 3.15%, both underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 3.37% [4]. - The report highlights a significant year-on-year growth in new energy vehicle sales, with July 2025 sales reaching 1.262 million units, a 27.35% increase compared to the previous year [4][14]. - The report emphasizes the importance of monitoring upstream raw material prices, monthly sales, and relevant domestic and international trade policies [4]. Summary by Sections 1. Market Review - The lithium battery sector's performance in July 2025 was weaker than the broader market, with 63 stocks rising and 41 falling within the sector [8][9]. - Key stocks in the sector showed varied performance, with notable gains from companies like Zhongcai Technology and Haopeng Technology [8]. 2. New Energy Vehicle Sales and Industry Prices - New energy vehicle sales in China reached 1.262 million units in July 2025, marking a 27.35% year-on-year increase [14]. - The report projects continued growth in the new energy vehicle market, supported by favorable policies and improved vehicle cost-performance ratios [14]. 3. Industry and Company News - The report outlines significant industry developments, including the release of new electric vehicle models and government initiatives to promote low-carbon transportation [54][56]. - It also notes the collaboration between major companies like CATL and BHP to enhance mining operations and battery recycling [56]. 4. Price Trends in the Supply Chain - As of August 13, 2025, the price of battery-grade lithium carbonate was 82,000 CNY/ton, reflecting a 33.88% increase from early July [4][39]. - The report indicates that prices for lithium hydroxide and other key materials are also on the rise, suggesting a potential upward trend in the short term [4][42]. 5. Investment Focus - The report suggests that investors should focus on leading companies within the lithium battery sector, as individual stock performance is expected to diverge [4]. - It highlights the importance of staying informed about raw material price movements and market dynamics to identify investment opportunities [4].

据美方统计， 2024 年美国自印度进口被调查产品的金额约为 7.9 亿美元 、自印度尼西亚进 口被调查产品的金额约为 4.2 亿美元、 自印度尼西亚进口被调查产品的金额约为 3.4 亿美元。 2、 双良集团联手宁德时代子公司，共建零碳园区新模式 1、 美国对进口自印度、印度尼西亚和老挝的晶体硅光伏电池发起双反调查 2025 年 8 月 7 日，应美国行业协会 the Alliance for American Solar Manufacturing and Trade 提交的申请，美国商务部宣布对进口自印度、印度尼西亚和老挝的晶体硅光伏电池（无论是 否组装入模块）（ Crystalline Silicon Photovoltaic Cells, whether or not assembled into modules ） 发 起 反 倾 销 和 反 补 贴 调 查 。 本 案 主 要 涉 及 美 国 海 关 编 码 8541.42.0010 和 8541.43.0010 项下产品。 美国国际贸易委员会（ ITC ）预计将最晚于 2025 年 9 月 2 日作出 反倾销和反补贴产业损害初裁。若美国国际贸易委 ...

截至2025年8月14日 13:48，创业板50指数(399673)下跌0.14%。成分股方面涨跌互现，三环集团领涨 4.28%，机器人上涨4.07%，宁德时代上涨2.56%；天孚通信领跌4.31%，胜宏科技下跌3.78%，中际旭创 下跌3.38%。创业板50ETF华夏(159367)下跌2.29%，最新报价1.2元。拉长时间看，截至2025年8月13 日，创业板50ETF华夏近1周累计上涨9.57%，涨幅排名可比基金1/10。 流动性方面，创业板50ETF华夏盘中换手30.92%，成交1792.85万元，市场交投活跃。拉长时间看，截 至8月13日，创业板50ETF华夏近1周日均成交272.04万元。 规模方面，创业板50ETF华夏近3月规模增长1245.31万元，实现显著增长。 截至8月13日，创业板50ETF华夏近6月净值上涨18.32%，排名可比基金第一，指数股票型基金排名 524/3526，居于前14.86%。从收益能力看，截至2025年8月13日，创业板50ETF华夏自成立以来，最高 单月回报为9.40%，最长连涨月数为3个月，最长连涨涨幅为22.94%，涨跌月数比为4/2，上涨月份平均 收益率为5 ...

Group 1 - The core viewpoint of the article highlights the financial performance and dividend distribution plan of CATL for the year 2025 [1][3] Group 2 - CATL announced a cash dividend of RMB 10.07 per 10 shares, totaling RMB 4.411 billion, with the record date on August 19, 2025, and the payment date on August 20, 2025 [1] - For the first half of 2025, CATL reported a revenue of RMB 178.886 billion, representing a year-on-year growth of 7.27% [3] - The net profit attributable to shareholders for the same period was RMB 30.512 billion, showing a significant increase of 33.02% year-on-year [3] - The net cash flow from operating activities reached RMB 58.687 billion, up by 31.26% compared to the previous year [3] - As of June 30, 2025, CATL's total assets amounted to RMB 867.181 billion, a 10.24% increase from the end of the previous year [3] - The equity attributable to shareholders increased to RMB 294.923 billion, reflecting a growth of 19.44% year-on-year [3]

与此同时，星源材质、中兴新材、惠强新材、沧州明珠、恩捷股份、博盛新材、天鸿新材、康辉新材等8家干法锂电 池隔膜骨干企业先后宣布，就行业反内卷达成多项共识，其中包括价格自律、科学释放产能、暂停扩产等。 【环球网财经综合报道】近日，宁德时代旗下锂矿停产的消息，推动碳酸锂期货价格大幅上涨，并带动国内碳酸锂现 货及锂矿上市公司股价全线上涨，赣锋锂业H股在本周一盘中涨幅更是一度超过22%。 对此，中信证券电池与能源管理首席分析师吴威辰撰文认为，短期来看，2025年第2季度受供需持续改善影响，电池 价格企稳，上游原材料成本下降、稼动率提升带来额外盈利弹性，电池板块业绩有望超预期；中长期来看，供需改善 趋势依然较为明确，同时商用车电动化、AI数据中心、海外市场仍有望为头部企业带来超额增长。 吴威辰还表示，旗帜鲜明看好中国电池核心资产的配置价值；中国电池核心资产较日韩企业仍具备显著优势，随着后 续更多电池企业H股上市，全球资金定价体系下，中国电池资产估值中枢有望得到进一步抬升。 ...

Group 1 - The MSCI China A50 ETF (560050) has shown a majority of its constituent stocks rising, with the AI chip sector leading the gains, particularly Cambricon Technologies rising over 12% and Haiguang Information over 11% [2] - Notable performers include China Pacific Insurance rising over 5%, Northern Huachuang over 4%, and CATL over 2%, while Zijin Mining rose over 1% [2] - The top ten constituent stocks of the MSCI China A50 ETF include CATL, Cambricon Technologies, and Kweichow Moutai, with CATL having a weight of 7.12% and a recent increase of 2.72% [3] Group 2 - Recent strong performance of A-shares is attributed to several factors, including improved market liquidity due to increased household savings and a shift in investor sentiment towards equities [4] - A forecasted end to four consecutive years of declining earnings growth for A-shares is expected, with an upward revision of the 2025 earnings growth prediction to 3.5% [4] - External uncertainties have decreased, with a recent joint statement from China and the US suspending tariffs, which is seen as a positive development for Chinese assets [4] Group 3 - The current A-share market is characterized as a "systematic slow market," driven by improved risk appetite and declining risk-free rates, suggesting a potential long-term upward trend [5] - The MSCI China A50 ETF tracks the MSCI China A50 Connect Index, which focuses on leading companies across various sectors, reflecting China's economic strength and providing a solution for global investors to access quality Chinese assets [5][6]