民生证券给予厦钨新能推荐评级，2025年半年报点评：业绩符合预期，行业龙头地位稳固

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Xiamen Tungsten New Energy (688778.SH) due to its strong market position and growth potential [2] - The company is accelerating its global capacity layout with key domestic and international projects progressing steadily [2] - Xiamen Tungsten New Energy maintains a solid leadership position in the industry with continuous and stable growth in its core business [2] - The company is deeply engaged in research and development of solid-state batteries, with core technological achievements gradually becoming evident [2]