本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 28 日 2.会议召开地点：公司多媒体会议室 证券代码：920522 证券简称：纳科诺尔 公告编号：2025-154 邢台纳科诺尔精轧科技股份有限公司 第四届董事会第十六次会议决议公告 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合有关法律、行政法规、 部 门规章、规范性文件及《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事付博昂、尉丽峰、张晓颖、谢秋兰因工作原因以通讯方式参与表决。 3.会议召开方式：现场与通讯方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 21 日以书面方式发出 5.会议主持人：董事长付建新先生 二、议案审议情况 （一）审议通过《关于 2025 年第三季度报告的议案》 1.议案内容： 2.议案表决结果：同意 9 票；反对 0 ...

证券代码：920522 证券简称：纳科诺尔 公告编号：2025-153 邢台纳科诺尔精轧科技股份有限公司 持股 5%以上股东拟减持股份的预披露公告（再次披露） 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | | | | （股） | （%） | | | 京津冀产 | 持股 | 5%以 | 12,548,879 | 8.0056% | 北交所上市前取得 | | 业协同发 | 上股东 | | | | （含权益分派转增 | | 展投资基 | | | | | 股） | | 金（有限合 | | | | | | | 伙） | | | | | | 一、 减持主体的基本情况 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 计划减持 | 持数 ...

Group 1 - The core viewpoint of the articles highlights the increasing interest of public funds in companies listed on the Beijing Stock Exchange (BSE), as evidenced by the presence of new public fund shareholders in the top ten circulating shareholders of several companies in their Q3 2025 reports [1][2][3] - As of October 23, 2025, 10 companies listed on the BSE have released their Q3 reports, with 9 of them reporting positive net profits, indicating a recovery in performance [2][3] - The average operating revenue of BSE-listed companies reached 92.064 billion yuan in the first half of 2025, showing a year-on-year growth of 6.01%, while the average net profit was 2.156 million yuan, reflecting a reduced decline of 10.59% [2][3] Group 2 - The number of brokerage credit trading guarantee accounts appearing in the top ten circulating shareholders of BSE companies has significantly increased, indicating a growing enthusiasm among investors for margin trading [4][5] - The introduction of margin trading on the BSE, supported by regulatory guidelines established in 2022, has facilitated the participation of investors in margin trading for BSE stocks [5] - Specific examples include companies like Changhong Energy and Minshida, which have seen brokerage credit trading guarantee accounts enter their top ten circulating shareholders, highlighting the active engagement of leveraged funds [5]

Core Insights - The recent quarterly reports from companies listed on the Beijing Stock Exchange (BSE) indicate a growing interest from public funds, with new fund shareholders appearing in the top ten circulating shareholders of several stocks [1][2] - The performance of BSE-listed companies has shown signs of recovery, with a notable increase in revenue and a decrease in the decline of net profit compared to previous quarters [2][3] - The number of brokerage credit trading guarantee accounts has increased, reflecting a rise in margin trading activity among investors [1][4] Group 1: Public Fund Involvement - As of October 24, 10 BSE stocks have disclosed their Q3 reports, with new public funds appearing among the top ten circulating shareholders of companies like Guangxin Technology and Taihu Snow [1][2] - From Q2 onwards, more public funds have begun to allocate resources to BSE stocks, with 59 stocks being heavily weighted by various types of funds [3] - Notable funds such as Xingquan Commercial Model Preferred Mixed and Xingquan New Vision Flexible Allocation have entered the top ten shareholders of Guangxin Technology [2] Group 2: Company Performance - By the end of Q3, 9 out of 10 BSE-listed companies reported positive net profits, indicating a recovery trend [2] - In the first half of the year, BSE companies achieved a total operating income of 92.064 billion, with an average income of 336 million, reflecting a year-on-year growth of 6.01% [2] - The average net profit for BSE companies was 2.156 million, with a year-on-year decline of 10.59%, showing a narrowing of the decline [2] Group 3: Margin Trading Activity - The increase in brokerage credit trading guarantee accounts among the top ten shareholders indicates heightened investor participation in margin trading [1][4] - These accounts are essential for margin trading, as they manage collateral and funds for clients engaging in such transactions [4] - The BSE has established rules for margin trading, allowing stocks to be eligible from the first day of listing, provided investors meet specific conditions [5]

Group 1 - The core viewpoint of the articles highlights the increasing interest of public funds in companies listed on the Beijing Stock Exchange (BSE), as evidenced by the presence of new public fund shareholders in the top ten circulating shareholders of several companies following the release of their Q3 reports [1][2][3] - As of October 23, 2023, 10 companies listed on the BSE have released their Q3 reports, with 9 of them reporting positive net profits, indicating a recovery in performance [2][3] - The average operating revenue of BSE-listed companies reached 92.064 billion yuan in the first half of the year, showing a year-on-year growth of 6.01%, while the average net profit was 5.909 billion yuan, reflecting a reduced decline of 10.59% compared to the previous year [2][3] Group 2 - The number of brokerage credit trading guarantee accounts appearing among the top ten circulating shareholders has significantly increased, indicating a growing enthusiasm among investors for margin trading in BSE stocks [1][4] - Notably, several brokerage firms' credit trading guarantee accounts have entered the top ten shareholder lists of companies like Changhong Energy and Minshida, suggesting a rising interest in leveraging investments [4][5] - The implementation of margin trading rules for BSE stocks in 2022 has provided a regulatory framework that supports the growth of margin trading activities, with specific requirements for investors to participate [5]

Core Insights - Solid-state batteries are recognized as the next-generation technology for electric vehicle power batteries, offering significant advantages in safety and energy density, and are strongly supported by policies [1][2] - As solid-state battery technology and industrialization mature, demand in the electric vehicle sector is expected to grow rapidly, with production acceleration driven by both policy and market forces [1][2] - The production of solid-state batteries is anticipated to speed up, with technological and industrial upgrades likely to replace existing production equipment, benefiting solid-state battery production line equipment as industry pioneers [1][2] Policy and Market Dynamics - The dual drive of policy and market is accelerating the mass production of solid-state batteries, with central and local governments prioritizing solid-state batteries as a strategic emerging industry since 2024, encouraging collaborative efforts across the industry chain [3] - Various regions have introduced special support policies to promote research and production line construction for solid-state batteries, enhancing internal collaboration within the industry chain [3] Market Potential and Equipment Orders - Equipment investment is a precursor to industry implementation, with orders and revenue recognition occurring before vehicle volume production; the solid-state battery industry is transitioning from pilot testing to production capacity construction [3] - According to EVTank data, the global solid-state battery equipment market is projected to reach 4.0 billion yuan in 2024, with the semi-solid battery equipment market at 3.84 billion yuan and the all-solid-state battery equipment market at 160 million yuan; by 2030, the market size is expected to grow to 107.94 billion yuan [3] Equipment Upgrades and Requirements - The production line equipment for solid-state batteries differs significantly from traditional liquid batteries, with new dry electrode equipment needed in the front-end, increased penetration of stacking machines in the mid-section, and upgrades in post-processing equipment [4] - The thermal management requirements for solid-state battery packs are heightened due to the improved thermal stability of solid electrolytes, leading to changes in battery pack structural components and an expected increase in insulation material usage [5] Investment Recommendations - As solid-state battery technology and industrial progress accelerate, there is a growing demand for mass production; solid-state battery-specific equipment is seen as a certain benefit in the industrialization process, with high growth potential and opportunities for value chain reconstruction [6] - It is recommended to focus on new demands for dry electrode and isostatic pressing equipment, as well as on stacking and laser cutting equipment with expected rapid penetration [6]

Core Viewpoint - Solid-state batteries are recognized as the next-generation technology for electric vehicle power batteries, offering significant advantages in safety and energy density, and are strongly supported by policies [1] Group 1: Policy and Market Drivers - The production of solid-state batteries is accelerating due to dual drivers from policies and market demand, with various government levels promoting solid-state battery development as a strategic emerging industry [1] - The industry is experiencing enhanced collaboration among supply chain participants, leading to faster validation and production progress [1] Group 2: Market Growth Potential - Equipment investment is a precursor to industry implementation, with solid-state battery equipment orders expected to grow rapidly ahead of vehicle production [2] - The global market for solid-state battery equipment is projected to reach 4 billion yuan in 2024, with significant growth anticipated, reaching 107.94 billion yuan by 2030 [2] Group 3: Equipment Upgrades and Changes - The production line for solid-state batteries will require new equipment and upgrades, particularly in the front-end with dry electrode equipment and increased penetration of stacking machines in the mid-section [3] - The back-end equipment will focus on performance upgrades, eliminating the liquid injection process [3] Group 4: Thermal Management and Material Changes - Solid-state batteries have higher thermal stability, leading to increased requirements for thermal management and changes in battery pack structural components, which will benefit related equipment and materials [4] Group 5: Equipment Delivery and Validation - The new processes for solid-state batteries present higher barriers in material systems and stability, necessitating longer validation cycles for equipment from prototype to stable mass production [5] - Equipment manufacturers that complete validation and secure orders early will be positioned to benefit from the industrialization of solid-state batteries [5] Group 6: Investment Recommendations - As solid-state battery technology advances, there is a growing demand for specialized equipment, which presents significant growth opportunities and value chain restructuring [6] - Key companies to watch include XianDao Intelligent (300450.SZ), Yinghe Technology (300457.SZ), HongGong Technology (301662.SZ), XianHui Technology (688155.SH), NaKeNuoEr (920522.BJ), LiYuanHeng (688499.SH), HaiMuXing (688559.SH), and DeLong Laser (688170.SH) [6]

Investment Rating - The report maintains an "Outperform" rating for the solid-state battery industry [1]. Core Viewpoints - Solid-state batteries are expected to see rapid growth in demand for electric vehicles due to their significant advantages in safety and energy density, supported by strong policy backing [1][3]. - The production of solid-state batteries is anticipated to accelerate, with production lines and equipment likely to benefit first from this transition [1][3]. - The global market for solid-state battery equipment is projected to reach CNY 40 billion in 2024, with expectations to grow to CNY 1,079.4 billion by 2030 [28][30]. Summary by Sections Industry Overview - Solid-state batteries are positioned as the next-generation technology for electric vehicle power sources, offering superior safety and energy density compared to traditional lithium-ion batteries [1][13]. - The industry is experiencing a dual drive from both policy and market forces, leading to an increase in production capacity and technological advancements [1][19]. Market Dynamics - Equipment orders for solid-state batteries are expected to precede the demand for end products, indicating a rapid growth potential in the equipment market [23][28]. - The solid-state battery equipment market is projected to grow significantly, with a forecasted market size of CNY 1,079.4 billion by 2030 [28][30]. Technological Developments - The introduction of new equipment and upgrades across various production stages is essential for the solid-state battery industry, particularly in the front-end and mid-stage processes [24][31]. - The solid-state battery production process requires specific equipment that differs from traditional lithium-ion battery production, necessitating significant investment in new technologies [24][31]. Investment Recommendations - The report suggests focusing on specific equipment segments such as dry electrode technology and static pressure equipment, which are expected to see increased demand and penetration rates [3][19]. - Companies like Xianlead Intelligent, Winbond Technology, and others are highlighted as key players to watch in the solid-state battery equipment sector [3][19].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - The solid-state battery industry is accelerating its industrialization, with key breakthroughs in core technologies, particularly in addressing the interface contact issues between solid electrolytes and lithium metal electrodes [1] - Major battery companies are enhancing profitability, with CATL reporting a net profit of 18.549 billion yuan in Q3 2025, a year-on-year increase of 41.21%, indicating a continuous improvement in the battery industry's profitability [3] - Equipment companies are leading the way in solid-state battery production, developing essential technologies and equipment to support the manufacturing process [4] Summary by Sections - **Industrialization Progress**: Solid-state batteries are recognized as the next generation of batteries, with advancements in technology enabling practical applications. Notable developments include Chery Automobile's solid-state battery module with an energy density of 600Wh/kg and a projected range of 1200-1300 km, expected to be validated in vehicles by 2027 [2] - **Equipment Development**: Domestic equipment companies are pioneering solutions for solid-state battery manufacturing, with companies like Mannesmann and Li Yuan Heng delivering critical equipment for large-scale production lines [4] - **Investment Recommendations**: The report suggests continuous monitoring of industry demand and technological changes, highlighting key equipment companies such as Li Yuan Heng, Xian Zhuang Co., and others as potential investment opportunities [5]

Group 1 - The Shanghai Stock Exchange aims to enhance the quality of listed companies and create a favorable environment for long-term capital inflow, driven by the rapid development of technologies like AI and biomedicine [1] - Institutional funds waiting to enter the market amount to several trillion yuan, with an average equity position of 8.7%, indicating significant potential for future market entry [2] - The "anti-involution" trend is spreading across industries such as steel, coal, photovoltaic, and cement, potentially leading to a turning point in both capacity excess and PPI [2] Group 2 - The current market is experiencing a healthy adjustment phase, with expectations for a transition to a second phase of performance-driven market conditions around early November [3] - The core investment themes include the new growth cycle in industries like TMT, computing power, applications, and military industry, with AI computing infrastructure being a key focus [4] - The rapid development of AI chips is driving new demand for testing and advanced packaging equipment, highlighting investment opportunities in domestic AI chip-related sectors [5][6] Group 3 - The global battery output is projected to reach 1,285 GWh for power batteries and 481 GWh for energy storage batteries by 2025, with significant growth expected through 2030 [7] - The solid-state battery innovation cycle is anticipated to accelerate, with domestic investment plans exceeding 10 billion yuan, presenting opportunities in small and mid-cap stocks [7]