证券代码：832522 证券简称：纳科诺尔 公告编号：2025-097 邢台纳科诺尔精轧科技股份有限公司 股东会议事规则 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、 审议及表决情况 邢台纳科诺尔精轧科技股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日召开第四届董事会第十四次会议，审议通过了《关于制定及修订公司部分内部 管理制度的议案》之子议案 2.2《关于修订<股东会议事规则>的议案》，议案表 决结果：同意 9 票，反对 0 票，弃权 0 票。本议案尚需提交公司股东会审议。 二、 分章节列示制度主要内容： 邢台纳科诺尔精轧科技股份有限公司 股东会议事规则 第一章 总则 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管 理委员会（以下简称"中国证监会"）派出机构和北京证券交易所（以下简称"北 交所"），说明原因并公告。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关规 定召开股东会 ...

Market Overview - On September 10, the total trading volume of stocks on the Beijing Stock Exchange reached 1.106 billion shares, with a total transaction value of 26.116 billion yuan, a decrease of 7.826 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 68 stocks closed higher, accounting for 24.82% of the total, with notable gainers including Keli Co., Donghe New Materials, and Shuguang Digital Innovation, which rose by 10.27%, 6.59%, and 6.19% respectively [1] - Conversely, 197 stocks closed lower, with Ningxin New Materials, Tianhong Lithium Battery, and Sanwei Equipment experiencing declines of 9.22%, 9.21%, and 7.93% respectively [1] Trading Activity - A total of 80 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Better Ray, Naconoer, and Sanxie Electric, at 812.48 million yuan, 717.56 million yuan, and 590.19 million yuan respectively [1] - The trading activity indicated that 35 stocks had a turnover rate exceeding 10%, with 6 stocks surpassing 20%. Additionally, 70 stocks had turnover rates between 5% and 10%, while 166 stocks had turnover rates between 1% and 5% [1] Notable Stocks - Keli Co. had a closing price of 40.90 yuan with a significant increase of 10.27% and a turnover rate of 49.97% [1] - Sanxie Electric closed at 83.33 yuan, up by 2.51%, with a turnover rate of 42.80% [1] - Shuguang Digital Innovation closed at 91.08 yuan, increasing by 6.19%, with a turnover rate of 3.04% [1]

Core Insights - The solid-state battery industry is entering a critical phase of industrialization, driven by technological advancements and increasing market demand [5][6] - The electrolyte segment is highlighted as a key area for value creation, with significant market potential estimated at 240 billion [3] - Companies that successfully scale production of solid-state batteries are expected to see substantial market valuation increases [3][4] Material Sector - Eight battery manufacturers have established pilot lines with a capacity of 0.3 GWh, indicating progress from scientific challenges to engineering solutions for mass production [1] - Sulfide electrolytes are recognized for their potential, with two main production methods: wet method and gas-solid separation method, with companies like Huasheng Lithium and Shanghai Xiba leading the way [3] - The value of electrolytes for a 1 GWh solid-state battery is projected at 600 million, even after potential cost reductions [3] Equipment Sector - Equipment stocks are benefiting from the urgency of expansion in the solid-state battery sector, with a focus on fiberization equipment and other essential machinery [5] - Companies like Macro Technology and Delong Laser are noted for their significant order increases and technological advancements in production efficiency [5] - Solid-state battery equipment is expected to be a primary beneficiary of the industry's growth, as highlighted by reports from CITIC and CICC [5] Positive Signals from Battery Manufacturers - Companies like Rongbai Technology are signaling a shift towards lithium-rich manganese-based cathodes, which could enhance battery performance and reduce costs [4] - The introduction of these advanced materials is anticipated to drive market speculation and investment interest [4] Related Companies in the Solid-State Battery Sector - Key players in the solid-state battery supply chain include CATL, Ganfeng Lithium, Tianqi Lithium, and BYD, among others [6]

Core Insights - The solid-state battery industry is entering a critical phase of industrialization, driven by technological advancements and increasing market demand [5][6] - The electrolyte segment is highlighted as a key area for value creation, with significant market potential estimated at 240 billion [3] - Companies that successfully develop solid-state battery technologies are expected to see substantial market valuation increases [3][4] Material Sector - Eight battery manufacturers have established pilot lines with a capacity of 0.3 GWh, indicating progress in overcoming scientific challenges related to sulfide electrolytes [1] - The value of electrolytes for a 1 GWh solid-state battery is projected at 600 million, even after potential cost reductions [3] - Two main processes for sulfide electrolytes are recognized: wet method and gas-solid separation, with companies like Huasheng Lithium and Tianqi Materials leading in the wet method [3] Positive Signals in Cathode Materials - A significant development in cathode materials is indicated by Rongbai Technology's announcement of using lithium-rich manganese-based cathodes by the end of 2026, which could enhance voltage and reduce costs [4] - The combination of sulfide electrolytes and lithium-rich cathodes positions certain companies as strong candidates in the solid-state battery market [4] Equipment Sector - Equipment manufacturers are experiencing a premium due to the urgent demand for production expansion, particularly in fiberization equipment [5] - Companies like Macro Technology and Delong Laser are noted for their advanced capabilities in equipment for solid-state battery production [5] - The solid-state battery sector is expected to benefit significantly from policy support and technological advancements, leading to rapid market growth [5] Related Companies in the Solid-State Battery Sector - Key players in the solid-state battery industry include CATL, Ganfeng Lithium, Tianqi Lithium, and BYD, among others [6]

Group 1 - The report highlights a strong performance in the electric new energy sector, with significant rebounds in the market following recent volatility, particularly in solid-state batteries and thematic investments, leading to the North Exchange outperforming the broader market [10][11]. - The North Exchange 50 index increased by 2.79%, with notable gains in stocks such as Hongyu Packaging and Tianhong Lithium, which saw increases of over 50% [15][33]. - The report suggests a focus on companies like Naconoer, Yuanhang Precision, Better Ray, and Anda Technology, as well as new stocks like Nengzhiguang, which are expected to benefit from the current market dynamics [11][10]. Group 2 - The North Exchange's trading volume reached 7.747 billion shares, a 16.40% increase week-on-week, with a total transaction value of 179.854 billion yuan, up 9.34% [22][15]. - The report notes that the average PE (TTM) for the North Exchange is 86.60 times, with a median of 51.44 times, indicating a relatively high valuation compared to other exchanges [19][15]. - The report indicates that the thematic investment atmosphere is rising, with strong stocks accounting for 80.5% of the market, suggesting a shift in investor sentiment towards more speculative plays [10][14]. Group 3 - The report mentions that five new companies were listed on the New Third Board this week, with a total planned financing of 597 million yuan and completed financing of 102 million yuan [48][49]. - It highlights the upcoming listing of Sanxie Electric and the subscription for Shichang Shares, indicating ongoing activity in the New Third Board [28][31]. - The report provides insights into the performance of individual stocks, with Hongyu Packaging and Tianhong Lithium leading in gains, while stocks like Xingchen Technology and Shengnan Technology faced significant declines [33][36].

Group 1 - In the first half of 2025, 635 public funds held a total market value of 22.4 billion yuan in companies listed on the Beijing Stock Exchange, representing a 76% increase compared to the previous period [2][9][11] - The proportion of public fund holdings in the Beijing Stock Exchange reached a historical high of 0.37%, up 0.15 percentage points from the previous period, indicating increasing attention from public funds towards this market [11][12] - The number of public funds holding Beijing Stock Exchange companies has doubled compared to the previous year, with significant contributions from both index funds and non-theme active equity funds [12][9] Group 2 - Active equity funds have shown a significant concentration in leading and scarce sectors, with Jinbo Biological leading with a 31% allocation, reflecting a shift towards mid-cap stocks with growth potential [17][20] - The top 15 companies in active equity fund holdings accounted for 75% of the total allocation, indicating a trend towards focusing on high-quality stocks with reasonable valuations and strong growth prospects [17][20] - The active equity fund allocation in the beauty care sector surged to 31%, overtaking the power equipment sector as the largest allocation, highlighting a structural shift in investment focus [22][20] Group 3 - The Beijing Stock Exchange 50 Index has rebounded with a weekly increase of 2.79%, suggesting a positive outlook for the market [2][20] - The average price-to-earnings (PE) ratio for the Beijing Stock Exchange A-shares rose to 56 times, with daily trading volume recovering to 36 billion yuan [2][36][37] - The number of new companies registered and submitted for IPOs on the Beijing Stock Exchange indicates a normalization of new stock issuance processes [2][4]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending investments in PCB equipment for import substitution, technological iteration, and industry expansion logic, as well as solid-state battery equipment for accelerated industrialization [1]. Core Insights - The report highlights the significant increase in demand for high-end HDI (High-Density Interconnect) PCB equipment driven by the surge in AI computing server requirements, projecting a 33% year-on-year growth in the PCB market for servers and storage in 2024, reaching a value of 10.916 billion yuan [2][3]. - The solid-state battery equipment sector is identified as a key area for investment, with isostatic pressing technology being crucial for mass production, offering potential for industrialization due to its efficiency in achieving densification [4][21]. - The report emphasizes the growth potential in the silicon carbide (SiC) market, particularly with NVIDIA's new generation of GPUs expected to adopt SiC substrates, which could significantly enhance thermal management and reduce packaging size [5][28]. Summary by Sections PCB Equipment - The demand for drilling equipment is expected to rise significantly due to the increasing complexity of HDI boards, with domestic PCB manufacturers like Shenghong Technology and Huitian Electronics planning capacity expansions [2][3]. - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9%, driven by the AI computing infrastructure [29]. - Key players in the PCB equipment sector include Dazhu CNC, Chip Quik, and Dongwei Technology, with recommendations to focus on drilling, exposure, and plating segments [31]. Solid-State Battery Equipment - Isostatic pressing technology is highlighted as a critical bottleneck for solid-state battery mass production, with domestic and international players accelerating the industrialization of this technology [4][21]. - The report suggests that the value of isostatic pressing equipment in solid-state battery production lines could reach 2.9 billion yuan by 2029, indicating substantial growth potential [21]. Silicon Carbide (SiC) - NVIDIA's plans to integrate SiC substrates into its next-generation GPU chips are expected to create new growth opportunities in the SiC market, with significant substrate demand anticipated [5][28]. Engineering Machinery - The report notes a strong recovery in excavator sales, with a 17.2% year-on-year increase in sales from January to August 2025, indicating robust domestic and export demand [6][10]. - Major infrastructure projects, such as the Yarlung Tsangpo River project, are expected to drive further demand for engineering machinery, with a projected market impact of approximately 108 billion yuan [36][37].

Core Viewpoint - The solid-state battery sector in the A-share market is experiencing strong performance, with significant stock price increases and advancements in technology leading towards mass production [1][2]. Group 1: Market Performance - On September 5, the solid-state battery sector saw a collective surge in stock prices, with companies like Patel achieving a 30% limit-up, and others like Jinyinhai, Yuchen Intelligent, and XianDao Intelligent reaching 20% limit-up [1]. - ETFs related to batteries, such as the Battery 30 ETF and Battery Leaders ETF, also hit limit-up [1]. Group 2: Technological Advancements - EVE Energy announced the successful launch of its "Longquan No. 2" all-solid-state battery, featuring an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and low-altitude aircraft [2]. - XianDao Intelligent confirmed its position as a provider of complete solid-state battery production line solutions, achieving breakthroughs in core processes for mass production [2]. - Guoxuan High-Tech revealed its Gyuan quasi-solid-state battery and Jinshi all-solid-state battery, with the latter in the pilot production stage and a 2GWh production line design underway [2]. Group 3: Industry Outlook - According to statistics, leading equipment manufacturers like XianDao Intelligent, Haimu Star, and Yinghe Technology have signed and held orders exceeding 30 billion yuan, with year-on-year growth rates between 70% and 80% [3]. - By 2030, global solid-state battery shipments are projected to reach 808GWh, with full solid-state battery technology expected to be commercialized by 2030 [3]. - The solid-state battery sector is seen as a core breakthrough direction for the next energy revolution, showcasing advantages in energy density, safety, and cycle life, thus accelerating the commercialization process [3][4].

Core Viewpoint - The AI Fund ICBC New Energy Vehicle Mixed A (005939) reported a profit of 86.99 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1307 yuan, and a net asset value growth rate of 5.24% during the reporting period [3] Group 1: Fund Performance - As of September 3, the fund's net asset value growth rate over the past three months was 34.82%, ranking 14 out of 171 comparable funds; over the past six months, it was 23.01%, ranking 29 out of 171; over the past year, it was 65.17%, ranking 24 out of 169; and over the past three years, it was -5.10%, ranking 38 out of 130 [6] - The fund's maximum drawdown over the past three years was 46.61%, ranking 87 out of 125 comparable funds, with the largest single-quarter drawdown occurring in Q1 2021 at 30.07% [29] Group 2: Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 25.83 times, compared to the industry average of 36.17 times; the weighted average price-to-book (P/B) ratio was about 3.23 times, compared to the industry average of 2.99 times; and the weighted average price-to-sales (P/S) ratio was approximately 2.28 times, compared to the industry average of 2.5 times [11] - The fund's weighted revenue growth rate for the stocks held was 0.11% year-on-year, and the weighted net profit growth rate was 0.21% year-on-year for the first half of 2025 [19] Group 3: Fund Management and Strategy - The fund is managed by Zhang Jianfeng, Xing Mengxing, and Zhang Shuli, and it focuses on long-term investments in advanced manufacturing stocks [3] - The fund management indicated that the A-share earnings growth rate is nearing its bottom, and future earnings recovery may further drive upward momentum; they suggest focusing on stable, high-dividend assets and emerging industries like artificial intelligence for potential growth [3] Group 4: Fund Structure and Investor Base - As of June 30, 2025, the fund had a total of 149,600 holders, collectively holding 627 million shares, with individual investors accounting for 99.96% of the holdings [38] - The fund's turnover rate for the past six months was approximately 92.16%, remaining below the industry average for three consecutive years [41] Group 5: Top Holdings - As of June 30, 2025, the fund's top ten holdings included Xianlead Intelligent, CATL, Yutong Bus, EVE Energy, Huichuan Technology, Seres, Siyuan Electric, Naconor, Juhua Co., and Zijin Mining [44]

国泰海通证券股份有限公司 关于邢台纳科诺尔精轧科技股份有限公司 | 项目 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 3、股东大会、董事会、监事会运作方面 | 无 | 不适用 | | 4、控制权变动方面 | 无 | 不适用 | | 5、募集资金存放与使用方面 | 无 | 不适用 | | 6、关联交易方面 | 无 | 不适用 | | 7、对外担保方面 | 无 | 不适用 | | 8、购买、出售资产方面 | 无 | 不适用 | | 9、对外投资方面 | 无 | 不适用 | | 10、发行人或者其聘请的中介机构配合保荐工作的情况方面 | 无 | 不适用 | | 11、其他（包括经营环境、业务发展、财务状况、管理状 | 无 | 不适用 | | 况、核心技术等方面的重大变化情况） | | | 报告期内，纳科诺尔募集资金的存放、管理及使用符合《北京证券交易所上 市公司持续监管指引第 9 号——募集资金管理》以及《北京证券交易所股票上市 规则》等相关法律法规，对于邢台二期工厂扩产建设项目，公司研判外部市场环 境变化，综合考虑市场对传统辊压设备及干法设备、固态电池设备等新工艺、新 产品需求 ...