Core Viewpoint - The solid-state battery scientific issues have been resolved and the current focus is on engineering challenges, aiming for commercialization by 2030 with small-scale production expected in 2027 [2][6] Group 1: Industry Progress - The solid-state battery product development is progressing well, with commercialization considerations focusing on cost [2][6] - The supply chain is expected to mature in 3-5 years, with a target for commercial viability by 2030 [2][6] Group 2: Equipment and Technology - Leading companies in the solid-state battery equipment sector include Xian Dao Intelligent (整线), Hong Gong Technology (混料&纤维化), and Na Ke Nuo Er (辊压), which are well-positioned to benefit from the rising demand for upstream equipment [3][4] - The PTFE fiberization method is anticipated to become the mainstream solution for dry film formation, requiring higher equipment performance in terms of pressure, precision, and uniformity [3][4] Group 3: Equipment Challenges - The isostatic pressing process presents significant technical challenges, requiring ultra-high pressures of 500-600 MPa, which raises safety concerns [4] - Companies like AVIC's subsidiary Chuanxi Machinery are leading in isostatic equipment, while Xian Dao Intelligent and Na Ke Nuo Er are accelerating their investments in this area [4] Group 4: Investment Recommendations - Key recommendations include Xian Dao Intelligent (整线), Lian Ying Laser (激光焊接), and Hang Ke Technology (化成分容) as solid-state battery equipment suppliers [6] - Other companies to watch include Hong Gong Technology (前道设备龙头), Ying He Technology (干/湿法电极), and Li Yuan Heng (整线供应商) among others [6]

Market Overview - On July 30, the North Exchange A-shares trading volume reached CNY 27.01 billion, an increase of CNY 0.59 billion from the previous trading day[1] - The North Exchange 50 Index closed at 1439.64, down 1.75%, with a PE_TTM of 67.33 times[1] - The North Exchange Specialized and New Index closed at 2459.66, down 1.57%[1] Stock Performance - Out of 268 companies on the North Exchange, 81 rose, 4 remained flat, and 183 fell[1] - The top five gainers were: Yun Chuang Data (28.1%), Ke Li Co. (9.6%), Knight Dairy (9.3%), Fang Yi Pharmaceutical (9.2%), and Da Yu Biological (7.6%)[1] - The top five losers were: Ji Kang Instruments (-12.0%), Wu Xin Tunnel Equipment (-8.7%), Tie Tuo Machinery (-8.1%), Hui Tong New Materials (-7.0%), and Na Ke Nuo Er (-5.7%)[1] Investment Insights - Market focus was on themes such as innovative drugs, AI hardware, and military industry, with notable performance in these sectors[3] - The innovative drug sector showed increased activity due to policy support from the National Medical Insurance Administration[3] - The macro policy direction from the Central Political Bureau meeting supports long-term capital investment in specialized and new enterprises, indicating potential structural opportunities for growth-oriented companies[3] Risk Factors - Potential risks include policy regulatory risks, North Exchange policies falling short of expectations, and intensified industry competition[3]

Market Overview - On July 31, the A-share market closed with the Shanghai Composite Index at 3573.21, down 1.18%, and the Shenzhen Component Index at 11009.77, down 1.73% [1] Top Stocks Performance - Among the top 10 stocks by trading volume on the Beijing Stock Exchange, 5 stocks experienced price increases, with an average increase of 102.09%. N Dingjia (920005) led with a trading volume of 1.06 billion yuan and a price increase of 479.12% [1][2] - The other stocks in the top 10 included Hengli Drilling Tools (836942) with a decrease of 11.39%, Wuxin Suizhuang (835174) down 7.19%, and Parallel Technology (839493) up 1.73% [2] Capital Flow Analysis - In terms of capital flow, 5 out of the top 10 stocks showed net inflows of main funds, indicating positive investor sentiment towards these stocks [1]

证券研究报告·行业点评报告·专用设备 专用设备行业点评报告 头部厂商公布固态电池时间线指引，设备商 有望率先受益 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 全固态电池叠片设备的精度和数量要求更高，设备商强者恒强（价值量 占比 25%）：固态电池的电极和电解质具有脆性特性，无法使用传统卷 到芯 Z 字叠片工艺，需采用单片叠片方式，通常由多对机械手同时完成 正极、负极（含电解质膜）的叠片。由于仅能单片叠，且没有 PE 隔膜 提供连接，叠片工艺的精度和稳定性要求大幅提升，同时为匹配叠片作 业，需要更多机械手，高难度和更多需求推动叠片环节设备量价齐升。 先导智能叠片设备技术领先，在头部客户市占率最高，固态电池叠片领 域延续其优势；利元亨也已向头部整车厂固态电池玩家交付叠片设备。 2025 年 07 月 31 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -9% -3% 3% 9% 1 ...

Market Performance - The North Exchange has seen significant liquidity improvement due to policy support and a 30% price fluctuation limit, attracting incremental capital[1] - As of July 29, 2025, the North Exchange has 268 listed companies with an average market capitalization of 3.187 billion yuan, with 69.03% of companies valued between 1 billion and 3 billion yuan[7][11] - The North Exchange's average daily turnover rate reached 7.88% as of July 29, 2025, significantly higher than other A-share indices[14] Supply Side - The pace of new stock issuance is expected to steadily increase, with 145 companies currently in the IPO process as of July 29, 2025[28] - The average net profit of new three-board listed companies increased from 44.61 million yuan in January 2024 to 61.96 million yuan in the first half of 2025, supporting high-quality expansion of the North Exchange[28] Investment Value - North Exchange funds have consistently performed well, with many ranking in the top 25% of the market in 2024[33] - As of July 29, 2025, the North Exchange's PE (TTM) ratio stands at 52.80, placing it in the historical high range since its inception[18][22] Investment Recommendations - Key recommended stocks include Lin Tai New Material, Na Ke Nuo Er, and Yuan Hang Precision, focusing on high-quality leaders in niche sectors[34] - Specific sectors to watch include machinery, electric new energy, basic chemicals, light industry and consumption, TMT, automotive, and biomedicine[34] Risk Factors - Potential risks include policy risk, liquidity risk, and the possibility of corporate earnings falling short of expectations[63]

Macro Strategy - The chemical sector has seen continuous catalysts on both supply and demand sides since 2024, with the current "anti-involution" trend enhancing the market outlook, driven by a favorable fundamental environment and potential valuation uplift from emerging industries [1][23] - More than half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, currently entering or about to enter the redemption period, coinciding with an upward cycle, leading to more proactive debt conversion measures [1][23] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][23] Currency Exchange Rate - The RMB central parity has shown a gradual appreciation trend, with the exchange rate expected to challenge the 7.15 range again, and the spot exchange rate may drop to the 7.10-7.15 range in August [1][25] - The recent strengthening of the RMB is supported by optimistic expectations from US-China trade negotiations and a robust domestic stock market [1][25] Anti-Involution Policy - The "anti-involution" price governance aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction to promote supply-demand balance, and long-term price recovery, particularly in PPI [2][26] - The previous supply-side reforms led to a 10-month recovery in PPI, and under neutral assumptions, a similar recovery may take 11-12 months, potentially reaching around 1.9% by September next year [2][26] Industry Rotation - The market is expected to remain optimistic in the third quarter, with a focus on sectors that align with upcoming policies and key events, particularly those benefiting from the "anti-involution" strategy [3][5] - Suggested sectors for investment include those with potential short-term demand improvements, such as photovoltaic, coal, and chemical industries, as well as technology sectors with recent catalysts [5][3] Company-Specific Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.10% year-on-year for the first three quarters of 2024, driven by significant contributions from its audio coil motor driver chip product line [11][12] - Minshida reported a 27.91% year-on-year revenue increase in its 2025 mid-year report, with expectations for continued growth in the transformer market driven by demand from sectors like new energy vehicles and wind power [13] - Gaomei's second-quarter performance is expected to turn profitable due to supply-side optimization driven by the "anti-involution" policy, with N-type silicon wafer prices rising to 1.1 yuan per piece [14][15]

（文章来源：证券日报） 证券日报网讯 7月29日晚间，纳科诺尔发布公告称，公司于近日收到国家知识产权局颁发的一项发明专 利证书，发明名称为"一种辊分机分切后检测断带的方法、装置及辊分机"。 ...

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-084 邢台纳科诺尔精轧科技股份有限公司 关于取得发明专利证书的公告 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。 授权公告号：CN 119915334 B 该发明专利提供一种辊分机分切后检测断带的方法、装置及辊分机，涉及锂 电池生产加工技术领域。该发明在辊分机运行过程中，通过感应传感器对下部电 池极片位置进行检测，若存在电池极片，则持续实时检测，并基于实时检测的检 测信号，确定所述电池极片是否发生断带；若电池极片发生断带，则控制所述辊 分机停机。相比于传统的张力检测方式，该发明采用感应传感器检测方式实现断 带检测，不受张力、幅宽、极片速度和材质的限制，实现了不同工况下电池极片 断带的准确检测，提高了锂电池极片断带检测的准确性，避免了电池极片材料浪 费。 一、基本情况 邢台纳科诺尔精轧科技股份有限公司（以下简称"公司"）于近日收到由国 家知识产权局颁发的一项发明专利证书，具体情况如下： 发明名称：一种辊分机分切后检测断带的方法、装置及辊分 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry, but it suggests focusing on sectors with technological scarcity and high financial growth potential, particularly in solid-state batteries, AI hardware, and fertility subsidies [3][19]. Core Insights - The market experienced fluctuations with a notable decrease in trading volume, where the North Exchange A-share trading amount reached 24.24 billion, down by 4.23 billion from the previous trading day [1][7]. - The report highlights the importance of monitoring sectors such as solid-state batteries and AI hardware, which are expected to benefit from recent developments and policy support [3][19]. - The upcoming earnings reports are anticipated to drive structural market trends, with a focus on companies showing high growth potential [3][19]. Summary by Sections Market Review - On July 28, the North Exchange A-share trading volume was 24.24 billion, a decrease of 4.23 billion from the previous day, with the North Exchange 50 Index closing at 1455.37, down 0.25% [1][7]. - Among 268 companies listed, 153 saw an increase in stock prices, while 106 experienced declines, indicating a mixed market performance [1][16]. Important News - The Ministry of Industry and Information Technology emphasized the need to consolidate the results of the comprehensive rectification of the new energy vehicle industry and strengthen governance in the photovoltaic sector [19]. - The State Administration for Market Regulation announced measures to combat low-quality and low-price competition among enterprises [20]. Key Company Announcements - Zizhong Temple announced plans to use up to 290 million yuan of idle funds for low-risk short-term financial products to enhance capital efficiency [21]. - Kairun Intelligent Control received a termination notice from the North Exchange regarding its application for a specific stock issuance [22]. - Dadi Electric announced the establishment of a wholly-owned subsidiary in Anhui Province with a registered capital of 50 million yuan to enhance production capacity [23].

Macro Strategy - The chemical sector is experiencing a favorable supply and demand dynamic, with the current "anti-involution" trend enhancing market conditions. The outlook remains optimistic due to dual catalysts: improving fundamentals and new industry layouts leading to valuation increases [1][22] - Over half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, entering redemption periods amid an upward cycle, prompting more proactive debt conversion measures [1][22] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][22] Currency Exchange - The RMB's central parity has shown a gradual appreciation trend, with the exchange rate potentially challenging the 7.15 range against the USD. The expected range for August is between 7.10 and 7.15 [1][24] - The RMB's appreciation is supported by optimistic expectations from US-China trade negotiations and a strong domestic stock market, despite a weaker immediate exchange rate [1][24] Industry Analysis - The "anti-involution" policy aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction, and long-term price recovery, particularly in the Producer Price Index (PPI) [2][25] - The PPI is expected to recover to around 1.9% by September next year, following a 10-month period of negative growth after the last supply-side reform [2][26] - The current approach to capacity reduction is shifting towards policy-guided methods rather than direct shutdowns, reflecting the need for a balanced economic impact [2][26] Sector Recommendations - The report suggests focusing on sectors that have not yet experienced significant price increases, such as photovoltaic, coal, and chemical industries, which may see short-term demand improvements [5] - The technology sector, particularly robotics, is highlighted as having potential catalysts for growth, despite previous underperformance [5] Company Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.1% year-on-year for the first three quarters of 2024, driven by its diverse product lines [11] - Minshida's revenue is expected to grow by 27.91% year-on-year, with a focus on high-value products in the growing fields of new energy vehicles and renewable energy [12] - Gaomei's second-quarter performance is anticipated to turn profitable, benefiting from supply-side changes and price increases in the photovoltaic sector [13][14]