关注 「电动车公社」 和我们一起重新思考汽车 今年 3 月份，比亚迪发布"兆瓦闪充"时， 最高1000kW的充电功率、5分钟补能400km， 不知刷新了多少人的认知。 但你敢相信吗？这块充电倍率10C的电池，远没到充电速度的极限。 就在前段时间，英国公司 RML 集团研发了一款名为 VarEVolt 的电池系统。其最高充电倍率，竟然高达200C！ 这也就意味着， 理论上从 0 充满，只需 18 秒的时间！ 如此恐怖的充电速度，对目前市面上所有在售的电动车产品，绝对称得上降维打击。 不仅如此，官方还宣称这款电池的 功率密度达到了 6kW/kg， 同样是个非常逆天的数字。 相比之下，常见的三元锂电池功率密度一般在 1-2kW/kg（一块500kg的电池包放电功率能达到1000kW就很不错了） ，而 VarEVolt 电池 是它的 3 倍还 多！ 可以说， VarEVolt 电池 无论充电速度还是放电能力，都做到了目前市面上量产电动车无法匹敌的程度，甚至都有点 "物理学不存在" 了的味道。 更离谱的是，在不久之前 VarEVolt 电池 获得了英国 UN ECE Regulation 100 认证， 具备量产资格。 ...

Market Performance - On July 7, 2025, the Shanghai Composite Index rose by 0.02%, while the Shenzhen Component Index fell by 0.70% and the ChiNext Index decreased by 1.21%[3] - The total market turnover was 1,208.497 billion yuan, a decrease of 219.868 billion yuan compared to the previous trading day[3] - Out of 3,286 stocks, 2,010 declined while 1,276 advanced[3] Sector Performance - The top-performing sectors included Comprehensive Finance (up 2.21%), Real Estate (up 1.70%), and Electric Power & Utilities (up 1.50%) while the laggards were Pharmaceuticals (down 0.94%), Communications (down 0.80%), and Home Appliances (down 0.73%)[3][21] - The market style ranking was Stable > Financial > Cyclical > Neutral > Growth > Consumer[21] Capital Flow - On July 7, 2025, the net outflow of main funds was 18.268 billion yuan, with large orders seeing a net outflow of 11.283 billion yuan and small orders experiencing a net inflow of 19.967 billion yuan[4][26] - Southbound capital saw a net inflow of 12.067 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 5.791 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 6.276 billion HKD[5][28] ETF Trading - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -7.82 billion yuan and -26.26 billion yuan respectively[4][31] - The total trading volume for ETFs on July 7 was 12.08497 billion yuan, reflecting a decrease from the previous trading day[31] Global Market Overview - On July 7, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.12% and the Nikkei 225 down 0.56%[5][34] - European indices also experienced declines, with the DAX down 0.61% and the CAC40 down 0.75% on July 4, 2025[5][34]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Appropriate realization and waiting for layout opportunities. Currently, the convertible bond market is facing supply - demand contradictions and high valuations. In the context of potential increased volatility in the equity market, convertible bonds may face valuation adjustment pressure. Short - term investment should focus on large - cap debt - biased varieties, avoid bonds with overly high downward - revision expectations, realize profits appropriately, maintain a flexible position, and wait for the next layout opportunity [2][45]. Summary According to the Directory 1. Appropriate Realization, Waiting for Layout Opportunities - **Market Performance in Q2**: The equity market showed a deep "V" trend in Q2. The convertible bond index rose 3.4%, outperforming the Shanghai Composite Index. The low - price index rose 2.7%, and the equal - weighted index rose over 4% [12]. - **Supply - demand Analysis**: In Q2, convertible bond supply accelerated, with 11 new issues and a scale of 8 billion yuan. However, due to maturities and forced redemptions, the total scale decreased by over 55 billion yuan compared to Q1. The short - term supply supplement is limited. On the demand side, it first decreased and then increased. In June, there was a large - scale capital inflow [13][21]. - **Valuation Analysis**: The valuation of balanced convertible bonds rose significantly at the end of June, breaking through the annual high. The valuation of debt - biased convertible bonds reached a historical high, while the valuation of equity - biased convertible bonds remained at a low level [39][40]. 2. Market Review 2.1 Equity Market: Index Continued to Rise Strongly - **Index Performance**: Last week, the Shanghai Composite Index and the ChiNext Index rose 1.4% and 1.5% respectively. The market trading volume rebounded, and the theme hotspots rotated actively [47]. - **Style and Sector Performance**: Industries such as steel and building materials led the rise, while the banking sector reached a new high for the year. Some sectors such as computer and non - bank finance declined [47]. - **Valuation**: The PE (TTM) of all A - shares was 15.76X, and the PE (TTM) of the ChiNext was 36.38X, both showing an upward trend [48]. 2.2 Convertible Bond Market: Valuation Continued to Rise - **Index and Trading Volume**: The CSI Convertible Bond Index closed at 447.46, rising 1.21%. The average daily trading volume was 64.766 billion yuan, a 11.85% increase from the previous period [54]. - **Individual Bond Performance**: Dianhua, Saili, and Anke led the gains, while Jinji, Sanyang, and Jingduan led the losses [54]. - **Valuation**: The conversion premium rate of convertible bonds with a parity of 90 - 110 was 26.42%, and the average YTM of convertible bonds with a parity below 80 was - 0.27%, indicating a significant increase in valuation [56]. 3. Convertible Bond Investment Strategy 3.1 Stock Market - In the short term, the external uncertainty has increased significantly, and the index volatility may intensify. The broad - based index will be in a volatile state, and investors can focus on sectors such as innovative drugs, self - controllability, AI +, and solid - state batteries, as well as industries with improved prosperity [3]. 3.2 Convertible Bonds - The overall view is neutral and cautious, preferring structural individual bond opportunities. Specific areas to focus on include TMT, robotics, low - altitude areas, innovative drugs, debt - resolution directions, price - rising cyclical sectors, bottom - position bonds, and newly - listed bonds [4]. 3.3 Primary Market Tracking - Last week, 2 new convertible bonds were issued, 1 convertible bond was approved by the shareholders' meeting, and 1 convertible bond issuance was accepted by the exchange [5][68].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

星源材质面临的主要风险之一是产品均价下行压力。电池隔膜的平均售价在近年呈现下降趋势，主要受 市场竞争因素影响。随着行业竞争加剧，若平均售价持续下跌，可能导致毛利率进一步降低，从而对公 司的经营业绩和财务状况造成不利影响。 7月7日，深圳市星源材质科技股份有限公司（以下简称"星源材质"）向港交所提交上市申请书，独家保 荐人为中信建投（国际）融资有限公司。 星源材质是世界一流的锂离子电池隔膜制造商，致力于为全球客户提供品质上乘的产品。公司于2003年 创立，在锂离子电池隔膜的研发、生产和销售方面积累超过20年的行业经验。据弗若斯特沙利文数据显 示，星源材质是中国首家掌握锂离子电池隔膜干法单向拉伸技术的企业，2024年按出货量计算，其干法 隔膜的市场份额全球排名第一。同时，公司也是首家实现锂离子电池隔膜批量出口的制造商，并且是中 国首家及少数兼备全部三种锂离子电池隔膜生产技术（即干法、湿法及涂覆隔膜）的企业。 作为锂离子电池产业的早期进入者，星源材质现已建设成全球锂离子电池隔膜市场的知名供应商与技术 创新者。公司是少数拥有独立设备研究及设计能力的企业之一，地位独特，并且具备专有的微孔制备技 术，已借此建立世界级的电 ...

证券研究报告·公司研究简报·电池 先惠技术（688155） 自动化产线+模组结构件快速放量，牵手清陶 布局固态电池设备 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,448 | 2,464 | 3,042 | 3,669 | 4,338 | | 同比（%） | 35.63 | 0.64 | 23.46 | 20.62 | 18.22 | | 归母净利润（百万元） | 39.96 | 223.02 | 301.68 | 366.01 | 446.69 | | 同比（%） | 142.31 | 458.19 | 35.27 | 21.32 | 22.04 | | EPS-最新摊薄（元/股） | 0.32 | 1.78 | 2.41 | 2.93 | 3.57 | | P/E（现价&最新摊薄） | 168.29 | 30.15 | 22.29 | 18.37 | 15.05 | [Table_Tag] [Tabl ...

中国锂电行业调研简报 | 2025/05 www.leadleo.com 报告标签：大圆柱电池、特斯拉4680电池、全极耳技术、干电极技术 2025年5月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/05 锂电行业 Q1：什么是大圆柱电池？大圆柱电池何时应用于汽车领域？ ◼ 圆柱电池指多采用圆柱钢壳来进行封装的电池，其生产工艺成熟、产品一致性高，海外市场应用广泛 圆柱电池是指多采用圆柱钢壳来进行封装的电池。圆柱电池起步较早、相比方形电池和软包电池技术成熟度高、成本低、产 品一致性高。但其能量密度较低、产品的成组效率较低。 图表1：不同封装形式 ...

自今年大盘指数4月8日见底以来，固态电池指数累计涨幅超30%，二级市场情绪高涨背后，是固态电池 产业化进程从0到1的加速。 以下文章来源于财经图解 ，作者十字路口 财经图解 . 财经大事早知道，关注东方财富股票！ 亿纬锂能在回答投资者提问时称，公司已在固态电池领域进行技术布局，计划于2026年实现全固态电池 生产工艺的突破，推出一款高功率、高环境耐受性、高安全的全固态电池，主要用于混合动力领域；于 2028年推出400Wh/kg的高比能全固态电池。 整车企业方面，上汽集团透露，未来三年内将在全球发布超过10款车型，并计划在2027年实现固态电池 装车。 长安汽车则计划在2025年至2026年完成合资公司时代长安动力电池有限公司50GWh电芯产能投资建 设，预计2026年实现固态电池装车验证，2027年推进全固态电池逐步量产，能量密度目标达 400Wh/kg。 免责声明 综合机构观点看，随着近期固态电池量产计划密集发布，固态电池量产目前已经处于临界点。 比如近期宁德时代在投资者互动平台上透露，公司在全固态电池领域持续坚定投入，技术处于行业领先 水平，2027年有望实现小批量生产。 国轩高科也透露，首条全固态中试 ...

行家说储能 据外网报道，近日，南都电源 、 天合光能与印度可再生能源企业 ACME Solar签订超3.1GWh储能订单 ， 双方将共同为 ACME Solar提供储能系统。 ▋ 印度最大电池储能采购项目？ 这是印度迄今为止最大的电池储能采购项目之一。该项目将支持 ACME Solar旗下多个可再生能源和电池连接项目，计划在未来12至18个月内在印度多个邦投入使 用。系统交付则计划在接下来的四到八个月内分阶段完成。 该项目主要由南都电源和天合光能共同承担，不过并未透露双方供货比例。 根据行家说储能曾报道南都电源获得印度 1.4GWh大单的消息（ 点这里 ），而南都电源也并未透露该订单的具体客户，此次公布的3.1GWh大单内的南都板块是否 就是前述订单？还有待进一步确认。 今年印度政府接连发布 利好政策，让印度市场备受瞩目 。 2月，政府要求"光伏项目在招标过程中均需按照10%/2h配备储能系统" ； 6月 ，印度电力部宣布可行性 缺口融资 (VGF) 支持计划额外投入540亿卢比，用于支持30GWh 的电池储能项目开发，并延长输电费用减免期限，此前已拨款 370亿卢比用于支持13.2GWh的储能 项目。 而天 ...

关于此次诉讼，据企查查消息，福建省宁德市中级人民法院已于6月25日立案，该案件将于8月12日开庭 审理。 "公司结合新型电力系统的演进趋势，发布了专为大容量储能而生的587Ah储能电池。"据海辰储能港股 上市招股书信息，该公司是行业内首批把280Ah储能电池产品用于大型储能项目的企业，也是首批量产 314Ah储能电池并应用于海外大型储能项目的企业。 近日，宁德时代（300750.SZ）以不正当竞争纠纷为由，对厦门海辰储能科技股份有限公司（下称"海辰 储能"）、厦门稀土材料研究所厦门诚博旺咨询管理有限公司、吴祖钰等提起诉讼。 据招股书介绍，五年时间内，海辰储能成为全球锂离子储能电池出货量前三的储能企业。截至2024年 底，海辰储能规划年产能为62GWh，预计到2026年，总设计产能超100GWh。 宁德时代认为，海辰储能的核心产品587Ah电芯与其专利产品参数高度重叠,能量密度偏差仅4.4%,远低 于行业10%的技术代差红线。 关于此次诉讼，据企查查消息，福建省宁德市中级人民法院已于6月25日立案，该案件将于8月12日开庭 审理。 此次并非两家企业之间第一次"对簿公堂"。 2023年，宁德时代曾以"违反竞业协议 ...