两个月内 连续两次品牌专场发布会， 背后是鸿蒙智行体系下 "罕见"的重视程度，享界品牌 在市场中的热度亦随之走高。 享界 S9T 的成功曾引发业界一片关注。这是因为享界 S9T 在很好诠释了，在华为旗舰科 技"满血搭载"的基础上，全场景用车需求的满足，全方位的情绪价值的拉满，让其成为了一款 超乎传统认知的新科技豪华旅行车。 现如今，高净值用户对价格的敏感度远不如科技力量、智能体验的影响，鸿蒙智行将华为 ICT 领域 30 年技术积累转化为在"汽车局"中的压倒性优势后，享界品牌通过一次又一次的突破， 给予了这部分消费群体超预期的获得感。 在业界看来，新款享界 S9 的上市 不应被简单看作是一次 新 品 发布 ， 其对于豪华车细分市 场格局、享界品牌塑造的意义更为深远。 再度火爆持续突破后的必然结果 "作为鸿蒙智行最美轿车，享界 S9 获 2024 中国设计智造大奖、 2024 GOOD DESIGN 设 计大奖，并获得中汽中心测评权威认证的安全、智能、健康五星大满贯 ...... " 2025 广州车展 前夕，华为常务董事、产品投资委员会主任、终端 BG 董事长余承东在享界 S9 新品发布会开 场白中，列举了享 ...

公告显示，正扬科技是全球化布局的汽车零部件及总成供应商，核心产品涵盖SCR后处理相关传感器、 尿素箱总成及VCU、PTC加热器等新能源产品，深耕汽车产业多年，拥有全球超100家主机厂一级供应 商资质，且在多国设有子公司或生产基地。公司与正扬科技已建立供应链合作基础，2025年起采购其通 讯线束等原材料，截至9月底采购金额累计132.72万元。 本次投资将助力公司借助正扬科技的客户渠道、技术积累及海外布局，切入新能源汽车万亿市场，拓展 B端应用场景，实现"C+B"双轮驱动，同时强化全球供应链协同，为公司开辟第二条增长曲线奠定基 础。 智通财经APP讯，华宝新能(301327.SZ)公告，公司近日与深圳市全景蓝图资本有限责任公司(简称"全景 蓝图资本")共同签署了《厦门全景蓝图创业投资基金合伙企业(有限合伙)有限合伙协议》，双方共同投 资设立厦门全景蓝图创业投资基金合伙企业(有限合伙)(简称"厦门全景蓝图创投基金")。其中，公司作 为有限合伙人，以自有资金认缴出资3000万元，以认缴出资额为限承担有限责任。基金合伙企业为专项 基金，基金备案成立后将专项投资于广东正扬传感科技股份有限公司(简称"正扬科技")。 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2025/11/26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 96,340.00 | +940.00↑ 前20名净持仓（日，手） | -165,500.00 | -2032.00↓ | | | 主力合约持仓量（日，手） | 478,054.00 | +134855.00↑ 近远月合约价差（日，元/吨） | -440.00 | -140.00↓ | | | 广期所仓单（日，手/吨） | 27,050.00 | ...

Core Viewpoint - The PCB industry is expected to maintain a growth trend in the medium to long term, driven by the recovery of end consumption and the expansion of downstream markets [2] Group 1: Company Strategy - The company plans to expand production scale and enhance technological innovation, production, and management service capabilities [2] - There is a focus on increasing product diversity and innovation based on existing product lines, including single/double-sided boards, multilayer boards, high-frequency boards, high-speed boards, HDI boards, and rigid-flex boards [2] - The company aims to strengthen its PCB process capabilities and enhance industrial automation, particularly in emerging sectors such as 5G communication, new energy vehicles, semiconductors, and the digital economy [2] Group 2: Market Adaptation - The company intends to meet and support the specialized PCB needs of downstream customers during research, development, testing, and small batch stages [2] - Continuous adjustments to the PCB product structure and optimization of capacity allocation are planned, with a targeted shift towards high value-added products [2]

编号：2025-006 | | 特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关 | □媒体采访 | | □业绩说明会 | | | 系活动类 | □新闻发布会 | | □路演活动 | | | 别 | 现场参观 | | | | | | | □其他（请文字说明其他活动内容） | | | | | 参加人员 16 | 人。包括 | ： | | | | 序号 | 姓名 | | 机构名称 | | | 1 | 潘挺 | | 财通证券 | | | 2 | 林天 | | 财通证券 | | | 3 | 高璁 | | 财通证券 | | | 4 | 孙瀚栋 | | 财通证券 | | | 5 | 孟欣 | | 财通证券 | | | 6 | 吴志豪 | | 财通资管 | | 活动参与 | 7 | 沈丹 | | 全景财经 | | 人员 | 8 | 包理石 | | 全景财经 | | | 9 | 陶君华 | | 投资者 | | | 10 | 喻仁刚 | | 投资者 | | | 11 | 朱杰 | | 投资者 | | | 12 | 屠毅 | | 投资者 | | | 13 ...

Core Viewpoint - The company is experiencing significant growth in its new energy vehicle (NEV) business, with a compound annual growth rate (CAGR) exceeding 30% over the past three years, and anticipates continued rapid growth in 2024 and 2025 [2] Group 1: New Energy Vehicle Business - The company's NEV products include electric vehicle charging guns, charging stations, high-voltage wiring harnesses, high-voltage connectors, and thermal runaway protection products for power batteries [2] - The growth of the NEV business is attributed to the ongoing rapid development of the NEV industry, the company's leading position in the market, and continuous research and development innovations [2] Group 2: Nuclear Power Business - The company's nuclear-grade (1E grade) cable accessory products have been successfully applied in various nuclear power projects both domestically and internationally, achieving a leading bid-winning rate in the industry [2] - The company has completed the research and certification of cable accessories for nuclear power plants with an 80-year lifespan, filling an international gap and reaching an advanced level globally [2] - The company will disclose relevant information according to disclosure requirements and encourages stakeholders to pay attention to related announcements [2]

Core Viewpoint - The company, Tianjin Jinrong Tianyu Precision Machinery Co., Ltd., is leveraging opportunities from the Belt and Road Initiative and expanding its operations in Southeast Asia and India, particularly in the clean energy sector, including solar and wind power [2][3]. Company Overview - Tianjin Jinrong Tianyu was established on June 9, 2004, and went public on May 12, 2021. The company specializes in the research, development, production, and sales of precision metal molds and related components [7]. - The main revenue composition includes: electrical precision components (53.32%), automotive precision components (30.82%), scrap (13.90%), precision molds (1.30%), and others (0.73%) [7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 1.434 billion yuan, representing a year-on-year growth of 5.96%. The net profit attributable to the parent company was 87.87 million yuan, with a year-on-year increase of 44.43% [8]. - The company has distributed a total of 121 million yuan in dividends since its A-share listing, with 69.03 million yuan distributed over the past three years [9]. Product Development and Market Applications - The company has developed 114 new product varieties and 191 new molds in various fields, including low-voltage distribution, industrial automation, energy storage, wind power, and solar energy, which are expected to generate over 240 million yuan in annual sales after mass production [2]. - The products are widely used in the new energy vehicle market, providing components for major companies in areas such as chassis, shock absorption, safety, thermal management, and electronic control [3]. Industry Positioning - The company operates within the mechanical equipment sector, specifically in specialized equipment, and is involved in various concept sectors including small-cap stocks, solar energy, smart grids, photovoltaic glass, and energy storage [8]. - As of September 30, the company had 11,900 shareholders, a decrease of 32.25% from the previous period, with an average of 8,941 circulating shares per person, an increase of 47.59% [8].

Core Insights - NIO reported a record high revenue of approximately 21.79 billion yuan for Q3 2025, marking a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss narrowed to 3.48 billion yuan, a reduction of 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1] Financial Performance - Automotive sales revenue reached 19.22 billion yuan, up 15% year-on-year and 19% quarter-on-quarter [2][6] - Gross margin for automotive sales improved to 14.7%, compared to 13.1% in Q3 2024 and 10.3% in Q2 2025, reflecting a 440 basis points increase [2][6] - Total revenue for Q3 2025 was 21.79 billion yuan, with a gross profit of 3.02 billion yuan, resulting in a gross margin of 13.9% [2][6] Delivery and Production - NIO delivered approximately 87,071 vehicles in Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company aims to deliver between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year growth of 65.1% to 72% [2][3] Future Outlook - The company targets a gross margin of around 18% for Q4 2025, with the new ES8 model expected to exceed a 20% gross margin [4][7] - NIO's CEO expressed confidence in achieving profitability in Q4 2025 and aims for full-year profitability in 2026 [3][9] - The company plans to launch five new large vehicles in 2026, aligning product offerings with market trends [11][13] R&D and Operational Efficiency - R&D expenses for Q3 2025 were 2.39 billion yuan, down 28% year-on-year and 20.5% quarter-on-quarter [7][8] - The company is focused on enhancing operational efficiency and has seen improvements in Q3 2025 [8]

Investment Strategy - The report emphasizes two main investment lines: first, the continuous growth in downstream demand and the improvement in supply-demand dynamics, which present opportunities for both fundamentals and valuations, prioritizing leading companies with technological and cost advantages in the industry chain. Second, it highlights the opportunities arising from the industrialization of solid-state batteries, focusing on the equipment sector and high-value solid electrolyte core materials, while continuously monitoring the evolution of new anode and cathode materials [5][39]. Market Overview and Valuation - As of November 21, 2025, the lithium battery index has increased by 45.98% since the beginning of 2025, outperforming the CSI 300 index by 32.79 percentage points. The solid-state battery index has risen by 55.10% during the same period, also surpassing the CSI 300 index [14][17]. - The overall PE (TTM) of the lithium battery sector is approximately 29 times, placing the sector's valuation at the 48.83% historical percentile over the past five years [17] Global Lithium Battery Demand - Global lithium battery shipments are projected to reach 1545.1 GWh in 2024, reflecting a year-on-year growth of 28.5%. In the first nine months of 2025, global lithium battery production reached 1590.24 GWh, marking a 49.13% increase year-on-year [20][22]. - The demand for lithium batteries is driven by both power batteries and energy storage batteries, with energy storage batteries experiencing higher growth rates [23]. New Energy Vehicle (NEV) Growth - In China, NEV sales are expected to maintain growth, with a penetration rate surpassing 50%. From January to October 2025, cumulative NEV sales reached 12.943 million units, a year-on-year increase of 32.7% [27][30]. - The report anticipates that NEV sales in China will continue to grow rapidly in 2026, supported by ongoing policy initiatives and technological advancements [28][48]. Energy Storage Market Dynamics - The global energy storage battery demand is expected to maintain high growth, with a cumulative shipment of 428 GWh in the first nine months of 2025, representing a year-on-year increase of 90.7% [60]. - In China, energy storage battery shipments are projected to reach 580 GWh in 2025, with a year-on-year growth exceeding 70% [66]. Supply-Demand Dynamics in the Lithium Battery Industry - The lithium battery industry is experiencing a turning point, with significant growth in revenue and net profit in the first three quarters of 2025, reversing the downward trend of the previous two years [77][81]. - The report indicates that the overall demand for lithium batteries is expected to grow by 30% in 2026, while supply growth in the materials sector is anticipated to lag behind demand growth, leading to potential supply-demand tightness in various segments of the industry chain [95]. Solid-State Battery Industrialization - The report highlights the ongoing industrialization of solid-state batteries, with a diverse range of application scenarios. Solid-state batteries are expected to be a core technology direction for the next generation of lithium batteries due to their high energy density and safety advantages [97]. - Major global automotive manufacturers have announced timelines for the deployment of solid-state batteries, with many planning to introduce them around 2027 [98].

在11月中旬突破22000元/吨整数关口后，铝价虽有回调，但幅度有限。当前铝市基本面偏多，预计价格 将维持偏强运行态势。 产能增量受限 此外，光伏产业对电解铝的需求持续旺盛，光伏电池边框和支架均以铝合金为核心原材料。2025年 1— 10月，全国光伏累计新增装机容量为252.87GW，同比上涨39.48%；10月单月新增装机为12.6GW，环比 上涨30.43%。 总体来看，新能源汽车、光伏产业的蓬勃发展，有效弥补了房地产低迷对电解铝消费的拖累。同时，电 解铝应用场景持续拓展，储能、机器人、低空经济、智能手机、冰雪运动装备等新兴领域均将电解铝作 为核心原材料。中长期来看，电解铝将呈现供应稳定、需求增长格局。 库存维持低位态势 社会库存方面，截至11月24日，上海有色网统计的5地电解铝社会库存为61.2万吨，较上周下降0.70万 吨，去年同期库存为55.5万吨。得益于铝锭占比偏低、工业型材消费向好，电解铝社会库存持续维持低 位，对铝价形成有效支撑。 综上所述，供应端，电解铝产能上限约束明确，叠加铝锭占比偏低，为价格提供坚实支撑；需求端虽然 房地产市场表现平淡，但新能源汽车、光伏等新兴产业快速发展有效带动消费增长 ...