截至2025年5月12日 10:45，中证电池主题指数强势上涨2.52%，成分股贝特瑞上涨8.47%，阳光电源上涨5.85%，银轮股份上涨4.31%，三花智控、德业股份 等个股跟涨。电池ETF基金(562880)上涨2.48%。 没有股票账户的场外投资者还可以通过电池ETF联接基金（016567）一键布局电池产业链投资机会。 值得注意的是，该基金跟踪的中证电池主题指数估值处于历史低位，最新市净率PB为2.97倍，低于指数近5年83.97%以上的时间，估值性价比突出。 5月7日，国家能源局等五部门联合下发《关于加强电化学储能安全管理有关工作的通知》（以下简称《通知》）。《通知》指出，要从提升电池系统本质安 全水平、开展电化学储能项目安全条件和设施论证评价、进一步完善电化学储能相关标准规范、落实电化学储能项目安全监管责任、加强部门工作联动和信 息共享、落实企业安全生产主体责任六个方面加强电化学储能安全管理工作。 兴业证券指出，2025 年成为固态电池产业化的关键拐点，产业链各环节企业正加速布局生产线建设，为后续固态电池车型量产做准备。固态电池产业化进 度有望在未来 2-3 年内加速落地，看好硫化物电解质为主体电解 ...

Core Viewpoint - Jianbang High-Tech Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise nearly 4 billion RMB in revenue for 2024, but faces challenges such as low profit margins and reliance on a few major clients [1][8]. Company Overview - Jianbang High-Tech is headquartered in Jinan, Shandong Province, which has produced several notable listed companies [3]. - The company was established in 2010, focusing on high-tech renewable energy and advanced materials, and began commercial production of silver powder for photovoltaic applications in 2012 [4]. - The company is controlled by Chen Zichun, who holds 72.99% of the voting rights through Cerulean Harbor [4]. Financial Performance - Jianbang High-Tech's revenue for 2022, 2023, and 2024 is estimated at approximately 1.76 billion RMB, 2.78 billion RMB, and 3.95 billion RMB, respectively, with corresponding net profits of 24.2 million RMB, 59.89 million RMB, and 70.03 million RMB [11][12]. - The gross profit margins for the same years are 3.4%, 3.9%, and 3.3% [11]. Product and Market Dynamics - The company's silver powder products are primarily used in the production of photovoltaic silver paste, which is a key raw material for solar cells [7][9]. - The global silver powder sales revenue is projected to grow from 54.3 billion RMB in 2020 to 131.4 billion RMB in 2024, with a compound annual growth rate (CAGR) of 24.7% [9]. - In China, silver powder sales revenue is expected to increase from 31.6 billion RMB to 99.3 billion RMB during the same period, with a CAGR of 33.1% [9]. Industry Position and Risks - Jianbang High-Tech is positioned in the midstream of the photovoltaic silver powder industry, facing risks related to customer concentration, as two major clients accounted for 87.9%, 82.8%, and 63.1% of total revenue in the reporting period [18]. - The company relies heavily on a single product, and any decline in market demand for silver powder or competition from alternative materials could adversely affect its performance [7][13]. - The company faces competition from both domestic and international manufacturers, with a market share of 9.9% among all domestic producers and ranking second globally [19].

智通财经APP获悉，申港证券发布研报称，虽然全固态电池的大规模量产仍需克服技术和成本瓶颈，但 低空飞行器，人形机器人等领域的快速发展，高安全和高能量密度(轻量化)为主要诉求的全新电动场景 将有力刺激固态电池加速发展，固态电池技术进展有望加快。固态电池对锂(碳酸锂)的需求有望提升， 建议关注赣锋锂业(002460.SZ)。 申港证券主要观点如下： 固态电池产业化进展有望加速 今年2月，在第二届中国全固态电池创新发展高峰论坛上，多位专家学者、研究机构、企业代表共同聚 焦材料科学、新工艺新装备及产业前沿进展，探讨全固态电池创新突破及挑战，诸多专家认为固态电池 有望2027年量产装车。 去年3月，工业和信息化部、科学技术部、财政部及中国民用航空局印发了关于《通用航空装备创新应 用实施方案(2024-2030年)》的通知，其中提到一重点任务：推动400Wh/kg级航空锂电池产品投入量 产，实现500Wh/kg级航空锂电池产品应用验证。 该行认为，低空飞行器，人形机器人等领域的快速发展，高安全和高能量密度(轻量化)为主要诉求的全 新电动场景将有力刺激固态电池加速发展。 固态电池：革新性的电池技术 核心在于使用固态电解质替 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5][7]. Core Insights - The company's energy storage business continues to show strong growth, contributing significantly to overall profitability stability. The revenue for 2024 is projected at 486.15 billion yuan, with a slight year-on-year decline of 0.35%, while the net profit attributable to shareholders is expected to reach 40.76 billion yuan, reflecting a year-on-year increase of 0.63% [4][5]. - The first quarter of 2025 shows rapid revenue growth, with a total of 127.96 billion yuan, marking a year-on-year increase of 37.34%. The net profit attributable to shareholders for this period is projected at 11.01 billion yuan, up 3.32% year-on-year [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 486.15 billion yuan, with a net profit of 40.76 billion yuan, and a non-recurring net profit of 31.62 billion yuan, which is a 14.76% increase year-on-year. The gross margin was 17.41%, up 0.37 percentage points, while the net margin was 8.68%, down 0.59 percentage points [4][6]. - For Q1 2025, the company reported a revenue of 127.96 billion yuan, a 37.34% increase year-on-year, with a net profit of 11.01 billion yuan, reflecting a 3.32% increase. The non-recurring net profit for this quarter was 8.18 billion yuan, up 16.6% year-on-year [4][6]. Business Segments - The energy storage battery segment generated revenue of 190.3 billion yuan in 2024, a 16.4% increase, accounting for 39% of total revenue. The company’s core product, the Mr.Big series 600Ah+ energy storage cell, is recognized as a technical benchmark in the industry. The energy storage battery shipment volume reached 50.45 GWh in 2024, a 91.9% increase year-on-year [4][5]. - The power battery segment reported a revenue of 191.7 billion yuan in 2024, a 20% decrease, while the shipment volume increased by 7.9% to 30.3 GWh. In Q1 2025, the shipment volume surged to 10.17 GWh, a 57.58% increase year-on-year [4][5]. - The consumer battery segment achieved a revenue of 103.2 billion yuan in 2024, a 23.4% increase, benefiting from the recovery in the consumer electronics market [4][5].

年报显示，2024年，德创环保公司紧紧围绕"深耕环保、开拓新能源"的核心发展思路，把握全球大气污 染治理带来的市场机遇，深入布局全球化市场战略。公司全年实现营业收入9.19亿元，同比增长 15.43%；实现归属于上市公司股东的净利润2286.55万元，较去年同期扭亏为盈。 德创环保表示，2024年销售产品结构具有一定的变动。其中，脱硫设备、脱硝催化剂、烟气治理工程及 除尘设备等烟气治理业务仍为公司的主导业务，2024年实现营业收入8.46亿元，同比增长13.11%。 公司多项业务在2024年实现营业收入大幅增长。具体而言，公司烟气治理工程收入2.73亿元、同比增长 54.43%；除尘设备收入5755万元、同比增长72.22%；废盐渣资源化利用处置3594万元、同比增长 29.22%；危险废物处理收入3199万元、同比增长173.48%。 4月29日，德创环保（603177）公布2024年年报，公司业绩显著增长扭亏为盈。德创环保表示，2025年 将锚定大气治理为重点发展方向，依托自主创新产品优势，加快全球化版图扩张。同时，积极推动公司 钠电池项目落地，加快形成新质生产力。 首先，公司将重点聚焦大气治理板块，致力 ...

本报讯(记者桂小笋)4月28日晚间，阜新德尔汽车部件股份有限公司(以下简称"德尔股份（300473）")发 布了2025年一季度报告，公司实现营业收入12.20亿元，同比增长15.13%；实现归属于上市公司股东的 净利润2273.82万元，同比增长276%。报告期内，公司降本增效成果进一步显现，汽车零部件主业经营 情况不断改善，带动公司业绩持续回暖。2025年，随着公司固态电池产业化进程提速，德尔股份"汽车 零部件+固态电池"双轮驱动发展模式有望进入收获期。 进入2025年，固态电池行业持续取得产业突破，行业有望进入产业化加速期。援引公开信息可知，德尔 股份早在2018年便在日本设立研发中心，开始进行固态电池前瞻性研发。德尔股份研发的氧化物电解质 固态电池具有较好的电池性能，同时具有安全性高、工艺流程简单、易于批量生产等特点，性能及成本 均有较强的竞争力。2024年8月份，德尔股份与江西江铃集团新能源汽车有限公司签订了《固态电池战 略合作协议》，合作推动固态电池的研发、生产和市场应用；2025年1月份，德尔股份上海固态电池样 品试制线完成了首个样品试制。 在今年2月份举行的日本东京国际二次电池与储能展览会上， ...

中银证券近日发布电力设备与新能源行业4月第4周周报：本周电力设备和新能源板块上 涨2.40%，其中风电板块上涨4.52%，新能源汽车指数上涨3.80%，核电板块上涨3.16%，发 电设备上涨2.81%，工控自动化上涨2.45%，锂电池指数上涨1.81%，光伏板块上涨0.76%。 以下为研究报告摘要： 光伏方面，我国一季度光伏装机实现较高速增长，对美国及全球新兴经济体光伏需求增 速保持乐观。中央经济工作会议明确提出综合整治"内卷式"竞争，光伏供给侧改革力度有望 加强。光伏制造降本增效仍为主线，重点关注硅料、电池片头部企业格局优化、盈利提升以 及金属化新技术渗透率提升。风电方面，国内海陆风招标及建设有望稳步推进，2025年需求 向好或带动整机与零部件环节盈利修复；同时伴随国内项目招标动工、海外利率下行及项目 规划推进，海外及出海需求亦相对旺盛。建议优先配置盈利有望改善的整机及锻铸件环节， 受益于海风、出海逻辑的整机、桩基、海缆环节。新能源车方面，政府工作报告提出大力发 展智能网联新能源汽车，全年销量有望保持高增，带动电池和材料需求增长。近期受供需影 响，部分材料环节出现涨价，有望带动盈利回升，2025年或迎来量利 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The first quarter saw a significant increase in photovoltaic (PV) installations in China, with a year-on-year growth of 30.5%, totaling 59.71 GW [2][21] - The government is pushing for the development of hydrogen energy applications, particularly in transportation, with a budget of 2.34 billion yuan allocated for fuel cell vehicle demonstrations [1][21] - The report highlights the importance of cost reduction and efficiency improvement in the photovoltaic manufacturing sector, focusing on the optimization of leading companies in silicon materials and battery cells [1] - The wind power sector is expected to see steady progress in domestic and overseas demand, with a recommendation to prioritize investments in turbine and casting segments [1] - The electric vehicle market is projected to maintain high growth, driven by government support for smart connected vehicles, which will boost demand for batteries and materials [1] - The report emphasizes the potential of solid-state battery commercialization by 2027, benefiting companies involved in battery, materials, and equipment [1] Summary by Sections Photovoltaic Sector - The report notes a strong growth trajectory in PV installations, with March 2025 alone contributing 20.24 GW [2][21] - The focus remains on cost reduction and efficiency improvements, particularly in silicon materials and battery cell production [1] Wind Power Sector - Domestic and overseas demand for wind power is expected to improve, with recommendations to invest in turbine and casting segments [1] Electric Vehicles - The government aims to significantly develop smart connected electric vehicles, which is anticipated to drive battery and material demand [1] Hydrogen Energy - Continuous policy support for hydrogen energy development is noted, with applications in green hydrogen and chemical sectors expected to expand [1][21] Company Performance - Notable company performances include: - Sunshine Power reported a net profit of 11.036 billion yuan in 2024, up 16.92% year-on-year, and 3.826 billion yuan in Q1 2025, up 82.52% [23] - Other companies like Keda and EVE Energy also reported significant year-on-year profit increases in Q1 2025 [23]

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） ● 全面电动化开启万亿级新能源产业新纪元。 固态电池凭借超高理论能量密度、本质安全性及长循环寿命，成为新能源汽车、储能、eVTOL、AI、 消费电子等领域的终极电池技术。 ● 电池环节， 国内全固态电池技术上取得重大进展。比亚迪、一汽相继宣布成功研制出超过60Ah的大容量全固态电芯，标志着全固态电池技术从 基础科学研究、功能性开发迈向实际应用阶段。 ● 材料环节， 在固态电解质研发中，硫化物成主流，氧化物/聚合物等多路径并行突破。为了突破性能瓶颈，全固态电池材料研发呈现出多元复合 化趋势，包括采用复合固态电解质、复合改性正负极材料等。 峰会背景 ● 300+细分领域重量级企业，800+企业锂电产业链高层汇聚 ● 产业链上下 ...

zhangyue1@kysec.cn 证书编号：S0790524090003 固态电池产业化渐近，关注产业链投资机会 2025 年 04 月 27 日 中小盘研究团队 固态电池星辰大海，制造业板块本周表现占优 ——中小盘周报 周佳（分析师） 张越（分析师） zhoujia@kysec.cn 证书编号：S0790523070004 固态电池通过使用固体电解质代替传统液态电解质，不仅解决了锂离子电池在安 全性、能量密度和循环寿命方面的局限性，还为电动汽车、大规模储能系统、人 形机器人、低空经济等领域提供了更高效、更可靠的解决方案。液态电解质有三 大核心缺点：容量不可逆衰减、寿命受影响、安全性能方面存在隐患。固态电解 质则以其不可燃性、高机械强度及宽电化学窗口等特性，为锂金属负极的实用化 提供了革命性解决方案。但固态电池距离真正实现产业化、规模化应用仍有一段 距离，需要突破几大难点，包括制造成本高、导电性较差等。固态电解质目前可 分为聚合物、无机物固（包括氧化物、硫化物、卤化物）、复合电解质三大类， 其中复合固态电解质有望成为未来技术发展的趋势。全固态电池技术有望于 2030 年实现能量密度>500 Wh/kg、成 ...