子行业周度核心观点： 光伏&储能：新能源为代表的新兴制造业是本轮"反内卷"的核心聚焦领域，光伏则是核心领域中的标杆示范行业， 当前"依法依规"进行干预的价格端已初显成效，继续关注终端价格传导能力、产业链对涨价趋势一致预期的形成、 以及供给侧自上而下的潜在动作；此外，继续重申推荐受益于美国政策不确定性消除、国内新能源全面市场化+反内 卷驱动格局改善、Q2 业绩同环比展望乐观的大储龙头：阳光电源。 风电：大金重工披露半年报业绩预告，Q2 业绩超预期，看好公司中长期盈利提升，继续坚定重点推荐；海南省发布 "136 号文"细则征求意见稿，增量海风项目获明显政策倾斜；浙江海风、日月、东缆等成立母港装备公司，关注浙 江深远海示范项目推进带来的订单机会。 电网：1）思源电气发布 25 中报业绩快报，25Q2 实现营收 53 亿元，同比+50%；归母净利润 8.5 亿元，同比+62%，大 超预期，上调公司 25 年盈利预测至 27.5 亿元，yoy+34%，当前股价对应 PE 仅 20 倍，维持重点推荐；2）国网输变电 设备 3 批中标金额 211.9 亿元，同比+38%，再创单批次中标金额新高，前 3 批累计中标同比+25 ...

主办方：起点固态电池、SSBA全固态电池联盟、起点研究 SPIR 总冠名: 茹天科技 CATALOGUE 02 03 04 · 1111 01111 | 01 活动背景与意义 | | --- | | 02 核心技术议题 | | 03 议程框架设计 | | 04 活动组织架构 | | 05 宣传推广方案 | CHAPTER 论坛背景与意 · 2121 硫化物全固态电池技术发展现状分 · 能量密度快速提升: 硫化物全固态电池能量密度预计从2025年的350Wh/kg提升至2030年的500Wh/kg，年均复合 增长率达7.4%,显著高于液态锂电池进步速度。 · 商业化节奏加速: 关键节点2026年实现规模化生产（原计划2027年），反映技术突破超预期（如电解质电导率>10 mS/cm、界面稳定性提升）。 · 中日技术路线趋同: 中日企业均聚焦硫化物路线，中国2024年专利申请量达日本三倍，但日本在基础专利仍占全球 40%，显示产业化竞争白热化。 · 政策驱动明确: 国内设定2027年装车节点，企业进度普遍提前半年（如60Ah电芯2025年下线），验证政策与市场双 轮驱动效应。 技术商业化突破的核心价值 2025首 ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 推荐业绩持续兑现的工程机械&船舶板块； 重视新技术迭代的锂电设备机会 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天国际、柏 楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、华测检测、安徽合 力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科技、伊之密、新莱应材、高测 股份、纽威数控、华中数控。 2.投资要点： 【工程机械】6 月国内外销量超预期，内销韧性凸显&出口高景气延续 2025 年 6 月挖掘机销量 18804 台，同比+13%，其中国内挖机销量 8136 台，同比+6%，恢复正增 长，出口 10668 台，同比+19%超预期增长。5 月国内挖机销量波动导致市场预期较低，6 月已有 所恢复，我们认为全年来看工程机械仍能够实现可观增长。国内来看，中央资金对应的水利款项 将在 2025 年持续形成支撑，地方政府资金也将随着化债压力逐渐减小而逐步倾斜至工程开工端， 农村水利带来的中小挖需求有望成为内需韧性的核心来源。出口 ...

证券研究报告·行业研究·电力设备与新能源行业 稳健增长低估值，聚焦锂电龙头和固态新技术 --电动车2025年中期策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年7月13日 1 摘要： 2 ◆ 国内电动化率稳步向上，欧洲销量强势恢复，25年全球销量预计21%增长，26年有望维持15%+增长。25年国内汽车消 费政策持续+购置税退坡前抢装+汽车价格战，同时出口强势高增，前5月国内销561万辆，同比增44%，全年预期25%增 长。欧洲补贴退坡消化完毕，25年前5月销量强势恢复至142万辆，同比增25%，2H新车型陆续上市，预计全年27%增长。 美国不确定性增加，9月补贴完全退出，25-26年销量预期停滞。其他地区1-5月销量44万辆，同比增31%，全年预计维持 35%增长。因此25年我们预计全球销量可达2070万辆，增21%，26年仍维持16%增长。 ◆ 储能政策不确定下需求依旧强劲，25年锂电需求上修至30%+增长，26年近20%增长。25年全球储能预计42%增长至 452gwh，国内强制配储 ...

【DT新材料】 获悉，7月10日， 蜂巢能源 重磅发布了"4+1"产品品牌： 堡垒越野电池、蜂行短刀电 池、龙鳞甲电池、远路电池以及大刀储能电池和固态电池 ，覆盖动力、储能、新兴市场等多个领 域。 新兴领域，从半固态到全固态，蜂巢能源持续提升能量密度和本征安全。 78Ah半固态新品单体能量 密度达到360Wh/kg ，主要用于续航里程超长的eVTOL和人形机器人产业。在全固态电池方面， 第 三代热复合飞叠技术 ，简化工艺流程， 生产效率提升100% ，具备量产可行性。 蜂巢能源董事长兼CEO杨红在发布会上透露，预计公司2025年出货量超过 47GWh ，在国内动力电 池装车份额达到3.6%，营收超过 240亿元 ，并在2026年实现扭亏为盈。 电量高达65kWh，采用800V架构，具备5C充电，保证高温55℃下热失控相邻不蔓延，安全性更上一 层楼。此外，还采用热电分离技术和高集成设计，热电分离方便，电芯防爆阀位于底部，定向排气， 喷发物与电气舱绝对分离，降低短路风险，满足高温0热蔓延的要求。高集成"三明治"结构设计，体 积利用率提升5%。 目前，二代龙鳞甲已经批量生产，下半年将搭载多个客户车型实现大批量出货。 ...

Core Viewpoint - The lithium battery industry is transitioning from a "single power" model to "full scene electrification," with the market space expected to develop towards a scale of 10 TWh, driven by demand from various emerging fields such as eVTOL, low-altitude economy, and data center energy storage [6][8]. Group 1: Industry Trends - The demand for lithium batteries is shifting from "single-point high growth" to "multiple-point explosion," necessitating advancements in material systems and manufacturing technologies to meet higher requirements for energy density, safety, and customization [6][8]. - Solid-state batteries are identified as a key variable in reshaping the industry landscape, with major manufacturers expected to push for their validation and integration into vehicles by around 2030 [8]. - The energy storage market is entering a high-growth phase, with significant technological gaps emerging among storage companies, potentially leading to the exit of less competitive players within 1-2 years [8]. Group 2: Company Innovations - ENPACK has developed high-conductivity composite copper foils suitable for high-rate charging and discharging scenarios, significantly reducing resistance from 36 mΩ/□ to 24 mΩ/□, which is ideal for applications like drone batteries [9]. - The company is also focusing on bipolar copper-aluminum foils for new solid-state battery structures, aiming to enhance voltage and fast-charging capabilities [9]. - PULITECH is integrating materials, processes, and equipment to provide comprehensive solutions that help clients reduce costs and improve efficiency, showcasing successful collaborative cases in ultra-thin aluminum composite materials and ceramic-coated separators [12][14]. Group 3: Research and Development - Ningbo Fuli Battery Material Technology has established a complete innovation system from laboratory to production line, achieving stable supply of high-performance lithium-rich manganese-based cathode materials with a capacity of 300 mAh/g [15]. - The company plans to expand its production capacity to a scale of 10,000 tons by 2026, indicating a strong capability for mass production [15]. - WeiLan New Energy is advancing solid-state battery technology with a focus on cost reduction and system integration, achieving significant performance metrics in both electric vehicles and energy storage applications [18].

2025 年 7 月 11 日，由起点锂电、起点 固态电池 、起点两轮车及换电主办 ， 以 "换电之城 智慧两轮"为主题 的 2025 第五届起点两轮车 换电大会暨轻型动力电池技术高峰论坛 在 深圳宝安登喜路国际酒店正式举办。 本次论坛聚焦两轮车及换电、两轮车锂电、两轮车钠电、高倍率、超快充、新材料、新工艺等前沿技术，进行深度探讨和思维碰撞。论坛 现场 300+ 两轮车换电及电池细分重量级企业， 600+ 企业高层汇聚共论行业发展。 在下午两轮车电摩及电池技术专场， 诺达智慧 产品总监 黄毅彪发表演讲，分享主题 ： 多极耳及半固态电池的技术发展。 以下为演讲实录： 各位领导，尊敬的同行精英们，下午好！ 我给大家分享关于多极耳及半固态电池的技术发展。 经过多年的累积和沉淀，在以圆柱型锂电池为中心的新能源领域基本完成了全产业链的布局，上游延伸到矿产原材料关键环节，下游延伸至备用 电源、户储、两轮车、资源回收等产业，形成了全产业链一体化的事业蓝图。 这是公司的首席科学家和总经理，张瑞波博士是首席科学家、中科院博士，他主要是对新型材料的前端技术研究以及推进，包括诺达智慧半固态 电池的材料相关研究。江国龙总主要是根据张 ...

Core Insights - The global lithium-ion battery industry is experiencing rapid growth, with shipments expected to increase from 323.2 GWh in 2020 to 1519.6 GWh by 2024, representing a compound annual growth rate (CAGR) of 47.3% [1] - The demand for lithium-ion batteries is driving the expansion of the lithium-ion battery separator market, leading to new financing needs for manufacturers [1] - Shenzhen Xinyuan Material Technology Co., Ltd. (Xinyuan Material) has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the funds for overseas capacity expansion, R&D, debt repayment, strategic investments, and working capital [1] Company Overview - Xinyuan Material, established in 2003, has become a leading manufacturer of lithium-ion battery separators, being the first to achieve bulk exports and one of the few companies with dry, wet, and coated separator production technologies [2] - The company’s product lines include dry separators, wet separators, and coated separators, each with specific applications and advantages [3] Financial Performance - Xinyuan Material's revenue for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 was approximately 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB respectively, while net profits showed a declining trend [8] - The gross margin for the company's separator products decreased from 44.8% in 2022 to 28.1% in 2024, with a further drop to 23.6% in Q1 2025 [8] - The company’s asset-liability ratio increased from 37.36% in 2022 to 56.92% in 2024, indicating rising financial pressure [10] Market Position - Xinyuan Material's global market share in the separator industry increased from 11.0% in 2020 to 14.4% in 2024, reflecting its growth alongside the overall market [4] - The global battery separator market is projected to grow from 6.4 billion square meters in 2020 to 27.7 billion square meters by 2024, with a CAGR of 44.5% [4] Capacity Expansion and R&D - The company is expanding its global production capacity, with a design capacity of 4.476 billion square meters expected by 2024 and a utilization rate of 90% [12] - Xinyuan Material plans to invest part of the funds raised from its listing into R&D for solid-state battery products and new generation lithium-ion battery separators [16] Strategic Initiatives - The company is focusing on enhancing its operational quality through a series of strategic plans, including expanding production capabilities and investing in new technologies [12][16] - Xinyuan Material has established production bases in multiple regions, including China, Europe, Southeast Asia, and the United States, to support its global operations [7]

Group 1 - The A-share market has shown significant upward movement, with over 120 funds being liquidated and some funds achieving returns exceeding 88% as of June 30, 2025 [1] - The Huashang Runfeng Flexible Allocation Mixed Fund C (007509) has ranked first among its peers over the past three and five years, demonstrating strong performance under the management of fund manager Hu Zhongyuan since March 2019 [1][4] - Hu Zhongyuan has a solid financial background and 11 years of experience in the securities industry, focusing on risk-return ratios in his investment philosophy [2][5] Group 2 - Hu Zhongyuan believes that the current market has significant potential, with structural trends expected to dominate in the second half of the year, supported by positive signals from multiple departments to stabilize the stock market [3] - The current liquidity in the market and the declining value of real estate assets make equity assets more attractive for wealth management among residents [3] - Emerging industries such as artificial intelligence, new consumption, innovative pharmaceuticals, and solid-state batteries are expected to provide more structural investment opportunities in the A-share market [3] Group 3 - The Huashang Runfeng Flexible Allocation Mixed Fund A has also performed well, ranking 2nd and 3rd in its category over the past three and five years, respectively [4] - The fund's performance from 2019 to 2024 shows a net value growth rate of 16.03%, 59.02%, 8.69%, 3.05%, 0.74%, and 32.90%, compared to its benchmark growth rates [4][5] - The fund has undergone changes in management, with Hu Zhongyuan taking over in March 2019 and continuing to manage the fund to date [4][5]

Core Viewpoint - The solid-state battery technology is rapidly advancing, with major global automakers and battery manufacturers announcing timelines for vehicle integration, indicating a shift towards high-performance lithium batteries that offer both high energy density and safety [1][3][15]. Group 1: Industry Developments - Major automakers like BYD, Toyota, and Volkswagen are planning to implement solid-state batteries in their vehicles between 2025 and 2030, with various companies setting specific timelines for small-scale production and testing [3][4]. - CATL is transitioning from semi-solid to solid-state batteries, aiming for small-scale production by 2027, while other companies like Guoxuan High-Tech and EVE Energy have similar timelines for their solid-state battery projects [3][4]. Group 2: Technical Advantages - Solid-state batteries can achieve energy densities exceeding 500 Wh/kg, significantly higher than traditional lithium batteries, which are nearing their theoretical limits [2][3]. - The solid-state battery technology addresses safety concerns associated with liquid batteries, such as thermal runaway, making it suitable for applications in electric vehicles, robotics, and energy storage [1][2]. Group 3: Market Potential - The global demand for solid-state batteries is expected to grow, driven by the increasing penetration of electric vehicles and advancements in low-altitude economy and renewable energy sectors [5][15]. - The market for solid-state battery equipment is projected to increase from 5-6 billion CNY per GWh to 2.5 billion CNY per GWh by 2029, indicating a significant reduction in production costs as technology matures [8][9]. Group 4: Material Innovations - The development of solid-state batteries is leading to advancements in materials, with a shift from graphite to silicon-based anodes, which have a theoretical capacity ten times higher than graphite [13][14]. - New electrolyte materials, including polymer, oxide, and sulfide, are being explored, each with distinct advantages and challenges, contributing to the ongoing evolution of solid-state battery technology [10][11][12].