Investment Rating - The report maintains a "Buy" rating for Ningde Times (300750 CH) with a target price of 314.49 CNY and for Fulin Precision (300432 CH) with a target price of 36.01 CNY [10][22]. Core Insights - Ningde Times launched three core technologies during its Technology Day on April 21, including an upgraded fast-charging battery, sodium-ion battery brand "Sodium New," and multi-core technology. The second-generation Shenxing battery can provide a range of 800 kilometers and charge for 5 minutes to achieve 520 kilometers of range. The sodium-ion batteries are set to enter mass production in December and June for passenger vehicles and heavy-duty trucks, respectively. The report suggests that advancements in the sodium battery industry are worth monitoring as product maturity increases, potentially accelerating large-scale deployment [1][12][23]. Sub-industry Summary - **New Energy Vehicles**: Positive outlook on new technologies following Ningde's product launches [2]. - **Energy Storage**: Continued optimism for household storage inverter segments with limited exposure to the U.S. market [16]. - **Photovoltaics**: The final ruling on anti-dumping measures in Southeast Asia has led to increased tax rates, impacting the economic viability of production in these regions [18]. - **Wind Power**: The UK plans to invest 300 million GBP (approximately 29.07 billion CNY) to strengthen its domestic supply chain for offshore wind power [20]. - **Industrial Control**: Attention on recovery opportunities in the robotics sector [15]. Key Companies and Developments - **Ningde Times**: Maintains its leading position in the battery industry and continues to expand its business footprint [3]. - **Fulin Precision**: A leader in high-pressure lithium iron phosphate batteries, expanding its robotics business [3].

Core Viewpoint - Japanese automotive companies are increasingly seeking collaboration with Chinese battery manufacturers as they accelerate their electrification efforts, marking a shift in their previously dismissive attitude towards electric vehicles [3][4]. Group 1: Industry Trends - Japanese automakers, traditionally skeptical about electrification, are now partnering with Chinese battery firms, as seen with Honda's collaboration with CATL and Toyota's establishment of a Lexus electric vehicle and battery R&D company in Shanghai [3][4]. - The penetration rate of pure electric vehicles in Japan is below 5%, lagging behind Europe and the US, indicating a slow adoption of electric vehicle technology [4]. - The global market share of Japanese battery companies, particularly Panasonic, is declining, with its share dropping to 3.9% in early 2023, down 1.6 percentage points from the previous year [5]. Group 2: Market Dynamics - The shift in Japanese automakers' strategy reflects a broader trend where foreign companies are increasingly looking to collaborate with China's electric vehicle supply chain, indicating a change in the competitive landscape [5]. - The success of China's electric vehicle market and the global adoption of lithium iron phosphate technology are influencing Japanese companies to soften their stance on electric vehicles [4].

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