Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The solid-state battery industry is rapidly developing, with equipment manufacturers expected to benefit in the early stages of industrialization. Solid-state batteries offer high energy density and safety, with applications anticipated in various fields by 2030 [2][17] - The humanoid robot sector is advancing with the release of the DM series 17-degree-of-freedom dexterous hand, which enhances operational capabilities and is crucial for the commercialization of humanoid robots [3][26] - The forklift industry shows promising growth, with May sales reaching 123,000 units, a 12% year-on-year increase, indicating strong performance from leading companies [4] Summary by Sections Solid-State Battery Equipment - Solid-state batteries are expected to transition from pilot testing to small-scale production between 2026 and 2027, with mass production anticipated by 2028-2029. The equipment value for a single GWh is projected to decrease from 500-600 million to 250 million yuan as production scales up [2][17][18] - Key equipment manufacturers include: - XianDai Intelligent, which has achieved mass production of pilot line equipment [19] - Winbond Technology, focusing on front-end equipment [19] - Mannesmann, which has completed dual-line layouts for dry and wet processes [19] Humanoid Robots - The DM series dexterous hand features advanced drive and transmission systems, enhancing its operational capabilities. The integration of sensors allows for high sensitivity and durability, crucial for the interaction between humanoid robots and their environment [3][26] - Investment recommendations in this sector include: - Zhaowei Electromechanical for dexterous hands and micro drive systems [3] - Fulei New Materials for sensors and electronic skin [3] Forklift Industry - The forklift industry saw a significant increase in sales, with domestic sales reaching 79,000 units and exports at 44,000 units in May, reflecting a strong demand for domestic manufacturers [4] - Recommended companies in this sector include: - Anhui Heli, which has strategic partnerships with major logistics companies [4] - Hangcha Group, focusing on intelligent logistics solutions [4] - Zhongli Group, investing in automation and intelligent solutions [4]

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 电力设备 反内卷促光伏供给侧改革，荣耀推出行业最高负极硅含量旗舰新机 光伏：破除"内卷式"竞争，关注光伏供给侧改革机会。6 月 29 日，人民日报推出 金社平文章《在破除"内卷式"竞争中实现高质量发展》指出，"要深化要素市场 化配置改革，主动破除地方保护、市场分割和'内卷式'竞争。"7 月 1 日，中央 财经委员会第六次会议表示要依法依规治理企业低价无序竞争，引导企业提升产 品品质，推动落后产能有序退出。7 月 3 日，工信部党组书记、部长李乐成主持召 开第十五次制造业企业座谈会，聚焦加快推动光伏产业高质量发展，听取光伏行 业企业及行业协会情况介绍和意见建议，并表示要巩固提升优势，治理光伏行业 低价无序竞争，加快塑造我国下一代光伏产品的竞争优势。光伏行业积极响应供 给侧改革，根据索比光伏网报道，光伏玻璃厂计划 7 月开始集体减产 30%以响应 "反内卷"号召，预计后续多晶硅料价格也有望反弹上行。核心关注两大方向：1） 供给侧偏刚性、后续需求复苏后价格弹性更大的硅料、玻璃和石英砂，核心关注协 鑫科技、通威股份、大全能源、石英 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic and wind energy sectors, emphasizing the importance of supply chain integration and government policies [1][5][24]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement, with significant government intervention expected to address low-price competition and excess capacity [5][24]. - The wind energy sector is projected to maintain a robust installation capacity of over 100GW in 2026, despite a slowdown in bidding activity [1][12][24]. - The report highlights the importance of government policies, such as the U.S. "Big Beautiful Act," which alleviates uncertainties for solar and storage exports to the U.S. [1][3][5]. Summary by Sections Photovoltaic & Energy Storage - The "de-involution" initiative in the photovoltaic sector has reached a high level, with government meetings signaling strong administrative intervention to address pricing issues and capacity clearing [5][24]. - Supply chain integration is crucial, particularly in the silicon material segment, which is central to the current capacity surplus [5][24]. - The report anticipates a recovery in silicon prices, contingent on the downstream price transmission capabilities and collective self-discipline within the industry [5][24]. Wind Energy - The domestic price of onshore wind turbines has shown a recovery trend in Q2, with expectations for continued strong installation capacity in 2026 [1][12][24]. - The report notes that even with a slowdown in bidding, historical data suggests that installation figures will remain stable due to previously approved projects [12][24]. - The central government has reiterated its commitment to promoting orderly development in offshore wind energy [1][12][24]. Electric Grid - Recent approvals for high-voltage direct current projects indicate significant investment potential, with expected project investments exceeding 500 billion and 170 billion yuan for specific projects [2][14][15]. - The report highlights the anticipated increase in equipment bidding for high-voltage projects, projecting a breakthrough of 500 billion yuan in 2025 [15][17]. Lithium Battery - The report emphasizes the long-term potential of lithium metal anodes, which can achieve higher energy densities compared to traditional materials [2][18][24]. - It suggests a focus on leading companies in various processing routes for lithium metal anodes, as well as solid-state battery technologies [18][24]. Hydrogen and Fuel Cells - The extension of tax credits for hydrogen projects in the U.S. provides a critical window for industry development [3][23]. - The European Union's new framework for clean industrial support is expected to accelerate the deployment of green hydrogen projects [3][23]. Investment Recommendations - The report recommends specific companies across various sectors, including photovoltaic glass manufacturers, battery cell producers, and offshore wind cable suppliers, highlighting their potential for recovery and growth [24].

Market Performance - A-shares and H-shares exhibited divergent performance this week, with the Shanghai Composite Index reaching a new high of 3472.32 points, marking a weekly increase of 1.4%, while the Hang Seng Index fell below the 24000-point mark, with a weekly decline of 1.52% [1][2] - The divergence in market performance led to a slight decline of 0.77% in the 每经品牌100指数, closing at 1068.62 points [1] A-share Market - The A-share market maintained a strong upward trend, with the Shanghai Composite Index successfully standing above 3400 points since June 24, and peaking at 3497 points this week [2] - Key stocks in the A-share market included 宝钢股份, which surged by 8%, and several other companies like 浦发银行, 上汽集团, and 宁德时代, which saw increases of over 5% [2][3] H-share Market - The H-share market faced continuous adjustments, primarily due to the decline of leading internet companies, which are significant components of the 每经品牌100指数 [2] - Only 华润啤酒 among H-share constituents saw an increase of over 5% this week [2] Solid-State Battery Industry - 宁德时代 experienced a strong performance, with a weekly increase of 5.9% in A-shares and 9.17% in H-shares, reaching a new high since its listing in Hong Kong [6] - The company is committed to investing in solid-state battery technology, with expectations for small-scale production by 2027, indicating a significant acceleration in the solid-state battery industry's development [7] Steel Industry - 宝钢股份 was the top performer among the 每经品牌100指数 constituents, with a weekly increase exceeding 8%, driven by improved demand and tightening supply in the steel industry [8] - The steel ETF (515210) also saw a rise of 5.4%, reflecting positive sentiment in the sector, supported by government policies aimed at stabilizing infrastructure investment and improving product quality [8][9]

Investment Overview - A significant investment of 1.1 billion yuan has been completed, led by CATL and its subsidiary Puxian Capital, with participation from various funds including the National Development Bank and Beijing Robotics Industry Fund [1] - This financing marks the largest single investment in the field of embodied large model robots to date, with Galaxy General having raised over 2.4 billion yuan in total funding over two years, setting a record in this sector [1] Company Development - Galaxy General, established in May 2023, focuses on the research and development of embodied multimodal large model general robots, with its first product, Galbot G1, unveiled in June 2024 [1] - Galbot G1 can achieve a 95% success rate in grasping various materials using only synthetic data for training [1] Market Position and Future Plans - The founder and CTO of Galaxy General, Wang He, emphasized the importance of human-like robots in achieving productivity and service capabilities in various sectors [2] - The company has launched the world's first end-to-end embodied large model, GraspVLA, which demonstrates zero-shot generalization capabilities [2] - Galaxy General has also introduced a smart retail solution utilizing Galbot for automated inventory management in unmanned stores, with plans to expand to 100 unmanned pharmacies in major cities by the end of the year [2] Valuation and Industry Interest - Galaxy General's valuation has surpassed 1 billion USD, classifying it as a "unicorn" in the embodied robot sector [3] - The market for embodied intelligent robots has attracted significant attention from industry giants, with CATL investing in multiple robotics projects and exploring potential collaborations [3] Technological Advancements - Recent advancements in lithium battery technology in China have enhanced energy density, safety, and cycle life, supporting the application of lithium batteries in humanoid robots [4] - There is a growing recognition of the potential of solid-state batteries in the development of humanoid robots, which may become a core technology in future smart devices due to their safety and endurance advantages [4]

Core Viewpoint - The industrialization of solid-state batteries requires a collaborative innovation across the entire material system, focusing on the reconstruction of the electrochemical environment within the battery [1] Group 1: Solid-State Battery Materials - The iteration of cathode materials is crucial for achieving performance breakthroughs in solid-state batteries, with companies like Rongbai Technology advancing their first-generation 8-series ternary materials to ton-level verification, matching the cost of liquid batteries [2] - The second-generation 9-series ultra-high nickel materials with a capacity greater than 230mAh/g have been shipped to major clients, while the third-generation lithium-rich manganese-based materials (capacity > 300mAh/g) are in joint development, aiming for small batch shipments by 2025 [2] - Xiamen Tungsten's new "NL" cathode material structure shows significant improvements in energy density and rate performance due to its stable structure and wider interlayer spacing [2] Group 2: Cost Reduction and Production Capacity - The use of inexpensive metals instead of precious metals in materials presents significant long-term cost reduction potential, with current production capacity at the kiloton level, primarily targeting low-altitude economy and 3C consumer sectors [3] - Hunan Enjie, a subsidiary of Enjie Co., is innovating in the solid-state battery sector by adopting a "one-step" carbon thermal reduction process to produce high-purity lithium sulfide, with a hundred-ton production capacity established [3] - Enjie predicts that the price of lithium sulfide may drop to 500,000 yuan per ton within the next 3-5 years [3] Group 3: Electrolyte Development - Enjie is building a full-chain advantage from "electrolyte powder" to "electrolyte film," with a high ionic conductivity of 6mS/cm for its nanometer-level sulfide electrolyte powder and plans for a kiloton production line [4] - Xiamen Tungsten is developing a unique lithium sulfide synthesis process, claiming significant advantages in purity and cost, and is preparing to promote it to domestic and international clients [4] - Rongbai Technology is also actively developing optimized particle size distribution for sulfide electrolytes, with pilot verification planned for the fourth quarter of the same year [4] Group 4: Supporting Materials and Integration - BlueTing New Energy has introduced metal-organic framework (MOF) materials, which enhance lithium-ion conduction and extend the cycle life of solid-state batteries by 30-50% [4] - BlueTing has combined MOF with inorganic electrolytes to define a "super solid-state electrolyte (SSE)" and has formed strategic partnerships with electrolyte companies to provide interface solutions for mainstream technology routes [5] - Ganfeng Lithium, as a "full-stack integrator," has achieved milestone breakthroughs in battery cells, realizing small batch production of lithium metal batteries with an energy density of 500Wh/kg [6] Group 5: Market Applications - Ganfeng is expanding the application of semi-solid and solid-state batteries from electric vehicles to low-altitude economy aircraft and high-end consumer electronics, showcasing a complete closed-loop from materials to commercialization [6]

摘要 6月25日晚，红运机械"浆芯之力，智链未来"2025新品发布会顺利举行。红运机械重磅发布了高效管线式制浆系统、高速循环制浆系统、双螺杆连续制 浆系统、干法电极工艺等新品设备。 锂电行业正处于技术迭代与产业升级的关键交汇点。 一方面，作为电池制造核心环节的浆料制备工艺，正面临多重技术桎梏：湿法工艺需突破能效与环保瓶颈，干法电极亟待解决材料分散均质化难 题，新型 活性材料与粘结剂的适配性不足，规模化生产中工艺稳定性控制亦成为痛点，叠加行业对低成本、高一致性的迫切需求，传统制浆体系 已难以适配产业升级节奏。 另一方面，固态电池、干法电极、高固含量制浆等前沿技术加速落地，4680电池、超快充等技术路线推动性能边界持续突破，为行业注入创新动 能，也对制浆设备的技术适配性提出更高要求。 作为深耕混合设备领域叁十余年的领军企业，红运机械始终坚信，唯有尊重材料特性、突破混合边界的工艺革新才能破解行业困局。 （ 高工锂电董事长张小飞博士) 张小飞肯定了红运机械多年来的专注与积淀—— 从早期深耕湿干法技术，到如今设备效率全球领先，其不盲从改名"智能"等潮流、专注打磨核心 产品的坚守，正是行业所需的"静水流深"的创新精神。 ...

Market Overview - Over 4,100 stocks declined, and the three major indices experienced a volume surge followed by a pullback, raising questions about the market's ability to continue rising [1] - Despite the pullback, the market has not provided a clear signal indicating the end of the upward trend, as the Shanghai Composite Index remains above the recent breakout point of 3,460 [1] - The market has not breached the critical 5-day moving average, which is often a precursor to a market top, indicating that the current trend is still intact [1] Sector Performance - Key sectors such as banking, insurance, steel, and coal are still showing strength, suggesting that internal market funds are actively participating and pushing indices higher [1] - Digital currencies and other sectors are also performing strongly, indicating ongoing rotation and movement of funds within the market [2] Investment Strategy - For investors holding low-position stocks that have not experienced significant increases, it is advisable to hold and wait, especially if their positions are not heavily weighted [2] - Caution is advised for short-term positions that have seen substantial gains recently, such as solid-state batteries and marine economy stocks, as they may face short-term adjustment risks [2]

Core Viewpoint - The article highlights the upcoming 2025 High-tech New Energy Materials Industry Conference, focusing on advancements in solid-state electrolytes and silicon-based anode materials, showcasing the latest developments from Tianmu Xiangdao in high energy density battery materials. Group 1: Conference Details - The conference will take place on July 8-9, 2025, at the Chengdu Qionglai Yang'an New City Conference Center in Sichuan Province [1] - Tianmu Xiangdao will disclose its latest research progress in solid-state electrolytes and silicon-based anodes during the event [1] Group 2: Company Developments - Tianmu Xiangdao has established a patent portfolio of nearly 350 items, focusing on solid-state electrolytes, silicon-based anodes, and hard carbon anodes [1] - The company is collaborating with Enjie Co., Ltd. and Beijing Weilan New Energy to form Jiangsu Sanhe, which specializes in semi-solid electrolyte coated membranes [1] Group 3: Production Capacity and Projects - The first phase of the project has completed construction, with two high-performance coating film production lines entering trial production [2] - Tianmu Xiangdao is developing a lithium battery silicon-carbon anode material research laboratory in Xuchang, Henan, with a planned production capacity of 200 tons per year [2] - The company is building the largest new silicon-carbon production center in the country, with a total planned capacity of 60,000 tons and an investment of 720 million yuan [2] Group 4: Financial Projections and Supply Chain - The project is expected to achieve a production capacity of 600 to 1,000 tons by 2025, corresponding to a revenue of approximately 300 million to 500 million yuan [3] - The local supply chain integration will reduce production costs, with key raw materials like silane supplied directly from a local company [3] - Tianmu Xiangdao's total annual production capacity has reached 45,000 tons, including 12,000 tons of silicon-based anode materials, 10,000 tons of hard carbon anode materials, and 3,000 tons of solid-state electrolytes [3]

Market Overview - The market experienced a high and then a pullback, with the Shanghai Composite Index briefly rising over 1% to approach 3500 points [1] - Market hotspots were mixed, with over 4100 stocks declining, while the total trading volume in the Shanghai and Shenzhen markets reached 1.43 trillion yuan, an increase of 118.8 billion yuan from the previous trading day [2] Sector Performance - Bank stocks strengthened again, with several stocks like Pudong Development Bank reaching historical highs [3] - Stablecoin concept stocks rebounded, with companies like Jingbeifang hitting the daily limit [3] - Power stocks remained active, with Huayin Electric also hitting the daily limit [3] - In contrast, solid-state battery concept stocks underwent adjustments, with companies like Xinyu Ren falling over 10% [3] Regulatory Changes - A significant upgrade in A-share system construction is set to take place, with the implementation of the "Procedural Trading Management Implementation Rules" on July 7, 2025, aimed at regulating quantitative trading practices [4] - The new regulations detail four types of abnormal trading behaviors, including excessive order submission rates, frequent order cancellations, simultaneous manipulation of multiple stocks, and large transactions within a short time frame [5] - High-frequency trading is defined as more than 300 orders per second or over 20,000 orders per day, which will attract regulatory scrutiny [6] - These changes may limit trading enthusiasm in the short term, particularly for small-cap stocks that are heavily traded by quantitative strategies [6] Earnings Outlook - The upcoming earnings season is expected to highlight companies with better-than-expected performance, with several companies already issuing forecasts since late June [8] - The TMT sector, driven by AI, is anticipated to show strong earnings growth, with the computer industry reporting a profit growth rate of 671.5% in the first quarter [9] - The "trade-in" policy is expected to support resilience in the home appliance and automotive sectors, with profit growth rates of 25.3% and 11.3%, respectively [10] - Other sectors such as steel, building materials, and non-ferrous metals are also expected to see marginal improvements in profitability due to low base effects and price increases [10] - Key sectors expected to maintain high growth rates in mid-year reports include TMT (semiconductors, optical electronics, consumer electronics), midstream manufacturing (automotive, photovoltaics), and consumer services [13]