Core Viewpoint - The company has not yet initiated the construction and production of solid-state battery raw materials but is focusing on key raw materials as a starting point for development [1] Group 1 - The company has confirmed that it is currently not engaged in the construction and production of solid-state battery raw materials [1] - The company has identified key raw materials for solid-state batteries and is conducting process and equipment validation [1] - The materials align well with the company's existing customer channels in the new energy electrolyte materials sector and match its fine chemical capabilities [1] Group 2 - The company has the conditions to implement these materials in its existing park [1] - The company will continue to monitor the progress of industrialization and will promote industrial transformation when the technology matures [1]

Core Viewpoint - China Baoan's stock has shown significant growth this year, with a year-to-date increase of 29.71% and a recent surge of 14.19% over the past five trading days [1] Financial Performance - For the first half of 2025, China Baoan reported revenue of 10.839 billion yuan, representing a year-on-year growth of 8.06%, and a net profit attributable to shareholders of 244 million yuan, up 24.51% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.117 billion yuan, with 284 million yuan distributed over the past three years [3] Shareholder Information - As of September 10, 2025, the number of shareholders increased to 152,200, with an average of 16,925 circulating shares per person, a decrease of 1.18% from the previous period [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 34.425 million shares, and Southern CSI 500 ETF, holding 26.779 million shares, both showing increases in their holdings [3] Stock Performance and Market Activity - On September 26, China Baoan's stock price was 11.83 yuan per share, with a trading volume of 785 million yuan and a turnover rate of 2.53% [1] - The stock experienced a net outflow of 95.7723 million yuan in principal funds, with large orders accounting for significant buy and sell volumes [1]

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1]. Core Viewpoints - The report highlights the solid-state battery equipment sector as a key area for investment, emphasizing the growth potential and technological advancements within the industry [1]. - The report provides detailed insights into several leading companies in the solid-state battery equipment market, showcasing their revenue growth, market share, and technological capabilities [1]. Summary by Relevant Sections 1.1 XianDao Intelligent - XianDao Intelligent, established in 2002, is a leading global provider of intelligent manufacturing solutions for new energy [6]. - The company's revenue from 2020 to 2024 was 59, 100, 139, 166, and 119 billion yuan, with net profits of 7.68, 15.85, 23.18, 17.75, and 2.86 billion yuan respectively [6]. - In the first half of 2025, the revenue from lithium battery equipment was 45 billion yuan, accounting for 69% of total revenue, with a gross margin of approximately 39% from 2022 to 2024 [6][9]. - The company holds a 15.5% market share globally and 19.0% in China for lithium battery equipment [6]. 1.2 YingHe Technology - YingHe Technology, founded in 2006, specializes in lithium battery intelligent equipment and offers digital factory solutions [10]. - The company's revenue from 2020 to 2024 was 24, 52, 90, 98, and 85 billion yuan, with net profits of 1.91, 3.11, 4.87, 5.54, and 5.03 billion yuan respectively [10]. - In the first half of 2025, lithium battery equipment revenue was 28 billion yuan, making up 66% of total revenue, with a gross margin recovering to 18.5% [10]. 1.3 LiYuanHeng - LiYuanHeng, established in 2014, focuses on smart equipment for various industries, including solid-state batteries [20]. - The company's revenue from 2020 to 2024 was 14, 23, 42, 50, and 25 billion yuan, with net profits of 1.40, 2.12, 2.90, -1.88, and -10.44 billion yuan respectively [20]. - In the first half of 2025, lithium battery equipment revenue was 15 billion yuan, representing 81% of total revenue, with a gross margin of 27.1% [20]. 1.4 HongGong Technology - HongGong Technology, founded in 2008, specializes in automated material handling solutions [26]. - The company's revenue from 2020 to 2024 was 3, 6, 22, 32, and 21 billion yuan, with net profits of 0.66, 0.50, 2.98, 3.15, and 2.08 billion yuan respectively [26]. - In the first half of 2025, lithium battery equipment revenue was 6.88 billion yuan, accounting for 91% of total revenue, with a gross margin of 26.6% [26]. 1.5 HaiMuXing - HaiMuXing, established in 2008, focuses on laser and automation equipment for various industries [32]. - The company's revenue from 2020 to 2024 was 13, 20, 41, 48, and 45 billion yuan, with net profits of 0.77, 1.09, 3.80, 3.22, and -1.63 billion yuan respectively [32]. - In the first half of 2025, revenue from lithium battery laser and automation equipment was approximately 10 billion yuan, making up 59% of total revenue, with a gross margin of 10.0% [32]. 1.6 NaKonoer - NaKonoer, founded in 2000, specializes in high-precision roller pressing equipment and holds a 23.4% market share in China's lithium roller pressing equipment market [40]. - The company has developed various dry electrode production equipment and is advancing its solid-state battery production equipment [40]. 1.7 ManSiTe - ManSiTe, established in 2014, focuses on high-precision coating technology and has developed a dual-line product layout for solid-state batteries [43]. - The company has successfully delivered various solid-state battery equipment to clients, including dry multi-roller film systems and solid-state battery front-end lines [43].

Company Overview - Haimeixing Laser Technology Group Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on April 3, 2008. The company went public on September 9, 2020. Its main business involves the research, design, production, and sales of laser and automation equipment across various industries, including consumer electronics, power batteries, and sheet metal processing [1][2]. Financial Performance - As of June 30, 2025, Haimeixing reported a revenue of 1.664 billion yuan, a year-on-year decrease of 30.50%. The net profit attributable to shareholders was -708 million yuan, reflecting a significant year-on-year decline of 565.65% [2]. - The company has distributed a total of 60.4585 million yuan in dividends since its A-share listing [3]. Stock Performance - On September 26, Haimeixing's stock price decreased by 2.06%, trading at 42.80 yuan per share, with a total transaction volume of 304 million yuan and a turnover rate of 2.82%. The total market capitalization stood at 10.604 billion yuan [1]. - Year-to-date, the stock price has increased by 24.42%, with a 6.39% rise over the last five trading days, a 23.84% increase over the last 20 days, and a 36.35% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 15,900, up by 4.49% from the previous period. The average number of circulating shares per person decreased by 3.85% to 15,629 shares [2]. - Among the top ten circulating shareholders, Huaxia CSI Robot ETF ranked as the sixth largest, holding 4.415 million shares, an increase of 1.6939 million shares compared to the previous period [3]. Industry Context - Haimeixing operates within the mechanical equipment sector, specifically in automation equipment and laser devices. The company is associated with concepts such as TOPCon batteries, solid-state batteries, lithium batteries, and is linked to major players like CATL and Tesla [2].

9月26日，天齐锂业盘中上涨2.46%，截至10:28，报45.79元/股，成交12.61亿元，换手率1.92%，总市值 751.52亿元。 资金流向方面，主力资金净流出5929.36万元，特大单买入6448.05万元，占比5.11%，卖出9326.11万 元，占比7.40%；大单买入2.59亿元，占比20.54%，卖出2.89亿元，占比22.96%。 天齐锂业今年以来股价涨38.76%，近5个交易日涨1.73%，近20日涨4.16%，近60日涨41.46%。 今年以来天齐锂业已经2次登上龙虎榜，最近一次登上龙虎榜为8月11日，当日龙虎榜净买入3.81亿元； 买入总计6.63亿元 ，占总成交额比17.81%；卖出总计2.82亿元 ，占总成交额比7.57%。 天齐锂业所属申万行业为：有色金属-能源金属-锂。所属概念板块包括：化肥、盐湖提锂、固态电池、 锂电池、小金属等。 截至6月30日，天齐锂业股东户数27.08万，较上期减少6.08%；人均流通股5451股，较上期增加6.45%。 2025年1月-6月，天齐锂业实现营业收入48.33亿元，同比减少24.71%；归母净利润8441.06万元，同比增 长101.6 ...

9月26日，普路通盘中上涨2.09%，截至10:24，报8.78元/股，成交3404.20万元，换手率1.05%，总市值 32.78亿元。 资金流向方面，主力资金净流入74.36万元，大单买入669.10万元，占比19.66%，卖出594.75万元，占比 17.47%。 普路通今年以来股价涨25.97%，近5个交易日跌3.20%，近20日涨4.52%，近60日涨1.04%。 资料显示，广东省普路通供应链管理股份有限公司位于广东省深圳市福田区深南大道1006号深圳国际创 新中心A栋21楼，成立日期2005年12月19日，上市日期2015年6月29日，公司主营业务涉及供应链管理 服务。主营业务收入构成为：供应链80.89%，新能源19.11%。 普路通所属申万行业为：交通运输-物流-中间产品及消费品供应链服务。所属概念板块包括：固态电 池、光伏玻璃、太阳能、钠电池、储能等。 截至9月10日，普路通股东户数3.41万，较上期增加4.75%；人均流通股10942股，较上期减少4.54%。 2025年1月-6月，普路通实现营业收入3.88亿元，同比增长39.77%；归母净利润3332.43万元，同比增长 165.39% ...

Company Overview - Shanghai Xiba Technology Co., Ltd. is located at 1230 Zhongshan North Road, Shanghai, established on July 4, 1994, and listed on June 1, 2017. The company specializes in comprehensive solutions for water treatment technology [1]. - The main business revenue composition includes: 40.89% from chemical sales and services, 31.82% from water treatment system operation management, 23.05% from equipment sales and installation, 3.28% from other products and services, 0.74% from duct cleaning, and 0.23% from water treatment equipment integration [1]. Financial Performance - For the first half of 2025, Shanghai Xiba achieved operating revenue of 225 million yuan, a year-on-year decrease of 15.85%. However, the net profit attributable to the parent company was 107 million yuan, showing a significant year-on-year increase of 156.56% [2]. - Since its A-share listing, the company has distributed a total of 150 million yuan in dividends, with 41.09 million yuan distributed over the past three years [3]. Stock Performance - As of September 26, the stock price of Shanghai Xiba was 90.16 yuan per share, with a market capitalization of 15.821 billion yuan. The stock has increased by 272.87% year-to-date, but has seen a decline of 4.30% over the last five trading days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent appearance on September 9 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shanghai Xiba was 24,200, a decrease of 9.89% from the previous period. The average number of circulating shares per person increased by 10.98% to 7,251 shares [2]. - New institutional shareholders include: -交银阿尔法核心混合A (519712) as the sixth largest shareholder with 2.7423 million shares -交银优势行业混合 (519697) as the seventh largest shareholder with 2.4960 million shares -交银瑞和三年持有期混合 (013269) as the eighth largest shareholder with 1.9428 million shares -香港中央结算有限公司 as the tenth largest shareholder with 1.0803 million shares [3]. Industry Context - Shanghai Xiba operates within the environmental protection industry, specifically in water management and treatment, and is associated with concepts such as solid-state batteries, lithium batteries, wind energy, offshore wind power, and energy conservation and environmental protection [2].

今年以来方大炭素已经1次登上龙虎榜，最近一次登上龙虎榜为2月12日，当日龙虎榜净买入1954.21万 元；买入总计7230.65万元 ，占总成交额比11.80%；卖出总计5276.44万元 ，占总成交额比8.61%。 资料显示，方大炭素新材料科技股份有限公司位于甘肃省兰州市红古区海石湾镇炭素路11号，成立日期 1999年1月18日，上市日期2002年8月30日，公司主营业务涉及石墨及炭素制品的生产加工、批发零售。 主营业务收入构成为：炭素制品86.60%，其他7.48%，其他(补充)5.92%。 方大炭素所属申万行业为：钢铁-冶钢原料-冶钢辅料。所属概念板块包括：石墨烯、GDR概念、锂电 池、固态电池、新能源等。 9月26日，方大炭素盘中上涨2.15%，截至10:19，报5.22元/股，成交1.16亿元，换手率0.56%，总市值 210.16亿元。 资金流向方面，主力资金净流入2066.95万元，特大单买入1802.39万元，占比15.51%，卖出0.00元，占 比0.00%；大单买入2615.42万元，占比22.50%，卖出2350.87万元，占比20.22%。 方大炭素今年以来股价涨8.52%，近5个交易 ...

Summary of Solid-State Battery Equipment Conference Call Industry Overview - The solid-state battery production will reshape the supply chain, with a focus on lithium battery equipment investment cycles being brought forward, making it a key area of interest [1][2][11]. Key Points and Arguments - **Increased Demand for Equipment**: The demand for upstream dry electrode and solid-state transformer equipment is rising, while downstream formation and capacity equipment require more parallel devices due to increased pressure and temperature, leading to higher unit value and longer formation times [1][2]. - **Investment Opportunities**: Solid-state batteries are emerging as a significant investment direction within the new energy sector, with early-stage orders and feedback from leading companies indicating a shift in the equipment sector [2][10]. - **Performance Improvements**: Solid-state batteries exhibit significant enhancements in energy density and safety, meeting the new standards set by the Ministry of Industry and Information Technology (GB38,031-2025), which require batteries to be non-flammable and non-explosive [1][4]. - **Production Process Complexity**: The production process of solid-state batteries resembles a "sandwich" structure, eliminating the liquid injection step and requiring dry production of electrodes and membrane formation, which involves advanced technologies such as German continuous rolling machines and plasma spraying [1][5][6]. Notable Companies and Their Strategies - **Leading Companies**: Companies like XianDao Intelligent, Galaxy Technology, Green Source Heng, and HaiMuXing are capable of covering all processes in solid-state battery production, while others like NaKuoNuo and Manster focus on specific steps [1][7][10]. - **Supplier Categories**: Two types of suppliers are highlighted: those providing complete line solutions (e.g., XianDao Intelligent) and those specializing in specific segments (e.g., HongGong and DeLong Laser), with the former offering higher certainty and the latter more flexibility [3][10]. Critical Production Steps - **Key Processes**: The front-end processes (mixing, coating, rolling) account for approximately 40% of the value chain, with similar importance attributed to the mid-process [8]. The mixing stage requires nano-level dispersion and temperature control, while the coating stage is evolving towards double-sided coating for efficiency [8]. - **Mid-Process Equipment Trends**: The focus on equivalent equipment in the mid-process is increasing, with pressure requirements in the high-pressure formation process rising significantly from 3-5 tons to 30-50 tons or more, necessitating improved pressure control consistency [9]. Additional Insights - **Market Dynamics**: The solid-state battery sector is characterized by a complex manufacturing process that demands higher material and equipment standards, with solid-state equipment development expected to outpace material advancements [11]. - **Safety and Longevity**: Solid-state batteries outperform liquid batteries in safety, energy density, and longevity, making them a priority for investment and development in the current market landscape [11].

Core Viewpoint - The stock of Dangsheng Technology has experienced significant price increases this year, with a notable rise in trading volume and market capitalization, indicating strong investor interest and potential growth in the lithium battery materials sector [1][2]. Group 1: Stock Performance - As of September 26, Dangsheng Technology's stock price was 62.52 CNY per share, down 2.02% during the day, with a total market capitalization of 34.03 billion CNY [1]. - Year-to-date, the stock has increased by 55.99%, with a 13.96% rise over the past five trading days, 29.76% over the past 20 days, and 47.91% over the past 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Dangsheng Technology reported revenue of 4.432 billion CNY, representing a year-on-year growth of 25.17%, and a net profit attributable to shareholders of 311 million CNY, up 8.47% year-on-year [2]. - The company has distributed a total of 1.265 billion CNY in dividends since its A-share listing, with 821 million CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 86,700, with an average of 5,834 shares held per shareholder, a decrease of 2.13% from the previous period [2]. - Notable institutional shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with changes in their holdings reflecting market dynamics [2].