Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The reduction of tariffs between China and the US is expected to benefit new energy exports, with optimistic growth in photovoltaic demand from the US and emerging economies [1]. - The report emphasizes the importance of cost reduction and efficiency improvement in photovoltaic manufacturing, focusing on the optimization of leading companies in silicon materials and battery cells [1]. - The wind power sector is anticipated to see steady progress in domestic and overseas demand, with a positive outlook for profitability recovery in the complete machine and component segments by 2025 [1]. - The government’s push for smart connected new energy vehicles is expected to sustain high sales growth throughout the year, driving demand for batteries and materials [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment [1]. - Continuous promotion of hydrogen energy development is noted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.39% this week, outperforming the Shanghai Composite Index, which increased by 0.76% [10]. - The photovoltaic sector saw a significant increase of 2.96%, while the wind power sector experienced a decline of 0.58% [13]. Key Industry Information - In April 2025, China's new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, accounting for 47.3% of total new car sales [24]. - The battery alliance reported a total of 54.1 GWh of power batteries installed in April, with a month-on-month decrease of 4.3% [24]. - The US-China trade talks resulted in a significant reduction in bilateral tariffs, which is expected to positively impact exports in photovoltaic, lithium battery, and energy storage sectors [24]. Company Developments - CATL has set the final price for its H-share issuance at HKD 263 per share, with plans for listing on May 20, 2025 [27]. - Canadian Solar has adjusted its 2025 component shipment target to 25-30 GW, down from the previous estimate of 30-35 GW [27]. - Several companies, including Sanyuan Electric and Igor, are engaging in stock repurchase plans and other strategic financial maneuvers [27].

Company Updates - On May 16-17, the company held the 2025 Global Technology Conference, where it launched six new products, including Gyuanyuan solid-state battery, Qicheng second-generation battery cell, Gxing heavy-duty truck standard box, Qianyuan smart storage 20MWh battery system, Axtrem intelligent solutions, and Jinshi all-solid-state battery [1] Industry Performance - According to the China Power Battery Innovation Alliance, the company's domestic power battery installations reached 3.14GWh in April 2025, representing a year-on-year increase of 140% [2] Product Development - The solid-state battery industry has made significant progress, with the company announcing that its Jinshi solid-state battery product has achieved notable advancements in industrialization. The cell energy density can reach 350Wh/kg, and the system energy density can reach 280Wh/kg, with products already undergoing road testing. The first pilot production line for solid-state batteries has been completed, designed for an annual capacity of 0.2GWh, with a 100% localization rate for core equipment and a yield rate exceeding 90% [3] - The Gyuanyuan solid-state battery system has an energy density of over 235Wh/kg, which is more than a 36% improvement compared to the same volume of liquid batteries. Future application scenarios include eVTOL, new energy vehicles, and humanoid robots. The Gyuanyuan battery has completed sample testing for over five customers and vehicle testing for over four customers, with the "001" prototype vehicle having traveled over 10,000 kilometers [3] Product Commercialization - New products such as the Qicheng second-generation battery and the heavy-duty truck standard box are based on mature materials and production processes, with expectations for mass production starting in the second half of 2025, which is likely to positively contribute to the company's profitability [3] Profitability Outlook - The company is expected to experience a turning point in profitability in the second half of 2025, driven by rapid growth in battery shipments. If battery shipments reach 50-60GWh, the company may achieve a scale-driven profitability inflection point [4] Financial Forecast - The company maintains its profit forecasts for 2025 and 2026. The current stock price corresponds to a P/E ratio of 25.8x for 2025 and 18.2x for 2026. The company maintains an outperform rating and a target price of 27 yuan, which corresponds to a P/E ratio of 30.1x for 2025 and 21.2x for 2026, indicating a potential upside of 16.9% from the current stock price [5]

固态电池迈向产业化。 2025年汽车产业的技术发展进入新阶段，在智能化技术向前之际，电动化的新电池技术也取得了新进 展。CIBF 2025中国深圳电池展上，固态电池产业化、技术难点等成为业内关注焦点。 对比液态电池，固态电池的安全性、能量密度、使用寿命等均有提升。中国电动汽车百人会旗下车百智 库最新调研报告《全固态电池有望引领新一轮电池革命》认为，当前液态锂离子电池能量密度已接近上 限（约350Wh/kg），而全固态电池能量密度有望突破500 Wh/kg，在产品性能上具备"技术颠覆"的潜 力。因此，固态电池一直被各大动力电池厂商、新能源车企视为下一代电池的重要开发方向，但仍需要 攻克技术、高成本等问题 贝特瑞集团研究院固态电池项目负责人杨成林表示，固态电池面临的问题包括成本过高（全固态电芯成 本达到5元/Wh）、运行压力高（全固态电芯运行所需压力在兆帕级）等。 但近一年来，随着技术工艺的不断迭代，固态电池所需原材料成本出现明显下降。杨成林表示，比如固 态电解质所需的硫化锂，在大批量采购的情况下，目前的售价可以达到1000元/千克。 随着原材料成本的下探，产业链相关厂家对固态电池量产的速度也在加速。国轩高科于5 ...

5月16日，第二十二届中国（漯河）食品博览会在漯河国际会展中心开幕。本届展会以"世界眼光、 中国经典、河南名品"为主题，吸引了1268家企业报名参展。 近年来，按照董事会"产业化、多元化、国际化、数字化"战略方针要求，双汇不断加强新品研发， 积极推动产品形态多元化、消费功能多元化、消费人群多元化和消费情景多元化，推动产品结构向肉蛋 奶菜粮结合转变，向一顿饭、一桌菜转变，推动产品进家庭、上餐桌。 万宏伟表示，作为漯河本土企业，多年来，双汇持续加大在科技创新、产品研发、品质管控等方面 的投入，建立有国家级企业技术中心和多个肉品研发创新平台，形成了从农田到餐桌的全产业链研发体 系，不断满足消费者日益多样化、个性化的消费需求，让双汇的产品走进千家万户。 站在新的发展起点，双汇将以此次食博会为契机，坚持创新驱动发展战略，加大在科技创新、产品 创新、商业模式创新和数字化创新方面的探索与实践，为漯河食品产业的繁荣发展，为中国食品工业的 进步贡献更多的双汇力量。 作为漯河食品产业的龙头企业，双汇在此次展会上的表现格外引人注目。据悉，本届食博会双汇展 厅面积136平方米，设置有4个展示模块，分别是美式产品展区、肉制品综合展区、 ...

Group 1 - The company held an online performance briefing for the 2024 fiscal year on May 16, 2025, focusing on performance, new product development, and market conditions [1] - In Q1 2025, the company reported a loss of 0.048 yuan per share, while competitors like Yongdong Co. and Longxing Technology achieved profitability, attributing the loss to raw material price fluctuations and a lag in product pricing adjustments [1] - The company's inventory increased by 212 million yuan and accounts receivable rose by 73.62 million yuan in Q1 2025, primarily due to a production and sales rate below 100%, leading to higher product stock [1] Group 2 - The first phase of the carbon nanotube powder project has been completed, with products mainly sold to lithium battery companies and conductive paste manufacturers, and the company is actively pursuing customer collaborations amid industry supply-demand changes [2] - The company has maintained close cooperation with leading domestic enterprises in the tire sector, including joint development of new products [2] - The company is advancing new product research and industrialization despite performance pressures, indicating a positive future development outlook [2]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 添加文末微信，加 绿色燃料 群 继国家能源局4月28日发布关于组织开展绿色液体燃料技术攻关和产业化试点的通知之后，江苏省发改委也在5月12日发布关于组织开展绿色液 体燃料技术攻关和产业化试点的通知。 值得一提的是， 江苏是第一个响应国家能源局跟进部署 绿色液体燃料技术攻关和产业化试点 的省份。 根据通知， 江苏本次试点方向和国家能源局通知内容保持一致，主要包括： ( 一 ) 可持续航空燃料（ SAF ） 。以农林废弃物等生物质、生物燃料乙醇、绿色甲醇、生物基二氧化碳、可再生能源制氢等为原料，通过气 化、加氢、催化合成、醇制喷气燃料等工艺生产的航空燃料组分。 ( 二 ) 可持续柴油。 以农林废弃物等生物质、生物基二氧化碳、可再生能源制氢等为原料，通过气化、加氢、催化合成等工艺生产的柴油组 分。 ( 三 ) 生物燃料乙醇。 以农林废弃物等生物质为原料，通过生物发酵 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The main policy tone is still "controlling new debts and resolving existing ones." The issuance and net financing of urban investment bonds have decreased, while the issuance of innovative varieties such as science and technology innovation bonds has increased [4][54][56]. - In the short - term, although the Sino - US tariff game has eased, the bond market will continue to fluctuate. It is recommended to allocate high - quality platform targets in strong regions, moderately extend the duration, and also pay attention to strong urban investment in key debt - resolving regions and new entities formed during the industrial transformation and integration of urban investment [6][9][49]. Group 3: Summary by Directory 1. April 2025 Urban Investment Bond Market Operation Characteristics - **Issuance scale and net financing**: The issuance scale of urban investment bonds decreased by 10.34% month - on - month to 554.27 billion yuan, with a net outflow of 75.279 billion yuan for two consecutive months. The approval rates of the exchange and the inter - bank market both decreased month - on - month. 21 provinces had net outflows, and the net outflow scale of economic powerhouses increased significantly [7][10][13]. - **Innovative varieties**: 22 innovative urban investment bonds were issued, with a total scale of 16.78 billion yuan. The issuance of science and technology innovation bonds increased significantly, with 12 bonds issued, totaling 9.02 billion yuan [20]. - **Issuance term**: The weighted average issuance term was 2.76 years, a decrease of 0.87 years month - on - month. The proportion of borrowing new to repay old remained above 90%, and 14 provinces reached 100%. Among the 10 key provinces, 9 had a 100% borrowing - new - to - repay - old ratio [23]. - **Issuance interest rate and spread**: The weighted average issuance interest rate was 2.43%, a decrease of 0.17 percentage points month - on - month; the weighted average issuance spread was 91.93BP, a narrowing of 5.43BP month - on - month [26]. - **Overseas bonds**: The issuance scale of overseas urban investment bonds increased by 25.44% month - on - month to 41.177 billion yuan, and the weighted average issuance interest rate rose to 5.57% [31]. - **Yield and credit spread**: The yield of urban investment bonds decreased overall. The credit spreads of key provinces mostly narrowed, while those of non - key provinces mostly widened [35]. 2. Credit Analysis - One urban investment enterprise had its credit rating upgraded. In April 2025, Orient Golden Credit upgraded the rating of Shanghai Northern Enterprise (Group) Co., Ltd. from AA+ to AAA [43]. - The number, scale, and frequency of abnormal transactions of urban investment bonds decreased. Guizhou had the largest abnormal transaction scale, and "20 Boshui 01" had the largest deviation [43][44]. 3. Maturity and Early Redemption - The maturity and put - option scale of urban investment bonds this year exceeded 3 trillion yuan. 129 urban investment enterprises redeemed bond principal and interest in advance, with a scale of 24.963 billion yuan, a decrease of 12.55% month - on - month [46]. 4. Strategy - Allocate high - quality platform targets in strong regions and moderately extend the duration. For medium - and short - term durations, focus on strong urban investment in regions with significant debt - resolution progress. Also, pay attention to new entities formed during industrial transformation and integration, but set an appropriate duration [6][9][49]. 5. Recent Policy and Hot Event Review - The policy emphasizes resolving existing debts and preventing new ones. The issuance of special refinancing bonds for debt replacement has exceeded 60%. The supervision of new hidden debts remains strict, and the support for science and technology innovation bonds has increased [6][50]. - At the local level, many places are accelerating the integration and transformation of state - owned enterprises and standardizing financing management [51].

【深圳商报讯】（首席记者刘琼）5月15日，第十七届深圳国际电池技术交流会/展览会（CIBF2025）在 深圳国际会展中心开幕。本届展会覆盖15个展馆，展览面积近30万平方米，汇聚了宁德时代、比亚迪、 欣旺达等3200余家参展商，3天展期预计吸引专业观众超40万人次。 "电池产业的未来竞争，是生态闭环与数智化能力的竞争。中国企业正以技术创新与标准输出，重塑全 球价值链。"中国化学与物理电源行业协会秘书长王泽深表示。 据悉，展会同期还将举办电动航空及飞行器电池技术交流会、电池产业合作论坛、电池护照与可持续发 展技术研讨会、新能源数字化论坛暨AI应用大会、同位素核电池现状及未来发展研讨会等专业会议。 展会活动现场将重磅发布《锂离子电池行业蓝皮书2024》及《低空飞行器电池标准化白皮书》，并签署 多项战略合作备忘录，推动行业标准化与可持续发展进程。 （文章来源：深圳商报） CIBF作为全球电池技术首发高地，被誉为中国新能源产业的"风向标"。本次展会由中国化学与物理电 源行业协会主办，以"链动全球·赋能绿色·驱动未来"为主题，15大展馆涵盖了电池材料、设备、电芯制 造、Pack技术及回收再利用等全产业链，全景呈现产业发 ...

Group 1 - Liaoning is promoting infrastructure construction and enhancing the potential of data elements, achieving phased progress in digital economy and government collaboration [1][2] - The province has developed a plan for market-oriented data element allocation reform, focusing on six areas including supply, circulation, innovation application, infrastructure, industry ecosystem, and data security [1] - A "1+6" promotion system has been established with 22 key tasks to optimize data allocation and improve its contribution to economic and social development over the next three years [1] Group 2 - Liaoning aims to strengthen its data infrastructure, addressing shortcomings in computing power, network, circulation, and security systems to support the digital transformation of various industries [1][2] - The province plans to enhance digital government construction through a top-level design and the establishment of a "1131" system, including a chief data officer and an AI-government joint meeting mechanism [2] - Efforts will be made to advance the digitalization of industries, including manufacturing, agriculture, and services, to unlock the value of data elements and support transformation [2]

Core Viewpoint - The solid-state battery industry faces significant challenges in commercialization, including immature supply chains, higher costs compared to lithium batteries, and reliance on imported key materials [1][5][6] Group 1: Industry Developments - Recent events have catalyzed interest in solid-state batteries, with companies like Better Ray (贝特瑞) launching new materials and Guoxuan High-Tech (国轩高科) expected to unveil new products at an upcoming conference [1][2] - Institutional investors have been actively visiting companies in the solid-state battery supply chain, with many firms projecting 2027 as the timeline for mass production [1][3] Group 2: Production and Technology - Battery manufacturers generally anticipate 2027 for the scale-up of solid-state battery production, with companies like CATL (宁德时代) and Guoxuan High-Tech aiming for small batch production and testing by that year [3][4] - The solid-state battery production cost is projected to decrease significantly but will still be five times higher than conventional lithium-ion batteries, with S&P forecasting a cost of USD 500/kWh by 2025 [5][6] Group 3: Market Dynamics - The solid-state battery sector is currently divided into two camps: those pursuing semi-solid-state solutions aiming for mass production within two years, and those committed to all-solid-state technologies targeting the post-2027 market [5][6] - The materials segment is still in a phase of multiple technological approaches, with no single method demonstrating a clear cost or efficiency advantage [5][6] Group 4: Future Outlook - Analysts predict that by 2025, there will be batch deliveries of semi-solid-state batteries and accelerated development of all-solid-state solutions, with the automotive industry entering a competitive phase [7]