关注 「电动车公社」 和我们一起重新思考汽车 今年 3 月份，比亚迪发布"兆瓦闪充"时， 最高1000kW的充电功率、5分钟补能400km， 不知刷新了多少人的认知。 但你敢相信吗？这块充电倍率10C的电池，远没到充电速度的极限。 就在前段时间，英国公司 RML 集团研发了一款名为 VarEVolt 的电池系统。其最高充电倍率，竟然高达200C！ 这也就意味着， 理论上从 0 充满，只需 18 秒的时间！ 如此恐怖的充电速度，对目前市面上所有在售的电动车产品，绝对称得上降维打击。 不仅如此，官方还宣称这款电池的 功率密度达到了 6kW/kg， 同样是个非常逆天的数字。 相比之下，常见的三元锂电池功率密度一般在 1-2kW/kg（一块500kg的电池包放电功率能达到1000kW就很不错了） ，而 VarEVolt 电池 是它的 3 倍还 多！ 可以说， VarEVolt 电池 无论充电速度还是放电能力，都做到了目前市面上量产电动车无法匹敌的程度，甚至都有点 "物理学不存在" 了的味道。 更离谱的是，在不久之前 VarEVolt 电池 获得了英国 UN ECE Regulation 100 认证， 具备量产资格。 ...

Market Performance - On July 7, 2025, the Shanghai Composite Index rose by 0.02%, while the Shenzhen Component Index fell by 0.70% and the ChiNext Index decreased by 1.21%[3] - The total market turnover was 1,208.497 billion yuan, a decrease of 219.868 billion yuan compared to the previous trading day[3] - Out of 3,286 stocks, 2,010 declined while 1,276 advanced[3] Sector Performance - The top-performing sectors included Comprehensive Finance (up 2.21%), Real Estate (up 1.70%), and Electric Power & Utilities (up 1.50%) while the laggards were Pharmaceuticals (down 0.94%), Communications (down 0.80%), and Home Appliances (down 0.73%)[3][21] - The market style ranking was Stable > Financial > Cyclical > Neutral > Growth > Consumer[21] Capital Flow - On July 7, 2025, the net outflow of main funds was 18.268 billion yuan, with large orders seeing a net outflow of 11.283 billion yuan and small orders experiencing a net inflow of 19.967 billion yuan[4][26] - Southbound capital saw a net inflow of 12.067 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 5.791 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 6.276 billion HKD[5][28] ETF Trading - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -7.82 billion yuan and -26.26 billion yuan respectively[4][31] - The total trading volume for ETFs on July 7 was 12.08497 billion yuan, reflecting a decrease from the previous trading day[31] Global Market Overview - On July 7, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.12% and the Nikkei 225 down 0.56%[5][34] - European indices also experienced declines, with the DAX down 0.61% and the CAC40 down 0.75% on July 4, 2025[5][34]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Appropriate realization and waiting for layout opportunities. Currently, the convertible bond market is facing supply - demand contradictions and high valuations. In the context of potential increased volatility in the equity market, convertible bonds may face valuation adjustment pressure. Short - term investment should focus on large - cap debt - biased varieties, avoid bonds with overly high downward - revision expectations, realize profits appropriately, maintain a flexible position, and wait for the next layout opportunity [2][45]. Summary According to the Directory 1. Appropriate Realization, Waiting for Layout Opportunities - **Market Performance in Q2**: The equity market showed a deep "V" trend in Q2. The convertible bond index rose 3.4%, outperforming the Shanghai Composite Index. The low - price index rose 2.7%, and the equal - weighted index rose over 4% [12]. - **Supply - demand Analysis**: In Q2, convertible bond supply accelerated, with 11 new issues and a scale of 8 billion yuan. However, due to maturities and forced redemptions, the total scale decreased by over 55 billion yuan compared to Q1. The short - term supply supplement is limited. On the demand side, it first decreased and then increased. In June, there was a large - scale capital inflow [13][21]. - **Valuation Analysis**: The valuation of balanced convertible bonds rose significantly at the end of June, breaking through the annual high. The valuation of debt - biased convertible bonds reached a historical high, while the valuation of equity - biased convertible bonds remained at a low level [39][40]. 2. Market Review 2.1 Equity Market: Index Continued to Rise Strongly - **Index Performance**: Last week, the Shanghai Composite Index and the ChiNext Index rose 1.4% and 1.5% respectively. The market trading volume rebounded, and the theme hotspots rotated actively [47]. - **Style and Sector Performance**: Industries such as steel and building materials led the rise, while the banking sector reached a new high for the year. Some sectors such as computer and non - bank finance declined [47]. - **Valuation**: The PE (TTM) of all A - shares was 15.76X, and the PE (TTM) of the ChiNext was 36.38X, both showing an upward trend [48]. 2.2 Convertible Bond Market: Valuation Continued to Rise - **Index and Trading Volume**: The CSI Convertible Bond Index closed at 447.46, rising 1.21%. The average daily trading volume was 64.766 billion yuan, a 11.85% increase from the previous period [54]. - **Individual Bond Performance**: Dianhua, Saili, and Anke led the gains, while Jinji, Sanyang, and Jingduan led the losses [54]. - **Valuation**: The conversion premium rate of convertible bonds with a parity of 90 - 110 was 26.42%, and the average YTM of convertible bonds with a parity below 80 was - 0.27%, indicating a significant increase in valuation [56]. 3. Convertible Bond Investment Strategy 3.1 Stock Market - In the short term, the external uncertainty has increased significantly, and the index volatility may intensify. The broad - based index will be in a volatile state, and investors can focus on sectors such as innovative drugs, self - controllability, AI +, and solid - state batteries, as well as industries with improved prosperity [3]. 3.2 Convertible Bonds - The overall view is neutral and cautious, preferring structural individual bond opportunities. Specific areas to focus on include TMT, robotics, low - altitude areas, innovative drugs, debt - resolution directions, price - rising cyclical sectors, bottom - position bonds, and newly - listed bonds [4]. 3.3 Primary Market Tracking - Last week, 2 new convertible bonds were issued, 1 convertible bond was approved by the shareholders' meeting, and 1 convertible bond issuance was accepted by the exchange [5][68].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading lithium-ion battery separator manufacturer with over 20 years of industry experience [1] Group 1: Company Overview - Xingyuan Material is recognized as a world-class manufacturer of lithium-ion battery separators, being the first in China to master dry unidirectional stretching technology for separators [1] - The company has achieved the highest global market share in dry separators by shipment volume in 2024 and is also the first to achieve mass exports of lithium-ion battery separators [1] - It possesses all three production technologies for lithium-ion battery separators: dry, wet, and coated [1] Group 2: Market Position and Performance - As an early entrant in the lithium-ion battery industry, Xingyuan Material has established itself as a well-known supplier and technology innovator in the global separator market [2] - The company has independent equipment research and design capabilities and has developed a world-class battery separator production line [2] - Xingyuan Material's global market share for lithium-ion battery separators increased from 11.0% in 2020 to 14.4% in 2024 [2] Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 2.867 billion, RMB 2.982 billion, and RMB 3.506 billion, respectively, with net profits of RMB 748 million, RMB 594 million, and RMB 371 million [3] - In Q1 2025, the company reported revenue of RMB 881 million and a net profit of RMB 51 million [3] - The gross profit margin has shown a declining trend, with figures of 44.8%, 43.3%, 28.1%, and 23.6% for 2022, 2023, 2024, and Q1 2025, respectively [3] Group 4: Risks - The company faces pressure from declining average product prices due to increased market competition, which could adversely affect its gross profit margin and overall financial performance [3] - High customer concentration poses a risk, with the top five customers accounting for 67.4%, 63.8%, 50.9%, and 60.9% of revenue in 2022, 2023, 2024, and Q1 2025, respectively [4] - The company's reliance solely on lithium-ion battery separators exposes it to risks related to policy changes and market demand fluctuations [4]

证券研究报告·公司研究简报·电池 先惠技术（688155） 自动化产线+模组结构件快速放量，牵手清陶 布局固态电池设备 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,448 | 2,464 | 3,042 | 3,669 | 4,338 | | 同比（%） | 35.63 | 0.64 | 23.46 | 20.62 | 18.22 | | 归母净利润（百万元） | 39.96 | 223.02 | 301.68 | 366.01 | 446.69 | | 同比（%） | 142.31 | 458.19 | 35.27 | 21.32 | 22.04 | | EPS-最新摊薄（元/股） | 0.32 | 1.78 | 2.41 | 2.93 | 3.57 | | P/E（现价&最新摊薄） | 168.29 | 30.15 | 22.29 | 18.37 | 15.05 | [Table_Tag] [Tabl ...

中国锂电行业调研简报 | 2025/05 www.leadleo.com 报告标签：大圆柱电池、特斯拉4680电池、全极耳技术、干电极技术 2025年5月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/05 锂电行业 Q1：什么是大圆柱电池？大圆柱电池何时应用于汽车领域？ ◼ 圆柱电池指多采用圆柱钢壳来进行封装的电池，其生产工艺成熟、产品一致性高，海外市场应用广泛 圆柱电池是指多采用圆柱钢壳来进行封装的电池。圆柱电池起步较早、相比方形电池和软包电池技术成熟度高、成本低、产 品一致性高。但其能量密度较低、产品的成组效率较低。 图表1：不同封装形式 ...

Core Viewpoint - The solid-state battery industry is accelerating from 0 to 1, with significant market enthusiasm reflected in a cumulative increase of over 30% in the solid-state battery index since April 8, 2023 [1]. Group 1: Industry Developments - Recent announcements indicate that solid-state battery mass production is at a critical point, with multiple companies revealing their production plans [2]. - CATL has stated its commitment to solid-state battery technology, aiming for small-scale production by 2027 [2]. - Guoxuan High-Tech has completed its first solid-state battery pilot line and is conducting road tests [2]. - Yiwei Lithium Energy plans to achieve breakthroughs in solid-state battery production technology by 2026 and aims to launch a high-energy density solid-state battery by 2028 [2]. - SAIC Group intends to release over 10 models globally within three years and aims to implement solid-state batteries in vehicles by 2027 [2]. - Changan Automobile plans to invest in a joint venture for battery production, targeting solid-state battery validation by 2026 and gradual mass production by 2027 [2]. - Xiaomi Automotive has filed a patent related to solid-state battery technology [2]. Group 2: Market Outlook - Dongwu Securities predicts that small-scale applications of solid-state batteries will begin in 2027, with large-scale applications expected post-2030 in sectors like energy storage and robotics [3]. - Guotai Junan Securities highlights the formal initiation of solid-state battery industrialization, with significant progress since 2025 [3]. - The collaboration between automotive manufacturers and battery producers is a notable trend in the solid-state battery development landscape [3]. - Solid-state batteries are recognized for their high energy density and safety, making them suitable for various applications, including automotive and robotics [3].

Core Viewpoint - The article highlights a significant battery storage order of over 3.1 GWh signed between Nandu Power and Trina Solar with Indian renewable energy company ACME Solar, marking one of the largest battery storage procurement projects in India [1][3]. Group 1: Project Details - The project will support multiple renewable energy and battery-connected projects under ACME Solar, with implementation planned across various states in India within the next 12 to 18 months [3]. - The delivery of the systems is scheduled to be completed in phases over the next four to eight months [3]. - The specific supply ratio between Nandu Power and Trina Solar has not been disclosed [4]. Group 2: Company Background - ACME Solar, headquartered in Gurugram, India, has a total installed capacity of 6,970 MW and an operational capacity of 2,890 MW, with an additional 4,080 MW in various stages of implementation [7]. Group 3: Market Context - The Indian government has introduced favorable policies, such as requiring solar projects to include a 10%/2h storage system during bidding and allocating 54 billion INR for the development of 30 GWh battery storage projects [8]. - The National Power Plan of India aims to establish 47.24 GW/236.22 GWh of battery storage systems by 2031-2032 to balance the fluctuations of 365 GW of solar and 121 GW of wind energy generation [9]. - The article suggests that the Indian storage market still has significant growth potential, indicating that the competition among companies in this sector is intensifying [10].

Core Viewpoint - The lawsuit initiated by CATL against Xiamen Hichain Energy Technology Co., Ltd. and others highlights concerns over unfair competition, particularly regarding the similarity of their 587Ah battery products, which have a mere 4.4% deviation in energy density compared to CATL's patented products, significantly below the industry standard of 10% [1][2]. Group 1: Legal Proceedings - The Fujian Ningde Intermediate People's Court has accepted the case on June 25, with a hearing scheduled for August 12 [1]. - This is not the first legal confrontation between the two companies; in 2023, CATL sued Hichain's founder for breaching a non-compete agreement, resulting in a compensation of 1 million yuan [2]. Group 2: Company Background and IPO - Hichain Energy, founded by former CATL employees, is currently in the process of an IPO on the Hong Kong Stock Exchange, having submitted its application on March 25, 2023 [2]. - The timing of the court hearing coincides with the IPO review period, which could impact Hichain's ability to prove that the lawsuit does not affect its ongoing operations [2]. Group 3: Market Position and Growth - Hichain Energy has rapidly grown to become one of the top three companies in global lithium-ion energy storage battery shipments within five years [2]. - The company's revenue figures for 2022, 2023, and projected 2024 are approximately 3.615 billion yuan, 10.202 billion yuan, and 12.917 billion yuan, respectively, reflecting a compound annual growth rate of 89% [3]. - The shipment volume of Hichain's energy storage batteries has seen a compound annual growth rate of 167% during the same period [3].