光伏主产业链现金流承压，逆变器业绩高增 投资评级：推荐（维持） 邮箱：xuzj@hlzq.com ——光伏行业2024年及2025年一季报业绩综述 华龙证券研究所 电力设备行业 分析师：杨阳 SAC执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：许紫荆 SAC执业证书编号：S0230524080001 2025年05月14日 证券研究报告 请认真阅读文后免责条款 最近一年市场走势（单位：%） 相关报告 -30 -20 -10 0 10 20 30 2 0 2 4 - 0 5 2 0 2 4 - 0 6 2 0 2 4 - 0 7 2 0 2 4 - 0 8 2 0 2 4 - 0 9 2 0 2 4 -10 2 0 2 4 -11 2 0 2 4 -12 2 0 2 5 - 01 2 0 2 5 - 0 2 2 0 2 5 - 0 3 2 0 2 5 - 0 4 2 0 2 5 - 0 5 光伏设备 沪深300 | 关 报 | | --- | | 相 | | aba | | 相对沪深300表现 | | | （单位：%） | | --- | --- | --- | --- ...

主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 6月会议预告 2025高工钠电 产业峰会 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 智能装备的进化，不仅是电池技术发展的需求引擎，更是技术落地的试验场。 随着主流体系电池安全性能要求的升级、能量密度的提升、快充能力的加强，甚至于新一代大圆柱电池、固态电池的产业化，对于智能装备都提出了更 高的需求。 5月15-17日， 嘉拓智能作为新能源智能装备的头部企业，携 干法电极工艺解决方案、 高可靠性的复合铝集流体、第二代热复合叠片 机 、 固态电 池装备技术 等多款产品和新工艺方案亮相 CIBF 2025 展会。 历经 20年的发展，嘉拓智能已经形成了深厚的品牌价值和雄厚的技术积淀。 目前嘉拓智能公司约有 3900+名员工，在江苏、江西、福建、广东、四川、香港和德国的法兰克福进行开发和生产，在日韩、北美及印度等地 ...

2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 聚焦新技术 拓展新市场 时间： 7月11日 地点： 江苏无锡锡山区 一、活动背景及亮点 二、活动组织架构 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 起点研究院（SPIR）权威发布《2025中国两轮车换电及电池TOP排行榜及行业白皮书》， 覆盖智能电动两轮车出货量TOP10、两轮车换电运营商TOP10、两轮车电池BMS出货量 TOP5，两轮车换电柜出货量TOP5、中国电动两轮车用锂电池出货量TOP10、中国电动两轮 车用钠电池出货量TOP5等细分权威榜单，为行业树立标杆，为投资及采购决策者提供参 考； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长， 基于产业链整合优势，中国企业将迎来新一轮布局风口，电池安全、下沉市场覆盖及成本优 化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿命、低成本、高低温等细分性 能优势电池产品； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、 智能家居、智慧储能等热门应用场景进入高速发展期，新一轮增量市 ...

Core Viewpoint - The article highlights the significant advancements made by the company in the production of lithium hexafluorophosphate, a critical material for lithium-ion batteries, showcasing the journey from reliance on imports to achieving world-leading production capabilities [1][4]. Group 1: Development Journey - The company faced numerous challenges in the initial stages of developing lithium hexafluorophosphate, including a lack of domestic technology and the need for innovative solutions [2]. - After extensive experimentation and overcoming safety risks, the team successfully synthesized 2 grams of lithium hexafluorophosphate in early 2009, marking a pivotal achievement [2]. - The production process evolved from 2 grams to 2 tons, and eventually to a thousand-ton production line, demonstrating significant technological advancements [3]. Group 2: Technological Innovations - The introduction of the "double kettle method" for synthesizing lithium hexafluorophosphate improved raw material utilization and significantly increased production capacity [3]. - The company replaced traditional mechanical stirring with a method that uses high-pressure gas to rotate the liquid, addressing leakage issues and enhancing safety in industrial production [3]. Group 3: Current Achievements and Future Goals - The company has transformed from a "follower" to a "leader" in lithium battery technology, with its lithium hexafluorophosphate being used in one out of every four lithium batteries globally [4]. - The team is currently optimizing production equipment to enhance automation and continuous production, aiming to reduce investment costs by 40% and unit costs by 15% [4]. - The company emphasizes the importance of aligning research and development with industry needs, committing to producing innovative materials that enhance China's manufacturing reputation globally [4].

Core Insights - The commercialization of solid-state batteries is accelerating, with global shipments expected to exceed 10 GWh by 2025 and reach 614 GWh by 2030, indicating a market growth of over 100 times [1] - Haimeixing (688559.SH) is positioned as a key player in the solid-state battery sector, leveraging advanced technology and industry collaboration to reshape the competitive landscape [1][5] Group 1: Technology and Innovation - The breakthrough in solid-state batteries hinges on innovations in electrolyte and anode materials, with lithium metal anodes seen as the ultimate form due to their potential for high energy density [2] - Haimeixing has adopted a challenging yet correct path by focusing on oxide solid electrolytes and lithium metal anode technology, successfully overcoming key technical bottlenecks and achieving an energy density of 480 Wh/kg and a cycle life exceeding 1000 cycles [2][4] Group 2: Strategic Collaborations - Haimeixing and Xinjie Energy developed the world's first commercially viable high-energy lithium metal solid-state battery, "Falcon," which significantly enhances the endurance of eVTOL aircraft [3] - The strategic partnership between Haimeixing and Xinjie Energy aims to accelerate the mass production of high-energy lithium metal solid-state batteries, with Xinjie Energy already establishing a production capacity of 200 MWh and initiating a 5 GWh production line [3][4] Group 3: Competitive Advantage - Haimeixing's core competitive advantage lies in its forward-looking technology strategy, exceptional innovation capabilities, and mass production readiness, setting it apart from competitors who are still focused on semi-solid technologies [4][5] - The company has established a unique competitive barrier through its "true solid-state" technology and lithium metal anode, positioning itself at the forefront of the next generation of battery standards [4][5]

Group 1 - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) opened on May 15, 2025, focusing on battery technology revolution and industry chain collaboration [1][3] - The event is expected to attract over 3,200 top global exhibitors and more than 400,000 professional visitors, with an exhibition area exceeding 300,000 square meters [3] - CIBF2025 aims to serve as a comprehensive platform covering the entire industry chain from materials to applications, enhancing international cooperation and innovation [3][4] Group 2 - In the first quarter of 2025, the production of new energy vehicles, lithium-ion power batteries, and solar cells increased by 45.4%, 39.2%, and 18.5% year-on-year, respectively, indicating strong growth momentum in China's renewable energy sector [4] - China's newly installed renewable energy capacity reached 76.75 million kilowatts in the first quarter of 2025, a year-on-year increase of 21%, accounting for approximately 90% of the new installations [4] - The event showcased next-generation battery technologies, including solid-state batteries and sodium-ion batteries, with significant advancements expected in energy density and production capabilities [4][5] Group 3 - The integration of AI in battery management systems and automated disassembly technologies highlights China's leading position in battery lifecycle management [5] - CIBF2025 features an "International Pavilion" to facilitate competition and cooperation between domestic and foreign companies in resource recycling and recovery technologies [7] - The successful hosting of CIBF2025 is anticipated to further promote the development of the global new energy industry and support economic recovery [7]

Core Viewpoint - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) is being held, showcasing advancements in battery technology and attracting significant participation from industry leaders and experts [1]. Group 1: Event Overview - The exhibition covers an area of 280,000 square meters with over 3,000 exhibitors and is expected to attract more than 400,000 guests and attendees [1]. - Key figures in attendance include Zheng Hongyu, Chairman of the China Chemical and Physical Power Industry Association, and Sun Fengchun, an academician of the Chinese Academy of Engineering [1]. Group 2: Company Highlights - Zun Guang Company showcased its self-developed high energy density water-based nickel-based safety battery, which is the world's first mass-produced high energy density water-based battery with independent intellectual property rights [2]. - The nickel-based safety battery features a non-flammable water-based quantum dot electrolyte and three-dimensional carbon nanotube anode materials, addressing safety concerns related to battery combustion and explosion [2]. - Third-party testing indicates that the energy density of the nickel-based safety battery reaches 95 Wh/Kg, which is double that of lead-acid batteries [2]. - The battery has passed rigorous safety tests, including puncture, overcharge, short circuit, combustion, impact, and extreme temperature conditions, demonstrating significant safety improvements [2]. - The battery supports a charging rate of 5C and a discharging rate of 10C, allowing for faster charging and saving time for users [2]. - It operates effectively in a wide temperature range from -40°C to 80°C, making it suitable for various environments [2].

2022年3月，一场史诗级的伦镍逼空大战曾一度让镍在全世界声名远扬，然而随后整个行业便陷入无休止的下行周期，现在更是已经到了命悬一线的生死 时刻。 只看短期，镍市场似乎没有任何向上的可能，但如果把目光聚焦五年之后，情况将完全不同。 供给扩张收紧 当今世界镍产业只有一个大庄家，就是印尼。 印尼的镍矿资源以红土型镍矿为主，矿石品位较高，近一半的红土镍矿资源品位高于1.7%，是世界上镍储量最丰富的国家。 2015年，印尼镍矿产量只有13万吨，占全球产量的约6%。到2020年，全球镍矿总产量增长到251万吨，其中印尼的镍矿产量已飙升到77万吨，在全球总产 量中占比骤增至31%。 2020年疫情后全球放水，导致大宗商品价格水涨船高，叠加新能源车快速起量，镍价被不断推高，这又进一步刺激了印尼的扩产热情。 2020年印尼的镍矿产量是77万吨，到2022年大幅提升到160万吨，两年时间翻了一倍还多，带动全球镍矿产量从251万吨增长到330万吨。 粗略算下来，2015年-2022年全球镍矿增量大约是102万吨，而这一时期印尼的增量却高达147万吨，占全球增量的144%。也就是说，如果没有印尼，全球 镍产量在过去一些年其实是严重 ...

【DT新材料】 获悉，近日 ， 宁德时代、先导智能、贝特瑞 在固态电池领域 迎来一系列重要进展。 （1）宁德时代：预计到2027年有望实现小批量生产 5月15日，宁德时代披露其与商飞合作的民用电动载人飞机项目以及港股上市的影响等内容。 宁德时代表示，在固态电池技术方面持续投入，预计到2027年有望实现小批量生产，技术水平处于 行业领先。 关于与商飞的合作，宁德时代透露其凝聚态电池能量密度最高可达500Wh/kg，正在推进 民用电动载人飞机项目 ，执行航空级标准与测试，以确保安全和质量。此外，公司赴港上市将有助 于推进全球化战略布局，抓住全球能源转型的历史性机遇，从而提升股东回报。 （2）先导智能：成功打通全固态电池量产的全线工艺环节 5月12日，先导智能表示，公司已成功打通全固态电池量产的全线工艺环节，实现了从整线解决方案 到各工段的关键设备覆盖。 目前，先导智能已与多家行业领军企业达成设备合作，并已经向欧、美、日、韩等国家和地区及国内 的头部电池客户、知名车企和新兴电池客户交付了各工段的固态电池生产设备，相关产品得到客户的 认可，并陆续获得重复订单。 先导智能 成立于1999年的，业务涵盖锂电池、光伏、3C ...

Core Insights - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) opened on May 15, focusing on battery technology revolution and industry chain collaboration [1][3] - The International Energy Agency (IEA) predicts global battery demand will surge to 3500 GWh by 2030, with China leading in technology iteration and standard setting [1] - CIBF2025 has transformed into a comprehensive platform covering the entire industry chain, with an exhibition area exceeding 300,000 square meters and attracting over 3,200 exhibitors and more than 400,000 professional visitors [1][3] Industry Trends - The current period is critical for China's economic transition to high-quality development and the deepening reform of the new energy sector [3] - By 2025, the new energy industry is expected to shift from "scale expansion" to "quality upgrade," showing strong development momentum [3] - Production of new energy vehicles, lithium-ion power batteries, and solar cells has increased by 45.4%, 39.2%, and 18.5% year-on-year, respectively, contributing significantly to stable growth [3] Renewable Energy Developments - In the first quarter of 2025, newly installed renewable energy capacity reached 76.75 million kilowatts, a year-on-year increase of 21%, accounting for approximately 90% of new installations [3] - This marks a new phase in China's energy structure adjustment [3] Exhibition Highlights - CIBF2025 features 15 exhibition halls and includes over 200 academic reports and four high-end summits to decode industry trends [3] - Key topics include advanced battery technology seminars and discussions on electric aviation and next-generation battery technologies [3]