Group 1 - The 17th China International Battery Technology Exchange Conference/Exhibition (CIBF2025) was held in Shenzhen, attracting over 3,200 leading new energy companies and 400,000 professional visitors [1] - 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, supporting steady growth in the industry [1] - In the first quarter, China's economic growth rate reached 5.4%, leading major global economies, with significant performance in the new energy sector, including exports of 441,000 new energy vehicles and 37.8 GWh of power batteries, marking increases of 43.9% and 21.5% year-on-year [1] Group 2 - Leading companies in the power battery industry, such as CATL, EVE Energy, and others, showcased products that meet new national standards, including high energy density batteries and fast charging technologies [2] - The exhibition featured innovations across the entire battery industry chain, from materials and equipment to cell manufacturing and recycling [2] - A seminar on "Advanced Battery Frontier Technology" was held, emphasizing 2025 as a critical year for the commercialization of ultra-fast charging technology, solid-state batteries, and sodium battery technology [2] Group 3 - High-level forums such as the "Electric Aviation and Next-Generation Battery Technology Exchange Conference" and the "CIBICS Battery Industry Cooperation Forum" were also conducted, providing data support and forward-looking guidance for industry development [3]

随着政策支持力度加大，如工信部将全固态电池标准体系建设纳入2025年工作要点，以及产业链协同创 新深化，行业此前预计2026-2027年间有望迎来全固态电池小批量量产，2030年前后进入规模化应用阶 段。 华泰证券预计在2025年能看到半固态电池的批量交付和全固态电池方案的加速开发。目前车厂的品宣已 经进入到军备竞赛的阶段，低空和机器人产业也是固态电池应用的潜力市场，继续推荐固态电池产业 链。 其中，固态电池是一种新型电池，与传统锂电池相比，它具有高能量密度、高安全、长寿命和高低温适 应性强等优势。目前固态电池技术正在不断推进。随着新能源汽车的普及，固态电池也将迎来新一轮发 展机遇。固态电池作为储能电池的一种，可以提高锂离子电池的能量密度，同时能够延长电池的使用寿 命，也不会产生明显的安全隐患。另外，固态电池还可以降低生产成本和降低碳排放。 深圳商报·读创客户端记者 邱清月 从产业发展来看，全固态电池在技术上面临诸多挑战，材料企业、电芯企业、车企与学界正在凝聚力量 共同开发攻关全固态电池量产难题，推动全固态电池早日实现大规模商业化应用。 在本次展会上，国轩高科（002074）将发布能量密度达300Wh/kg的 ...

Group 1 - The China Securities New Energy Index decreased by 0.92% as of May 14, 2025, with mixed performance among constituent stocks, where EVE Energy led with a 2.99% increase, while Daqo New Energy experienced the largest decline [1] - The New Energy ETF (159875) saw a cumulative increase of 4.76% over the past week as of May 13, 2025 [1] - The New Energy ETF recorded a turnover rate of 1.07% and a transaction volume of 9.8887 million yuan, with an average daily transaction volume of 36.4878 million yuan over the past year, ranking it among the top two comparable funds [3] Group 2 - The New Energy ETF experienced a significant growth in scale, increasing by 13.7171 million yuan over the past week, and its new scale also ranked among the top two comparable funds [3] - The ETF's share increased by 64.5 million shares over the past six months, marking a significant growth and ranking it among the top two comparable funds [3] - The latest financing buy-in amount for the New Energy ETF reached 1.0637 million yuan, with a financing balance of 33.6237 million yuan, indicating continued interest from leveraged funds [3] Group 3 - The valuation of the index tracked by the New Energy ETF is at a historical low, with a latest price-to-book ratio (PB) of 2.09, which is lower than 82.86% of the time over the past three years, highlighting its attractive valuation [3] - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) is scheduled to take place from May 15 to 17, 2025, showcasing new technologies such as solid-state, sodium, hydrogen fuel, and integrated solar storage solutions [3] Group 4 - Guohai Securities indicated that solid-state batteries meet the increasing performance demands in downstream sectors and have significant application expansion potential in emerging industries [4] - The top ten weighted stocks in the China Securities New Energy Index as of April 30, 2025, include CATL, LONGi Green Energy, Sungrow Power Supply, China Nuclear Power, and others, collectively accounting for 44.26% of the index [4]

Core Viewpoint - The company has experienced rapid growth over the past five years primarily driven by energy new materials, and it anticipates that tungsten and rare earth deep processing and applications will be the main growth drivers in the next five years [1][3]. Group 1: Business Strategy and Focus Areas - The company will focus on the application of magnetic materials in new scenarios such as rare earth permanent magnet motors, industrial robots, and humanoid robots, with related products currently under development [4]. - The company plans to transition from a traditional sales model of hard alloy cutting tools to providing comprehensive solutions and services, potentially through mergers and acquisitions to accelerate business growth [4]. - The company aims to enhance its resource assurance rate from the current 20% to 70% in the future [5]. Group 2: Technological Development and Market Position - In the energy new materials sector, the company will focus on solid-state battery technology and hydrogen energy technologies, having already developed lithium sulfide technology [5]. - The company recognizes the importance of recycling in all its industries, as they involve rare strategic metals [5]. - The company has strategically positioned itself to minimize impacts from current international trade challenges, with an export revenue of approximately 5.4 billion yuan, accounting for 16% of its main business income [5]. Group 3: International Expansion and Investment - The company has invested in an 800-ton hard alloy bar project in Thailand, aimed at the U.S. and ASEAN markets, with a total investment of about 190 million yuan and an average return on investment exceeding 20% [5]. - The company is currently advancing the construction of a second phase project in Thailand, having acquired 130 acres of land to expand hard alloy production and develop tungsten powder, tungsten carbide, CNC blades, and complete tool businesses [6].

2025.05. 14 本文字数：2496，阅读时长大约4分钟 作者 | 第一财经 陆如意 5月13日下午，在上交所主办的2024年度光伏行业集体业绩说明会上，晶科能源（688223.SH）、阿 特斯（688472.SH）、奥特维（688516.SH）、高测股份（688556.SH）、天合光能（688599.SH） 公司的管理层分别就目前A股市场投资者普遍关注的光伏相关问题进行回答。 据第一财经记者梳理，中美关税政策的潜在影响、对光伏行业后续发展的预判、对未来光伏电池技术 研判及企业融资授信情况等成为本次光伏集体业绩说明会的主要讨论话题。 中美关税政策如何影响光储市场 "中美关税政策缓和，有利于为光伏、储能产品提供相对稳定的海外贸易环境。"晶科能源董事长李仙 德表示，公司在沙特建设10GW高效电池和组件项目目前正按计划顺利推进，将进一步增强公司在中 东以及全球市场供应能力。 阿特斯总经理兼CEO庄岩今日在业绩说明会上公开表示，由于之前美国针对光伏现有的关税政策， 光伏产品基本没有直接从中国出口至美国，主要从东南亚和美国本地出口，因此受中美对等关税影响 较小，但东南亚会涉及"双反"关税的影响，需等待后续的终裁结 ...

[Table_MeetReportDate] 2025 年 05 月 14 日 星期三 [Table_Summary] 概览 核心观点 [Table_Title] 万联晨会 【市场回顾】 周二 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.17%，深成指收 跌 0.13%，创业板指收跌 0.12%。沪深两市成交额 12913.65 亿元；申 万行业方面，银行、美容护理、医药生物领涨，国防军工、计算机、 机械设备领跌；概念板块方面，中韩自贸区、航运概念、硅能源概念 涨幅居前，中船系、国产航母、军工信息化概念跌幅居前；港股方面， 恒生指数收跌 1.87%，恒生科技指数收跌 3.26%；海外方面，美国三 大指数涨跌不一，道指收跌 0.64%，标普 500 收涨 0.72%，纳指收涨 1.61%。 【重要新闻】 【国务院关税税则委员会发布公告】自 5 月 14 日 12 时 01 分起，调 整对原产于美国的进口商品加征关税措施。其中，国务院关税税则委 员会 2025 年第 4 号公告规定的加征关税税率，由 34%调整为 10%，在 90 天内暂停实施 24%的对美加征关税税率；停止实施 2025 年第 5 号、 第 ...

通用汽车宣布，通用汽车与LG新能源将通过一项新的 电池技术突破，将富锂锰基（LMR）方形电池单 元商业化应用于未来通用电动卡车和全尺寸SUV。通用汽车目标成为首家在电动车上部署LMR电池的 汽车制造商。由通用汽车与LG新能源合资成立的Ultium Cells公司拟于2028年前在美国启动LMR方形电 池单元的商业化生产，预计2027年底前在LG新能源工厂进行试生产。据介绍，通用汽车与LG新能源的 电池工程师已开发出新型LMR方形电池单元，相比性能最优的磷酸铁锂（LFP）电池单元可实现能量密 度提升33%，而成本与之相当。 ...

固态电池板块更新及推荐 20250513 摘要 • 市场对固态电池技术创新兴趣浓厚，受硫化物专利公布和行业会议推动， 固态电池板块行情易受产业催化、流动性溢价及机器人/无人机板块联动影 响，且每一轮行情均有如硫化物、氧化物等新主题。 • 固态电池技术路线日益聚焦，硫化物固态电解质被视为终极方向，辅以卤 化物掺杂；正极材料中期以高镍三元为主，远期展望富锂锰基；负极材料 以硅基为主，展望锂金属，此技术聚焦有助于加速降本迭代。 • 固态电池应用场景从车用动力电池扩展至储能、消费电子、电动工具、低 空飞行器及机器人等领域，需求端日益丰富，有利于固态电池放量和成长 曲线发展。 • 投资固态电池板块应关注材料（聚焦硫化物体系，如厦钨、宁德时代）、 电池（关注大厂及消费电子领域二线厂商，如普里克、豪腾等）和设备 （围绕干法路线，如纳科诺尔、曼恩斯特）三个方向。 • 负极材料技术从传统石墨迭代至硅碳，再到锂金属。宁德时代发布自生成 负极的锂金属技术，硅碳已在消费电池领域推广，锂金属开始量产，显示 出其成熟度和应用前景。 Q&A 固态电池产业链的近期发展情况如何？ 固态电池应用场景从原来的车用动力电池逐渐扩展到储能市场、消费电 ...

关税"降级"下风光公用环保板块机遇及近况更新 20250513 摘要 • 光伏板块受抢装高峰推后和风力发电高峰期影响，难以反弹，美国市场虽 重要但企业更关注自身供需。部分企业如天瀚和金奥博计划出售美国产能， 反映风险控制策略。 • 光伏企业财务状况分化，龙头公司现金流充裕，二三线公司现金流显著减 少。龙头公司通过多种方式筹集资金，反映囤钱过冬策略，二线公司借债 能力下降。 • 上半年抢装结束后，丰水期可能导致价格下行，行业或采取减产、控价措 施。硅料价格预计不会回到去年畸形水平，龙头公司挺价意愿增强。 • 当前市场应关注具有阿尔法特性的环节和新技术，如 BC 电池技术和铜奖 光伏项目。硅料环节因成本曲线陡峭和产能限制，是潜在弹性品种。 • 短期内美国对中国逆变器加征关税可能不会显著影响销售，但长期来看， 若无法以公允价格销售，美国经销商可能替换中国品牌。 • 风电行业增长趋势明显，海上风电是重点。预计二季度将出现显著反转， 三季度交付量可能创历史新高。出口方面也表现出长期增长趋势。 • 关税调整缓解出口下行风险，但国内经济活动指标边际转弱。金融货币政 策及时降准释放流动性。新能源运营商具备成长逻辑，长期效果乐 ...