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].

倒计时4天 2025第五届起点两轮车换电大会 暨轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 小哈换电/ 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/汇创新能源/中兴派能/孚能科技/保力新/创明新 能源/多氟多/博力威/睿恩新能源/诺达智慧/亿纬锂能/星恒电源/比克电池/鹏辉能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科 动力/小安科技/先导智能/鑫晟达/精锐精密等 7月7日，据财联社报道， LG新能源今日对外披露， 受电池销售强劲的推动，预计公司第二季度将实现正的营业利润，且无需依赖美国此 前颁布的税收优惠。 此外， LG新能源 还计划通过削减成本，将电动汽车销售重点放在利润更高的项目上。 北美市场一直是 LG新能源的布局重心，在电动车市场，美国主要的车企都在 LG新能源客户列表上，但随着中国企业出海布局以及磷酸铁锂 电池反扑三元，LG新能源等日韩企业的份额被逐渐挤压。 在 1 ...

东 兴 晨 报 东兴晨报 P1 3.商务部等 9 部门：联合印发《2025 年家政兴农行动工作方案》。该方案从四 个方面提出 14 项具体任务，旨在扩大家政服务供给，促进家政服务消费，助 力乡村振兴。主要措施包括：支持农村劳动力在家政领域就业，开展生活服 务招聘季活动；提升就业能力，推进家政服务员技能升级和职业教育发展； 完善就业保障，加强住房保障和基本公共服务；优化创业就业服务，支持重 点群体就业创业。下一步，商务部将联合相关部门推动政策落实，充分发挥 家政服务业在惠民生、稳就业、促消费方面的重要作用。（资料来源：同花顺） 4.中国人民银行：开展 1065 亿元 7 天期逆回购操作。人民银行 7 日公告称， 以固定利率、数量招标方式开展了 1065 亿元逆回购操作，中标利率为 1.4%。 今日公开市场有 3315 亿元逆回购到期，净回笼 2250 亿元。（资料来源：同花 顺） 5.三大交易所：正式实施程序化交易监管新规。7 月 7 日起，沪深北三大交易 所《程序化交易管理实施细则》正式实施，重点强化高频交易监管。新规明 确了四类异常交易行为认定标准，包括瞬时申报速率异常、频繁瞬时撤单等， 并将单账户每秒申报 ...

证券代码：301613 证券简称：新铝时代 重庆新铝时代科技股份有限公司 投资者关系活动记录表 编号：20250707 投资者关系活动类 别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 国海证券 李航、谢培风、李铭全 万家基金王立晟 和谐汇一 林钰婷 农银汇理 左腾飞 睿远基金郑斌 银河基金 王少南、李一帆 中银基金 裔汶锦 淡水泉 张庆泽 国泰基金 谢泓材 （排名不分先后） 时间 2025年7月7日 13:30-15:00 地点 国海证券会议室 上市公司接待人员 姓名 董事长 何峰先生 董事会秘书 周子彦先生 投资者关系活动主 要内容介绍 一、 公司基本情况介绍 公司主要从事新能源汽车电池系统铝合金零部件的研发、 生产和销售，拥有铝合金材料研发、产品设计、先进生产工艺 以及规模化生产的完整业务体系。公司主要产品为电池盒箱体， 是新能源汽车动力电池系统的关键组成部分。同时，公司围绕 新能源汽车动力电池系统开发了电芯外壳、精密结构件等零部 件产品。 公司拥有以下方面的优势： 1、技术优势 公司系国家高 ...

Core Insights - The article emphasizes the strategy of "buying cold points and selling hot ones," suggesting that investors should focus on undervalued sectors rather than chasing after current hot stocks [1] - The electricity sector has recently seen a 10% increase in value, indicating a shift from cold to hot, which supports the idea of identifying potential opportunities in less popular sectors [1] - The overall market trend is upward, and investors are encouraged to look for sectors that are still relatively cold, such as non-ferrous metals, which may heat up following a stabilization in tariffs expected on July 9 [1] Sector Analysis - The electricity sector has transitioned from being cold to hot, demonstrating a significant 10% increase in just one week, highlighting the potential for rapid changes in sector performance [1] - Non-ferrous metals are currently identified as a cold sector, suggesting that there may be opportunities for growth as market conditions improve [1] - Emerging technologies such as controllable nuclear fusion, solid-state batteries, and computing chips are also mentioned as potential investment opportunities that may be reaching a favorable time for entry [1]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 63,660.00 | +380.00↑ 前20名净持仓（日，手） | -79,406.00 | +3550.00↑ | | | 主力合约持仓量（日，手） | 322,535.00 | -2753.00↓ 近远月合约价差（日，元/吨） | 80.00 | -440.00↓ | | | 广期所仓单（日，手/吨） | 21,036.00 | -1844.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 62,550.00 | +250.00↑ 工业级碳酸锂平均价（日，万元/吨） | 60,950.00 | +250.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -1,110.00 | -130.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 696.00 | +2.00↑ 磷锂铝石平均价（日，元/吨） | 5,200. ...