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）今日联合 召开业绩业绩说明会，并回答投资者有关中美关税政策影响、光伏行业后续发展预判等话题。 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。 后续光伏市场趋势如何 谈及2025年对全球光伏装机的预判，李仙德表示，公司对2025 ...

证券研究报告|电力设备 [Table_Title] 行业超配比例有所回落，风电和电机板块较 受关注 [Table_ReportType] ——电力设备行业跟踪报告[Table_ReportDate] [Table_Summary] 行业核心观点： SW 电力设备 Q1 基金持股总市值环比回落，同比小幅增长，超配比例同环 比有所回落。2025 年 Q1，公募基金重仓 SW 电力设备行业的总市值为 2765.74 亿元，环比下降 14.21%，同比增长 3.05%；占基金重仓 A 股市值 规模为 9.41%，环比下降 1.66pct，同比下降 1.29pct；超配比例为 3.29%， 环比下降 1.60pct，同比下降 1.21pct，超配比例有所回落。 投资要点： SW 电力设备行业 2025 年 Q1 基金持仓比例、超配比例市场排名有所下 降。2025 年 Q1，SW 电力设备行业基金持仓市值占比为 9.41%，在 31 个 申万一级行业中排第三，较三季度排名下降 1 名，仅次于电子（17.03%）、 食品饮料（10.10%）；超配比例为 3.29%，在 31 个申万一级行业中排第 三，仅次于电子（7.99% ...

东 兴 晨 报 东兴晨报 P1 2025 年 5 月 13 日星期二 分析师推荐 【东兴电新】国轩高科（002074.SZ）：全球份额提升，海外业务拓展稳步推 进（20250513） 事件：公司发布 2024 年年报及 2025 年一季报。24 全年公司实现营收 353.92 亿元，同比+12.0%；归母净利 12.07 亿元，同比+28.6%。25Q1 公司实现营收 90.55 亿元，同比+20.6%；归母净利 1.01 亿元，同比+45.6%。 点评： 动储出货量延续高增，国内外份额持续提升。公司 24 全年动力与储能电池出 货量延续高增态势，全年动储合计出货约 63GWh，同比+40%。动力电池方面， 公司 24 年实现营收 256.48 亿元，同比+11.3%，毛利率 15.1%，同比+1.3pct， 维持稳定。受益于新能源车市场稳定增长以及铁锂装机占比提升趋势，公司 24 年国内外动力电池市场份额均实现同增，其中国内市场装机份额 4.6%，同 比+0.5pct，排名第四，配套吉利、奇瑞与零跑等客户终端销量攀升持续贡献 增量；全球市场装机份额 3.2%，同比+0.9pct，其中公司铁锂电池装机规模 全 ...

2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 电子化学品 天奈科技（688116.SH） 买入-A(维持) 单壁碳管开始出货，盈利能力回升 我们预计公司 2025-2027 年归母净利润分别为 4.4 亿元、6.9 亿元、 8.5 亿元，相当于 2025 年 36 倍的动态市盈率。考虑公司主业盈利能力稳 健，新增单壁碳纳米管产品盈利能力较强，应用市场范围宽广，成为公 司新的业绩增长点确定性较高，维持"买入-A"的投资评级。 | 市场数据：2025 | 年 | 月 | 日 | 5 | 12 | 收盘价（元）： | 45.28 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 56.46/18.58 | | | | | | | | 流通A股/总股本（亿）： | 3.45/3.45 | | | | | | | | 流通 | 股市值（亿）： | A | 156.10 | | | | | | 总市值（亿）： | 156.10 | | | | | | | | 基础数据：2025 年 | 3 月 | 3 ...

Group 1 - The article highlights the evolution of China's battery industry, showcasing key figures like Wang Chuanfu and Zeng Yuqun, who transformed their companies into leaders in the global market [1][5][7] - The Chinese battery industry initially lagged behind Japan and South Korea, focusing mainly on lead-acid batteries, with little core technology in new energy batteries [7][9] - Government initiatives, such as the "Ten Cities, Thousand Vehicles" project, provided significant subsidies, which catalyzed rapid growth in the electric vehicle sector [9][11] Group 2 - The article discusses the technological advancements that allowed Chinese companies to transition from followers to leaders in the battery sector, including breakthroughs in lithium batteries and cost reductions [13][14][16] - BYD's "blade battery" and CATL's "Kirrin battery" represent significant innovations, with the latter achieving an energy density of 255Wh/kg, surpassing Tesla's 4680 battery [16][18] - Chinese companies now dominate the global battery market, controlling 70% of lithium processing capacity and housing six of the top ten battery manufacturers [23][24] Group 3 - The future of the battery industry is poised for further innovation, with developments in solid-state batteries and sodium-ion batteries, indicating a shift towards higher energy densities and improved performance [21][23] - The article emphasizes the strategic positioning of Chinese companies in the global market, suggesting that they are not just participants but are becoming key players in the new energy landscape [24][27] - The narrative concludes with a reflection on the transformation of the industry, highlighting the shift from internal combustion engines to electric vehicles, marking the rise of a new energy empire [24][27]

Group 1 - The core viewpoint of the articles highlights the growing interest and advancements in solid-state battery technology, which is becoming a key focus for the next generation of battery solutions due to its high energy density and safety advantages [1][2] - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) is set to take place from May 15 to 17, 2025, with over 3,000 exhibitors expected, including major companies like CATL and BYD [1] - The solid-state battery is expected to achieve an energy density of 300Wh/kg, with potential breakthroughs in full solid-state batteries reaching over 500Wh/kg, significantly outperforming traditional liquid lithium batteries [2] Group 2 - The battery and energy management industry chain is showing positive revenue growth in Q1 2025, driven by policies promoting vehicle trade-ins and increased demand for energy storage [2] - Despite a slowdown in capital expenditure within the industry, leading companies in battery and structural components are maintaining strong profitability, while the materials sector is expected to recover due to the demand for high-end products driven by technological advancements [2] - The upcoming exhibition will showcase new technologies including solid-state, sodium, hydrogen fuel, and integrated solar storage solutions, indicating a trend towards innovative energy solutions [1]

截至2025年5月12日 09:50，中证新能源汽车产业指数(930997)强势上涨1.22%，成分股银轮股份(002126)上涨4.19%，厦钨新能(688778)上涨4.08%，三花智控 (002050)上涨3.87%，星源材质(300568)，均胜电子(600699)等个股跟涨。 新能车ETF(515700)上涨1.23%，最新价报1.65元。拉长时间看，截至2025年5月9日，新能车ETF近1周累计上涨2.52%，涨幅排名可比基金1/2。 消息面上，乘联分会数据显示，4月新能源乘用车市场零售90.5万辆，同比增长33.9%，环比下降8.7%；1-4月累计零售332.4万辆，增长35.7%。4月新能源车 在国内总体乘用车的零售渗透率51.5%，较去年同期提升7个百分点。 国金证券认为，从本季度的市场表现来看，市场竞争仍在持续加剧，自主&电车替代空间确实在减少，车企板块单车ASP持续下降；但是，具备较强降本能 力的公司，可以在单车ASP下降的同时实现毛利率的同步提振。因而我们从基本面兑现角度，推荐采用低成本路线+强爆款打造能力+强新车周期的公司。 截至2025年5月12日 09:50，中证光伏产业指数(9 ...

Core Viewpoint - The Chinese electric vehicle (EV) industry is rapidly evolving from a "follower" to a "leader" on the global stage, driven by technological advancements in battery technology, fast charging, and intelligent design [1][2]. Group 1: Technological Advancements - Significant progress in battery technology has enhanced vehicle performance, achieving a balance between energy density, safety, and cost control, which benefits both mid-range and high-end models [1][2]. - The widespread adoption of fast charging technology is alleviating consumer concerns about range anxiety, with vehicles on an 800V platform able to charge from 10% to 80% in just 10-15 minutes [2]. - Continuous improvements in intelligent features, such as interactive smart cockpits and advanced driver assistance systems, are becoming central to industry competition, with these features now available in vehicles priced under 100,000 yuan [2][3]. Group 2: Challenges and Future Directions - To succeed globally, Chinese automakers must enhance their understanding of international standards, including safety, data privacy, and quality control [2][3]. - Establishing localized teams and brand systems is crucial for adapting to different market needs, particularly in charging infrastructure and smart cockpit support [3]. - Strengthening the automotive supply chain is essential for integrating Chinese manufacturers into the global market, requiring collaboration between vehicle manufacturers and local parts suppliers [3]. - Emerging technologies such as L4 autonomous driving and flying cars represent new frontiers for the development of China's EV industry, showcasing its potential for future growth [3].

Core Viewpoint - The Fourth Solid-State Battery Conference and Silicon-Based Anode Industry Innovation Conference aims to accelerate commercialization and upgrade the industry chain in the context of global energy transition and emerging markets such as electric vehicles and AI [1] Group 1: Conference Overview - The conference will be held from July 3-5, 2025, in Ningbo, Zhejiang, focusing on solid-state batteries and silicon-based anodes [1] - It will address core demands for low cost and high performance from various perspectives, including material selection, structural adjustment, interface design, and advanced characterization [1] Group 2: Key Participants and Innovations - Dongfeng Motor Corporation has made significant progress in solid-state battery development, showcasing a semi-solid-state battery technology and plans for full solid-state battery trials in 2025 [2][3] - GAC Aion is focusing on solid-state battery advancements, with plans to disclose developments at their technology day in April [3] - Zhongke Goneng has developed the world's first continuously rollable sulfide solid-state electrolyte membrane, marking a breakthrough in mass production [4] - Wanxiang OneTwoThree has achieved safety breakthroughs in semi-solid-state battery technology, with energy density reaching 350 Wh/kg [4] - Jinyu New Energy has launched high-power semi-solid-state batteries and a no-anode battery series, achieving energy densities exceeding 300 Wh/kg [5][6] - Jiangsu Guxin Energy has produced ultra-safe batteries suitable for extreme temperatures, achieving energy densities of 400 Wh/kg [7] - Sichuan Huayi Qing Innovation Materials focuses on low-cost, high-capacity silicon-based materials, utilizing a unique preparation technology [8] Group 3: Conference Agenda - The agenda includes sessions on solid-state battery industrialization, advancements in solid-state sodium batteries, and key material development [14] - Roundtable discussions will focus on solid-state battery and silicon-based anode topics, including advanced processes and innovative preparation methods [14]

【DT新材料】 获悉，5月9日， 龙蟠科技 公告称，公司控股子公司常州锂源及控股孙公司南京锂源与 楚能 新能源 全资子公司武汉楚能、孝感楚能及宜昌楚能共同签署《生产材料采购战略合作协议》及《补充协 议》，预计自2025至2029年间常州锂源及南京锂源合计向买方销售15万吨磷酸铁锂正极材料，总销售金额 预计超50亿元。 这已不是龙蟠科技第一次签大单。2025年1月，下属孙公司锂源（亚太）被 Blue Oval "锁单"，将向后者销 售磷酸铁锂正极材料，初始供应期为5年，即2026年至2030年；同月，公司与 宁德时代 达成框架协议，将 在2025年内向后者供应磷酸铁锂正极材料， 预计销售上限为70亿元 。 再追溯到2024年2月，公司签署《长期供货协议》，约定2024-2028年常州锂源向 LG新能源 供应16万吨磷酸 铁锂正极材料。2024年12月，协议修订后供货量增至26万吨， 按当前市场价格测算总价值近100亿元，成为 2024年全球磷酸铁锂领域最大单笔交易 。 资料显示， 江苏龙蟠科技 成立于2003年，总部位于江苏省南京市，2017年在上海证券交易所主板上市， 2024年登陆港交所，成为A+H双平台上 ...