数据显示，上杭兴源最初持有孚能科技5984.89万股，占总股本的5.59%。经过连续减持，该股东已累计 套现约10.48亿元。 股东减持名单远不止于此。2023年7月，香港孚能及其一致行动人宣布拟通过协议转让方式减持公司总 股本5%的股份。随后，江西立达、北京立达、共青城立达、深圳立达等多家股东也相继宣布减持计 划。 孚能科技 近日公告，公司副总经理王志刚，因个人资金需要，计划自2025年10月23日起的三个月内， 通过集中竞价方式减持不超过10万股公司股份，占公司总股本的0.0082%。这是孚能科技近期一系列股 东减持行动中的最新一例。 作为公司高管，王志刚目前持有40万股孚能科技股份，本次减持数量不超过其持股总数的25%。此次减 持计划看似规模不大，但发生在孚能科技连续五年半亏损、营收大幅下滑的敏感时期，引发市场关注。 今年8月7日，上杭兴源股权投资合伙企业宣布计划减持不超过2423.7万股，占公司总股本的1.9832%。 这已是该股东自2021年11月以来的多次减持行动。 值得注意的是，今年1月，孚能科技发生了控制权变更，公司控股股东变更为广州工业投资控股集团， 实际控制人变更为广州市人民政府。控制权变 ...

截至2025年9月26日 10:19，中证电池主题指数下跌0.06%。成分股方面涨跌互现，鹏辉能源领涨7.39%，赢合科技（维权）上涨5.13%，湖南裕能上涨 5.03%；厦钨新能领跌，科华数据、杭可科技跟跌。电池ETF嘉实(562880)下修调整。拉长时间看，截至2025年9月25日，电池ETF嘉实近1周累计上涨 5.70%。 流动性方面，电池ETF嘉实盘中换手2.96%，成交3796.49万元。拉长时间看，截至9月25日，电池ETF嘉实近1月日均成交9352.85万元。 规模方面，电池ETF嘉实最新规模达12.69亿元，创成立以来新高。资金流入方面，电池ETF嘉实最新资金净流入1375.31万元。拉长时间看，近19个交易日 内有12日资金净流入，合计"吸金"6.60亿元。 截至9月25日，电池ETF嘉实近1年净值上涨99.90%，指数股票型基金排名417/3031，居于前13.76%。从收益能力看，截至2025年9月25日，电池ETF嘉实自成 立以来，最高单月回报为31.11%，最长连涨月数为4个月，最长连涨涨幅为34.63%，上涨月份平均收益率为8.13%。 消息面上，Wood Mackenzie乐观预 ...

固态电池设备：产业化逐渐清晰，固态电池设备受益 20250925 摘要 固态电池在能量密度和安全性上具有显著提升。根据工信部发布的 GB38,031- 2025 标准，新要求包括不起火、不爆炸，而过去仅要求 5 分钟内发出报警信 号。这意味着液态锂电池难以完全满足新标准，而固态电池具备不可燃、耐高 温等特性，可以满足新的国标要求。 实验结果显示，在传统液态材料中，热失 控起始温度约为 150 摄氏度左右，而固态材料如硫化物则可达到 200 至 600 摄氏度。这表明在高温环境下，固态电池安全性显著提高。 液态锂电池与固态锂电池在生产工艺上的主要区别是什么？ 液态锂电池生产过程包括搅拌、涂布、滚压、分切、制片、电芯制作及后续化 成分容等步骤。而固态锂电池除去注液相关部分，更像是制作三明治结构，即 将正极极片、负极极片、电解质膜叠加起来。因此，在干法情况下，需要生产 正负极极片及干法/湿法成膜，并进行堆叠封装。 具体来说，包括德国连轧机或 激光机成型，以及等离子体喷涂技术等，这些都是显著变化所在。此外，在后 道环节如航可科技正在重点开发充放电脉冲一体机，以及华自科技开发充放电 脉冲一体机，这些都表明了技术革新带来 ...

Summary of Conference Call Records Industry Overview - **Industry Focus**: Solid-state battery sector and lithium battery industry - **Growth Drivers**: China's 2035 renewable energy targets, with wind and solar capacity expected to exceed six times that of 2020, and the rise of electric vehicles as mainstream sales vehicles [1][2] Key Insights - **Energy Storage Battery Sector**: - Major energy storage battery manufacturers have implemented price increases, improving supply-demand dynamics. - Anticipated 40% year-on-year growth in orders for leading manufacturers by 2026 due to tax incentives and demand surges in both domestic and U.S. markets [1][2] - **Solid-State Battery Industrialization**: - Confidence in solid-state battery performance from leading manufacturers, with prototype vehicle testing and small-scale production expected to accelerate industrialization. - Market forecasts predict demand exceeding 100 GWh by 2036, with potential for earlier realization if performance improvements and cost reductions exceed expectations [1][4] - **Hunan Youneng's Profit Recovery**: - Expected increase in self-supply rate of phosphate rock to 30-40%, leading to a profit increase of 300-400 RMB per ton. - Projected profits for next year could reach 2 billion RMB, supported by cost reduction and new product structures [1][7] - **Longpan Technology's Overseas Expansion**: - Anticipated profits of approximately 600 million RMB from 120,000 tons of iron-lithium capacity in Indonesia, with overall profit projections for next year around 900 million RMB [1][8] Market Dynamics - **Lithium Battery Sector**: - Strong performance in the lithium battery sector, with leading companies like CATL seeing significant stock price increases and market capitalization exceeding 1.8 trillion RMB [2] - The sector is characterized by robust fundamentals and attractive valuations, making it suitable for investment [2] - **Lithium Hexafluorophosphate Price Recovery**: - Improved supply-demand dynamics leading to higher processing fees, with expectations of an increase of 10,000 to 20,000 RMB next year, benefiting leading companies like Tianci Materials [3][14] - **Negative Electrode Material Valuation**: - Companies like Shanshan Technology and Putailai are highlighted for their low valuations and potential for profit recovery, with Shanshan expected to increase profits significantly post-integration of production capacity [3][9] Investment Recommendations - **Investment Priorities**: - Equipment sector prioritized, followed by materials with inflation attributes or new product iterations, and finally the battery sector with strong growth certainty [5] - Specific recommendations include CATL for battery production, and companies like Yiwei Lithium Energy and Zhuhai Guanyu for second-tier energy storage [5][6] - **Material Sector Outlook**: - The material sector is at a turning point, with strong demand in the energy storage industry and expected price increases due to limited new capacity [12][13] - **Solid-State Battery Material Focus**: - Key areas include electrolytes, lithium metal anodes, and current collectors, with a focus on high-purity lithium sulfide and nickel-copper alloy solutions [10][11] Conclusion - The solid-state battery and lithium battery sectors are poised for significant growth driven by favorable market conditions, technological advancements, and supportive government policies. Key players in these sectors are expected to benefit from increased demand and improved profitability in the coming years.

Macro and Strategy Research - External demand faces marginal decline pressure due to high base effects and demand front-loading from previous "export grabbing/transshipment effects," leading to uncertainty in the trade environment, making exports less effective as a fundamental support [2][3] - Domestic market shows a strong supply but weak demand characteristic, with fluctuations in consumption and investment data, indicating that the economic recovery foundation still needs further consolidation [2] - The overall liquidity in the domestic market is expected to remain abundant, despite the potential for short-term incremental measures being limited due to the emphasis on the implementation of existing policies [3] Capital Market Liquidity - In the fourth quarter, long-term funds represented by insurance are expected to continue flowing into the market, aided by the effectiveness of public fund reforms, which will help attract the migration of resident assets [3] - A-share market liquidity is anticipated to continue its incremental process, with foreign capital likely increasing its allocation to A-shares during the interest rate cut cycle [3] A-share Market Outlook - Market valuation repair is nearly complete, and under the policy guidance to "consolidate the capital market's recovery," liquidity is expected to maintain an incremental trend [3] - The core focus will shift to the flow of incremental funds, with performance factors remaining a crucial consideration for fund allocation, particularly in the technology sector, which is expected to lead structural market trends [3] Industry Opportunities - Investment opportunities in the TMT sector due to the promotion of "Artificial Intelligence+" initiatives and increased capital expenditure by domestic cloud vendors [4] - The power equipment industry presents investment opportunities driven by high overseas demand for energy storage and the ongoing industrialization of solid-state batteries [4] - The pharmaceutical and non-ferrous metals industries are highlighted for investment opportunities due to significant competitive advantages in domestic innovative drugs and the anticipated acceleration of the Federal Reserve's interest rate cuts [4] - The service consumption sector is expected to see investment opportunities as the "14th Five-Year Plan" aims to further improve basic security systems [4]

内容概要：氧化物固态电池以氧化物材料为固态电解质，解决了液态电池安全隐患并提升能量密度。其 电解质分多种类型，石榴石型LLZO应用前景最佳。全固态电池前景广阔，2027年将小规模量产，2030 年全球出货量预计达614GWh，全固态占比近30%。全球固态电池研发布局多元，美国领先，欧洲多路 线并行，2025年9月QuantumScape实现氧化物固态电池实车应用，为产业化提供示范。中国固态电池产 业步入关键窗口期，形成"双轨"格局，2025年上半年半固态电池装车量爆发。我国政策多维度支持，氧 化物电解质路线优势明显，2025年有望占固态电池市场超70%份额。众多企业加速布局，在技术、产 能、合作等方面取得突破。从制造环节看，企业竞争激烈，宁德时代等全力推进研发生产。中国氧化物 固态电池行业在技术、市场、竞争格局等方面发展趋势清晰，正加速向高端化、规模化跃迁。 上市企业：上海洗霸（603200.SH）、宁德时代（300750.SZ）、国轩高科（002074.SZ）、赣锋锂业 （002460.SZ）、德尔股份（300473.SZ）、金龙羽（002882.SZ）、亿纬锂能（300014.SZ）、天赐材料 （0027 ...

每经记者｜朱成祥 每经编辑｜董兴生 丨 2025年9月26日 星期五 丨 NO.1 璞泰来：已实现向国内外头部客户交付干法和固态电池极片设备 9月25日，璞泰来在互动平台表示，公司在材料类业务中，硅碳负极、锂金属负极、固态电解质（包括 LLZO和LATP）、复合集流体、超强箔、网状打孔铜箔、铝塑包装膜和半固态复合膜等均可运用于固 态/半固态电池领域。固态电池设备方面，公司已在多个制造环节进行发力布局，其中搅拌机、干法成 膜设备、干法复合设备、湿法涂布机、锂金属负极成型设备、叠片机、辊压设备、流化床等设备实现重 点突破或达到可交付状态，并已经实现向国内外头部客户交付干法和固态电池极片设备；后段重要设备 如等静压设备也在积极布局的过程中。 点评：璞泰来此次在互动平台的表态，不仅展示了其在固态/半固态电池领域的深厚积累，也彰显了其 作为行业龙头的技术实力与战略眼光。随着固态电池产业化进程加速，璞泰来有望凭借其在材料与设备 领域的双重优势，持续引领行业发展，并在新能源电池赛道占据重要地位。 NO.2 赣锋锂业：控股子公司赣锋锂电拟引入投资人增资不超25亿元 点评：赣锋锂业此次推动赣锋锂电引入外部投资人增资，是一次战略 ...

Group 1 - The lithium battery concept stocks have shown strong performance, with significant movements in the A-share market on September 25, particularly in lithium mines and solid-state batteries [1][2] - Notable individual stock performances include Ningde Times, which saw a nearly 6% increase, reaching a historical high and a market capitalization exceeding 1.8 trillion yuan, surpassing Kweichow Moutai to become the third-largest by market cap in A-shares [2][4] - The Hong Kong market also experienced activity, with the Hang Seng Technology Index rising nearly 2% before retracting, while individual stocks like Ningde Times and XPeng Motors saw gains of over 5% [2] Group 2 - The solid-state battery industrialization process is accelerating, with expectations that 2027 may mark the year of full-scale commercialization [3][10] - Major companies like Panasonic and Toyota are planning to launch solid-state battery samples and applications in electric vehicles by 2027-2028, indicating a competitive push in the market [8] - Chinese companies are also making significant progress, with Guoxuan High-Tech reporting a 90% yield rate in their solid-state battery production and plans for mass production [8][9] Group 3 - Recent strategic partnerships involving Ningde Times, such as agreements with Li Auto and China Huaneng, aim to enhance battery safety and technology innovation [5] - Analysts from Morgan Stanley and Bank of America have noted that Ningde Times is positioned favorably in the market, with its valuation being attractive compared to competitors [5][7] - The demand for energy storage batteries is expected to remain strong, with projections indicating that China's cumulative installed capacity could reach 240 GW by 2030 [6] Group 4 - The solid-state battery market is projected to see significant growth, with estimates suggesting a market size of 45.5 billion yuan by 2030, driven by advancements in technology and policy support [10] - The transition from liquid to solid-state battery production is expected to enhance the value of related equipment, creating new growth opportunities for companies in the sector [10] - The demand for high-purity lithium products is anticipated to increase as solid-state battery production scales up, leading to structural changes in the lithium market [11]

9月25日，在A股市场上，锂电池产业链集体异动，锂矿、固态电池等方向领涨。个股方面，亿纬锂 能、洛阳钼业、宁德时代等纷纷大涨。其中，宁德时代一度大涨近6%，股价再创历史新高，总市值也 首次突破1.8万亿元，超越贵州茅台暂居A股总市值第三位。 与此同时，港股市场也表现活跃，恒生科技指数一度涨近2%，恒生指数涨幅一度接近0.5%。不过午 后，港股市场出现跳水，恒生指数指数一度翻绿，恒生科技指数涨幅一度收窄至0.55%。 从消息面来看，行业龙头宁德时代近期"利好"消息不断。9月25日有消息称，宁德时代将于明年推出新 的8系高镍电池，并搭载在头部新势力的增程车型上。不过，上市消息尚未获得官方证实。 另外，9月19日，宁德时代与西藏林芝市米林市人民政府正式签署战略合作协议。双方将围绕"新能源项 目配储、水电产业配套、零碳产业"等领域达成深度合作。 有机构指出，固态电池的产业化进程持续加速，预计2027年全固态电池或迎来产业化元年。 锂电股异动 "宁王"创新高 9月25日，锂电池概念股大幅拉升，洛阳钼业涨停，壹连科技一度涨近17%，鸿富瀚一度涨超14%，当 升科技、亿纬锂能一度涨近10%，恩捷股份、赣锋锂业、中矿资源、天 ...

9月25日，A股主要指数走强，创业板指领涨，突破3200点，续创三年多新高。自4月8日低点以来，创业板指累计涨幅 约80%。截至午间收盘，创业板指涨2.22%，报3256.38点；上证指数涨0.16%，报3859.62点；深证成指涨1.14%，报 13508.98点。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3859.62 | 13508.98 | 1578.37 | | +5.98 +0.16% | +152.83 +1.14% | -0.56 -0.04% | | 科创50 | 创业板指 | 万得全A | | 1482.69 | 3256.38 | 6326.32 | | +26.22 +1.80% | +70.81 +2.22% | +36.65 +0.58% | 盘面上，固态电池、AI应用、AI算力硬件、消费电子等科技成长方向集体爆发，龙头股宁德时代股价创出历史新高， 且市值超越贵州茅台，成为推动创业板指走高的重要推动力。下跌方面，港口航运、贵金属、旅游等板块调整幅度较 前。 宁德时代股价创历史新高 固态电池 ...