资金近日持续买入新能源车龙头ETF（159637），自7月30日宁德时代领衔锂电板块深度下探以来，截 至8月6日早盘，新能源车龙头ETF（159637）迎来1800万份净申购。 最近，固态电池迎来密集催化。 消息二：8月1日，东风奕派科技公司的总经理汪俊君表示，东风固态电池将于2026年上车，拥有能量密 度350Wh/kg，续航超过1000KM，-30℃里程达成率70%以上。 注：基金管理人对文中提及的板块和个股仅供参考，不代表基金管理人任何投资建议，不代表基金持仓 信息或交易方向，个股涨幅不代表本基金未来业绩表现，不构成任何投资建议或推介。融资融券业务具 有财务杠杆作用，属于中高风险业务，投资者可能承担由于投资规模放大、对市场及个股走势判断错误 等可能导致的投资损失扩大风险。投资者在从事融资融券交易期间，如果不能按照约定的期限清偿债 务，或上市证券价格波动导致担保物价值与其融资融券债务之间的比例低于维持担保比例，且不能按照 约定的时间、数量追加担保物时，将面临担保物被强制平仓的风险。 消息三：7月30日，宁德时代表示其固态电池研发方面目前处于行业领先，已经有很好的进展，预计 2027年小规模量产固态电池，2 ...

Group 1 - The solid-state battery industry has reached a critical point in commercialization, with CATL clarifying its mass production path and overcoming scientific challenges such as solid-solid interface issues, currently focusing on dry electrode film formation and isostatic process optimization [1] - There is a surge in demand for core equipment, with ultra-high pressure isostatic equipment (500-600MPa) accounting for 13% of the total line value, and AVIC's subsidiary holding a 90% market share [1] - The commercialization of semi-solid batteries is accelerating, with models like NIO ET7 and Lantu Zhaiguang set to feature semi-solid batteries within the year, while materials such as Bettery's lithium sulfide electrolyte and Xingyuan's nanofiber skeleton membrane are becoming mainstream solutions [1] Group 2 - Solid-state battery technology breakthroughs are expected to benefit multiple segments, with solid-state batteries offering high safety and energy density, significantly enhancing lithium battery performance and representing a major direction for lithium industry upgrades [2] - In the battery segment, various manufacturers are laying out solid-state technology, with mature oxide technology and significant commercial potential for sulfide technology [2] - The electrolyte segment is crucial for solid-state battery growth, focusing on oxide and sulfide electrolytes, with lithium sulfide being key for cost reduction [2] - The anode materials segment is seeing upgrades, with silicon-carbon anodes being a primary solution in the short term, while metallic lithium anodes show great potential for enhancing energy density [2] - The cathode materials development is centered on high-nickel ternary cathodes and lithium-rich manganese-based routes, with ternary material manufacturers currently holding advantages [2] - The equipment segment is expected to benefit first from solid-state battery production lines, with key focus on front-end and mid-stage equipment [2] Group 3 - The Sci-Tech Innovation New Energy ETF closely tracks the SSE Sci-Tech Innovation Board New Energy Index, which selects 50 large-cap stocks from the solar, wind, and new energy vehicle sectors to reflect the overall performance of representative new energy companies [3] - The battery sector accounts for 38.5% of the index, with the top ten weighted stocks including JinkoSolar, Trina Solar, and CATL, collectively representing 47.21% of the index [3]

智通财经APP获悉，万联证券发布研报称，2025年，在以旧换新等消费激励政策驱动下，我国新能源汽 车产销量高速增长，叠加全球储能装机增势稳定，锂电产业链需求持续提升，盈利水平显著修复，龙头 公司竞争优势增强。展望后市，锂电池产业链整体趋势向好，有望逐步进入周期复苏阶段，建议关注行 业业绩修复、固态电池技术突破两大核心主线：(1)行业业绩修复：建议关注锂电行业龙头公司业绩修 复带动估值回升的投资机会。(2)固态电池技术突破：建议关注在电池、电解质材料、正负极及辅材等 关键材料环节布局领先且具备技术优势的企业。 万联证券主要观点如下： 需求端：新能源汽车+储能双驱动，锂电需求持续提升 (2)电解质环节：固态电池增量环节，氧化物及硫化物电解质为企业主要布局方向，其中，氧化物电解 质以LLZO、LATP为主，主要由上游材料厂商向下延伸布局，硫化物电解质则以LGPS、LPSX为主流选 择方向，正极、隔膜等锂电材料厂商是重点布局企业。另外，硫化锂成本占比高，是硫化物电解质降本 关键，有望成为硫化物路线突破重点; (3)负极材料：固态电池材料主要升级环节，硅碳负极理论质量容量高，是中短期的主要方案，金属锂 负极具有高比容、 ...

Core Insights - The report highlights a recovery in the profitability margins of the lithium battery industry, driven by strong demand from the electric vehicle (EV) and energy storage sectors, with a significant increase in production and sales volumes [2][3] - The report emphasizes two main investment themes: industry performance recovery and breakthroughs in solid-state battery technology [2][3] Demand Side - The demand for lithium batteries is being driven by the dual forces of electric vehicles and energy storage, with a notable increase in sales and production [3][30] - In the first half of 2025, China's new energy vehicle sales reached 6.94 million units, a year-on-year increase of 40.31%, with a penetration rate of 44.33% [3][22] - Exports of new energy vehicles also saw a remarkable growth of 75.21% year-on-year, indicating strong demand from emerging markets [3][25] Supply Side - The lithium battery industry is experiencing a recovery in profitability, with overall revenue in Q1 2025 reaching 187.11 billion yuan, a year-on-year increase of 14.82% [4][49] - The competitive landscape is improving, with Chinese companies gaining market share in both domestic and international markets, particularly in the production of power and energy storage batteries [4][49] - Capital expenditures in the lithium battery sector are showing signs of recovery, with Q1 2025 marking the first positive growth after seven consecutive quarters of decline [4][49] New Technology - Solid-state battery technology is advancing rapidly, entering a critical phase of technical validation, which is expected to drive upgrades across the industry [9][4] - The report identifies key segments within the solid-state battery supply chain, including battery cells, electrolytes, and materials, where companies with technological advantages are likely to benefit [9][4] Investment Recommendations - The report suggests focusing on leading companies in the lithium battery sector that are poised for performance recovery, as the industry is currently valued at a low point compared to historical averages [2][4] - It also recommends monitoring companies that are leading in the development of solid-state battery technologies, as these advancements are expected to significantly enhance battery performance [9][4]

Summary of Conference Call Records Industry or Company Involved - The records primarily discuss the **renewable energy sector**, specifically focusing on **wind power**, **solar energy**, and **robotics** technology. Core Points and Arguments 1. **Focus Areas in Renewable Energy**: The company is targeting areas such as wind power, electric grids, and robotics as key growth sectors, indicating a belief in their potential for recovery and growth in valuation [1] 2. **Telecom Sector Performance**: The telecom sector has shown a significant decline of approximately 7.7 points, but remains over-allocated in institutional portfolios, suggesting a cautious outlook [2][3] 3. **Robotics Development**: The development of humanoid robots is nearing mass production, with challenges primarily in software, particularly in motion control and cognitive functions [4][6] 4. **Investment Opportunities in Robotics**: There are numerous investment opportunities in humanoid robotics, particularly in the areas of motion control and the physical structure of robots [8][9] 5. **Battery Technology Trends**: The shift towards solid-state batteries is seen as a necessary trend for humanoid robots, with significant advancements expected in the coming years [11][13] 6. **Wind Power Growth**: The wind power sector is experiencing a surge in bidding, with a projected increase in installed capacity, indicating a strong growth trajectory [23][25] 7. **Market Dynamics**: The overall market for renewable energy is characterized by a mix of overcapacity and controlled supply, with a focus on maintaining stability among leading firms [27] 8. **Investment Recommendations**: Specific companies and sectors, such as solid-state batteries and robotics, are highlighted as promising investment opportunities, with a focus on valuation and growth potential [26][35] Other Important but Possibly Overlooked Content 1. **Technological Advancements**: The records emphasize the importance of technological breakthroughs in solid-state batteries and robotics, which are expected to drive future growth [14][15] 2. **Global Market Considerations**: The records mention the significance of overseas markets, with many companies deriving a substantial portion of their revenue from international operations [24] 3. **Long-term Outlook**: The long-term outlook for the renewable energy sector is cautiously optimistic, with expectations of gradual recovery and growth in demand over the next few years [32][34] 4. **Challenges in the Industry**: The records also highlight challenges such as supply chain pressures and the need for companies to adapt to changing market conditions [33][34] This summary encapsulates the key insights and trends discussed in the conference call records, providing a comprehensive overview of the current state and future outlook of the renewable energy and robotics sectors.

Group 1 - The Ministry of Industry and Information Technology, along with five other departments, issued a notice on July 7, 2025, to enhance server efficiency and actively utilize energy storage technology in green data center construction [1] - Solid Power's sulfide solid-state battery has achieved an energy density of 390Wh/kg, while QuantumScape's QSE-5 cell has reached 301Wh/kg with a 10C discharge capability [1] - Factorial Energy's Solstice battery offers a single range of 1000 kilometers, and FEST battery supports fast charging in 18 minutes [1] Group 2 - Samsung SDI's silver-carbon anode battery has an energy density of 900Wh/L and can achieve fast charging in 9 minutes [1] - Many overseas solid-state battery companies are focusing on sulfide technology and have entered vehicle testing or sample delivery phases, with mass production timelines set for 2026-2030 [1] - Collaborations between battery manufacturers and automotive companies are deepening, covering technology licensing, production line co-construction, and road testing validation [1] Group 3 - Solid Power's battery has been tested in real vehicle trials with BMW i7, and QuantumScape has signed a mass production agreement with Volkswagen [1] - Domestic policies are accelerating the industrialization of solid-state batteries, aiming for small-scale vehicle demonstration by 2027 [1] Group 4 - The Mechanical ETF tracks a segmented mechanical index compiled by China Securities Index Co., covering listed companies in engineering machinery and industrial automation sectors in the Shanghai and Shenzhen markets [2] - The index constituents are strictly selected, typically exhibiting high growth potential and industry representation, effectively reflecting the development trends and market performance of China's machinery manufacturing industry [2] - The segmented mechanical index focuses on capturing quality enterprises within the machinery industry, providing investors with an effective tool to track the overall performance of the mechanical sector [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The market interprets the "anti - involution" policy as a price rebound rather than a reversal. Stocks in coal, transportation, and steel industries led the decline, while those in electronics, power equipment, and pharmaceutical biology industries led the rise. The semi - annual report pre - increase theme is a visible investment line until mid - July. In the high - level oscillation period, it is advisable to focus on arbitrage opportunities by going long on far - month contracts and short on near - month contracts in the stock index futures market [1][6]. - In the stock index options market, due to low trading liquidity and volatility, and the potential ineffectiveness of sentiment indicators, it is recommended to adopt a covered defense strategy [2][6]. - In the treasury bond futures market, the short - end performed better than the long - end. The long - end bullish sentiment weakened marginally. In the short term, the bond market is expected to continue to oscillate due to factors such as the central bank's cautious liquidity injection, high local bond supply in July, and potential tariff disturbances [2][7][8]. 3. Summary by Directory 3.1 Market Views - **Stock Index Futures** - **Data**: IF, IH, IC, IM's current - month basis points were - 21.47, - 16.95, - 48.66, - 63.24 respectively, with changes of 1.22, 2.6, - 12.31, - 15.95 points compared to the previous trading day; the current - month to next - month spreads were 18.6, 4.6, 54.2, 71.8 points respectively, with changes of 0.8, - 0.8, 3.8, - 1.6 points; the positions changed by - 481, - 1877, 1566, 2566 lots respectively [6]. - **Logic**: The market interprets the "anti - involution" policy as a price rebound. After excluding inflation - chain investment opportunities, funds rotate among scattered hot industries. There is a lack of a main line to boost trading volume during the high - level oscillation period [6]. - **Operation Suggestion**: Hold a wait - and - see attitude [6]. - **Stock Index Options** - **Data**: The trading volume of the options market rebounded slightly, but the overall trading liquidity remained low. The implied volatility of CSI 1000 index options dropped by 0.39%, and that of SSE 500 ETF options decreased by 0.18% [2][6]. - **Logic**: The double - low situation of liquidity and volatility, combined with the ineffective sentiment indicators, indicates that the index has resistance above and the market will continue to oscillate [2][6]. - **Operation Suggestion**: Adopt a covered defense strategy [2][6]. - **Treasury Bond Futures** - **Data**: The trading volumes of T, TF, TS, TL's current - quarter contracts were 64924, 51486, 24843, 72609 lots respectively, with 1 - day changes of 6969, 5555, - 101, 3741 lots; the positions were 206020, 156476, 115715, 117980 lots respectively, with 1 - day changes of - 499, - 1347, 120, - 1737 lots. Other spread and basis data are also provided [7]. - **Logic**: The long - end bullish sentiment weakened marginally due to the stock - bond seesaw effect and the profit - taking motivation of long - end futures. The central bank may be cautious in liquidity injection, and the local bond supply in July may be high, limiting the downward space of interest rates. Tariff disturbances may increase after July 9 [2][7][8]. - **Operation Suggestion**: Maintain an oscillating trend strategy; pay attention to short - hedging at low basis levels; appropriately focus on basis widening; the mid - term strategy of steepening the yield curve has higher odds [8]. 3.2 Economic Calendar - The official manufacturing PMI in China in June was 49.7, up from 49.5 in the previous month. The final value of the US Markit manufacturing PMI in June was 52.9, higher than the expected and previous values. The US unemployment rate in June was 4.1%, lower than the expected 4.3% and the previous 4.2%, and the non - farm payrolls increased by 14.7 million, higher than the expected 10.6 million [9]. 3.3 Important Information and News Tracking - **Domestic Macro**: On July 3, the Minister of the Ministry of Industry and Information Technology hosted a manufacturing enterprise symposium, where 14 photovoltaic enterprises and industry association representatives exchanged views on various aspects and put forward policy suggestions [9]. - **Overseas Macro**: The US non - farm payrolls increased by 14.7 million in June, higher than expected, and the unemployment rate dropped to 4.1%. The private - sector employment increased by only 7.4 million, the lowest since last October, mainly driven by the healthcare industry [10]. 3.4 Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data details are not fully presented in the provided content [11][15][27].

Market Overview - A total of 63 stocks hit the daily limit up, with 21 stocks on consecutive limit up boards, and 23 stocks failed to close at the limit, resulting in a closing rate of 73% (excluding ST and delisted stocks) [1] - Focus stocks include Xingye Co. and Nord Co., which experienced significant declines in the afternoon, while the market's consecutive limit up height has dropped to 5 consecutive boards for Xintonglian [1] Key Stocks - Changcheng Military Industry achieved 6 consecutive limit ups over 7 days with a price increase of 9.99% [4] - Wanlima recorded 3 consecutive limit ups over 4 days with a price increase of 20.05% [4] - Hunan Tianyan also saw 3 consecutive limit ups over 4 days with a price increase of 9.97% [4] - Other notable stocks include Beifang Navigation and Jianshe Industrial, both achieving 2 consecutive limit ups with price increases of 10.01% and 10.00% respectively [4] Solid-State Battery Sector - The solid-state battery company QuantumScape saw a 30.95% increase in its stock price after announcing breakthroughs in its next-generation solid-state lithium-metal battery technology [6] - Tianji Co. and Dadongnan both achieved 3 consecutive limit ups with a price increase of 10.00% [7] - Other stocks in the solid-state battery sector include Cangzhou Mingzhu and Fosu Technology, both achieving limit ups [7] Digital Currency Sector - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to provide comprehensive virtual asset trading services, becoming the first Chinese broker in Hong Kong to obtain such qualifications [10] - Jida Zhengyuan achieved 4 consecutive limit ups with a price increase of 10.01% [11] - Other stocks in the digital currency sector include Jingbeifang and Geer Software, both achieving limit ups [13] Marine Economy - Shenzhen aims to achieve a marine industrial added value of 215 billion yuan by the end of the 14th Five-Year Plan, with an average annual growth rate exceeding 12% [14] - Guorui Technology and Youfu Co. both achieved limit ups, driven by developments in marine technology [15] Financial Sector - The People's Bank of China and six other departments issued guidelines to enhance the capital market's functions, promoting the entry of medium- and long-term funds to stabilize market development [16] - Guosheng Financial Holdings and Yinbujiecai both achieved consecutive limit ups, reflecting positive sentiment in the financial sector [17] Tourism Sector - Hong Kong tourism stocks surged, with Hong Kong Zhonglv's stock price soaring over 100% and Haichang Ocean Park rising over 25% [19] - Tianmuhu and Nanjing Shanglv both achieved limit ups, benefiting from the tourism sector's recovery [19] Chip Industry - According to DRAMeXchange data, the spot price of DDR4 16Gb (1Gx16) 3200 increased by 1.63%, with an average price of $12.3, doubling within a quarter [20] - Haoshanghao and Chengbang Co. both achieved limit ups, reflecting the positive trend in the chip industry [21] Oil and Gas Services - The oil and gas sector remains active, with stocks like Zhun Oil Co. achieving 7 consecutive limit ups over 10 days with a price increase of 10.04% [23] Financial Technology - The People's Bank of China plans to develop a new stage financial technology development plan to promote the digital and intelligent transformation of finance [24] - Tianli Technology and Guoyuan Technology both achieved limit ups, indicating growth in the financial technology sector [25] AI Glasses - Xiaomi announced the launch of its new AI glasses, with over 16,000 reservations made on JD.com [26] - Zhongguangxue and Tonghui Information both achieved limit ups, driven by the AI glasses trend [27] Other Notable Stocks - Zhejiang Dongri achieved 6 consecutive limit ups over 8 days with a price increase of 10.00% [32] - New Tonglian and Wanlima also recorded consecutive limit ups, reflecting strong market interest [32]

Market Overview - The three major indices experienced a decline, with the ChiNext Index dropping by 1.1% and over 4600 stocks in the market showing negative performance [1][3] - The Shanghai Composite Index fell by 0.86%, the Shenzhen Component Index decreased by 1.01%, and the North China 50 Index also saw a nearly 1% drop, with trading volume exceeding 800 billion, an increase of over 40 billion compared to the previous day [3] Economic Factors - Recent macroeconomic data has shown signs of pressure, leading to hesitance in market recovery expectations [3] - Popular sectors such as AI and weight-loss drugs are experiencing corrections, prompting funds to shift towards defensive sectors [3] - External market instability has also contributed to negative sentiment in the domestic market [3] Sector Performance - Solid-state batteries, PCB, and oil sectors saw gains, with stocks like Nord and Xiangtan Electric achieving limit-up [3] - The solid-state battery sector is gaining attention due to recent technological breakthroughs and a reasonable valuation after previous adjustments in the new energy sector [3] - The oil sector's rise may be linked to geopolitical tensions in the Middle East, particularly the potential for U.S. actions against Iran, leading to short-term oil price volatility [3] Declining Sectors - The nuclear fusion, military, and weight-loss drug sectors faced significant declines, with Changshan Pharmaceutical hitting the limit down and Hanyu Pharmaceutical dropping over 10% [4] - The military sector's adjustment is attributed to a lack of new catalysts, leading to fund withdrawals [4] - The nuclear power sector saw stocks like Hezhan Intelligent and China Nuclear Technology hitting the limit down, possibly due to negative news from specific companies [4] Investment Strategy - In a broad market decline, it is essential to maintain a calm mindset and focus on identifying quality stocks [4] - Long-term investors should prioritize company fundamentals and industry prospects over short-term price fluctuations [4] - The solid-state battery sector is highlighted as a promising long-term investment, while caution is advised in the weight-loss drug sector due to speculative trading [4]

Group 1 - The smart connected vehicle ETF (159872.SZ) increased by 1.10%, with its associated index, CS Vehicle Networking (930725.CSI), rising by 1.02% [1] - Key component stocks included: O-film Technology up 7.17%, Hongfa Technology up 4.33%, BYD up 2.69%, Huayang Group up 4.47%, and CATL up 1.27% [1] - Guoxuan High-Tech recently held the 2025 Global Technology Conference, announcing the completion of a 0.2GWh all-solid-state battery pilot line and the launch of six new products, which has led to a surge in solid-state battery concept stocks [1] Group 2 - The expectation of technological breakthroughs in the new energy industry chain, including CATL, has boosted the performance of smart connected vehicle ETF component stocks [1] - According to research from China Merchants Securities, unmanned logistics is expected to be the fastest application scenario for autonomous driving, with the introduction of management regulations facilitating the economic viability of unmanned logistics vehicle operations [1] - The unmanned logistics sector is projected to open up a market exceeding 100 billion [1]