Core Viewpoint - The A-share market experienced a collective decline on June 26, with the Shanghai Composite Index closing at 3448.45 points, while the banking sector showed resilience by gaining over 1% [1][3]. Market Performance - The Shanghai Composite Index fell by 0.22%, and the ChiNext Index dropped by 0.66%, with a total of 3609 stocks declining and only 1621 stocks rising [3]. - The total trading volume for the day reached 15831.78 billion yuan [3]. Sector Performance - Among 31 primary industry sectors, 8 sectors saw gains, notably the banking sector which rose by 1.01%, and the communication and defense sectors also performed well [5][6]. - The automotive, non-bank financial, pharmaceutical, and beauty care sectors all experienced declines exceeding 1% [9]. Institutional Investment - Recent significant gains in the financial sector indicate that institutional capital is entering the market, providing stability [1][7]. - A policy issued on June 24 aims to boost consumption and is expected to attract more medium to long-term funds into the A-share market [8]. Technical Analysis - The current market adjustment is characterized as a normal technical correction, with no signs of panic selling [10]. - The market is transitioning from being influenced by external events to being driven by internal policies, focusing on industry development and demand [10]. Investment Strategy - Investors are advised to focus on sectors with strong performance potential, particularly technology growth and high-dividend stocks, while avoiding overvalued sectors [12][14]. - The market is expected to continue its upward trend, but the sustainability of this trend will depend on economic recovery, policy support, and changes in capital flow [12][13].

消息面上，小米于昨晚发布首款SUV小米YU7，三分钟大定20万台，一小时大定突破28.9万台，相当于 公司之前宣布的2025年全年出货目标的82.5%，超出市场预期。华泰证券认为，小米YU7标准版/PRO 版/MAX版定价25.35/27.99/32.99万元，同等车型低于特斯拉定价（起售价26.35万元），符合市场预 期。浙商证券认为，YU7有较大可能复制SU7的成功，获得该价格带Tesla Model Y系列车型的大部分份 额。 近期固态电池概念热度较高。申万宏源证券认为，行业全固态电池有望于2025年年底实现产品定型， 2026年逐步验车测试，2027年产业链进入规模化降本阶段。随着未来全固态电池量产装车，新能源车的 续航里程有望得到较大突破，相较于燃油车的市场竞争力也有望大幅提升。在没有"里程焦虑"的情况 下，新能源车或加速普及，渗透率有望再上一个台阶。 6月27日午后，港股三大指数悉数下跌。盘面上，科网股涨跌不一，AI医疗概念股普涨，有色金属概念 涨幅居前，中资券商股活跃。近期热度较高的恒生科技指数ETF（513180）跟随指数震荡，持仓股中， 小鹏汽车、蔚来、比亚迪股份等跌幅居前，阿里健康、小米集 ...

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20250627 联系人 李婷、黄蕾、高慧、王工建、赵凯熙 电子邮箱 jytzzx@jyqh.com.cn 电话 021-68555105 主要品种观点 宏观：美国一季度消费下修，A 股情绪有所降温 海外方面：美国一季度 GDP 终值从-0.2%下修至-0.5%，个人消费支出增速从 1.2%下修 至 0.5%，创疫情以来最弱表现。与此同时，5 月耐用品订单大超预期，核心耐用品订单回暖 提振二季度 GDP 投资项，预计二季度 GDP 录得 3.4%，目前美国经济仍有韧劲，重点关注 消费及就业边际降温的幅度。"大美丽"法案推进中，贝森特要求删除对外资征报复性税的 争议条款（"899 条款"）。美元指数跌破 97 创逾三年新低，10 年期美债利率回落至 4.25%， 美股集体反弹，弱美元、供应偏紧支撑铜价创三个月新高，金价震荡偏弱。今晚关注美国 5 月 PCE 及密歇根调研"软数据"。 国内方面：A 股在连续 3 日强势上涨后震荡整理，两市成交额仍保持在 1.6 万亿上方， 微盘股与红利风格相对抗跌，稳定币、餐饮旅游、银行板块领涨，市场情绪趋于理性，缺乏 ...

证券代码：002812 证券简称：恩捷股份 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 首先，公司可实现高速、均匀的混料，做连续煅烧，不需要使用液相溶剂进行 二次杂质提纯；其次，公司采购的原料价格使得公司的成本具有竞争优势；第三， 公司的硫化锂产品粒径大小控制非常好，能够保证制备出来的硫化物固态电解质有 足够的活性，烧结程度更好。 编号：2025-005 4、公司有布局骨架支撑膜这个方向吗？ 公司有固态电解质支撑膜的研发，已有客户少量订单。新型固态支撑膜具有更 高的孔隙率和更大的孔径，以满足固态电解质的填充需求，可以实现固态电解质膜 比较好的力学性能，满足固态电池的加工需求。 5、公司制备硫化锂的优势？ 投资者关系活动记录表 | | ☑特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | | | | | 参与单位名 | | | | | | 称及人员姓 | ...

Group 1 - The core viewpoint of the news highlights the significant progress in the solid-state battery sector, with major manufacturers entering pilot production and automotive companies commencing road tests, indicating an accelerated industrialization process [2] - As of June 26, 2025, the China Battery Theme Index has shown a 0.47% increase, with notable gains from component stocks such as Xingyuan Material (+6.79%) and Wenkang New Energy (+3.15%) [1] - The battery ETF, Jia Shi, has experienced a 17.39% increase in net value over the past year, with a significant growth in shares by 22.5 million [1] Group 2 - The solid-state battery industry in China has an expansion plan exceeding 50 GWh with a total investment of approximately 15 billion yuan, indicating strong growth potential [2] - The top ten weighted stocks in the China Battery Theme Index account for 50.34% of the index, with Ningde Times and Sunshine Power being the most significant contributors [2][4] - The industry is expected to reach product finalization by the end of 2025, with vehicle testing starting in 2026 and a move towards large-scale cost reduction in 2027 [2]

Investment Rating - The industry investment rating is "Overweight" (maintained) [6] Core Insights - The report highlights a significant milestone achieved by QuantumScape in integrating the Cobra separator manufacturing process into its benchmark battery product, which enhances production efficiency and reduces space requirements [6] - QuantumScape is deeply tied to the Volkswagen Group and focuses on the oxide solid-state electrolyte route, aiming for high energy density and scalable production [8] - The report emphasizes the importance of solid-state battery technology and suggests monitoring investment opportunities in the supply chain, particularly in oxide electrolyte materials [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 19.56% and an absolute return of 32.94% [4] Investment Highlights - QuantumScape's QSE-5 B solid-state cell has entered small-scale production, featuring a capacity of 5Ah and an energy density of 844 Wh/L or 301 Wh/kg, with rapid charging capabilities [8] - The report identifies several companies actively developing solid-state battery technologies, including Sanxiang New Materials, Xingyuan Materials, Enjie, and Changyang Technology, which are focusing on oxide electrolytes and solid-state electrolyte membranes [8] Related Research Reports - The report references multiple previous industry reports that discuss various investment opportunities within the battery sector, particularly in solid-state technologies and data center investments [5]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 消息面上，2025年6月26日多家公司披露固态电池领域最新进展，头部厂商中试陆续落地且车企启 动路试，产业化进程超预期进入预量产阶段，产业链设备及材料环节有望迎来投资机会。6月25日中国 电池材料技术实现突破，通过硅基负极、全固态电池等创新实现轻薄与大容量并存，2025-2027年将成 为中试扩产与装车验证关键期。 华西证券指出，美国修订后的法案延长了储能ITC补贴时间并放松补贴门槛，若通过将显著利好美 国大储市场景气度，目前美国仍是高溢价高盈利市场，放松中国产业链供应限制及延长补贴退坡时间至 5年后，已在美国布局产品、渠道的储能/逆变器企业有望率先受益。固态电池凭借高能量密度和高安全 性成为下一代电池技术方向，随着技术成熟及产业链配套完善，新产品有望陆续发布、产能建设加速落 地，产业化进程持续推进， ...

Macro Strategy - The current market is entering a risk-off phase, with a potential shift back to growth after a period of risk-on behavior. The rotation pattern resembles that of early 2024 and late 2024, with initial strength in the TMT sector, followed by a rotation to upstream resources and finance, and then a short-term rebound in consumption and manufacturing sectors [1][10][11] - The macroeconomic fundamentals have not fundamentally changed compared to late 2024 and March 2025, suggesting that future industry rotation may continue to be driven by capital behavior. A defensive mode is recommended in the short term, focusing on stable sectors such as banks, utilities, and leading home appliance companies [1][11] Industry Insights - QuantumScape (QS) has successfully integrated its advanced Cobra membrane technology into its baseline battery production, marking a significant step towards scaling production capacity. The Cobra process improves thermal treatment speed by approximately 25 times and allows for more efficient production, representing a major advancement in ceramic membrane manufacturing [3][14] - QS's QSE-5 B solid-state battery cells have recently entered small-scale production, with deliveries to select automotive customers. The introduction of the Cobra membrane is expected to accelerate the trial and adoption of QS's B1 samples [3][14] - Domestic lithium battery equipment manufacturers have a significant first-mover advantage in the solid-state battery equipment sector, with several companies successfully covering the entire manufacturing process. In 2024, multiple equipment manufacturers have received orders exceeding 100 million yuan, positioning them to benefit from the industrialization of solid-state batteries [5][14] Company Recommendations - The report recommends focusing on solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment providers like HangKe Technology. Attention is also drawn to dry/wet electrode equipment manufacturers and other related companies [5][14] - For ZhongAn Online, the company has initiated an H-share placement to enhance its capital base and support growth in its insurance and technology sectors. The expected net proceeds from the placement are approximately 39.96 billion HKD, which will bolster its financial strength and support its growth trajectory [7][17][18] - Xiangcai Co., Ltd. is undergoing a transformation into wealth management and financial technology, with significant growth expected in net profit from 2025 to 2027. The company is leveraging its acquisition of Dazhihui to enhance its competitive edge in the financial services market [9][19]

Group 1: Cross-Border Payment Market - The global cross-border payment market is expanding, with multiple banks entering the trillion-yuan market following the launch of the Cross-Border Payment platform [2] - According to EIU, the global cross-border payment transaction volume is expected to reach $194.6 trillion in 2024, maintaining steady growth compared to 2023, and projected to grow at a CAGR of 6.4% to $320 trillion by 2032 [2] Group 2: Solid-State Battery Technology - EVTank predicts that global solid-state battery shipments will reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [3] - The upgrade of battery technology is a core driver of expanding terminal demand, with solid-state batteries being identified as the next-generation battery technology due to their high energy density and safety [3] Group 3: Nvidia's Market Valuation - Loop Capital forecasts that Nvidia's market valuation could expand to $6 trillion, benefiting from a new wave of AI application growth, representing a 65% increase from its current valuation of $3.6 trillion [4] - The demand for computing power is spreading globally, with North American infrastructure companies frequently exceeding performance expectations [4] Group 4: AI in Education - The Tianli International-hosted AI model application results conference will showcase innovations in AI education technology, emphasizing its role in reshaping the educational ecosystem [5] - The "AI + Education" market is projected to reach 160 billion yuan by 2027 and nearly 180 billion yuan by 2030, driven by technological advancements and increased funding attention [5]

Core Viewpoint - Tianji Co., Ltd. has gained significant attention in the capital market due to a substantial increase in its stock price, which has risen 33% over three days, reaching 11.44 CNY per share from 8.59 CNY [1] Group 1: Stock Performance - On June 26, Tianji Co., Ltd. experienced a stock price surge, achieving a three-day consecutive limit-up [1] - The stock price increase was attributed to the company's announcement regarding abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over three trading days [1] Group 2: Business Overview - Tianji Co., Ltd. primarily engages in the production of lithium hexafluorophosphate and related fluorochemical products, sodium phosphinate, and small household appliances, with lithium hexafluorophosphate accounting for 65.94% of its main products [2] - The company has faced a decline in revenue, reporting 2.055 billion CNY in 2024, a decrease of 6.32% year-on-year, and a significant net loss of 1.361 billion CNY, compared to a profit of 37 million CNY in 2023 [2] Group 3: Financial Challenges - The company's losses were primarily due to intense market competition and a significant decline in the price of lithium hexafluorophosphate, along with goodwill impairment affecting profitability [2] - Tianji Co., Ltd. recorded a goodwill impairment of 985 million CNY in 2024, following a 2.7 billion CNY acquisition in 2016, which resulted in a goodwill of 2.319 billion CNY [2] Group 4: Recent Developments - As of the first quarter of 2025, the company still holds 727 million CNY in goodwill [3] - Despite ongoing losses, the company has shown signs of improvement, with a revenue of 518 million CNY in Q1 2025, reflecting a year-on-year growth of 16.28%, and a reduced net loss of 22 million CNY, a 77.15% decrease in losses compared to the previous year [3] - The net cash outflow from operating activities improved significantly, decreasing by nearly 70% compared to the same period in 2024 [3]