Core Viewpoint - The event "Sincere Communication and Value Delivery - 2025 Hebei Listed Companies Investor Online Collective Reception Day and 2025 Semi-Annual Report Collective Performance Briefing" was successfully held, highlighting the company's commitment to R&D in solid-state battery core equipment [1] Group 1: Company R&D Focus - The company will continue to increase R&D investment, focusing on key technologies in the solid-state battery core equipment field, including dry electrode, lithium calendering, electrolyte film formation, transfer, and isostatic pressing [1] - The company emphasizes independent R&D while actively collaborating with downstream customers, universities, and research institutions to enhance innovation efficiency and promote technological breakthroughs and results transformation [1] Group 2: Market Position and Collaboration - The company is in a leading position in the lithium battery calendering equipment sector in China, with significant advantages in customer relationships, collaborating with major domestic battery enterprises [1] - The company possesses a first-mover advantage in calendering equipment performance and new processes and technologies related to dry electrodes and solid-state batteries [1]

Group 1 - The current growth in the battery market encompasses production and sales volume, exports, corporate performance, and stock market increases [2] - By 2025, the battery market is expected to shift from a dominance of leading companies like CATL and BYD to a more diversified and healthier state with multiple players [3] - Companies such as EVE Energy, Zhongxin Innovation, Guoxuan High-Tech, and Xinwangda have achieved both performance and stock price growth, with new entrants like Zhengli New Energy and Ruipu Lanjun also benefiting [4] Group 2 - The demand for power batteries continues to grow, driven by market needs, while energy storage batteries are rapidly emerging as a significant growth segment due to global energy transitions [5] - In August, China's power battery sales reached 98.9 GWh, a month-on-month increase of 8.5% and a year-on-year increase of 44.4%, significantly outpacing the growth of new energy vehicle sales [6] - The average battery capacity per new energy vehicle in August 2025 was 54.0 kWh, up 16.4% from the previous year, contributing to the faster growth of power batteries [7][10] Group 3 - Exports of batteries are also on the rise, with a total export of 22.6 GWh in August, a year-on-year increase of 23.9% [12] - From January to August, total battery exports reached 173.1 GWh, a year-on-year increase of 48.5% [12] - The export of power batteries in August was 15.1 GWh, with a year-on-year growth of 35.7% [13] Group 4 - The performance of battery companies has significantly improved, with CATL reporting a revenue of over 178.9 billion yuan in the first half of the year, a year-on-year increase of 7.27% [27] - EVE Energy's revenue reached 28.17 billion yuan, a 30.06% increase, while Zhongxin Innovation achieved a revenue of 16.42 billion yuan, up 31.68% [28][29] - Guoxuan High-Tech reported a revenue increase of 15.48%, reaching 19.39 billion yuan, and Zhengli New Energy saw a revenue growth of 71.9%, achieving 3.172 billion yuan [30][31] Group 5 - The solid-state battery market is projected to grow rapidly, with a forecasted market size increase from 14.4 billion yuan in 2025 to 218 billion yuan by 2030, reflecting a compound annual growth rate of 72% [35] - The battery sector is experiencing a strong upward trend, supported by robust performance and market expectations [36] - The emergence of new growth areas, such as humanoid robots, provides additional opportunities for battery companies [37]

三是，9月12日，国家发展改革委、国家能源局印发《新型储能规模化建设专项行动方案（2025—2027 年）》的通知，为新型储能行业未来两年的发展定下基调和发展目标。 四是，工信部等八部门近日联合印发《汽车行业稳增长工作方案（2025—2026年）》，提出2025年力争 实现全年汽车销量3230万辆左右，其中新能源汽车销量1550万辆左右。 五矿证券发布研报称，2025Q2锂电行业归母净利润同比增速+27%，连续2个季度转正，盈利继续边际 改善；从2025Q1开始行业资本开支连续2个季度同比增长，尤其电池在2025Q2加速；2025Q2行业现金 流首次同比增速转正；政策上，叠加反内卷政策后续深入，有望强化产业供给侧"负反馈"。 一是，9月15日，中汽协发布《汽车整车企业供应商账款支付规范倡议》。 二是，近日，中共福建省委、福建省人民政府印发《关于加快福建经济社会发展全面绿色转型的行动方 案》，并发出通知，要求各地区各部门结合实际认真贯彻落实。 9月15日，"宁王"突然大爆发。 宁德时代 A股盘中涨幅超过14%，成功创下历史新高；H股盘中大涨近 9%，同样刷新历史纪录。电池板块亦因此大幅拉升，板块涨幅一度超5%， ...

Core Viewpoint - The company has established a solid-state battery sample trial production line in Shanghai, demonstrating its capability to customize solutions based on various customer needs and technical requirements [1] Group 1 - The company currently possesses the ability to produce various types of samples tailored to different application scenarios [1] - The company is accelerating the construction of its pilot production line project [1] - Following the successful operation of the pilot line, the company plans to implement mass production line construction based on customer and product development progress as well as market demand [1]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.26%, Shenzhen Component Index up 0.63%, and ChiNext Index up 1.52% as of the market close on September 15, 2025. The total trading volume in the Shanghai and Shenzhen markets reached 22,774 billion [1]. ETF Performance - The Game ETF (159869) led the gains with an increase of 4.38%, followed by other Game ETFs and Film ETFs, all showing significant growth. The Smart Electric Vehicle ETF and Lithium Battery ETF also saw increases, indicating strong interest in these sectors [1]. - Conversely, the Communication sector faced declines, with the Communication ETF down 1.75%, leading the losses among ETFs [3]. Gaming Industry Insights - The gaming market in China experienced rapid revenue growth from January to July, with a total of 1,119 game licenses issued from January to August, marking a 20.8% year-on-year increase. The revenue for July was 29.1 billion yuan, up 4.7% year-on-year, indicating a positive trend in the gaming sector [2]. - The low valuation of the gaming sector, combined with new product launches and favorable regulatory policies, suggests potential for upward correction in the market [2]. Battery and Electric Vehicle Sector - Morgan Stanley highlighted CATL's breakthroughs in the European market, suggesting that its competitive edge will continue, especially as smaller competitors struggle in the energy storage sector. CATL is now considered one of the most attractively valued companies in the industry [2]. ETF Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 33.2 billion yuan, followed by other bond ETFs, indicating strong investor interest in fixed-income products [4]. - The turnover rate for the Korean Semiconductor ETF (213310) was notably high at 406.66%, suggesting significant trading activity and interest in this sector [5]. Upcoming ETF Launch - The Huaan Hong Kong Stock Connect Biotechnology ETF (159102) is set to launch, focusing on Hong Kong-listed biotech companies. This ETF is designed for investors looking to capitalize on the long-term growth of the biotech sector, particularly in innovative drugs and aging population trends [8].

Group 1 - The market experienced fluctuations today, with the ChiNext index showing strong performance driven by major stocks like CATL, particularly in the battery and energy storage sectors [1] - The CSI Photovoltaic Industry Index rose by 1.22%, with significant gains from component stocks such as Micro导纳米 (up over 11%), Jing Sheng Mechanical Electrical (up over 10%), and Jidian Co. (up over 5%) [1] - The Photovoltaic ETF (159857) increased by 0.79%, with a trading volume of 172 million yuan and a real-time premium rate of 0.01% [1] Group 2 - The ChiNext ETF Tianhong (159977) rose by 2.04%, with a trading volume of 108 million yuan, and its component stock CATL saw a peak increase of 14% in A-shares [1] - Morgan Stanley's report on September 11 highlighted CATL's strengthened industry leadership, particularly after its breakthroughs in the European electric vehicle battery market [1] - The report indicated that CATL's valuation is significantly attractive compared to peers, positioning it as "the cheapest in the industry" [1] Group 3 - The ChiNext ETF Tianhong focuses on new productivity directions, with the top three industries being power equipment, communication, and electronics [2] - The top ten weighted stocks in the ETF include industry leaders such as CATL, Dongfang Wealth, and New Yisheng, showcasing a clear growth style [2] - The ETF announced a fund share split of 1:2, effective from September 12, which will halve the unit net value and market price, significantly lowering trading thresholds [2] Group 4 - Minsheng Securities noted that the ongoing emphasis from higher authorities on "anti-involution" in the photovoltaic industry reflects a focus on addressing supply-demand imbalances [2] - There is an expectation for related policy measures to promote a healthy development trajectory for the photovoltaic sector, potentially leading to a bottom reversal in the photovoltaic segment [2]

除此之外，电池销售数据与新能源汽车产销数据息息相关，产业链整体政策催化不断。中国汽车工业协 会15日发布《汽车整车企业供应商账款支付规范倡议》。工业和信息化部等八部门联合发布《汽车行业 稳增长工作方案（2025—2026年）》。《方案》提出，2025年力争实现全年汽车销量3230万辆左右，同 比增长约3%，其中新能源汽车销量1550万辆左右，同比增长约20%。 Wind数据显示，2025年9月15日早盘，锂电、储能相关板块活跃上行，湖南裕能涨超14%，天赐材料 10CM封板；宁德时代放量涨超11%，股价创历史新高；阳光电源、科达利等涨幅居前。 领涨股方面，宁德时代2025年上半年公司全球市场份额持续领先。根据SNEResearch数据，2025年1-5月 公司动力电池使用量全球市占率为38.1%，较去年同期提升0.6个百分点，持续保持全球第一。在储能领 域，2025年1-6月公司储能电池产量位列全球第一。截至报告期末，公司已实现动力电池全球累计装车 约2,000万辆，储能电池全球累计应用超2,000个项目。 摩根士丹利发布报告指出，随着宁德时代在欧洲市场取得突破，而规模较小的竞争对手在关键的储能领 域陷入盈利 ...

2）9月12日，国家发改委、国家能源局关于印发《新型储能规模化建设专项行动方案（2025—2027年）》。方案指出，全国新型储能装机规模达到1.8亿千 瓦以上，带动项目直接投资约2500亿元，新型储能技术路线仍以锂离子电池储能为主。 一、行情 9月15日，锂电池、储能等板块集体大涨。百利科技2连板，天赐材料、尚太科技、洛凯股份等涨停，中一科技、海博思创、湖南裕能、万润新能张超10%， 富临精工、亿纬锂能、科达利、多氟多等大涨。 宁德时代盘中张超14%，刷新历史新高。 | 固态电池 | +0.67% | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | ■■ 宁德时代股价创历史新高；能源局印发《新型储能规模化建设专项行动方案（2025—2027年）》 | | | | | 股票名称 | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | 解读 | | 天赐材料 | 30.84 | +9.99% | 09:33:57 | 3.91% | 427.10亿 | 公司半固态电解质及氧化物与硫化物 | | 002709 ...

Core Insights - The surge in stock prices for CATL and other companies in the lithium battery sector indicates a strong market sentiment driven by increased production expectations and technological advancements in solid-state batteries [1][2] Group 1: Lithium Battery Production - Lithium battery production has exceeded expectations, with a significant increase in orders driven by explosive growth in overseas energy storage demand. Major battery manufacturers are nearing full capacity for 2026 orders, with Q3 production expected to rise by 15%-20% compared to the previous quarter [1] - The supply-demand dynamics in the lithium battery sector have shifted positively, leading to strong performance and low valuations, which presents a high-low switching logic for investors [1] Group 2: Solid-State Battery Development - The solid-state battery market is advancing faster than anticipated, with current valuations still at historical lows. The technology has moved beyond the laboratory phase, and upcoming evaluations by the Ministry of Industry and Information Technology are expected to provide further funding support for key players like CATL and BYD [2] - The mid-term review of a 6 billion yuan special fund is a short-term catalyst that could unlock additional subsidy applications for solid-state battery projects [2] Group 3: Price Recovery Expectations - The expectation of price recovery in the lithium battery supply chain is driven by anti-involution policies, with lithium salt prices and processing fees having reached a low point in mid-2025. The cost center for lithium carbonate is projected to rise, indicating a potential price increase cycle in 2026 [2] Group 4: ETF Overview - The New Energy Vehicle Leading ETF (159637) tracks the CSI New Energy Vehicle Index and includes 50 leading companies across the upstream and downstream of the new energy vehicle industry, ensuring no style drift in its investments [2]

二是11月底电池企业招标对应2026年的要货预期，尽管当前部分电池企业已经给出2026年指引将大幅超市场预 期，但置信度仍被质疑，后续以价为基础的谈量具备可信度； 三是2026年汽车以旧换新等政策延续情况以及锂电排产信息。 当前尽管有较大预期差，但经济性带动下的储能超预期或将在明年加速，关注度提升的情况下第二波行情随时 可能出现。 编辑/Rocky 港股锂电池板块涨幅居前，截至发稿，$中创新航 (03931.HK)$涨超9%，$宁德时代 (03750.HK)$涨近6%，$赣锋 锂业 (01772.HK)$涨超3%，$天齐锂业 (09696.HK)$涨近3%。 | 代碼 | 名稱 | 最新價 | 漲跌額 | 漲跌幅 = | 成交量 | 成交額 | | --- | --- | --- | --- | --- | --- | --- | | 03931 | 中創新航 | 29.260 | +2.500 | +9.34% | 762.83萬 | 2.2億 | | 03750 | 寧德時代 | 458.000 | +25.200 | +5.82% | 177.97萬 | 8.05億 | | 01772 | 脂峰理業 | ...