7月28日，上证指数、科创50指数早盘探底回升，临近午盘快速回落，午后震荡回升；深证成指、创业 板指早盘探底回升，临近午盘震荡回落，午后回升上扬。截至收盘，上证指数报3597.94点，涨0.12%， 成交额7612.65亿元；深证成指报11217.58点，涨0.44%，成交额9810.42亿元；创业板指报2362.60点， 涨0.96%，成交额4543.89亿元；科创50指数报1055.11点，涨0.09%，成交额350.94亿元。沪深两市合计 成交17423.07亿元，成交额较上一交易日减少450.3亿元。 医药生物、保险等行业走强西藏旅游6连板 盘面上来看，行业板块、概念涨多跌少。其中，医药生物、保险、国防军工、电子、通信、机械设备、 塑料制品、电力设备等行业涨幅靠前；PCB、复合集流体、长寿药、PEEK材料、纳米银、6G、玻璃基 板、全息技术等概念走势活跃。煤炭、钢铁、交通运输、石油石化、纺织服饰、建筑装饰等行业跌幅居 前；低碳冶金、赛马、海南自贸、黄金、钒电池、快递、民爆等概念走势较弱。涨停个股主要集中在电 子、医药生物、机械设备、化工、轻工制造等行业。 个股涨跌情况，截至收盘，沪深两市合计2675只 ...

Core Viewpoint - The compound copper foil industry is accelerating, with leading manufacturers beginning mass shipments to battery manufacturers [1] Industry Summary - Leading companies in the compound copper foil sector have started bulk shipments to power battery customers [1] - Downstream customers are in the process of finalizing new product mass production [1] - As testing progresses, compound copper foil manufacturers are expected to enter a phase of ramping up production and increasing output [1] Investment Recommendations - Focus on companies that have the capability for large-scale production and are in the phase of mass introduction of compound copper foil [1] - Preferentially select equipment manufacturers that will benefit from the expansion of future compound current collector capacity [1]

Group 1 - The core viewpoint of the report highlights the growth potential of Yuanhang Precision due to the rapid development of the new energy vehicle and energy storage markets, as well as advancements in solid-state battery technology [1] - The solid-state battery industry is evolving, with lithium battery shipments in China expected to reach 1175 GWh in 2024, representing a year-on-year increase of 32.6% [1] - The global composite current collector market is projected to grow from 1.8 billion yuan in 2023 to nearly 30 billion yuan by 2025, driven by high demand in the new energy vehicle and energy storage sectors [1] Group 2 - Yuanhang Precision's main products include nickel strips, foils, and precision structural components, with expected revenues of 615 million yuan and 200 million yuan from nickel strips and foils respectively in 2024 [2] - The company has established partnerships with major clients such as Panasonic, LG, and BYD, focusing on battery manufacturers and precision component processors [2] - The company's revenue is projected to reach 852 million yuan in 2024, with a year-on-year growth of 5.25%, and a net profit of 67.44 million yuan, reflecting a significant year-on-year increase of 113.37% [2] Group 3 - Yuanhang Precision holds 89 patents and produces nickel strips and foils with nickel content exceeding 99.8%, surpassing the industry standard of 99.5% [3] - The company has advanced manufacturing capabilities, allowing for precise control over the thickness and width of its products, with a maximum roll weight of 3,000 kg [3] - The company is expected to launch new production capacities by 2025 and 2026, which will support its growth trajectory [3] Group 4 - Profit forecasts indicate that the company's net profit is expected to reach 82 million yuan, 100 million yuan, and 125 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 36.8, 30.0, and 24.0 [4] - The report emphasizes the alignment of the company's business with industry growth driven by demand for new energy vehicles and energy storage, as well as technological upgrades in solid-state batteries [4] - The initial coverage of the company has been rated as "Buy" based on its strong market positioning and stable partnerships [4]

Summary of the Conference Call for Hongtian Co., Ltd. Industry Overview - The lithium battery copper foil industry is recovering after two years of adjustment, with both market demand and prices increasing [2][3] - The demand for high-end electronic circuit copper foil is expanding due to the growth of 5G/6G technologies and AI computing power [2][3] Company Highlights - Hongtian is the only domestic manufacturer capable of providing a complete set of customized equipment for lithium battery and electronic circuit copper foil production, with significant order increases from both domestic and international clients [2][3] - The company has achieved stable production of 3.5-micron ultra-thin copper foil and 9-micron high-frequency electronic circuit copper foil, with plans to upgrade to 3-micron, 2-micron, and 6-micron products [2][3][4] Equipment and Technology Developments - In the vacuum coating equipment sector, Hongtian has made rapid advancements, achieving import-level standards with its vacuum aluminum evaporation coating equipment, which offers cost and service advantages [2][5] - The company has developed HVLP copper foil technology from the first to the fourth generation, with the fourth generation currently in the sample delivery stage [3][10] - Hongtian's surface treatment machines are competitive with imported products, with a price point of over 10 million yuan per unit, and high-end products priced at three to four million yuan [3][9][11] Market Demand and Financial Projections - The total order backlog for Hongtian is approximately several billion yuan, with this year's orders expected to surpass last year's [3][14] - The anticipated new production capacity in the electronic circuit sector could reach 150,000 to 200,000 tons, corresponding to an equipment value of about 6 billion yuan, with a profit margin expected to remain around 20% [25][27] Collaborations and Partnerships - Hongtian has partnered with the Shanghai Institute of Optics and Fine Mechanics to advance in the semiconductor optics field, achieving significant milestones in the development of maskless direct-write lithography machines [6][7] - The company is also exploring collaborations with various universities and research institutions in the solid-state battery sector [21][22] Customer Base and Market Position - Major clients for Hongtian's surface treatment machines include Nord Co., Zhongyi Technology, and several international firms, indicating a strong market presence [9][23] - The company is in discussions with potential clients like Longyang and Tongguan, although progress has been slow due to internal processes [12] Future Outlook - The company expects to generate several tens of millions in revenue from the composite collection fluid and optical fields this year, with the potential to exceed 100 million depending on market conditions [18] - New product solutions, including a 5-micron complete machine solution, are planned for release by the end of next year [7][22] Conclusion - Hongtian Co., Ltd. is positioned strongly within the recovering lithium battery copper foil industry, with significant advancements in technology, a robust order backlog, and strategic partnerships that enhance its market competitiveness and growth potential [2][3][5]

Group 1 - The core viewpoint of the article highlights the significant investment and expansion of Yinglian Co., as it prepares for large-scale production of composite materials, marking a strategic move into the composite fluid market [2] - The headquarters of Jiangsu Yinglian Composite Fluid Co., a subsidiary of Yinglian Co., was inaugurated in Yangzhou, Jiangsu, indicating the company's commitment to this new venture [2] - The total investment for the Jiangsu Yinglian headquarters project is 3.089 billion yuan, with plans to establish 10 production lines for composite aluminum foil and 134 production lines for composite copper foil [2] Group 2 - Upon reaching full production capacity, the expected annual output will be 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [2]

Core Viewpoint - The company, Yinglian Co., Ltd. (002846.SZ), is experiencing a significant recovery in performance, with a notable increase in stock price following the announcement of its half-year earnings forecast, indicating strong growth in both revenue and net profit [2][3][6]. Financial Performance - For the first half of 2025, Yinglian expects revenue between 1.07 billion to 1.13 billion yuan, representing a year-on-year growth of 9.85% to 16.01% [3][4]. - The projected net profit for the same period is between 23 million to 28 million yuan, reflecting a substantial increase of 360.57% to 460.70% compared to the previous year [3][4]. - The company also anticipates a non-recurring net profit of 17.5 million to 22.5 million yuan, marking a growth of 638.58% to 849.61% year-on-year [3]. Business Segments - Yinglian is actively developing its dual business model, focusing on fast-moving consumer goods metal packaging and new energy materials, particularly in the easy-open lid segment [3][4]. - The easy-open lid segment has shown steady revenue growth and improved operational efficiency, benefiting from the company's global development strategy and technological advancements [4][5]. Market Expansion - The company has achieved significant growth in its export business, with overseas sales reaching 671 million yuan in 2024, an increase of 43.62% [10]. - The easy-open lid products have gained a competitive edge in the market, with revenue from canned easy-open lids increasing by 37.49% to 769 million yuan in 2024 [11]. Research and Development - Yinglian continues to invest in R&D, with expenses reaching 60.05 million yuan in 2024, a year-on-year increase of 4.96% [9]. - The company has established a joint research institute with a leading manufacturer in the field of composite flow battery technology, focusing on the development of solid-state battery materials [12][13]. Stock Performance - Since 2025, Yinglian's stock price has increased by approximately 100%, reflecting investor confidence in the company's recovery and growth prospects [2][13].

Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Core Viewpoint - The establishment of the headquarters of Jiangsu Yinglian Composite Current Collector Co., Ltd. marks Yinglian's readiness for large-scale production of composite current collectors [1][3]. Group 1: Company Developments - Jiangsu Yinglian, a subsidiary of Yinglian Co., was established in 2023 to focus on the research, production, and sales of composite current collector products [3]. - The total investment for the lithium battery composite aluminum foil and composite copper foil projects is expected to reach 3.089 billion yuan, with plans to build 10 production lines for composite aluminum foil and 134 for composite copper foil [3]. - As of September 2023, Jiangsu Yinglian has established a strategic partnership with equipment supplier Aifake and has procured 10 production lines for composite aluminum foil, currently operating 5 lines [3]. Group 2: Product Launch and Features - During the opening ceremony, the company held a product launch showcasing over ten types of composite foils designed to address four major trends in the lithium battery industry: alleviating range anxiety, increasing energy density, enhancing fast charging performance, and developing next-generation solid-state batteries [1][7]. - The showcased products include standard specifications such as 6.5-micron thick composite copper foil and 10-micron thick composite aluminum foil, as well as ultra-thin options like 4.5-micron composite copper foil and 6.5-micron composite aluminum foil [7][9]. - Products tailored for solid-state batteries and specific battery requirements were also presented, including high tensile strength composite copper foil and high conductivity composite aluminum foil, which are suitable for high-rate charging and discharging scenarios [9][11][13]. Group 3: Industry Outlook - The company continues to utilize vacuum deposition technology for the production of composite current collectors, introducing vapor-deposited lithium metal anodes, which are promising materials for solid-state batteries [16]. - The composite current collector products have been sampled to downstream customers across various sectors, including consumer batteries, power batteries, and energy storage batteries, with a quicker application in consumer batteries due to lower price sensitivity [16].

Core Viewpoint - Yinglian Co., Ltd. is accelerating its development in the new energy materials sector, marking a significant step in its dual-driven strategy of "fast-moving consumer goods metal packaging + new energy materials composite current collectors" [1][2] Group 1: Business Development - The headquarters of Jiangsu Yinglian Recycled Current Collector Co., Ltd. was inaugurated, establishing a foundation for large-scale production and aiming to become a global leader in composite current collector solutions [3] - Yinglian Co. is a leading manufacturer of easy-open lids in China and was the first to be listed in this sector on the Shenzhen Stock Exchange in 2017 [1] - The company is focusing on the dual main business model of fast-moving consumer goods metal packaging and new energy materials [1] Group 2: Product Development - Jiangsu Yinglian has developed composite copper foil and composite aluminum foil, which are currently undergoing testing with downstream customers in various battery applications [2] - The company has secured a bulk order from South Korean client U&SENERGY, expected to be fulfilled by December 2024 [1] - The total investment for the new energy power lithium battery composite current collector project is 3.089 billion yuan, with plans for 10 aluminum foil production lines and 134 copper foil production lines, aiming for an annual production capacity of 100 million square meters of aluminum foil and 500 million square meters of copper foil [1] Group 3: Strategic Partnerships - Jiangsu Yinglian signed a strategic cooperation agreement with a well-known automotive company in Guangzhou to develop integrated new materials for next-generation battery technology by March 2025 [2] - The company is advancing the application of composite current collector products in solid-state batteries, leveraging its expertise in vacuum deposition technology and innovative material development [2] Group 4: Industry Collaboration - The inauguration event gathered industry experts and upstream and downstream enterprises, facilitating deep exchanges on material processes and production equipment, thereby enhancing the international competitiveness of domestic materials [3]

Core Viewpoint - The establishment of the composite flow battery headquarters by Guangdong Yinglian Packaging Co., Ltd. marks a significant step in enhancing the company's competitiveness in the composite flow field and its future development plans [1][2]. Group 1: Company Developments - The headquarters of Jiangsu Yinglian, a subsidiary of Yinglian, was inaugurated on July 2, showcasing the company's core competitiveness in the composite flow field and its commitment to high-quality battery technology research and industrialization [1]. - Yinglian has invested a total of 3.089 billion yuan in projects for lithium battery composite aluminum and copper foils, planning to build 10 production lines for composite aluminum foil and 134 for composite copper foil, with an expected annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [2]. - The establishment of the headquarters is seen as a new phase for Jiangsu Yinglian in terms of technological innovation and industrial upgrading, positioning the company as a global leader in composite flow solutions [3]. Group 2: Industry Insights - The composite flow materials are critical for the safety and efficiency of products in the fields of new energy batteries and electronic devices, indicating the importance of Jiangsu Yinglian's advancements in this area [3]. - The event gathered industry experts and partners, facilitating deep exchanges on material processes, production equipment, and application scenarios, which promotes collaborative innovation within the composite flow industry [1].