Industry Information - CATL has launched the 75 standardized battery swap block and aims to build a nationwide battery swap network covering 80% of trunk transport capacity by 2030, targeting a 50% market penetration for electric heavy trucks within three years [8][9] - In the first four months, Ningbo port exported over 70,000 new energy vehicles, marking a year-on-year increase of 366.8% [12] - The number of active new energy vehicles in China has surpassed 30 million, with over 20 million being pure electric vehicles [12] - TrendForce predicts that global new energy vehicle sales will exceed 4 million units in Q1 2025, representing a 39% year-on-year increase [16][20] - Ganfeng Lithium has established a comprehensive layout in the solid-state battery sector, with energy densities reaching 420Wh/kg [22] Policy Information - Guizhou Province plans to adjust peak and valley electricity prices, with peak prices increasing by 60% and valley prices decreasing by 60% [29][30] - The Zhejiang Provincial Finance Department has allocated 118.8 million yuan for energy-saving and emission reduction subsidies, focusing on charging and swapping facilities [11] - Beijing has issued an additional 20,000 new energy vehicle license plates to meet the needs of carless families [11][12] - The Shenzhen Market Supervision Administration has released fire safety management regulations for electric vehicle supercharging stations [32][33] - The Shanghai Municipal Development and Reform Commission has introduced a reward system for V2G (Vehicle-to-Grid) capabilities, with a maximum reward of 240 yuan per kilowatt per year [35][36]

Core Viewpoint - The solid-state battery industry is making significant strides in applications for robotics, particularly in the construction sector, addressing challenges such as labor shortages and safety risks while enhancing efficiency and safety [2][4][6]. Group 1: Solid-State Battery Development - Huyuan Lithium Innovation has delivered its first batch of solid-state battery packs to Jinhuang Intelligent Technology, marking the first mass application of solid-state batteries in construction robots [2][3]. - The solid-state battery solution developed by Huyuan Lithium Innovation offers a specific energy density of 350Wh/kg, reducing the weight of battery packs by approximately 40% compared to traditional lithium batteries [3][6]. - The solid-state batteries have passed 12 extreme tests, including puncture and overcharge tests, enhancing their safety for use in construction environments [3][6]. Group 2: Robotics Applications - Construction robots equipped with Huyuan Lithium Innovation's solid-state batteries are currently operational at over ten construction sites across the country, significantly improving work efficiency [4]. - For instance, a concrete leveling robot can operate continuously for 6 hours within a temperature range of 0°C to 60°C, achieving a sixfold increase in daily work efficiency compared to manual labor [4][6]. Group 3: Industry Trends and Future Prospects - The solid-state battery technology is expected to see increased demand, particularly in the electric vehicle and energy storage sectors, with projections indicating a market demand exceeding 328GWh by 2030 [9]. - The industry is witnessing collaborative efforts among various companies to accelerate the commercialization of solid-state battery technology, with notable partnerships and agreements being formed [8][9]. - While the full maturity of solid-state batteries in the robotics sector may take time, the potential for growth and application remains substantial [10].

永杉锂业在2024年度业绩说明会上表示，公司正积极开展固态电池原材料硫化锂制备工艺的技术攻关工 作，目前处于研发阶段，尚不具备投产条件。 ...

Core Viewpoint - The overall market trend is focused on growth, with an emphasis on domestic demand and domestic substitution as key investment dimensions [1]. Group 1: Market Performance - As of May 27, 2025, the CSI 500 Quality Growth Index (930939) decreased by 0.55%, with component stocks showing mixed performance [1]. - Among the top gainers, Debon Securities (603056) rose by 8.37%, while the biggest decliner, Jincheng Mining (603979), fell by 4.08% [1]. - The CSI 500 Quality Growth ETF (560500) also saw a decline of 0.32%, with the latest price at 0.93 yuan [1]. - The ETF experienced a significant increase in shares, growing by 3 million shares over the past week, ranking it in the top third among comparable funds [1]. Group 2: Index Composition - The CSI 500 Quality Growth Index is composed of 100 listed companies selected from the CSI 500 Index, focusing on those with high profitability, sustainable earnings, and strong cash flow [2]. - As of April 30, 2025, the top ten weighted stocks in the index accounted for 24.07% of the total index weight, with Chifeng Gold (600988) being the largest at 3.13% [2][4].

Group 1 - The solid-state battery sector experienced a short-term surge, with Penghui Energy (300438) rising over 10% [1] - Other companies that saw gains include Jinlongyu (002882), Nandu Power (300068), Tianhong Lithium, Guoxuan High-Tech (002074), Pylon Technologies, and Zhongyi Technology (301150) [1]

Group 1: Market Performance - The Zhongzheng Photovoltaic Industry Index (931151) increased by 0.99% as of May 26, 2025, with notable gains from companies such as Lianhong Xinke (003022) up 4.23% and TCL Technology (000100) up 2.79% [1] - The Photovoltaic ETF Fund (516180) rose by 1.12%, with the latest price at 0.54 yuan [2] - The Zhongzheng New Materials Theme Index (H30597) decreased by 0.59%, with West Superconductor (688122) leading gains at 3.86% [6] Group 2: Policy and Industry Trends - The State Council reviewed and approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)", emphasizing the need for green technology innovation and the promotion of advanced green technologies [3] - The introduction of the "All-Solid-State Battery" standard by the China Automotive Engineering Society clarifies the definition and testing methods for solid-state batteries, addressing previous ambiguities in the industry [6][7] Group 3: Investment Opportunities - Huachuang Securities suggests focusing on segments with leading new technology layouts, such as silver-free and low-silver paste technologies, and the inverter segment benefiting from emerging market demand [3] - Investors can leverage the Photovoltaic ETF Fund (516180), New Materials ETF Index Fund (516890), New Energy Vehicle ETF (515700), and Automotive Parts ETF (159306) to capture investment opportunities in related industries [17] Group 4: ETF Performance and Liquidity - The New Energy Vehicle ETF (515700) saw a decrease of 1.02%, with a latest price of 1.65 yuan, while the trading volume showed a turnover of 0.82% and a transaction amount of 18.46 million yuan [9][10][11] - The Automotive Parts ETF (159306) experienced a slight increase of 0.32%, with a latest price of 1.13 yuan and a trading volume turnover of 1.51% [14]

【要闻报道】 英伟达拟再推"中国特供"芯片 据参考消息援引新加坡《联合早报》网站5月25日引述路透社消息报道，美国芯片巨头英伟达据报将为 中国市场推出一款基于Blackwell架构的人工智能（AI）芯片，售价将大幅低于先前的H20芯片，预计最 快于6月开始量产。 报道称，这款采用最新一代Blackwell架构的AI处理器，预计售价介于6500美元至8000美元之间，明显 低于H20的定价。较低的售价通常意味着芯片规格相对较弱，制造工艺也更为简化。 点评：这将是英伟达第三次为中国市场推出符合美国监管要求的降级版芯片。美国政府日前禁止英伟达 向中国销售基于Hopper架构的H20芯片。 特朗普威胁50%关税两天后改口：恢复与欧盟贸易谈判窗口期 美国总统特朗普在与欧盟委员会主席冯德莱恩通电话后表示，他将把欧盟面临50%关税的最后期限延长 至7月9日。 特朗普当地时间周日在返回华盛顿的途中对记者说："我们进行了一次非常愉快的通话，我同意将它撤 回。" 冯德莱恩稍早前在X上发文称，"欧洲已准备好迅速、果断地推进谈判"，但"达成一项好的协议需要时 间，直到7月9日"。那是特朗普暂停所谓对等关税90天的截止日。 点评：这次 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 电力设备 1-4 月国内光伏装机同增 75%，金龙羽签订无人机固态电池订单 光伏：1-4 月国内光伏新增装机 104.93GW，同比增长 75%。根据国家能源局 发布的 1-4 月份全国电力工业统计数据。今年 1-4 月，国内新增光伏装机 104.93GW，同比增长 75%。单 4 月新增光伏装机 45.22GW，同比增长 215%。 在抢装背景下，行业需求在前四月大幅增长。当下行业抢装减弱，产业链价格回 调。关注后续产业链产能控制情况。整体供给侧减产积极，关注后续价格修企稳时 机。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格弹性更大的硅料 和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技术背景下带来的中长 期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。 ...

风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。丹麦能源部宣布，丹麦政府将于今年秋季启动 3GW 海上风电招标，并将 为开发商提供高达 552 亿丹麦克朗（折合人民币约 603.78 亿元）的补贴。 氢能：阳光电源再投 43 亿建绿色氢氨醇项目！据全球氢能，2025 年 5 月 20 日， 黑龙江省齐齐哈尔市富裕县阳光新能源绿色氢氨醇一体化项目备案。据公示信息， 该项目总投资额为 42.67 亿元，项目总占地约 541200 平方米，新建办公用房座， 利用风光发电自建电解水制氢装置生产绿氢，年产 30 万吨绿色甲醇和 10 万吨绿 氨。项目法人单位为富裕县成阳绿氢能源有限公司，隶属于阳光电源，是阳光新能 源开发股份有限公司旗下全资控股公司。近年来，从制氢装备到绿氢项目投资，阳 光电源积极布局氢能产业，不断拓宽氢能的应用场景。优质设备厂商双良节能、华 电重工、昇辉科技、华光环能。推荐关注氢气压缩机头部标的 ...

东吴证券研报指出，预计A股将开启新一轮"东升西落"交易，弱美元驱动的流动性外溢将利好非美市 场，中国资产受益，科技成长风格占优。具体配置方向包括机器人、人工智能、AI端侧设备、算力产 业链、可控核聚变、军工信息化、无人驾驶、创新药、固态电池、AI agent、低空经济、卫星互联网 等。 ...