Group 1 - The core viewpoint is that Ningde Times' listing in Hong Kong aims to support overseas capacity construction, particularly the Hungary factory project, and accelerate global strategic layout, potentially leading to a wave of listings in Hong Kong for domestic battery companies [1] - Recent breakthroughs in solid-state battery technology are highlighted, with BMW's first electric vehicle equipped with all-solid-state batteries (ASSB) undergoing testing, utilizing a battery developed by Solid Power [1] - Guoxuan High-Tech's solid-state battery, "Jinshi Battery," has achieved an energy density of 350Wh/kg and a cycle life exceeding 3000 times, with costs expected to be lower than traditional liquid batteries [1] Group 2 - The battery sector's valuation has reached historical lows since the high adjustments in 2021, with the latest PE-TTM of the CSI Battery Index at 24.98, below 85% of the time in the past decade [2] - Ningde Times' recent listing in Hong Kong saw a significant increase of 16%, positively impacting the entire battery sector, with the battery ETF rising over 1.8% [3] - There are clear signals of profit recovery in the battery sector, with a projected 21% year-on-year growth in net profit for CSI Battery Index constituents in Q1 2025, and Ningde Times reporting a net profit of 13.96 billion yuan, a growth of over 30% year-on-year [5] Group 3 - The technology breakthrough in solid-state batteries is considered the main driving force for the battery sector, with companies that succeed in this technology likely to dominate the market [6] - The battery ETF (561910) has diversified investments in leading battery companies, with nearly 40% of its holdings in solid-state battery concept stocks, making it suitable for the current phase of industry breakthroughs [6]

Solid-State Battery Sector - Several companies in the solid-state battery sector have shown significant stock price increases, with notable gains including Ningxin New Materials at 30.00% and Lingpai Technology at 20.00% [3][4] - Jinlongyu and Guoxuan High-Tech both achieved a 9.99% increase, indicating strong market interest in solid-state battery technologies [3] Mergers and Acquisitions - The China Securities Regulatory Commission has encouraged private equity funds to participate in mergers and acquisitions of listed companies, which has led to increased stock performance in this area [5] - Companies like Zongyi Co. and Tianqimo have seen stock price increases of 9.94% and 10.00% respectively, attributed to merger and acquisition activities [6][8] Innovative Pharmaceuticals - The announcement of a licensing agreement between 3SBio and Pfizer for a dual-specific antibody has set a record for upfront payments in the domestic innovative drug sector, amounting to $1.25 billion [9] - Stocks such as Sanofi Guojian and Hasi Lian have experienced gains of 19.99% and 9.98% respectively, reflecting positive market sentiment towards innovative pharmaceuticals [10][11] Chemical Industry - Recent fluctuations in chemical product prices have drawn market attention, with companies like Yong'an Pharmaceutical and Anada both achieving a 10.00% increase in stock prices [12] Power Sector - The National Energy Administration reported a 4.7% year-on-year increase in total electricity consumption, which has positively impacted stocks in the power sector, including Hunan Development with a 10.01% increase [13] Daily Chemical Products - The domestic consumption medical market is projected to reach a scale of 3.529 billion yuan by 2025, driving interest in related stocks [14] Gold Concept - COMEX gold futures rose by 1.83%, reaching $3,292.6 per ounce, which has positively influenced stocks in the gold jewelry sector, such as Laisentongling with a 10.01% increase [17][18] BYD Concept - The revised regulations from the central government promoting the use of domestic and new energy vehicles have led to stock increases for companies like Changqing Co. and Tongda Electric, both showing gains around 10% [19][20] Other Notable Stocks - Zhengzhong Design and Liren Lizhuang have both achieved significant stock price increases, with Zhengzhong Design at 10.00% and Liren Lizhuang at 9.99% [22][25]

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3393.49 | 13.02 | 0.39% | 2939亿 | 1.25% | | 399001 | 深证成指 | 10303.99 | 54.82 | 0.53% | 4572亿 | -1.06% | | 899050 | 北证50 | 1493.14 | 19.15 | 1.30% | 279亿 | 43.87% | | 881001 | 万得全A | 5161.89 | 11.00 | 0.21% | 7789亿 | 2.79% | | 000688 | 科创50 | 998.79 | 1.12 | 0.11% | 101亿 | 1.00% | | 399006 | 创业板指 | 2068.65 | 20.19 | 0.99% | 2065亿 | -3.41% | | 000300 | 沪深300 | 3924.65 | 26.48 | 0.68% | 1332亿 | -0.26% | | 000 ...

Group 1 - The solid-state battery sector experienced a short-term surge, with Guoxuan High-Tech (002074) hitting the daily limit up [1] - Binhai Energy (000695), Ningxin New Materials, and Jinlongyu (002882) previously reached their daily limit up, while Lingge Technology and Lingpai Technology (300530) rose over 10% [1] - Other companies such as Honggong Technology (301662), Shanghai Xiba (603200), Mannesmann (301325), Mengguli (301487), and Liyuanheng also saw increases [1]

机构指出，全固态电池作为最具前景的下一代电池技术之一，获得全产业链的共同关注与合力布局，方 向性与趋势性明确。 5月21日，固态电池概念股表现活跃，截至发稿，滨海能源、金龙羽涨停，宁新新材涨逾28%，领湃科 技涨超9%，灵鸽科技、国轩高科、德尔股份等跟涨。 | 代码 | 名称 | 米幅十 | | --- | --- | --- | | 839719 | 宁新新材 | +28.57% | | 000695 | 滨海能源 | +10.03% | | 002882 | 金龙羽 | 49.99% | | 300530 | 领湃科技 | +9.49% | | 833284 | 灵鸽科技 | +7.62% | | 002074 | 国轩高科 | +6.07% | | 832522 | 纳科诺尔 | 45.16% | | 830779 | 武汉蓝电 | +4.66% | | 300473 | 德尔股份 | +4.32% | | 300584 | 海辰药业 | 44.28% | 今年以来，我国固态电池领域利好不断。5月15日—17日第十七届深圳国际电池技术交流会/展览会在深 圳举行，会上多个固态电池新型产品亮相，包括星源材质 ...

Group 1 - The solid-state battery sector experienced a short-term surge, with Binhai Energy (000695) hitting the daily limit up [1] - Lingpai Technology (300530) rose over 10%, indicating strong market interest [1] - Other companies such as Jinlongyu (002882), Lingge Technology, Ningxin New Materials, Guoxuan High-Tech (002074), and Delong Co., Ltd. (300473) also saw increases in their stock prices [1] Group 2 - There is a notable influx of dark pool funds into these stocks, suggesting potential investment interest [1]

Core Viewpoint - Recent advancements in solid-state battery technology have been reported by several international companies, including Ampcera, Idemitsu Kosan, Ilika, and SK On, indicating a significant push towards commercialization and improved performance in this sector [1]. Group 1: Ampcera's Developments - Ampcera has announced the commercial launch of its new nano-sulfide solid electrolyte powder, which features uniform particle size and a chip size smaller than one micron, enhancing ionic conductivity and overall performance of solid-state batteries [2]. - The new electrolyte is expected to address technical bottlenecks in energy density and manufacturability, making it suitable for applications in electric vehicles, consumer electronics, aerospace, and defense [2]. - Ampcera's CEO stated that multiple battery developers and automotive manufacturers from the Americas, Europe, and Asia are already validating and ordering the product [2]. Group 2: Idemitsu Kosan's Strategy - Idemitsu Kosan plans to strengthen its solid-state battery materials business and is in discussions with various automotive companies for collaboration [3]. - The company aims to supply solid electrolytes for solid-state batteries by 2027, utilizing sulfur resources generated during petroleum refining [3]. - Idemitsu is also considering investments in large-scale solid electrolyte production facilities, with a decision expected before the end of the current fiscal year [3]. Group 3: Ilika's Testing Success - Ilika's latest vehicle solid-state battery prototype, P1 Goliath, has successfully passed tests conducted by OEMs and tier-one suppliers, confirming its performance meets specifications [4]. - The tests focused on the battery's charge and discharge capabilities, energy storage, and stability under repeated use, indicating good reproducibility and expected electrochemical characteristics [4]. Group 4: SK On's Research Innovations - SK On has published research on extending the lifespan of sulfide solid-state batteries, demonstrating that lithium metal can significantly enhance energy density but poses challenges in efficiency and longevity [5]. - By immersing lithium metal anodes in a special solution to form a protective layer, SK On has achieved over 300 charge-discharge cycles at room temperature, tripling the lifespan of existing metal batteries [5]. - Additionally, SK On's research on gel polymer electrolytes indicates that longer curing times improve battery performance, with a significant difference in discharge capacity based on curing duration [6].

Group 1: Industry Overview - The CIBF 2025 exhibition in Shenzhen attracted over 400,000 visitors, indicating strong interest in the lithium battery industry despite ongoing adjustments [1] - Companies are competing fiercely in the solid-state battery sector, which is considered a key battleground in the lithium battery industry [1][2] - The industry consensus is that semi-solid batteries are ready for mass production, while full solid-state battery production is expected to be realized by 2027 [1] Group 2: Company Developments - XINWANDA (300207.SZ) launched the "XIN YUNXIAO 2.0" aviation power battery with an energy density of ≥360Wh/kg, utilizing "soft solid-state" technology [2][4] - Guoxuan High-Tech (002074) showcased the GY准 solid-state battery with an energy density of 300Wh/kg, which is entering pre-production [4] - BETTERRY (835185.BJ) presented various battery material solutions, including the BE安方案 for solid-state battery systems, with new silicon-carbon anode materials validated by customers [7] Group 3: Material Advancements - The upstream materials for solid-state batteries are becoming increasingly mature, with some semi-solid battery materials already in mass production [6][8] - Star Source Materials (300568.SZ) achieved significant progress in solid electrolyte membranes, with oxide electrolytes entering mass production [8] - BETTERRY's new silicon-carbon anode materials are set to be validated for solid-state battery applications in 2024 [7]

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy industry [1] Core Views - The electric power equipment and new energy industry is expected to see a gradual recovery in profitability, with a potential industry turnaround as capacity is gradually cleared [1][2] - In 2024, the industry's total revenue decreased by 3.69% year-on-year to CNY 49,934.98 billion, while net profit attributable to shareholders fell by 44.66% to CNY 2,086.33 billion [2][3] - The average gross margin for the industry in 2024 was 18.88%, down 2.29 percentage points year-on-year, and the net profit margin was 5.04%, down 3.46 percentage points [4][5] Summary by Sections 2024 Industry Performance - The electric power equipment and new energy industry experienced a revenue decline of 3.69% in 2024, with total revenue at CNY 49,934.98 billion and net profit down 44.66% to CNY 2,086.33 billion [2][3] - The new energy vehicle sector achieved revenue of CNY 20,445.81 billion, a slight increase of 0.85%, but net profit decreased by 19.39% to CNY 1,096.23 billion [3][6] - The renewable energy generation sector saw revenue drop by 8.97% to CNY 25,195.68 billion, with net profit down 69.69% to CNY 631.44 billion [3][6] - The electric power equipment sector reported a revenue increase of 10.20% to CNY 4,293.50 billion, with net profit rising by 9.80% to CNY 358.66 billion [3][6] 2025 Q1 Industry Performance - In Q1 2025, the industry achieved revenue of CNY 11,025.27 billion, a year-on-year increase of 5.16%, and net profit of CNY 679.87 billion, up 12.25% [5][7] - The new energy vehicle sector's revenue grew by 19.46% to CNY 4,775.68 billion, with net profit increasing by 75.48% to CNY 332.27 billion [5][7] - The renewable energy generation sector's revenue decreased by 5.65% to CNY 5,335.37 billion, with net profit down 23.46% to CNY 266.15 billion [5][7] - The electric power equipment sector reported revenue of CNY 914.21 billion, a 9.98% increase, and net profit of CNY 81.45 billion, up 18.77% [5][7] Investment Recommendations - For the new energy vehicle sector, the report suggests prioritizing investments in the battery cell segment and midstream material sectors with strong integration [33] - In the photovoltaic sector, it recommends focusing on high-performance auxiliary materials and integrated component segments, as well as new technology such as HJT battery equipment [34] - For wind energy, it advises investing in tower foundations and submarine cable segments with significant growth potential [34] - In the hydrogen energy sector, it highlights the importance of companies with cost and technology advantages in electrolyzer production and hydrogen infrastructure [34]

Core Viewpoint - CATL, the world's largest power battery manufacturer, is set to go public in Hong Kong, marking the largest IPO in the Hong Kong market in four years, with a share price set at HKD 263 [1][3]. Financial Performance - CATL forecasts revenue of CNY 356-366 billion and net profit of CNY 49-53 billion for 2024, indicating strong financial health [3][4]. - The company's cash flow from operations for 2022, 2023, and the first three quarters of 2024 was CNY 61.2 billion, CNY 92.8 billion, and CNY 67.4 billion respectively, with cash and equivalents reaching CNY 235 billion [3][4]. Purpose of Fundraising - The funds raised from the IPO will primarily be used for overseas capacity expansion, international business development, and working capital support, aligning with CATL's long-term internationalization strategy [4][6]. Market Position and Competition - Despite being the market leader, CATL's domestic market share is projected to increase slightly to 45.08% in 2024, down from 52.1% in 2021, indicating a narrowing competitive advantage [7][14]. - The company faces increasing competition from domestic battery manufacturers and automotive companies, which are expanding their own battery production capabilities [7][14]. Strategic Expansion - CATL is actively pursuing expansion through partnerships and acquisitions, including potential investments in NIO's battery swap business, to diversify its business lines [9][11]. - The company has established six R&D centers and thirteen manufacturing bases globally, with ongoing projects in Germany, Hungary, Spain, and Indonesia [6][11]. Financial Strategy and Risks - CATL has maintained a high debt-to-asset ratio, often exceeding 60%, indicating a reliance on debt financing and a relatively aggressive financial strategy [16]. - The company's market capitalization has been volatile, influenced by competition and fluctuating raw material prices, particularly lithium carbonate [14][16]. Conclusion - While CATL remains a leader in the battery industry with promising future prospects, the current IPO pricing and low discount rate may deter ordinary investors, suggesting a cautious approach is advisable [17].