Core Viewpoint - Longxin Technology held its 2024 annual online performance briefing, showcasing strong investor engagement with an 88.89% response rate to questions [1] Group 1: Company Performance - Longxin Technology reported revenue and net profit growth compared to the previous year, as detailed in the 2024 annual report [2] - The company acknowledged a decline in sales profit margins over the past two years and is implementing measures such as cost optimization, supply chain integration, and product structure upgrades to improve profitability and market share [3] Group 2: Product and Market Development - Longxin Technology has established a robust supply chain relationship with major automotive manufacturers, including Tesla and various global Tier 1 suppliers, enhancing its position in the automotive display market [2] - The company is focusing on high-value projects, particularly in the foldable screen segment for clients like Apple and Huawei, leveraging its competitive advantages in UTG and UFG products [3] Group 3: Strategic Initiatives - Longxin Technology is actively pursuing opportunities in the computing power sector, aligning with the exponential growth in global demand for computing power [3] - The company is committed to enhancing its presence in the new energy sector, particularly through its investment in Bick Power, which has shown promising revenue and profit performance [5] Group 4: Industry Outlook - The global economy is experiencing moderate growth amidst complex challenges, with technological innovation and supply chain restructuring being key growth drivers [7] - The industry faces significant challenges, including rising protectionism and intense competition, particularly in the automotive supply chain [7]

Core Insights - Guoxuan High-Tech (002074) has made significant progress in solid-state battery technology, with its G-Edge solid-state battery successfully tested in multiple new vehicle models, providing over 1000 km range for B-class and above BEV models [1] - The company has established a pilot production line for all-solid-state batteries with a designed capacity of 0.2 GWh and is preparing for mass production [2] - The solid-state battery sector is experiencing rapid development, supported by favorable policies and technological advancements [4] Company Developments - Guoxuan High-Tech's G-Edge solid-state battery features an energy density of 300 Wh/kg, enhancing electric vehicle range while ensuring safety through rigorous testing [1] - The company plans to build a 12 GWh production line for the G-Edge solid-state battery, with the prototype vehicle already exceeding 10,000 km in total mileage [1] - In Q1 2024, Guoxuan High-Tech reported a net profit of 1.01 billion yuan, a 45.55% increase year-on-year, and a projected annual net profit of 1.207 billion yuan for 2024, up 28.56% [2] Industry Trends - The solid-state battery sector is witnessing a surge in new products and technologies, as highlighted by the recent Shenzhen International Battery Technology Exchange Conference [4] - The Ministry of Industry and Information Technology has emphasized the need for standards in solid-state batteries and related technologies, indicating a push for industry standardization [4] - A report predicts that global solid-state battery shipments will reach 614.1 GWh by 2030, with a market size of 17.2 billion yuan, and a penetration rate of 10% in the electric vehicle sector [5] Market Performance - Solid-state battery stocks have shown strong performance, with the concept index rising by 4.35% this month and several stocks, including Guoxuan High-Tech, seeing increases of over 10% [6] - In Q1, 67.35% of solid-state battery stocks reported year-on-year profit growth, with several companies, including Guoxuan High-Tech, achieving significant profit increases [7][8]

Group 1: Core Insights - The report highlights four major industry opportunities at Computex 2025: smart computing & robotics, next-generation technology, future mobility, and B5G & space technology [4][11][25] - The solid-state battery industry is accelerating in China, with Guoxuan High-Tech leading the market by launching multiple new battery products, including the G-Guang solid-state battery [4][40][51] Group 2: Industry Trends - Computex 2025 will take place from May 20 to May 23 in Taipei, Taiwan, focusing on advanced communications, e-sports, consumer electronics, and industrial IoT [11][12] - Guoxuan High-Tech's G-Guang solid-state battery has an annual production capacity of approximately 12 GWh, with successful testing completed for over five clients [4][40][51] - The solid-state battery's energy density exceeds 300 Wh/kg and volume energy density exceeds 720 Wh/L, with a lifespan of 10 years or 500,000 kilometers [40][47] Group 3: Policy Tracking - The report emphasizes the importance of urban renewal policies, with a focus on improving living environments and urban development mechanisms by 2030 [4][6] - Recent policies support the solid-state battery industry, aiming to establish a complete industrial chain by 2030 through tax incentives and research subsidies [50][51] Group 4: Market Dynamics - The global stock market showed mixed performance, with technology, consumer discretionary, and financial sectors performing well [4] - The report identifies five key sectors for short-term focus: robotics, self-control, domestic demand, precious metals, and innovative pharmaceuticals [4]

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - Guoxuan Technology launched six new products, including the G Yuan solid-state battery and the Qicheng second-generation battery cell, showcasing advancements in battery technology and manufacturing equipment [10][11]. - The electric new energy sector saw a 1.43% increase this week, outperforming the CSI 300 index by 0.32 percentage points, ranking 8th among 30 industry sectors [11][12]. - The lithium battery supply chain is experiencing a recovery, with expectations for profitability to stabilize in the coming years, driven by growth in both European and domestic markets [3]. Summary by Sections Section 1: New Product Launches - Guoxuan Technology's six new products include: 1. G Yuan solid-state battery with over 1000 km range 2. Qicheng second-generation battery cell, the world's first LMFP supercharging cell 3. G Xing super heavy-duty truck standard box with 116 kWh capacity 4. Qianyuan intelligent storage 20MWh battery system 5. Axtrem digital solutions for industrial AI in lithium battery production 6. Jinshi all-solid-state battery with 100% domestic core equipment [10]. Section 2: Market Performance - The electric new energy sector's performance this week was highlighted by: - Lithium battery sector leading with a 3.85% increase - Solar energy sector up by 2.97% - Nuclear power sector up by 1.82% - The worst performers included comprehensive energy equipment down by 1.42% and storage down by 1% [11][12]. Section 3: Valuation Analysis - As of May 16, 2025, the electric new energy sector's valuation stands at 58x, ranking 6th among all sectors, while the CSI 300 index is at 13x. Specific segments like electric motors and storage have higher valuations at 313x and 206x respectively [22][24]. Section 4: Lithium Battery Supply Chain Tracking - Key price movements in the lithium battery supply chain include: - Battery-grade lithium carbonate down 2.7% to 64,900 CNY/ton - Iron lithium phosphate down 5.26% to 31,500 CNY/ton - Copper foil prices increased by 0.36% to 98,500 CNY/ton [29][31]. Section 5: Important Company Announcements - Notable announcements from companies include: - Longpan Technology completed the cancellation of stock options - Ningde Times announced participation in an investment fund focused on carbon neutrality [42]. Section 6: Industry Dynamics - The first quarter of 2025 saw global lithium iron phosphate battery installations reach 51.5% of total installations, with significant growth in sales of new energy vehicles [45].

中科固能 硫化物电解质性能已满足要求、可以制备千米级的稳定大卷。建立全球首条百吨级硫化物生产线，采用湿法 成膜工艺，突破连续制备的成膜技术，硫化物固态电解质卷长最大长度可达1千米，膜厚度＜20μm，硫化物 含量＞97%，离子电导率＞5mS/cm。公司制备电芯能量密度350Wh/kg，循环寿命达1000次，加压水平1- 2MPa，已达车用级水平，后续预计较快突破60Ah级电芯，能量密度预计突破400Wh/kg。 中科深蓝 采用原位聚合工艺、离子电导率接近液态。选用聚合物基全固态路线，电芯尺寸可达65Ah，目前在A样开发 阶段，主要应用于电动车、电动船和evtol，规划双版本产品：①高能量密度版本：能量密度360Wh/kg，循环 寿命1000次，倍率性能不理想；②综合性能版本：能量密度320Wh/kg，3C充电5C放电，循环寿命1000次，实 现无热扩散要求。量产进度看，公司规划1GWh产线（两期），预计25年底投产，26年中批量生产，成本比传 统液态电池高20-30%，未来具备较大降本空间。 国轩高科 硫化物开启装车测试、200MWh中试线已建成。公司发布准固态+全固态产品，整体量产进度超预期，全固态 已搭载星 ...

Core Insights - In 2025, China's new energy vehicle (NEV) market is expected to reach a structural turning point, with range-extended and plug-in hybrid vehicles accounting for over 50% of the market share, driven by models like the Wanjie M8 and Avita 06 [1] - The sales of new energy vehicles in 2024 are projected to reach 11.26 million units, with range-extended and plug-in hybrid vehicles contributing 4.52 million units, showing an impressive year-on-year growth of 85.2% compared to 15% for pure electric vehicles [1] - The market is experiencing a deep competition phase regarding technology routes, raising questions about whether range-extended and plug-in hybrid technologies are practical choices for carbon neutrality or merely transitional solutions [1] User Demand and Technological Benefits - The pursuit of a "no-anxiety experience" is a core driver for consumers, with range-extended vehicles meeting both low-cost urban commuting needs and long-distance travel concerns [3] - For instance, the Li Auto L series boasts a comprehensive range exceeding 1000 km, with a cost of less than 0.1 yuan per kilometer in pure electric mode, appealing to family users [3] - Plug-in hybrid vehicles, like BYD's DM-i, maintain fuel consumption below 3L/100km even in depleted states, balancing performance and economy [3] Technological Breakthroughs - The range-extended structure has lower R&D costs (40% less than plug-in hybrids) and production line transformation costs (one-third of plug-in hybrids), facilitating rapid market entry for new players [5] - Li Auto achieved over 500,000 annual sales in 2024 with a single range-extended model, while the Wanjie M7 surpassed 190,000 units in deliveries, validating the commercial viability of this approach [5] - Plug-in hybrid technology has also seen significant sales, with BYD's DM-i models exceeding one million units, showcasing strong market penetration across various vehicle segments [5] Environmental Concerns and Technological Debate - The rise in sales of hybrid vehicles has intensified debates over technology routes, with range-extended technology facing criticism for higher energy consumption and carbon emissions compared to plug-in hybrids [6] - Critics argue that the two-step energy conversion process of range-extended vehicles is less efficient, while proponents highlight their fuel-saving potential of 30%-50% in less developed areas [6] - The market is navigating a balance between ideal environmental goals and real user needs, as highlighted by industry experts [6] Strategic Choices of Automakers - New entrants like Li Auto and Wanjie are leveraging range-extended technology to establish market recognition, while traditional automakers focus on plug-in hybrid technologies [7] - The differentiation in strategies reflects a broader trend of technological convergence, with companies like Li Auto introducing pure electric models and BYD integrating high-voltage platforms with hybrid technologies [9] Future Outlook - The potential widespread adoption of 800V platforms could mitigate the refueling disadvantages of hybrid vehicles, although it may increase costs due to the need for upgraded components [11] - Solid-state batteries are anticipated to revolutionize pure electric vehicle range by 2027, posing challenges to the transitional status of range-extended and plug-in hybrid technologies [11] - The consensus in the industry suggests that hybrid technologies will remain mainstream from 2025 to 2030, as they address user needs while filling gaps left by pure electric vehicles [12]

Investment Rating - The overall industry strategy is optimistic, with expectations for the future six months indicating that the overall return of the industry will exceed the CSI 300 index by more than 5% [31] Core Viewpoints - CATL is set to list on the Hong Kong Stock Exchange, which is expected to boost the entire new energy industry chain. The accompanying policies for solar storage are gradually improving, and the current low expectations in the industry present a good opportunity for investment [3][4] - The market for lithium iron phosphate is expanding, with companies like Fulin Precision and Hunan Youneng benefiting. Data from GGII shows that the global installed capacity of lithium iron phosphate batteries reached 51.5% in Q1 2025, surpassing half for the first time [4][24] - The trend of leading technology companies transitioning from material suppliers to comprehensive solution providers is noteworthy, with companies like Putailai and BTR benefiting from this shift [4] - The solar storage market is expected to gradually recover as supporting policies are implemented, with recent mechanisms for electricity pricing being discussed in Guangdong [5][26] - The integration of AI in the new energy sector continues to show promise, with Tesla's humanoid robot Optimus demonstrating significant technological advancements [6][27] Summary by Sections Industry Chain Prices - The price of lithium carbonate has decreased by 5% over the past week, indicating market fluctuations [11] - The price of lithium iron phosphate (power type) is currently at 3.15 million yuan per ton, reflecting a decrease of 5.26% [12] Industry News Tracking - The Guangdong 136 document is expected to lead to the implementation of pricing mechanisms for new energy projects, with execution periods set at 14 years for offshore wind and 12 years for other renewable projects [23][26] - The demand for lithium iron phosphate batteries is surging overseas, indicating a significant growth opportunity in the global market [23][24] Company News Tracking - CATL plans to raise $5 billion through its IPO on May 20, marking the largest IPO in four years [4][24] - Daikin Heavy Industries' subsidiary has signed a contract for a European offshore wind project worth approximately 1 billion yuan, expected to contribute 26.46% to its 2024 revenue [29]

5月16日，内蒙古建亨奥能科技有限公司（简称"建亨奥能"）宣布，全固态720V高压钠盐电池产线将于 6月正式量产。目前产线已完成最后调试、进入小批量试产阶段。 这标志着，中国固态电池量产商用全面提速。这或将揭开中国储能行业"以本质安全为核心特征"的固态 电池的时代大幕。 位于鄂尔多斯达拉特旗的内蒙古建亨奥能厂区，将成为全球最大的、自动化程度最高的钠盐固态电池生 产基地。 据介绍，这款720V高压钠盐电池，采用固态陶瓷电解质，具有极高的安全性。在量产前，曾历经数轮 严苛的性能测试，即便在遭遇枪击、强碰撞、或燃烧等极端情境，也不会燃烧、爆炸，仍能正常工作。 同时，其工作温度适应范围广，在零下40℃到零上85℃的区间内均能正常运行。这款电池在电网储能、 极端环境设施及军事领域等方面，有着广泛的应用前景。 据了解，内蒙古建亨奥能科技有限公司成立于2022年，位于内蒙古自治区鄂尔多斯市达拉特旗。钠盐电 池项目分三期建设：一期投资5亿元，建设系统集成装配一体化项目，总产能300MWh，可实现产值10 亿元/年；二期投资12亿元，建设陶瓷电芯及全产业链项目，形成1.5GWh规模生产能力，累计可实现产 值30亿元/年；三期投 ...

Core Insights - The report indicates a neutral market sentiment with a composite score of 57, suggesting a balanced outlook for investors [2][10]. - Recent market trends show a gradual upward movement supported by improved market sentiment and policy backing [10]. Market Themes Tracking - **Solid-State Battery Theme**: The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) is scheduled from May 15 to 17, focusing on advanced lithium-ion battery technologies and solid-state batteries. Related companies include Haishun New Materials (300501) and Guoxuan High-Tech (002074) [7]. - **Big Data Theme**: The State Council has approved a draft for the Government Data Sharing Regulations, aiming to enhance public service efficiency through data integration. Relevant companies include Aofei Data (300738) and Inspur Information (000977) [7]. - **Apple Supply Chain Theme**: Reports suggest that Apple's first foldable iPhone is expected to launch in Fall 2026, impacting the product release schedule. Related companies include Lingyi Technology (002600) and Changying Precision (300115) [7]. Major Capital Inflows and Outflows - **Top Net Inflows**: The report lists major stocks with significant net inflows, including BYD (134,024.78 million), Hongbaoli (114,711.74 million), and Wanxiang Qianchao (66,130.24 million) [11]. - **Top Net Outflows**: Stocks with the highest net outflows include Jilin Chemical Fiber (-76,919.48 million), Shuanglin Shares (-71,032.47 million), and Chuaning Biological (-54,688.71 million) [13]. - **Margin Trading**: The report highlights stocks with significant margin selling, including Haiguang Information (466.25 million) and Junsheng Electronics (374.23 million) [14]. Industry Insights - The report provides insights into various industries, indicating that the automotive sector (SW Automotive) and basic chemicals (SW Basic Chemicals) are currently attracting significant capital inflows [17]. - Conversely, the electronics (SW Electronics) and computer (SW Computer) sectors are experiencing notable capital outflows, suggesting a shift in investor sentiment [18].

Core Insights - Guoxuan High-Tech (002074.SZ) and other Chinese battery manufacturers are strategically positioning themselves in the solid-state and semi-solid-state battery markets [1][5] - The company has entered the pre-production phase for its all-solid-state battery, with a designed capacity of 0.2 GWh [1][2] - New battery products announced include the G Yuan quasi-solid-state battery with a range of 1000 kilometers and a 20 MWh energy storage system [1][2] Group 1: Product Development - Guoxuan High-Tech has launched six new products covering passenger vehicle batteries, heavy-duty truck batteries, energy storage systems, and smart solutions [2] - The Jinshi battery has achieved a 60% increase in ionic conductivity and significant improvements in air stability and capacity [2] - The first all-solid-state experimental line has been completed, achieving a 90% yield rate and a 150% increase in single-cell capacity [2][4] Group 2: Market Positioning - The company plans to build a 12 GWh quasi-solid-state battery production line, with the G Yuan quasi-solid-state battery already exceeding 10,000 kilometers in testing [2][4] - The G Xing battery offers a capacity of 116 kWh with a density of 175 Wh/kg, promising zero capacity degradation for the first 3000 cycles [4] - The Qian Yuan Zhi storage system has a capacity of 20 MWh and a lifespan of 25 years, with over 6 GWh of projects in the pipeline [4] Group 3: Industry Outlook - Industry experts suggest that true mass production of solid-state batteries will take 8-10 years, indicating a focus on semi-solid-state technology in the near term [5][6] - The Chinese government is increasing its focus on solid-state battery standards and performance optimization [6] - The global demand for lithium batteries is projected to reach 3800 GWh by 2030, driven by electric smart vehicles and other emerging technologies [6]