Important Market News - The Ministry of Industry and Information Technology emphasizes the acceleration of 5G-A and 6G technology development to support the construction of a modern industrial system [1] - Focus on meeting enterprise development needs and enhancing market access, fair competition, and credit management systems [1] - Promotion of industrial internet infrastructure across regions and industries to support the high-end, intelligent, and green development of manufacturing [1] Industry Insights - The Ministry of Industry and Information Technology held a meeting to discuss the high-quality development of the industrial mother machine industry, which is crucial for modern industrial systems [2] - China's industrial mother machine market size is projected to grow from 631.36 billion in 2019 to 712.89 billion in 2024, driven by equipment upgrades and new industry demands [2] - The industrial mother machine industry is expected to see continued improvement in 2025 due to rising demand for high-end CNC machine tools [2][3] Automotive Industry Developments - The Ministry of Industry and Information Technology is seeking public opinion on mandatory standards for automatic emergency braking systems (AEBS), marking a shift from recommended to mandatory standards [4] - The new AEBS standard is expected to significantly increase the penetration rate of AEBS in vehicles, projected to exceed 60% by 2025 [5] - The current overall installation rate of AEBS in passenger vehicles is 56.5%, with higher rates in new energy vehicles [5] Brain-Computer Interface Advancements - The establishment of China's first clinical ward for brain-computer interface technology aims to transition from research-driven to clinically-driven applications [6] - The National Healthcare Security Administration has initiated a pricing project for new brain-computer interface technologies, paving the way for clinical applications [6][7] - Domestic companies in the brain-computer interface sector are expected to gradually achieve commercialization [7] Solid-State Battery Innovations - Guoxuan High-Tech has completed its first pilot line for solid-state batteries, with a design capacity of 0.2 GWh and plans for mass production [8] - The solid-state battery industry is anticipated to accelerate its industrialization process in the next 2-3 years, with key material and production technology advancements [8] - Companies involved in solid-state battery production are expected to benefit from expanding application spaces [8]

Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released a decision to amend the "Major Asset Restructuring Management Measures for Listed Companies," introducing a simplified review process for certain restructuring transactions [5][6][7] - The new measures include a mechanism for phased payment of shares for asset purchases, increased tolerance for changes in financial conditions, and a six-month lock-up period for major shareholders in absorption mergers [6][7] Industry Developments - The establishment of the first clinical and translational ward for brain-computer interface technology at Beijing Tiantan Hospital marks a significant advancement in applying this technology in clinical settings [10][11] - The mandatory standard for automatic emergency braking systems (AEBS) is entering the public consultation phase, transitioning from a recommended to a mandatory requirement, which is expected to significantly increase the penetration rate of AEBS in the automotive market [8][9] Economic Indicators - The National Information Center reported positive trends in consumption, investment, and industrial production, with excavator sales increasing by 17.6% year-on-year in April and offline consumption heat index rising by 25.4% [2] - The Tianjin Municipal Government has issued an action plan to promote AI innovation, aiming for significant advancements in key technologies and a revenue target of over 100 billion yuan for core AI enterprises by 2027 [2]

2025 年 5 月 18 日 电力设备新能源、公用事业、环保 山东广东出台 136 号文配套细则，装机及电价预期逐步明朗 ——电新公用环保行业周报 20250518 电力设备新能源 买入（维持） 公用事业 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：宋黎超 执业证书编号：S0930523060001 021-52523817 songlichao@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 联系人：邓怡亮 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -40% -20% 0% 20% 40% 2024/ ...

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" [1] Core Views - The demand for new energy vehicles in Europe is steadily increasing, and CATL is set to launch its first 9MWh energy storage system [2][13] - The lithium salt prices have slightly decreased, while the prices for battery cells remain stable [2][19] - Domestic new energy vehicle sales in April reached 1.226 million units, a year-on-year increase of 44% [4][27] Industry Dynamics - CATL is preparing for its Hong Kong stock market debut on May 20, with an issuance of 118 million shares at a price of 263 HKD [4][13] - The sales of new energy vehicles in Europe and the US showed mixed results, with Europe seeing a 30% year-on-year increase in April [4][27] - The report suggests focusing on leading companies in low-altitude economy and robotics, solid-state battery materials, and consumer battery sectors [4][13] Lithium Battery Prices - The price of lithium carbonate is currently at 64,500 RMB per ton, down by 3,500 RMB from two weeks ago [2][19] - The prices for various battery cells, including square ternary and lithium iron phosphate cells, have remained stable [2][19] Key Announcements - Zhongxin Innovation has gained control of Suao Sensor, marking a significant shift in the automotive sensor market [4][13] - CATL has launched a modular design for its energy storage system, improving volume utilization by 45% and energy density by 50% [4][13] - The UK government has pledged nearly 10 billion RMB to support Envision's construction of a super battery factory [4][13]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, with a focus on their growth potential and market positioning [5][6]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 1.39%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 4.14% [1]. - The photovoltaic industry is experiencing a price decline across the supply chain, but overseas demand remains strong, with several domestic companies securing significant international orders [3][29]. - The State Grid is accelerating major project constructions, enhancing the "West-to-East Power Transmission" initiative, which supports the green and low-carbon transition of the economy [4]. Summary by Sections New Energy Vehicles - Better Ray launched new products aimed at solid-state battery technology, providing high energy and safety material solutions [2][11]. - The solid-state battery materials include high-nickel cathodes and silicon-based anodes, which enhance performance and safety [11][19]. Photovoltaics - The price of the photovoltaic supply chain has decreased, starting from the component level and affecting upstream materials significantly [29]. - Domestic demand has not collapsed post-531 policy, but some orders may be canceled due to grid connection deadlines [29]. - Major companies like Longi and Trina Solar have secured substantial overseas contracts, indicating a robust international market presence [29][31]. Electric Equipment and Automation - The State Grid's recent advancements in ultra-high voltage power grid construction are pivotal for clean energy transmission and economic transformation [4]. - Key companies to watch include Ningde Times, Keda Li, and others involved in significant project developments [4]. Company Earnings Forecasts and Valuations - Key companies are projected to have strong earnings growth, with Ningde Times expected to achieve an EPS of 15.19 in 2025, maintaining a PE ratio of 17 [5]. - Other recommended companies include Keda Li, Zhongke Electric, and Hunan YN, all showing promising growth trajectories [5]. Market Trends - The report highlights the ongoing trends in the lithium battery materials market, with prices showing slight fluctuations but overall stability [24]. - The photovoltaic industry is expected to recover as supply chain prices stabilize, with a focus on companies that can innovate and differentiate themselves [38].

宁德时代预计募资40-50亿美元 5月12日，宁德时代披露发行阶段董事会公告及刊登注册招股书，宣布正式启动国际配售簿记，预计于5月20日在香港联交所主板挂牌并开始 上市交易。 根据公告，此次港股IPO的发行价格区间上限为每股263.00港元，基本为5月8日的A股收盘价，实现接近A股价格的高位定价。此次港股IPO共 计划发行1.18亿股股份，另设发售量调整权及超额配股权，若该两项权利均获全额行使，按每股263.00港元的发行价格上限计算，预计募资 总额为40-50亿美元。 宁德时代在赣州成立新公司！ 近日，天眼查显示，时代骐骥新能源科技（赣州）有限公司成立，法定代表人为刘二龙，注册资本2000万元人民币，经营范围含新兴能源技术 研发、新能源汽车换电设施销售、在线能源计量技术研发、合同能源管理、电池销售、信息系统运行维护服务等。 股东信息显示，该公司由宁 德时代旗下时代骐骥绿能科技（深圳）有限公司全资持股。 宁德时代与长安马自达签署合作备忘录 近日，宁德时代与长安马自达汽车有限公司在上海签署合作备忘录。 双方将基于宁德时代CIIC一体化智能底盘（即滑板底盘）与长安马自达的 整车制造优势，共同打造更智能高效的新能源 ...

Core Viewpoint - The article discusses the advancements in battery technology showcased by Hive Energy at the 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025), emphasizing the importance of the stacking process for fast-charging and solid-state batteries. Group 1: Stacking Technology - Hive Energy's chairman, Yang Hongxin, believes that the stacking process is the best solution for mass production of fast-charging and solid-state batteries, outperforming the traditional winding process in terms of stress distribution and metal deposition morphology [1] - The stacking process leads to more uniform metal deposition within the cell, making it the only viable technology for mass production of all-solid-state batteries, especially under the brittle conditions of solid electrolytes [1] - Hive Energy has focused on the stacking process since its inception, which began to gain traction in the power battery industry in 2018, contrasting with the well-established winding process [1] Group 2: Innovations in Stacking Process - The most common stacking technologies in the industry are Z-stacking and cut-stacking, while Hive Energy employs a thermal composite stacking technology that allows for eight stations to stack simultaneously, achieving a stacking efficiency of 0.125 seconds per piece [2] - Significant innovations were made in the design, manufacturing processes, production line algorithms, and raw materials to develop the thermal composite stacking technology, fundamentally transforming the entire production chain [2] - More companies are adopting stacking methods for battery production, including Geely's Jiyao Tongxing and GAC Aion's Yinpai Battery [2] Group 3: Fast-Charging Technology - Yang Hongxin highlighted that over 60% of EV/PHEV users charge their batteries to full capacity, while the industry typically focuses on charging times between 10%-80% SOC for EVs and 30%-80% SOC for PHEVs, neglecting the efficiency of the final charging stage [3] - Hive Energy aims to enhance the fast-charging performance at the end stage, achieving a full charge time of 15 minutes for its 4C fast-charging project, with the time to charge from 80%-100% SOC reduced to 5 minutes, a 30% improvement over competitors [3] - The 4C fast-charging project utilizes the stacking process, allowing for higher charging capabilities and features a smart dual-temperature control system for optimal battery charging conditions [3] Group 4: Second-Generation Dragon Scale Battery - The second-generation Dragon Scale battery is the largest hybrid battery globally, featuring a capacity of 65 degrees, supporting 800V fast charging, and a range exceeding 400 kilometers [3] - This battery can charge from 20% to 80% SOC in just 12.1 minutes, with fast charge cycles exceeding 1600 times and supporting 6C ultra-fast charging [4] - The battery incorporates a "thermal-electrical separation" technology to prevent short-circuit risks and meets new national standards with a robust design capable of withstanding impacts of up to 1000J, exceeding the new standards by six times [4] - The second-generation Dragon Scale battery is set for mass production in mid-June 2025, with plans to equip high-end MPVs, sedans, and SUVs [4]

Core Viewpoint - The article discusses the significant transformation of China's automotive industry, highlighting Anhui's rise to become the leading province in automotive production, surpassing traditional powerhouses like Guangdong and Jiangsu [1][2]. Group 1: Anhui's Automotive Industry Rise - Anhui achieved a remarkable automotive production of 761,700 vehicles in Q1 2025, outpacing Guangdong by nearly 100,000 vehicles [2]. - The province's automotive production has dramatically increased from 824,300 vehicles in 2018, when it ranked 14th nationally, to becoming the top producer in just a few years [3][4]. Group 2: Key Drivers of Growth - The rise of Anhui's automotive industry is attributed to strategic positioning by leading companies and effective government support through targeted investment and policy initiatives [6][14]. - Major automotive brands in Anhui include JAC Motors, NIO, Volkswagen Anhui, BYD, and Changan, with BYD's production base in Hefei expected to produce over 950,000 vehicles by 2024 [7][9]. - NIO's Hefei base has established a "dual factory + full industry chain" model, contributing to a significant market share in the high-end electric vehicle segment [9][10]. - Chery Automobile's sales reached 2.604 million units in 2024, marking a 38.4% year-on-year increase, solidifying its position as the fifth-largest automotive manufacturer in China [11]. Group 3: Technological Innovation - Anhui's automotive industry is transitioning from "technology following" to "independent breakthroughs," particularly in core technologies like solid-state batteries [15][16]. - Guoxuan High-Tech's solid-state battery, launched in 2024, boasts a 40% increase in energy density compared to traditional lithium batteries, with plans for models achieving over 1,000 km range by 2025 [16][17]. - iFlytek is enhancing the smart technology landscape in Anhui's automotive sector, integrating AI and voice recognition into vehicles, thus improving the overall smart capabilities of local automotive products [18][20]. Group 4: Challenges and Future Outlook - Despite its achievements, Anhui's automotive industry faces challenges such as reliance on imported high-end chips and competition in smart driving technologies [21][22]. - The province is well-positioned to overcome these challenges through its strong technological foundation, brand development, and global expansion strategies [22][23].

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [1][5][4]. Core Views - The resumption of exports to the US is expected to accelerate following the recent US-China trade talks, benefiting the electric new energy sector, particularly in areas like the power battery supply chain and photovoltaic inverters [1]. - The AIDC power equipment sector is anticipated to see gradual performance improvements, driven by increased AI infrastructure investments from major internet companies [2]. - The wind power sector is showing signs of simultaneous growth in both volume and profit, with significant increases in domestic land wind bidding and delivery [2]. - The energy storage industry continues to grow, with leading companies like Sunshine Power and CATL maintaining steady growth despite performance disparities among other firms [3][79]. Summary by Sections AIDC Power Equipment - AIDC power equipment companies are expected to gradually realize their performance, with significant investments in AI infrastructure from major players like Alibaba and Tencent [2][12]. - Key companies to watch include Mingyang Electric, Igor, and Macromicro [2][12]. Wind Power - The wind power sector is experiencing a notable increase in both volume and profit, with domestic land wind projects seeing high growth in bidding and delivery [2][36]. - Key companies to focus on include Goldwind Technology, Yunda Co., and Oriental Cable [2][36]. Energy Storage - The energy storage sector is showing overall growth, with leading companies maintaining high capacity utilization rates [3][79]. - Companies to monitor include Sunshine Power, Yiwei Lithium Energy, and Shenghong Co. [3][79]. Key Company Earnings Forecasts - Several companies have been rated as "Outperform," including: - Goldwind Technology (28.58 CNY, 182 billion market cap, 2025E EPS 1.28) [4]. - Jinpan Technology (33.19 CNY, 152 billion market cap, 2025E EPS 1.81) [4]. - Macromicro (46.5 CNY, 254 billion market cap, 2025E EPS 1.14) [4]. - The report provides detailed earnings forecasts and valuations for these companies [4].

Group 1: Company Vision and Strategy - The company aims to become a leading electronic materials enterprise with a vision of "Connecting the World" and a mission focused on "Continuous Innovation" to support energy structure transformation and smart interconnectivity [3] - The strategic plan for the next 3-5 years includes optimizing product structure, increasing the proportion of high-end and new products, and maintaining industry-leading profit levels [3] Group 2: Research and Development - In 2024, the company invested CNY 171.20 million in R&D, accounting for 3.58% of sales revenue, focusing on high-end lithium battery copper foil, HDI copper foil, and new materials for solid-state batteries [3] - The company is committed to enhancing its R&D capabilities and continuously improving its innovation levels to support new product development [4] Group 3: Financial Performance and Shareholder Returns - Since its listing in 2022, the company has repurchased shares totaling CNY 247.93 million, acquiring 7,417,984 shares [4][7] - Cumulative cash dividends since listing amount to CNY 143.76 million, exceeding 30% of the average net profit over the last three accounting years [4] Group 4: Market Demand and Risk Management - The company’s products are widely used in new energy vehicles and energy storage, with strategies in place to mitigate market demand fluctuations through diversification and new application areas [5] - To address raw material price volatility, the company focuses on technological innovation, optimizing production processes, and selecting stable suppliers [6] Group 5: Production and Capacity Utilization - In 2024, the company achieved copper foil sales of 60,986.61 tons, a year-on-year increase of 37.75%, with lithium battery copper foil accounting for approximately 78.82% of total sales [9] - The current capacity utilization rate exceeds 100%, indicating efficient production levels [10]