本报告导读： 内外部因素扰动业绩暂承压，期待整合协同效应释放。 投资要点： 投资建议：考虑下游消费趋势的不确定性，我们调整公司2025-2026年盈利预期，并新增2027 年盈利预 期，我们预计公司2025-2027 年EPS 分别为0.48/0.60/0.73 元（2025-2026 年原值为0.54/0.58 元），参考 可比公司2025 年平均27.0XPE，给予公司2025 年行业平均估值，对应目标价13.02 元，维持"增持"评 级。 内外部因素扰动，2025Q1 公司营收暂承压。2025Q1 公司实现营收3.58 亿元，同比-18.18%；实现归母 净利润0.13 亿元，同比-75.01%；实现扣非归母净利润0.11 亿元，同比-74.55%；实现销售费用1257.25 万元，同比+57.49%，主要系按照实际人员计提股权激励至销售费用；实现税金及附加720.29 万元，同 比+173.66%，主要并购纷美包装有限公司发生大额印花税。实现财务费用2079.97 万元，同比 +1392.72%，主要系并购贷款利息支出增加。 整合有序推进，期待协同效应释放。从股东共同利益出发，在促进双方业务协同发展的 ...

Core Viewpoint - The Chinese lithium battery industry chain experienced an unexpected growth in the first half of 2025, with an overall growth rate exceeding 40% and a significant increase in battery shipments and storage segments [1][7]. Industry Growth - In the first half of 2025, the total shipment of lithium batteries reached 750-760 GWh, with a year-on-year growth rate of 60%-65%. The storage segment saw a remarkable quarter-on-quarter increase of over 80% and a year-on-year growth rate exceeding 110% [1][7]. - The demand for upstream materials has diversified, with shipments of lithium iron phosphate materials increasing by nearly 70% year-on-year, and key components such as anodes, separators, and electrolytes also showing strong growth [2][7]. Material Trends - The industry is shifting from traditional high-cost performance competition to a high-performance differentiation path, leading to a new ecosystem where various materials flourish [3][7]. - In the materials sector, the shipment of cathode materials reached 205-215 million tons, with a year-on-year growth of 50%-55%. Lithium iron phosphate materials led the growth with a year-on-year increase of 65%-70% [7]. - The gross profit margins in the materials industry are showing signs of recovery, although some segments are experiencing differentiation in profitability [7]. Market Dynamics - The market concentration is on the rise, with top-tier companies gradually restoring their market power and profitability. A new round of capacity expansion for lithium iron phosphate and anode materials is expected [8]. - The price of lithium salts is projected to remain in the range of 60,000-80,000 yuan, with limited potential for further decline or increase [9]. Technological Innovations - New materials such as CVD silicon-carbon are being commercialized, with significant applications in digital lithium batteries and high-performance requirements [9][30]. - The industry is witnessing a trend towards larger and more energy-efficient equipment, with advancements in various manufacturing processes [9][31]. Global Competition - The passage of the Inflation Reduction Act and the delay of the new battery law in the U.S. have complex implications for the global competitiveness of Chinese companies [10]. - China has established a leading position in green low-carbon technologies, including photovoltaic, wind power, electric vehicles, and fuel cells, showcasing strong market share [26][27].

据了解，为服务粤港澳大湾区国家战略，推动三地规则衔接与机制创新，第十五届全国运动会和残特奥 会组委会（以下简称"组委会"）于7月7日正式启动 "粤港澳协同发展理论与实践研究"课题申报及典型 案例征集工作。此举旨在深化粤港澳三地在政治、经济、文化、体育等多领域的协同合作，为"后全运 时代"的体育湾区建设积累经验。 据悉，课题需围绕十五运会筹备中粤港澳三地的规则衔接、要素流动及体制机制创新展开，重点探 索"一事三地、一策三地、一规三地"的实践路径。参考选题包括跨境赛事组织、通关便利化、场馆共享 利用、文化遗产融合等。 据悉，有关单位从事粤港澳工作的研究者和实务工作者均可申报。课题研究周期为自确定为课题负责人 之日起至2025年11月20日，不设延期。课题申请结项时，须提交一篇6000—8000字左右的专题研究报 告。鼓励申请人在党政刊物或公开刊物上发表与课题研究相关的研究成果，或以著作、论文、决策咨询 报告等形式作为课题结项成果。 7月8日，十五运会组委会和残特奥会组委会举行主题为"开放共享、携手并进"新闻发布会，重点介绍粤 港澳联动办会举措、阶段成果等。粤港澳三地联合办赛实属首次，在过程中还需要更多创新与探索。 ...

中国发展网讯 近年来，安徽省深入贯彻落实国家区域协调发展战略，将推动省际毗邻地区协同发 展作为服务长三角一体化、促进中部地区崛起的重要抓手，高度重视并积极支持与湖北省交界的毗邻区 域合作。在省委、省政府统筹部署和省发展改革委等部门的协调推动下，安徽省岳西县与湖北省英山县 抢抓机遇、主动作为，围绕共建省际毗邻合作区开展了富有成效的探索与实践，近期取得多项实质性突 破。 近两年来，岳西与英山在多个领域打破行政壁垒，推动合作落实落细。项目谋划"一张表"纵深推 进。两县发展改革部门、毗邻乡镇深入推进项目谋划和资金争取工作，围绕生态康养、绿色食品药品、 轻工业生产、交通基础设施、能源水利5大类谋划项目23个，总投资约873.97亿元；"白帽—杨柳湾"先 导区谋划2025年重大项目5个、总投资达5亿元，同时已留足土地、林地等建设空间，扎实开展项目前期 工作，将围绕政策资金支持领域适时向上争取。文化旅游"一条线"深度融合。两地文旅、教育部门正联 合策划红色研学、生态康养等"一日游""多日游"跨省精品线路，初步实现资源共享、客源互送。此次开 通的专线串联的是鹞落坪国家级自然保护区、桃花冲国家风景区等核心旅游资源，两地直达时间 ...

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued an action plan for metrology support in the development of new productive forces in industries from 2025 to 2030, focusing on key measurement technologies in aerospace and aviation sectors [1] Group 1: Key Measurement Technologies - The plan emphasizes research on critical common measurement technologies for spacecraft operation in orbit, satellite remote sensing and communication, space exploration, intelligent manufacturing of commercial aircraft, and low-altitude aircraft [1] - It aims to develop a prototype of a quantum natural standard for space use and conduct typical experimental validations [1] - The initiative addresses challenges such as long-term vacuum leakage in space stations and the measurement of material outgassing rates [1] Group 2: Industry Applications - The research will tackle key parameter measurement and calibration technologies for intelligent perception, positioning navigation, and energy power in low-altitude aircraft [1] - It will also focus on intelligent detection and online calibration technologies for comprehensive parameters in commercial aircraft, commercial remote sensing, and satellite internet fields [1] - The goal is to create typical application demonstrations that promote collaborative innovation in aerospace technology [1]

市场监管总局、工信部印发《计量支撑产业新质生产力发展行动方案(2025—2030年)》。其中提到，围 绕宇航重大工程、商业航天、商用飞机、航空发动机、低空经济等国家战略性新兴产业需求，开展航天 器在轨运行、卫星遥感与通信、空间探测、商用飞机智能制造、低空航空器等关键共性计量技术研究， 研制空间用量子自然基准的原理样机并开展典型实验验证，解决空间站长期在轨真空泄漏和材料放气率 测量难题，攻克低空航空器智能感知、定位导航、能源动力等关键参数测量校准技术，研究商用飞机、 商业遥感与卫星互联网领域综合参数智能化检测和在线校准技术，形成典型应用示范，带动航空航天技 术协同创新。 ...

Core Insights - The city sub-center is experiencing significant economic development with 400 new key projects under discussion in the first half of the year, leading the city in foreign investment projects [1][2] - The establishment of a project database for key enterprises and the launch of international investment liaison agencies are set to enhance investment attraction efforts in the second half of the year [1][7] Group 1: Project Development - A total of 400 new key projects are currently under discussion, with 230 registered key enterprises and 47 foreign investment projects successfully landed [2] - State-owned enterprises (SOEs) have contributed significantly, with 176 SOEs established, including 107 central SOEs and 69 municipal SOEs [2] - The successful landing of projects from private enterprises such as Huqing Yuantai New Energy Technology and Kangwei Shitong Technology highlights the diverse investment landscape [2] Group 2: Investment Attraction Strategies - The district is implementing a market-oriented, professional, and systematic reform in investment attraction, establishing a comprehensive investment system [3] - The creation of the Beijing Tongzhou Industrial Investment Development Co., Ltd. marks a significant step in building a market-oriented investment framework [3] - A "service commissioner" mechanism has been established to connect resources and optimize the business environment across 22 towns and streets [3] Group 3: Innovation and Technology Focus - The "All-Region Scene Innovation City" initiative aims to strengthen scene-based investment, linking services to enterprises and enhancing their core competitiveness [4] - The "Science and Technology Resource Doubling Project" is designed to attract regional headquarters and R&D centers, boosting local innovation capabilities [4] Group 4: International Collaboration and Events - The district is actively engaging in international investment through the establishment of liaison agencies and participation in high-profile events like the G20 Youth Entrepreneurs Alliance [5][6] - The district has signed five major projects during the 2025 Zhongguancun Forum, with an expected total investment of over 4 billion yuan in sectors such as healthcare and green energy [6] Group 5: Future Plans and Goals - In the second half of the year, the district plans to focus on three major engineering projects to drive high-quality industrial development [7] - The establishment of an international investment liaison agency aims to enhance the internationalization of investment efforts and create a new market-oriented investment mechanism [7] - The district will leverage high-end exhibitions and establish a white-list system for enterprises to facilitate deeper government-business cooperation [7]

AI智能家居成新兴消费热点 记者在现场注意到，展会首日现场人流如织，国内外游客热情似火，包括展区设计、产品概念等均呈现年轻化趋势。其中，AI 智能家居应用成新兴消费热点，全屋智能化系统、智能门锁等更备受现场消费者关注。 21世纪经济报道记者 翁榕涛 实习生 赖桂筠 广州报道 7月8日，第27届中国建博会（广州）召开，吸引参展企业近2000家，本届展会以跨界融合发展为创新亮点，以室内空间、门窗 户外、材艺智造三大生态为核心重构布局。 其深层意义在于，推动中国大家居建装企业告别单一产品竞争，转向提供空间整体解决方案的能力输出。 值得注意的是，本届展会打破传统照明与大家居建装行业的界限，联动定制、门窗等家居题材，首次设立智能照明展馆，吸引 头部智能照明企业参展，并举办专业论坛，引入DALI、Matter等国际技术联盟推动技术创新与标准化发展。 （用户现场体验家居产品，图源：企业供图） 艺智造生态以"向新"聚焦工艺与技术突破，为供应链企业提供兼具技术展示和商贸转化属性的五金竞技场、材料观新台和装备 智造营"三大场域"。 在体验AI全屋智能的区域，专业讲解员表示，"相比以前只能简单地开关窗帘，提前定时开空调而言，现在的 ...

Core Viewpoint - Zhiyuan Robotics denies that its acquisition of 63.62% stake in Shuangwei New Materials is a backdoor listing, stating that the action is solely for acquiring controlling interest and does not constitute a major asset restructuring as defined by regulations [1] Group 1 - Shuangwei New Materials announced that Zhiyuan Robotics plans to acquire at least 63.62% of its shares, which has attracted significant market attention [1] - Zhiyuan Robotics clarified that the acquisition is not intended as a backdoor listing, emphasizing that it is focused on gaining control rather than restructuring [1] - The two companies are exploring potential business synergies between their respective fields of new materials and robotics, with specific collaboration plans to be disclosed after a period of integration [1]

记者丨 杨期鑫 实习生张雯钧 编辑丨李振 高效便捷的城际交通网络是推动经济要素高速流转、催化文化融合共生的基础纽带，更是城市间协同发展的关键引 擎。 7月6日，遂川至大余高速公路正式建成通车。这条斥资244.5亿元、全长127公里的战略通道，将赣州至粤港澳大湾 区的车程进一步压缩至4小时，为人员往来与商贸流通按下"快进键"。 截至目前，粤赣两省已建成7条跨省高速通道，平均每50公里一条高速的密度全国领先，而即将开工的潮南高速与寻 全高速西延段，将彻底实现两省界县域高速100%全覆盖。 而依托日益完备的交通体系，粤赣产业协作持续深化。"湾区研发+江西制造"发展模式活力迸发：格力、比亚迪等千 亿级产业项目沿高速走廊西进布局；另一方面，江西企业赵一鸣零食在东莞设立研发中心，并将部分核心部门迁至 广州。双向流动的要素正通过公路网完成聚合裂变，宛若区域协同发展的"共赢走廊"。 而这仅仅是周边省市加速"融湾"的一个缩影——近年来，广西、湖南、江西、贵州等地加快与粤港澳大湾区建立跨 区域协作关系，尤其依托便利完善的交通网络实现了要素流通、产业协同，而广东也在规避生产成本日渐高企、留 住核心供应链产业链的背景下，加快探索出一 ...