能源转型看电池，电池发展看中国，第十七届深圳国际电池技术交流会 / 展览会（ CIBF2025 ）将于 2025 年 5 月 15-17 日在深圳国际会 展中心隆重举办，琥崧集团将亮相展会，为大家带来全新产品，锁定 3 号馆 3T059 展位 ，在此恭候各位产业链客户！ 本次展会期间，琥崧集团也将以自主研发的干法电极核心工艺成果重磅亮相，展示其在关键设备与应用解决方案方面的深耕布局。 近年来，琥崧集团旗下琥崧微纳米科技 对干法电极工艺进行了细致、深入探索 ，开发出成熟 "工艺包"助力电芯企业。 干 法电极工艺是一种无溶剂的锂离子电池电极制造技术，通过物理混合、纤维化粘结剂和高压成型等步骤直接制备电极膜，颠覆了传统湿法工 艺的溶剂依赖模式。其核心在于简化流程、降低成本并提升电池性能，被视为下一代电池制造 尤其是固态电池 的关键技术之一。 随着固态电池技术兴起，干法电极的优势愈发显著，特别在使用 对有机溶剂敏感度较高 的 电解质如硫化物时， 湿法工艺容易引发副反应，干 法电极因此成为更适配方案。 在众多企业 摸索 干法电极工艺之时，琥崧 集团已探索出自己的方向 。 2021 年初琥崧 集团 开启干法电极工艺研究， ...

Investment Rating - The report maintains a positive investment rating for the renewable energy sector, particularly highlighting the solar and wind energy segments as having strong growth potential [4][5]. Core Insights - The report emphasizes that the downstream demand for renewable energy is expected to increase, leading to a potential recovery in the pricing structure of the industry [2]. - It notes that the solar industry is currently experiencing a price correction after a surge in demand, with key components like silicon materials and modules seeing price adjustments [4]. - The wind energy sector is projected to benefit from significant policy support and increased project bidding, particularly in offshore wind projects [4]. Weekly Market Review - From April 28 to May 9, 2025, the Shanghai Composite Index rose by 1.42%, while the Shenzhen Component Index and the ChiNext Index increased by 2.12% and 3.32%, respectively. The Shenwan Electric Power Equipment Index outperformed with a rise of 3.46% [12]. - Sub-sectors such as photovoltaic equipment, wind power equipment, batteries, and grid equipment saw respective increases of 2.8%, 3.85%, 4.39%, and 1.73% [12][14]. Key Sector Tracking - The report highlights specific companies to watch in the solar sector, including GCL-Poly Energy, JinkoSolar, and Sungrow Power Supply, which are expected to navigate through the current market fluctuations effectively [4]. - In the wind energy sector, companies like Goldwind Technology and Mingyang Smart Energy are recommended due to their strong market positions and growth prospects [4]. Price Data in the Industry - The report provides insights into the pricing trends of key components in the solar supply chain, indicating a downward trend in silicon prices, with current prices ranging from 34 to 36 CNY/kg, reflecting an over 8% decrease compared to the previous month [28]. - The price of N-type silicon wafers has also seen a significant drop, with the average transaction price falling below 1 CNY per piece, indicating a challenging market environment for smaller manufacturers [29][34]. Company Announcements - Notable announcements include the acquisition of 100% of Jinli Co. by Foshan Fulu Technology for a total consideration of 5.08 billion CNY, which is expected to enhance its market position [3][25]. - SAIC Motor reported a significant increase in electric vehicle sales, with a 71.7% year-on-year growth in April 2025, indicating strong demand in the electric vehicle market [26].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 贝特瑞 在智能电动车、低空飞行器、人形机器人等新兴领域快速发展的背景下，高安全与高能量密度需求正成为 电动场景的核心诉求。 5 月 1 3 日，全球电池负极材料龙头贝特瑞举办 "未来能量引擎"固态电池材料整 体解决方案发布会，正式发布其针对固态电池的材料整体解决方案，标志着公司在下一代电池技术领域迈 出关键一步。 贝特瑞为固态电池做了全面的材料布局，开发出贝安 FLEX 半固态及 GUARD 全固态 系列 高镍正极、硅基负极、固态电解质、 锂 碳复合负极等材料，通过材料创新与技术迭代支撑固态电池商业 化进程，为下一代电池技术提供 " 高能量 +高安全"的 材料解决方案。 贝特瑞中央研究院院长李子坤博士在发布会介绍 " 从 3D多孔 锂 碳复合材料 、 硫化物 固态电解质到 超 高镍正极 材料 ，这些创新不再是实验室的蓝图，而是 迈入商用 的 固态电池材料整体 解决方案。 " 全面材料布局，覆盖固态电池核心需求 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.56 CNY based on a 34x P/E ratio for 2025 [4][7]. Core Views - The company has experienced significant growth in diaphragm production and sales, with a year-on-year increase of 56.3% in production and 57.6% in sales for 2024 [10]. - Despite the growth in production and sales, the company's profitability is under pressure due to declining diaphragm prices, leading to a forecasted decrease in earnings per share for 2025 and 2026 [4][10]. - The company is actively expanding its global footprint, with ongoing construction of overseas bases in Malaysia and Sweden, which is expected to enhance local supply capabilities [10]. - The company is investing in new product development to meet the trends in battery technology, including the production of new coated diaphragm products and collaborations for solid-state electrolyte membranes [10]. Financial Summary - The company’s revenue is projected to grow from 30.13 billion CNY in 2023 to 77.20 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 30.2% [6]. - The net profit attributable to the parent company is expected to recover from 3.64 billion CNY in 2024 to 10.74 billion CNY in 2027, reflecting a significant growth trajectory [6]. - The gross margin is forecasted to improve from 29.1% in 2024 to 37.4% in 2027, indicating a recovery in profitability as market conditions stabilize [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.56 CNY based on a 34x P/E ratio for 2025 [4][7]. Core Views - The company has experienced significant growth in diaphragm production and sales, with a year-on-year increase of 56.3% in production and 57.6% in sales for 2024 [10]. - Despite the high growth in production and sales, the company's profitability is under pressure due to declining diaphragm prices, leading to a forecasted decrease in earnings per share for 2025 and 2026 [4][10]. - The company is actively expanding its global footprint, with ongoing construction of overseas bases in Malaysia and Sweden, which are expected to enhance local supply capabilities [10]. - The company is investing in new product development to align with trends in battery technology, including the production of new coated diaphragm products and collaborations for solid-state electrolyte membranes [10]. Financial Summary - The company’s revenue is projected to grow from 30.13 billion CNY in 2023 to 77.20 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 30.2% [6]. - The net profit attributable to the parent company is expected to recover from 3.64 billion CNY in 2024 to 10.74 billion CNY in 2027, with a notable increase of 57.1% in 2026 [6]. - The gross margin is forecasted to improve from 29.1% in 2024 to 37.4% in 2027, indicating a recovery in profitability as diaphragm prices stabilize [6].

Core Viewpoint - Zhongwei Co., Ltd. has actively engaged in share repurchase, reflecting strong confidence in its future business development and commitment to enhancing shareholder value through cash dividends and stock incentives [1][3][4]. Group 1: Share Repurchase Details - Zhongwei Co., Ltd. has repurchased a total of 70,000 shares, accounting for approximately 1.74% of its total share capital, with a total transaction amount of 576 million yuan and an average repurchase price of 36.45 yuan per share [1]. - The repurchase plan, initiated on November 5, 2024, aims to use funds between 500 million yuan and 1 billion yuan, with a maximum repurchase price of 57 yuan per share [1]. - The repurchased shares are intended for employee stock incentive plans, with a new round of stock incentive plans expected to be launched as the repurchase progresses [1][4]. Group 2: Market Context and Performance - In the past six months, there has been a surge in share repurchase activities in the A-share market, with over a thousand companies, including major players like Kweichow Moutai and Ningde Times, announcing repurchase plans [1]. - Zhongwei Co., Ltd. ranks in the top 2% of the A-share market with a repurchase total of nearly 600 million yuan, indicating strong confidence from the company in its operational future [2]. Group 3: Dividend Policy and Financial Outlook - For the fiscal year 2024, Zhongwei Co., Ltd. plans to implement a cash dividend policy with a total cash dividend amount of 590 million yuan, including 260 million yuan for the mid-year dividend, resulting in a dividend payout ratio of 40.24% [3]. - The high dividend policy aims to share operational results with shareholders, enhancing investor confidence and increasing the company's attractiveness in the capital market [3]. Group 4: Industry Position and Future Strategy - As a leading enterprise in the global new energy materials sector, Zhongwei Co., Ltd. focuses on the research and production of nickel, cobalt, phosphorus, and sodium materials, which are widely used in various downstream applications [3][4]. - The company is steadily advancing its layout in the emerging field of solid-state batteries, with a diversified approach to material systems that includes both industrialized and potential new materials [4]. - The management's actions, including share repurchase and dividend distribution, reflect a positive outlook on the new energy industry and the long-term development of Zhongwei Co., Ltd. [4].

Core Insights - The solid-state battery concept is gaining traction in the capital market, with multiple companies announcing production timelines and technological advancements [1] - Government policies are increasingly supportive of solid-state battery development, highlighting its potential in various sectors such as electric vehicles, energy storage, and consumer electronics [1][2] - Global competition is intensifying, with companies like Toyota and Samsung SDI planning to commercialize solid-state batteries by 2027 [1][2] Government Policies - In February, the Ministry of Industry and Information Technology (MIIT) and seven other departments issued a plan to support the development of solid-state batteries for energy storage [1] - The MIIT's April guidelines for 2025 emphasize establishing a standard system for solid-state batteries to accelerate industrialization [1] - Cities like Beijing and Shanghai have included solid-state batteries in their local industrial plans, indicating their strategic importance [1] Industry Challenges - Solid-state batteries face significant challenges in scaling production, including technical issues, high costs, and supply chain limitations [2] - The material cost for solid-state batteries is approximately 2 yuan per watt-hour, which is 3 to 5 times higher than conventional lithium-ion batteries [2] - Key materials for solid-state batteries, such as solid electrolytes and lithium metal anodes, have not yet achieved large-scale supply [2] Market Outlook - The market is expected to see a coexistence of conventional liquid, semi-solid, and solid-state batteries for an extended period [2] - By 2027, semi-solid batteries are anticipated to achieve commercial application in high-end electric vehicles, while solid-state batteries will be in the testing phase [2] - Full-scale production of solid-state batteries is projected to begin around 2027, primarily targeting high-performance sectors like aerospace and home energy storage [2] Strategic Development - The next five years are critical for breakthroughs in solid-state battery technology and the integration of the supply chain [3] - Emphasis on core technology development, including the application of AI in research, is essential for accelerating material selection and optimizing production processes [3] - Collaboration between automotive and battery companies is encouraged to enhance vertical integration across the supply chain [3] Financial Support - Establishing a financial support chain for solid-state battery development is crucial, including special funds for key materials and device integration [4] - Increased financial backing for startups in the solid-state battery sector is necessary to support the transition from technology development to commercial application [4]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 13, 2025, at the company's technology park in Shenzhen, Guangdong Province, with a total of 46 investors attending [3][4]. - Key attendees included representatives from various investment firms such as Bosera Fund, Shenwan Hongyuan, and CITIC Securities [3]. Group 2: New Product Launch - The company launched the "Beian FLEX" semi-solid and "GUARD" all-solid-state battery materials, providing solutions for next-generation battery technology with a focus on "high energy + high safety" [5]. - The high-nickel positive electrode material in the Beian FLEX series reduces resistance by 6% compared to equivalent nickel content ternary materials, while the silicon-based negative electrode can achieve a capacity of 2,300 mAh/g [5]. Group 3: Production and Market Insights - The company has the production technology for solid-state battery materials, with 2024 expected to be a representative year for semi-solid battery product shipments, while 2027 is anticipated for large-scale production of all-solid-state batteries [6]. - The company is strategically positioned in the solid-state battery materials market, leveraging its extensive R&D background and engineering capabilities [7][8]. Group 4: Cost and Production Challenges - The third-generation silicon-based materials are currently in mass production, with costs comparable to industry standards [9]. - The company faces challenges in scaling up the production of sulfide materials, which still have high production costs despite recent reductions [12]. Group 5: Future Growth and Strategic Planning - The company aims to transition from a material supplier to a provider of comprehensive battery material solutions, focusing on new technologies and products to enhance value for customers [15]. - The strategic focus on high-nickel materials and overseas market expansion is expected to drive growth, with a significant emphasis on developing a closed-loop recycling system for materials [16]. Group 6: Market Dynamics and Competitive Landscape - The company acknowledges the downward pressure on prices due to market oversupply and the need for technological breakthroughs to reduce costs [18]. - The competitive landscape in the negative electrode market is evolving, with the company emphasizing the importance of balancing cost and performance in new product developments [19].

Market Performance - Major stock indices in China experienced a significant upward trend, with the Shanghai Composite Index rising by 0.82% to 3369.24 points, the Shenzhen Component Index increasing by 1.72% to 10301.16 points, and the ChiNext Index climbing by 2.63% to 2064.71 points, alongside a total trading volume of 1341 billion yuan, an increase of nearly 120 billion yuan from the previous day [1] Trade Relations and Sector Impact - The recent US-China trade talks resulted in substantial progress, with both sides agreeing to significantly lower bilateral tariff levels, which is expected to benefit sectors such as electric new energy and export chains, particularly in areas like the power battery supply chain and photovoltaic inverters [2][5] - The reduction in tariffs is anticipated to restore business for companies exporting to the US, especially those in the electric new energy sector, which had been adversely affected by previous tariff policies [2] PCB Demand and AI Sector - The easing of US-China tariffs is expected to alleviate pressure on the demand forecast for AI-related PCBs, with positive feedback from downstream ODM manufacturers indicating resilience in PCB demand [3] Gas Turbine Market - The global gas turbine market is entering an upcycle, driven by increased demand for natural gas power generation and the expansion of AIDC in North America, leading to a surge in orders for core components from Chinese manufacturers [4] Strategic Mineral Export Control - The Chinese government is intensifying efforts to combat the smuggling of strategic minerals, with a coordinated action plan involving multiple departments to prevent illegal outflows [6] Financial Support for Nansha Development - A joint opinion from several financial regulatory bodies emphasizes increased financial support for the development of Nansha, aiming to enhance its role in the Guangdong-Hong Kong-Macao Greater Bay Area and support high-end manufacturing industries [7] Brain-Computer Interface Industry Development - Sichuan province has launched an action plan to cultivate the brain-computer interface and human-computer interaction industries, targeting significant breakthroughs and the establishment of a robust industrial ecosystem by 2027 [8] Manus Product Launch - The AI Agent product Manus has announced its open access to all users, introducing a free task execution model and plans for a subscription service to accelerate commercialization [9]

【要闻报道】 中美首轮谈判发布联合声明：90天关税暂停，中美经济重新审视互补性 中美在瑞士日内瓦举行经贸高层会谈，双方在经贸领域达成一系列重要共识。当地时间5月12日上午9： 00，双方发布《中美日内瓦经贸会谈联合声明》。 联合声明发布后，引发了金融市场强烈反应。富时中国A50指数期货一度涨超2%；离岸人民币兑美元 一度大涨超400点。美股三大期指亦快速拉高。与此同时，外资机构对中国资产的后市展望愈发乐观。 在中美日内瓦经贸会谈联合声明发布前夕，花旗银行报告称，假设中美就关税问题谈判取得进展，上调 恒生指数今年底目标价2%至25000点，并予明年上半年目标价26000点。 相关解读：中信建投解读中美会谈：2点超预期3大影响 牛弹琴：中美日内瓦会谈，最大亮点有三个 商务部：严打战略矿产走私出口，加大口岸查验和打击查处力度 今天，商务部新闻发言人就开展打击战略矿产走私出口专项行动应询答记者问。 问：我们注意到，近日国家出口管制工作协调机制办公室部署开展了打击战略矿产走私出口专项行动， 请问专项行动是出于什么考虑？还将开展哪些工作？ 答：加强战略矿产资源出口管制事关国家安全和发展利益。我们对部分战略矿产实施出口管制 ...