Core Viewpoint - The establishment of Nanjing Kongdi Shuzhi Phase I Industrial Investment Fund Partnership (Limited Partnership) marks a significant move in the private equity investment sector, with a registered capital of 900 million RMB, focusing on various emerging industries [1][2]. Group 1: Fund Overview - The fund is executed by Nanjing Yida Equity Investment Management Partnership (Limited Partnership) and has a strong backing from notable contributors such as Nanjing Zijin Industrial Investment Co., Ltd., Sujiao Science and Technology, and Nanjing Kongdi Shuzhi Industrial Development Co., Ltd. [1][2] - Sujiao Science and Technology has committed 135 million RMB of its own funds to the establishment of the fund, indicating a deep strategic engagement in the industrial investment sector [1][2]. Group 2: Investment Focus - The fund's investment strategy is broad yet targeted, concentrating on sectors such as low-altitude economy, intelligent connected vehicles, new energy, new infrastructure, smart logistics, aerospace, semiconductors, and new materials [1][2]. - These sectors are seen as representing future industrial development trends, offering substantial market potential and growth opportunities [1][2]. Group 3: Market Implications - The establishment of the fund is expected to provide robust capital support to enterprises within the relevant industrial chains, facilitating technological innovation and industrial upgrades [2][3]. - The collaboration among the fund's contributors is viewed as a strategic alignment to explore new development opportunities and accelerate the growth of related industrial chains [3].

Group 1: Company Overview - Skaiqi went public on NASDAQ under the ticker "SCAG" on June 30, with an opening price of $11.69 per share and a market capitalization exceeding $800 million [2] - Founded in 2019, Skaiqi focuses on the development and commercialization of new energy heavy trucks and electric fuel solutions, having completed multiple designs, productions, and tests of new energy trucks for various applications [2][4] - The company is actively developing three new energy models, including an all-electric port tractor, a long-range pure electric tractor, and a high-power hybrid mining truck [5] Group 2: Investment and Financial Backing - Jiuhe Venture Capital invested in Skaiqi at the end of 2020 and increased its stake in 2021, holding approximately 10% before the IPO, which is expected to yield significant returns [2][7] - The investment strategy of Jiuhe Venture Capital focuses on the restructuring of the energy system, targeting key nodes that enhance energy system efficiency [3][7] Group 3: Market Trends and Opportunities - The new energy commercial vehicle sector is anticipated to experience long-term structural growth, driven by favorable policies and a high market ceiling, with the penetration rate of new energy heavy trucks in China expected to exceed 10% by 2024 [5] - The global push for carbon neutrality and the transition to new energy sources are creating substantial opportunities in various sectors, including transportation, construction, and industry [3][5] Group 4: Technological Development - Skaiqi is building barriers through proprietary technologies such as electric control and steering systems, intelligent distributed hybrid power systems, and solid oxide electrolysis cell hydrogen production technology [5] - The company aims to become a comprehensive solution provider for new energy heavy trucks by establishing hydrogen stations, financing leasing platforms, and pursuing global strategic layouts [5]

Core Viewpoint - The article highlights how Guangdong Liyuanheng Intelligent Equipment Co., Ltd. (Liyuanheng) attracts top talent like Jing Peng through its unique corporate culture, advanced technology research platforms, and broad career development opportunities [1][5]. Company Overview - Liyuanheng, founded in 2014, is a leading global enterprise in the new energy equipment sector, focusing on the research, production, and sales of intelligent equipment [5]. - The company provides comprehensive smart factory solutions for major industries including lithium batteries, energy storage, solid-state batteries, and hydrogen energy [5]. - Liyuanheng has over 20 subsidiaries or offices worldwide, serving Fortune 500 companies and leading enterprises across various sectors [5]. Talent Attraction and Development - The company emphasizes a culture of "technology-based enterprise" and "practicing internal skills," which resonates with employees like Jing Peng [6][8]. - Liyuanheng has established a national postdoctoral workstation and offers significant support for postdoctoral talents, including a 300,000 yuan settlement subsidy for those relocating to Huizhou [8][10]. - The company boasts a research team of over 1,600 high-level talents, including academicians and PhDs, making up about 30% of its total workforce [10]. Research and Funding - Liyuanheng provides substantial research funding, including millions for postdoctoral researchers, covering expenses such as facilities, equipment, and personnel [9][10]. - The company collaborates with universities for talent development, ensuring students gain practical experience and can quickly integrate into the company post-graduation [10].

Core Viewpoint - Zhongda An Co., Ltd. plans to issue up to 42.04 million A-shares to Xiamen Jianxi, raising a maximum of 366 million RMB, resulting in a change of control to Xiamen Jianxi, which will hold 23.08% of the shares and have Wang Li as the actual controller [1][3][4] Group 1: Share Issuance and Control Change - The share issuance will allow Xiamen Jianxi to become the controlling shareholder of Zhongda An, with Wang Li as the new actual controller [3][4] - Prior to this issuance, the controlling stake was held by Licheng Holdings and its partner, with a combined voting power of 19.13%, which will decrease to 14.72% post-issuance [3][4] - The share price for the issuance is set at 8.70 RMB per share, with the total funds raised expected to be used for working capital and debt repayment [4][5] Group 2: Business Strategy and Financial Health - Zhongda An aims to expand its operational scale, enhance market share, and optimize business layout, focusing on high-quality development across various sectors including energy and construction [4][5] - The company has a high debt ratio of 71.05% as of March 31, 2025, indicating reliance on bank loans for financing [5] - The company has experienced fluctuating revenues and net profits from 2020 to 2024, with net profits showing three consecutive years of losses [9] Group 3: Recent Acquisitions and Risks - Recent acquisitions include a 100% stake in Tongxin Tonghe and a 51% stake in Disen New Energy, with significant valuation increases noted [7][8] - The company faces risks related to goodwill impairment, with goodwill values decreasing over the years and potential future impairments impacting financial performance [10]

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~ -广告- 本文来源：有材有料新能源网 6月18日，因未在法定期限内披露过半数董事保证真实、准确、完整的2024年年报， *ST恒立收到终止上 市决定 ，公司股票将自6月25日起进入为期15个交易日的退市整理期，期满后退市摘牌。 *ST恒立于1996年登陆深交所主板。 上市以来，公司经营过冷气设备，生产过新能源电池 。 2018年以 来，公司设备生产主业大幅萎缩，主要业务转向委托加工及贸易，盈利能力持续承压，深陷亏损泥潭，甚 至连收入都逼近退市红线。 在收到深交所退市决定的同日，*ST恒立也收到湖南证监局下发的《行政处罚事先告知书》（以下简称"处 罚告知书"），曝光了公司未按期披露2024年年报的真实原因： 不接受年审机构出具的将导致公司退市的 审计报告。 此外，*ST恒立因涉嫌年报等信息披露文件财务数据虚假披露，已被中国证监会立案调查，目前调查仍在 进行中。如被查实存在财务数据虚假披露，公司及有关责任人也将依法承担相应的法律责任，投资者权益 保护也不会因退市而改变。 2005年、2016年，公司两次被实施*ST；200 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index up 0.08%, the Shenzhen Component down 0.19%, and the ChiNext Index down 0.56% [2] - Market trading volume decreased to 686.3 billion yuan, down 119.6 billion yuan from the previous trading day, indicating cautious market sentiment [2] - Over 3,200 stocks declined, reflecting a "profit from indices but not from stocks" situation [2] Key Sectors Solid-State Battery - The solid-state battery sector was the strongest performer, with stocks like Haike Energy, Nord Shares, Xiangtan Electric, and Binhai Energy hitting the daily limit [2] - This sector is gaining attention due to its potential for large-scale commercialization, which could significantly impact the entire new energy industry chain [2] Photovoltaic Equipment - The photovoltaic equipment sector also saw gains, with stocks like Saiwu Technology and GCL-Poly Energy hitting the daily limit, while major players like Sungrow Power and LONGi Green Energy experienced notable increases [3] - The sector is supported by ongoing overseas demand and increasing domestic installation capacity, along with stabilizing raw material prices [3] Baijiu (Chinese Liquor) - The baijiu sector experienced a rebound, with stocks like Huangtai Liquor hitting the daily limit and others like Yingjia Gongjiu and Jinzhongzi Liquor rising over 5% [3] - This rebound may be linked to recent signs of recovery in consumer data and relatively low valuations in the sector [3] Declining Sectors Brain-Computer Interface - The brain-computer interface sector faced significant declines, with Aipeng Medical dropping over 10% and other stocks like New Intelligence and Innovation Medical also falling [4] - The sector had previously seen a surge, but the lack of new catalysts led to profit-taking [4] Short Drama Game Concept - Stocks in the short drama game concept also collectively adjusted, with companies like Yuanlong Yatu and Chuanwang Media dropping over 5% [4] - The previous explosive growth in the short drama market may have led to over-speculation, compounded by increased regulatory scrutiny [4] Market Sentiment - The current market is characterized by structural trends, with rapid rotation of hot sectors, making it easy to incur losses through chasing trends [4] - The shrinking trading volume suggests a strong wait-and-see sentiment among investors, emphasizing the need for long-term investors to focus on fundamentally sound companies with good industry prospects [4]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

证券研究报告 | 2025年6月15日 估值周观察(6月第3期) 稀土永磁表现突出 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.6.9-2025.6.13）海外市场整体回调，估值温和收缩。海外市场整体回调，但韩国市场持续上涨，韩国综合指数和 KOSPI50指数分别上涨2.94%和2.48%；香港市场持续回暖，恒生中型股全球领涨，上涨3.94%。美国主要指数小幅下跌1%左右；德 国DAX指数领跌，下跌3.24%。估值方面变化温和（幅度基本不超过1x）。德国DAX指数明显下跌，但PE扩张0.52x；韩国KOSPI50指 数上涨，但PE收缩0.69x，两者盈利有所修复。其余市场PE变化和指数涨跌方向保持一致。港股除恒生科技指数，其余指数的估值分 位数均在95%左右， ...

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： 望城发布、掌上长沙 近日，位于湖南长沙望城经开区铜官工业片区蒙星纳米项目正加速推进各项施工建设， 项目预计今年6月 底投产运营。 据悉，蒙星纳米建设项目总投资约3.5亿元，包含2栋厂房、1栋办公楼和配套公辅工程，总建筑面积为 33416.97平方米，是由望城经开区铜官工业片区为湖南蒙星纳米材料科技有限公司代建的生产基地。 作为一家高新技术企业，蒙星纳米聚焦锂电池正极材料领域，依托母校中南大学的技术团队，通过工艺、 设备、管理多角度创新， 其核心产品磷酸锰铁锂及前驱体材料， 能量密度较传统磷酸铁锂提升10%至 20%，成本降低5%至10%，且在低温充电性能上表现卓越。 END 2025（第三届）中国固态电池 值得一提的是，蒙星纳米由湖南智电谷新能源技术研究院孵化而来。 去年10月注册成立的湖南智电谷新能源技术研究院，创始人为中南大学教授、国家"万人计划"科技创新领 军人才李新海，今年5月29日在望城经开区正式揭牌。也就是在当天的揭牌仪式上，蒙星纳米总经理李勇 与望城经开区签约。 该研究院采用"1十N"模式，在 ...