Core Insights - The latest ESG public fund weekly ranking shows a recovery in performance, with all listed funds experiencing gains during the observation period from April 21 to April 25 [1] - There is a significant performance divergence between ESG-themed and broad ESG-themed products, with broad ESG active funds leading the top 10 rankings [1] Fund Performance Summary - Broad ESG active funds achieved an average return of 8.76%, while broad ESG index funds followed with an average return of 3.97% [1] - ESG-themed active funds had an average return of 3.06%, which is less than half of the broad ESG active funds, and ESG-themed index funds had an average return of 0.76%, less than a quarter of the broad ESG index funds [1] Investment Focus - Broad ESG active funds primarily focus on low-carbon investments, including carbon neutrality, new energy vehicles, new energy materials, and climate change [1] - In contrast, the industry concentration for broad ESG index funds is high, with all funds related to new energy vehicle batteries [1] Historical Performance - The historical performance of the new energy vehicle battery sector has shown significant volatility, indicating the need for cautious timing in investments [1]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.4200 CNY, a decrease of 2.33% compared to Q1 2024, which was 0.4300 CNY [1] - The net asset per share increased to 16.2 CNY, reflecting an 8.58% growth from 14.92 CNY in Q1 2024 [1] - The net profit for Q1 2025 is 0.46 billion CNY, a slight decrease of 2.13% from 0.47 billion CNY in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 is 2.64%, down 8.97% from 2.90% in Q1 2024 [1] - The total operating revenue for Q1 2025 is 1.96 billion CNY, an increase of 20.25% from 1.63 billion CNY in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 35.8994 million shares, accounting for 53.4% of the circulating shares, with an increase of 16.4664 million shares compared to the previous period [2] - Zhang Yimin is a new major shareholder with 11.9203 million shares, representing 17.74% of the total share capital [2] - The Basic Pension Insurance Fund No. 1202 has reduced its holdings by 0.4574 million shares [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

行业研究 EVERBRIGHT SECURITIES 上海车展趋势观察：大电量增程、商用车电动化、宁德时代引领新技术 碳中和领域动态追踪（一百五十五） 宁德时代引领新技术突破，晓遥双核+自生成锂/钠负极再次拉开产品代差。 买入 (维持) 宁德时代推出三款颠覆性生动力电池产品：钠新电池、骆遥双核电池、第二代神行 超充电池。（1）自生成负极新技术的应用超预期，展现宁德时代领先的研发能 作者 力和商业化实力，我们认为得益于金属负极保护层材料和制备工艺的 执业证书驰号：50930515040004 分析师：股中枢 know-how：使得负极侧频覆性升级快于预期，相关电解液添加剂和补锂剂环节 有望受益。（2）晚通双核+自生成锂/钠负极，多元电池的组合适配各种场景， 01C-58452063 yinzs@ebscn.com 我们认为是在全固态电池商业化量产之前的窗口期内，又一个拉开代差的产品。 (3）钠新电池树立宁德时代钠电池的新品牌，能量密层提升，突破低温、启停 执业证书地号：S0930522070001 分析师：肤无忌 场景，有望带来新的增长曲线。（4）二代神行超充电池实现峰值充电功率12C 同时续航800km，随若 ...

Financial Performance - The basic earnings per share for Q1 2025 is 0.6400 CNY, a decrease of 1.54% compared to Q1 2024, which was 0.6500 CNY [1] - The net profit for Q1 2025 is 0.52 billion CNY, showing a slight increase of 1.96% from 0.51 billion CNY in Q1 2024 [1] - The operating revenue for Q1 2025 is 3.32 billion CNY, down by 5.14% from 3.5 billion CNY in Q1 2024 [1] - The return on equity for Q1 2025 is 3.11%, a decrease of 3.42% from 3.22% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11.2012 million shares, accounting for 25.25% of the circulating shares, with an increase of 3.1678 million shares compared to the previous period [1] - New entrants among the top shareholders include the Penghua Carbon Neutral Theme Mixed Securities Investment Fund, holding 3.8604 million shares (8.70%) [2] - Significant changes in holdings include Fu Weiping increasing his stake by 46.32% to 1.5615 million shares, while Tang Weiguo reduced his holdings by 58.05% to 1.1005 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - CATL leads in technological breakthroughs with the introduction of three disruptive battery products: sodium batteries, Xiaoyao dual-core batteries, and the second-generation Shenxing ultra-fast charging batteries. The application of self-generating negative electrode technology exceeds expectations, showcasing CATL's advanced R&D capabilities and commercial strength [1]. - Range-extended vehicles are expected to become the mainstay of electrification in the second half of the market. These vehicles combine the driving performance of pure electric vehicles with the range extender to alleviate long-distance range anxiety, making them suitable for global market expansion [2]. - The trend of large-capacity range-extended vehicles is emerging, with new models achieving over 400 km of pure electric range. The development trajectory of battery capacity may involve an initial increase followed by a decrease [3]. - The electrification of commercial vehicles, particularly heavy trucks, is accelerating. In 2024, the penetration rate of new energy commercial vehicles is projected to be 17.9%, with battery companies focusing on this sector to explore the full lifecycle value of batteries [4]. Summary by Sections Section 1: Technological Advancements - CATL's new products include sodium batteries and the Xiaoyao dual-core battery, which adapt to various scenarios and are positioned as a significant advancement before the commercialization of solid-state batteries [1]. - The second-generation Shenxing ultra-fast charging battery achieves a peak charging power of 12C with a range of 800 km, indicating a narrowing gap in fast-charging capabilities among battery brands [1]. Section 2: Market Trends - The sales volume of range-extended vehicles is expected to reach 1.167 million units in 2024, representing a year-on-year growth of 78.7%, outpacing the growth rates of pure electric and plug-in hybrid vehicles [2]. - The market share of range-extended vehicles in China is projected to increase from 3.6% to 9.1% between 2022 and 2024, indicating a growing acceptance of this technology [2]. Section 3: Commercial Vehicle Electrification - The report highlights the significant carbon emissions from commercial vehicles, which account for 56% of transportation emissions, and the need for effective electrification solutions [3]. - Companies like Huawei, BYD, and CATL are developing battery and charging solutions tailored for commercial vehicles, focusing on the entire lifecycle cost [4].

| -T | イレディアームヘテ | | K | -- | F | 列マゴ | | --- | --- | --- | --- | --- | --- | --- | | 25 | 中国农业大学 | 传播学 | 50304 | 文学 | 二年 | 二学位 | | 26 | 中国农业大学 食品营养与健康 082710T | | | 工学 | 二年 | 二学位 | | 27 | 北京林业大学 | 功能材料 | 080412T | 工学 | 四年 | | | 28 | 北京林业大学 | 人工智能 | 080717T | 工学 | 四年 | | | 29 | | | 081508T | 工学 | | | | | | 北京林业大学 碳储科学与工程 | K | | 四年 | | | 30 | 北京林业大学 | 大数据管理与应 | 120108T | 管理学 | 四年 | | | | | 用 | | | | | | 31 | 北京师范大学 马克思主义理论 030504T | | | 法学 | 四年 | | | 32 | | 北京师范大学 人工智能教育 | 040117T | 教育学 | 四年 | 新专业 | | | | | ...

Core Viewpoint - The 2025 Shanghai International Auto Show showcases diverse technological paths in the new energy vehicle sector, highlighting Geely's innovative "liquid sunshine" methanol ecosystem as a significant breakthrough in China's energy revolution [1][3]. Group 1: Methanol Hydrogen Electric Technology - Methanol hydrogen electric technology offers a viable "Chinese solution" for new energy, addressing the country's energy needs and the limitations of pure electric and hydrogen fuel cell technologies in commercial vehicles [3][4]. - Methanol is recognized as a low-carbon, efficient, and clean-burning fuel, making it an ideal renewable energy source for transportation [3][4]. - Geely has established a comprehensive green ecosystem covering CO2 capture, methanol production, transportation, refueling, and vehicle integration, promoting a closed-loop carbon-neutral solution [3][4]. Group 2: Product Development and Market Position - Geely's Long-distance New Energy Commercial Vehicle Group has developed methanol-hydrogen electric vehicles, addressing key pain points in fuel efficiency, range, and cost compared to traditional fuel and pure electric vehicles [4][6]. - The Long-distance Starry H methanol-hydrogen electric heavy truck debuted at the auto show, boasting a 10-minute refueling time and a range of over 1500 kilometers, challenging existing perceptions of new energy vehicles in the commercial sector [9][11]. - The Starry H truck is designed to meet diverse transportation needs, including logistics and hazardous materials transport, with advanced features like a heat pump system for energy efficiency [11][15]. Group 3: Infrastructure and Ecosystem Development - The establishment of the "Yuanchun" brand for methanol refueling aims to create a comprehensive service system, with over 600 methanol refueling stations already built and plans for 4,000 stations by the end of 2027 [18][20]. - The development of a methanol production project in Alxa is expected to utilize local renewable energy resources and significantly reduce carbon emissions [16][20]. - The integration of technology, products, and refueling infrastructure forms a three-in-one methanol-hydrogen ecosystem, showcasing the potential of green methanol in the context of global carbon neutrality [20].

意华股份是一家专注于以通讯为主的连接器及其组件产品研发、生产和销售的企业，致力于为客户提供 完善的互连产品应用解决方案。公司是国内极少数具备包含精密压铸/精密热学部件/精密电镀在内的完 整模具及连接器零部件加工及生产的连接器企业。模具开发技术是精密电子元件研发和生产的核心技术 之一，也是公司赖以生存和发展的核心竞争力之一。 在高速通讯连接器领域，公司把握行业发展先机，聚焦于5G、6G和光通讯模块的研发制造，具有完整 自主知识产权的5GSFP、SFP+系列产品已陆续研发成功并通过关键客户各项性能测试，技术研发能力 和精益生产水平均处于行业领先地位。 在全球经济格局深度调整、国内产业升级加速的背景下，意华股份（002897）(002897.SZ)交出了一份 稳健增长的年度答卷。2024年，公司通过聚焦连接器与光伏支架两大核心业务，深化头部客户合作，拓 展海外市场，实现了营收与净利润的双增长。年报显示，公司全年营业收入达60.97亿元，同比增长 20.51%；归母净利润1.24亿元，同比微增1.63%。尽管净利润增速放缓，但公司在技术研发、市场拓展 及全球化布局上的投入为其长期竞争力奠定了坚实基础。 公司拟每10股 ...

站在 "十四五"收官与"十五五"谋篇的交汇点，中国能源革命正从"规模扩张"步入"精耕细作"。 正值《巴黎协定》十周年之际， 4月23日，国家主席习近平向气候和公正转型领导人视频峰会发表致辞。 习近平强调，人与自然和谐共生是中国式现代化的鲜明特点。中国是世界绿色发展的坚定行动派、重要贡献者，自 5年前我宣布碳达峰碳中和 目标以来， 中国构建了全球最大、发展最快的可再生能源体系，建成了全球最大、最完整的新能源产业链，贡献了全球四分之一的新增绿色 面积。 具体来看，中国构建了全球最系统完备的碳减排政策体系，能源转型成效明显，风电、太阳能发电总装机规模提前 6年多实现向国际承诺的目 标；新型储能装机量爆发式增长，2024年累计达74.66GW；新能源汽车产销量均居世界第一，产量已突破1000万辆。 进一步以电池产业链为例，随着 "碳达峰、碳中和"目标的加速落地以及碳排放双控目标的实施，众多下游应用市场对电池需求量带来爆发式 增长。在这场零碳经济浪潮中，电池产业扮演着碳中和革命先锋的角色，加速向绿色化、低碳化、智能化方向转型。 而 中国 已成为 全球最大的锂电池制造中心和最大的锂电池市场，同时也是全球最大的锂电池生产和 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals [6]. Core Insights - The automotive and industrial sectors are expected to see a significant recovery, with Q1 2025 being identified as a low point for revenue [3][19]. - The report highlights a notable increase in automotive orders, driven by the Asia region, which is contributing to an overall improvement in industrial inventory levels [3][19]. - The company is focusing on optimizing its manufacturing layout and has set a target for cost savings of several hundred million dollars by the end of 2027 [26][29]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of $2.52 billion, a year-over-year decline of 27.3% and a quarter-over-quarter decline of 24.2%, but it exceeded the midpoint of guidance [1][15]. - Gross margin was reported at 33.4%, down 8.3 percentage points year-over-year and 4.3 percentage points quarter-over-quarter, primarily due to product mix effects [1][15]. - The inventory level reached $3.01 billion, with inventory turnover days increasing to 167 days, up 45 days from the previous quarter [1][15]. Business Segment Performance - Revenue from the automotive sector was $980 million, down 39% year-over-year and 34% quarter-over-quarter, but the order-to-shipment ratio was greater than 1, indicating significant order growth [2][16]. - The industrial segment saw revenue of $530 million, down 32% year-over-year and 18% quarter-over-quarter, with an improvement in order levels compared to Q4 2024 [2][22]. - The personal electronics segment reported revenue of $600 million, down 11% year-over-year and 17% quarter-over-quarter [2][16]. Market Outlook - The guidance for Q2 2025 anticipates revenue of $2.71 billion, representing a year-over-year decline of 16.2% but a quarter-over-quarter increase of 7.7% [4][28]. - The report emphasizes that the automotive and industrial sectors are expected to improve, with a focus on electric vehicle strategies and advancements in power management solutions [19][20]. - The company plans to maintain capital expenditures between $2 billion and $2.3 billion in 2025, primarily for optimizing manufacturing layouts [4][28]. Strategic Initiatives - The company is investing in advanced manufacturing technologies, including 300mm silicon wafers and 200mm silicon carbide production lines, to enhance production efficiency [26][29]. - A partnership with Innoscience for GaN technology development is expected to accelerate advancements in power technology [22][26]. - The report highlights ongoing efforts in sustainability, with a commitment to achieving carbon neutrality by 2027 [27].