Core Viewpoint - The battery industry is transitioning into a multi-core era, focusing on user needs and enabling customization across various applications, including electric vehicles, buses, trucks, aircraft, and ships [1][2]. Group 1: Technological Diversity - The multi-core era represents the lithium battery industry's shift towards a diversified technological approach, with companies exploring multiple pathways such as sodium-ion and solid-state batteries [2][5]. - Recent innovations include CATL's sodium new battery and high-safety solid-state batteries with energy densities reaching 300Wh/kg, showcasing China's leading position in the lithium battery sector [5]. - Key performance indicators highlight China's advantages, with mass-produced battery systems achieving energy densities of 212Wh/kg and a cycle life exceeding 18,000 times [5][6]. Group 2: Application Diversity - The evolution towards multi-core technology reflects a deep resonance between technological supply and diverse application demands, with projections indicating that by 2030, China's new energy vehicle sales will reach 22 million units and lithium battery sales approximately 1,900GWh [7][8]. - The market is witnessing structural differentiation driven by high-voltage fast-charging technologies, leading to increased adoption of lithium iron phosphate batteries in mid-to-high-end vehicles [7]. - Emerging applications are experiencing breakthroughs, including eVTOL aircraft nearing certification, increased electrification in construction machinery, and advancements in battery technology for electric ships [8]. Group 3: Regional Diversity - The competition in the multi-core era has expanded globally, with companies like CATL and BYD accelerating overseas capacity expansion through local production bases in Hungary, Spain, and Thailand [9][10]. - China's global expansion strategy is characterized by clear planning, with expectations that by 2030, the overseas market share in key materials will continue to rise [10]. - The industry's globalization is complemented by a focus on technology output and standard-setting, with Chinese technologies being integrated into international automotive plans [10].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda Li, and others [4][5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 2.40%, outperforming the Shanghai Composite Index, with the nuclear power index leading gains at 9.61% [1]. - CATL launched three groundbreaking battery products, marking the entry into a "multi-core era" for power batteries, including sodium-ion batteries and the second-generation supercharging battery [2][11]. - In March 2025, domestic photovoltaic (PV) installations reached 20.24 GW, a year-on-year increase of 124.06%, driven by pre-installation demand ahead of regulatory deadlines [3][33]. - The report highlights significant growth in grid investment, with a 24.8% year-on-year increase in investment in power grid projects [4]. Summary by Sections 1. New Energy Vehicles - CATL introduced three innovative battery products, including the world's first mass-produced sodium-ion battery, which maintains 90% energy retention at -40°C and has a cycle life exceeding 10,000 times [11][19]. - The "Xiaoyao Dual-Core Battery" features independent energy zones for enhanced safety and efficiency, while the second-generation supercharging battery offers 800 km range and peak charging power of 1.3 MW [19][21]. 2. Photovoltaics - Domestic PV installations in Q1 2025 totaled 59.71 GW, a 30.5% increase year-on-year, with March alone contributing 20.24 GW [33]. - The report notes a significant improvement in inverter exports, with a 6.16% year-on-year increase, driven by demand from emerging markets [36]. - The government is accelerating the construction of large-scale wind-solar bases, which is expected to bolster domestic PV demand [41]. 3. Electric Equipment and Industrial Control - National power generation capacity reached 3.43 billion kW in Q1 2025, a 14.6% increase year-on-year, with grid investment rising to 95.6 billion yuan [4]. - The report emphasizes the ongoing construction of ultra-high voltage projects across various regions, enhancing the overall infrastructure [4]. 4. Weekly Sector Performance - The electric equipment and new energy sector outperformed the market, with notable gains in nuclear power and lithium battery indices [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda Li, and others, based on their strong growth potential and market positioning [4][5]. Core Insights - The electric vehicle sector is expected to continue its growth trajectory, driven by the introduction of innovative battery technologies by CATL, including sodium-ion batteries and the second-generation supercharging battery, which offers significant improvements in performance and safety [2][21]. - The photovoltaic industry has seen a substantial increase in new installations, with a 30.5% year-on-year growth in the first quarter of 2025, indicating strong demand despite potential slowdowns in the second half of the year [3][33]. - Investment in power grid infrastructure is on the rise, with a 24.8% increase in grid engineering investment in the first quarter of 2025, reflecting a commitment to enhancing energy transmission capabilities [4][41]. Summary by Sections 1. New Energy Vehicles - CATL launched three groundbreaking battery products, including the sodium-ion battery, which can operate in extreme temperatures and has a high energy density of 175Wh/kg, with a range exceeding 500km [2][11]. - The dual-core battery technology introduced by CATL enhances energy management and safety through innovative design and materials [11][19]. - The second-generation supercharging battery achieves a peak charging power of 1.3 MW, allowing for rapid charging capabilities [19][20]. 2. Photovoltaics - In the first quarter of 2025, domestic photovoltaic installations reached 59.71GW, with March alone contributing 20.24GW, a remarkable 124.06% increase year-on-year [3][33]. - The report highlights a significant improvement in inverter exports, with a 6.16% increase year-on-year, driven by demand from emerging markets [3][36]. - The government is accelerating the construction of large-scale wind-solar integrated bases, which is expected to bolster domestic photovoltaic demand [3][41]. 3. Electric Equipment and Automation - The total installed power generation capacity in China reached 3.43 billion kilowatts, marking a 14.6% year-on-year increase [4][41]. - Investment in power grid projects is increasing, with a total investment of 95.6 billion yuan in the first quarter of 2025, reflecting a strong push towards high-voltage engineering projects [4][41]. - Key companies to watch include CATL, Keda Li, and others, which are positioned to benefit from these industry trends [4][41].

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) is intensifying its focus on sodium-ion batteries, launching its first mass-produced sodium battery, named "Sodium New," during its inaugural "Super Technology Day" on April 21, 2023, amidst rising stock prices and market interest [2][3][4]. Group 1: Product Launch and Market Position - On April 21, 2023, CATL announced three new battery products, including the "Sodium New" battery, which is the world's first mass-produced automotive-grade sodium battery [2][3]. - The stock price of CATL rose by over 4% during the announcement day, closing up 2.67%, and continued to rise, reaching a market capitalization of 1.02 trillion yuan [2][3]. - The sodium battery launch marks CATL's strategic entry into the sodium-ion battery market, which has been under development since the first generation was introduced in July 2021 [3][4]. Group 2: Strategic Considerations - The sodium-ion battery is seen as a cost-effective alternative due to the abundance of sodium resources, especially during periods of high lithium prices [4][5]. - CATL's leadership believes that advancements in technology will continue to reduce the cost of sodium-ion batteries, enhancing their competitiveness against lithium-ion batteries [5]. - The company aims to position sodium-ion batteries as a mainstream technology, targeting to capture a significant market share traditionally held by lithium iron phosphate batteries [7][8]. Group 3: Technological Advancements - The newly launched sodium-ion batteries are designed for various applications, including passenger vehicles and commercial trucks, with plans for mass production in June and December 2023, respectively [6][7]. - CATL's second-generation sodium-ion battery is reported to have improved energy density, low-temperature performance, and safety features, with plans for trial production in 2025 [5][6]. - The company is also exploring innovative battery combinations, such as "sodium-iron" and "iron-iron," to enhance performance and extend driving range [11]. Group 4: Future Outlook - CATL's strategy reflects a shift towards a "multi-core era" in battery technology, emphasizing the importance of user-driven demand over mere technical specifications [10][11]. - The company is committed to creating a closed-loop system for sodium battery production, from raw materials to manufacturing and application [12].

以下文章来源于财经涂鸦 ，作者公司情报专家 财经涂鸦 . 公司情报专家，关注账号获取一手情报 " 宁德时代2024年研发投入近200亿，为海外申请专利数最多的中国企业。 " 作者： 苏打 编辑：tuya 出品：财经涂鸦（ID：caijingtuya） "当下，' 低垂的果子 '几乎 已被摘完，接下来 的果实都 非常难 摘。宁德时代的核心价值观是 修己 、 达 人 、 奋斗 、 创新 ，这非常符合当下的时代特征。 " 公司情报专家《财经涂鸦》获悉， 4月21日，宁德时代在首个超级科技日发布 钠新乘用车动力电池、骁遥 双核电池、第二代神行超充电池三款动力电池产品 ，及一款蓄电池产品钠新 24V重卡启驻一体蓄电池 ， 开启新能源行业的 "多核时代"。 宁德时代董事长兼 CEO曾毓群表示，之所以要开启多核时代，源于宁德时代的长期积淀——1 0 年间，公 司研发投入总计超过 7 00 亿， 2024年 达到近 200亿 的 历史新高 ，成为 海外申请专利数最多的中国 企业 。截至目前，公司已 在宁德、溧阳、上海、厦门、香港以及德国慕尼黑设立了六大研发中心，研发人 员超过 20000人，其中21C创新实验室已成为全球能源 ...

Core Viewpoint - CATL has launched its sodium-ion battery brand "Sodium New," introducing three power battery products and one energy storage battery product, marking a significant step in battery technology and customization [1][3]. Group 1: Product Launch and Features - The newly launched Sodium New brand includes two main products: Sodium New passenger vehicle power battery and Sodium New 24V heavy truck integrated energy storage battery, both capable of operating in extreme temperatures from -40°C to 70°C [3]. - The Sodium New passenger vehicle battery retains 90% usable capacity at -40°C, while the 24V heavy truck battery boasts a lifespan exceeding 8 years and a total lifecycle cost reduction of 61% compared to traditional lead-acid batteries [3]. Group 2: Technological Advancements - CATL has overcome technical challenges related to energy density, safety, and lifespan in sodium-ion batteries, pushing them towards large-scale production [3]. - The "dual-core architecture" of the new products allows for two independent energy zones, enhancing power output stability and safety, with five core functionalities including high-pressure and low-pressure dual cores [4][5]. Group 3: Market Implications - The introduction of multi-core technology is expected to shift the focus towards user-centric battery customization, emphasizing performance and cost-effectiveness [3][4]. - The application of multi-core technology is anticipated to extend beyond passenger vehicles to electric buses, heavy trucks, aircraft, and maritime industries, facilitating broader industrialization of new energy solutions [4]. Group 4: Future Outlook - The self-generating negative electrode technology is a breakthrough that can increase volume energy density by 60% and weight energy density by 50%, allowing for more energy storage in the same battery space [5]. - The second-generation supercharging battery features a peak range of 800 kilometers and a peak charging power of 1.3 megawatts, enabling rapid charging capabilities even in low-temperature environments [5].

Core Viewpoint - CATL held its first Super Technology Day themed "Awakening of Boundaries," signaling breakthroughs in technology and positioning within the new energy sector [2][4]. Product Innovations - CATL launched several new products, including the sodium-ion passenger vehicle battery, Xiaoyao dual-core battery, second-generation Shenxing ultra-fast charging battery, and sodium-ion 24V heavy-duty truck integrated battery, all emphasizing technological breakthroughs [4][5]. - The sodium-ion battery, branded as "Sodium New," represents a significant breakthrough, allowing for large-scale production and reducing reliance on lithium resources [5][6]. Resource and Performance Insights - Sodium resources are significantly more abundant than lithium, with a crustal content of 2.74% compared to lithium's 0.0065%, making sodium 421 times more abundant [6]. - The Sodium New passenger vehicle battery maintains 90% usable capacity at -40°C and has an energy density of 175Wh/kg, comparable to lithium iron phosphate batteries, with a lifespan exceeding 10,000 cycles [8]. - The sodium-ion 24V heavy-duty truck battery has a lifespan of over 8 years and reduces total lifecycle costs by 61% compared to traditional lead-acid batteries [8]. Multi-Core Battery Era - The introduction of the Xiaoyao dual-core battery signifies a shift towards a "multi-core era" in the battery industry, allowing for customized performance across different cost ranges and application scenarios [11][12]. - The dual-core architecture features independent energy zones and enhances safety and performance, supporting the transition to L3 and L4 autonomous driving [11][12]. - The self-generating negative electrode technology can increase volume energy density by 60% and weight energy density by 50%, with potential energy densities exceeding 1000Wh/L when combined with ternary materials [11][12]. Market Impact - As of April 21, CATL's stock price was 231.36 CNY per share, reflecting a 2.62% increase, with a total market capitalization of 1.02 trillion CNY [12].

Core Viewpoint - CATL has launched three new products during its "Super Technology Day," including the Xiaoyao dual-core battery, sodium-ion battery, and second-generation Shenxing ultra-fast charging battery, aiming to usher in a "multi-core era" for power batteries [1][2]. Group 1: Sodium-ion Battery - The sodium-ion battery, named "Sodium New" by CATL, is set to be mass-produced by December 2025, with its first application in the "Chocolate" battery swap model [1][2]. - Sodium resources are significantly more abundant than lithium, with sodium being approximately 421 times more prevalent in the earth's crust [2]. - The sodium-ion battery can operate in extreme temperatures, maintaining 90% usable capacity at -40°C, and has an energy density of 175Wh/kg, comparable to lithium iron phosphate batteries [2]. Group 2: Xiaoyao Dual-core Battery - The Xiaoyao dual-core battery integrates dual-core architecture and self-generating negative electrode technology, featuring three cross-chemical dual-core solutions: sodium-iron, iron-iron, and ternary iron/dual ternary dual-core batteries [3][4]. - This battery is designed to meet the evolving demands of intelligent driving, with a focus on safety and reliability [3][4]. - The dual-core design includes a unique "thermal runaway safety protection dual-core" mechanism, which isolates and manages thermal events to ensure the safety of the remaining battery cells [4].