记者丨费心懿 编辑丨张伟贤 "看着充电桩前面大排长队，比堵车还心焦。" 国庆中秋"双节"首日，某高速公路充电站仅4个充电桩在运转。王女士的电动车在充电站的队伍里挪了足足3小时，这也是千万 新能源车主假期出行"人在囧途"的缩影。 这一天，全国高速公路充电量飙至1748.58万千瓦时，同比大涨41.95%，创下历史新高。而更严峻的考验还在后面——交通运输 部副部长李扬此前在国新办发布会上预测，本次假期自驾出行将达18.7亿人次，占比八成，高峰时段高速车流量或破日均7000万 辆，其中新能源车峰值可能触及1400万辆。 假期高速充电难的背后是我国新能源车快速普及和充电需求集中爆发的矛盾。 数据显示，2024年底全国充电基础设施总量已达1281.8万台，今年上半年桩车增量比优化至1:1.8，高速公路充电桩更是四年翻 两番多，累计建成6.2万个充电停车位。 但对比激增的需求，这些供给仍显杯水车薪。国家电网监测显示，假期超三分之一高速充电桩处于满负荷运转，京沪、广深周 边服务区早早开启"叫号充电"，有车主拿到号时发现，前方还排着十几辆车。 电车真的不适合长途 充电一会儿儿，排队2小时!#电车 #电车上高速 #排队 充电 ...

Core Insights - The 2025 Second Beijing International Charging and Battery Swap Exhibition showcased the latest innovations in the charging and battery swap sector, with a focus on ultra-fast charging technology and integrated solar storage solutions [1] Industry Overview - As of June 2025, the number of new energy vehicles (NEVs) in China reached 36.89 million, with sales of 5.622 million units in the first half of the year, and an annual forecast of over 16 million units [3] - The charging infrastructure in China has expanded to 16.1 million charging points, marking a year-on-year increase of 55.6%, with 4,856 battery swap stations [3] - The Chinese government aims to establish over 100,000 high-power charging facilities (with a power output of over 250 kW) by the end of 2027 [3] Company Initiatives - Haohan Energy, established in 2021, aims to create a comprehensive charging network within the Geely ecosystem, focusing on ultra-fast charging solutions [4][6] - The company has launched the V1 ultra-fast charging pile with a peak power of 360 kW and plans to build 10,000 800V ultra-fast charging piles by the end of 2026 [6] - Other major players like BYD, Huawei, and CATL are also entering the ultra-fast charging market, with cities like Guangzhou and Shenzhen promoting the development of ultra-fast charging infrastructure [6][7] Policy and Collaboration - The recent government notification encourages the establishment of a universally accessible high-power charging network, emphasizing gradual and orderly opening rather than immediate full access [9] - Many automotive companies are increasingly opening their charging networks for interoperability, with NIO collaborating with over ten brands for charging solutions [11] - Haohan Energy supports the idea of universal access to ultra-fast charging, aiming to provide efficient charging solutions for all NEV users, not just Geely customers [11]

Core Viewpoint - The rapid development of high-power charging facilities is essential for addressing the increasing demand for electric vehicle charging, especially during peak times like holidays. The Chinese government aims to establish over 100,000 high-power charging stations by the end of 2027, indicating a significant market opportunity for companies like Shenghong Co., which specializes in high-power charging technology [1][4]. Company Overview - Shenghong Co. has evolved from a small player in the power filter market to a significant entity in the electric vehicle charging sector, with a market capitalization exceeding 10 billion yuan. The company has consistently increased its revenue and net profit since its establishment, demonstrating a strong growth trajectory [2][3]. - The company's core operational philosophy emphasizes the importance of understanding industry trends, customer needs, and the value of teamwork, which has been pivotal in its success [2]. Business Strategy - Shenghong Co. focuses on capturing early-stage industry trends rather than chasing fleeting market fads. The company prioritizes product development in a structured manner, ensuring that each generation of products is well-prepared before launch [3]. - The company is actively pursuing opportunities in high-power charging, energy storage, and electric power quality, with a particular emphasis on the growing demand for high-power charging stations and the trend of replacing old charging equipment [3][4]. Market Trends - The trend of replacing old charging stations is gaining momentum, with an estimated market size potentially reaching 10 billion yuan due to aging infrastructure and government support. Shenghong Co. has initiated a comprehensive replacement program to facilitate this transition [4]. - The definition of high-power charging facilities is evolving, with devices capable of delivering 120 kW and above categorized as ultra-fast chargers, and those at 350 kW and above classified as high-power charging facilities. Shenghong Co. is one of the few companies capable of providing megawatt-level charging solutions [5][6]. Technological Advancements - Shenghong Co. has developed a megawatt-level charging solution that significantly enhances charging efficiency, allowing for rapid charging of both passenger vehicles and heavy-duty trucks. The company has established over 1,500 megawatt-level charging stations globally [6]. - The new generation of charging stations incorporates advanced safety features, including silicon carbide power devices and intelligent protection algorithms, ensuring enhanced safety during operation [6]. Expansion Strategy - The company is expanding its market reach by targeting both rural areas and international markets. The rural market presents significant growth potential due to low costs and strong policy support, while international expansion has been a strategic focus since 2011 [7][8]. - Shenghong Co. has successfully established a presence in various international markets, with overseas revenue projected to exceed 400 million yuan in 2024, accounting for approximately 14.17% of total revenue [8].

National Policies - A series of new regulations for the commercial vehicle industry, including the "Heavy Commercial Vehicle Fuel Consumption Limit," will be implemented starting in the second half of 2025, with various local initiatives to promote the scrapping and updating of old operating trucks [1] - The Ministry of Transport has initiated measures to protect the legal rights of 38 million truck drivers, including a dedicated complaint handling channel and guidelines to address common issues such as delayed payments and regulatory enforcement [2][4] Vehicle Transport Regulations - A joint action plan by the Ministry of Transport, Ministry of Public Security, and Ministry of Industry and Information Technology will commence from July 2025 to regulate vehicle transport operations and maintain order in the logistics market [5] - The plan includes strict checks on the dimensions of newly added transport vehicles and prohibits the use of temporary license plates for transporting passenger vehicles [5] Driver Support Initiatives - Four departments have issued a notice to enhance support for truck drivers who suffer accidents during transport, including mutual insurance programs and various welfare services [7] - Local unions and transport departments will provide regular support services such as health check-ups and legal assistance to truck drivers [7] Charging Infrastructure Development - A notification from multiple government departments aims to promote the construction of high-power charging facilities for buses, logistics, and heavy-duty trucks, targeting over 100,000 charging stations by the end of 2027 [10] Rural Road Regulations - The "Rural Road Regulations" will take effect on September 15, 2025, focusing on curbing illegal over-limit transport on rural roads and enhancing infrastructure for rural logistics [13] New Standards Implementation - New national standards for road safety and hazardous materials transport will be implemented in October 2025, aimed at improving safety protocols [15] Local Initiatives - Hainan has launched a dedicated service for new energy trucks at the Xiuying Port, ensuring efficient cross-sea transport [20] - Guangdong plans to provide subsidies of up to 95,000 yuan per vehicle for the scrapping and updating of old non-operating heavy-duty trucks [21][23] - Ningxia has introduced a subsidy policy for the scrapping and updating of old non-operating heavy-duty trucks, effective from July 29, 2025 [28][29] Traffic Management - Tianjin has announced temporary restrictions on large trucks in certain areas due to construction, effective from August 1 to November 15, 2025 [30]

Core Viewpoint - The Chinese government aims to promote the development of high-power charging facilities, targeting over 100,000 units by the end of 2027 to alleviate "charging anxiety" among electric vehicle owners [1] Group 1: Differences Between High-Power and Regular Charging Stations - High-power charging facilities, also known as supercharging stations, provide significantly higher power levels than conventional charging stations, with a common definition being direct current (DC) charging facilities with an output power of 250 kW or more [1][2] - Leading supercharging stations can achieve power outputs of 600 kW to over 1000 kW, enabling rapid charging [1][2] Group 2: Benefits for Electric Vehicle Owners - The implementation of supercharging stations can address the "charging anxiety" and "range anxiety" faced by many electric vehicle owners, allowing for charging times of 5 to 15 minutes to support driving ranges of 200 to 600 kilometers [2][3] - Supercharging stations can significantly reduce waiting times for charging, making long-distance travel more feasible and convenient for electric vehicle users [3] Group 3: Ensuring Charging Safety - The technology behind supercharging stations involves high voltage platforms (1000V or 1500V), which necessitate that both the vehicle battery systems and charging stations support high voltage and high power charging protocols [4] - Addressing safety concerns related to high current and heat generation during charging is critical, with challenges including effective heat dissipation to prevent overheating and potential fire hazards [4][5] Group 4: Technological Innovations for High-Power Charging - High-performance power devices, such as silicon carbide semiconductors, are utilized in supercharging stations to enhance efficiency and safety during high-power charging [5] - The large-scale deployment of supercharging stations will drive continuous innovation in battery technology, focusing on materials, structural design, and thermal management systems to improve battery performance and longevity under high charging rates [5]

Group 1 - The core viewpoint of the article highlights the significant procurement activities in the electric power equipment industry, with the State Grid announcing a total winning bid of 21.189 billion yuan for the 43rd batch of procurement by 2025, focusing on various equipment categories [1] - The winning bids include 4.934 billion yuan for switchgear, 4.273 billion yuan for power cables, and 4.260 billion yuan for transformers, with Pinggao Electric leading the bids at 0.882 billion yuan [1] - The four ministries recently issued a notice to promote the scientific planning and construction of high-power charging facilities, aiming to establish over 100,000 high-power charging stations by the end of 2027, enhancing charging power to over 250 kW to alleviate range anxiety for new energy vehicles [1] Group 2 - The Electric Grid ETF tracks the Hang Seng A-share Electric Grid Equipment Index, which is compiled by Hang Seng Index Company, selecting listed companies involved in power transmission, distribution, and control equipment manufacturing from the Chinese A-share market [1] - This index reflects the overall performance of companies in the electric grid equipment sector and is more inclined towards growth-oriented investments [1]

Domestic News - China has officially released the international standard ISO 34505:2025 for autonomous vehicle testing scenarios, which outlines evaluation processes and testing methods for autonomous driving systems [5] - By the end of 2027, China aims to have over 100,000 high-power charging facilities nationwide, focusing on scientific planning and construction based on local economic conditions and electric vehicle promotion [6][7] - The "Automotive Intelligent Driving Technology and Industry Development White Paper" has been jointly published, detailing the future development landscape of the intelligent driving industry, including technology evolution and safety systems [9] - The first automotive industry base in Tibet has commenced construction, covering an area of 42 acres with a modern assembly and production facility [10] - NIO's Firefly brand has partnered with HERE Technologies to enhance its electric vehicles' performance through improved mapping and location services [11] - Hong Kong University of Science and Technology and BYD have established a joint laboratory focusing on robotics and intelligent manufacturing [12] - Four-dimensional Map and BAIC New Energy have signed a contract to develop parking software for BAIC's vehicle models [13] - Shenzhou Car Rental has launched the world's first public autonomous car rental service based on Baidu's Apollo L4 autonomous driving platform [14] Foreign News - In June, India's passenger car retail sales reached 297,722 units, marking a year-on-year increase of 2.45%, while commercial vehicle sales grew by 6.6% [15] - Tesla has completed the construction of Project Oasis, a solar-powered supercharging station in California, which will be the largest of its kind globally upon full operation [17] - In June, Brazil's automotive market saw a slight decline in both production and sales, with vehicle sales dropping by 0.6% year-on-year [18] - Waymo, a subsidiary of Alphabet, is set to conduct autonomous driving tests in Philadelphia, deploying a small number of vehicles with safety personnel onboard [19] Commercial Vehicles - FAW Jiefang is accelerating its internationalization strategy by establishing wholly-owned subsidiaries in eight countries, with a total investment of 498 million RMB [20] - Four departments in China have issued a notice to enhance support for truck drivers injured during transport, including medical assistance and occupational injury insurance [21] - Suzhou King Long has unveiled its first European parts center in Luxembourg, marking a significant step in its international operations [22] - XCMG has become the first company in the engineering machinery industry to receive dual certification for compliance management systems, achieving both domestic and international standards [23]

Investment Rating - The report maintains a "Buy" rating for both Shenghong Co., Ltd. and Teruid [8][10]. Core Viewpoints - The recent policy notification from four government departments aims to promote the development of high-power charging facilities, targeting over 100,000 units nationwide by the end of 2027, which is expected to accelerate market penetration and enhance profitability for equipment manufacturers and operational efficiency for service providers [1][2]. - The definition of high-power charging facilities is set at a single-gun charging power of over 250kW, with guidance provided on planning, application scenarios, and technical standards [2]. - The demand for high-power charging facilities is anticipated to grow significantly, with the market shifting from AC to DC charging stations, and from lower to higher power levels, indicating a robust growth trajectory for the high-power DC charging segment [3][4]. Summary by Sections Policy and Market Development - The notification encourages local governments to proactively plan for high-power charging infrastructure, with a focus on public transport, logistics, and heavy-duty freight applications [2]. - The report suggests that the policy framework will provide a comprehensive development path for high-power charging facilities, likely leading to increased market penetration [2]. Industry Growth and Demand - In the first five months of 2025, China added 1.583 million charging stations, a year-on-year increase of 19%, with public charging stations growing by 56% [3]. - The report highlights that as fast charging becomes more prevalent, the demand for high-power charging stations is expected to outpace overall industry growth [3]. Company Recommendations - Shenghong Co., Ltd. is recommended due to its potential for revenue growth driven by increasing demand for charging stations and expansion into overseas markets [11]. - Teruid is also recommended, with expectations of improved profitability due to its strong position in the charging business and expansion into international markets [11].

Market Overview - The three major indices in the A-share market rose, with the ChiNext index increasing by nearly 2.4% and total trading volume reaching 1.47 trillion yuan, indicating a gradual increase in risk appetite and liquidity in the domestic market [1] - The market is expected to experience a structural trend, with indices fluctuating while the central tendency moves upward, as corporate earnings still face pressure despite signs of economic recovery [1] Economic Indicators - As of the end of June, China's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the end of May, marking the eighth consecutive month of gold accumulation [2] - China's foreign exchange reserves stood at $33,174 billion, up by $32.2 billion from the end of May, remaining stable above $3.2 trillion for 19 consecutive months [2] Policy Developments - The National Development and Reform Commission and other departments issued a notice to promote the scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities nationwide by the end of 2027 [2][3] - The policy aims to address the challenges in charging infrastructure for new energy vehicles, with expectations for accelerated construction from 2025 to 2027, benefiting the upstream and downstream of the industry chain [3] Trade Relations - The U.S. government announced a delay in tariff negotiations, with President Trump set to sign an executive order imposing a 25% tariff on all products imported from Japan and South Korea starting August 1, 2025 [3] - This trade policy reflects the Trump administration's strategy of using pressure to facilitate negotiations, which may increase global market volatility in the short term [3] Market Performance - On July 8, the A-share market saw the Shanghai Composite Index close at 3,497.48 points, up 0.70%, while the Shenzhen Component Index rose by 1.47% to 10,588.39 points [4] - Among the sectors, utilities and banking experienced declines, while telecommunications, power equipment, and electronics led the gains [4] Capital Flow - The market's trading volume was 1,474.798 billion yuan, showing an increase from the previous trading day, with the margin financing balance also rising to 1,859.38 billion yuan [5]

Core Insights - The report highlights the recent increase in U.S. Treasury yields, with the 2-year yield rising by 1.04 basis points to 3.890% and the 5-year yield increasing by 2.45 basis points to 3.955% [1][2] - OPEC+ is expected to increase production by 550,000 barrels per day in September [1] - The People's Bank of China has been increasing its gold reserves for eight consecutive months, with foreign exchange reserves exceeding $3.3 trillion by the end of June [1] Economic Data - The Baltic Dry Index closed at 1436.00, up 0.14%, while the Nasdaq Index fell by 0.92% to 20412.52 [4] - The price of ICE Brent crude oil rose by 1.90% to $69.60, and the U.S. dollar index increased by 0.58% to 97.55 [4] - The Hang Seng Index closed at 23887.83, down 0.12%, and the Shanghai Composite Index closed at 3473.13, up 0.02% [4] Industry Developments - The report mentions that four departments aim to have over 100,000 high-power charging facilities nationwide by the end of 2027 [3] - Domestic sales of various excavators reached 18,804 units in June, marking a year-on-year increase of 13.3% [3] - Longxin Storage has initiated its IPO counseling [3]