2025年，全球动力电池需求突破1300GWh，储能市场也迎来爆发式增长。 作者丨费心懿 编辑丨骆一帆 一个由量变到质变的临界点已经到来。锂电的"TWh时代"（以"太瓦时"为计量单位，代表行业产能和需求都迈上一个新台阶），不 再是远方的灯塔，而是脚下奔涌的浪潮。 事实上，如今不是锂电行业刚刚迈入"TWh时代"，而是头部锂电企业的产能规划已向TWh级别全力冲刺。 "'TWh时代'的竞争，不是单一企业的较量，而是整个产业链韧性的比拼。"先导智能董事长王燕清在接受21世纪经济报道记者专访 时强调，先导智能要做的，就是成为客户奔赴"TWh时代"的最佳装备官，更要做全行业的产业合伙人。 这位深耕装备制造二十余年的工程师型企业家，每当谈起行业变局，眼神便变得锐利，聊起技术创新时，语速便明显加快。作为土 生土长的无锡本地人，王燕清经历了身家翻倍甚至公司市值一度加入"千亿俱乐部"，讲到企业责任时仍透着坚定。在他看来，企业 的发展不能只聚焦国内，还要放眼全球，从而跳出国内的存量价格战，在全球市场寻找新的增长点。正如同先导智能在总部的大楼 墙上所写，"成为世界级的智能装备领军企业"。 王燕清。资料图 变局之下：破解制造业的"不可 ...

一个由量变到质变的临界点已经到来。锂电的"TWh时代"（以"太瓦时"为计量单位，代表行业产能和需求都迈上一个新台 阶），不再是远方的灯塔，而是脚下奔涌的浪潮。 2025年，全球动力电池需求突破1300GWh，储能市场也迎来爆发式增长。 事实上，如今不是锂电行业刚刚迈入"TWh时代"，而是头部锂电企业的产能规划已向TWh级别全力冲刺。 "'TWh时代'的竞争，不是单一企业的较量，而是整个产业链韧性的比拼。"先导智能董事长王燕清在接受21世纪经济报道记者专 访时强调，先导智能要做的，就是成为客户奔赴"TWh时代"的最佳装备官，更要做全行业的产业合伙人。 （先导智能王燕清 受访者供图） 21世纪经济报道记者费心懿 无锡报道 这位深耕装备制造二十余年的工程师型企业家，每当谈起行业变局，眼神便变得锐利，聊起技术创新时，语速便明显加快。作 为土生土长的无锡本地人，王燕清经历了身价翻倍甚至公司市值一度加入"千亿俱乐部"，讲到企业责任时仍透着坚定。在他看 来，企业的发展不能只聚焦国内，还要放眼全球，从而跳出国内的存量价格战，在全球市场寻找新的增长点。正如同先导智能 在总部的大楼墙上所写，"成为世界级的智能装备领军企业"。 变 ...

Core Insights - Goertek has successfully passed the CMMM L4 certification for multiple advanced consumer electronics production lines, including smart wearables and smart home devices, marking it as one of the few companies to achieve this level in both "precision components" and "smart hardware" sectors [2][3] - The CMMM standard, established by the China Electronics Standardization Institute, serves as a national benchmark for smart manufacturing, assessing companies across 20 capability domains with five maturity levels, where L4 represents the highest level of data-driven continuous optimization capabilities [2] Company Achievements - Goertek's dual L4 certification is a result of its long-term commitment to integrating precision components with smart hardware, having established a robust smart production system in the precision components sector [3] - The recent certification evaluated Goertek's smart wearables and other advanced product lines across 17 core capability domains, highlighting the effectiveness of its Goertek Production System (GPS) [3] Technological Advancements - The GPS system, driven by key technologies such as digital twins, artificial intelligence, and flexible automation, has significantly improved production efficiency, cost control, and product quality, while also meeting the stringent requirements of the CMMM L4 level [3] - Goertek aims to focus on core areas such as consumer electronics and AI + metaverse, further developing the GPS system and exploring systematic construction in smart manufacturing to transition from "manufacturing" to "intelligent manufacturing" [3]

Core Viewpoint - Apple-related stocks have seen significant declines, driven by lower-than-expected demand for the iPhone Air and subsequent supply chain adjustments [1] Group 1: Stock Performance - FIH Mobile (02038) dropped 6.22%, trading at HKD 18.1 [1] - Hon Teng Precision (06088) fell 5.51%, trading at HKD 5.32 [1] - Q Technology (01478) decreased by 4.82%, trading at HKD 14.01 [1] - GoerTek (01415) declined 3.95%, trading at HKD 31.62 [1] - BYD Electronics (00285) saw a drop of 3.79%, trading at HKD 37.04 [1] Group 2: Demand and Supply Chain Insights - Renowned Apple analyst Ming-Chi Kuo indicated that demand for the iPhone Air is below expectations, leading to supply chain reductions in shipments and production capacity [1] - Supply chain capacity is expected to shrink by over 80% by Q1 2026, with some components anticipated to cease production by the end of 2025 due to extended lead times [1] - Existing Pro and standard models are effectively meeting high-end user demand, making it challenging to identify new market segments [1] Group 3: Market Sentiment and Trade Variables - Trade variables are affecting market sentiment, but the impact of tariffs on Apple’s supply chain equipment companies should not be overstated [1] - Apple maintains strict requirements for suppliers, ensuring that domestic supply chain companies remain irreplaceable [1] - Equipment companies may see Apple redirect resources towards cost-reducing and efficiency-enhancing technologies such as flexible automation and 3D printing [1] - There is potential for accelerated promotion of high-end models, foldable screens, and smart glasses, which could benefit new production line establishment and upgrades [1]

Core Viewpoint - Apple-related stocks have generally risen following a meeting between Apple's CEO Tim Cook and China's Minister of Industry and Information Technology, Li Lecheng, discussing Apple's business development in China and cooperation in the electronic information sector [1] Group 1: Stock Performance - Hongteng Precision (06088) increased by 4.23%, trading at 5.92 HKD [1] - Sunny Optical (02382) rose by 3.44%, trading at 79.7 HKD [1] - Q Technology (01478) saw a 3.29% increase, trading at 15.09 HKD [1] - Lens Technology (300433) (06613) gained 2.15%, trading at 26.56 HKD [1] Group 2: Business Development and Cooperation - Tim Cook expressed gratitude for the support from the Ministry of Industry and Information Technology regarding Apple's development in China and committed to increasing investments in the region [1] - The discussion included enhancing cooperation in the electronic information field to achieve mutually beneficial development [1] Group 3: Industry Insights - Huafu Securities noted that the impact of tariffs on Apple’s supply chain equipment companies should not be overestimated, emphasizing the strict requirements Apple places on its suppliers [1] - Domestic supply chain companies are deemed irreplaceable, and Apple may allocate more resources towards cost-reducing and efficiency-enhancing technologies such as flexible automation and 3D printing [1] - There is potential for accelerated promotion of high-end models, foldable screens, and smart glasses, which would benefit the establishment and upgrading of related production lines [1]

Core Viewpoint - Apple-related stocks have generally risen following a meeting between Apple's CEO Tim Cook and China's Minister of Industry and Information Technology, Li Lecheng, where they discussed Apple's business development in China and cooperation in the electronic information sector [1] Group 1: Stock Performance - Hongteng Precision (06088) increased by 4.23%, trading at HKD 5.92 [1] - Sunny Optical Technology (02382) rose by 3.44%, trading at HKD 79.7 [1] - Q Technology (01478) saw a 3.29% increase, trading at HKD 15.09 [1] - Lens Technology (06613) gained 2.15%, trading at HKD 26.56 [1] Group 2: Business Development and Cooperation - Tim Cook expressed gratitude for the support from the Ministry of Industry and Information Technology regarding Apple's development in China and indicated plans to increase investment in the region [1] - The discussion focused on enhancing cooperation in the electronic information field to achieve mutually beneficial development [1] Group 3: Industry Insights - Huafu Securities noted that the impact of tariffs on Apple’s supply chain equipment companies should not be overestimated, as Apple has strict requirements for its suppliers [1] - Domestic supply chain companies are deemed irreplaceable, and Apple may allocate more resources towards flexible automation, 3D printing, and new technologies to reduce costs and improve efficiency [1] - There is potential for accelerated promotion of high-end models, foldable screens, and smart glasses, which would benefit the establishment and upgrading of related production lines [1]

Investment Rating - The industry rating is "Outperform the Market" [7][14] Core Insights - Trump announced an additional 100% tariff on all goods imported from China, effective November 1, 2025, leading to a total tariff rate exceeding 130% [2] - The impact of tariffs on fruit chain equipment companies should not be overestimated, as domestic suppliers are irreplaceable for Apple, which may shift resources towards cost-reducing automation and new product lines [2] - Apple is prioritizing the development of AI glasses over the low-cost Vision Pro headset, with plans to preview the product in 2025 and release it in 2027 [3] - The smart glasses market is experiencing significant growth, with global sales of AI glasses expected to reach 14.5 million units by 2025, and a compound annual growth rate exceeding 50% from 2025 to 2029 [4] Summary by Sections Tariff Impact - Trump’s new tariffs will add to existing tariffs, creating a challenging environment for imports from China, but the effect on key suppliers may be mitigated due to their essential role in Apple's supply chain [2] Product Development - Apple is shifting focus to AI glasses, which may not include a display and will be designed to work with iPhones, indicating a strategic pivot in product development [3] Market Trends - The smart glasses market is heating up, with Meta's smart glasses selling out in retail stores and significant growth projected in the coming years [4] Investment Recommendations - Suggested companies to watch include those involved in foldable screen hinges, panel equipment, liquid cooling pumps, automation assembly, and 3D printing applications [5]

Investment Rating - The industry rating is "Outperform the Market" [6][13] Core Insights - Apple plans to invest an additional $100 billion in the U.S., accelerating its investment pace, with a total investment of $600 billion over the next four years. This includes a new "Made in America" initiative to bring more of its supply chain and advanced manufacturing to the U.S. [2][3] - Apple’s strict supplier requirements indicate that domestic equipment companies are irreplaceable, and the company may significantly purchase domestic equipment for its U.S. production capacity. This shift could lead to increased resources directed towards cost-effective flexible automation, 3D printing, and new product lines such as high-end models and foldable screens [3][4] Summary by Sections Investment Opportunities - The report suggests focusing on 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Saiteng Co., Quick Intelligent), automated testing equipment (e.g., Oatmeal Technology, Jepter, Qiangrui Technology, Tianzhun Technology, Kory Technology, Rongqi Technology), foldable screen hinges (e.g., Dongmu Co., Jingyan Technology, Tonglian Precision), and mid-frames and back covers (e.g., Yujing Co., Yuhuan CNC) [4]