年尾将至，物流运输全面进入年度高峰期。对于每日奔波在路上的卡友们而言，驾驶室早已不仅是一辆 车，更是他们的"移动之家"。无论是驻车休息时的空调、电热毯，还是烧水做饭、影音娱乐，稳定的电 力供应都是支撑这份生活与工作的基础。 一块稳定、耐用的电池，既决定了运输效率，也影响着卡友们的舒适度。骆驼铠甲驻车空调电池系列， 正是为高强度运输场景量身打造的可靠选择。 技术升级：更强续航，更耐高负荷 骆驼铠甲电池采用独有的Duralife技术，结合高强度合金材料与高导电性碳配方，显著提升耐用性与导 电性能。优化后的槽体结构让电池容量提升约15%，在同等负载下可多支撑约1小时驻车用电，为卡友 们带来更长久的空调与取暖体验。 在这个以速度和可靠性为核心的物流旺季，骆驼铠甲驻车空调电池，以更强续航、更快充电、更稳性 能，为全国卡友的"移动之家"持续供能，助力他们在繁忙运输中稳健前行。 同时，"超导电解液技术"的加入，有效抑制电解液分层，使充电效率提升20%。车辆行驶3-4小时即可 快速恢复电量，不耽误运输行程，也让频繁启停的旺季更从容。 品质与服务：双重保障更安心 面对长途、高震动、昼夜连续运行等极端工况，骆驼铠甲K系列在抗振等 ...

Core Viewpoint - Lichong Group is intensifying its investment in battery technology by introducing strategic investor Kunlun New Materials to its subsidiary Shandong Lichong New Energy Materials, aiming to enhance technology, market expansion, and cost optimization in liquid and solid-state battery sectors [1][2][3] Group 1: Strategic Investment and Shareholding Changes - The transaction involves Lichong Group transferring 36.72% of its stake in Shandong Lichong to Kunlun New Materials for 22.77 million yuan and acquiring an additional 16.5% stake at zero cost, leading to a total investment obligation of 33 million yuan [2] - Following the capital increase, Shandong Lichong's registered capital will rise from 200 million yuan to approximately 402 million yuan, with Kunlun New Materials subscribing to 120 million yuan of the new capital [2] - After the completion of the transaction, Kunlun New Materials will hold 51% of Shandong Lichong, becoming the controlling shareholder, while Lichong Group's stake will decrease to 45.15% [2][3] Group 2: Business Development and Financial Performance - Lichong Group has shown steady growth over the past five years, with revenue increasing from 18.63 billion yuan in 2021 to 27.25 billion yuan in 2024, and net profit rising from 450 million yuan to 707 million yuan [4] - In the first three quarters of 2025, Lichong Group reported revenue of 22.92 billion yuan and net profit of 625 million yuan, reflecting year-on-year growth of 18.34% and 26.77% respectively [4] - The company has been increasing its R&D investment, with expenses rising from 552 million yuan in 2021 to 934 million yuan in 2024, and 730 million yuan in the first three quarters of 2025 [4] Group 3: Market Position and Future Prospects - Lichong Group is actively expanding its aluminum alloy wheel business, receiving multiple project confirmations from international and domestic automotive manufacturers, with expected sales amounting to approximately 1.87 billion yuan and 16.43 billion yuan from recent projects [5] - The company anticipates significant growth in its aluminum alloy wheel segment, with projected project sales exceeding 24 billion yuan in 2024, surpassing its total revenue of 23.37 billion yuan in 2023 [4][5]

Core Viewpoint - The company is progressing with its solid-state battery development and plans to launch the next generation of products in the fourth quarter, while also exploring semi-solid battery production through minor upgrades to existing production lines [1] Group 1: Solid-State Battery Development - The company is focused on building its pilot production line for solid-state batteries as per its previous plans [1] - Continuous product upgrades are part of the company's strategy in the solid-state battery sector [1] - The next generation of solid-state battery products is expected to be launched in the fourth quarter [1] Group 2: Semi-Solid Battery Strategy - The company is considering entering the semi-solid battery market [1] - Plans include upgrading existing production lines with small capital investments to facilitate semi-solid battery production [1] Group 3: Market Expansion - The company is actively working on expanding its presence in the downstream market [1]

Core Insights - The battery theme index has shown a slight decline of 0.06% as of September 26, 2025, with mixed performance among constituent stocks, highlighting the volatility in the sector [1] - The battery ETF managed by Harvest has seen a significant increase in net inflows and trading volume, indicating strong investor interest and confidence in the battery industry [3] - Solid-state batteries are emerging as the next generation of battery technology, driven by advancements in energy density and safety, which are expected to accelerate industrialization and capital expenditure across the supply chain [4] Group 1: Market Performance - The battery ETF Harvest has recorded a 5.70% increase over the past week as of September 25, 2025, reflecting positive market sentiment [1] - The ETF's trading volume reached 37.96 million yuan with a turnover rate of 2.96%, indicating active trading [3] - The ETF's net asset value has increased by 99.90% over the past year, ranking it 417th out of 3031 index equity funds, placing it in the top 13.76% [3] Group 2: Investment Trends - The latest scale of the battery ETF Harvest has reached 1.269 billion yuan, marking a new high since its inception [3] - Over the past 19 trading days, there have been 12 days of net inflows totaling 660 million yuan, showcasing strong investor confidence [3] - Wood Mackenzie forecasts that global energy storage capacity will grow more than sevenfold over the next decade, requiring an investment of 1.2 trillion USD in battery systems by 2034 [3] Group 3: Industry Developments - The top ten weighted stocks in the battery theme index account for 53.03% of the index, with significant players including Sungrow Power, CATL, and EVE Energy [4][6] - Solid-state battery technology is expected to lead to new product releases and capacity expansions, enhancing performance validation in the market [4] - The entire supply chain, including equipment, materials, and batteries, is anticipated to undergo iterative upgrades, increasing capital expenditure [4]

Core Viewpoint - Apple is transitioning away from the L-shaped battery design in the iPhone 17 Pro, opting for a new structure that allows for a more standardized battery shape, indicating a significant internal design change and a move towards more conventional battery technology [1][3][13]. Battery Design Changes - The iPhone 17 Pro will feature a redesigned battery structure, with the U.S. version having a larger, flatter battery due to the removal of the physical SIM card slot, while the Chinese version retains the SIM card tray, leading to localized adjustments in battery shape [1][3]. - The new battery design eliminates the need for the L-shaped configuration, which was originally created to accommodate the compact internal layout of previous iPhone models [4][7]. Industry Context - The L-shaped battery was a temporary solution to space constraints in smartphone design, not a technological advancement, and its decline signifies a return to more efficient and standardized battery structures [4][8]. - Other smartphone manufacturers, particularly in the Android space, have also utilized irregular battery shapes to maximize internal space, but this trend indicates a broader issue of limited internal space in devices [6][8]. Cost and Repair Implications - Irregular battery shapes increase production costs due to the need for specialized molds and complicate repair processes, which could be a disadvantage in markets with strict repairability regulations [7][8]. - The complexity of these designs can lead to thermal management issues, as irregular shapes may not distribute heat evenly, complicating cooling solutions [7]. Advancements in Battery Technology - Domestic smartphone brands have demonstrated that large-capacity batteries do not require irregular shapes, with examples of devices featuring batteries exceeding 5000mAh without compromising design [9][10]. - Innovations in battery materials, such as silicon-carbon anodes, are allowing for higher energy densities and more efficient designs, moving away from the need for irregular battery shapes [10][12]. Future Outlook - The shift away from L-shaped batteries by Apple suggests a recognition of evolving consumer expectations regarding battery life and performance, as well as a response to competitive pressures from domestic brands [14][16]. - As the industry progresses, the focus will likely shift towards more sustainable and efficient battery solutions, moving beyond the limitations of irregular battery designs [12][14].

Core Viewpoint - The article emphasizes the significant advancements in battery safety standards driven by new regulations, highlighting the introduction of the "Salaf" gel polymer electrolyte membrane by Cangzhou Zhongfu New Energy Materials Co., Ltd. as a breakthrough solution for achieving safety and performance in battery technology [1][2][14]. Summary by Sections New Regulations and Industry Impact - The new regulations set by the Ministry of Industry and Information Technology (MIIT) will be implemented in 14 months, mandating that batteries must not catch fire or explode, introducing stringent testing standards [1]. - The industry is facing a technological revolution due to these regulations, necessitating improvements in safety and compatibility [2]. Salaf Technology Overview - The "Salaf" technology utilizes a gel polymer electrolyte membrane that allows for a quasi-solid-state battery upgrade without the need for production line modifications, maintaining cost parity with traditional liquid batteries [3][12]. - The technology addresses the flammability issues of traditional liquid electrolytes while avoiding the high costs associated with fully solid-state batteries [3]. Core Safety Advantages - **High-Temperature Stability**: The Salaf membrane features a molecular matrix that actively prevents thermal runaway by forming a thermal barrier and releasing flame-retardant groups at temperatures above 150°C [4]. - **Impact Resistance**: The multi-layer structure of Salaf provides significant resistance to mechanical damage, with a break elongation rate of ≥300%, effectively reducing the risk of short circuits during puncture tests [5]. - **Chemical Stability**: The gelification process enhances the chemical stability of the electrolyte, with a chemical window greater than 5V, significantly reducing the risk of electrolyte decomposition [7]. Performance Validation - Salaf has been validated by multiple leading battery manufacturers, demonstrating compliance with new regulatory requirements and maintaining over 80% capacity retention after 1000 charge-discharge cycles [9]. - In lithium iron phosphate systems, Salaf exhibited no thermal runaway during puncture tests and maintained a capacity retention of 92% after 1400 cycles [9]. Market Expansion and Future Prospects - Salaf is currently receiving sample and small-batch trial orders from various battery manufacturers, indicating initial trust in its performance advantages [11]. - The company plans to scale production, with a target capacity of 1.5 billion square meters by 2026, sufficient to meet approximately 70-90 GWh of battery demand [9][12]. - Salaf is also exploring applications beyond consumer electronics and automotive batteries, including energy storage and eVTOL markets [13]. Conclusion - The introduction of Salaf represents a sustainable path for balancing safety, cost, and performance in the battery industry, potentially reshaping the competitive landscape as the 2026 deadline approaches [14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 45.76 CNY, based on a projected 32 times price-to-earnings ratio for 2025 [3][6]. Core Insights - The company's revenue is expected to rebound due to stable prices of traditional carbon nanotube conductive pastes and strong growth in sales of new products, particularly single-walled carbon nanotubes [2][10]. - The demand for carbon nanotubes in the lithium battery market is increasing, with a penetration rate projected to reach 18.4% in 2024, up 8 percentage points year-on-year [10]. - The company is a leader in the carbon nanotube industry, holding nearly 50% market share in China, and is advancing its product development with a focus on high-performance materials [10]. Financial Summary - The company's projected revenue for 2024 is 1.449 billion CNY, with a slight increase of 3.2% year-on-year, followed by significant growth of 59.6% in 2025 [5][12]. - The net profit attributable to the parent company is forecasted to be 253 million CNY in 2024, down 14.8% from the previous year, but expected to rise to 495 million CNY in 2025 [5][12]. - The gross margin is projected to improve from 33.6% in 2023 to 38.0% in 2025, indicating a positive trend in profitability [5][12].

Core Viewpoint - The company is facing challenges in 2024 due to industry capacity reduction and price declines, resulting in a projected revenue of 9.952 billion and a net loss of 0.591 billion [1] Group 1: Financial Performance - In 2024, the company achieved battery product shipments of 33.74 GW, a year-on-year increase of 12.62%, with N-type battery shipments reaching 30.99 GW, accounting for over 90% and growing by 50.58% year-on-year [1] - The company ranks third globally in battery product shipments, maintaining a leading position in N-type battery shipments [1] Group 2: Technological Advancements - The company is enhancing battery conversion efficiency through various measures, achieving an average production conversion efficiency improvement of over 0.5% and a reduction in non-silicon costs by approximately 30% [1] - The company is upgrading TOPCon battery technology and collaborating with renowned institutions on next-generation technologies like perovskite tandem and TBC, with TBC battery conversion efficiency expected to improve by 1-1.5 percentage points compared to mainstream N-type batteries [2][5] Group 3: Market Expansion - The company is pursuing a global development strategy, significantly increasing its overseas sales from 4.69% in 2023 to 23.85% in 2024, with leading market shares in India, Turkey, and Europe [2] - The company plans to establish overseas battery production capacity and aims to list on the Hong Kong Stock Exchange to support its global development [2] Group 4: Industry Outlook - The company anticipates continued growth in the photovoltaic industry, with improved supply-demand conditions in the battery segment expected in 2025, leading to profitability recovery for leading battery technology firms [3][4] - The company believes that the current market clearing and policy guidance will lead to a healthier development trajectory for the photovoltaic industry, with rising prices across the supply chain [5][6]