值得注意的是，此次退税政策未涉及农药制剂出口退税的安排，释放出鼓励产业向制剂深加工延伸的信 号。官方数据显示，2024年我国农药制剂出口金额613.6亿元，首次超过原药出口金额，占比达 54.12%，制剂化转型已呈现明确趋势。 短期来看，政策窗口期内（2026年4月前），海外客户为规避成本上涨将提前下单，有望催生阶段性"抢 出口"潮。叠加国内春耕备货需求的支撑，草铵膦等相关产品价格或出现阶段性上涨，缓解部分企业盈 利压力。 据财政部、税务总局消息，日前两部门联合发布关于调整光伏等产品出口退税政策的公告，公告指出自 2026年4月1日起，取消光伏等部分产品的出口退税，产品清单包括草铵膦、精草铵膦、乙酰甲胺磷、马 拉硫磷、丙溴磷、乙烯利、乙膦铝、敌百虫等多款农药原药产品。从行业基本面来看，2025年农药原药 市场整体承压，中农立华原药价格指数报70.94点，同比下跌2.67%。但细分品类表现分化，草铵膦需求 相对亮眼，百川盈孚数据显示，2020-2025年中国草铵膦产量从1.83万吨增长至12.04万吨，增幅达 658.38%，行业开工率连续8个月保持在80%以上，供需格局优于行业整体。 具体到A股市场，农药原药 ...

Core Viewpoint - The lithium battery equipment industry is experiencing a structural recovery despite some companies facing revenue and profit declines. A new wave of expansion is underway, driven by significant order growth among leading firms [1][3][10]. Group 1: Industry Performance - In the first half of 2025, among ten surveyed lithium battery equipment companies, six reported a year-on-year decline in revenue, and six experienced a drop in net profit [2][5]. - Notably, leading companies like Dazhu Laser and Xian Dao Intelligent achieved revenue growth rates of 19.8% and 14.9%, respectively, with Xian Dao Intelligent also reporting a net profit increase of over 60% [3][4]. Group 2: Demand and Supply Dynamics - The total shipment of lithium batteries in China reached 776 GWh in the first half of 2025, marking a 68% year-on-year increase, with power batteries and energy storage batteries growing by 49% and 128%, respectively [5][6]. - The current expansion cycle is characterized by a shift in order structure, with a surge in demand for new technology-related equipment such as solid-state batteries and high-voltage lithium iron phosphate [7][9]. Group 3: Competitive Landscape - The recovery in demand is not uniform, with smaller battery companies struggling to manage existing capacity, leading to a clear differentiation in equipment demand [8][9]. - Leading battery companies are increasingly collaborating with established equipment manufacturers, resulting in a pronounced "Matthew Effect" where stronger companies gain more market share [9][10]. Group 4: Strategic Responses - Companies are adopting differentiated strategies in response to the evolving industry landscape, focusing on cost control and operational efficiency rather than merely cutting expenses [11]. - Technological innovation is becoming a key factor for securing high-end orders, with companies like Xian Dao Intelligent and Hai Mu Xing making significant advancements in solid-state battery technology [12][13]. Group 5: Global Expansion - Globalization is crucial for amplifying the benefits of the expansion cycle, with leading companies actively pursuing international markets to enhance competitiveness [14]. - For instance, Hai Mu Xing reported a 192.5% year-on-year increase in overseas new orders, indicating a successful global strategy [14]. Group 6: Future Trends - The new expansion cycle is expected to accelerate the industry's "clearing and upgrading" process, leading to a more optimized market structure where value competition will replace scale competition [15][16]. - Companies that can convert technological advantages into market share and leverage international expansion for sustained growth will emerge as leaders in the high-quality development phase of the lithium battery equipment industry [17].