17 July 2025 Equity Research Report China Equity Strategy Equity Strategy Supply side reform 2.0: This time may be different On 1 July, the Central Commission for Financial and Economic Affairs (CCFEA) called for efforts to deal with disorderly price competition and eliminate obsolete capacity. This followed the publication of a critical article in Qiushi magazine and a Ministry of Industry and Information Technology (MIIT) symposium on the solar industry. This has fuelled investor expectations for a new ro ...

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [2] - The distribution map includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, and Southeast Asia [2] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is being dispatched in order of registration [4]

2025年全球锂电产业链分布图 从覆盖行业角度，本分布图细致入微地描绘了全球锂电产业从原材料、四大主材、电池制造到终端 应用的全链条生态。从覆盖地域角度，本分布图包含中国、北美、欧洲、日韩东南亚四大锂电产业 主要聚集区。 分布图领取资格 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤固态电池 资讯~ I C C S I N O 分布图内容 分布图尺寸：1.5米X1米 分布图快递详情 正在按照登记顺序，依次派发中...... 分布图领取 ▼ 转发本文到朋友圈 ，添加小编免费领取， 13248122922 （微信同）。 ...

从覆盖行业角度，本分布图细致入微地描绘了全球锂电产业从原材料、四大主材、电池制造到终端 应用的全链条生态。从覆盖地域角度，本分布图包含中国、北美、欧洲、日韩东南亚四大锂电产业 主要聚集区。 分布图领取资格 转发本文到朋友圈 ，添加小编免费领取， 13248122922 （微信同）。 分布图快递详情 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤固态电池 资讯~ 2025年全球锂电产业链分布图 I C C S I N O 分布图内容 分布图尺寸：1.5米X1米 正在按照登记顺序，依次派发中...... 分布图领取 ▼ ...

China Equity Strategy | Asia Pacific A-Share Sentiment Improves with Anti-involution Message Sentiment improved with the government's clearer message on anti-involution, aimed at reining in the escalation of excess competition and potential overcapacity. We still expect near- term volatility to rise and range-bound index moves in the offshore market. We prefer A-shares over offshore for now. A-share investor sentiment improved vs. previous cycle: Weighted MSASI and simple MSASI improved 7ppt and 8ppt, to 78 ...

Core Viewpoint - The overall expectation for the A-share market in the second half of 2025 is a continuation of the current oscillation and rapid rotation of hot topics, with no systemic large-scale rally anticipated [2][3] Market Assessment - Multiple institutions predict that the market will likely maintain a fluctuating pattern with significant thematic rotation [3] - The uncertainty surrounding the recovery of corporate profit growth is a key factor limiting the potential for a broad market rally [3] - The focus on corporate earnings performance is expected to contribute positively to market dynamics, with fundamental factors likely to outperform historical averages [3][4] Investment Strategy - A consensus strategy among professional institutions is to adopt a balanced allocation to manage risks while selectively focusing on structural opportunities for returns [5] - The importance of monitoring macroeconomic highlights is emphasized, with adjustments to investment strategies based on key areas such as investment, consumption, and exports [4][5] Key Directions for Investment - Institutions identify four main investment directions: 1. Deepening investments in the technology sector, particularly in areas like AI, semiconductors, and military technology [6] 2. Capitalizing on the new consumption wave, including experiential and AI-enabled consumption models [6] 3. Focusing on stable dividend assets in a weak recovery environment [6] 4. Following national policy directions, particularly in sectors like power generation and coal chemical industries [6] Short-term Outlook - Some institutions maintain an optimistic short-term outlook, suggesting a "dual-line layout" strategy that includes focusing on sectors with improving industry conditions and stable earnings [7] - The A500 index is highlighted as a key investment vehicle for capturing growth in emerging sectors [7] Long-term Perspective - Long-term confidence in the market is supported by signs of fundamental improvement and potential capital inflows [8][9] - The low valuation of the Chinese stock market compared to global peers is expected to attract both traditional and new foreign investments [9]

Core Viewpoint - The lithium battery industry is transitioning from a rapid growth phase to a saturation phase in 2023, and is expected to enter an adjustment phase in 2024, characterized by intense competition and significant price wars, leading to widening gaps between leading and smaller companies. However, a recovery is anticipated in 2025, bringing new opportunities [1]. Group 1: Company Performance - CATL is projected to have a revenue of approximately 362 billion yuan in 2024, a year-on-year decline of about 10%, but a net profit of 50.7 billion yuan, an increase of about 15%. Battery sales are expected to reach around 475 GWh, a growth of approximately 21.8% [3]. - Guoxuan High-Tech is expected to achieve a revenue of about 35.39 billion yuan in 2024, a year-on-year increase of about 12%, with a net profit of approximately 1.2 billion yuan, up about 28.5% [5]. - EVE Energy anticipates a revenue of around 48.6 billion yuan in 2024, a slight decline of about 0.35%, with a net profit of approximately 4.07 billion yuan, an increase of about 0.63% [7]. - Penghui Energy is projected to have a revenue of about 7.96 billion yuan in 2024, a year-on-year increase of approximately 14.8%, but a net loss of 252 million yuan, a decline of about 685.7% [8]. - Ruipu Lanjun expects a revenue of approximately 17.8 billion yuan in 2024, a year-on-year increase of about 29%, but a loss of about 1.35 billion yuan, although this loss is a reduction of about 30% compared to the previous year [10]. - Zhongchuang Innovation anticipates a revenue of about 27.75 billion yuan in 2024, a year-on-year increase of about 2.76%, with a profit of approximately 840 million yuan, up about 93% [11]. - Xinwanda is projected to achieve a revenue of around 56 billion yuan in 2024, a year-on-year increase of about 17%, with a net profit of approximately 1.46 billion yuan, an increase of about 36.4% [12]. Group 2: Market Trends and Insights - The lithium battery market in 2024 is described as facing significant challenges, with slowing demand growth, frequent product iterations, and continuous capacity expansion, leading to persistent price declines. The performance gap between leading and smaller companies is widening, with top companies like CATL and BYD maintaining growth despite the price wars [15]. - The industry is experiencing a shift from a diverse market to a more concentrated one, with many weaker players being eliminated or acquired, leading to a "80/20" market distribution [17]. - Looking ahead to 2025, key trends will include technological breakthroughs, safety improvements, supply chain optimization, and international expansion. Emerging markets such as two-wheeled vehicles and robotics are expected to drive growth, while safety concerns will prompt stricter regulations [18].

凤凰网财经讯 4月30日，三大指数开盘涨跌不一，沪指低开0.08%，深成指高开0.14%，创业板指高开 0.22%。多模态、AI眼镜等板块指数涨幅居前，有色金属、水电等板块指数跌幅居前。 中信建投：机器人及智驾迎密集催化，短期科技成长主线或仍占优 中信建投研报表示，本周上海车展开幕，主机厂新车型集中亮相，自主品牌通过智能化上攻重塑品牌 力，华为、地平线及Momenta等头部智驾供应商密集宣发。整体内需改善及科技成长仍为汽车板块两条 清晰投资主线，前者依赖刺激政策进一步加码及新车供给提振需求，后者依赖技术迭代、客户拓展及风 偏上修。 | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 咸新 | 涨幅% | | 涨跌 涨跌家数 | | 总手 | 现手 | 金额 | | 上证指数 | 3284.08 | -0.08 | -2.57 | 1020/891 | -0.06 | 5107 | 510万 | 47.75 Z | | 深证成指 | 9863.50 | 0.14 | 13.70 ...

资料显示，龙腾光电主要从事薄膜晶体管液晶显示面板(TFTLCD)的研发、生产与销售，产品主要 应用于笔记本电脑、车载、手机、工控、智慧互联等显示终端。 报告期内，龙腾光电强化全球化业务布局，全面推动海外生产基地建设，优化供应链体系，更好 地响应全球客户需求，增强公司抗风险能力。 【WitsView整理】 4月25日，龙腾光电、杉杉股份、四川长虹、八亿时空披露了2024年年报及 2025年第一季度报告。 具体如下： 龙腾光电 2024年，龙腾光电实现营收约34.13亿元，同比减少9.77%；归属于上市公司股东的净利润约-1.90 亿元；归属于上市公司股东的扣除经常性损益的净利润约-2.47亿元。 | | | | | | 年1) : / 1 / 1 | | --- | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 | 2022年 | | | | | | 增减(%) | 调整后 | 调整前 | | 营业收入 | 3.413.133.710.24 | 3.782.700.446.98 | -9.77 | 4.206.762.025.5 ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 日前，长安汽车在新一期投资者关系活动记录表中提到，长安金钟罩全固态电池 预计将在2025年年底前 实现功能样车首发，2026年完成固态电池装车验证，2027年逐步量产固态电池。 据了解，金钟罩电池是长安汽车在2023年广州国际车展上推出的自研电池品牌。其电池产品的创新性之一 在于采用了一种新型隔热材料，隔热性能较行业平均水平提升30%，使用温度可提升至比常规材料高 200℃以上。这一技术革新将有效提升电池的安全性，降低起火甚至爆炸的风险。同时，长安汽车还借助 云端大数据的实时计算能力，进一步强化了电池的安全性能。 鑫椤资讯 成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业 的产业研究和顾问公司。鑫椤资讯以研究为中心，提供数据库、产业前瞻预测、 战略咨询和媒体宣传等服务。 企培服务： 如何解决目前大部分新能源企业的员工培训问题 鑫椤报告： 《2024-2028年固态电池市场调研与投资前景》 《 2024-2028年快充电池市场调研与前景展望 》 《 2024-2028年大圆柱电池市场调研与投资 ...