[Table_Summary] 1、固态电池利好政策频出，应用前景广阔。随着中试线陆续落地，头部企业在固态电池端的"落 子"有望吸引更多企业"入局"，产品技术迭代迎来持续向好。 2、①历史上港股与美股走势更相关，但 2020 年以来背离增多，而港股与 A 股联动明显增强。② 原因 1：过去港股外资占比高且港币与美元挂钩，流动性多受海外影响，当前外资占比下降、南 向流入，与内地流动性联动加深。③原因 2：随着内地优质企业赴港上市，优质资产或在港集聚， 中资股在港股市值/利润结构中举足轻重，港股基本面与内地联动更趋紧密。 3、科创板分层有利于优质半导体企业在资本市场脱颖而出，配合 AI 与自主可控相关的产业大趋 势，AI 有望实现与科创共振。 [汤蔚翔 Table_Authors] 国泰海通晨报 2025 年 06 月 26 日 国泰海通证券股份有限公司 研究所 行业跟踪报告：动力锂电《全固态电池正进入从 0 到 1》 2025-06-23 徐强（分析师）021-38676666、牟俊宇（分析师）021-38676666、李依雯（研究助理）021-38676666 投资建议：看好全固态电池产业化进程加速，建议关注 ...

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~ 本文来源：鑫椤锂电 5月，新能源汽车产销分别完成127万辆和130.7万辆，同比分别增长35%和36.9%，新能源汽车新车销 量达到汽车新车总销量的48.7%。 1-5月，新能源汽车产销分别完成569.9万辆和560.8万辆，同比分别 增长45.2%和44%，新能源汽车新车销量达到汽车新车总销量的44%。 5月，新能源汽车国内销量109.5万辆，环比增长6.8%，同比增长27.9%。其中，新能源乘用车国内销量 103万辆，环比增长7.8%，同比增长26.3%；新能源商用车国内销量6.5万辆，环比下降6.7%，同比增长 58.8%。1-5月，新能源汽车国内销量475.3万辆，同比增长40.8%。其中，新能源乘用车国内销量447 万辆同比增长40%;新能源商用车国内销量28.3万辆，同比增长55.2%。 5月，新能源汽车出口21.2万辆，环比增长6.1%，同比增长1.2倍。其中，新能源乘用车出口20.4万辆， 环比增长7.4%，同比增长1.1倍;新能源商用车出口0.8万辆，环比下降19.5%，同比增长1.5倍。1-5月， ...

Group 1: Climate Change and Its Impact - Sichuan's average temperature in 2024 reached 16.4℃, 1.2℃ higher than the previous record, marking the highest since 1961 [1] - Climate change, characterized by warming, is identified as one of the most pressing global challenges [1] Group 2: Green and Low-Carbon Transition in Industries - The cement industry is a major source of CO2 emissions in Sichuan, prompting a shift towards green and low-carbon practices [2] - Ba Zhong Conch Cement Co. improved energy efficiency by 8% through technological innovation, while Zi Gong Jinlong Cement Co. reduced fuel usage and achieved solid waste resource utilization [2] Group 3: Development of Green Industries - Sichuan is focusing on developing green low-carbon industries such as photovoltaics, power batteries, and hydrogen energy, aiming to establish a world-class lithium battery and photovoltaic industry base [3] - The added value of green low-carbon industries in Sichuan grew by 10.2% year-on-year, with investment in these industries increasing by 1.3 percentage points [3] - Renewable energy power generation capacity exceeded 100 million kilowatts, with over 70% of renewable energy being consumed [3] Group 4: Climate Adaptation Initiatives - A carbon footprint management system is being established to promote greenhouse gas reduction throughout the product lifecycle [4] - Sichuan has initiated climate adaptation projects, including the construction of sponge cities and a modern water network to enhance resilience against extreme weather [4] - The province has built 14 automatic greenhouse gas monitoring stations, creating a nationwide monitoring network [4] Group 5: Ongoing Efforts in Green Transition - Sichuan will continue to optimize energy, industry, and transportation structures while deepening ecological reforms and controlling greenhouse gas emissions [5]

Core Viewpoint - The safety capabilities of battery systems are increasingly influencing market choices, as demonstrated by the resilience of the Xiaopeng G6 electric vehicle under extreme conditions [1][4]. Group 1: Incident Analysis - During a conflict on June 19, a missile engine fell and struck a Xiaopeng G6, causing significant damage to the vehicle's front but no fire or explosion occurred [2]. - The battery supplied by Zhongchuang Innovation demonstrated exceptional structural stability and thermal safety, marking a historical achievement of surviving a direct missile hit without triggering a safety incident [2][3]. Group 2: Safety Standards and Innovations - The new national standard GB38031-2025 mandates that electric vehicle batteries must not catch fire or explode, with Zhongchuang Innovation being a key contributor to this standard and the first to achieve certification [3][4]. - Zhongchuang Innovation's battery safety technology has evolved since 2020, introducing the TPP thermal runaway management system, which effectively isolates and prevents the spread of thermal runaway incidents [3]. Group 3: Manufacturing and Quality Control - The company employs an AI-driven big data quality platform to enhance manufacturing precision, achieving a 50% increase in detection accuracy and a 30% improvement in core process efficiency [3]. - This approach ensures high consistency in battery safety performance across the production lifecycle [3]. Group 4: Market Impact and Recognition - Zhongchuang Innovation's batteries are selected by multiple automotive manufacturers, including Xiaopeng, Changan, and Toyota, and have passed rigorous extreme validation tests [4][5]. - The company has received various awards from automotive partners, highlighting its commitment to safety and performance in battery technology [5].

Summary of Key Points Core Viewpoint The Chengdu County and City New Town High-Quality Development Conference outlines specific goals and initiatives for various counties and cities to enhance economic growth, urban development, and industrial transformation by 2029. Group 1: Economic Growth Targets - Jianyang aims for a GDP growth of 6.3% and fixed asset investment growth of 7% in 2023, with a target of exceeding 100 billion yuan in GDP by 2026 [1] - Dujiangyan targets a GDP of over 60 billion yuan by 2027 and aims to secure a position among the top 100 counties in the nation by 2029 [3] - Pengzhou plans to exceed 85 billion yuan in GDP by 2027 and aims to enter the top 80 counties nationwide by 2029 [5] - Qionglai aims for a GDP of over 55 billion yuan by 2027 and over 65 billion yuan by 2029 [7] - Chongzhou targets a GDP of over 75 billion yuan by 2029 [8] - Jintang aims for a GDP growth rate of 6.5% annually, targeting over 85 billion yuan by 2027 and 100 billion yuan by 2029 [10] - Deyang aims for a GDP of over 28 billion yuan by 2027 and over 32 billion yuan by 2029 [15] Group 2: Industrial Development Initiatives - Jianyang plans to introduce 26 major industrial projects within the year and aims for the economic output of its industrial parks to exceed 500 billion yuan by 2027 [1] - Dujiangyan focuses on creating national-level modern agricultural parks and aims for industrial park output to exceed 30 billion yuan by 2027 [3] - Pengzhou aims to establish two industrial parks with outputs of 100 billion yuan each by 2029 [5] - Qionglai plans to develop a "thousand billion" industrial cluster focusing on battery materials and quality liquor [7] - Chongzhou aims to build three hundred billion yuan industrial clusters in advanced manufacturing and modern agriculture [8] - Jintang focuses on new energy and materials, targeting the establishment of a 500 billion yuan industrial park by 2027 [10] - Deyang aims to strengthen its industrial base by focusing on biomanufacturing and green food sectors [15] Group 3: Urban and Community Development - Jianyang plans to implement 40 urban renewal projects and establish a "15-minute community happiness life circle" [2] - Dujiangyan aims to enhance its urban tourism and create world-class tourist attractions [3] - Pengzhou focuses on improving urban infrastructure and enhancing the quality of life in urban areas [5] - Qionglai emphasizes the development of town-level economies and enhancing urban functions [7] - Chongzhou aims to improve public services and urban living conditions [8] - Jintang plans to enhance urban infrastructure and public service facilities [10] - Deyang focuses on improving urban carrying capacity and attractiveness [15] Group 4: Talent and Workforce Development - Jianyang emphasizes attracting and retaining talent through improved policies and incentives [2] - Dujiangyan aims to attract high-value individuals through favorable policies and a strong ecological environment [4] - Pengzhou plans to develop a talent policy system to meet the needs of specific industries [6] - Qionglai focuses on enhancing the vitality of town economies through talent development [7] - Chongzhou aims to create a favorable business environment to attract talent [9] - Jintang emphasizes talent recruitment and retention strategies [10] - Deyang aims to improve the entrepreneurial environment to stimulate economic activity [15]

年内清盘的基金中，名称中含有"新能源"的产品已有4只，且这部分产品均为发起式基金，成立三年后因负 收益导致未过规模大考而被迫离场。 当前，名称中含有"新能源"的主动权益基金中，成立以来收益为正的不足一半，且多成立于2021年以前，这意 味着高点发行的基金买在了行情顶端。 那么，除了光伏、风电以外，当前新能源板块还有哪些细分个股能够突围？多家公募认为，当前全固态电池研 发稳步推进，未来有望成为下一代动力电池主流技术。自今年4月工信部出台动力电池新国标以来，展现出政 策面的积极态度，在市场需求的叠加下，固态电池概念已经成为大资金围猎的重点板块。 又一新能源主题基金清盘 基金业绩参差不齐 当前，基金名称中带有"新能源"字样的主动权益产品共有45只，成立以来业绩为正的共有22只，且多成立于 2020年以前，如业绩领先的信澳新能源产业成立于2015年，至今回报高达277%；涨幅156%的东方新能源汽车 主题更是成立于2011年。 相反，部分新能源主题基金业绩则较为惨淡，多只产品跌幅超过四成，且这部分基金多成立于2021年的前期高 位，在行情最热烈的时候高位入场，既买在了行情顶端，也"套牢"了大量踊跃入场的基民。截至今年 ...

Core Viewpoint - CATL is reshaping its business landscape through strategic investments, focusing on L4 autonomous driving technology and expanding into non-battery sectors [1][4]. Group 1: Strategic Investments - On June 23, CATL, along with Hello Chuxing and Ant Group, established "Shanghai Zhaofu Intelligent Technology Co., Ltd." with a registered capital of 1.288 billion yuan, aimed at L4 autonomous driving technology development [1]. - CATL is collaborating with Beijing Galaxy General Robotics, which recently completed an 1.1 billion yuan financing round led by CATL, to develop intelligent retail solutions using humanoid robots [3]. Group 2: Collaboration and Development - The partnership between CATL, Hello Chuxing, and Ant Group will focus on smart driving, new energy travel service platforms, and after-market services for new energy batteries [3]. - CATL signed a strategic cooperation agreement with Baidu on February 27, focusing on digital intelligence and autonomous driving, promoting AI applications in industry [3][4]. Group 3: Strategic Intent and Market Position - CATL's recent investments indicate a strategic shift towards "industry synergy," moving beyond traditional financial investments to enhance core battery business and explore new growth areas [4]. - CATL aims to achieve a global market share of 37% in 2024, indicating its leadership position in the battery industry while seeking new markets amid increasing competition and slowing technology iteration [4].

Core Viewpoint - The implementation of the "Interim Measures for the Recycling and Utilization of Waste Power Batteries for New Energy Vehicles in Sichuan Province" marks a significant step in regulating the recycling of power batteries, addressing the urgent need for a structured approach to handle the anticipated surge in retired batteries as the number of new energy vehicles increases [1][3]. Group 1: Current Situation and Challenges - As of the end of 2024, Sichuan Province is expected to have 1.402 million new energy vehicles, a year-on-year increase of 56.4%, leading to a potential first wave of retired power batteries in the next 2-3 years [1]. - The current recycling landscape is characterized by a lack of a high-value comprehensive utilization industry, with many batteries flowing into informal "small workshops," which undermines the operations of legitimate recycling enterprises [1][2]. - The total amount of retired power batteries in China exceeded 580,000 tons in 2023, with projections of 1.04 million tons by 2025 and 3.5 million tons by 2030, while the standardized recycling rate remains below 25% as of the end of 2023 [2]. Group 2: Policy and Regulatory Framework - The "Measures" provide institutional support for establishing a closed-loop recycling system for power batteries throughout their lifecycle, focusing on regional center construction, recycling norms, supportive measures, supervision, and legal responsibilities [2][3]. - The national-level "Action Plan for Improving the Recycling and Utilization System for New Energy Vehicle Power Batteries" and the revised "Industry Norms for the Comprehensive Utilization of Waste Power Batteries" aim to enhance the regulatory framework, but local adaptations are necessary for effective implementation [3]. Group 3: Future Directions and Opportunities - The government and industry should collaborate to seize the development opportunities in the retired battery recycling sector, establishing mandatory recycling mechanisms and providing incentives for compliant enterprises while cracking down on illegal activities [4]. - Companies are encouraged to innovate in recycling, disassembly, and remanufacturing processes to improve resource recovery rates and reduce energy consumption, positioning themselves as leaders in technology and standards within the industry [4]. - The true maturity of the new energy vehicle industry will be reflected not only in production and sales growth but also in the enhancement of lifecycle management, with Sichuan's regulatory innovations serving as a model for other regions [4].

中国上市公司网/文 指数表现 上证指数：开盘3380.08点，最高3423.78点，最低3380.08点，收盘3419.06点，上涨38.98点，涨幅 1.15%，成交金额5448.82亿元。 深证成指：开盘10074.27点，最高10224.12点，最低10074.27点，收盘10217.63点，上涨169.23点，涨幅 1.68%，成交金额3069.48亿元。 创业板指：开盘2024.70点，最高2065.84点，最低2024.70点，收盘2066.43点，上涨46.50点，涨幅 2.30%，成交金额996.84亿元。 沪深300：开盘3862.39点，最高3914.16点，最低3862.39点，收盘3908.52点，上涨46.13点，涨幅 1.19%。 中证500：开盘5683.46点，最高5766.02点，最低5683.46点，收盘5744.54点，上涨91.67点，涨幅 1.61%。 上证50：开盘2685.85点，最高2731.18点，最低2685.85点，收盘2717.00点，上涨31.15点，涨幅1.16%。 资金流向 北向资金：6月以来北向资金累计净流入A股627.30亿元，截至24日，当月 ...

【导读】今年上榜的 500 位企业家（或家族）总持股市值为 13.7 万亿元 AI 主导十强 张一鸣首次登顶，梁文锋跻身前十 见习记者 庄佳 《 2025 新财富 500 富人榜》今天发布，这也是《新财富》杂志第 23 次发布 500 创富 榜。 今年上榜的 500 位企业家（或家族）总持股市值为 13.7 万亿元，同比上涨 11% ；平均持 股市值为 273.8 亿元，上榜门槛为 66.2 亿元，持股市值超百亿元的企业家有 341 位。 2025 年， 42 岁的张一鸣以 4815.7 亿元持股估值首次问鼎首富，而 7 年前他首次上榜时 的身家为 120 亿元。 | 2025 2024 | | 姓名 | 主要公司 | 公司总部 | 年龄 | 2025 特股 | 2024持股 | 财富 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名次 名次 | | | | | | 市值(亿元) 市值(亿元) | | 涨幅 | | – | | 张一鸣 | 字节跳动 | 北京 | 42 | 4815.7 | 3402 | 42% | | വ | 1 | ...