本刊记者 孙冰 1227。 这是2024年中国企业在美知识产权诉讼新立案的数字。 24。 这是2024年中国大陆企业涉美"337调查"（即美国国际贸易委员会发起的针对进口贸易中的知识产权侵权行为以及其他不公平竞争行为的一项准司法程 序）案件的数字。 只看数字你可能没有体感。作为对比，同期涉及日本企业的在美知识产权诉讼只是个位数，而美发起的"337调查"的企业中，超过50%都是中国企业。 这并不是个案，而是出海中国企业正在普遍面临的局面：针对中国企业的知识产权调查和诉讼呈现多发态势。这一方面反映出中国企业在海外市场影响力 不断提高，不可避免地成为了关注的焦点；但另一方面也折射出我们面临的挑战很严峻，围剿很残酷。 为什么？ 别看今天中国5G全球领先，但在20年前的3G时代，中国企业也是苦哈哈地生产大量通信设备，但由于要缴纳非常高昂的专利许可费，只能赚取微薄的利 润。 远洋滚装船在福州港江阴港区装运出口海外的乘用车辆。新华社发 那时候，当中国企业迈向通往世界的大门，却发现被困在"专利丛林"里寸步难行。但也有很多中国企业敢于在别人定义的世界蹚出一条路。 新华社发 因此，当中国逐步从"技术进口国"向"技术输出国"跃迁， ...

Core Viewpoint - The market shows mixed performance with fluctuations in major indices, indicating a complex investment environment influenced by various factors including policy support and sector performance [1][2]. Market Performance - As of the midday close on July 28, the Shanghai Composite Index was at 3587.69 points, down 0.17%, while the Shenzhen Component Index was at 11150.41 points, down 0.16%. The ChiNext Index rose slightly by 0.1% to 2342.39 points [1][2]. - Over 3000 stocks in the market experienced declines, reflecting a broad-based weakness despite some sector strengths [2]. Sector Analysis - Strong performing sectors included military equipment restructuring, film and television, PEEK materials, and PCB, while coal mining, steel, and zinc metal sectors showed weakness [2]. - The investment strategy officer from Guotai Junan highlighted that technological breakthroughs and emerging industry themes are driving market interest, supported by stable macro policies and marginal fiscal stimulus in infrastructure [2]. Investment Trends - Market participants noted a strong index performance with daily trading volumes nearing 2 trillion yuan, indicating heightened activity in financing transactions [3]. - The number of private equity fund registrations in June reached a near-year high, with retail investors showing renewed buying interest and significant increases in holdings by northbound trading [3]. Policy and Economic Outlook - The "anti-involution" policy is expected to improve the supply-demand dynamics in the midstream manufacturing sector, with a notable recovery in ROE for industries such as chemicals, batteries, and silicon materials [4]. - The real estate sector is stabilizing, providing additional support for the market, with a focus on technology growth areas such as storage chips and AI applications [4].

| 碳酸锂日评20250728:情绪扩大扰动 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期(日) | 2025-07-25 | 2025-07-24 | 2025-07-18 | 较昨日变化 | 近两周走势 | 近月合约 | 收盘价 | 79400.00 | 76500.00 | 69880.00 | 2.900.00 | | | | | 连一合约 | 80520.00 | 76680.00 | 69960.00 | 3.840.00 | 收盘价 | 79160.00 | 75000.00 | 69000.00 | 连二合约 | 收盘价 | 4,160.00 | | | | | 79160.00 | 75000.00 | 68620.00 | 收盘价 | 4,160.00 | 连三合约 | Al | ~ | 收盘价 | 80520.00 | 76680.00 | 69960.00 | 3,840.00 ...

扣非净利连续十年亏损下，科力远(600478.SH)推出激励计划以期刺激业绩增长。 2月22日，科力远公布股权激励计划，将推出超1亿元的激励方案，行权的考核目标是首年扣非净利扭 亏，第三年不低于2.6亿元。 科力远主营镍系列电池以及镍产品的产销业务，由于在混动电池、镍氢电池等方面投入建设巨大，固定 摊销较高等因素，扣非净利已连续十年亏损，累计超13.03亿元。去年公司扣非净利润仍预亏1.35亿 元-1.5亿元。在此情况下，科力远设立的大幅盈利目标，令投资者颇感惊讶，23日早盘瞬间冲高涨幅达 4%，不过又立刻跌落。 长江商报记者注意到，此次推出激励计划或与公司新任管理层上任有关。以总经理潘立贤为代表的新一 任管理层在2020年12月22日开始上任，科力远两个月后即推出这一激励方案，公司或将寄希望于新管理 层全力推进丰田混动电池配套战略取得成功。 激励计划目标三年后扣非净利达2.6亿 此次激励计划科力远拟授予的股票期权数量为3862.50万份，约占本激励计划草案公告时公司股本总额 的2.34%。 公告披露时，公司股价为4元每股，授予期权市值1.55亿元。最终公司选择采用自主定价方式，激励计 划行权价格确定为3.0 ...

Core Viewpoint - The integration of new energy and AI continues to be a major investment theme, with increased focus on AI applications in new energy batteries and AI glasses, while upstream supply-side reforms are optimizing the supply-demand dynamics for silicon, lithium, and cobalt [1][2]. New Energy and AI Industry Insights - The new energy and AI sectors are expected to resonate positively as supply-side reforms progress, enhancing the demand outlook for solid-state batteries and other upgraded technologies [1][2]. New Energy Vehicle Industry Chain Insights - The new cycle for the mid and downstream sectors of the electric vehicle industry has begun, benefiting leading companies like CATL and Hunan Yuyuan [3]. - Recent government initiatives aim to regulate competition in the new energy vehicle sector, which may constrain high-cost lithium carbonate production [3]. - Solid-state batteries are becoming a key focus, with companies like Funeng Technology and Xiamen Tungsten benefiting from accelerated adoption by automakers [3]. Solar and Energy Storage Industry Insights - Supply-side reforms are expected to continue, with companies like Longi and GCL benefiting from enhanced capacity monitoring and industry self-regulation [4]. - The establishment of long-term mechanisms for solar and energy storage is anticipated to gradually restore demand expectations, benefiting companies like JinkoSolar and Longyuan Power [4]. - Chinese energy storage companies are seeing significant growth in overseas orders, with a 220.28% year-on-year increase, particularly in markets like the Middle East and Australia [5]. AI and New Energy Market Developments - The integration of AI with new energy and humanoid robots is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from new market opportunities [5]. - AI glasses are expected to see sustained growth in the second half of the year, with companies like Haopeng Technology poised to benefit from new product launches [6]. - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to positively impact power equipment companies and promote the development of clean energy solutions [6].

Group 1 - The establishment of the Ningbo Embodied Intelligence Industrial Base marks a significant step towards the operational phase, with a planned annual production of 1,000 embodied intelligent robots [2] - Major internet companies, including JD.com, Meituan, Ant Group, Alibaba, Tencent, and Baidu, are actively investing in the embodied intelligence sector through equity investments, self-research, and business collaborations [2] - The investment activities by JD.com are expected to inject new vitality into the embodied intelligence industry and raise market expectations for the industrialization of this sector [2] Group 2 - The World Artificial Intelligence Conference (WAIC) highlighted the transition from generative large models to AI Agents and Agentic AI, indicating the onset of the intelligent agent era [3] - Analysts predict that 2025 will be a pivotal year for the platformization of AI Agent capabilities, with a shift from "content generation" to "process agency" [3] Group 3 - The National Development and Reform Commission and the State Administration for Market Regulation are revising the Price Law for the first time since its implementation in 1998, aiming to curb destructive low-price competition [4] - The revision of the Price Law is expected to establish new rules for market behavior in the digital economy era [4] Group 4 - The solid-state battery sector is experiencing accelerated industrialization, with multiple companies disclosing advancements in this technology [4] - Experts anticipate that the commercialization process of solid-state batteries will continue to accelerate, with a focus on who can achieve full solid-state battery applications in vehicles [4][5] Group 5 - Under strong national policy support, companies across the solid-state battery supply chain are releasing technical solutions, driven by demand from emerging applications like low-altitude economy and robotics [5] - The initial solid-state battery material systems are nearing mass production requirements, with a critical period expected in the second half of 2025 for solid-state battery equipment and material companies [5]

【DT新材料】 获悉， 7月23日，美国固态锂金属电池技术公司 QuantumScape Corporation（QS） 宣布， 将扩大与 大众汽车集团 旗下电池公司PowerCo SE的战略合作及许可协议。此次合作升级旨在加速位于圣何 塞的QSE-5电池开发中试线的规模化建设。 根据更新后的协议，PowerCo将在未来两年内根据联合扩大团队完成的若干关键里程碑， 向QS提供最 高达1.31亿美元（约合人民币9.56亿元）的新资金支持。 目前，首批里程碑已顺利实现，QS预计将于 2025年开始陆续收到相关款项。这笔资金是对此前宣布的1.3亿美元付款的补充，后者将基于技术进展 和许可协议的正式执行进行支付。 此次合作升级使PowerCo能够提前介入QSE-5电池的生产与自动化进程，推动QS圣何塞中试线的快速 爬坡。这不仅是实现制造规模化、完成关键技术转移并将QSE-5产品推向全球市场的关键环节，还使 PowerCo获得了向大众集团以外客户交付更多原型电池的能力。根据许可协议 ，PowerCo获授权每年 额外生产最多5吉瓦时（GWh）的基于QSE-5技术的电池，并拥有未来某些QS技术的许可权。 Source：Qu ...

Valuation Summary - The overall PE of the A-share market is 20.2 times, positioned at the historical 82nd percentile [2][5] - The PE of the Shanghai 50 Index is 11.4 times, at the historical 59th percentile [2][5] - The PE of the ChiNext Index is 34.8 times, at the historical 20th percentile [2][5] - The PE of the Science and Technology Innovation 50 Index is 146.2 times, at the historical 100th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Building Materials, Electric Equipment (Photovoltaic Equipment), National Defense and Military Industry, Aviation and Airports, Light Industry Manufacturing, Chemical Pharmaceuticals, and IT Services [2][6] - The Passenger Vehicle industry has a PB valuation above the historical 85th percentile [2][6] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][6] Industry Midstream Prosperity Tracking New Energy - Photovoltaics: The price of polysilicon futures increased by 15.2% to 50,000 yuan, while the price of silicon wafers rose by 10.5% [2] - Battery materials: The prices of cobalt and nickel increased by 2.3% and 2.6%, respectively, while lithium prices saw increases of 7.1% for lithium hexafluorophosphate and 9.0% for lithium carbonate [2] Financial Sector - Insurance: The cumulative year-on-year growth of various insurance premiums was 5.3% for the first half of 2025, with an expected further reduction in the preset interest rate for life insurance products [3] Real Estate Chain - Steel: The spot price of rebar rose by 5.4%, and the futures price increased by 6.6% [3] - Cement: The national cement price index fell by 1.5% due to weak demand [3] Consumer Sector - Pork: The average price of live pigs decreased by 0.8%, while the wholesale price of pork increased by 1.0% [3] - Alcohol: The wholesale price index for liquor remained stable, with a slight decrease in the price of Moutai [3] Midstream Manufacturing - Excavators: Sales of excavators increased by 13.3% year-on-year in June 2025, with domestic sales up by 6.2% and exports up by 19.3% [3] Technology TMT - Optical Communication Modules: Exports decreased by 11.2% year-on-year, with a significant drop in export prices [3] Cyclical Industries - Precious Metals: COMEX gold and silver prices fell by 0.5% and 0.3%, respectively [3] - Coal: The price of thermal coal rose by 1.7%, while coking coal prices increased by 9.5% [3]

Group 1 - The core agreement between the US and Japan involves a 15% tariff on Japanese imports, with a total investment commitment of $550 billion from Japan to the US [2][4] - The agreement includes a 12.5% tariff on Japanese automobiles, in addition to a previous 2.5% tariff, totaling 15%, while steel and aluminum tariffs remain at 50% [2][4] - There are ongoing disputes regarding the details of the agreement, particularly concerning the implementation date of the 15% tariff and the interpretation of the $550 billion investment [4][5] Group 2 - Japan plans to increase its import of US rice by 75%, which will raise the total import volume to approximately 600,000 tons, while maintaining a minimum market access quota [6] - The agreement also includes significant commitments in agriculture, energy, manufacturing, and aerospace, with Japan agreeing to purchase $8 billion worth of US goods [5][6] - The Japanese government emphasizes that the increase in rice imports will not harm domestic farmers, despite concerns about the impact on local agriculture [6] Group 3 - South Korea is under pressure to negotiate a similar agreement with the US, especially in light of the recent US-Japan deal [7][8] - The new South Korean government is considering leveraging a planned investment of over $100 billion by Korean companies in the US as a bargaining chip in trade negotiations [7][8] - If South Korea fails to reach a new agreement before the August 1 deadline, a 25% tariff could severely impact its industries, particularly in sectors like semiconductors and automobiles [8][9]

Core Insights - Desay Battery has launched the world's first active safety AI battery, capable of providing a 30-day risk warning for battery issues, shifting energy storage safety from reactive to proactive measures [1][3] - Despite the technological breakthrough, the stock price remains stagnant due to the early stage of mass production and the fact that profits have not yet been reflected in financial statements [3] Group 1: Technological Advancements - The AI battery incorporates internal sensors for real-time monitoring of temperature and pressure, allowing for a 30-day advance warning of potential risks, and can extend battery life by 15% while significantly reducing data center electricity costs by 79% [3] - A 1GWh order was signed by a Romanian client, indicating strong market interest in the new technology [3] Group 2: Market Dynamics - Institutional investors are engaging in large-scale transactions at discounted prices, with notable trades occurring at 7% and 9.74% below market price [3] - The annualized scale of overseas smart driving orders for Desay Westwell has reached 27 billion, with production facilities in Germany already operational and a Spanish facility set to deliver next year [3] Group 3: Financial Metrics - Desay Westwell's current P/E ratio is 26, significantly lower than the computer industry average of 48, with institutional target prices set at 138 yuan compared to the current price of 104 yuan [3] - Key financial indicators for Desay Westwell include a projected revenue growth rate of 20.26% for Q1 2025, a net profit growth rate of 51.32%, and a gross margin of 20.52% [4]