郭晨凯 制图 ◎记者 冯心怡 实习生 年悦 近期，A股上市公司掀起新一轮赴港上市热潮，不少公司希望开启"A+H"双资本平台运作模式。今年5 月，就有宁德时代、恒瑞医药、钧达股份、吉宏股份4家A股公司成功登陆港交所，全年新增"A+H"公 司数量有望创近年来新高。 上海证券报记者采访了解到，赴港上市的热潮背后，是政策红利与企业全球化战略的双重驱动。投行人 士认为，A股公司赴港上市热潮有望延续1年至2年，龙头企业、有出海需求的中型企业、新兴产业的亏 损企业这三类公司，正通过"A+H"双资本平台开拓新的发展空间。 A股公司争相赴港上市 目前，筹划赴港上市的A股公司仍以龙头企业为主，但已不再局限于医药生物、电力设备、食品饮料等 领域，行业分布更加多元化。 据上海证券报记者统计，今年以来，共有近30家A股公司初次公告筹划港股上市。4月以来，A股公司筹 划港股上市渐入高峰期，共有近20家正在筹划港股上市，涵盖通信、电子、汽车等多个行业，其中包括 三一重工、牧原股份、韦尔股份等行业龙头企业。 今年5月，已经有宁德时代、恒瑞医药、钧达股份、吉宏股份4家A股公司登陆港交所。其中，宁德时代 刷新近年来港股IPO发行规模纪录，创新药 ...

Core Viewpoint - The article discusses the advancements and strategic positioning of Funeng Technology in the solid-state battery sector, highlighting its focus on soft-pack technology and the development of high-capacity batteries for various applications [3][4][6][7]. Group 1: Solid-State Battery Development - Funeng Technology has made significant progress in developing a 60Ah sulfide solid-state battery, with plans for small-scale delivery to strategic partners by the end of 2025 [3][11]. - The company emphasizes the challenges in the sulfide system, particularly the solid-solid interface contact issues that become more pronounced as cell capacity increases [3][11]. - Funeng's approach combines soft-pack technology with innovative materials and manufacturing processes to overcome these challenges and enhance battery performance [4][5][6]. Group 2: Market Demand and Applications - The demand for electric vehicles (EVs) has surged, with sales surpassing ten million units, leading to a shift from quantity-driven to quality-driven market dynamics [14]. - Funeng Technology has developed four battery solutions tailored to different market needs, including ultra-high performance, cost-effective options, and sodium batteries for various applications [15][17][18]. - The ultra-high performance solution targets high-end vehicles and eVTOL markets, achieving energy densities of 300-400Wh/kg and passing FAA safety certifications [15]. Group 3: Strategic Partnerships and Market Position - In May 2025, Guangzhou Industrial Control Group became the controlling shareholder of Funeng Technology, providing financial stability and enhancing industry collaboration [19][20]. - The partnership strengthens Funeng's integration into the local supply chain, improving competitiveness with companies like GAC and XPeng [21]. - Funeng's international market presence has also grown, ranking third in battery exports in 2024, with significant supply to passenger vehicles and eVTOLs [22]. Group 4: Future Outlook - Funeng Technology is positioned to leverage its soft-pack technology to reshape the energy landscape, expanding from automotive applications to energy storage solutions [24]. - The company aims to accelerate its development in the solid-state battery sector, capitalizing on its technological advantages and market demand [24].

Core Insights - The rapid advancement of China's new energy vehicle industry is driving a transformation in vehicle power systems, particularly in battery technologies such as lithium-ion and fuel cells [1] Group 1: Battery Technology Innovations - The demand for longer range in electric vehicles necessitates an increase in battery energy density, with lithium-ion batteries nearing their theoretical limits. Lithium-rich manganese-based cathode materials are emerging as a promising solution, potentially achieving energy densities of 600-700 Wh/kg in solid-state batteries [3][5] - Sodium-ion batteries are highlighted for their long lifespan, wide temperature range, and cost-effectiveness, with the potential to enhance cargo capacity by 15% in heavy-duty applications. A new company has been established to scale up production of sodium-ion battery materials and cells [8] - Solid-state batteries are transitioning from laboratory to industrial applications, offering improved energy density and safety. Hybrid solid-liquid batteries are seen as a viable interim solution before full solid-state technology becomes mainstream [10] Group 2: Safety and Standards - The new national standards for battery safety emphasize a "zero tolerance" approach, mandating that batteries must not catch fire or explode. This includes rigorous testing protocols to ensure safety under various conditions [12][14] - Innovations in battery management systems are crucial for enhancing safety, utilizing real-time monitoring to predict and mitigate potential hazards [14] Group 3: Fuel Cell Developments - Fuel cells are recognized for their efficiency and environmental benefits, but high production costs hinder commercialization. Efforts are underway to reduce costs through domestic production of key components [20][22] - The integration and smart control of fuel cell systems are advancing, leveraging big data and AI for improved performance and reliability [22] Group 4: Market Applications and Synergies - Fuel cells are expanding into diverse applications beyond transportation, including distributed power generation and military uses, with significant advantages in energy density [24] - The complementary nature of battery and fuel cell technologies allows for innovative hybrid solutions, catering to different travel needs and enhancing overall system efficiency [25]

近日，四川区域协同发展投资引导基金合伙企业（有限合伙）（以下简称"四川区域协同基金"）联合其 他投资方，完成对安迈特科技（北京）有限公司（以下简称 "安迈特科技"）数亿元投资。此次投资 后，安迈特科技年产10亿平复合集流体项目正式落地四川省内江市，这为四川动力电池高质量产业集群 的发展再添助力。 四川兴川在管基金围绕四川省15条重点产业链开展投资，通过 "投引联动" 的方式，成功助力星际荣 耀、博泰车联网、安迈特科技等多个重大产业项目布局四川，推动区域产业实现强链、延链、补链、升 链，促进区域协同发展与省级战略的深度融合，形成共进共赢的良好局面。 （文章来源：证券时报网） 安迈特科技作为行业内较早具备成熟量产能力的复合集流体供应商，在技术创新方面成果显著，其独创 的一次真空蒸镀成膜技术，成功助力复合集流体突破产业化瓶颈。目前，安迈特科技的产品已在头部电 池企业实现批量化供应，并广泛应用于动力电池、储能、消费3C等多个领域。 四川区域协同基金由四川产业振兴基金投资集团有限公司（以下简称"四川振兴集团"）旗下的四川兴川 重点项目股权投资基金管理有限公司（以下简称"四川兴川"）负责管理。四川兴川成立于2017年3月 ...

Core Viewpoint - The strategic partnership between Funeng Technology and Tongfang Co., Ltd. aims to leverage their technological and resource advantages in the fields of new energy investment, energy storage system integration, and battery non-destructive testing to promote technological upgrades and sustainable development in the industry [3][5]. Group 1 - Funeng Technology has been a leader in the global power battery market, holding the top position in domestic soft-pack power battery installation for eight consecutive years, with products used by renowned automotive companies such as Mercedes-Benz, GAC, and Geely [5]. - The collaboration between Funeng Technology and Tongfang Co., Ltd. is a strategic move in the new energy sector, actively supporting the "dual carbon" goals by integrating battery technology innovation with digital information empowerment [5]. - Tongfang Co., Ltd. has a strong foundation in nuclear technology applications, smart energy, and digital information, supported by its ties to the China National Nuclear Corporation and Tsinghua University, which enhances the partnership's technological backing [5].

Core Viewpoint - The article highlights the unexpected situation of CATL, a leading player in the power battery industry, facing lawsuits from suppliers due to unpaid debts, which raises concerns about its financial practices and the challenges in its battery swapping business [2][3]. Group 1: Legal Issues and Financial Impact - CATL has been sued by supplier Hanchuan Intelligent for failing to pay a total of 60.88 million yuan, involving multiple contracts from 2021 to 2024 [2][3]. - Hanchuan Intelligent claims that CATL has delayed payments and has not issued acceptance certificates for delivered equipment, which has severely impacted Hanchuan's revenue and led to significant losses in 2024 [9][6]. - The legal disputes have arisen from CATL's market dominance, which Hanchuan alleges has resulted in unfair contract terms and payment practices [5][6]. Group 2: Business Performance and Market Challenges - In 2024, CATL reported a revenue of 362.01 billion yuan, a decrease of 9.7% year-on-year, while its net profit increased by 15.01% to 50.75 billion yuan [2]. - The company's market capitalization reached 1.15 trillion yuan in A-shares and 1.41 trillion yuan in Hong Kong shares as of May 29 [2]. - CATL's battery swapping business has faced significant challenges, with slow progress in establishing its network and partnerships, leading to a reassessment of its strategy [10][11]. Group 3: Market Position and Competitive Landscape - As of April 2023, CATL held a 39.44% market share in domestic power battery installations, a decrease of 2.94% from the previous period, while competitors like BYD saw an increase in their market share [11]. - The decline in CATL's gross margin from 43.7% in 2016 to 22.91% in 2023 indicates a challenging profitability landscape, raising questions about future investments in its battery swapping business [11].

Core Viewpoint - The recent lawsuit against CATL by its supplier, Hanchuan Intelligent, due to unpaid debts has highlighted the challenges faced by CATL in its battery-swapping business, raising concerns within the industry [2][3]. Group 1: Legal Dispute - Hanchuan Intelligent announced on May 23 that it has filed multiple lawsuits against CATL and its subsidiaries for failing to fulfill payment obligations related to battery swap station contracts, totaling 60.88 million yuan [2][3]. - The contracts in question span from 2021 to 2024, with Hanchuan claiming that CATL has not made payments despite the equipment being operational [2][5]. - Hanchuan's internal sources indicated that CATL has delayed acceptance and refused to pay for entire batches of equipment due to disputes over individual products, which they argue should not affect payment for the entire order [5][6]. Group 2: Financial Performance - In 2024, CATL reported revenues of 362.01 billion yuan, a year-on-year decrease of 9.7%, while net profit increased by 15.01% to 50.75 billion yuan [2]. - For Q1 2025, CATL's revenue was 84.71 billion yuan, up 6.18% year-on-year, with net profit reaching 13.96 billion yuan, a 32.85% increase [2]. - Hanchuan Intelligent, on the other hand, reported a significant decline in revenue, with 2024 revenues at 474 million yuan, down 64.61%, and a net loss of 1.103 billion yuan [7]. Group 3: Market Challenges - CATL's battery-swapping business has faced difficulties since its inception in 2021, with limited partnerships and slow construction of swap stations, currently totaling only a few dozen [8]. - The company has shifted its strategy to collaborate with other firms, such as NIO and Sinopec, to build a national battery-swapping network, aiming for at least 500 stations this year and a long-term goal of 10,000 [8]. - CATL's market share in domestic battery installations has declined to 39.44% as of April 2023, down 2.94% from the previous period, while competitors like BYD have seen increases [9]. Group 4: Profitability Concerns - CATL's gross margin has decreased from a peak of 43.7% in 2016 to 22.91% in 2023, with a slight recovery to 24.4% in 2024, raising questions about its ability to invest in the uncertain battery-swapping business [9].

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 中国动力电池新国家标准的出台 、 恰逢固态电池进入量产前夜 ， 两股趋势 正引领锂电产业朝更高性能、更严苛安全标准 " 双维度提升 " 的 方向 积极演进。 此 背景下，国轩高科近日宣布， 其今年 5 月推出的 G 垣准固态电池，已顺利通过新国标对极端条件下 " 不起火、不爆炸 " 的强制性测试要求。 据该公司介绍，这一成果的目标是攻克长期以来电动汽车在追求高安全性与长续航里程时面临的平衡挑战。 国轩高科同时透露， 公司 已为 G 垣准固态电池的规模化生产及关键的良品率保障做好了相应准备。 上述系列进展，有望为动力电池产业整体向更高安全与性能层级迈进提供新的 G 垣准固态电池：立足安全，多维创新驱动 备受行业关注的 GB38031-2025 《电动汽车用动力蓄电池安全要求》由中国工 ...

Core Viewpoint - The China Automotive Battery Innovation Alliance held its annual conference, highlighting significant achievements in the past year and discussing future development strategies for the automotive battery industry in China [5]. Group 1: Industry Achievements - In 2024, China's power battery installation volume is projected to reach 548.4 GWh, accounting for over 60% of the global market, maintaining a leading position [6]. - The shipment volume of energy storage batteries also ranks first globally, showcasing China's strong competitiveness in the global power battery market [6]. - Key materials' self-sufficiency rate exceeds 90%, ensuring supply chain security and stability [6]. Group 2: Technological Innovations - Breakthroughs in battery technology include a 10%-20% increase in energy density for lithium iron phosphate batteries and the mass production of semi-solid batteries with energy densities exceeding 360 Wh/kg [6]. - AI-driven battery management systems have been developed to intelligently adjust charge and discharge strategies, reducing usage risks [6]. - The industry is focusing on the development of solid-state batteries, lithium-sulfur batteries, and ultra-fast charging technologies to enhance battery performance [10]. Group 3: Challenges Facing the Industry - Resource issues are becoming more prominent, with significant price fluctuations for key metals like lithium and cobalt, and a high dependence on imports [9]. - The industry faces technical bottlenecks, particularly in developing high energy density, fast-charging, and safe solid-state batteries [9]. - International policy pressures are increasing, with the EU's new battery law requiring all exported batteries to have a carbon footprint record by 2027, impacting China's export costs and competitiveness [9]. Group 4: Future Strategies - The industry aims to enhance technological leadership and innovation to address challenges, focusing on low-carbon development and improving the battery lifecycle carbon footprint management system [10]. - There is a push for expanding open cooperation with international enterprises and research institutions to tackle global technological challenges and market risks [10]. - The emerging low-altitude economy is expected to create new opportunities for the power battery industry, with demand projected to exceed 100 GWh by 2035, leading to a trillion-level market scale [11].

Core Viewpoint - The introduction of the "Cold Core Battery" by Tailan New Energy represents a significant advancement in cylindrical battery technology, addressing the fast-charging and thermal management challenges faced by traditional 4680 cylindrical batteries [1][3][4] Group 1: Technological Innovations - The "Cold Core Battery" utilizes a new structural design called "axial direct access," which enhances thermal management and improves fast-charging capabilities [1][3] - The battery features dual-area penetration cooling, incorporating an "intelligent air conditioning system" to resolve thermal issues within the cylindrical battery [3] - Innovations in materials include modified positive electrode materials that enhance ion transmission speed and a novel negative electrode made of isotropic graphite, which streamlines lithium ion movement [3][4] Group 2: Manufacturing Process Improvements - The manufacturing process has seen breakthroughs, such as a circular welding technique for the ear-collecting plate-shell design, which reduces internal resistance [3] - The introduction of a "coil reinforcement process" ensures that the battery's internal components remain tight during winding, mitigating performance degradation risks [3] - The modular design of the manufacturing process allows for compatibility with various material systems, significantly reducing production costs and shortening mass production cycles [3][4] Group 3: Performance Enhancements - The Cold Core Battery technology supports ultra-fast charging at 6C, allowing the battery to charge from 10% to 80% in just 9 minutes [4] - It maintains stable performance across extreme temperature conditions, functioning effectively in environments ranging from -30°C to 55°C [4] - The technology has achieved over 30 core patent layouts, indicating a strong intellectual property foundation for future developments [4]