9月30日，A股三大指数继续上涨，新能源板块表现强势，锂电、储能、动力电池等概念集体上涨。截 至10:00，新能源车ETF（515030）涨幅2.11%，二级市场价格创近两年以来新高，持仓股富临精工20% 涨停，华友钴业10%涨停，寒锐钴业、湖南裕能涨超9%，尚太科技、多氟多、格林美、德方纳米等股 跟涨。 新能源车 ETF（515030）是目前市场上规模最大的新能源车主题ETF，与其联接基金 （013013/013014）跟踪中证新能源汽车指数（399976），选取涉及锂电池、充电桩、新能源整车等业 务的上市公司股票作为成份股，wind热门概念中，锂电池权重占比高达67%。 （文章来源：每日经济新闻） 消息面上，近日发布的《新型储能规模化建设专项行动方案（2025—2027年）》提出目标：2027年中国 新型储能装机规模达到1.8亿千瓦以上，带动项目直接投资约2500亿元。 国金证券表示，步入"银十"阶段，锂电池下游需求端呈现强劲延续态势，市场增量动能持续释放。储能 领域国内、海外需求双轮驱动，新能源汽车则迎来终端消费旺季，两大核心场景共同助推终端企业对电 池电芯的采购意愿与订单量显著提振。 ...

Investment Rating - The report maintains a "Buy" rating for companies such as OmniVision Technologies (603501.CH), Q Technology (1478.HK), and NIO Inc. (9866.HK/NIO.US) as key tracking targets in their respective segments [5] - Additionally, it reiterates a "Buy" rating for Leapmotor (9863.HK), Sunny Optical Technology (2382.HK), Horizon Robotics (9660.HK), and Yangjie Technology (300373.CH) as industry leaders [5] - The report also suggests investors pay attention to potential opportunities in companies like InHand Networks (1760.HK), Sijia Technology (580.HK), ZhiXing Technology (1274.HK), Youjia Innovation (2431.HK), Wingtech Technology (600745.CH), and CR Micro (688396.CH) [5] Core Insights - The technology industry is experiencing significant opportunities driven by technological innovation across various sectors, including consumer electronics, new energy vehicles, intelligent driving, and power semiconductors [2][3] - In the consumer electronics sector, there is a notable surge in demand for products like action cameras and panoramic cameras, which is expected to continue into the second half of the year and next year [2] - The new energy vehicle market is in a product explosion phase, with companies like NIO seeing demand growth driven by successful product definitions [2] - Intelligent driving technology is rapidly evolving, with significant opportunities for industry players as technology applications and product implementations progress [3] - The power semiconductor industry is witnessing a stabilization in competition, with some manufacturers experiencing price increases in certain product areas [3][5] Summary by Sections Consumer Electronics - The report highlights a demand explosion in the consumer electronics sector, particularly for action and panoramic cameras, which is expected to provide substantial growth momentum for smartphone supply chain players [2] - Innovations in components such as high-pixel image sensors and periscope camera modules are anticipated to create growth opportunities even in a stable smartphone market [2] New Energy Vehicles - New energy vehicle companies are experiencing a demand surge, particularly with successful product definitions leading to a "supply-demand imbalance" phase, which is expected to enhance fundamentals and valuations [2] Intelligent Driving - The intelligent driving sector is characterized by rapid technological iterations, with significant opportunities for breakthroughs as industry players adopt new technologies [3] - The domestic chip manufacturer Horizon Robotics is seeing large-scale applications of its intelligent driving chips in automotive companies [3] Power Semiconductors - The power semiconductor industry is experiencing a reduction in traditional cyclical fluctuations, with some manufacturers reporting stability and potential price increases in specific product areas [3] - There remains substantial room for domestic substitution in the power semiconductor sector, with a stable competitive landscape [5]

电池： 国内锂电池市场价格总体稳定。目前正处于全年9-10月的旺季，备货需求旺盛，10月份预计电池产量仍将有5%以内的增长。今年受爆款车型交付情况较好，重 卡、商用车增速释放，再加上储能高需求的支撑，预计今年全球电池产量将达2150Gwh，大幅超出年初的预期。 新能源车： 上周乘用车50.8万，同比+10.30%，环比+10.72%；新能源车29.8万，同比+28.25%，环比+9.60%；周度新能源车渗透率58.66%，比同期+8.21个百分点；年 累计新能源车渗透率52.18%，比同期+7.62个百分点。 周度交付方面零跑1.29万台、小米1.08万台、问界1.02万台、小鹏0.92万台、理想0.86万台；奇瑞汽车香港上市，蔚来汽车宣布完成11.6亿美元融资 ；车企既要 拼订单，也要拼交付能力，本周共有30多款车上市。 储能： 储能电芯市场价格基本稳定，不过个别头部企业有上调电芯价格的计划。当前，储能技术正从"规模扩张"向"质量提升"转型，大容量电芯成为竞争焦点。头部几 家厂家的储能电芯587Ah电芯均开始量产交付，但大容量电芯在良率、一致性方面，包括产能不足仍存在一些不确定性。比亚迪于2025年9月18 ...

9月29日，新能源板块表现强势，电池相关概念集体拉升，相关ETF涨幅居前，截至10:49，新能源车 ETF（515030）涨幅4.24%，持仓股湖南裕能涨超15%，天奈科技涨超12%，亿纬锂能涨超10%，天赐材 料、多氟多涨停。 新能源车 ETF（515030）是目前市场上规模最大的新能源车主题ETF，与其联接基金 （013013/013014）跟踪中证新能源汽车指数（399976），选取涉及锂电池、充电桩、新能源整车等业 务的上市公司股票作为成份股，wind热门概念中，锂电池权重占比高达67%。 （文章来源：每日经济新闻） 财通证券认为，2025年以来，固态电池技术持续获得突破，多家车企计划于2027年左右开始搭载全固态 电池，行业产业化进程加快。随着中试线的陆续落地以及锂电扩产周期的重启，设备企业基本面有望持 续改善，继续看好产业周期与技术进步共振。 消息面上，据商务部网站，为促进新能源汽车贸易健康发展，依据《中华人民共和国对外贸易法》有关 规定，商务部等四部门决定自2026年1月1日起对纯电动乘用车实施出口许可证管理。 ...

Core Viewpoint - The article emphasizes the emergence of leading companies in various sectors, such as Tesla, Apple, Nvidia, and OpenAI, which are significantly influencing global industrial patterns and capital markets. The A-share market's investment themes are closely tied to these global giants, creating investment opportunities in related sectors like AI, consumer electronics, and humanoid robotics [1][2]. Group 1: AI and Consumer Electronics - OpenAI's strategic partnership with domestic companies to develop consumer-grade AI devices has strengthened the consumer electronics sector, leading to significant stock price increases for companies labeled as part of the "O-chain" [2]. - Companies within the "fruit chain" (Apple's supply chain) have seen their stock prices surge due to the collaboration with OpenAI, with one leading company experiencing nearly a 100% increase in stock price over three months [2]. - Industrial Fulian, a key player in the "fruit chain," has benefited from its deep integration with both Apple and Nvidia, resulting in a stock price increase of over 200% this year and entering the trillion-yuan market cap club [2][4]. Group 2: Humanoid Robotics - Companies in the humanoid robotics sector, particularly those previously supplying Tesla's electric vehicles (referred to as "T-chain"), are expected to rapidly enter Tesla's humanoid robot business, significantly expanding their growth potential [3]. - The T-chain, along with the "D-chain" (related to Nvidia), has seen remarkable stock price increases, with many stocks doubling in value this year [4]. Group 3: Investment Strategies - Fund managers are focusing on companies closely tied to industry leaders, leveraging stable order performance and increasing R&D investments to capture new orders and opportunities [4][6]. - The article highlights that successful fund managers are not merely following trends but are employing systematic analysis and portfolio management to balance returns and risks [10]. - The core investment framework established by fund managers revolves around the "leading companies driving the industry chain," emphasizing the importance of companies with real growth support and performance delivery capabilities [14][15].

Group 1 - The "2025 Thailand-China Cooperation Expo" was held from September 26 to 28 in Bangkok, celebrating the 50th anniversary of diplomatic relations between China and Thailand, showcasing mutual cooperation achievements and stimulating bilateral collaboration [1][2][5] - The expo featured a theme of "Thailand-China 50 Years of Diplomatic Relations: Towards Common Prosperity," with key figures such as Thailand's Prime Minister and the Chinese Ambassador to Thailand emphasizing deepening cooperation in infrastructure, green economy, and digital innovation [2][5] - Over 200 companies from both countries participated in the expo, covering an exhibition area of 20,000 square meters, with attendance exceeding 8,000 people [5][6] Group 2 - During the event, Thai and Chinese enterprises signed cooperation memorandums totaling over 6 billion Thai Baht (approximately 1.33 billion RMB), focusing on commodity trade and joint investment [5] - The expo included various activities such as thematic exhibition areas, recruitment matching, educational consultations, and forums on supply chain and business matchmaking, particularly in sectors like new energy vehicles, renewable energy, digital platforms, and agricultural technology [5][6] - A recruitment fair was held alongside the expo, offering over 1,500 job positions in modern service sectors such as engineering and digital technology [6]

记者丨吴佳霖 编辑丨蒋韵 9月27日，由中国科技发展战略研究小组、中国科学学与科技政策研究会编著的《中国区域创新能力评价报告2025》（简称《报告》）在北京 发布。 广东在《2025年中国区域创新能力评价报告》中继续蝉联全国第1，已连续9年位居榜首。 《报告》指出，广东各方面表现均较为突出。企业创新和创新环境排名连续两年排第1位，与综合值排名持平。知识创造和知识获取排名与上 年持平，分别排第2位和第4位，均低于综合指标排名。创新绩效排名较上年下降1位，排第2位，低于综合指标排名。 总体来看，广东的"企业创新—创新环境"双核心优势依然稳固，同时不可忽略的是，2023年数据所显示的领先优势出现边际收敛，创新效率与 增长潜力排名下滑，成为广东从"领先者"迈向"长期领跑者"必须正视的卡位点。在苏浙沪鲁等省份加速追赶的背景下，广东需要找到突破点， 重塑其全国创新之首的"含金量"。 广东企业持续领先一身位 连续九年，广东稳坐全国综合创新能力的头把交椅。其中，广东企业创新第1、创新环境第1、知识创造第2、知识获取第4、创新绩效第2；分 层指标中，综合实力第1、综合效率第5，较上年回落2位。 在此生态下，新质生产力在广东的制 ...

Core Insights - The rise of leading companies like Tesla, Apple, Nvidia, and OpenAI is significantly influencing global industry dynamics and capital markets [1] - A-share market investment themes are closely tied to these global giants, with sectors like humanoid robots, AI computing power, and consumer electronics seeing increased activity due to their developments [1] Group 1: A-share Market Dynamics - A-share companies are experiencing stock price surges due to strategic collaborations with AI giants like OpenAI, particularly in the consumer electronics sector [2] - Companies within the Apple supply chain, labeled as "O-chain," have seen substantial stock price increases following news of partnerships with OpenAI, leading to a valuation premium across the consumer electronics sector [2] - Industrial Fulian, a key player in the Apple supply chain, has benefited from its ties to both Apple and Nvidia, with its stock price more than doubling this year and entering the trillion-yuan market cap club [2] Group 2: AI and Robotics Sector Performance - Companies in the humanoid robot sector, particularly those supplying Tesla, are expected to rapidly enter the humanoid robot market, significantly expanding their growth potential [3] - Many stocks in this sector have also seen their prices double this year, indicating strong investor interest and market performance [3] Group 3: Fund Manager Strategies - Fund managers are capitalizing on industry trends by increasing their investments in leading companies and their supply chains, resulting in consistent excess returns for fund holders [4] - Historical investment trends in A-shares show that different eras have different core stocks, with current focus shifting towards companies in the new energy and AI sectors [4] Group 4: Investment Framework and Analysis - A number of fund managers have established "leading companies driving the supply chain" as a core investment framework, focusing on the dual effects of core advantages and demand chain extension [6] - The three main paths for value diffusion from leading companies include demand expansion, technology leadership, and market confidence through performance validation [6] Group 5: Identifying Investment Opportunities - Identifying true industry opportunities amidst technological trends is crucial, with a focus on companies that have established long-term partnerships with leading firms [7] - Fund managers emphasize the importance of performance delivery capability as a core consideration when selecting investment targets [7]

Core Insights - Guangdong continues to rank first in the national innovation capability for nine consecutive years, showcasing strong performance in enterprise innovation and innovation environment [2][5] - The report indicates a marginal convergence in Guangdong's leading advantage, with a decline in innovation efficiency and growth potential rankings, necessitating a reassessment of its innovation leadership [2][5] Innovation Performance - Guangdong ranks first in enterprise innovation and innovation environment, second in knowledge creation, fourth in knowledge acquisition, and second in innovation performance [2][3] - The province's R&D investment from large-scale industrial enterprises reached 342.66 billion yuan, accounting for 16.34% of the national total, maintaining the top position [3][6] Patent and Product Development - Guangdong leads the nation with 143,141 invention patents granted and 164,853 invention patent applications from large-scale industrial enterprises [3][4] - New product sales revenue in Guangdong reached 5.19 trillion yuan, also the highest in the country, with new products accounting for the third-largest share of operating income [3][4] Manufacturing and Technology - The advanced manufacturing and high-tech manufacturing sectors in Guangdong are projected to increase their value-added shares to 56.7% and 31.6% respectively by 2024 [4] - The province produces 43% of the nation's new energy vehicles, 44% of industrial robots, over 40% of smartphones, and 18% of integrated circuits, indicating a strong industrial cluster [4] Talent and Investment - Guangdong aims to attract over 1 million college graduates by July 2025, with recruitment events planned across major cities [6] - The province's R&D expenditure has reached 510 billion yuan, with a research intensity of 3.6%, leading the nation in several key technology indicators [6] Global Innovation Standing - The "Shenzhen-Hong Kong-Guangzhou" cluster has surpassed the "Tokyo-Yokohama" cluster to become the top global innovation cluster according to the Global Innovation Index [7][8] - This cluster excels in PCT patent applications, scientific publications, and venture capital, indicating a balanced strength across key innovation dimensions [8]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment sector [5] Core Insights - The report highlights the ambitious target set by President Xi Jinping for China's wind and solar power capacity to reach 3.6 billion kilowatts by 2035, which is over six times the capacity in 2020. This target is based on a solid energy transition, with installed capacity exceeding 1.69 billion kilowatts by August 2025, ahead of the 2030 goal [15][16] - The report identifies three key areas of focus for investment opportunities: 1) Price increase opportunities in the supply chain due to reforms, with a focus on companies like GCL-Poly, JA Solar, Tongwei, and others [15] 2) Long-term growth opportunities driven by new technologies, focusing on companies like Maiwei, Aiko Solar, and others [15] 3) Industrialization opportunities from perovskite technology, with a focus on companies like Jinjing Technology [15] Summary by Sections New Energy Generation - **Solar Power**: The report emphasizes the high-quality development of the solar industry, driven by the new installation targets announced by the government. It highlights the rapid growth in installed capacity and the confidence it brings to the sector [15] - **Wind Power & Grid**: The report discusses recent offshore wind power tenders and the delivery of projects, along with supportive policies that aim to significantly increase installed capacity over the next decade [16] - **Hydrogen & Energy Storage**: The report notes a significant order for hydrogen equipment from Longi Hydrogen Energy for a project in Namibia, and it provides insights into the energy storage market, including recent bidding and pricing trends [17][19] New Energy Vehicles - The report covers Tianqi Materials' recent announcements regarding its IPO in Hong Kong and long-term supply agreements for electrolyte products, which are expected to stabilize future production and performance [28][29] Price Dynamics - The report includes price dynamics for the photovoltaic industry, indicating fluctuations in the prices of polysilicon and solar cells, which are critical for the overall cost structure of solar projects [33] Important News - The report summarizes significant industry news, including partnerships and project announcements that reflect ongoing developments in the new energy sector, such as collaborations between companies and government initiatives to boost renewable energy projects [35][36]