以下文章来源于肖小跑 ，作者肖小跑 肖小跑 . 金融世界不讲道理的时候，向文史哲求救，大概率"叮"的一下就扣上了。因为在这里，您才能再次看到"人"：人的情绪，人的荒诞，人的大举 动小动作。这里有世界最本质的规律。 本文来自微信公众号： 肖小跑 ，作者：肖小跑，头图来自：视觉中国 虽然一切还没完全落地封死，但所有人都感觉到了让人喘不上气来的不确定性，和说不出具体在哪个位置的痛感。但这痛感落在每个人身上的分量是 不同的。"不惜一切代价"永远是有代价的。 目前我们听得到的声音，主要来自有时间、有精力、还有很大余地坐在桌前写文章、写小作文、发帖子、录播客的人。他们的痛感级别并不大，目前 内心热血澎湃，且看泱泱大国如何惩治恶霸。我也是其中一员，大家坐在舒适区里指点江山。 但那些没有发声的、发不出声的、没时间发声的人、企业和国家们，大概率痛感级别很大，六神无主。而他们才是大多数——包括外贸老板、凌晨三 点翻着汇率走势图的贸易人、已经搬去东南亚建厂的老板们、刚刚做了决定交了定金，但现在不知是否该继续"走出去"的老板们；还有大量刚刚有点 信心，现在又有点熄火的民营企业家们。 也包括那些夹在两个大国中间，但没有什么选择的小国家 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The first quarter saw a significant increase in photovoltaic (PV) installations in China, with a year-on-year growth of 30.5%, totaling 59.71 GW [2][21] - The government is pushing for the development of hydrogen energy applications, particularly in transportation, with a budget of 2.34 billion yuan allocated for fuel cell vehicle demonstrations [1][21] - The report highlights the importance of cost reduction and efficiency improvement in the photovoltaic manufacturing sector, focusing on the optimization of leading companies in silicon materials and battery cells [1] - The wind power sector is expected to see steady progress in domestic and overseas demand, with a recommendation to prioritize investments in turbine and casting segments [1] - The electric vehicle market is projected to maintain high growth, driven by government support for smart connected vehicles, which will boost demand for batteries and materials [1] - The report emphasizes the potential of solid-state battery commercialization by 2027, benefiting companies involved in battery, materials, and equipment [1] Summary by Sections Photovoltaic Sector - The report notes a strong growth trajectory in PV installations, with March 2025 alone contributing 20.24 GW [2][21] - The focus remains on cost reduction and efficiency improvements, particularly in silicon materials and battery cell production [1] Wind Power Sector - Domestic and overseas demand for wind power is expected to improve, with recommendations to invest in turbine and casting segments [1] Electric Vehicles - The government aims to significantly develop smart connected electric vehicles, which is anticipated to drive battery and material demand [1] Hydrogen Energy - Continuous policy support for hydrogen energy development is noted, with applications in green hydrogen and chemical sectors expected to expand [1][21] Company Performance - Notable company performances include: - Sunshine Power reported a net profit of 11.036 billion yuan in 2024, up 16.92% year-on-year, and 3.826 billion yuan in Q1 2025, up 82.52% [23] - Other companies like Keda and EVE Energy also reported significant year-on-year profit increases in Q1 2025 [23]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda Li, and others [4][5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 2.40%, outperforming the Shanghai Composite Index, with the nuclear power index leading gains at 9.61% [1]. - CATL launched three groundbreaking battery products, marking the entry into a "multi-core era" for power batteries, including sodium-ion batteries and the second-generation supercharging battery [2][11]. - In March 2025, domestic photovoltaic (PV) installations reached 20.24 GW, a year-on-year increase of 124.06%, driven by pre-installation demand ahead of regulatory deadlines [3][33]. - The report highlights significant growth in grid investment, with a 24.8% year-on-year increase in investment in power grid projects [4]. Summary by Sections 1. New Energy Vehicles - CATL introduced three innovative battery products, including the world's first mass-produced sodium-ion battery, which maintains 90% energy retention at -40°C and has a cycle life exceeding 10,000 times [11][19]. - The "Xiaoyao Dual-Core Battery" features independent energy zones for enhanced safety and efficiency, while the second-generation supercharging battery offers 800 km range and peak charging power of 1.3 MW [19][21]. 2. Photovoltaics - Domestic PV installations in Q1 2025 totaled 59.71 GW, a 30.5% increase year-on-year, with March alone contributing 20.24 GW [33]. - The report notes a significant improvement in inverter exports, with a 6.16% year-on-year increase, driven by demand from emerging markets [36]. - The government is accelerating the construction of large-scale wind-solar bases, which is expected to bolster domestic PV demand [41]. 3. Electric Equipment and Industrial Control - National power generation capacity reached 3.43 billion kW in Q1 2025, a 14.6% increase year-on-year, with grid investment rising to 95.6 billion yuan [4]. - The report emphasizes the ongoing construction of ultra-high voltage projects across various regions, enhancing the overall infrastructure [4]. 4. Weekly Sector Performance - The electric equipment and new energy sector outperformed the market, with notable gains in nuclear power and lithium battery indices [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda Li, and others, based on their strong growth potential and market positioning [4][5]. Core Insights - The electric vehicle sector is expected to continue its growth trajectory, driven by the introduction of innovative battery technologies by CATL, including sodium-ion batteries and the second-generation supercharging battery, which offers significant improvements in performance and safety [2][21]. - The photovoltaic industry has seen a substantial increase in new installations, with a 30.5% year-on-year growth in the first quarter of 2025, indicating strong demand despite potential slowdowns in the second half of the year [3][33]. - Investment in power grid infrastructure is on the rise, with a 24.8% increase in grid engineering investment in the first quarter of 2025, reflecting a commitment to enhancing energy transmission capabilities [4][41]. Summary by Sections 1. New Energy Vehicles - CATL launched three groundbreaking battery products, including the sodium-ion battery, which can operate in extreme temperatures and has a high energy density of 175Wh/kg, with a range exceeding 500km [2][11]. - The dual-core battery technology introduced by CATL enhances energy management and safety through innovative design and materials [11][19]. - The second-generation supercharging battery achieves a peak charging power of 1.3 MW, allowing for rapid charging capabilities [19][20]. 2. Photovoltaics - In the first quarter of 2025, domestic photovoltaic installations reached 59.71GW, with March alone contributing 20.24GW, a remarkable 124.06% increase year-on-year [3][33]. - The report highlights a significant improvement in inverter exports, with a 6.16% increase year-on-year, driven by demand from emerging markets [3][36]. - The government is accelerating the construction of large-scale wind-solar integrated bases, which is expected to bolster domestic photovoltaic demand [3][41]. 3. Electric Equipment and Automation - The total installed power generation capacity in China reached 3.43 billion kilowatts, marking a 14.6% year-on-year increase [4][41]. - Investment in power grid projects is increasing, with a total investment of 95.6 billion yuan in the first quarter of 2025, reflecting a strong push towards high-voltage engineering projects [4][41]. - Key companies to watch include CATL, Keda Li, and others, which are positioned to benefit from these industry trends [4][41].

1994 年成立的 南都电源 已经在电池行业混了三十年之久，经历多轮浮浮沉沉，自然懂得一个道理：越是行业情况不好，越要用产品征服市 场。 南都电源也准备开启 A+H 模式。 起点锂电从南都电源公众号获悉，目前南都电源正式启动港股上市事项，此次赴港上市不仅是资本运作的突破，更是迈向国际化、实现跨越式 发展的关键一步。 目前该计划尚未有更多细节披露，亦 不会导致公司控股股东和实际控制人发生变化 ， 具体方案确定后需提交公司董事会和股东大会审议， 再去相关 监管机构 进行 审核。 今年锂电企业港股上市成为一股风潮，一批 A 股上市失败的企业转而港股上市，另一批已经 A 股上市的企业希望开始 A+H 模式，还有个别 公司拆分旗下子公司进行 A+H ，且这一势头也蔓延到了其他行业，据统计 近 40 家 A 股公司 正在筹划双上市目标。 01 不惧业绩下滑，频繁迭代产品 所以今年以来，南都电源的产品迭代异常频繁。 首先来看储能领域， 4 月 10 日南都电源在公开场合全新发布标准 20 尺单箱 8.338MWh 储能系统 Center L Max ，引领储能行业进入 8MWh 时代。 Center L Max 8.338 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1][89] Core Insights - The report analyzes the characteristics of "New Consumption," which includes the formation of new consumption habits and the breaking of new brands into mainstream markets [3][6] - Key features of new consumption include "word-of-mouth" marketing, tradability, and the ability to create memes [20][30] - The report emphasizes the importance of understanding the "emotional value" that young consumers seek, which is primarily "voice rights" and "aesthetic rights" [48] - The selection criteria for a "New Consumption ETF Index" focus on the formation of new consumption habits and the breaking of new brands, with a notable emphasis on Hong Kong stocks over A-shares [49][52] Summary by Sections New Consumption Causes - New consumption arises from either the formation of new consumption habits or the breaking of new brands into broader markets [7][9] - Examples of new consumption habits include the rise of collectible toys, branded pet food, and ready-to-drink tea [8][14] - The breaking of new brands is illustrated by "Old Paved Gold" transitioning from a niche brand to a luxury brand and "Pop Mart" becoming a popular collectible brand [18][19] Characteristics of New Consumption - New consumption is characterized by "word-of-mouth" marketing, where users become brand advocates [21][32] - The tradability of products and the ability to create memes are crucial for brand promotion and consumer engagement [28][30] - The report highlights that successful new consumption brands often leverage IPOs and secondary markets to enhance their tradability and brand visibility [41][42] Young Consumers and Emotional Value - Understanding the emotional value sought by young consumers is critical for investing in new consumption [47][48] - The report identifies that young consumers desire brands that provide them with aesthetic and voice rights, which can lead to stronger brand loyalty and market penetration [48] ETF Index Selection Criteria - The selection for the "New Consumption ETF Index" is based on the emergence of new consumption habits and the breaking of new brands [51] - The report notes that the index will likely have a higher weight in Hong Kong stocks compared to A-shares, reflecting the market dynamics [52] Industry Characteristics - The report categorizes various sectors within new consumption, including collectibles, beauty and personal care, ready-to-drink tea, new energy vehicles, pet products, emerging toys, new home appliances, medical aesthetics, and bulk snacks [53] - Each sector is analyzed for its growth potential and the characteristics that align with new consumption trends [53][54][59][62][68][70][72][76][79][82]

点击下载 专业财经新闻源头 第一财经APP 2025.04. 23 (2) 生产队的驴 第二财 谨慎加仓? 4月23日A股市场投资情绪 扫码参与投票 资本市场是投资者信心的晴雨表。投资者情绪的波动会影响其对未来收益 十二十四出山北 土井三星分哈十八十 亚少十八十二寸十十七七十日节目/m 于1/17 的主观判断,边川影响仅页付小,形成百刀后对印切切厂土亚有影响。找11J 想通过几个问题,了解投资者对每日市场的看法。4月23日共有18169位用 户参与了调研,具体情况如下: | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | ▼ 0.10% | ▲0.67% | ▲ 1.07% | | A股市场呈现"指数分化、板块轮动" 特征。沪指止步八连阳，3300点年线阻力显著。新能 源车、机器人等成长板块推动中小创反弹。 | | | 3185家上涨 涨跌停比 2:35 个股涨跌呈现"深强沪弱" 格局, 由结构性行情主导, 中小盘成长股表现优于权重股。涨停跌停分化,涨 停股集中在机器人、新能源车、消费电子等政策受 益与技术突破板块。 两市成交额 两市成交额创4月以来新高, 验证市场活跃度 ...

Group 1: Bond Market Tracking - The report discusses the liquidity in the interbank market, indicating trends and fluctuations in available cash [4] - It also covers the offshore RMB exchange rate, providing insights into its performance against other currencies [6] - The report analyzes government bond yields, highlighting changes and their implications for investors [8] Group 2: Stock Market Tracking - The report examines the flow of broad-based ETFs, indicating investor sentiment and market trends [12] - It provides detailed analysis on major indices such as the Shanghai Composite Index (SSE 50), with performance metrics and trends [12] - The report includes insights on the CSI 300, CSI 500, and other indices, detailing their movements and market implications [14][16][19] Group 3: Industry-Specific Insights - The report highlights the flow of industry-specific ETFs, indicating sector performance and investor interest [25] - It discusses the gold spot market, analyzing price movements and market dynamics [28] - The report provides insights into the artificial intelligence sector, discussing growth potential and investment opportunities [31] - It covers the Hong Kong internet sector, detailing market trends and key players [33] - The report analyzes the biopharmaceutical industry, highlighting growth drivers and investment risks [36] - It also discusses the photovoltaic and new energy vehicle sectors, emphasizing their growth trajectories and market challenges [42][44] - The report includes insights into the home appliance industry, discussing market trends and consumer behavior [46]

作为产业报道的头部媒体，过往我们对产品报道并不多，但产品报道才是对消费者选车、购车，以及车企造车、卖车最有帮助的文字。 于是，我们决定重塑产品观察栏目，分为MAX，PRO两个不同类型： 产品MAX邀请了车企及供应链企业的专业人士，听听他们选车和购车时关注的重点，为消费者提供有效建议； 以下文章来源于36氪汽车 ，作者韩永昌 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 产品PRO则邀请了连续购买多辆新能源车的资深车主，为固定品牌和细分市场提供真实意见。 文 ｜ 韩永昌 编辑 ｜ 张博文 来源｜ 36氪汽车（ID：EV36Kr） 封面来源 ｜ IC photo 这是第一期栏目，我们邀请了一位拥有约10年动力电池研发经验的专业人士，他经历了中国新能源车崛起的整个过程，在车企、 电池企业都有工作经历，也亲手开发了多款电池包。 他分享了一些如何选择电池、电车，以及日常生活中如何养护电池的经验。但至今他依然在开油车，他的同事们也开油车居多， 让我们来看看他怎么说 36氪：你去看车的时候，你会特别关注这个电池是谁们家的吗？ 工程师： 如果是三元电池，我就会特别关注。因为在我们自己开发的角度来看， ...

每经记者 任飞 每经编辑 彭水萍 近日，广发基金旗下知名基金经理刘格菘管理的6只基金公布今年一季报。从持仓分布来看，依然重点配置在新能源车、电子、锂电、光伏、军工等领域。 值得注意的是，刘格菘本季度调仓幅度较大，各只基金前十大重仓股普遍有所调整，且多数环比去年年底有所减持。 赛力斯、亿纬锂能、北方华创遭减持明显，部分基金新进了天合光能、广东宏大、振华科技等个股。刘格菘总结称，A股市场仍向着技术创新引领的逻辑在 演绎，在行业自律、政策补贴、科技扶持等多方面的支持引导下，行业基本面会回暖向好，市场风格也会逐渐转向业绩驱动。 近日，广发基金旗下知名基金经理刘格菘管理的6只基金公布了今年一季报。总体来看，重仓股普遍遭遇减持，有的环比减持幅度较大，但在配置的方向上 依然延续此前的思路，在新能源车、电子、锂电、光伏、军工等领域布局广泛。 赛力斯、亿纬锂能、北方华创等个股是刘格菘季内主要减持的一些标的。以广发小盘成长为例，Wind统计显示，今年一季度末，亿纬锂能持仓数量为392.45 万股，这一数据比去年年底减少约53.28%。 类似的大比例减仓还有广发双擎升级，北方华创在一季度末的持仓数量降至30.39万股，相比去年年底 ...