报告要点： 周度行情回顾 2025年04月13日至04月18日，上证综指上涨1.19%，深证成指下降0.54%，创业板指下降 0.64%。其中申万电力设备下降0.37%，较沪深300跑输0.96pcts。细分子行业来看，申万光 伏设备/风电设备/电池/电网设备分别涨-1.92%/2.31%/0.46%/-0.27%。 重点板块跟踪 科达利：2024年度，公司实现营业收入120.30亿元，较上年同期实现了14.44%的增长； 归属于上市公司股东的净利润为14.72亿元，较上年同期增长了22.55%。 投资建议 光伏：美国对等关税对光伏板块实质影响有限，核心逻辑在于三重缓冲机制：1）中美 光伏贸易壁垒已高度固化。自2012年美国对中国光伏产品征收"双反"税起，叠加后续 201/301关税形成的复合税率，中国直接出口美国的光伏产品占比已严重萎缩，此次关税升 级边际效应显著弱化；2）东南亚转口路径调整早有预期。越南、泰国等地光伏产能已面临 超高税率，远超当前对等关税水平，市场对东南亚产能退坡早有定价，部分产能转向中东、 拉美等新兴市场；3）本土化产能布局构筑护城河。中国头部企业通过"技术授权+属地化生 产"模式，在北 ...

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。 但我选车的话，我大概率会直接选磷酸铁锂的。因为这材料本身安全性就好，不管是哪个厂家做的磷酸 铁锂电池，其实不会相差太多，至少在安全上不会相差那么大。 36氪：如果一定要选三元电池，你会愿意为宁德时代这个电池品牌付出溢价？ 工程师：如果20万以上的车，多花个几千块钱的话，是可以的，没什么大问题。 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； 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。 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 ...

Group 1 - Liu Gesong's funds reported a total scale of 32.171 billion yuan at the end of Q1, a decrease of approximately 2 billion yuan compared to the previous quarter [2] - The main sectors for investment include new energy vehicles, electronics, lithium batteries, photovoltaics, and military industry [2] - The flagship fund, Guangfa Shuangqing Upgrade, has a year-to-date return of -3.89%, underperforming its benchmark [2] Group 2 - The concentration of the top ten holdings in Guangfa Shuangqing Upgrade decreased to 71.21% from 81.76% in the previous quarter, a decline of about 10% [2] - Six out of the top ten holdings were reduced, with the largest reduction in Beifang Huachuang, which saw a decrease of 33.83% in shares held [2][3] - New entrants to the top ten holdings include Zhenhua Technology and Fenzhong Media, while Tianhe Energy and AVIC Optoelectronics exited [3] Group 3 - Guangfa Industry Fund's latest scale is 6.38 billion yuan, down by approximately 400 million yuan [4] - New top ten holdings include Xiaomi Group-W and Alibaba-W, with Tencent Holdings seeing over a 20% increase in shares held [4] Group 4 - Guangfa Technology Pioneer Fund reduced its holdings in Seris by 10.76%, with a latest holding of 6.67 million shares valued at 840 million yuan [6] - Guangfa Small Cap Growth Fund significantly reduced its holdings in EVE Energy by 53%, with a latest holding of 3.92 million shares [7] Group 5 - Liu Gesong anticipates a steady recovery in the domestic economy, driven by government policies focusing on livelihood, consumption, and real estate [8] - The technology growth sector is expected to perform independently of economic cycles, with a higher probability of a prosperous market [9] - Liu maintains an optimistic outlook for the overall economic environment in 2024, expecting a gradual recovery of internal economic momentum [9]

树欲静而风不止。 貌似远离关税冲击的特斯拉，随着特朗普对等关税风暴的升级，同样被拖进动荡的漩涡。 在4月16日当周，特斯拉股价经历了难得的"平静"，只是周三晚上，华尔街流传特斯拉自动驾驶出租车 因关税问题而搁置，特斯拉股价再度大跌。 销售目标地设厂，周边供应链配套，全球化研产销合作——汽车行业可能是人类历史上全球化分工最 广、最细的产业。而特斯拉无疑是众多车企中的佼佼者，其仰仗的中国新能源车产业底蕴，在过去约十 年时间中不断累积财富，造就了埃隆.马斯克追逐一切科幻梦想的底气。 在美国推动的逆全球化潮流中，特斯拉虽然不断对供应链布局闪转腾挪，却终究躲不过关税的乱棒加 身。关税走钢丝策略失灵 过去几十年中，在《北美自贸协定》汽车行业的免税政策下，美国汽车行业完成了产业链从美国本土， 部分向加拿大、墨西哥地区转移的进程。 事实上，在2020年《北美自贸协定》废止之前，墨西哥与其说是北美汽车"工业"重镇，不如说是汽 车"转口"重镇。 大量汽车工业成品通过《北美自贸协定》下的免税政策，由墨西哥进入美国，并在美国本土组装。其 中，美国本土的特斯拉汽车主要由美国西海岸的加州，德克萨斯两地工厂生产。 因此，特斯拉汽车的供应链 ...

Investment Rating - The report maintains a "Buy" rating for JunDa Co., emphasizing the potential for value reshaping in the photovoltaic manufacturing chain, particularly in the battery cell segment [7][8]. Core Insights - The photovoltaic manufacturing industry is experiencing a trend of globalization, with the battery cell segment's position and leading companies' values expected to be reshaped. JunDa Co. is reiterated as a key recommendation, with a focus on the resilience of domestic and international demand post-installation rush [2][7]. - The wind energy sector is seeing significant developments, such as the signing of a 100,000 kW floating offshore wind power pilot project by WanNing, which is expected to be a major growth direction during the 14th Five-Year Plan period [2][9]. - The power grid sector is advancing with the State Grid's focus on ultra-high voltage project construction and the Southern Grid's procurement plans, indicating a strong emphasis on digitalization and smart grid upgrades [2][9]. Summary by Sections Photovoltaics & Energy Storage - The report highlights the ongoing globalization of the photovoltaic manufacturing chain, particularly in the component segment, with a focus on JunDa Co. and the observation of component production in May [2][7]. - JunDa Co. reported a significant reduction in losses in Q1 2025, with a revenue of 1.875 billion yuan, a year-on-year decrease of 49.52%, and a quarter-on-quarter increase of 7.14% [7][9]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand dynamics and the optimization of leading companies' production structures [7][9]. Wind Power - The WanNing floating offshore wind power pilot project, with a planned capacity of 1 GW, is set to be a significant development in the wind energy sector, utilizing advanced floating wind turbine technology [2][9]. - The report suggests that floating wind power is expected to be a key development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [2][9]. Power Grid - The State Grid is prioritizing the construction of ultra-high voltage projects and accelerating the planning and digital transformation of regional power grids [2][9]. - The Southern Grid has announced plans for 30 procurement batches in 2025, highlighting its commitment to energy digitalization and smart grid upgrades [2][9]. - China West Electric's Q1 performance exceeded expectations, with a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, and a net profit of 290 million yuan, a year-on-year increase of 42.1% [9][10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3][11]. - The solid-state battery industry is progressing, with Ganfeng Lithium and LGES making significant advancements in solid-state battery development [3][14]. Hydrogen Energy & Fuel Cells - The report emphasizes the importance of downstream consumption in the hydrogen energy sector, particularly in marine fuels and heavy-duty trucks, as the global shipping industry moves towards regulatory-driven emissions reductions [4][10]. - The establishment of the "Hydrogen Corridor" in Western China is expected to support logistics applications and enhance hydrogen energy utilization [4][10].

Investment Rating - The report maintains a "Buy" rating for JunDa Co., Ltd. and highlights the potential of the photovoltaic manufacturing industry under globalization [7][8]. Core Insights - The photovoltaic manufacturing supply chain, particularly in the component segment, is expected to undergo a value reshaping due to globalization, with JunDa Co., Ltd. being a key recommendation [7]. - The offshore floating wind power project in Wanning is set to become a significant development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [9]. - The report emphasizes the importance of digital transformation in the power grid sector, with significant procurement plans from Southern Power Grid and advancements in high-voltage engineering by State Grid [9][10]. Summary by Sections Photovoltaics & Energy Storage - The report reiterates the recommendation for JunDa Co., Ltd. as a leading independent battery cell supplier, highlighting its improved performance and increasing export sales [7]. - The global trend of component capacity construction is accelerating, with a notable increase in battery cell exports, indicating a shift in the supply chain dynamics [7]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand relationships and the optimization of leading companies' production structures [7]. Wind Power - The Wanning floating offshore wind power project, with a planned capacity of 1GW, is expected to significantly contribute to the development of floating wind technology in China [9]. - The project will utilize advanced floating wind turbine technology, marking a milestone in the country's offshore wind power capabilities [9]. Power Grid - The State Grid is focusing on high-voltage engineering construction and accelerating the planning and digital transformation of regional power grids [9]. - Southern Power Grid has announced a procurement plan for 30 batches of materials, emphasizing its commitment to energy digitalization [9]. - China West Electric's Q1 performance exceeded expectations, with strong growth in new orders and overseas revenue [10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3]. - The solid-state battery industry is progressing, with significant developments from Ganfeng Lithium and LGES, aiming for commercial products by 2030 [3][14]. Hydrogen Energy & Fuel Cells - The International Maritime Organization's net-zero framework will drive the shipping industry's decarbonization, with methanol emerging as a key fuel [4]. - The launch of the "Hydrogen Corridor" in Western China is expected to enhance hydrogen supply and logistics capabilities, supporting the demand for hydrogen-powered vehicles [4].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1] Core Insights - The report expresses optimism regarding the growth of photovoltaic demand in the US and emerging economies, with expectations for supply-side reforms in the photovoltaic sector [1] - The report highlights the potential for improved profitability in the wind power sector due to steady domestic and overseas demand, particularly in offshore projects [1] - The report suggests prioritizing investments in sectors with expected profitability improvements, such as complete machines and forged components in the wind power sector [1] - The report notes the government's push for the development of smart connected new energy vehicles, which is expected to drive battery and material demand growth [1] - The report emphasizes the ongoing industrialization of solid-state batteries, with mass production anticipated by 2027, benefiting companies involved in batteries, materials, and equipment [1] - The report indicates that domestic electricity system reforms are likely to accelerate the construction of ultra-high voltage and main grid projects, maintaining high demand for related grid equipment [1] - The report mentions the continuous policy support for hydrogen energy development, suggesting a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1] Summary by Sections Industry Dynamics - The report notes that the domestic power equipment and new energy sector experienced a slight decline of 0.37% this week, contrasting with the overall market's performance [10] - The wind power sector saw a rise of 2.53%, while the photovoltaic sector faced a decline of 1.73% [13] - Key developments include the announcement of new solid-state battery applications by SAIC and the introduction of mandatory safety requirements for electric vehicle batteries by the Ministry of Industry and Information Technology [24] Company Dynamics - The report highlights significant profit growth for companies such as Huayou Cobalt and Ningde Times, with year-on-year increases of 23.99% and 32.85% respectively [24] - It also notes the profit decline for Tianqi Lithium and Wenkang New Energy, indicating a shift in financial performance among companies in the sector [24]

科技股从来不是新故事，所有的声音大多来源于，有的人选择重新相信，还有的人始终在场。 作为资本市场中的宠儿，科技股投资往往离不开 " 高增长 " 给人带来的巨大想象空间：业绩的高速增长 可以消化企业的估值，进而能够让市场给予这些企业更高的估值，实现戴维斯双击。但在过去两年中， 这种螺旋上升随着部分科技细分产业进入成熟期而遭遇了业绩增速的放缓。 以新能源车行业为例，根据 Wind 数据显示，新能源汽车指数在 2023 年营收增速由前一年的 27.13% 放 缓为 14.76% ，归母净利润更是同比下降 7.76% 。 当曾经的高增长变得难以为继，投资者们也开始纷纷去寻找新兴的科技行业，以期寻找到下一个上升期 的科技产业。可对于体量庞大的基金经理们来说，这条寻找的道路却并不顺利。 且不说大多数处于 0-1 孵化过程的新兴科技产业，业绩的可持续性很难验证。如果退回到对短期消息面 的博弈，互联网与 AI 又极大地加速了信息传播的效率，行情的演绎也变得更为迅猛。 不论是 低空经 济、固态电池、还是人工智能，几乎都是在短短两个多月的时间里就完成了从小溪流到大赛道再到要切 换的全过程。 在这种 " 快餐式 " 的科技股行情下 ...

Market Overview - The Asia-Pacific markets showed strong performance today, with the Nikkei 225 index closing up 1.18% at 33,982.36 points, the Australian S&P 200 index rising 1.29% to 7,745.4 points, and the South Korean Composite Index increasing by 0.95% to 2,455.89 points [1] - A-shares continued to strengthen, with the Shanghai Composite Index rising 0.76% to 3,262.81 points and the Shenzhen Component Index up 0.51% to 9,884.3 points. The total turnover in the Shanghai and Shenzhen markets reached 13,129 billion [2] - The European stock indices opened higher, with the UK FTSE 100 index gaining 2% and major indices in Germany, France, Italy, and the Euro Stoxx 50 all rising over 2% [3] - U.S. stock index futures were also up, with the Dow futures rising nearly 1% and the S&P 500 futures increasing over 1% [4] Resource Sector - The resource sector saw a collective rally, with coal, electricity, non-ferrous metals, oil, chemicals, and steel stocks all performing well [6] - In the coal sector, companies like Dayou Energy and Anyuan Coal Industry hit the daily limit, while New Dazhou A rose over 5% [7] - Analysts suggest that the coal sector is in the early stages of a new upward cycle, with a favorable supply-demand balance expected to persist over the next 3-5 years, making it a good time to invest in coal stocks [8] Precious Metals - The non-ferrous sector, particularly gold stocks, performed strongly, with companies like Huayu Mining and Hunan Gold hitting the daily limit, and others like Chifeng Gold and Hunan Silver rising over 7% [9] - Spot gold prices reached a new high of $3,245 per ounce, with UBS raising its gold price forecast to $3,500 per ounce and Goldman Sachs increasing its 2025 target from $3,300 to $3,700 per ounce [9] - Analysts believe that the current liquidity crisis in U.S. Treasuries has diminished their safe-haven appeal, making gold a more attractive investment option [9] Sports Sector - The sports concept stocks surged, with companies like Kangli Source and Jinling Sports hitting the daily limit, and others like Tanshihua Sports and Shuhua Sports also performing well [10][12] - The People's Bank of China and other departments recently issued guidelines to support the high-quality development of the sports industry, emphasizing financial support for infrastructure and major projects [12] Controlled Nuclear Fusion - The controlled nuclear fusion concept saw significant gains, with companies like Zhongzhou Special Materials hitting the daily limit and others like Changfu Co. and Hailu Heavy Industry also performing well [14] - The ITER project, which aims to develop nuclear fusion technology, has reached a key milestone with the completion of major components, indicating progress towards commercial viability [16] - Analysts highlight that advancements in high-temperature superconductors and AI are driving the commercialization of controlled nuclear fusion, which could lead to rapid development in the industry [16][17]

Core Insights - NIO has delivered its 100,000th production vehicle in Shanghai, becoming the first Chinese brand with an average transaction price above 300,000 yuan and 100,000 users in the city [1] Group 1: Delivery Milestones - NIO has crossed a cumulative delivery of over 300,000 vehicles in Jiangsu, Zhejiang, and Shanghai, with these three regions accounting for nearly half of NIO's total sales nationwide [1] - The company founder and CEO, Li Bin, highlighted that Shanghai is the first city to surpass 100,000 NIO vehicles, emphasizing the brand's strong presence in the region [1] Group 2: Market Position and Strategy - The significant user base in the highly competitive Yangtze River Delta indicates the competitiveness of NIO's products and services [1] - With the expansion of its sales and service network, particularly the promotion of battery swapping services, NIO anticipates that more provinces and cities will see their user base exceed 100,000 [1]