Core Viewpoint - EVE Energy aims to maintain its position as a "second-tier leader" in the lithium battery industry and effectively counter "black swan" events by proactively gathering funding sources [1][9][60] Group 1: IPO and Market Response - EVE Energy's announcement of its H-share IPO on the Hong Kong Stock Exchange did not receive a warm response from the capital market, unlike CATL [2][4] - Following the IPO announcement, EVE Energy's A-share price fell nearly 5% from 45.02 CNY to 42.78 CNY [3] - The muted market reaction is attributed to the slowdown in the lithium battery industry and investor concerns over the company's potential funding pressures [6] Group 2: Funding Needs and Global Expansion - The funds raised from the Hong Kong IPO are crucial for EVE Energy, described as a "lifeline" for the company [7] - EVE Energy plans to use the IPO proceeds for overseas factory construction, accelerating global capacity layout, and supplementing working capital [11] - The company has a cash balance of approximately 13.4 billion CNY, but its overseas projects require nearly 17.4 billion CNY, leaving a funding gap of about 4 billion CNY [19] Group 3: Customer Payment Challenges - EVE Energy's core business, power batteries, accounts for nearly 40% of its revenue, with automotive companies as its primary customers [25] - Following the IPO announcement, several automotive companies committed to reducing payment terms to within 60 days, highlighting a significant change in the supply chain [26] - The average accounts payable turnover days for domestic automakers is 171.6 days, significantly higher than the less than 60 days typical for Western brands [28] Group 4: Storage Battery Market and Competition - EVE Energy's storage battery revenue is projected to account for 39.14% of total revenue in 2024, with a shipment target of 50.45 GWh, making it the second-largest globally after CATL [36] - The U.S. market is a key target for EVE Energy, but changes in policy, such as the IRA, pose significant challenges for its downstream customers [38][39] - The bankruptcy of Powin, a major U.S. energy storage integrator and customer, raises concerns about future cooperation and payment uncertainties [40][43] Group 5: R&D Investment and Competitive Pressure - EVE Energy must invest heavily in R&D to keep pace with competitors, with R&D spending increasing from 700 million CNY to 2.942 billion CNY over the past five years [47] - The company plans to launch a pilot line for solid-state batteries by the end of this year, aiming for a 400 Wh/kg energy density by 2028, which lags behind competitors [49][55] - EVE Energy faces intense competition in large-capacity battery cells, with rivals rapidly advancing their technologies [56][58] Group 6: Overall Challenges and Future Outlook - EVE Energy is confronted with multiple challenges, including the need for funding for overseas expansion, risks in accounts receivable, difficulties in the storage market, and pressures from R&D investments [59] - The success of the Hong Kong IPO is critical not only for expanding financing channels but also for supporting overseas expansion and technological advancements [60]

Group 1 - The 18th High-tech Lithium Battery Industry Summit focuses on the restructuring of the industry chain and the resonance of all-scenario applications [1] - The 2025 High-tech New Energy Materials Industry Conference emphasizes the role of AI and new materials in leading energy transformation [2] - The events are organized by High-tech Lithium Battery and High-tech Industry Research Institute (GGII) [3] Group 2 - The 2025 High-tech New Energy Materials Industry Conference is scheduled for June 25-26, 2025, at the Marriott Hotel in Jintan, Changzhou [3] - The subsequent conference on energy storage will take place on July 8-9, 2025, in Qionglai, Chengdu, China [4]

Core Insights - The article highlights the acceleration of electrification in various sectors, with China's electrification penetration rate surpassing 50%, driving a new industrial cycle in the lithium battery supply chain [2] - It emphasizes the collaborative development of power and energy storage industries, which are crucial for regional energy transformation and achieving carbon neutrality goals [2] - The lithium battery industry is undergoing structural adjustments, with core material prices rebounding and a stabilization in cell prices, leading to an optimization of supply and demand within the industry [2] - The application of new materials and processes is accelerating, with differentiated performance in power and energy storage batteries, driven by market demands [2] Industry Development - Changzhou is positioned for significant breakthroughs in the new energy sector, leveraging its strong foundation and development potential to become a leading base for the global new energy industry [3] - The summit will gather over 300 influential companies and 1,000 industry leaders for technical exchanges and new product showcases, highlighting the importance of collaboration in the lithium battery supply chain [5] Summit Highlights - The summit will feature a series of key discussions on topics such as the restructuring of the industry chain and the development of all-scenario electrification products [6] - Notable sessions include insights on next-generation battery technologies and the market applications of semi-solid batteries, showcasing the latest advancements in the lithium battery sector [6][7]

银河核心优势混合基金2024年报显示，2024 年新能源行业仍承受明显的压力，行业整体表现弱于市场，一方面是对需求的担心，比如对新能源车渗透率过 高的担心、对光伏装机可持续高增的担心，另一方面有对产能过剩的担心。该基金积极应对调整，目前配置较多的光伏、锂电、储能、自动化在内的周期成 长型行业的优质企业，选择上述板块中竞争力强、治理优秀的公司进行配置，对后续能源转型的投资机会仍保持乐观态度。 近期，银河基金旗下的银河核心优势混合基金的表现引起市场关注。 银河核心优势混合基金成立于2022年7月22日，截至2025年6月12日，A类份额成立以来的单位净值下跌42.43%，近1年的单位净值下跌9.86%，近3个月的单 位净值下跌18.92%。 | 银河核心优势混合A(011629) | | | | --- | --- | --- | | 单位净值(2025-06-12) | 累计净值 | | | 0.5757 1.07% | 0.5757 | | | 近1月: -4.05% | 近3月 : -18.92% | 近6月: -15.86% | | 近1年 : - 9.86% | 近3年:-- | 成立来:-42.43% ...

Investment Ratings - Electric Equipment New Energy: Buy (Maintain) [1] - Public Utilities: Buy (Maintain) [1] - Environmental Protection: Buy (Maintain) [1] Core Insights - The report maintains a positive outlook on investment opportunities in wind power, virtual power plants, nuclear fusion, and solid-state batteries, highlighting the potential for significant advancements and investments in these areas [3][4]. - The European Union's initiative to develop a fusion energy strategy is expected to enhance Europe's leadership in the ITER project and attract social investment, indicating a competitive edge in fusion technology development [3]. - The market remains focused on the "Document 136" and "Green Electricity Direct Connection," with a noted decline in overall electricity prices, particularly in photovoltaic sectors, while wind power prices remain stable [3]. Summary by Sections Electric Equipment New Energy - The report emphasizes the importance of high-quality assets in the context of "Document 136," recommending investments in wind power, virtual power plants, and energy storage [3][4]. - The wind power sector is expected to see a recovery in sales and profit margins due to improved output curves and the restructuring of new energy installation logic [4]. Public Utilities - The report notes stable coal prices, with domestic coal prices remaining unchanged at 618 CNY/ton as of June 13, 2025, while imported coal prices have slightly decreased [37]. - The focus on energy storage systems is highlighted, with several significant projects and tenders in the pipeline, indicating robust growth potential in this area [36]. Environmental Protection - The report suggests that the market may continue to speculate on controllable nuclear fusion and solid-state batteries, with a focus on domestic experimental projects and technological advancements in these fields [4]. - The report also indicates that the energy storage market is experiencing high growth, particularly in Europe and Southeast Asia, with a recommendation to monitor monthly data for household storage [4].

Investment Rating - The report maintains a positive outlook on the wind power sector, particularly for domestic companies capable of securing orders from the Philippines' 3.3GW offshore wind project and the domestic wind turbine market [2][7]. Core Insights - The report highlights the strong demand for wind power and solar energy, with specific attention to the Philippines' offshore wind project and the ongoing developments in the domestic wind turbine market. It also emphasizes the importance of technological innovation and differentiation in the solar and energy storage sectors [2][7][4]. Wind Power - The Philippines has initiated a 3.3GW offshore wind project tender, requiring project delivery between 2028-2030, which is significantly shorter than typical overseas project timelines. This presents opportunities for domestic wind turbine, foundation, and submarine cable companies to secure related orders [2][7]. - The average bidding price for the 5.XMW wind turbine model in the 2.5GW land wind turbine procurement by State Power Investment Corporation increased by 17% compared to March, indicating a positive trend for profitability in the turbine segment [2][7]. Solar & Energy Storage - The SNEC exhibition showcased strong attendance, but the demand outlook remains stable with companies prioritizing risk control amid overcapacity and ongoing profitability pressures. The focus has shifted from technical debates to micro-innovations and exploring new application scenarios for differentiation [2][7]. - The report projects that by 2025, the domestic energy storage market will see an addition of 54GW/150GWh, reflecting a year-on-year growth of 24%/37% [2][7]. Electric Grid - The report notes a significant increase in the number of bidding packages for the State Grid's 2025 transmission and transformation projects, with a total of 579 packages, marking a 58-package increase from previous rounds [3][10]. - The Hami-Chongqing ultra-high voltage direct current project has commenced operations, with additional projects expected to be approved for construction in the coming months, indicating a robust outlook for companies involved in ultra-high voltage projects [3][10]. New Energy Vehicles - The report indicates a decline in local subsidies for electric vehicles, leading to a pessimistic sentiment regarding overall vehicle demand. However, it suggests that the impact of subsidy reductions may vary by region and emphasizes the need to monitor actual sales data [12][17]. - The report highlights the launch of the Xiaopeng G7, a new electric SUV, and notes that the vehicle's pre-sale performance has exceeded expectations, although pricing adjustments may be necessary upon official launch [12][17]. Hydrogen and Fuel Cells - The National Energy Administration has initiated hydrogen energy pilot projects, aiming to accelerate the commercialization of hydrogen technologies across various applications [3][17]. - The report notes a decline in production and sales of fuel cell vehicles, indicating that the industry still requires substantial policy support to achieve stable growth [3][17]. Lithium Batteries - The report emphasizes the nearing commercialization of composite current collectors and solid-state batteries, with significant advancements expected in the third quarter [4][22]. - The rising copper prices are increasing the cost share of copper foil in batteries, making it a critical area for cost reduction in battery materials [4][22].

Key Points - The article discusses significant developments in the renewable energy sector, particularly focusing on wind energy, solar energy, energy storage, and electric vehicles, highlighting investment opportunities and market trends [1][2][3][4][5][6][8][9][12][14][18][20][22][24][25][26][27][29][31][35]. Group 1: Wind Energy - The Philippines has initiated a 3.3GW offshore wind project tender with a short delivery timeline, which is expected to favor domestic suppliers [4]. - The Inch Cape offshore wind project is progressing well, with the first batch of XXL monopiles completed, indicating potential order confirmations for related companies [5]. - The National Energy Investment Corporation's 2.5GW onshore wind turbine procurement saw a significant increase in bidding prices, suggesting a positive trend for turbine manufacturers [6][7]. Group 2: Solar Energy & Storage - The SNEC exhibition showcased a shift from technology debates to efficiency improvements and new application scenarios, indicating a focus on differentiation in a competitive market [9][10][11]. - The article predicts a 54GW/150GWh increase in domestic energy storage installations by 2025, driven by market mechanisms and technological advancements [12][13]. - The global energy storage market is expected to reach 270GWh in new installations by 2025, with significant growth in large-scale and commercial storage [13]. Group 3: Electric Vehicles - Local governments have begun suspending vehicle trade-in subsidies, raising concerns about future demand in the electric vehicle market [26][31]. - The Xpeng G7 has officially started pre-sales, with initial orders exceeding expectations, although pricing adjustments are anticipated upon official launch [29][30]. - The overall vehicle market is experiencing a shift, with increased competition and changing consumer preferences impacting sales dynamics [33]. Group 4: Hydrogen and Fuel Cells - The National Energy Administration has launched a hydrogen energy pilot program to promote commercial models and accelerate industry development [35]. - Fuel cell vehicle production and sales have declined, indicating a need for continued policy support to stabilize the market [36][37].

| 2起点锂电 全球领先的锂电产业智库 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 台 | 务 内 容 | 周陵 | 라 | | | | | | 品牌服务 | 政府服务 | 资本服务 | 研究 咨询 | | | | | | IPO | | | | | | | | | 论坛 展会 | 走 660 | 数据 调研 | | | | | | | 研究 | | | | | | | | | 服务 | | | | | | | | | 规划 | | | | | | | | | 招商 服务 | 报告 | 咨询 | 报告 | | | | | | 暖点 | 会员 服务 | 品牌 唯位 | 泰安 | 昌客 | 政府 | 是 别 | 报 顾问 | | 合作 咨询 邱先生 189 3802 3176 | | | | | | | | 6月10日，德方纳米披露，公司控股子公司深圳市德方创域新能源科技有限公司（以下简称"德方创域"）以增资扩股的方式引进战略投资者国 信资本有限责任公司、成都产投先进制造产业股权投资基金合伙企业（有限合伙）、四川省天府芯云 ...

Core Viewpoint - The article discusses the advancements and future directions in solid-state battery technology, highlighting the importance of solid electrolytes and the ongoing research and development efforts by various companies in the industry [5][6][22]. Group 1: Solid-State Battery Developments - Solid-state batteries are recognized as a crucial direction for the continued development of lithium batteries, with significant attention from society and support from national policies [5]. - Current projects aim to develop high-energy-density solid-state lithium batteries with energy densities of 350Wh/kg (single cell) and 260Wh/kg (system) [5]. - Innovations in solid electrolyte materials have achieved a conductivity of 10mS/cm and energy densities reaching 369.93Wh/kg, with ongoing large-capacity battery cycle tests [5]. Group 2: Research and Innovations - Research teams are combining ionic liquids with traditional organic electrolytes to enhance charging performance at high rates [6]. - New composite solid-state electrolytes with high ionic conductivity (0.78mS/cm) and excellent mechanical properties are being developed [6]. - Companies are focusing on improving the stability and cost-effectiveness of solid-state batteries while enhancing energy density from 300Wh/kg to over 500Wh/kg [10]. Group 3: Safety and Production Techniques - Companies like Zhongke Solid Energy are implementing in-situ polymerization techniques for safer solid-state battery production, achieving significant safety performance in tests [11]. - Innovations in manufacturing processes, such as the use of advanced rolling technologies, are being adopted to enhance the production of solid-state battery components [15]. - The development of high-performance solid electrolytes and battery designs aims to eliminate leakage risks and improve energy density for safer energy solutions [11][18]. Group 4: Market Trends and Future Outlook - The solid-state battery industry is expected to enter a new phase starting in 2025, with a focus on material innovation rather than price competition [22]. - Companies are exploring the use of metal-organic frameworks (MOFs) to enhance lithium-ion conduction and improve battery performance [22]. - A clear roadmap for engineering and mass production of solid-state batteries is being established, with significant production capacity planned for the coming years [19].

Core Insights - The article highlights the acceleration of electrification in various sectors, with China's electrification penetration rate surpassing 50%, driving a new industrial cycle in the lithium battery industry [2] - It emphasizes the collaborative development of power and energy storage industries, which are crucial for regional energy transformation and achieving carbon neutrality goals [2] - The lithium battery industry is undergoing structural adjustments, with core material prices rebounding and a stabilization in cell prices, leading to an optimization of supply and demand within the industry [2] - The application of new materials and processes is accelerating, with differentiated performance in power and energy storage batteries, driven by market demands [2] Industry Development - Changzhou is positioned for significant breakthroughs in the new energy sector, leveraging its strong foundation and development potential to become a leading base for the global new energy industry [3] - The summit will gather over 300 influential companies and 1,000 industry leaders for technical exchanges and new product showcases, highlighting the importance of collaboration in the lithium battery supply chain [5] Summit Highlights - The summit will feature a series of key discussions on topics such as the restructuring of the industry chain and the development of all-scenario electrification products [6] - Notable sessions include insights on next-generation battery technologies and the market applications of semi-solid batteries, showcasing the competitive landscape of the lithium battery sector [6][7]