以下文章来源于信息量有点大 ，作者信大校长 信息量有点大 . 聚焦外部视角，一天一篇外资研报 高盛近日发表的《中国民营企业回归系列报告 》 中定义了高盛眼中的Prominent 10（民营10巨头），并 表示这10大中国民营企业正在崛起，在市值、竞争力等方面正实现向上突破，对标美国Mag 7的市场地 位： 一、Prominent 10：中国股市的 "核心资产" 矩阵 高盛定义的中国 Prominent 10涵盖科技、消费、制造等核心领域，合计市值 1.6 万亿美元，占 MSCI 中国 指数权重 42%，日均交易额 110 亿美元。其中腾讯（市值 6010 亿美元 / 日均交易额 18 亿美元）、阿里 巴巴（2890 亿美元 / 16.08 亿美元）、比亚迪（1210 亿美元 / 5.88 亿美元）等龙头，2025-2027 年盈利复 合增长率预计达 13%，当前市盈率 16 倍，fPEG（未来市盈率相对盈利增长率）1.1 倍，兼具成长与估值 优势。 二、与美国 Mag 7 的对标：规模差距与成长韧性 （一）市值与估值对比 规模差距 ：Mag 7 总市值 19.2 万亿美元（如微软 3.6 万亿、英伟达 3.5 ...

Group 1 - The company has a strong focus on the battery box casing business, achieving steady growth in recent years, with a clear control structure and experienced management team [1] - The global market for battery box casings reached a scale of over 10 billion since 2021 and continues to grow, with the company establishing a deep partnership with major client BYD [1] - The company is positioned as a specialized manufacturer, leveraging its professional advantages to enhance its business strength and profitability compared to peers [1] Group 2 - Future revenue structure is expected to optimize comprehensively, with ongoing expansion of projects and active customer development, particularly in the commercial vehicle sector benefiting from electrification [2] - The company aims to become a platform-type manufacturer for aluminum structural components, with projected revenues of 2.78 billion, 3.42 billion, and 4.03 billion for 2025-2027, and corresponding net profits of 300 million, 380 million, and 480 million [2] - The company plans to acquire Honglian Electronics, which is anticipated to open new growth points [2]

二 〇 二 四 年 度 2025 年 6 月 22 日 碳酸锂：供增需减，关注仓单注销矛盾 供应：锂辉石精矿价格周下跌 9 美元/吨，跌幅较小，澳洲发运量连续两周处于低位。冶炼端后续盐 湖和非矿新投项目增加，锂盐供应维持增量预期。冶炼端产量和开工率维持增长，本周碳酸锂产量 18462 吨，增幅 1.85%。冶炼端整体开工率 53.64%，环比上周提升 1.18 个百分点。 需求：本周新能源车零售销量为 24.8 万辆，未见明显的销量增长。受国补资金不足的情况影响，市 场担忧后续需求增长乏力。财联社调查表示："中央安排超长期特别国债支持消费品以旧换新的资金总规 模是 3000 亿元，今年 1 月和 4 月已分别下达两批共计 1620 亿元中央资金，支持地方做好一、二季度消 费品以旧换新工作。后续还有 1380 亿元中央资金将在三、四季度分批有序下达，同时地方也将相应配套 和自行安排足够的地方资金。"储能方面，5 月峰值后预计储能需求将呈现为回落状态。本周正极材料库存 小幅增加。 库存：碳酸锂库存总量累增，主要为上游和贸易商累库。碳酸锂库存 13.5 吨，环比上周增长 1352 吨。期货仓单数量减少 4250 吨 ...

Investment Rating - The report gives a "Buy" rating for the offshore wind sector, particularly highlighting the potential for significant growth in European offshore wind projects and the expected increase in orders for related companies [7][6]. Core Insights - The offshore wind sector is experiencing a positive outlook with successful project milestones, such as the Jiangsu Guoxin Dafeng offshore wind project achieving its first power delivery and aiming for grid connection [7]. - The U.S. "Great American Outdoors Act" has introduced more lenient supply chain requirements, which is expected to benefit energy storage projects significantly [8]. - The lithium battery sector is seeing a resurgence in traditional orders and advancements in solid-state battery technology, with major manufacturers receiving large-scale orders [14][11]. Summary by Relevant Sections Offshore Wind - Jiangsu Guoxin Dafeng offshore wind project successfully completed its first power delivery, with expectations for initial grid connection within the month [7]. - The 2025 Offshore Wind Conference in Liaoning set a target of 13.1GW for offshore wind development, indicating strong future demand [7]. - European offshore wind demand is projected to double this year, with significant order growth anticipated [7]. Solar & Energy Storage - The U.S. Senate's version of the "Great American Outdoors Act" has relaxed certain supply chain restrictions, which is favorable for energy storage projects [8]. - After a peak in domestic installations, solar exports have rebounded, with May exports showing a month-on-month increase [8]. - The report highlights the potential for overseas markets to support solar demand in the second half of 2025 [8]. Lithium Batteries - The solid-state battery sector is moving towards industrialization, with major manufacturers receiving MWh scale orders [14]. - The report emphasizes the need for equipment upgrades in solid-state battery production, which is expected to yield higher value compared to traditional equipment [14]. - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery, marking a significant contract in the lithium battery market [11]. New Energy Vehicles - The Chinese government has confirmed the continuation of the vehicle trade-in subsidy program, which is expected to stabilize market demand [15]. - The report notes a strong recovery in the overall vehicle market, particularly in the second half of the year, driven by new vehicle launches and subsidy support [15]. - The report anticipates a robust demand for new energy vehicles, with significant sales growth expected in the coming months [15]. Power Grid - The export of major electrical equipment has shown strong growth, with May exports reaching $6.49 billion, a year-on-year increase of 18% [18]. - The report highlights the ongoing demand for power grid equipment, particularly in overseas markets, which is expected to remain high [18]. - The report suggests that leading companies in the power grid sector are well-positioned to capture greater market share due to their comprehensive capabilities [20].

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 电力设备 国轩高科与亿航智能达成战略合作，中天科技预中标红海湾六主缆 光伏：需求疲软，硅料价格持续下行。本周根据硅业分会报价，n 型复投料成交均 价 3.44 万元/吨，环比下降 6.27%。n 型颗粒硅成交均价为 3.35 万元/吨，环比下 降 2.90%。p 型多晶硅暂无批量成交。当前受下游需求疲软影响，产业链成交疲 软，价格整体下行。叠加近期硅料企业产能置换逐步推进，带来一定产量增加，6 月硅料产出预计上调环比约 8%左右，带动产业链价格下行。建议持续关注三季度 产业链排产控制情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价 格弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技术 背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：中天科技预中标红海湾六海上风电项目 500kV 海底电缆。2025 年 6 月 20 日，深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目 预中标公示，其中中天科技以 8.96 亿元预中标。深能汕尾红海湾六海上风电项目 ...

昨天（6月20日），苏州华之杰电讯股份有限公司在上海证券交易所主板成功上市。至此，苏州年 内新增境内外上市公司达7家，其中境内A股4家，新增A股数量与深圳、杭州并列全国第一。 苏州华之杰电讯股份有限公司成立于2001年，经过20余年的经营发展，公司顺应行业趋势，先后布 局智能开关、智能控制器、无刷电机、精密结构件等，紧密围绕客户需求形成一体化业务布局。2024年 年报显示，公司总资产13.5亿元，实现营业收入12.3亿元，净利润1.54亿元。 "从生物医药到新能源，从高端制造到数字经济，苏州正以'产业链+资本链'双轮驱动，培育出越来 越多的、具有全球竞争力的创新型企业，为经济高质量发展提供助力。"市委金融办相关负责人这样 说。 2025年是"十四五"规划的收官冲刺之年，也是谋划"十五五"发展蓝图的关键节点。苏州持续发挥雄 厚的产业优势，抢抓资本市场深化改革的契机，通过优化服务体系、搭建高效平台、涵养创新生态，不 断擦亮一流营商环境"金名片"。苏州依托精准的上市后备企业梯队培育机制，深化与各大证券交易所的 战略协作，积极引导企业借助资本市场实现跨越式发展，有效促进了科技、资本与产业的深度融合、良 性互动。年内新 ...

I C C S I N O 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源： #鑫椤锂电 行业热点 8GWh！LG拿下奇瑞46系大圆柱电池订单！ 6月16日据韩联社报道，韩国电池制造商LG新能源宣布， 已与中国整车厂商奇瑞汽车签署了一项为期6年 的46系大圆柱电池供货协议。 这是韩国电池厂商首次与中国整车厂商签署圆柱电池供应合同。根据协议， LG新能源将向奇瑞汽车供应46系大圆柱电池，订单规模达到8吉瓦时（GWh），可满足约12万辆电动汽车 的装载需求。尽管合同金额尚未公开，但据行业专家推测，该合同金额可能超过1万亿韩元（现汇率约合 52.52亿元人民币）。 远景动力4680大圆柱电池供货宝马 远景动力46系大圆柱电池产品在无锡江阴超级工厂下线，首批已运往美国，供货宝马全球电动平台车型。 该电池作为宝马集团新世代车型核心动力来源，将由远景动力全球供应链体系持续供货。为满足更大规模 交付需求，更高生产效率的产线正在远景动力沧州超级工厂加速部署，计划于今年下半年量产。 睿派新能源年产5万吨磷酸铁锂正极材料项目即将投产 近日，湖北睿派新能源科技有限公司 ...

Group 1 - The Hong Kong stock market showed strong performance on June 20, with sectors such as film, national trends, automotive, cultural tourism, and medical beauty experiencing gains. The Hong Kong Consumer Index constituents saw significant increases, with China Ruyi up over 4%, Li Ning and Zhongsheng Holdings up over 3%, and others like MGM China, Mixue Group, Bosideng, and Giant Bio up over 1% [1] - The Hong Kong Consumer ETF (159735) recorded an average daily trading volume exceeding 60 million yuan over the past five trading days, indicating high market interest [1] - The Ministry of Commerce reported steady growth in online consumption and a recovery in physical retail. From January to May, online retail sales increased by 8.5% year-on-year, with physical goods online retail sales growing by 6.3%, accounting for 24.5% of total social retail sales [1] Group 2 - Open Source Securities highlighted the structural attractiveness of China's consumer sector in the current market environment. Traditional consumption upgrades continue, with smart home appliances reflecting consumer demand for high-quality living, while new consumption areas like health snacks and smart home products are emerging due to technological innovation [2] - Consumer behavior is increasingly emotional, with a tendency to use consumption for psychological compensation and emotional release, while also placing greater importance on local cultural identity and value resonance. This trend mirrors Japan's "fourth consumption era" that began in 2005, indicating a systemic shift in China's consumer market from "ownership" to "sharing" and "experiential" consumption [2]

Core Viewpoint - Shandong province is enhancing its open economy by creating a high-level open platform to attract multinational companies, with a focus on improving the business environment and facilitating foreign investment [3][13]. Group 1: Investment Environment - Shandong has implemented high-standard international trade rules in the Qingdao Free Trade Zone, promoting innovation in goods trade, financial openness, and the digital economy to attract multinational companies [10][13]. - The province has seen significant foreign investment, with 236 Fortune 500 companies investing in 946 projects, totaling $105.91 billion [4][14]. - The government is providing comprehensive services to foreign enterprises, including a "one-on-one" service team to support their development [14]. Group 2: Carbon Footprint and Sustainability - Companies in Shandong are increasingly focusing on carbon footprint reporting to meet international client demands, particularly from the EU [15]. - The Qingdao Free Trade Zone has pioneered a carbon footprint evaluation model, establishing a carbon emission accounting system for key industries [15][16]. Group 3: Trade and Export Growth - Shandong has actively engaged in the Belt and Road Initiative, with exports to participating countries exceeding $500 million this year [18]. - The province has launched the "Ten Thousand Enterprises Going Global" initiative, planning over 370 trade fairs and matchmaking events to help companies expand into international markets [18]. Group 4: Multinational Company Engagement - The sixth Qingdao Summit for Multinational Company Leaders is set to take place, with 471 confirmed attendees, including 342 international guests [21]. - Previous summits have successfully attracted 421 Fortune 500 companies and resulted in 592 signed investment projects worth $69.8 billion [20][21].

Group 1: Fixed Income and Economic Outlook - The Federal Open Market Committee (FOMC) maintained the federal funds rate target range at 4.25% to 4.5%, marking the fourth consecutive meeting without a rate change, aligning with market expectations [2] - The statement indicated a slight reduction in uncertainty regarding the economic outlook, although it remains at a high level [2] Group 2: Energy Transition and High-Temperature Superconductors - Shanghai Superconductor, a leading company in high-temperature superconducting materials, reported projected revenues of CNY 0.83 billion and CNY 2.40 billion for 2023 and 2024, respectively, reflecting year-on-year growth of 133% and 187% [2] - The company's gross profit margins are expected to improve to 55.77% and 60.52% in 2023 and 2024, respectively, with a significant increase in net profit to CNY 0.73 billion in 2024, indicating a turnaround [2] - The report anticipates that the demand for controllable nuclear fusion will drive down costs and expand application scenarios for high-temperature superconductors [2] Group 3: E-commerce and Retail Growth - The 2025 "618" e-commerce promotion is expected to see stable double-digit growth, driven by a slightly extended activity cycle, government subsidies, and increased user engagement through instant retail scenarios [4] - Major e-commerce platforms are expected to continue competing on improving merchant operations and enhancing user stickiness through multi-channel marketing [4] - Recommended stocks include Alibaba (BABA US/9988 HK) and JD.com (JD US/9618 HK) due to their strong brand support and potential for cross-selling in instant retail [4] Group 4: Utilities and Environmental Sector Performance - The report anticipates a mixed performance among major thermal power companies in Q2 2025, with coal prices expected to decline month-on-month [5] - Hydropower generation is projected to decline year-on-year, while nuclear power operations remain stable [5] - Key focus areas for green power operators include electricity pricing mechanisms and cash flow management for environmental companies [5] Group 5: New Energy and Technology Trends - The report highlights optimism in the profitability of battery and structural components in the electric vehicle sector, alongside advancements in solid-state battery technology [8] - Wind power demand is expected to remain robust, with profitability recovery driven by offshore wind projects [8] - Recommended stocks include CATL, EVE Energy, and others involved in emerging technology sectors such as humanoid robots and AIDC [8] Group 6: U.S. Treasury Market Demand - The report analyzes the structural characteristics of U.S. Treasury investors, noting that international investors, broad-based mutual funds, and the Federal Reserve account for over 60% of the market [7] - Different investor types exhibit distinct motivations for purchasing Treasuries, with expectations for continued demand from commercial banks and pension funds in the second half of 2025 [7]