撰 文 / 孟 为 设 计 / shelly 2024年，中国新能源市场继续高歌猛进，以1286.6万辆的销量，同比增长35.5%，新能源市场渗透 率超过47%。 市场的激烈淘汰赛，也让车企品牌的表现愈发分化，动力电池市场的格局，也在这样的分化之下， 发生了微妙的变动。 2024年，零跑汽车全年累计交付新车近30万辆，同比增长超100%，超额完成25万辆的年销量目 标；上汽通用五菱全年销量达1540077辆，其中新能源销量达800000辆，占比超50%，同比增长 63%。 上汽通用别克GL8 PHEV自2024年6月上市后，月销量稳定在每月3000-4000辆，成为推动GL8重新 杀回月度销量榜首的重要车型；广汽传祺通过推出PHEV的E8车型快速切入家庭MPV市场，该核心 产品的销量迅速爬升，在24年四季度月均销量超过6000台、一汽红旗在新能源车上开始加大对 PHEV的投入，整体能源汽车销量已在持续增长。 核心客户业绩的增长，也给正力新能带来了增长的机会。 2024年国内动力电池企业装车量中，正力新能排名第9，装车量9.85GWh，市场占比1.8%，连续三 年持续增长。 2025年，零跑汽车的销量目标是要超 ...

Core Insights - Company EVE Energy has made significant progress in the electric vehicle sector, with over 50,000 large cylindrical batteries installed and a record of zero safety incidents [1] - EVE Energy has established partnerships with multiple domestic manufacturers and is now a battery supplier for BMW's new models [1] Technological Breakthroughs and Production Progress - EVE Energy has focused on large cylindrical batteries for 20 years, overcoming challenges in manufacturing complexity and production difficulties [3] - The company developed a proprietary low-resistance technology and established a comprehensive quality monitoring system, achieving a defect rate of "one in a billion" [3] - EVE Energy began the BMW large cylindrical battery project in early 2021 and became the first supplier in 2022, with supply expected to start in 2024 [3] Standardization and Performance Advantages - Large cylindrical batteries feature standardized design and modular production, increasing manufacturing efficiency by 10 times and reducing supply chain complexity [4] - The batteries are compatible with various chemical systems, shortening development cycles to 3-6 months and reducing R&D costs by 80% [4] - The batteries exhibit zero expansion characteristics and enhanced safety features, significantly improving structural integrity and thermal management [4] Market Outlook and Cost Trends - According to SPIR, global demand for cylindrical batteries is expected to grow significantly by 2025, particularly in the electric vehicle and energy storage sectors [5] - EVE Energy anticipates that the shipment of large cylindrical batteries will reach 22.3 GWh in 2024, accounting for 14.7% of total cylindrical battery volume [5] - The cost of EVE Energy's 46-series large cylindrical batteries is 15%-20% lower than that of square batteries, with potential for further optimization [5] Supply Chain Innovation and Design Integration - The technology of large cylindrical batteries is driving innovation in the collaborative model of the electric vehicle supply chain and is becoming a potential carrier for integrated chassis design [6]

Group 1 - BYD's market value has surpassed CATL, reclaiming the top position in the Shenzhen market after several years [1][2] - As of the latest data, BYD's market value stands at 1.07 trillion yuan, leading CATL by a slight margin, while significantly outpacing other companies like Midea Group and Wuliangye [2][3] - CATL has become the top holding stock for public funds, with a total market value held by 2861 funds amounting to 178.575 billion yuan, representing 17.2% of CATL's circulating shares [3][4] Group 2 - Public funds have shown a preference for CATL due to its leading position in the power battery sector and stable performance, while BYD's holdings are less than a quarter of CATL's [3][5] - The rapid growth of ETFs has attracted passive investment towards CATL, which is a major component of both the CSI 300 and ChiNext indices, enhancing its market weight [4][6] - CATL's weight in the CSI 300 index is approximately 3.22%, while BYD's is around 1.62%, indicating a significant difference in public fund allocations [6][7] Group 3 - The traditional investment criteria of public funds favor stable earnings and predictable cash flows, which aligns more with CATL's business model compared to BYD's diversified operations [7][8] - The shift in market preferences towards industry leaders is evident, as new indices are being developed to better reflect the changing economic landscape, moving away from traditional valuation metrics [8][9] - The emergence of new technologies and industries, such as AI chips and power batteries, is challenging public funds' understanding and investment strategies, leading to potential mispricing of growth opportunities [8][9]

Core Viewpoint - The article discusses the strategic shifts of CATL (Contemporary Amperex Technology Co., Limited) in response to increasing competition and the need to bind downstream customers, particularly in light of recent controversies surrounding its battery supply for Xiaomi vehicles [2][7][8]. Group 1: Market Position and Competition - CATL's market share in China's power battery sector was 45.08% in 2024, showing a decline from 52.1% in 2021 and 48.2% in 2022 [14]. - The company's battery system sales growth dropped significantly from 107% in 2022 to 32.6% in 2023 [15]. - Several automakers are diversifying their battery suppliers to enhance supply chain security, which has led to a reduction in orders from CATL [16][18]. Group 2: Strategic Adjustments - CATL is shifting its focus from upstream resource control to binding key downstream customers, reflecting a strategic pivot in response to competitive pressures [22]. - The company has reduced its investments in upstream suppliers, including significant divestments from leading lithium material and equipment companies [24][25]. - CATL has formed partnerships with various automakers, including investments in companies like Aiways and Zeekr, to strengthen its market position [26][27]. Group 3: International Expansion and IPO Plans - CATL's planned Hong Kong IPO aims to raise at least $5 billion, marking one of the largest IPOs in the Hong Kong market in recent years [8]. - The company intends to use 20% of the IPO proceeds to supplement overseas operational funds and establish a significant foreign currency fund pool [50]. - The need for foreign currency reserves is critical for CATL's international projects, as its current foreign currency holdings are insufficient to cover future needs [45]. Group 4: Competitive Landscape - CATL faces strong competition from companies like LG Energy Solution and Panasonic, which are rapidly expanding their production capacities and securing government support in key markets [60][62]. - The article emphasizes that CATL's delayed entry into the Hong Kong market could result in missed opportunities for strategic partnerships and resource control [52][57]. - The global battery market is shifting towards resource integration, and CATL's ability to leverage its IPO for international capital is crucial for maintaining its competitive edge [66].

相关数据显示， 2025 年 1-2 月中国新能源汽车销量达 183.5 万辆，同比增长 52.0% ，新能源汽车渗透率达 40.3% ，同比提升 10.3 个 百分点。随着各家车企的新车上市，同时在降价促销、以旧换新等推动下，新能源汽车销量持续提高，带动动力电池装机量逐步攀升。 起点研究院（ SPIR ）《动力电池月度装机配套数据库》显示， 2025 年 1-2 月中国动力电池装机量达 70.28GWh ，同比增长 42.6% 。 装机量前 10 为宁德时代、比亚迪、中创新航、国轩高科、亿纬锂能、蜂巢能源、欣旺达、瑞浦兰钧、极电新能源、正力新能。 2025 年 1-2 月共有 42 家动力电池企业实现装机配套，主要配套乘用车；其中配套的车企主要为比亚迪、特斯拉、小米、吉利、奇瑞、长 安、理想等。 03 协议 04 ｜ LG新能源拟收购这一电池厂全部股份 从装机企业排名来看 ，相较去年，正力新能装机量为 0.93GWh ，同比增长 57.6% ，成功挤进前 10 ，而 LG 新能源退出前 10 。另外瑞 浦兰钧从 2024 年 1-2 月装机排名第 9 提升到第 7 ，装机量达 1.27GWh ，同比增长 3 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is entering a strategic partnership with Contemporary Amperex Technology Co., Limited (CATL) to develop a nationwide battery swapping network, marking a significant collaboration between traditional energy and new energy sectors [1][5]. Group 1: Strategic Partnership - Sinopec and CATL signed a framework agreement to deepen their long-term strategic cooperation, aiming to build at least 500 battery swapping stations this year and a total of 10,000 in the future [1][5]. - This partnership represents a milestone in the transportation energy sector, symbolizing a significant integration of traditional and new energy [1][5]. Group 2: Sinopec's Energy Transition - Sinopec is transitioning towards becoming a comprehensive energy service provider, focusing on "oil, gas, hydrogen, electricity, and services" [2][3]. - The company has established 30,000 comprehensive energy stations and nearly 100,000 charging terminals, serving over 20 million customers daily [2][3]. Group 3: Battery Swapping Model - The battery swapping model is strategically valuable for Sinopec, positioned as a "new infrastructure" for energy transition [3][4]. - Sinopec aims to become a leading charging operator and direct sales platform, with over 4,000 battery swapping stations built in 2024 alone [3][4]. Group 4: Economic Indicators - Investment and operational cost comparisons between gas stations and battery swapping stations indicate varying profitability and recovery periods, with battery swapping stations showing a quicker return on investment [4]. - The internal rate of return (IRR) for battery swapping stations is projected to be between 10%-15%, benefiting from policy subsidies [4]. Group 5: Industry Outlook - The battery swapping industry is expected to exceed 200 billion yuan by 2025, with a global market size of 200 billion USD by 2030 [7][8]. - The integration of light storage and charging systems is anticipated to become mainstream, supported by strong policy backing and local pilot projects [8].

从 2020年到今年，大圆柱电池一直都是行业内热门话题。大圆住电池的生产瓶颈、何时量产以及应用场景需求等也是从业人士最为关心的问 题。 目前来看，特斯拉、亿纬锂能是站在大圆柱电池产业化第一梯队的两家企业。可以说，他们看好大圆柱的底层逻辑、产品生产工艺标准、商业 合作进度等影响着整个产业链商业化进程。 近期，亿纬锂能通过多个平台表明其对大圆柱应用在新能源汽车上的决心，对外披露了其产品技术优势、与宝马等车企的合作细节以及关键的 量产进展。 01 他认为，电池的多样性是限制电动汽车发展的一个重要瓶颈。而大圆柱电池在标准化方面与汽车工业的效率要求高度契合，制造效率可达方形 电池的十倍，且生产时间减半。 其次，大圆柱电池固定的尺寸可通过更换内部化学体系实现 "原位升级"。同一尺寸，可适配纯电、插混、增程多类型，适配高压、低压多场 景，通过电芯材料的升级，实现不同续航里程和性能指标的覆盖，能大幅缩短研发周期并降低成本。 结构上，其 "零膨胀"特性避免了方形电池常见的膨胀问题及其带来的复杂应力管理，提升了电池包的长期可靠性。 在安全性方面，亿纬锂能强调大圆柱电池的钢壳强度是方形电池的 5.6倍，叠加优化的结构设计，将实现电 ...

3月31日， 蜂巢能源在遂宁基地顺利下线第120万套电池包，其中越野电池下线累计超28万套。 继今年1月8日达成百万套里程碑后，蜂巢能源不到三个月便完成20万套产能跨越，全力展现"蜂巢速 度"。 开年以来，面对新能源汽车市场订单量的持续增长， 蜂巢能源依托产研效能提升与智能制造，实现产能加速释放，充分展现规模化交付硬实 力。 往 期 回 顾 01 ｜ 硅基负极大决战！ 02 ｜ 宁德时代又成立四家公司！ 03 ｜ 全球第七官宣量产46系圆柱电池 04 ｜ 江苏25万吨负极项目预计10月投 蜂巢能源始终坚持以技术创新为发展引擎，在动力电池核心技术领域持续创新迭代，不断提升电芯能量密度、安全性和循环寿命等关键性能指 标来优化产品性能。 在深化全域短刀的战略布局进程中， 精准切入细分领域，通过 堡垒越野电池 成功开拓越野领域新市场。 继1月搭载堡垒越野电池的坦克500Hi4-Z引爆市场后，3月10日上市的坦克300Hi4-T更取得了24小时订单量突破1.96万台的成绩。 目前， 堡垒越野电池已成功搭载坦克400、500、700Hi4-T、500Hi4-Z、300Hi4-T等车型， 持续领跑电动越野动力赛道。 这些技 ...

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) and Contemporary Amperex Technology Co., Ltd. (CATL) are collaborating to build a network of 10,000 battery swap stations, with a target of constructing at least 500 stations this year, aiming to standardize battery specifications and enhance the battery swap ecosystem [1][2]. Group 1: Collaboration Details - Sinopec and CATL signed a framework agreement to deepen their long-term strategic partnership, focusing on both industrial and capital cooperation to establish a nationwide battery swap network and standardized management of battery swap assets [1]. - The collaboration highlights the use of CATL's new "chocolate battery" standards for the construction of the battery swap stations, addressing the current lack of uniform battery standards in the industry [1][2]. Group 2: Industry Context - The battery swap industry faces challenges due to the existence of over a hundred battery specifications and multiple charging systems, which complicate the interchangeability of battery packs across different brands and models [1]. - As of the end of 2024, the number of new energy vehicles in China is projected to reach 31.4 million, accounting for 8.9% of the total vehicle population, indicating a growing market for battery swap services [3]. - By February of this year, the total number of charging infrastructure units in China reached 13.451 million, reflecting a year-on-year increase of 49.1%, which supports the expansion of battery swap stations [3].