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 ...

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 ...

Core Insights - The article discusses the importance of product reporting in the automotive industry, particularly for consumers and car manufacturers [1] Group 1: Product Insights - The new product observation column is divided into two types: MAX and PRO, aimed at providing effective advice to consumers and real opinions from experienced electric vehicle owners [2] - An engineer with around 10 years of experience in battery development shares insights on choosing batteries and electric vehicles, emphasizing the safety of lithium iron phosphate batteries over ternary batteries [2][9] - The engineer suggests that for vehicles priced above 200,000 yuan, paying a premium for a reputable battery brand like CATL is acceptable [3] Group 2: Charging and Battery Maintenance - The engineer recommends a charging rate of 2C for personal use, arguing that faster charging (4C) is unnecessary and can reduce battery lifespan [4] - Proper battery maintenance includes avoiding high temperatures and high state of charge (SOC) storage, with optimal usage being between 10% and 90% charge [19] Group 3: Market Trends and Consumer Behavior - There is a tendency among battery industry professionals to avoid purchasing vehicles equipped with their own company's batteries due to cost-cutting concerns [5][8] - The engineer recommends purchasing vehicles from manufacturers with high sales volumes, such as those using CATL batteries or BYD, as they are likely to have better quality control [10][15] Group 4: Safety Standards and Regulations - The new national standards for batteries are the strictest yet, but they still represent minimum requirements, and compliance does not guarantee that batteries will not catch fire or explode [20][21] - The article highlights that while new standards are in place, they do not account for all real-world driving conditions, and caution is still advised when it comes to battery safety [21]

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]

一季度中国经济实现良好开局，提振消费、创新驱动、投资发挥了稳定作用。4月16日，国家统计局发 布数据显示，初步核算，一季度国内生产总值（GDP）31.88万亿元，按不变价格计算，同比增长 5.4%，比上年四季度环比增长1.2%。国民经济起步平稳、开局良好，高质量发展向新向好。同日，在 国新办举行的新闻发布会上，国家统计局副局长盛来运表示，中国经济目前依靠内需和创新驱动的新格 局正在形成。 作为今年经济的重头戏，提振消费开了个好头。数据显示，一季度社会消费品零售总额124671亿元，同 比增长4.6%，比上年全年加快1.1个百分点，其中，3月份增速反弹至5.9%。消费品以旧换新额度翻倍， 正点燃更多消费热情。 同时，新动能按下经济加速键，在实现量的合理增长的同时，我国新质生产力也进一步培育壮大。一季 度，规模以上高技术制造业增加值同比增长9.7%。同时，绿色转型、绿色发展扎实推进。以新能源 车、锂电池、光伏为代表的新能源产业继续保持较高增长速度。非化石能源消费占能源消费总量的比重 比上年同期提升了1.5个百分点。 投资方面，一季度全国固定资产投资（不含农户）103174亿元，同比增长4.2%，比上年全年加快1个 ...

据红星新闻报道，近日，工信部正式发布GB38031-2025《电动汽车用动力蓄电池安全要求》（以下简 称"新国标"），将于2026年7月1日实施，新国标首次提出因内短路发生热失控后不起火不爆炸的要求， 被称为"史上最严电池安全令"。而根据宁德时代（300750）对媒体的说法，此项要求也是在全球首次提 出。 所谓"新国标"，是相对于现行的2020年版国家标准而言。在原规定中，热扩散测试考查电池单体内短路 导致热失控后的安全防护能力，要求为"着火、爆炸前5分钟提供热事件报警信号"，"新国标"则明确把 标准提高到"不起火、不爆炸（仍需报警），烟气不对乘员造成伤害"。 新国标对测试方法增加了"内部加热"，并进一步明确待测电池温度要求、上下电状态、整车测试条件。 此外，"新国标"还有其他一系列新增内容，比如新增底部撞击测试以考查电池底部受到撞击后的防护能 力、对超快充技术也做出安全规范等。 毫无疑问，动力电池安全标准的提升最大获益者，当然是消费者群体，但对整个新能源产业市场的扩大 也具有至关重要的意义。 此前，新能源汽车因碰撞导致起火造成人员遇难的事故，一个重要争议点就是碰撞后电池发生爆燃到底 算不算产品问题。"新国标 ...