Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The UK government has restarted subsidies for new energy vehicles and is supporting the construction of charging infrastructure, with a total investment plan of £63 million (approximately 600 million RMB) announced on July 13 [4]. - The GGII data indicates that in the first half of 2025, China's energy storage system and battery shipments are expected to continue to achieve high year-on-year growth, with emerging markets likely becoming significant export destinations for the energy storage industry [2][5]. Summary by Sections New Energy Vehicles - In the first half of 2025, cumulative sales of new energy vehicles in the UK reached 332,000 units, a year-on-year increase of 33%. The cumulative sales in nine European countries reached 1.3544 million units, up 26% year-on-year [4]. - The UK government announced a subsidy policy worth £650 million (approximately 6.2 billion RMB) to support the purchase of vehicles priced below £37,000 (approximately 355,000 RMB), effective from July 16, 2025, until the 2028-2029 fiscal year [4]. Energy Storage - According to GGII data, the shipment volume of energy storage systems is expected to reach 110 GWh in the first half of 2025, nearly matching the total for the entire year of 2024, with a year-on-year increase expected [5][7]. - The shipment volume of energy storage batteries in the first half of 2025 is projected to be 265 GWh, a year-on-year increase of 128%, with an expected total shipment of over 500 GWh for the entire year, reflecting a growth rate of nearly 50% [7][11]. Market Opportunities - Emerging markets are anticipated to become important export destinations for Chinese energy storage companies, with significant growth in energy storage installations expected in regions such as the Middle East, Southeast Asia, and Latin America [15][16]. - GGII forecasts that energy storage installations in Australia will reach 7 GWh in 2025, a year-on-year increase of 192%, while combined installations in the Middle East, Southeast Asia, South Asia, Latin America, and Africa are expected to reach 37 GWh, a year-on-year increase of 256% [16]. Investment Recommendations - Recommended companies in the battery segment include CATL and Yiwei Lithium Energy; in the materials and equipment segment, recommended companies include Keda Li, Zhongwei Co., Rongbai Technology, and Dangsheng Technology; in the charging pile segment, Shenghong Co. is recommended [3].

Core Points - The establishment of the first "enterprise-end" AEO incubation base for lithium battery energy storage in China marks a significant development in enhancing the credit capabilities of enterprises [1][2] - AEO certification provides companies with benefits such as lower inspection rates and priority customs clearance, which can effectively reduce trade costs and increase international competitiveness [1][2] Group 1 - The AEO incubation base was inaugurated at Fujian Times Xingyun Technology Co., Ltd., which has seen an increase of over 20 foreign clients since becoming an AEO enterprise in March [1] - The company secured a 300 million RMB order from a European client due to its AEO certification, which also allowed it to enter an international shipowner's whitelist, reducing the average booking cycle by 35% [1] - The AEO certification is described as a "green pass" for new energy companies to expand into global markets and enhance the resilience of international energy storage supply chains [2] Group 2 - The AEO incubation base offers practical training and real-world simulations to help enterprises understand customs processes and certification standards [2] - Customs certification experts provide on-site explanations of advanced certification standards, aiding companies in accurately grasping the core content of certification requirements [2] - The next steps involve cultivating and guiding more new production capacity enterprises to upgrade to AEO status, thereby injecting stronger "credit momentum" into the development of Fujian enterprises [2]

1）崧盛股份 （创富兆业参与公司特定对象调研） 调研纪要：崧盛股份在LED驱动电源领域有15年技术沉淀，产品取得全球多国安规认证，具备多种防护 设计和调光功能。储能子公司定位为技术驱动型企业，研发人员占比高，产品设计灵活，具备较强市场 竞争力。储能逆变器产能利用率较高，户用储能系统核心部件陆续出货。公司持续管理"崧盛转债"，存 续债券余额约2.94亿元。LED驱动电源产品对美直接出口关税约58%，2024年直接外销金额为1.40亿 元，占整体营业收入比例为16%，其中美国地区直接外销销售占比约1%。 根据市场公开信息及7月16日披露的机构调研信息，知名私募创富兆业近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 深圳创富兆业金融管理有限公司成立于2013年12月，是经中国基金业协会备案成立的私募基金管理公 司，注册资本一千万元人民币，公司总部位于深圳福田，经营范围包括私募基金管理业务，发起设立基 金和经中国证监会与基金业协会批准的其他业务。创富兆业私深圳创富兆业金融管理有限公司 ...

Economic Policy - The State Council's executive meeting emphasized strengthening the domestic circulation as a strategic move to promote stable economic growth, focusing on boosting consumption and optimizing policies to release domestic demand potential [1][2] - The Ministry of Commerce announced a policy to encourage foreign investors to reinvest distributed profits in China through tax incentives, aiming to stabilize investment expectations and reduce costs [4] Market Developments - The Hong Kong Stock Exchange is discussing shortening the settlement cycle for the stock market from T+2 to T+1, aligning with global trends where 88% of stock markets are expected to adopt T+1 or T+0 by the end of 2027 [2][3] - The national maximum electricity load reached a record high of 15.06 billion kilowatts, an increase of 0.55 billion kilowatts compared to last year [3] Automotive and Retail Sector - From July 1 to 13, retail sales of passenger cars in China reached 571,000 units, a year-on-year increase of 7%, while cumulative retail sales for the year reached 11.47 million units, up 11% [3] - The retail sales of new energy vehicles during the same period were 332,000 units, marking a 26% year-on-year increase, with a penetration rate of 58.1% [3] Company News - Taiji Group announced a share buyback plan of between 80 million and 120 million yuan, with a maximum buyback price of 28.03 yuan per share [5] - Postal Savings Bank plans to invest 10 billion yuan to establish a wholly-owned subsidiary, which will not significantly impact its financial status [5] - Wuzhou Zhongheng Group intends to acquire 100% equity of Huzhou South Taihu Power Technology Co., a mature enterprise in the cogeneration sector, for 1.457 billion yuan [6] - Shankai Intelligent's actual controller will change to the Wuhan New District People's Government, with stock resuming trading on July 17 [6] Industry Insights - CITIC Securities reports that with ongoing reforms in the electricity market and the establishment of a capacity pricing mechanism, investment certainty in domestic energy storage projects will significantly increase, leading to continued high growth in installed capacity [7]

Summary of Longking Environmental Conference Call Company and Industry Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and New Energy Key Points and Arguments 1. **Strategic Partnership**: Longking Environmental benefits from Zijin Mining's acquisition, establishing a "Environmental Protection + New Energy" dual-drive strategy with Zijin holding over 25% and the Longyan State-owned Assets Supervision and Administration Commission holding nearly 10% [2][5] 2. **Green Energy and Storage Development**: The company is focusing on green electricity and energy storage, with green energy projects aligned with Zijin's green mining transformation, and expected operational improvements in energy storage by 2025 [2][5] 3. **Non-Electric Sector Breakthroughs**: Longking has achieved significant advancements in non-electric sectors, including the world's first dry desulfurization technology applied to steel sintering machines, leading industry standards [2][6] 4. **Stable Order Volume**: Despite concerns over reduced orders in thermal power emissions control, the company maintains a stable order volume of around 10 billion annually, with unexecuted orders between 18-20 billion [2][10] 5. **Core Business and Competitive Advantage**: The core business includes flue gas treatment (desulfurization, denitrification, and dust removal), with a market share of nearly 50% in dust removal and about 20% in desulfurization [3][4] 6. **Financial Performance**: The company expects a net profit of 830 million yuan in 2024, impacted by losses in micro-fee businesses and goodwill impairment, with the environmental main business contributing approximately 920 million yuan [3][20] 7. **Future Growth in Green Energy**: Green energy is projected to contribute around 200 million yuan in 2025, with a focus on self-consumption and grid-connected power generation [12] 8. **Cash Flow and Debt Management**: The company has a strong cash flow and collection capability, with a high apparent debt ratio due to significant advance payments, reflecting its premium pricing ability [16][18] 9. **Employee Stability**: The implementation of a 10-year employee stock ownership plan has improved employee stability and morale [14][15] 10. **Market Expansion**: Longking is actively expanding into high-temperature industries such as steel, cement, and coking, which have substantial desulfurization and denitrification needs [4][7] Additional Important Information - **Board Structure**: The board consists of representatives from Zijin Mining, Longking Environmental, and the Longyan State-owned Assets Supervision and Administration Commission, facilitating smooth cooperation [8] - **Future Order Trends**: The company anticipates continued demand for emissions control due to ongoing regulatory requirements and the need for upgrades in existing facilities [9] - **Investment Focus**: Recent investments are primarily directed towards green energy projects, with clear funding purposes and avoidance of high-risk ventures [17] - **Robotics and Equipment Development**: The company is exploring robotics for flue gas treatment facility maintenance, although current contributions to earnings are limited [13] This summary encapsulates the essential insights from the conference call, highlighting Longking Environmental's strategic direction, financial outlook, and market positioning within the environmental protection and new energy sectors.

Core Viewpoint - CATL has filed a lawsuit against Haicheng Energy for unfair competition, with the case set to be heard on August 12 in Ningde City Intermediate People's Court [2] Company Overview - Haicheng Energy, founded in 2019, focuses on providing energy storage battery and system solutions and is the only company in the GWh-level lithium-ion energy storage battery shipment category that specializes in energy storage [3][5] - The company has rapidly developed, establishing a research and development center and production base in Xiamen in 2020, and launched its first intelligent manufacturing production line for lithium-ion energy storage batteries in 2021 [3] - By 2024, Haicheng Energy is projected to become the third-largest energy storage battery company globally based on lithium-ion battery shipment volume [3] Legal Background - The founder of Haicheng Energy, Wu Zuyu, previously worked as an engineer at CATL, which has contributed to the complex relationship between the two companies [5] - Prior to the current lawsuit, CATL had previously sued an employee of Xiamen Rare Earth Materials Research Institute for violating a non-compete agreement, highlighting ongoing tensions between the companies [4][5] Financial Performance - Haicheng Energy has submitted its listing application to the Hong Kong Stock Exchange, with projected revenue of 12.917 billion yuan in 2024 and a compound annual growth rate of nearly 90% over the past three years [6] - The company is expanding its overseas market presence, with overseas revenue accounting for 28.6% of total revenue by 2024, and a gross margin of 42.3% from overseas sales, significantly higher than the domestic market's 8.1% [6] Market Developments - Haicheng Energy has opened its first manufacturing plant for energy storage systems in the U.S., located in Texas, with an investment of nearly $200 million and a production capacity of 10 GWh per year starting in July 2025 [6] - A recent setback for Haicheng Energy includes the bankruptcy filing of Powin, a major customer, which had signed procurement agreements worth over 2 billion yuan for advanced energy storage battery products [7]

Group 1: Inflation and Economic Outlook - Goldman Sachs indicates that potential inflation in the U.S. remains relatively mild, although price pressures are expected to increase during the summer months, with July and August CPI reports being critical [1] - BlackRock notes that the U.S. CPI shows early signs of tariff-driven price increases, particularly in household appliances and entertainment products, suggesting that the full impact of tariffs has yet to materialize [1] - Bank of America reports that 38% of investors view a trade war-induced global recession as the biggest tail risk event, while 20% cite inflation hindering Fed rate cuts as the second-largest risk [3] Group 2: Investor Sentiment and Market Trends - Bank of America finds that 34% of investors believe shorting the dollar is currently the most crowded trade, marking a shift from previous preferences for gold [4] - A significant 59% of investors now believe a recession is unlikely, a notable change from 42% in April, with 65% expecting a soft landing for the economy [5] - Bank of America also reports a record increase in investor positions in euros, with a net 20% of investors overweight in euros, the highest since January 2005 [6] Group 3: Sector-Specific Insights - ING analysts expect the Eurozone economy to receive some support from a rebound in factory output, driven by preemptive stockpiling ahead of anticipated U.S. tariffs [7] - ING also warns that if France fails to implement spending cuts to reduce the budget deficit, the euro may face downward pressure [10] - Citic Securities highlights the investment value in the energy storage sector, driven by ongoing market reforms and the establishment of a capacity pricing mechanism [13]

Core Viewpoint - The article emphasizes the significant potential for cooperation between China and Australia in the clean energy and storage sectors, particularly in building a resilient and competitive green industrial chain [1][2]. Group 1: China-Australia Cooperation - The cooperation between Chinese and Australian companies in the energy storage sector has made positive progress, highlighted by BHP's memorandum of understanding with CATL and BYD's subsidiary for storage collaboration [2]. - Australia is a major supplier of lithium, providing 60% of China's lithium imports, while China dominates the global supply chain for energy storage, with over 93% of global shipments of lithium batteries expected in 2024 [2]. Group 2: Australian Energy Storage Market Growth - The Australian energy storage market is projected to grow significantly, with utility-scale battery storage systems expected to double in deployment by the 2024 fiscal year, reaching 18 GW by 2035, up from 2.3 GW in 2024 [4]. - By 2050, Australia will require 49 GW of battery storage and pumped hydro, which is over 15 times the current capacity [4]. Group 3: Recent Developments in Energy Storage Projects - Australia has seen a surge in energy storage projects, with two large battery storage projects recently submitted for approval: a 300 MW/1200 MWh project and a 1000 MW/4000 MWh project [7]. - Chinese companies have secured a significant portion of overseas energy storage orders, with Australia accounting for nearly 24% of the total overseas order capacity in the first half of 2025 [7]. Group 4: Key Projects and Collaborations - Notable collaborations include CATL supplying for three storage projects in Texas with a total capacity of 550 MW and 1100 MWh, and other partnerships involving companies like Huichuan Technology and Jinko Energy in various Australian projects [9].

Core Viewpoint - The article discusses the recent developments in commercial energy storage projects by two companies, Wotai Energy and Lixing Energy, focusing on their applications in the chemical fiber industry, which faces significant energy demands and challenges under carbon neutrality goals [1]. Group 1: Wotai Energy - Wotai Energy has successfully connected a 60MWh energy storage station to the grid for Lixin Chemical Fiber, marking it as one of the largest commercial energy storage projects in Suzhou [2]. - The project utilizes 12 units of Wotai Energy's 5MWh liquid-cooled storage systems, integrated with 12 units of 2MW inverter-boosting units, ensuring safe and stable operation during high load scenarios [4]. - The centralized 60MWh solution is designed to manage energy distribution effectively, with an expected annual energy discharge of approximately 40 million kWh [5]. - Wotai Energy leverages its capabilities as a load aggregator to adapt to new regulations, allowing the project to generate revenue through various services beyond just price differences [6]. - The platform employs an "AI storage strategy" to optimize energy management by dynamically adjusting operations based on real-time load curves and cost considerations [7]. Group 2: Lixing Energy - Lixing Energy has partnered with a subsidiary of a major Chinese fiber group to implement energy storage projects across Jiangsu and Zhejiang provinces [8]. - In Xuzhou, a factory has installed a 5MW/10MWh energy storage system alongside a previously deployed 4000kWp photovoltaic system, creating a "solar + storage" integration [9]. - An 8MW/16MWh energy storage project in Huzhou, Zhejiang, supports high-intensity production needs and enhances the stability and resilience of the entire power system, with future potential for virtual power plant integration [11].

Core Viewpoint - The ongoing legal battle between CATL and Hichain Energy, which is seeking an IPO in Hong Kong, poses significant risks to Hichain's valuation and market position, with the court hearing scheduled for August 12 being a critical juncture for the company [1][6]. Group 1: Legal Disputes - Hichain Energy's founder, Wu Zuyu, has been previously ordered to pay 1 million yuan in damages for violating a non-compete agreement with CATL, which claims that Wu poached key technical talents, causing immeasurable losses [2]. - The current lawsuit focuses on Hichain's flagship product, the 587Ah energy storage cell, which CATL alleges closely overlaps with its patented specifications, with only a 4.4% deviation in energy density [2][3]. - Hichain Energy argues that its product offers a different technical route, emphasizing a longer cycle life of 10,000 cycles compared to CATL's 8,000 cycles, despite a slightly lower energy density [3]. Group 2: Market Challenges - Hichain Energy faces a significant setback as its major U.S. client, Powin, has filed for bankruptcy, resulting in the loss of a 1.5 billion yuan order that was crucial for its 2024 revenue [4]. - The company’s overseas market, which contributes 42.3% gross margin, is under threat due to changing U.S. policies that require 100% localization of energy storage components and increased tariffs on Chinese imports [4]. - Hichain's financial health is concerning, with accounts receivable skyrocketing from 22.3 million yuan in 2022 to 831.5 million yuan in 2024, representing 69.5% of revenue, indicating a long cash collection cycle of 185.7 days [5]. Group 3: Financial Performance - Despite impressive revenue growth from 3.615 billion yuan in 2022 to 12.917 billion yuan in 2024, the company’s profitability is questionable, relying heavily on 414 million yuan in government subsidies to mask actual losses exceeding 100 million yuan [5]. - Hichain's debt levels are alarming, with bank borrowings reaching 9.983 billion yuan and a debt-to-asset ratio of 73.1%, significantly above the industry threshold of 60% [5]. - The company’s production capacity utilization is declining, with the Xiamen facility dropping from 99% in 2022 to 72.1% in 2024, raising concerns about operational efficiency [5]. Group 4: Industry Implications - The legal battle reflects broader industry challenges, as the energy storage sector faces a shake-up with declining capacity utilization and aggressive price competition, pushing average cell prices down from 0.8 yuan/Wh to 0.3 yuan/Wh [6]. - Hichain holds 3,900 patents, with 72% overlapping with CATL, and faces potential invalidation of key patents, which could reshape competitive dynamics in the industry [7]. - The outcome of the August 12 court ruling could have far-reaching implications for Hichain's operational viability and its ability to proceed with its IPO, as well as influence the competitive landscape in the energy storage market [6][7].