当前，新能源汽车产业蓬勃发展，锂电池作为新能源汽车的关键储能部件，其材料技术的创新具有重要 意义。深圳市德方纳米科技股份有限公司深耕锂电池核心材料领域，不断推动技术创新，优化工艺和产 品性能，开发出自热蒸发液相合成法、纳米化、非连续石墨烯包覆等技术，大幅提升了电池的循环寿命 和安全性。 作为国家高新技术企业、国家制造业单项冠军企业和国家知识产权优势企业，德方纳米自主研发的纳米 磷酸铁锂、磷酸锰铁锂、补锂增强剂等产品已广泛应用于新能源汽车、储能系统等领域。2024年，公司 营收规模超76亿元；今年一季度，营业收入达20亿元以上。 技术攻坚 "动力电池的性能和成本是制约新能源汽车产业快速发展的重要因素，而突破这一瓶颈的关键便是持续 不断的技术创新。"德方纳米董事长孔令涌说，随着低碳经济发展，节能与环保需求日益增长，2007 年，公司创始团队敏锐捕捉到新能源材料应用的巨大潜力，将先进的纳米技术应用于电池正极材料领 域，使其从实验室走向产业化应用。 "彼时，市场上供应的微米量级磷酸铁锂不能满足电动汽车用动力电池的需求，而纳米化技术的引入使 磷酸铁锂展现出高能量、高功率和长循环等优异性能。"德方纳米锂动力研究院副院长李 ...

朱良表示，随着贸易政策不确定性逐步消退，近期市场情绪逐步回暖，风险性资产普遍上涨，但中国市 场估值水平仍较有吸引力，股票型基金或者偏股型基金的发行量还维持在一个历史较低的水平。 中国股市具有长期可投资性 面对中国市场的机遇，近年来联博基金加码布局，继2024年3月发布首只公募产品——联博智选混合型 证券投资基金后，2025年4月再度发布第二只公募产品——联博智远混合型证券投资基金。 新华财经上海7月18日电（葛佳明） 鉴于中国资产盈利能力、回报能力提升等带来的结构性改善，国际 投资机构对中国资产的兴趣明显回升。作为全球知名资产管理公司，联博集团（AllianceBernstein） 2009年开始通过QFII投资中国A股市场，日前，联博基金副总经理、 投资总监朱良接受新华财经记者采 访，畅谈他对中国市场以及全球投资的理解。 朱良认为，对于全球投资者而言，A股与其他市场相关度较低，具有比较好的防御性，外资对中国资产 的态度现已向积极方向发生转变。长久期资产或是联博未来重点关注的资产类别之一，对于股票市场来 说，这主要包括两类资产：一类是现金流比较健康，且分红率不断提高的企业，第二类则是ROE（净资 产收益率）稳 ...

Core Insights - Huayou Cobalt Industry has established a strong position in the cylindrical battery market, with its subsidiary Bamo Technology accounting for nearly 40% of the company's total sales of cathode materials, widely used in renowned domestic and international electric vehicle brands [1][4] - The demand for large cylindrical batteries is expected to reach a scale of 100 GWh globally this year, with a projected growth of four to five times by 2030 compared to 2025 [1][5] - Huayou Cobalt Industry leverages its full industry chain advantages and technological innovations to define new industry standards for large cylindrical battery materials [1][2] Industry Positioning - The company has built an integrated industry chain from cobalt and nickel resource development, smelting processing to ternary cathode material manufacturing, providing stable and high-quality raw material guarantees for Bamo Technology [2][4] - Huayou Cobalt Industry's full industry chain layout acts as a protective barrier against raw material price fluctuations and supply chain instability, ensuring the continuous and stable mass production of high-nickel ternary cathode materials [2][3] Technological Advancements - Bamo Technology has achieved a breakthrough in the mass production of ultra-high nickel ternary cathode materials, enhancing electric vehicle range by 30 to 40 kilometers [3][5] - The company has continuously innovated in the high nickel and high voltage technology routes, establishing itself as a benchmark for technological iteration in the industry [3][5] Global Collaboration - Bamo Technology has entered the global core supply chain of power batteries through collaborations with top partners, including a six-year supply agreement with LG Energy Solution for 8 GWh of large cylindrical batteries [1][4] - The company is advancing its Hungarian factory to enhance local supply capabilities for the European new energy industry, further solidifying its global customer ecosystem [4][5] Market Outlook - The market for large cylindrical batteries is expected to reach a scale of hundreds of billions by 2030, with Huayou Cobalt Industry focusing on product high-end and international operations to secure future growth [5] - The company's strategic focus on technological breakthroughs in large cylindrical battery materials aims to meet the industry's ongoing demand for high capacity, high rate, low cost, and high safety [5]

2023年8月17日，科创板锣声为信宇人而鸣。镁光灯下，这家自称"锂电智能装备领跑者"的企业高举技术招牌：手握89项发明专利，绑定宁德时代 （300750）、比亚迪（002594）等巨头，募资5.06亿元剑指"固态电池设备国产化"。券商研报蜂拥而至，将它与"新能源装备自主可控""万亿储能基建"的宏 大叙事紧密捆绑。 然而上市未满两年，光环已成枷锁。2024年报显示：营收微增4.75%至6.22亿元，净利润却暴跌208.41%至-6326万元，扣非净利润坠入-7927万元的深渊。更 讽刺的是，IPO募投的三大项目全部延期，其中智能装备制造项目两次推迟工期，投产日从2024年拖至2026年。技术叙事与经营现实的致命割裂，在此刻彻 底暴露。 技术护城河缺失 信宇人盈利失速+资产质量坍塌 信宇人的资本故事核心是"技术壁垒"，公司资料显示其专注于智能制造高端装备的研发、生产和销售，产品涵盖锂电池干燥设备、涂布设备、辊压分切设 备、光电涂布设备等，可提供多元化的智能制造及自动化解决方案。 旗下子公司——惠州市信宇人科技有限公司、惠州华科技术研究院有限公司、华科技术（淮南）有限公司、深圳市亚微新材料有限公司、东莞市见信天蓝 ...

光伏产能布局上，公司今年上半年已实现海外高效电池项目满产，迈出光伏产能海外战略布局关键一 步。技术与产品创新层面，公司量产TOPCon电池效率已达26.85%，核心指标稳居行业领先阵营，非硅 成本控制保持业内优势。公司已相继推出TOPCon G12RT双玻组件、防积灰组件、54版型双玻黑组件、 36版型易安装小组件，以及Greenhouse系列不同尺寸与透光率的定制化产品；针对"光伏+海洋""光伏 +交通"等多元场景，公司专项开发海漂组件、防眩光组件等场景化产品，为全球客户提供更丰富的优 质选择与系统化解决方案。同时，横店东磁前瞻性储备0BB、BC、HJT等新型封装互联技术，进一步完 善产品矩阵，精准响应应用市场的多样化需求。 横店东磁秉持"横向布局多材料体系，纵向延伸发展器件"的发展定位，已形成年产29万吨磁性材料的生 产能力。公司产品涵盖预烧料、永磁铁氧体、软磁铁氧体等多类材料，同时纵向延伸至振动器件、硬质 合金、电感、EMC滤波器件等领域，可向客户提供从材料到器件的一站式解决方案，产品广泛应用于 家电、汽车、光伏、消费电子、通信通讯、大数据中心、充电桩等众多领域。 凭借满足客户对品质、技术的高要求以及精 ...

民生证券股份有限公司 关于武汉逸飞激光股份有限公司募投项目延期及使用自有 资金支付募投项目所需资金并以募集资金等额置换 的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为武汉逸飞 激光股份有限公司（以下简称"逸飞激光"或"公司"）的持续督导机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相关规定，对公司募投项目延期 及使用自有资金支付募投项目所需资金并以募集资金等额置换的事项进行了核 查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意武汉逸飞激光股份有限公司 首次公开发行股票注册的批复》 （证监许可〔2023〕1122 号），同意公司首次公开 发行股票的注册申请。并经上海证券交易所同意，公司首次向社会公开发行人民 币普通股 23,790,652 股，每股面值人民币 1.00 元，每股发行价为人民币 46.80 元， 合计募集资金人民币 111,340.25 万元，扣除发行费用人民币 12,13 ...

Group 1 - The core viewpoint of the articles highlights significant adjustments in the investment strategies of various fund managers, particularly focusing on new consumption, insurance, and military-related stocks [2][3][8] - Liu Gesong's funds reported a total scale of 31.295 billion yuan, with a decrease of approximately 900 million yuan compared to the previous quarter [3] - The performance of Liu Gesong's flagship fund, Guangfa Shuangqing Upgrade A/C, yielded returns of 0.63% and 0.54% in the second quarter, underperforming against its benchmark [3] Group 2 - The top ten heavy stocks in Liu Gesong's fund saw a concentration decrease, with the proportion of the top ten heavy stocks to net value dropping from 71.21% to 54.31% [3] - The fund optimized its industry allocation by increasing exposure to the automotive sector and military industry, which showed strong product performance amid escalating geopolitical conflicts [3] - The report indicated that five new stocks appeared in the top ten heavy stocks, including China Ping An, AVIC Chengfei, New China Life Insurance, Zijin Mining, and Jianghuai Automobile [4] Group 3 - Fund manager Wu Yuanyi made notable adjustments, reducing holdings in Pop Mart by 8.49% while increasing positions in Lao Pu Gold by 33.56% [9][10] - Wu Yuanyi's fund, Guangfa Growth Leading, achieved a remarkable return of 68.29% in the first half of the year, ranking seventh among all funds [8] - The top ten heavy stocks in Wu Yuanyi's fund included Pop Mart, Lao Pu Gold, and Jianghuai Automobile, with several new entries in the second quarter [8][10] Group 4 - The articles also discuss the broader market trends, indicating a shift towards high-cost performance and experiential consumption brands in the new consumption sector [11] - In the pharmaceutical innovation field, China has transitioned from auxiliary research to becoming a global leader in original innovative drugs [12] - The high-end manufacturing sector in China has made significant advancements, achieving a historical leap from being a product importer to an exporter in key areas such as precision processing and new energy vehicles [12]

Core Viewpoint - Chunan New Energy, established only four years ago, is rapidly expanding its supply chain and entering the automotive sector, driven by strong demand for energy storage and power solutions [1][20]. Group 1: Procurement Orders - Chunan New Energy has signed procurement contracts with at least four lithium battery industry chain companies from January to July 2023, covering multiple fields [3]. - A significant contract with Tianci Materials involves the procurement of over 550,000 tons of electrolyte products, effective until December 31, 2030 [4][5]. - A strategic cooperation agreement with Jiangsu Ruidefeng entails a procurement of approximately 250 million structural components, valued at around 3 billion yuan over five years [6]. - Chunan has partnered with Longpan Technology for the supply of 150,000 tons of lithium iron phosphate cathode materials, with an estimated total sales amount exceeding 5 billion yuan from 2025 to 2029 [7]. - A collaboration with Huachuang Materials will see the supply of 150,000 tons of lithium battery copper foil over the next five years [9][10]. Group 2: Market Position and Growth - Chunan New Energy's order influx reflects a strong supply chain stability and a focus on the lithium iron phosphate battery market, indicating confidence in future development [12][14]. - In 2024, Chunan ranked 7th globally in energy storage battery shipments, with significant overseas market performance, securing over 30 GWh in orders from international companies [15]. - The company has also made strides in the power sector, ranking 14th in domestic power battery installations in the first half of 2023, with a notable entry into the passenger vehicle market [15][16]. - Chunan is expanding into emerging sectors such as marine applications, having equipped over 100 new energy vessels [18]. Group 3: Automotive Sector Entry - Chunan New Energy is planning to enter the automotive manufacturing sector, with a dedicated team already in place and job postings for various roles related to vehicle production [20]. - The first vehicle model is expected to target the Wanjie M5, focusing on range-extended SUVs, with plans for both range-extended and pure electric models in the long-term strategy [22].

Core Viewpoint - The lithium battery industry is entering a new round of capital expenditure amidst unclear demand signals, with a notable shift in production dynamics between lithium iron phosphate (LFP) and ternary batteries, indicating a demand "window" in the industry [1][3]. Group 1: Industry Dynamics - Since May 2025, the production growth rate of LFP batteries has fallen below that of ternary batteries, a rare occurrence that highlights a demand "window" in the industry [1]. - Major automotive and battery manufacturers have reported significant production cuts and slowed capacity expansion from May to July, reflecting strategic adjustments in response to market pressures [1][2]. - Some leading automotive companies may only achieve less than 40% of their annual sales targets in the first half of 2025, leading to downward revisions in sales forecasts [1]. Group 2: Price Trends - In the first and second quarters of 2025, the price of LFP batteries has decreased more than that of ternary batteries, with the second quarter's decline exceeding the average decline for all of 2024 [3]. - The price of LFP cathode materials dropped approximately 10% in the second quarter, marking the largest decline among major materials [3]. - The prices of LFP electrolytes have also fallen for two consecutive quarters, with declines greater than those of ternary electrolytes [4]. Group 3: Demand Challenges - A global demand gap has emerged, largely due to "advance overdraft" effects from previous surges in demand, particularly driven by U.S. tariff policies and the "Inflation Reduction Act" [6]. - In the first five months of 2025, exports of energy storage batteries from China to the U.S. saw a year-on-year growth exceeding 2000% [6]. - Concerns about the sustainability of demand are heightened by uncertainties surrounding domestic "trade-in" policies and the slowing growth of electrification [7]. Group 4: Capital Expenditure Trends - Despite cautious demand sentiment, a new round of capital expenditure is beginning in the industry, with improved capacity utilization rates in the first half of 2025 compared to the same periods in 2023 and 2024 [7]. - Capital expenditures for industry leaders like CATL have increased by over 40% year-on-year in the first quarter of 2025, with certain materials seeing a shift from negative to positive capital expenditure [7]. - Major battery equipment suppliers expect new orders to grow by over 45% in 2025, reversing the downward trend seen in 2023 and 2024 [7]. Group 5: Strategic Shifts - CATL is focusing on long-term strategies, including advancements in energy storage technology and transitioning from a pure manufacturer to an energy system operator [8]. - The industry faces a dilemma of prolonged capacity clearing and demand gaps while simultaneously entering a new capital competition [9]. - The parallel of "clearing" and "investment" complicates the industry's ability to establish clear expectations for price and profit recovery, emphasizing the importance of demand certainty [9].

新能源博弈持续，锂电负极石墨成为又一焦点。 当地 时间 7 月 1 7 日 ， 美国 商务部 表示 ， 将 对从中国进口的 阳极 石墨征收93.5%的初步 反倾销税 。 美国商务部情况说明书显示，所有中国生产商的反倾销税率和现金保证金率均为93.5%。 关于 保 证金 ， 如果最终裁定不成立，保证金会退还；如果成立，则转为关税。 而 依据美国关税 法 ， 初步裁定后可立即指示海关开始征收保证金 。 该项 反倾销 税 预计将于12月5日前作出最终裁定 。 多个已存在的对华贸易关税项目层层叠加 之后，美国对石墨的最终关税 保守估算约160% 。 对抗逻辑： 石墨与稀土高度相似 回顾 中美 在 石墨 上 的 贸易 交锋 ， 无论 是 在对抗 逻辑还是在交锋时间线， 都 与 稀土 表现 出 高度 的 相似 性 。 短期 "边打边谈" ， 长期 结构性 对抗 。 两者 均为 新兴 产业 战略 资源 ，应用的产业也有所重叠。石墨 应用场景 包括 新能源、 航空航 天 、 核电 、 军工 、 电子信息 、 新材料 ； 稀土应用场景 包括 ， 新能源 汽车 、 风力发电 、 机器人 、 半导体 、 显示 技术 、 通信 、 ...