Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, encouraging investors to hold investments for the long term and focusing on long-term performance assessments [1][9] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, highlighting the rarity and value of experienced managers in a predominantly younger industry [2][4] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of active equity fund managers, have managed the same fund for over 10 years, with only 14 managers, or 0.6%, managing funds for over 14 years [2][3] - Fund managers with over 14 years of experience have achieved an average annualized return of 10.05%, while those with 10 to 14 years have an average return of 8.21% [2][4] Group 2: Performance of Notable Fund Managers - Notable fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005, demonstrating the effectiveness of a long-term investment strategy [4][5] Group 3: Investment Strategies - Successful long-term fund managers exhibit characteristics such as rich investment experience, mature investment philosophies, and a strong risk control awareness [8][9] - These managers often employ a disciplined approach to investment, including clear buy and sell standards, and adapt their strategies based on market changes [8][10] Group 4: Industry Trends and Challenges - The public fund industry is undergoing reforms influenced by policy changes and market dynamics, necessitating a collective effort from fund managers to embrace long-term investment principles [9][10] - There is a growing trend among fund companies to adopt practices from mature markets, focusing on research-driven investment cultures to foster long-term investment strategies [9][10]

锂电行业复盘 20250824 摘要 全球电动车市场持续增长，中国市场电动化率接近 50%，欧洲约为 20%，美国约 10%，预计今年全球整体电动化率达 25%。政策支持和 技术进步是主要驱动力，但各国市场发展阶段和补贴政策存在差异。 锂电行业股价经历多轮周期，早期公司实现 10 倍以上增长。目前行业 进入稳增长阶段，未来五年预计保持两位数以上增长，龙头公司具备投 资价值。新兴产业如 AIDC、机器人、固态电池等领域孕育新的增长机 会。 欧洲电动车市场在 2022-2024 年销量停滞，受补贴退坡和新车型竞争 力不足影响。预计 2025 年销量增速将回升，受益于补贴影响消化和新 车周期。美国市场受特斯拉新车周期和补贴政策影响，预计 2025 年底 取消补贴后，销量可能停滞。 锂电池产业链具有周期性，需求爆发导致材料价格暴涨，产能释放后价 格回落。碳酸锂扩产周期约三年，锂电材料约一年，价格变化对股价和 盈利有明显影响。2024 年四季度材料环节经历一波行情，但 2025 年 主产业链行情平淡。 Q&A 锂电行业的发展历程是怎样的？ 锂电行业经历了多个发展阶段。最初是政策推动，2010 年中国提出"十城千 辆"目 ...

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall strategy emphasizes the importance of leading companies in the new energy sector and the continuous development of new directions [3]. - The report highlights that the second half of the year is crucial for confirming the bottom of leading companies in the new energy sector, with a focus on new areas such as new energy + AI and solid-state batteries [3]. - The report indicates that the core viewpoint of the new energy vehicle supply chain has entered a new cycle, with significant opportunities in the mid and downstream sectors [4]. Summary by Relevant Sections New Energy Vehicle Supply Chain - Attention is drawn to leading companies like Xiaomi in the smart vehicle sector, with Xiaomi's electric vehicle business revenue reaching 20.6 billion yuan in Q2 2025, achieving a gross margin of 26.4% and narrowing operational losses to 300 million yuan [4]. - Jinbo Co., Ltd. has received a notification from a global leading electric vehicle company regarding its carbon-ceramic brake disc products, which are expected to accelerate the lightweight and performance revolution in automotive brake materials [4]. Lithium Battery Sector - Companies like EVE Energy and Tianci Materials are highlighted for their strategic positioning at the bottom of the cycle, with EVE Energy achieving a net profit of 1.6 billion yuan in H1 2025 and Tianci Materials reporting a net profit of 267 million yuan, a year-on-year increase of 12.79% [4]. - The report notes that the supply and demand for lithium hexafluorophosphate are expected to tighten, benefiting companies like Tianci Materials [4]. Solid-State Battery Sector - Domestic and international leaders are increasing investments in solid-state batteries, with companies like Putailai and Xiamen Tungsten benefiting from this trend [4]. - Nissan has announced a partnership for the development of all-solid-state batteries, aiming to launch electric vehicles equipped with self-developed solid-state batteries by the fiscal year 2028 [4]. Photovoltaic Industry - The report indicates that the photovoltaic industry is experiencing a continuous improvement in supply and demand, with recent price increases in silicon materials and silicon wafers [5]. - The Ministry of Industry and Information Technology has convened a meeting to regulate competition in the photovoltaic industry, which is expected to further enhance market conditions [5]. AI + New Energy and Wind Power - The report emphasizes the importance of breakthroughs in new markets, particularly in the integration of AI with new energy and humanoid robots, with companies like Fulin Precision and Zhejiang Rongtai expected to benefit [6]. - The collaboration between NVIDIA and Foxconn to develop humanoid robots is highlighted as a significant advancement in the physical AI sector [6].

Core Viewpoint - The company demonstrated strong financial performance in the first half of 2025, with significant increases in both revenue and net profit, indicating robust growth and operational efficiency [4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 11.936 billion, a year-on-year increase of 24.76%, and a net profit attributable to shareholders of 1.020 billion, up 58.94% year-on-year [4]. - In Q2 2025, the company reported operating revenue of 6.713 billion, reflecting a year-on-year growth of 25.87%, and a net profit of 562 million, which is a 94.80% increase year-on-year and a 22.71% increase quarter-on-quarter [4]. Group 2: Magnetic Materials - The company maintained its leading position in the magnetic materials sector, with a slight year-on-year decrease in shipment volume of 8.05% to 107,300 tons, while revenue increased by 4.51% to 1.939 billion due to improved shipment structure [5]. - The gross margin for magnetic materials rose by 1.22 percentage points to 27.71%, showcasing enhanced profitability [5]. - As of H1 2025, the company has an annual production capacity of 290,000 tons of magnetic materials, making it the largest producer in China [5]. Group 3: Photovoltaic Products - The company emphasized a differentiated competition strategy, leading to a significant increase in photovoltaic product shipments, which grew over 65% year-on-year to 13.4 GW in H1 2025 [6]. - Revenue from photovoltaic products reached 8.054 billion, a year-on-year increase of 36.58%, with a gross margin that improved by 5.29 percentage points to 16.70% [6]. - The company has an annual production capacity of 23 GW for batteries and 21 GW for modules, ranking among the top ten in the industry [6]. Group 4: Lithium Battery Products - The company focused on the small power sector, achieving a year-on-year increase in lithium battery shipments of 12.25% to over 300 million units in H1 2025 [7]. - Revenue from lithium batteries grew by 4.04% to 1.286 billion, with a gross margin increase of 2.06 percentage points to 12.90% [7]. - The company has an annual production capacity of 8 GWh for lithium batteries, ranking among the top three in the domestic cylindrical small power battery industry [7].

2025 年 08 月 23 日 市值扩张路上机会频现 策略研究团队 ——投资策略周报 韦冀星（分析师） 耿驰政（联系人） weijixing@kysec.cn 证书编号：S0790524030002 gengchizheng@kysec.cn 证书编号：S0790125050007 证券化率指标—判断指数牛估值空间的一种参考 本轮行情与分子端盈利表现出现一定错位。我们在 2025 年 7 月 12 日发布的报告《剖 析市场突破的核心动力》中指出，从交易行为、资金流向到制度支持，多重因素共 同构筑了市场上行的内在基础。在宏观预期相对缺位的背景下，本轮行情与以往典 型的"指数牛"存在相似特征：分子端盈利修复未成为主导力量，指数突破上行更 多依赖于资金承载力的增强与主题交易的活跃。因此，我们在《证券化率看牛市估 值》中提出可将证券化率指标（股市总市值与 GDP 之比）作为识别估值高点的有效 参考工具。其突破 1 倍的位置应作为估值的重要关注点。展望后市，指数中枢有望 进一步上移，两市总市值增长态势有望延续。 北证 50 的"新中枢"或将确立 在本周的《北证 50：从关键突破到新中枢确立》中，我们认为近期北证 50 ...

Core Viewpoint - The article discusses the recent decision by Jiangsu Guotai to terminate its investment in a lithium-ion battery electrolyte project due to unfavorable external conditions and industry environment changes, highlighting a trend of timely loss mitigation in the industry [4][7][8]. Group 1: Project Termination - Jiangsu Guotai announced the termination of a project aimed at producing 400,000 tons of lithium-ion battery electrolyte, with a total investment of 1.53798 billion yuan [4][8]. - The project was to be implemented by its subsidiary Ningde Huaron, located in Ningde City, with a planned construction period of 24 months [8]. - The decision was made as the project had not yet commenced construction and the company is actively coordinating with the government regarding land use [7][8]. Group 2: Industry Context - The termination reflects a broader trend in the lithium battery industry, where there is a noticeable slowdown in capacity expansion across various segments, including lithium carbonate, anodes, cathodes, and electrolytes [8]. - Jiangsu Guotai's decision is seen as aligning with market competition trends, preserving financial strength amid a market characterized by low prices and excess low-end capacity [8]. - The industry is shifting towards higher-level competition, moving beyond mere capacity expansion [8]. Group 3: Financial Performance - In the first half of 2025, Jiangsu Guotai reported a revenue of 18.597 billion yuan, a year-on-year increase of 5.48%, and a net profit attributable to shareholders of 545 million yuan, up 10.85% [9]. - The chemical products segment, which includes battery chemicals, accounted for only 5.24% of total revenue, indicating a relatively small contribution to overall performance [9]. - Jiangsu Guotai has established long-term partnerships with leading battery manufacturers, and its products are being applied in various markets, including power, energy storage, and consumer electronics [9].

Core Viewpoint - Hengdian East Magnetic's half-year performance shows significant growth, with strong revenue and profit increases across various business segments [2][3]. Group 1: Financial Performance - In the first half of the year, Hengdian East Magnetic achieved operating revenue of 11.94 billion yuan and a net profit attributable to shareholders of 1.02 billion yuan, representing a year-on-year growth of approximately 59% [2]. - The net cash flow from operating activities was 1.7 billion yuan, with a weighted average return on equity of 9.84% [2]. Group 2: Business Segment Performance - **Magnetic Materials**: Revenue showed slight growth with shipments of 107,000 tons, optimizing shipment structure and enhancing market share through competitive advantages [2]. - **Photovoltaic Industry**: Revenue reached 8.054 billion yuan, up 36.58% year-on-year, with shipments of 13.4 GW, a growth of over 65% [2]. - **Lithium Battery Industry**: Revenue was 1.286 billion yuan, with shipments exceeding 300 million units, reflecting a year-on-year growth of 12.25% [2]. Group 3: Industry Challenges and Strategies - The company is addressing challenges such as price transmission issues due to rising costs in the midstream compared to downstream price adjustments [3]. - The company is preparing for potential impacts from U.S. anti-dumping investigations and has established strategic inventory to mitigate price transmission inconsistencies [3]. - The company plans to enhance the efficiency of TOPCon high-efficiency components, aiming for a power output of 650W by the end of the year [3]. Group 4: Dividend Policy - Hengdian East Magnetic has implemented 18 cash dividends since its listing, totaling 3.76 billion yuan, with a proposed cash dividend of 610 million yuan for the first half of this year, accounting for nearly 60% of the net profit attributable to shareholders [3].

Group 1: Financial Performance - The company achieved a revenue of 11.94 billion CNY in the first half of the year, with a net profit attributable to shareholders of 1.02 billion CNY, representing a year-on-year growth of approximately 59% [2] - The net cash flow from operating activities was 1.7 billion CNY, with a weighted average return on equity of 9.84% [2] Group 2: Business Segment Performance - The magnetic materials segment generated a revenue of 2.371 billion CNY, with a slight year-on-year increase and a shipment of 107,300 tons [3] - The photovoltaic segment reported a revenue of 8.054 billion CNY, showing a year-on-year growth of 36.58%, with shipments of 13.4 GW, an increase of over 65% [4] - The lithium battery segment achieved a revenue of 1.286 billion CNY, with shipments exceeding 300 million units, reflecting a year-on-year growth of 12.25% [4] Group 3: Market Dynamics and Pricing - The company noted that the price transmission in the market is still not fully market-oriented, with domestic acceptance of price increases remaining low [5][6] - The company is preparing for potential impacts from the U.S. anti-dumping and countervailing investigations against Indonesia, having already assessed risks and prepared responses [7][8] - The company has established strategic inventory to mitigate the impact of rising silicon prices, expecting continued support for component profitability in the second half of the year [9] Group 4: Product Development and Strategy - The company aims to achieve a TOPCon module power of 650W by the end of the year, with half of the capacity already capable of producing 640-645W [10] - The company has completed technical preparations for full ear technology and will evaluate mass production investment based on market demand and capital returns [12] - The magnetic materials segment has seen significant growth in AI server-related products, with monthly revenues increasing from millions to tens of millions [12] Group 5: Dividend Policy - The company has implemented cash dividends since its listing, with cumulative amounts reaching 3.76 billion CNY, and plans to continue a high proportion of cash dividends in the future [12]

Core Insights - The article highlights the breakthroughs made by Chinese lithium battery companies, particularly in solid-state battery technology, showcasing their innovative approaches to overcoming significant technical challenges [1][2][8] Group 1: Technological Breakthroughs - Solid-state batteries are seen as the next-generation power battery solution, but the solid electrolyte faces a "trilemma" of high ionic conductivity, interface compatibility, and electrochemical stability [2] - The research team at Tianqi Materials encountered significant challenges with interface impedance when solid electrolytes interacted with high-nickel cathodes, which adversely affected battery performance [2] - A dedicated focus on solving the air stability of sulfide electrolytes led to a significant discovery regarding the degradation of battery performance due to environmental exposure, prompting innovative solutions such as the development of a protective film [2][3] Group 2: Innovation Ecosystem - The company adopted a "horse racing" mechanism to evaluate competing technologies, ultimately favoring the sulfide route for its superior ionic conductivity and cycling stability [4] - The CEO emphasized the importance of maintaining a balance between openness and focus in innovation, which has become a shared understanding within the team [5] Group 3: Industry Collaboration - The collaboration between battery manufacturers and clients has become a norm, with real-time data sharing leading to rapid problem-solving and iterative improvements in battery technology [7] - The demand for solid-state batteries is driven by emerging technologies such as AI, which require enhanced battery performance, thus creating a significant market opportunity [7][8] Group 4: Market Developments - Companies like BTR and others are advancing solid-state battery materials and solutions, indicating a broader industry push towards commercialization [6] - The acceleration of solid-state battery industrialization is evident, with various companies planning to implement solid-state batteries in their products by 2026 [6]

然而，果真如此吗？拨开数据迷雾，以下亮点更值得关注：一方面，半年盈利16.05亿元不仅领先不少 同行，更是排进公司历史前三。另一方面，亿纬锂能在管理费用中摊销了近5.8亿元的股权激励费用， 若扣除这部分及单项坏账计提，其今年上半年净利润达到22.18亿元，同样实现增长、创历史新高。 股权激励费用的"侵蚀"看似影响了短期利润，实则是亿纬锂能为未来铸建的"基座"——在锂电行业 从"规模扩张"转向"价值深耕"的转折关键期，技术迭代速度与产品差异化能力成为生存法则，而这一切 的核心载体正是人才。通过激励机制将核心团队的利益与企业长期发展深度绑定，亿纬锂能既稳住了技 术创新的"操盘手"，也为后续技术突破与成果转化注入了持续动能。 对人才的长期投入与激励机制，最终切实转化为持续的研发投入与技术沉淀。从半年报披露的技术布局 来看，亿纬锂能已在动力电池、储能电池及前沿能源等领域，构建起多层次的技术护城河体系。 毛利率双增 8月21日晚间，亿纬锂能（300014）（300014.SZ）发布2025年半年度报告，仅从数据来看，这家锂电龙 头貌似交出一份"增速与压力并存"的成绩单：营业收入同比增长30.06%，达到281.7亿元， ...