从整个锂电周期复盘来看，呈现出明显的周期特征。2019 年至 2021 年，新 能源车的渗透率从 5%迅速提升至 20%，甚至达到 30%的水平。这一快速提 升带来了动力电池装机需求的增长，下游动力电池厂纷纷扩产，包括宁德时代、 比亚迪等一线厂商，以及蜂巢能源、中创新航、国轩高科等二三线厂商，甚至 日韩的 LG、SK、三星和松下等海外厂商也积极扩产。伴随着动力电池厂的扩 展，锂电设备商的新签订单也进入了快速增长阶段。然而，从 2022 年至 2024 年前三季度，由于新能源车销量放缓，导致电池厂资本开支下降，设备 商的新签订单增长迟滞甚至下滑。 先导智能 20250605 摘要 锂电设备行业在未来的发展前景如何？ 新能源汽车渗透率提升及政策推动，锂电设备行业自 2024 年三季度起 迎来新增长，头部电池厂如宁德时代重启扩产，产能利用率显著提升。 宁德时代计划至 2029 年总产能扩张至 1,200GWh，重点布局海外产能， 包括匈牙利、德国、西班牙、印尼等地工厂，以配套宝马、奔驰等主机 厂。 比亚迪亦有较大扩产计划，预计 2025 年销量同比增长 35%至接近 50%，并将在泰国、印尼、匈牙利和巴西等地进行完 ...

Group 1 - The core viewpoint is that major A-share technology companies are increasingly choosing to list in Hong Kong, driven by factors such as overseas expansion strategies, regulatory conveniences, and improved liquidity [1][4][5] - In the new energy sector, the world's largest power battery manufacturer raised HKD 31 billion through Hong Kong listings to expand its European production base, which is expected to increase overseas capacity by 40% [1] - In the pharmaceutical sector, an innovative drug leader raised nearly HKD 10 billion, with 75% of the funds allocated for the development of new cancer drugs, advancing five innovative drugs into international multi-center clinical trials [1] Group 2 - The surge in A-share companies listing in Hong Kong is attributed to three main drivers: dual overseas expansion of capacity and brand, regulatory conveniences, and liquidity improvements [4] - The dual strategy of capacity and brand expansion aims to bypass international trade barriers, such as tariffs, with companies like a consumer electronics firm successfully raising funds in Hong Kong to build a factory in Mexico, resulting in a 35% increase in order volume [4] - Regulatory innovations have significantly lowered the barriers for companies to list in Hong Kong, with measures from the China Securities Regulatory Commission reducing approval times from three months to 30 days [4][5] Group 3 - The improvement in liquidity is highlighted by a 144% year-on-year increase in the average daily trading volume of Hong Kong stocks, reaching HKD 242.7 billion in Q1 2025, driven by a surge in international capital inflows [5] - A-share companies listing in Hong Kong is seen as a means to reconstruct the value of core assets, with the potential for international investor recognition to prompt a reassessment of long-term value in the A-share market [7] - The integration of resources across borders, supported by policy, is expected to lead to a revaluation of core assets, transitioning from regional pricing to global pricing, enhancing their investment value [7]

Core Viewpoint - The Sichuan Provincial Economic and Information Technology Department, along with nine other departments, has issued a work plan to establish regional centers for the recycling and utilization of power batteries from new energy vehicles, aiming to create a comprehensive and efficient recycling system for retired batteries [1][2]. Group 1: Policy and Regulatory Framework - The work plan aims to accelerate the construction of a standardized and efficient recycling system for retired power batteries, with a target of reaching 1.402 million new energy vehicles in Sichuan by the end of 2024 [1]. - The "Interim Measures for the Management of Recycling and Utilization of Retired Power Batteries from New Energy Vehicles" was released on April 23, marking the first provincial-level regulatory document in China for this sector [1]. - The State Council has recognized the importance of enhancing the recycling capacity of power batteries as they enter a phase of large-scale retirement [2]. Group 2: Market Potential and Challenges - The recycling of retired batteries can meet 24% of lithium, 31.2% of cobalt, and 16.8% of nickel demand annually, which is crucial for the sustainable development of the new energy vehicle industry [2]. - The market for power battery recycling is projected to exceed 100 billion yuan by 2030, but the current standardized recycling rate is below 25%, with many batteries ending up in unqualified small workshops [2]. - The Ministry of Industry and Information Technology has emphasized the need for comprehensive supervision across the entire battery lifecycle, from production to disposal [2]. Group 3: Industry Development and Opportunities - Sichuan, as a major lithium battery province, holds the richest lithium reserves in China and accounts for about 20% of the national power battery production [3]. - The province is working to establish a complete industrial chain from lithium resource development to battery recycling, which will promote technological innovation and create a sustainable industrial ecosystem [3].

标尺作用和投资功能进一步强化 创业板指在创业板市场中选取市值大、流动性好的100只股票组成，不仅代表创业板市场核心资产，也 汇聚了一批中国最优质的创新成长企业。头部样本公司中不乏具备全球竞争力的产业龙头企业，包括动 力电池系统提供商宁德时代（300750）、自动化领域领军企业汇川技术（300124）、高科技医疗设备研 发制造厂商迈瑞医疗（300760）等。 易方达创业板ETF基金经理成曦表示，创业板作为中国资本市场最具创新活力的板块之一，展现出高成 长与高弹性特征。创业板指汇聚新能源、生物医药、信息技术等新兴产业龙头，是投资者捕捉经济转型 与产业升级红利重要工具。 "创业板始终站在创新与发展的前沿。"广发创业板ETF基金经理刘杰表示，其核心优势在于聚焦战略性 新兴产业，深度覆盖新能源、生物医药、信息技术等景气赛道，充分体现了中国经济转型升级的方向。 富国创业板ETF基金经理曹璐迪认为，作为投资工具，创业板指以突出的收益表现和流动性优势，成为 资金布局新质生产力的首选载体，彰显"三创四新"的基因优势。 2025年6月1日，创业板指数迎来"十五岁"生日。15年来，作为反映中国经济转型升级和创新创业企业发 展的核心 ...

Group 1: Economic Development and Innovation - Xi Jinping emphasized the importance of Jiangsu province in achieving the "14th Five-Year Plan" development goals, focusing on technological and industrial innovation integration, deep reforms, and high-level openness [1] - Jiangsu province achieved a GDP of 13.7 trillion yuan in 2024, with an economic growth rate of 5.8%, contributing over 10% to the national economy [4] - Jiangsu's innovation capability ranked second nationally in 2024, with significant contributions to national R&D investment and a leading number of newly approved unicorn enterprises [4] Group 2: Ideal Auto's Growth and Manufacturing - Ideal Auto became the first new force car company in China to reach the milestone of producing 1 million vehicles by October 2024 [3] - The company operates a highly automated manufacturing base in Changzhou, featuring 21 fully automated production lines and over 600 robots, achieving 100% automation in key processes [3] - In the first quarter of the year, Changzhou's new energy vehicle and auto parts cluster generated over 115 billion yuan in output, marking a 12.4% year-on-year increase [3] Group 3: Financial Support for Innovation - Jiangsu's financial institutions have provided 739 billion yuan in loans to enterprises under the technology innovation and technology transformation re-loan policy [5] - The province's financial support for equipment renewal projects increased by 495 billion yuan since the beginning of the year, leading the nation [5] - As of April 2025, Changzhou's banking sector had a loan balance of 737.83 billion yuan for the new energy industry, with a year-on-year growth of 2.43% [8] Group 4: Challenges and Strategies for SMEs - Many small and medium-sized enterprises (SMEs) in the new energy sector face challenges due to price wars and rapid technological changes, impacting their competitiveness [15] - Financial institutions are developing tailored products to support SMEs, such as the "Zhongyin Changdai" and "Kechuang Integral Loan" to alleviate funding pressures [16] - The local government is actively promoting a coordinated financing mechanism to support SMEs in the new energy industry [17] Group 5: Venture Capital and Early-Stage Investment - Early-stage venture capital firms play a crucial role in nurturing technology-driven enterprises, providing not just funding but also strategic support [18][19] - The number of private equity fund managers in Jiangsu ranks sixth nationally, with a total fund size of 1.1749 trillion yuan [18] - Recent policies aim to enhance the venture capital ecosystem, addressing challenges in fundraising, investment management, and exit strategies for technology startups [22]

郭晨凯 制图 ◎记者 冯心怡 实习生 年悦 近期，A股上市公司掀起新一轮赴港上市热潮，不少公司希望开启"A+H"双资本平台运作模式。今年5 月，就有宁德时代、恒瑞医药、钧达股份、吉宏股份4家A股公司成功登陆港交所，全年新增"A+H"公 司数量有望创近年来新高。 上海证券报记者采访了解到，赴港上市的热潮背后，是政策红利与企业全球化战略的双重驱动。投行人 士认为，A股公司赴港上市热潮有望延续1年至2年，龙头企业、有出海需求的中型企业、新兴产业的亏 损企业这三类公司，正通过"A+H"双资本平台开拓新的发展空间。 A股公司争相赴港上市 目前，筹划赴港上市的A股公司仍以龙头企业为主，但已不再局限于医药生物、电力设备、食品饮料等 领域，行业分布更加多元化。 据上海证券报记者统计，今年以来，共有近30家A股公司初次公告筹划港股上市。4月以来，A股公司筹 划港股上市渐入高峰期，共有近20家正在筹划港股上市，涵盖通信、电子、汽车等多个行业，其中包括 三一重工、牧原股份、韦尔股份等行业龙头企业。 今年5月，已经有宁德时代、恒瑞医药、钧达股份、吉宏股份4家A股公司登陆港交所。其中，宁德时代 刷新近年来港股IPO发行规模纪录，创新药 ...

主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 6月会议预告 2025高工钠电 产业峰会 近日，孚能科技披露，其能量密度达400-500Wh/kg的全固态电池研发进展顺利， 60Ah硫化物 全固态电池 计划于2025年底向战略合作伙伴小批量 交付。 当前，硫化物体系工程化仍是全固态电池产业化的核心掣肘。该体系中电解质与电极的接触方式主要为"点接触"，接触面积远小于液态电池的"面接 触"，导致锂离子传输路径在充放电过程中极易因电极体积膨胀而断裂。 而固-固界面接触问题随电芯容量扩大难度呈指数级加剧。 到2024年末，业内全固态电池集中在20Ah水平。 如何将电芯容量做大成为业内一大卡 点，考验着电池企业材料体系、界面工程、制造工艺等多维度、系统性的创新能力。 而孚能科技能够在业内率先实现 60Ah 级别的容量突破 ...

Core Insights - The rapid advancement of China's new energy vehicle industry is driving a transformation in vehicle power systems, particularly in battery technologies such as lithium-ion and fuel cells [1] Group 1: Battery Technology Innovations - The demand for longer range in electric vehicles necessitates an increase in battery energy density, with lithium-ion batteries nearing their theoretical limits. Lithium-rich manganese-based cathode materials are emerging as a promising solution, potentially achieving energy densities of 600-700 Wh/kg in solid-state batteries [3][5] - Sodium-ion batteries are highlighted for their long lifespan, wide temperature range, and cost-effectiveness, with the potential to enhance cargo capacity by 15% in heavy-duty applications. A new company has been established to scale up production of sodium-ion battery materials and cells [8] - Solid-state batteries are transitioning from laboratory to industrial applications, offering improved energy density and safety. Hybrid solid-liquid batteries are seen as a viable interim solution before full solid-state technology becomes mainstream [10] Group 2: Safety and Standards - The new national standards for battery safety emphasize a "zero tolerance" approach, mandating that batteries must not catch fire or explode. This includes rigorous testing protocols to ensure safety under various conditions [12][14] - Innovations in battery management systems are crucial for enhancing safety, utilizing real-time monitoring to predict and mitigate potential hazards [14] Group 3: Fuel Cell Developments - Fuel cells are recognized for their efficiency and environmental benefits, but high production costs hinder commercialization. Efforts are underway to reduce costs through domestic production of key components [20][22] - The integration and smart control of fuel cell systems are advancing, leveraging big data and AI for improved performance and reliability [22] Group 4: Market Applications and Synergies - Fuel cells are expanding into diverse applications beyond transportation, including distributed power generation and military uses, with significant advantages in energy density [24] - The complementary nature of battery and fuel cell technologies allows for innovative hybrid solutions, catering to different travel needs and enhancing overall system efficiency [25]

Core Insights - The recruitment event in Sichuan highlighted over 3,700 job openings in key industries such as semiconductors, artificial intelligence, high-end equipment manufacturing, and new energy vehicles [4][6][7] - The Sichuan government has implemented measures to support human resources in key industrial chains, aiming to strengthen and optimize the employment landscape [8] Group 1: Job Opportunities - More than 3,700 job positions were available, with 55% for master's and doctoral candidates and 45% for bachelor's degree holders [6][7] - Positions offering annual salaries above 100,000 yuan accounted for 48%, while those with salaries above 300,000 yuan made up 29% [6][7] - Companies like Sichuan Zhengkai New Materials Co., Ltd. and Sichuan Xinchuan Aviation Instruments Co., Ltd. actively recruited for various roles, indicating a strong demand for talent in the region [6][7] Group 2: Industry Growth and Employment - Chengdu's key industry chain enterprises posted 180,000 job openings in 2024, marking a 208% year-on-year increase [7] - The demand for new roles in artificial intelligence and integrated circuits has surged, with significant growth in positions such as machine vision engineers and chip design engineers [7] - The development of the low-altitude economy in cities like Zigong has created substantial employment opportunities in sectors like renewable energy and artificial intelligence [7] Group 3: Government Initiatives - Sichuan has introduced ten measures to enhance human resource support for key industrial chains, ensuring that at least 500 key enterprises receive employment service guarantees [8] - The provincial government emphasizes the importance of optimizing the industrial ecosystem and promoting high-quality development in the "15+N" key industries [6][8]

以下文章来源于孚能科技 ，作者电量满满的 作为全球动力电池领军企业之一，孚能科技凭借高能量密度、长循环寿命及快速充电等核心技术优势，连续八年蝉联国内软包动力电池装机量 第一，产品广泛应用于梅赛德斯奔驰、广汽、吉利等国内外知名车企，成为全球首家eVTOL产品交付给终端客户的电池企业。而同方股份依托 中核集团与清华大学的科研基因，在核技术应用、智慧能源、数字信息及成果转化领域拥有深厚积累，同时构建创新体系，搭建"产学研用"平 台，推动产业数字化升级，其技术、产品和服务覆盖五大洲百余国，为双方合作提供了坚实的技术支撑与产业资源。 此次孚能科技与同方股份的合作，是双方在新能源领域的战略布局，也是对"双碳"目标的积极践行。双方将整合电池技术创新与数字信息赋能 优势，推动传统能源产业低碳化、智能化转型，助力多领域绿色升级，形成"技术 + 产业"协同效应，共谱新能源产业高质量发展新篇。 （ 来 源：孚能科技） 往 期 回 顾 | 01 | ｜ | 掘金韩国市场，瑞浦兰钧再下一城！ | | --- | --- | --- | | 02 | ｜ | 珠海冠宇再获重要定点！ | | 03 | ｜ | 宁德时代与甘肃兰州签署零碳城 ...