Core Viewpoint - The power battery recycling sector has shown a positive performance, with a 0.53% increase, ranking seventh among concept sectors, indicating growing investor interest and potential opportunities in this area [1][2]. Group 1: Market Performance - As of October 30, the power battery recycling concept saw 37 stocks rise, with notable gainers including Xinwangda (up 10.14%), Tianqi Lithium (up 9.67%), and Fangyuan Co. (up 9.05%) [1]. - The sector experienced a net inflow of 1.92 billion yuan, with 43 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2]. Group 2: Key Stocks - Tianqi Lithium led the net inflow with 1.382 billion yuan, followed by Huayou Cobalt (410 million yuan), Ganfeng Lithium (387 million yuan), and Fulongma (377 million yuan) [2]. - The highest net inflow ratios were observed in Kangsheng Co. (29.02%), Yuanda Environmental Protection (22.44%), and Tianqi Lithium (14.14%) [3]. Group 3: Sector Comparison - The power battery recycling sector's performance contrasts with other sectors, such as the military equipment restructuring concept, which fell by 2.91%, and the optical packaging concept, which decreased by 2.87% [2].

Core Insights - The rapid development of the new energy vehicle industry has positioned China as the largest producer and consumer of power batteries globally, leading to an impending wave of large-scale battery retirements that necessitates a standardized, safe, and efficient recycling system [1][2] Group 1: Market Overview - China is expected to enter a large-scale retirement phase for power batteries, with an estimated recovery volume exceeding 300,000 tons in 2024, corresponding to a market size of over 48 billion yuan, and projected to surpass 100 billion yuan by 2030 [2] - The implementation of battery recycling standards has significantly improved resource recovery rates and promoted the standardized and large-scale development of the industry [4] Group 2: Standardization Efforts - The State Administration for Market Regulation has released 22 national standards related to battery recycling, covering various aspects such as general recovery requirements, management specifications, disassembly standards, and recycling of lithium-ion waste [2][3] - A national technical committee for battery recycling standardization is being established to coordinate standards across the entire supply chain, addressing the needs of various sectors including automotive, marine, and energy storage [3] Group 3: Regional Initiatives - Fujian Province has pioneered the integration of battery recycling into local legislation, establishing a supportive policy framework and providing financial incentives for organizations involved in standard-setting and pilot projects [4] - Fujian has three institutions capable of conducting critical safety testing for batteries, with a key laboratory serving as a core platform for risk monitoring and technical evaluation across the industry [4] Group 4: Technological Advancements - Companies like CATL's subsidiary, Bangpu Recycling, have achieved high recovery rates of 99.6% for nickel-cobalt-manganese and 96.5% for lithium, with plans to process over 120,000 tons of waste batteries in 2024 [5] - Quanzhou Qingneng Company is expected to process 237 tons of retired batteries in 2024, generating a revenue of 23 million yuan while reducing carbon emissions by 238 tons, showcasing a replicable standardized model [5] Group 5: International Collaboration - China is actively participating in the formulation of international standards for battery recycling, with experts involved in developing performance evaluation methods and general guidelines for retired battery recycling [6][7] - The country has successfully proposed an IEC international standard for deep discharge guidelines in battery recycling, with nearly 40 Chinese experts engaged in relevant international technical organizations [7]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned for accelerated growth due to rapid downstream demand, supported by policy backing and technological breakthroughs. It is identified as a foundational industry that underpins other sectors, including electronics, renewable energy, biotechnology, and environmental protection [4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - The AI IaaS market in China is projected to grow by 122.4% year-on-year in the first half of 2025, reaching a market size of 19.87 billion yuan. The GenAI IaaS market is expected to grow by 219.3%, while OtherAI IaaS is projected to decline by 14.1% [6][23]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [8]. - A new assembly line for Airbus A320 aircraft in Tianjin is set to commence operations in early 2026 [9]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [10]. - The domestic market for battery recycling is expected to exceed 100 billion yuan by 2030, with a projected recycling volume of over 300,000 tons in 2024 [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - A development plan aims to enhance the quality of listed companies in Shenzhen, targeting a total market value exceeding 20 trillion yuan by 2027 [12]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics [13]. - A plan to establish an ecological environment rights trading platform in Hubei aims for completion by 2027 [14]. 6. Key Companies and Profit Forecasts - Notable companies include Ruihua Tai, Guangwei Composite, and others, with various EPS and PE ratios forecasted for 2024-2026 [15]. - For instance, Guangwei Composite is projected to have an EPS of 0.89 in 2024, with a PE ratio of 32.16 [15]. 7. Industry Dynamics - The new materials industry is expected to enter a prosperous cycle driven by downstream applications [14]. - The report emphasizes the importance of identifying companies with strong R&D capabilities and excellent management within the core supply chain [4].

Core Viewpoint - The rapid development of the power battery recycling market in China is expected to exceed 100 billion yuan by 2030, driven by the large-scale retirement of power batteries and increasing regulatory support [3][4]. Market Overview - The domestic power battery recycling volume is projected to surpass 300,000 tons in 2024, corresponding to a market scale of over 48 billion yuan. By 2030, the market scale is estimated to reach approximately 140.6 billion yuan, with a compound annual growth rate of 18.2% over the next four years [4]. - The increasing number of retired batteries poses significant challenges for safe disposal and recycling, as these batteries contain hazardous materials that can lead to environmental pollution and safety risks if not handled properly [4][5]. Policy and Regulatory Framework - The Chinese government has implemented various policies, including the "Interim Measures for the Management of Recycling and Utilization of New Energy Vehicle Power Batteries," to establish a robust regulatory framework for the industry [5][6]. - A total of 22 national standards related to power battery recycling have been published, covering general requirements, management specifications, disassembly standards, and more [6]. Recycling Methods - Power battery recycling primarily involves two methods: cascade utilization and disassembly recycling. Batteries with over 80% remaining capacity can be refurbished, while those with 20%-80% capacity can be used in less demanding applications [7][9]. - Batteries with less than 20% capacity are typically scrapped and processed for material recovery [7]. Technological Advancements - The recycling process requires advanced instruments and equipment to ensure safety and efficiency. Key devices include high-precision testing systems for battery health assessment and non-destructive testing equipment to identify internal issues [12][10]. - The wet metallurgy process is crucial for extracting valuable metals from spent batteries, necessitating the use of chemical analysis instruments and wet metallurgy process equipment [13][14]. Equipment and Instrumentation - Various instruments are essential throughout the recycling process, including: - **Physical Processing**: High-precision charge-discharge testing systems and non-destructive testing devices [12]. - **Wet Metallurgy**: Instruments like ICP-OES and X-ray diffraction devices for analyzing metal content and material structure [13][14]. - **Material Synthesis**: Equipment such as co-precipitation reactors and sintering furnaces for creating new battery materials [16][17]. Future Outlook - The power battery recycling industry is expected to evolve towards more standardized, efficient, and environmentally friendly practices. Advanced instruments will play a critical role in capturing opportunities in this emerging market [20].

Core Insights - The rapid development of China's new energy vehicle industry is leading to a concentrated wave of battery retirements, making the establishment of a scientific and complete battery recycling system crucial for industry chain safety, resource recycling, and green development [1] - As of now, China has released 22 national standards for battery recycling, covering various aspects such as general requirements, management norms, disassembly standards, residual energy testing, recycling, and waste recovery [1] - The company Bangpu Recycling plays a key role in the formulation of these standards, leading or participating in over 80% of the relevant standards in the lithium battery recycling sector [1] Industry Standards and Development - The primary task of standardization in battery recycling is to establish unified classification and process definitions due to the complexity and diversity of recycling objects [2] - China's current recycling rates are internationally leading, with a comprehensive recovery rate of nickel, cobalt, and manganese reaching 99.6%, and lithium recovery at 96.5% [2] - The improvement of standards is driving technological advancements in the industry, pushing it from extensive to high-quality development [2] International Competitiveness - The focus of international competition in battery recycling is shifting from technological competition to rule-making, highlighting the importance of establishing a systematic methodology and regulatory framework [3] - The establishment of a specialized battery recycling standardization organization is seen as a breakthrough for China to effectively represent its standards internationally [4] - The fragmented nature of current standards across multiple committees hinders China's ability to engage in systematic international dialogue [4] Integration and Lifecycle Management - The recycling industry faces challenges due to its long and fragmented supply chain, necessitating a shift towards integrated lifecycle management [5] - Bangpu Recycling collaborates with CATL to create a closed-loop ecosystem, providing feedback for "green design" to enhance recyclability and resource efficiency [6] - The future focus will be on accelerating the establishment of resource attribute recognition standards for strategic resources and key mineral salts, as well as developing a carbon footprint accounting system for battery recycling [6]

Core Insights - The State Administration for Market Regulation recently held a press conference to announce 22 national standards for the recycling and utilization of power batteries, with Guangdong Bangpu Recycling Technology Co., Ltd. being a key leading enterprise [1] - Bangpu Recycling, a subsidiary of CATL, has played a significant role in formulating over 80% of the national standards for lithium battery recycling [1] - The company has achieved the highest global recovery rates for nickel, cobalt, and manganese at 99.6% and lithium at 96.5%, surpassing industry averages [1] Group 1 - Bangpu Recycling has an annual processing capacity of 120,000 tons of used power batteries, equivalent to revitalizing 200,000 to 300,000 electric vehicle batteries each year based on an average battery weight of 300 kg [1] - The company has established 445 industry standards, including 126 national standards, and supports 18 national committees in battery recycling standard research across various sectors [1] - Bangpu Recycling is the first company globally to create a directional recycling technology system, which has been shared with the industry to form national standards [1] Group 2 - The establishment of standards is crucial for industry development, accelerating technological progress and product iteration, while also positioning Chinese standards as important references in international markets [2] - The high-standard recycling system provides a "green passport" for Chinese battery companies to enter global markets, especially in light of international regulations like the EU's new battery law [2] - Experts predict that transforming retired batteries into future "green mines" could lead to a market worth hundreds of billions by 2030, with CATL building a comprehensive resource recycling system that redefines resource management through standards and technology [2]

Core Viewpoint - China has released 22 national standards for the recycling and utilization of power batteries, which support the high-quality development of the power battery recycling industry [1][2]. Group 1: National Standards and Implementation - The national standards cover various aspects such as general requirements for battery recycling, management specifications, disassembly standards, residual energy detection, and recycling of lithium-ion waste [1][2]. - The implementation of standards like "Disassembly Specifications for Vehicle Power Battery Recycling" and "Residual Energy Detection for Vehicle Power Battery Recycling" has led to large-scale promotion in the industry, enhancing the healthy and orderly development of the sector [2]. - The expected domestic market scale for power battery recycling is projected to exceed 100 billion yuan by 2030 [1]. Group 2: Economic and Environmental Impact - The application of standards has resulted in significant recovery rates, with nickel, cobalt, and manganese recovery rates reaching 99.6% and lithium recovery rates at 96.5%, promoting green and sustainable development in the industry [2]. - The recycling process of power batteries is crucial for the efficient extraction and regeneration of important metals like lithium, cobalt, and nickel, which is significant for the protection of vital mineral resources [2]. Group 3: Technical Standards and Quality Assurance - The national standard "Recycled Black Powder for Lithium-Ion Batteries" defines key technical requirements such as classification, chemical composition, and harmful substance limits, which will enhance the quality of domestic recycled black powder [2]. - The series of standards for "Recycling and Reuse of Vehicle Power Batteries" stipulates harmful substance handling processes, ensuring pollution control during the recycling phase and promoting a reduction in overall energy consumption by over 30% [3]. - Strict resource recovery rate indicators have been established, requiring comprehensive recovery rates of nickel, cobalt, and manganese to be no less than 98%, and lithium recovery rates to be no less than 85% [3].

Core Insights - China is entering a large-scale retirement phase for power batteries, with an estimated recovery volume exceeding 300,000 tons in 2024, corresponding to a market size of over 48 billion yuan, and expected to surpass 100 billion yuan by 2030 [1] Group 1: Industry Overview - China has become a major producer and consumer of power batteries, with new energy vehicle production expected to exceed 13 million units in 2024, maintaining the global lead for 10 consecutive years [1] - The State Administration for Market Regulation, in collaboration with the Ministry of Industry and Information Technology, is actively promoting the development of national standards for the entire power battery recovery and utilization industry chain [1] Group 2: Standards and Regulations - National standards have been developed for the collection, storage, and transportation of retired power batteries, ensuring traceability and environmental safety during the recovery process [1] - In the area of physical processing, national standards for disassembly, discharge, and sorting of power batteries have been revised to promote standardized development and ensure safety and environmental protection [1] - In terms of chemical regeneration, a series of national standards have been issued regarding intermediate products, testing methods, and waste treatment in battery regeneration, effectively reducing pollutant emissions and supporting energy conservation and carbon reduction in the industry [2]

Core Insights - China is entering a large-scale retirement phase for power batteries, with an estimated recovery volume exceeding 300,000 tons in 2024, corresponding to a market size of over 48 billion yuan [1][2] - The domestic market for power battery recovery is projected to surpass 100 billion yuan by 2030, highlighting the importance of advancing battery recovery and utilization [1] Industry Overview - China has become a major producer and consumer of power batteries, with over 13 million new energy vehicles expected to be produced in 2024, maintaining its position as the global leader in production and sales for 10 consecutive years [1] - The State Administration for Market Regulation, in collaboration with the Ministry of Industry and Information Technology, is actively promoting the development of national standards for the entire power battery recovery and utilization industry chain [1] Collection and Transportation Standards - National standards have been developed for the collection, classification, packaging, transportation, unloading, and handling of retired power batteries, ensuring traceability and environmental safety during the recovery process [1] Physical Processing Standards - The establishment and revision of national standards for the disassembly, discharging, and crushing separation of power batteries have been initiated, promoting the standardized development of physical processing and ensuring safety and environmental protection [1] Chemical Recycling Standards - A series of national standards have been released regarding the intermediate products of battery recycling, testing methods, and waste management, effectively reducing pollutant emissions and supporting energy conservation and carbon reduction in the industry [2]

市场监管总局标准技术司司长刘洪生说，市场监管总局会同工业和信息化部等相关部门，围绕动力电池 回收利用全产业链，积极推进相关国家标准研制发布，为动力电池回收利用产业发展提供了有力的技术 支撑。 截至目前，我国已发布动力电池回收利用国家标准22项，涵盖动力电池回收通用要求、管理规范、拆解 规范、余能检测、再生利用、锂离子废弃物回收利用、再生黑粉等多个方面，有力支撑和引领动力电池 回收产业高质量发展。 据统计，2024年国内动力电池回收量突破30万吨，对应市场规模超480亿元。 宁德时代子公司邦普循环将自主研发的DRT定向循环技术转化为先进标准，实现镍钴锰回收率99.6%、 锂回收率96.5%，2024年处理废旧电池超12万吨，再生锂盐1.71万吨。 福建省市场监管局副局长谢再春介绍，福建省作为全国动力电池产业的重要生产基地，实现了科技创新 与标准研制深度融合，形成了可复制推广的标准化示范模式。 泉州清能公司通过构建标准体系，2024年处理退役电池237吨，减碳238吨，产值达2300万元。 刘洪生表示，下一步将加快动力电池回收利用标准体系建设，围绕动力电池绿色设计、余能检测、放 电、存储、定向循环等方面，推进相关 ...