中信建投研报指出，继续重点推荐储能板块，看好锂电行业基本面和当前时刻催化多。国内储能经济性迎来拐点+海外光储平价全面共振态势不变。国内核 心驱动在于新能源全面入市推动峰谷电价差拉大，加上容量电价政策出台，推动储能IRR提升。1-9月国内招标同比增长88%。海外意大利MACSE机制启 动，美国数据中心电力缺口大，光+储仍是不可替代的快速上量能源形式，海外产能预计能规避部分关税。 该机构认为，锂电行业当前时刻催化多，排产旺季材料和储能电池供不应求价格不断提升 ，26年需求越发明朗，锂电Q3基本同环比明显增长；继续看好材 料尤其是6F、铁锂和电池环节的机会。 数据显示，截至2025年9月30日，中证电池主题指数前十大权重股分别为阳光电源、宁德时代、亿纬锂能、三花智控、先导智能、天赐材料、国轩高科、欣 旺达、格林美、科达利，前十大权重股合计占比55.79%。 截至2025年10月14日 11:10，中证电池主题指数下跌1.63%。成分股方面涨跌互现，锦浪科技领涨3.96%，阿特斯上涨3.79%，珠海冠宇上涨3.00%；新宙邦领 跌，科达利、当升科技跟跌。电池ETF嘉实(562880)下修调整。拉长时间看，截至2025 ...

Core Viewpoint - Hengdian East Magnetic (002056) expects a significant increase in net profit for the first three quarters of 2025, with a forecasted net profit attributable to shareholders ranging from 1.4 billion to 1.53 billion yuan, reflecting a year-on-year growth of 50.1% to 65.2% [1] Group 1: Business Performance - The company's three core business segments—magnetic materials, photovoltaics, and lithium batteries—demonstrated strong resilience during the reporting period, contributing to substantial overall profit growth through business synergy and differentiated competition strategies [2] - The magnetic materials segment, as the foundational business, has seen a continuous increase in market share in traditional sectors such as home appliances and automobiles, ensuring stable revenue growth [2] - By the end of 2024, the company is expected to have an annual production capacity of 290,000 tons of magnetic materials, with a projected shipment of 232,000 tons of ferrite magnetic materials in 2024, marking a 17% year-on-year increase [2] Group 2: Photovoltaic Sector - The photovoltaic segment has achieved growth despite intensified industry competition, with a strategic focus on differentiated products [3] - The company has established an annual production capacity of 23 GW for batteries and 21 GW for modules, with a projected module shipment of 17.2 GW in 2024, representing a 73% year-on-year increase [3] - The company is expected to ship nearly 20 GW in the first three quarters of 2025, surpassing the total shipments of the previous year [3] Group 3: Lithium Battery Sector - The lithium battery segment has also significantly contributed to profit growth, focusing on small power applications across various fields [3] - The company currently has an annual production capacity of 8 GWh for lithium batteries, ranking among the top three in the domestic cylindrical small power battery industry [3] - In the first half of 2025, the company shipped over 300 million units, reflecting a year-on-year growth of 12.25% [3] Group 4: Industry Development - The three industries in which Hengdian East Magnetic operates are experiencing favorable development cycles driven by policy support and market demand [4] - In the magnetic materials sector, the demand for high-performance materials is rising due to the rapid development of new industries such as electric vehicles and AI [4] - The photovoltaic sector benefits from the global energy transition, with long-term market demand remaining strong despite short-term supply-demand adjustments [4] - The small power lithium battery market is expanding due to the increasing prevalence of electric two-wheelers, electric tools, and smart home applications [4]

隔夜美股三大指数齐涨，道指反弹近600点，中概指数大涨3.21%。连续下跌的港股三大指数集体高 开，恒指涨0.31%，国指涨0.32%，恒生科技指数涨0.56%。盘面上，昨日大幅走低的大型科技股全线上 涨，其中，京东涨1.57%，阿里巴巴涨1.35%，腾讯、小米、美团、快手均有涨幅；现货黄金白银持续 创新高，黄金股领衔有色金属股上涨，其中，中国白银集团大涨近9%领衔，赤峰黄金涨近5%，山东黄 金、招金矿业涨超4%；昨日大跌的苹果概念股集体反弹，保险股、核电股、锂电股、半导体股、生物 医药股纷纷反弹。另一方面，家电股、建材水泥股、乳业股部分走低，海尔智家跌1.6%，华新水泥、 蒙牛乳业跌超1.3%。(格隆汇) 相关事件 港股收评：恒生指数跌0.54%，阿里巴巴再创四年新高 阿里引爆港股！香港科技ETF(159747)、恒生指 数ETF(513600)涨超1%，港股通科技ETF南方(159269)涨0.63% 科网股全线爆发，恒生科技指数ETF、恒 生科技ETF易方达、恒生科技ETF大涨 港股四连涨突破2.6万大关！资金加速抢筹恒生科技指数 ETF(159742)，近20日"吸金"超8亿 ...

在经历深度调整后，今年以来，新能源板块迎来一轮显著的上涨行情。Choice数据显示，截至10月13日，中证新能源指数 年内上涨近40%，国证新能源车电池指数、中证光伏产业指数及中证储能产业指数分别上涨63.1%、21.1%和32%。与上一 轮资本开支高峰期相比，当前新能源产业链基本面情况有哪些改善？如何看待锂电、光伏、风电等细分领域？固态电池、 储能等热门主题是否仍有机会？上海证券报记者邀请了兴证全球品质甄选混合基金经理程剑、银河核心优势混合基金经理 李一帆、泉果旭源三年持有期混合基金经理赵诣，对上述议题展开探讨。 郭晨凯 制图 程剑 李一帆 赵诣 在经历深度调整后，今年以来，新能源板块迎来一轮显著的上涨行情。Choice数据显示，截至10月13日，中证新能源指数 年内上涨近40%，国证新能源车电池指数、中证光伏产业指数及中证储能产业指数分别上涨63.1%、21.1%和32%。 与上一轮资本开支高峰期相比，当前新能源产业链基本面情况有哪些改善？如何看待锂电、光伏、风电等细分领域？固态 电池、储能等热门主题是否仍有机会？上海证券报记者邀请了兴证全球品质甄选混合基金经理程剑、银河核心优势混合基 金经理李一帆、泉果 ...

Core Viewpoint - The company, Hengdian East Magnetic, is expected to achieve significant profit growth in the first three quarters of 2025, driven by its strong performance in the magnetic materials, photovoltaic, and lithium battery sectors [2][3][4]. Financial Performance - For the first three quarters of 2025, Hengdian East Magnetic anticipates a net profit of 1.39 billion to 1.53 billion yuan, representing a year-on-year increase of 50.1% to 65.2% [3][4]. - The company's net profit for the first half of 2025 was 6.1 billion yuan, accounting for nearly 60% of its net profit for that period [5]. - The company has shown consistent growth in net profit over the past nine years, increasing from 441 million yuan in 2016 to 1.827 billion yuan in 2024, a growth of over three times [4]. Business Segments - In the magnetic materials sector, Hengdian East Magnetic has solidified its leading position, increasing market share in the home appliance and automotive industries [4]. - The photovoltaic segment has benefited from a differentiated strategy, with significant improvements in product offerings and market reach, leading to a revenue increase of 36.58% in the first half of 2025 [7]. - The lithium battery segment has maintained stable product quality and market expansion, focusing on small power applications [4][7]. Investment and Development - The company has been actively investing in new projects, including three photovoltaic power generation projects in Jiangsu with a total investment of approximately 5.269 billion yuan [6]. - Hengdian East Magnetic has a strong commitment to research and development, with a total of 1,846 effective patents and significant R&D expenditures totaling 3.369 billion yuan from 2021 to mid-2025 [8]. Asset and Liability Management - As of June 30, 2025, the company's total assets reached 25.33 billion yuan, with a debt-to-asset ratio of 56.99%, indicating a solid financial position [4][7].

| | | | 10月14日 交易提示 | | | | | --- | --- | --- | --- | --- | --- | --- | | 项目 | 代码简称 | 发行价 市盈率 | 参考行业 市盈率 | 参考行业 | 总市值 | 主营 | | 新股申购 | 不元生物 688765 | 29. 06 | 32. 08 | 医药制造业 | 77.89亿 | 公司是一家创新型生物 医药企业,拥有全球领 先的植物生物反应益技 术平台。 | 宏观新闻 1、外交部发言人林剑主持10月13日例行记者会。有记者提问称，近日有媒体报道，巴基斯坦利用中国设备和技术向美国出口稀土，触发了 中国出台严格管控稀土相关技术出口的新规。林剑强调，中方日前发布的关于稀土等相关物项的出口管制措施，与巴基斯坦没有任何关 联，这是中国政府依据法律法规完善自身出口管制体系的正当做法。 2、交通运输部发布《对美船舶收取船舶特别港务费实施办法》。《办法》共十条，自今日起施行，主要包括制定依据、收取范围、收取标 准、收取主体、缴费航次、缴费要求、信息核实、违规处理、动态调整、解释部门和施行时间等内容，进一步明确了由中国建造的船舶、 仅进入中国船 ...

Macro News - The Chinese Ministry of Foreign Affairs clarified that recent export control measures on rare earths are unrelated to Pakistan's use of Chinese technology for exports to the U.S. [1] - The Ministry of Transport has implemented a new regulation regarding special port fees for U.S. vessels, detailing exemptions for certain ships [1][4] - The Dutch government is set to impose restrictions on Nexperia, a subsidiary of Wingtech Technology, prompting a response from China against discriminatory practices [1][4] Industry News - Domestic gasoline and diesel prices have been reduced by 70 yuan and 75 yuan per ton, respectively, effective from October 13 [3] - The price of rare earth concentrate has been adjusted to 26,200 yuan per ton for Q4 2025, reflecting a 37% increase from Q3 2025, marking the highest price since Q2 2023 [9] - The lithium battery materials market is experiencing significant price increases, with lithium hexafluorophosphate rising by 29% since June, indicating a tightening supply-demand balance [10] Company News - Northern Rare Earth announced it received a warning letter from the Inner Mongolia Securities Regulatory Bureau for failing to disclose non-operating fund occupation by related parties [5] - Xinhua Insurance expects a net profit increase of 45%-65% year-on-year for the first three quarters [5] - Jucheng Technology reported a net profit increase of 113% year-on-year for the first three quarters, driven by growth in AI processing chip sales [5]

郭晨凯 制图 11 22 程剑 s 130 . ty R. CHENCE list hoped r 李一帆 赵诣 ■公募观澜·把脉机遇 价值重估 景气再启 基金经理纵论新能源投资策略 ◎记者 陈玥 王彭 在经历深度调整后，今年以来，新能源板块迎来一轮显著的上涨行情。Choice数据显示，截至10月13 日，中证新能源指数年内上涨近40%，国证新能源车电池指数、中证光伏产业指数及中证储能产业指数 分别上涨63.1%、21.1%和32%。 与上一轮资本开支高峰期相比，当前新能源产业链基本面情况有哪些改善？如何看待锂电、光伏、风电 等细分领域？固态电池、储能等热门主题是否仍有机会？上海证券报记者邀请了兴证全球品质甄选混合 基金经理程剑、银河核心优势混合基金经理李一帆、泉果旭源三年持有期混合基金经理赵诣，对上述议 题展开探讨。 周期轮回 价值重估 上海证券报：今年以来，新能源板块整体有所反弹，背后的动力和逻辑是什么？ 程剑：一方面，"反内卷"政策稳步推进，不少新能源企业通过降本增效、修炼内功强化了竞争力，随着 需求端逐步恢复，企业盈利能力增强，因此出现了盈利、估值"双升"的情况。 另一方面，从市场资金切换的角度来看， ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **U.S. energy sector**, particularly focusing on the **impact of AI on electricity demand** and the **storage solutions** needed to address this demand [1][2][5][7]. Core Insights and Arguments - **Electricity Demand Surge**: Data centers are expected to significantly increase electricity demand, with projections indicating a **2% increase** in total U.S. electricity consumption, and **8%-10%** in certain regions [1][2]. - **Storage Capacity Gap**: The U.S. energy storage market faces a **30-40 GW capacity gap** over the next two years, with existing facilities unable to meet this demand [1][5]. - **Direct Supply Agreements**: Data centers are increasingly opting for direct supply agreements with power plants to ensure reliable electricity supply [1][4]. - **Long-term Trends**: Both domestic and international storage demand is on a long-term upward trend, with new bidding records and rising system prices in China [1][6][7]. - **Impact of Export Controls**: Recent export control policies on lithium-ion batteries have a manageable impact on China's industry, as most products do not meet the density restrictions [8]. - **Performance of Leading Companies**: Leading companies in the lithium battery and storage sectors are performing well, with reasonable valuations, suggesting potential investment opportunities [9]. Additional Important Content - **Battery Price Increases**: Driven by high demand from AI, power systems, and commercial vehicles, battery prices are rising, which could enhance profitability for upstream segments of the supply chain [3][10]. - **Nuclear and Gas Power Development**: New natural gas and nuclear power plants are expected to play a crucial role in meeting the energy needs of AI data centers [3][13]. - **Technological Evolution**: The evolution of technology in data centers is moving towards more efficient solutions, such as solid-state transformers (SST) [18][19]. - **Investment Opportunities**: Investors are advised to focus on global leaders in storage and battery technology, particularly during periods of risk preference adjustment due to geopolitical tensions [9][12]. Conclusion - The U.S. energy sector is undergoing significant changes driven by AI and data center demands, necessitating increased storage capacity and innovative solutions. The market presents various investment opportunities, particularly in leading companies within the lithium battery and storage sectors, as well as in nuclear and gas power developments.

Core Viewpoint - The company, Dongsheng Technology, has announced its strong position in the lithium battery supply chain, leveraging its technological advantages to serve major global clients in the electric vehicle sector, with a focus on expanding its international market presence [1] Group 1: Company Performance and Strategy - Dongsheng Technology has established a broad and stable customer base, deeply integrated into the international high-end new energy vehicle and first-tier battery industry [1] - The proportion of international customers is expected to continue increasing by the first half of 2025, supported by strategic agreements with global clients like LG and SK [1] - The company aims to provide competitive differentiated high-end products to enhance its market share [1] Group 2: Market Trends and Opportunities - The European electric vehicle market is showing signs of recovery, with a significant increase in penetration rates [1] - Dongsheng Technology plans to capitalize on market opportunities by meeting local policy requirements in Europe and accelerating the construction of its Finland base [1] - The company is focused on strengthening and consolidating its international business advantages to enhance overall competitiveness [1]