编 辑丨朱益民 大河奔流，潮立中天。 今 年 以 来 ， A 股 江 湖 风 雷 激 荡 ， 一 方 面 ， 关 税 扰 动 下 不 确 定 性 因 素 增 多 ， 另 一 方 面 ， DeepSeek引发中国资产价值重估，以成长、金融为两端的"哑铃"风格愈演愈烈。 整体来看，受益于一揽子新政影响，A股市场震荡回升。截至2025年6月30日，2025年中市值 百强榜隆重出炉， 入围企业总市值41.63万亿元，较去年同期 （截至2024年6月30日，下同） 的35.33万亿元增长17.83% 。 作 者丨杨坪 实习生宋晨曦 宁王、迪王跻身万亿 "巨龙" 俱乐部 华山之巅，科技新锐与传统豪强交锋。 从前十榜来看，央国企仍占据主要席位 ，工、农、建三大行占据前三席，贵州茅台从前二掉 到第四位，央企"巨龙"中移动、中石油分别排名第五和第七，中国银行、招商银行排名第六 和第八。 动力电池霸主宁德时代、比亚迪以迅雷不及掩耳之势突破万亿市值大关，力压中国人寿、中 国平安等金融巨子，分别跻身百强榜第九和第十席位，成为前十榜中的新面孔。 过去一年来，宁德时代、比亚迪市值涨幅分别达到了46.16%、47.64% ，截至6月30日 ...

Group 1 - Yibin has signed 122 projects with a total investment of 40.308 billion yuan during the investment promotion event in Beijing, covering various sectors including digital economy and new energy storage [1] - The total signed amount from external major investment activities in Yibin this year is approaching 100 billion yuan, following the investment promotion event in the Yangtze River Delta [1] - Yibin's GDP surpassed 400 billion yuan in 2024, making it the third city in Sichuan to achieve this milestone, driven by the growth of emerging industries [2] Group 2 - The investment promotion event focused on "extending, supplementing, and strengthening" the industrial chain, with projects mainly in sectors like digital economy and photovoltaic [3] - Yibin is transitioning from "fund investment" to "capital investment," with a goal to establish a capital investment partner alliance to enhance its investment ecosystem [4] - The newly formed capital investment partner alliance aims to attract more social capital and improve Yibin's influence in the capital market [5]

Event Overview - The 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 10-11, 2025, at the Shenzhen Baoan Denglil International Hotel [1][3] - The event aims to focus on the theme "Swap City, Smart Two-Wheelers" and will gather over 600 industry leaders and representatives from more than 300 companies [2][3] Key Highlights - The conference will feature the release of the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper" and the presentation of the "Luban Award" for outstanding brands in the battery swap and battery technology sectors [2] - Discussions will cover cutting-edge technologies such as high-rate, ultra-fast charging, new materials, and new processes, emphasizing the rapid growth of the two-wheeled vehicle and battery swap market [2][4] Industry Trends - The two-wheeled vehicle battery swap market is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [2] - Chinese companies are expected to leverage their advantages in the supply chain to capitalize on new market opportunities, while challenges such as battery safety and cost optimization need to be addressed [2] Technical Discussions - The event will include specialized forums focusing on intelligent electric two-wheeled vehicles, battery safety, and the application of sodium batteries in the market [5][6][8] - Key topics will include the development of high-safety, high-rate, high-energy density, and low-cost battery products, as well as the impact of AI technology on battery technology advancements [2][5] Participation and Sponsorship - The event will feature sponsorship and collaboration from major industry players such as Xiaohahuan, Yadi Technology Group, and many others [1][2] - Registration packages are available, including options for accommodation and access to industry reports [16][17]

Core Viewpoint - The article discusses the recent developments and strategic moves of CATL (Contemporary Amperex Technology Co., Limited), highlighting its partnerships, investments, and innovations in the battery industry, particularly in the context of expanding its global footprint and enhancing its technological capabilities [2][3][5][9]. Group 1: Strategic Partnerships and Investments - CATL has deepened its collaboration with Geely Automobile, focusing on power battery technology synergy, product platform integration, and supply chain development, which has been ongoing for over a decade [2]. - A significant investment of nearly $6 billion has been made in a nickel resource and battery industry chain project in Indonesia, which aims to produce batteries for 200,000 to 300,000 electric vehicles annually and expand into the energy storage sector [3]. - The Luoyang base has achieved a production value exceeding 9.2 billion yuan for its first phase, with plans for further expansions that could lead to an annual production value exceeding 200 billion yuan [3]. Group 2: Global Expansion and Market Positioning - CATL is accelerating its overseas expansion, particularly in South Korea, where it is hiring technical engineers amid a large-scale energy storage project tender [5][6]. - The company is focusing on establishing production capacity in Europe, with plans for approximately 200 GWh of capacity in Germany, Hungary, and Spain, expected to be operational by 2027 [6]. - The competitive landscape in Europe is intensifying, necessitating CATL to act as a catalyst in the energy transition process [6]. Group 3: Innovation and Technological Development - Innovation is a core aspect of CATL's strategy, with a commitment to open innovation and collaboration in new materials and technologies to enhance global energy transition efforts [10][11]. - The company has developed the LRS model (Licensing, Authorization, Service) to assist partners in quickly establishing manufacturing capabilities, which has been well-received by clients like Ford [11]. - CATL's leadership in the industry is attributed to its strong technical foundation, stable operations, and a well-established supply chain that fosters collaboration [12].

Group 1 - The core theme of the investment promotion event in Yibin is focused on the digital economy, with plans to grow the industry from 60 billion yuan to over 100 billion yuan in the coming years [1] - Yibin has successfully transformed its investment image by developing the power battery industry and is now showcasing its investment potential in major domestic city clusters [1][2] - The city has already held investment promotion activities in three major city clusters over the past two years, indicating a proactive approach to attracting investment [1] Group 2 - The investment promotion event resulted in over 120 signed projects with a total investment amount exceeding 40.3 billion yuan, primarily in sectors such as digital economy, new energy storage, and intelligent connected vehicles [2] - Yibin's recent investment activities have led to the successful conversion of 20 cooperation projects from the 2025 Shanghai investment promotion meeting, with a total proposed investment of over 18 billion yuan [2] - The city is establishing a capital investment partner alliance to enhance its industrial ecosystem and attract strategic investments in leading and emerging technology companies [3][4] Group 3 - Yibin is focusing on expanding from fund-based investment to capital investment, leveraging its existing industrial and state-owned enterprise advantages [4] - The city is emphasizing the importance of application scenarios, industrial ecosystems, and technological empowerment in its development strategy [4] - Yibin is actively engaging in discussions on cutting-edge topics such as AI-enabled energy transition and smart operations in energy storage [3]

Core Viewpoint - The article highlights the significant evolution of China's power battery industry over the past 15 years, marking its transition from a nascent stage to a global leader, and anticipates new challenges and opportunities in the next 15 years, particularly in globalization and technological innovation [2][4]. Summary by Sections Industry Development - The Chinese power battery industry has grown from 0 to 1, evolving from a weak presence to a strong global competitor, becoming a representative of China's manufacturing prowess and a symbol of economic transformation [2][4]. - The industry is expected to enter a new phase starting in 2025, characterized by challenges such as the electrification of transportation and deeper energy system reforms, leading to new application scenarios, technological innovations, and business model developments [2][4]. 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives to reflect on past developments and future opportunities [4][5]. Video and Communication Initiatives - The company will conduct video interviews with 20 industry leaders and young innovators in the new energy sector, focusing on the globalization of Chinese enterprises and the evolution of the lithium battery industry [7][8]. - Topics for discussion will include a review of the industry's successes and failures over the past 15 years, as well as expectations and plans for the next 15 years [10][11]. Industry Milestones - The article outlines the development trajectory of the Chinese lithium battery industry from its initial phase (2010-2015), through its explosive growth (2016-2020), to its current position as a global leader (2021-2025), highlighting key technological and commercial breakthroughs [12][13]. - It emphasizes the changes in the core industry chain, including batteries, equipment, and materials, and features top companies in various segments [12][13]. Future Outlook - The focus for the next 15 years will be on technological advancements such as solid-state batteries and sodium-ion batteries, as well as the expansion into all-scenario applications like energy storage and eVTOL [13]. - The company will host an industry celebration during its annual conference in 2025, inviting over 1,000 industry stakeholders to reflect on past achievements and discuss future challenges and opportunities [15].

Core Viewpoint - The article discusses the recent performance and market dynamics of CATL (Contemporary Amperex Technology Co., Limited) following its listing on the Hong Kong stock exchange, highlighting its stock price increase and potential for value reassessment in the context of domestic and international battery markets [1][2]. Domestic Battery Market - The overall demand and supply in the domestic battery market remain stable, with a sales/production ratio of over 70%. The introduction of a new tax on new energy vehicle purchases in 2025 is expected to support terminal demand [3]. - CATL's market share in China is declining, primarily due to the increasing market share of LFP (Lithium Iron Phosphate) batteries, which are favored for their cost-effectiveness amid intense competition [5]. - Despite the decline in market share, CATL's position is expected to stabilize in 2025 due to policy controls on price wars and a balanced supply-demand relationship [5]. International Battery Market - In Europe, CATL is anticipated to see significant growth, with the market share increasing from 35% in 2024 to 44% in early 2025, driven by rising demand for electric vehicles and favorable regulatory changes [10][13]. - The penetration rate of new energy vehicles in Europe is projected to rise, with expectations of reaching 28%-30% by 2025, which will further boost CATL's sales [13]. - CATL is expanding its manufacturing presence in Europe to enhance competitiveness and meet the growing demand for electric vehicles, with expected contributions of 40-50 GWh in battery output [14][15]. Valuation Perspective - CATL's valuation is influenced by its stable domestic market position and potential growth in Europe, with a projected P/E ratio of around 22 based on expected sales volumes [16]. - The company is seen as a core asset in the Hong Kong market due to its scarcity and the anticipated influx of passive investment following its inclusion in major indices [18][20].

Group 1 - Yibin City held an investment promotion event in Beijing, signing 122 projects with a total investment amount of 40.308 billion yuan, covering various sectors including digital economy and new energy [1] - The event attracted over 200 representatives from government agencies, research institutions, leading enterprises, and financial capital [1] - Yibin has been actively promoting investment opportunities throughout the year, including the release of an industrial investment fund and application scenario opportunities [1] Group 2 - As a result of the 2025 Shanghai investment promotion event, Yibin has successfully converted 20 cooperative projects with a total intended investment exceeding 18 billion yuan, focusing on artificial intelligence and software services [2] - Yibin aims to deepen the transformation of promotion results and advance into the digital economy sector, building a first-class industrial ecosystem [2] - The digital economy industry in Yibin has surpassed 60 billion yuan, forming a modern industrial system alongside high-quality liquor, power batteries, and crystalline silicon photovoltaic industries [2] Group 3 - Yibin is positioned as an "ecological priority green low-carbon development pilot zone," promoting the aggregation of four trillion-yuan leading industries [3] - The city is focused on transforming traditional industries through digitalization and innovation, while also fostering new industries such as new energy vehicles and artificial intelligence [3] - Yibin's government emphasizes a market-oriented, legal, and international business environment, aiming to support enterprises effectively [3]

Core Insights - The competition between CATL and Zhongchuang Innovation is a significant battle for technological dominance and market position in the global power battery industry [1][7] - CATL holds a 36.8% global market share, while Zhongchuang Innovation has rapidly risen from ninth in 2018 to third in 2021, aiming to enter the top four global suppliers by 2024 [1][2] Patent Disputes - The patent battle is central to the competition, with CATL initiating a lawsuit in July 2021 against Zhongchuang Innovation for infringing five patents, seeking 647 million yuan in damages [2] - Zhongchuang Innovation successfully invalidated some of CATL's patents, leading to a counter-suit in October 2024, claiming infringement of four patents and seeking 1.007 billion yuan in damages [2] Product and Market Strategies - Zhongchuang Innovation shifted its product focus from lithium iron phosphate to high-voltage ternary lithium batteries to align with market demands [4] - The company has successfully penetrated the passenger vehicle market and attracted key clients like GAC Aion, significantly increasing its market share [4] - Zhongchuang Innovation adopted a pricing strategy below CATL's average battery prices, which contributed to its rapid market expansion and improved profitability, with a gross margin of 15.6% in the first half of 2024, up 6 percentage points year-on-year [4] CATL's Response - CATL remains proactive, investing 13.07 billion yuan in R&D in the first three quarters of 2024 to maintain its technological edge [4] - The company has also engaged in multiple lawsuits to protect its intellectual property against various competitors, showcasing its strong IP strategy [4] Market Dynamics - Despite CATL's profit growth, its revenue has declined year-on-year, and it faces pressure on production capacity utilization [5] - In contrast, Zhongchuang Innovation has reported strong performance in the passenger vehicle market and made strides in energy storage and marine electrification, securing international orders [5] Industry Implications - The rivalry between CATL and Zhongchuang Innovation reflects the overall rise of China's power battery industry, driving technological advancements, cost reductions, and expanding application scenarios [7] - Their competition contributes to China's strong position in the global green energy revolution, enhancing the country's influence in the battery market [7]

Core Insights - The Yibin City 2025 investment promotion conference and project cooperation agreement signing ceremony was held in Beijing, attracting over 200 representatives from government agencies, research institutions, leading enterprises, and financial capital sectors [1][3] Group 1: Investment Projects - A total of 122 projects were signed during the event, with a total investment amount of 40.308 billion yuan, covering areas such as fund institutions, digital economy, new energy storage, power batteries, smart connected vehicles, and low-altitude economy [4] - Major signed projects include participation from leading firms such as Dinghui Investment, Hongyi Investment, Dalian Jinhui, Tongfang Technology, and Zhuimi Ecological Chain Enterprises, focusing on enhancing and strengthening industrial chains [4] Group 2: Economic Environment - Yibin City officials committed to creating a market-oriented, law-based, and international business environment, emphasizing a service-oriented approach to support enterprises [6] - The city aims to provide fertile ground for businesses through initiatives like "Yibin Warm Heart" to resolve difficulties and support development [6] Group 3: Digital Economy and Industry Development - Yibin has been actively promoting its investment opportunities, with a focus on integrating high-level industrial chains, innovation chains, capital chains, and talent chains [8] - The digital economy sector in Yibin has surpassed 60 billion yuan, contributing to the formation of four major industrial clusters, including high-quality liquor, power batteries, and crystalline silicon photovoltaic industries [14] - Future plans include deepening the transformation of the promotion conference results and advancing into new digital economy sectors [14]