证券研究报告 电力设备与新能源 根据中国充电联盟，25 年 1-5 月我国新增充电桩 158.3 万台（同比+19%）， 其中公用桩 50.4 万台（同比+56%），私用桩 158.3 万台（同比+19%）； 公用桩当中，新增直流桩 25.2 万台（同比+75%），新增交流桩 25.1 万台 （同比+39%）。截至 25 年 5 月直流桩保有量口径下，功率小于等于 120kW 的直流桩仍为主流（占比达67.8%），功率大于240kW的直流桩占比达8.5%， 仍有较大的提升空间。我们认为随着快充的逐步渗透，充电桩将逐步从交流 桩向直流桩渗透，直流桩也将从小功率向大功率迈进，我们预计大功率直流 桩及其产业链的需求增速或将显著高于行业。 充电设施大功率化利好制造端格局优化，提升运营龙头盈利能力 大功率充电桩产业链迎来政策催化 华泰研究 2025 年 7 月 08 日│中国内地 动态点评 四部门联合发布通知，明确未来大功率充电设施发展目标 7 月 7 日，国家发改委等四部门印发《关于促进大功率充电设施科学规划建 设的通知》，通知指出各省市要适时制定大功率充电设施专项规划，加强大 功率充电设施专项规划统筹，到 2027 ...

Core Viewpoint - The mobile power bank industry is facing a significant crisis due to safety issues, particularly related to the Romoss brand, which has led to product recalls and heightened consumer anxiety regarding battery safety and performance [2][3][15]. Industry Overview - The mobile power bank market is experiencing turmoil following safety incidents, with over 1.2 million units recalled due to safety concerns [2][15]. - The global mobile power market is estimated to be around $3.005 billion in 2023, with a projected compound annual growth rate (CAGR) of only 1.3% until 2030, indicating a market nearing saturation [18]. Consumer Behavior - Over 70% of smartphone users prefer to charge their devices when battery levels drop to 10%-30%, reflecting a growing trend of "battery anxiety" among consumers [5][6]. - The average daily internet usage among residents has increased significantly, contributing to heightened battery anxiety as users rely more on their devices [6]. Technological Challenges - Despite advancements in smartphone technology, battery capacity has not kept pace, with the iPhone 15 only marginally improving from the iPhone 5S in terms of battery capacity [10]. - The current battery technology, particularly lithium-ion batteries, is approaching physical limits in energy density, leading to stagnation in real capacity improvements [13][22]. Price War and Its Implications - The ongoing price war in the mobile power bank sector has led to a significant drop in prices, with some products seeing reductions from around 129-149 RMB in 2021 to as low as 69 RMB by 2024 [15][16]. - This price competition has pressured manufacturers to cut costs, which has resulted in safety compromises, as seen in the recent safety incidents linked to substandard battery components [17][21]. Future Outlook - The industry must shift focus from price competition to technological innovation to address the growing demand for battery capacity and safety [22]. - The historical context of battery development suggests that significant breakthroughs may take decades, raising concerns about the industry's ability to meet future demands [22].

Market Overview - The three major indices in the A-share market rose, with the ChiNext index increasing by nearly 2.4% and total trading volume reaching 1.47 trillion yuan, indicating a gradual increase in risk appetite and liquidity in the domestic market [1] - The market is expected to experience a structural trend, with indices fluctuating while the central tendency moves upward, as corporate earnings still face pressure despite signs of economic recovery [1] Economic Indicators - As of the end of June, China's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the end of May, marking the eighth consecutive month of gold accumulation [2] - China's foreign exchange reserves stood at $33,174 billion, up by $32.2 billion from the end of May, remaining stable above $3.2 trillion for 19 consecutive months [2] Policy Developments - The National Development and Reform Commission and other departments issued a notice to promote the scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities nationwide by the end of 2027 [2][3] - The policy aims to address the challenges in charging infrastructure for new energy vehicles, with expectations for accelerated construction from 2025 to 2027, benefiting the upstream and downstream of the industry chain [3] Trade Relations - The U.S. government announced a delay in tariff negotiations, with President Trump set to sign an executive order imposing a 25% tariff on all products imported from Japan and South Korea starting August 1, 2025 [3] - This trade policy reflects the Trump administration's strategy of using pressure to facilitate negotiations, which may increase global market volatility in the short term [3] Market Performance - On July 8, the A-share market saw the Shanghai Composite Index close at 3,497.48 points, up 0.70%, while the Shenzhen Component Index rose by 1.47% to 10,588.39 points [4] - Among the sectors, utilities and banking experienced declines, while telecommunications, power equipment, and electronics led the gains [4] Capital Flow - The market's trading volume was 1,474.798 billion yuan, showing an increase from the previous trading day, with the margin financing balance also rising to 1,859.38 billion yuan [5]

近日，国家发展改革委、国家能源局等四部门联合印发《关于促进大功率充电设施科学规划建设的 通知》，稳步构建布局合理、品质升级、技术先进的大功率充电基础设施体系，适时打造一批具有 示范作用的大功率充电应用城市与高速走廊，力争到2027年底全国范围内大功率充电设施超过10 万台。文件的出台，是否意味着我国超充时代加速来临？ 随着暑假来临，高速也迎来暑期出行高峰。在苏浙皖三省交界处的浙江省长兴县境内，各条高速公 路车流量开始逐渐上升，G25杭宁高速、G50申苏浙皖高速的主线流量较平时增长约30%。国网长 兴县供电公司智电专职曾晓炜介绍，为了提高出行效率，当地高速供电等部门在沿线服务区新增了 多台大功率充电桩。 曾晓炜 ： 最近，我们在G50申苏浙皖交界处的"煤山服务区"新增了16台充电桩，其中包括14台 250KW的快充和2台600kW的超充桩。用超充电桩充电，一辆车充满电只需10分钟不到，相当于 车主上个厕所、喝杯咖啡，回来就充满了。为车主提供稳定、高效的充电服务，全力护航群众绿色 出行。 暑期出行高峰下，长三角高速服务区的充电基础设施升级正成为保障绿色出行的关键一环。而这一 场景，恰与国家推动大功率充电设施建设的 ...

加强要素保障和支持力度方面，通知提出，进一步加强大功率充电设施发展要素保障，加大用地、 供电、财政、金融等配套政策供给。鼓励给予充电场站10年以上租赁期限，引导企业长期稳定经 营。电网企业应加强大功率充电设施的用电保障，重点解决高速公路服务区的用电容量，降低电力 引入成本，缩短电力扩容周期。 （丁怡婷） （转自《人民日报》 国家发展改革委、国家能源局等部门近日印发《关于促进大功率充电设施科学规划建设的通知》， 提出稳步构建布局合理、品质升级、技术先进的大功率充电基础设施体系。到2027年底，力争全国 范围内大功率充电设施超过10万台，服务品质和技术应用实现迭代升级。 随着产业迭代升级，单枪充电功率达到250千瓦以上的大功率充电设施得到普及，助力提高充电效 率，缓解里程焦虑。通知提出，率先对重大节假日期间利用率超过40%的充电设施实施大功率改 造。面向电动重卡、电动船舶、电动飞机等大容量、高倍率动力电池应用场景，开展单枪兆瓦级充 电技术研究与试点应用。 ...

不少员工都在公司所在写字楼一楼签署一份《委托人签字确认事项》。 刘常源 摄 近来陷入充电宝质量问题和召回风波的罗马仕，在7月7日正式迎来了停工。 7月7日上午，南都记者在罗马仕总部所在的深圳国际创新谷注意到，一楼有多名罗马仕员工在此签名， 其中不少还打包了个人物品准备离开。据员工介绍，签名是为了聘请律师，以维护自身合法权益。记者 注意到，现场并无公司领导出面沟通。有员工向南都记者透露，除了停工停产放假通知所述内容之外， 罗马仕目前对于员工无任何解决方案，也没有任何解释，不少员工的社保此前并未足额缴纳，至今仍在 拖欠；有员工称有300多小时的加班费未发放，还有女员工称其生育津贴也一直有部分拖欠。 近段时间以来，南都记者多次尝试联系罗马仕方面，但截至目前，公司方面仍未予以回应。7月7日，南 都记者注意到，罗马仕在天猫和淘宝的官方旗舰店均已关闭，页面均显示"当前店铺已关店"，京东商城 的罗马仕京东自营旗舰店仍在，其中售卖商品已没有移动电源，仅剩充电线、充电器等产品。 员工打包物品离开公司 有人称300多小时加班费未发 6月初被曝质量问题以来，罗马仕短短一个月内迅速走向了停产。7月6日凌晨，罗马仕发布内部公告称 将停 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，道指跌0.94%，纳指跌0.92%，标普500指数跌0.79%；美国将自8月1日起对 所有日本和韩国产品征收25%关税，在美上市的日本、韩国公司股票走低，日产汽车跌超7%，丰田汽 车跌近4%，韩国SK电信跌超7%；大型科技股多数下跌，特斯拉跌超6%，苹果、谷歌跌超1%。中概股 涨跌互现，纳斯达克中国金龙指数涨0.59%；哔哩哔哩涨超7%，百度涨近4%，阿里巴巴跌超2%。 点评：内存原厂有意扩大售价涨幅。在厂商产能尚无法完全衔接，且部分厂商产品容量较小、无法满足 客户需求规格的情况下，短期内DDR4仍将供不应求。目前DDR4均优先满足服务器需求，对消费端应 用的供货有限，加上消费端订单规模较小，买方缺乏议价优势，预计第三季消费DDR4价格将季增40% 至45%。长期来看AI高景气有望推动中长期需求向上。国内厂商针对企业级闪存模组&内存模组国产化 均有一定进展，产业链公司望迎来机遇。概念股包括同有科技、朗科科技、兆易创新等。 3、国家发展改革委办公厅等四部门发布关于促进大功率充电设施科学规划建设的通知，其中提出，因 地制宜、适度超前、 ...

Refund Crisis - The refund queue for consumers has exceeded 170,000 applicants, with a waiting period of 15-30 working days for refunds instead of the previously promised 10 days [1] - Major logistics companies like SF Express and JD.com have refused to accept the recall products due to them being classified as "dangerous goods" [2] - The company has closed its official flagship stores on platforms like Tmall, Taobao, and Pinduoduo, with only JD.com and Douyin remaining operational [2] Corporate Governance Issues - Key executives, including Chairman Lei Guiqiang, have been absent from work-related communications since April, raising concerns about asset transfer [4] - The company is facing a severe cash flow crisis, with only 12 million yuan remaining in accounts and direct losses from the recall exceeding 40 million yuan [6] Consumer Guidance - Consumers can confirm recall eligibility for specific models produced between June 5, 2023, and July 31, 2024, and should retain evidence for refunds [7] - A collective lawsuit is being prepared under the Consumer Rights Protection Law, seeking punitive damages [8] Regulatory Impact - The State Administration for Market Regulation has suspended the 3C certification for the company's fast-charging products, with a deadline for rectification set for September 13 [8] - The Civil Aviation Administration has banned the boarding of power banks without 3C certification, and 21 universities have prohibited the use of the involved products [8] Supply Chain Issues - The battery cell supplier, Amperex Technology, has been found to have violated regulations by using substandard materials, leading to safety concerns [9] - The company has not established a battery cell traceability system, which is critical for quality control [9] Industry Trends - The rate of non-compliance for online sold power banks has surged from 19.8% in 2020 to 43.6% in 2024, indicating a significant decline in product quality across the industry [10] - The pricing strategy of the company, with a 20,000mAh product priced at only 76 yuan, raises concerns about sustainability and quality compared to competitors [10] Systemic Issues - The lack of regulatory oversight on recall funds and the absence of bank custody for consumer deposits highlight systemic vulnerabilities in the recall process [11] - Consumers are urged to take immediate action by contacting regulatory authorities and demanding refunds on e-commerce platforms [11]

本文基于以下微博话题的智搜结果生成 罗马仕充电宝召回事件已引发系统性经营危机，消费者退款排至17万位的困境暴露了企业资金链断裂与 制度性缺陷。以下是关键事实与风险分析： ⚠️ 退款现状与风险 退款排队规模 消费者通过官方渠道查询的退款队列已超17万人，需等待15-30个工作日（实际到账时间存疑）。 部分用户提交退货后，平台显示"商家保证金不足"，淘宝/京东需启动90天催缴流程，退款成功率取决 于企业资金补充情况。 渠道关闭与物流阻碍 企业资金链崩盘 经营全面瘫痪 7月7日起全员停工6个月，仅保留召回客服，次月起员工按深圳最低工资80%（约2016元）发放生活 费。 账户余额仅1200万元，但召回直接损失超4000万元，每月营收损失达1-2亿元。 电芯供应商安普瑞斯材料缺陷（隔膜偷工减料）是直接诱因，但罗马仕长期低价策略（毛利率 高管失联与责任逃避 天猫、淘宝、拼多多官方旗舰店全关闭，京东仅剩自营店销售配件，抖音成为唯一登记入口。 顺丰、中通等快递以"锂电池危险品"为由拒收退货，消费者被迫选择高风险的自毁操作（如盐水浸 泡）。 平台介入：通过淘宝/京东客服引用《消费者权益保护法》第24条要求强制退款。 董事长雷 ...

重要程度：★★★★★ 中国人民银行发布的最新数据显示，6月末黄金储备为7390万盎司，较5月末的7383万盎司增加7万盎司。 这意味着，自从去年11月以来，中国央行已经连续第八个月增持了黄金。 中航期货汪楠在研报中指出，展望下半年，在美国关税威胁、赤字扩张削弱美元资产吸引力，海外降息周 期和全球央行延续购金的背景下，黄金价格中枢上移，下半年美联储降息预期增强，黄金有望延续利率逻 辑再度冲高。 2、特朗普威胁对金砖国家加征10%新关税 中方回应 重要程度：★★★★ 7月7日，外交部发言人毛宁主持例行记者会。法新社提问，金砖国家峰会将于今天闭幕，昨天，美国总统 特朗普批评金砖国家推行反美政策，并威胁对其成员国加征10%的新关税，请问中方对此有何评论? 毛宁表示，金砖机制是新兴市场和发展中国家合作的重要平台，倡导开放包容，合作共赢，不搞阵营对 抗，不针对任何国家。关于加征关税，中方已经多次阐明了立场，贸易战、关税战没有赢家，保护主义没 有出路。 1、央行"八连增"黄金，下半年金价走势还乐观吗？机构研判后市 3、充电桩投资来了？四部门剑指"大功率" 产业链价值量有望提升 重要程度：★★★★ 7月7日，充电桩概念走强， ...