Investment Rating - The report maintains a "Positive" outlook on the solid-state battery industry, highlighting its potential as a next-generation battery technology with significant attention from the entire industry chain [4][9]. Core Viewpoints - Solid-state batteries face dual challenges of process and cost, but recent advancements indicate a consensus on mass production by 2027, with key players in the automotive and battery sectors actively releasing products [9][12]. - The manufacturing of solid-state batteries requires a comprehensive reconstruction of equipment and processes due to fundamental differences in material compatibility and bonding logic compared to liquid lithium-ion batteries [21][22]. - Equipment development is crucial for achieving scale production and cost reduction, with dry processing techniques being identified as effective methods for lowering costs and improving efficiency [22][34]. Summary by Sections Industry Overview - The solid-state battery industry is gaining traction, with a clear direction and trend towards mass production by 2027, driven by collaboration across the supply chain [4][9]. Manufacturing Challenges - The transition from laboratory to mass production faces significant technical challenges, particularly in scaling up cell sizes from the current average of 20Ah to the required 60Ah for automotive applications [12][21]. - Key challenges include the stability of material systems, consistency of processes, and safety of systems, all of which impact yield rates, production efficiency, and costs [12][21]. Equipment and Process Innovations - The report emphasizes the need for innovative equipment and processes, particularly in the areas of solid electrolyte film production and interface engineering, to address the unique requirements of solid-state batteries [21][35]. - Dry processing techniques are highlighted as essential for the production of solid-state batteries, offering advantages in efficiency and environmental impact [22][34]. Investment Recommendations - The report suggests focusing on companies that are closely collaborating with clients and have secured orders or achieved delivery in the key equipment sector, such as Naconor (832522), Honggong Technology (301662), and others [4][9].

智通财经APP获悉，当地时间周一，日本首相石破茂在日本国会表示，在日美贸易谈判中，日本不会因 时间限制而损害自身利益。石破茂表示，英美两国本月早些时候就贸易协议达成一致，但日本不会简单 仿效其他国家的做法。他提到，日本将继续寻求豁免美国征收的所有额外关税。 石破茂表示："我们不会仅仅因为别的国家在推进就跟随它们。""我们当然会在谈判中考虑时间限制， 但我们无意因过分拘泥于时间限制而损害我们的国家利益。" 石破茂的这番言论表明，日本不急于与美国达成协议。按计划，美国将于7月初对日本产品征收24%的 全面性关税，而当前基准关税为10%。 值得注意的是，在面对与美国的贸易谈判时，石破茂已多次表明了其强硬立场。上周有报道称，石破茂 原计划在6月与美国就关税问题达成协议，但目前已转为以7月达成协议为目标。多名日本政府相关人士 透露，在第二轮日美关税谈判结束后，石破茂向身边人转达"没必要急于(与美方)达成协议"的想法。 报道称，鉴于特朗普推动的高关税措施在美国国内引发强烈反弹，日本政府倾向于更为谨慎地评估美方 立场的变化。一名高级官员预测，随着美方设定的关税宽限期临近，美国国内的反对舆论可能进一步升 温，"特朗普有可能改 ...

Group 1 - A-shares experienced small gains overall, with the Shanghai Composite Index rising 0.76% to 3367.46 points, while the Shenzhen Composite Index increased by 0.80% and the ChiNext Index by 0.92% [1] - The market reacted positively to the news of successful US-China tariff talks, but the gains were limited due to a lack of definitive information during the trading week [1] - On Wednesday, A-shares saw a rebound driven by insurance and brokerage stocks, but the number of declining stocks outnumbered those that rose, indicating low market sentiment [1] Group 2 - The US economic indicators released this week were weaker than expected, but the success of the US-China tariff negotiations significantly reduced investor concerns about a potential recession in the US [2] - Market expectations for a Federal Reserve rate cut have decreased, with a higher probability now seen for a cut in September rather than July [2] - It is anticipated that A-shares will maintain a volatile pattern in the short to medium term, with limited systemic opportunities despite some structural opportunities in individual stocks [2]

星源材质 300568.SZ 公司研究 | 年报点评 | 隔膜产销同比高增，全球布局开花结果 | | --- | 核心观点 盈利预测与投资建议 ⚫ 由于隔膜价格下跌，我们下调公司 2025-2026 年每股收益预测值至 0.34、0.54 元 （原预测值为 0.83、0.99 元），并新增 2027 年预测值 0.80 元。结合可比公司估值 水平，给予公司 2025 年 34 倍市盈率，对应目标价为 11.56 元，维持买入评级。 风险提示 ⚫ 锂电池需求不及预期；动力电池技术路线变革；行业竞争加剧导致产品价格下降； 假设条件变化影响测算结果；公司海外项目推进不及预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,013 | 3,541 | 4,636 | 5,929 | 7,720 | | 同比增长 (%) | 4.6% | 17.5% | 30.9% | 27.9% | 30.2% | | 营业利润(百万元) | 824 | 407 | ...

星源材质 300568.SZ 公司研究 | 年报点评 | 隔膜产销同比高增，全球布局开花结果 | | --- | 核心观点 盈利预测与投资建议 ⚫ 由于隔膜价格下跌，我们下调公司 2025-2026 年每股收益预测值至 0.34、0.54 元 （原预测值为 0.83、0.99 元），并新增 2027 年预测值 0.80 元。结合可比公司估值 水平，给予公司 2025 年 34 倍市盈率，对应目标价为 11.56 元，维持买入评级。 风险提示 ⚫ 锂电池需求不及预期；动力电池技术路线变革；行业竞争加剧导致产品价格下降； 假设条件变化影响测算结果；公司海外项目推进不及预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,013 | 3,541 | 4,636 | 5,929 | 7,720 | | 同比增长 (%) | 4.6% | 17.5% | 30.9% | 27.9% | 30.2% | | 营业利润(百万元) | 824 | 407 | ...

文/ 广发证券首席经济学家 郭磊 2 0 25年4月我国出口同比增长8.1%，高于一季度的5 . 8%。4月2日美国对 外关税落地，4月处于关税影响之下，这一出口表现明显超预期。为何出 口呈现出如此高的韧性？拆解来看，一是对美出口4月同比为- 21.0%，虽 然增速大幅下降，但仍好于预期；二是对东盟、印度、非洲、拉美4月出 口同比增速分别为20.8%、2 1 . 7%、2 5 . 3%、17.3%，有效起到了对冲作 用。 观点概述： 第一，2025年4月出口同比增长8.1%，高于一季度的5.8%。 4月2日美国对外关税落地，4月处于关税影 响之下，这一出口表现明显超预期。 第二，为何出口呈现出如此高的韧性？ 拆解来看，一是对美出口4月同比为-21.0%，虽然增速大幅下 降，但仍好于预期；二是对东盟、印度、非洲、拉美4月出口同比增速分别为20.8%、21.7%、25.3%、 17.3%，有效起到了对冲作用。 第三，从主要出口商品来看，四大劳动密集型产品（纺织纱线、箱包、服装、玩具）增速依旧较低 ， 月合并同比为-0.8%。电子产品中手机可能受关税影响偏大，手机和自动数据处理设备同比分别 为-21.4%和-1.7 ...

A股今日走势分化，沪指窄幅震荡，创业板指、科创50指数等强势拉升；港股午后走高，恒生科技指数涨逾1%。 | 代码 | 名称 | | 涨幅% | 现价 | 涨跌 | 头价 | 总量 卖价 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600015 华夏银行 | | R | -8.55 | 7.27 | -0.68 | 7.27 | 7.28 239.7万 | | 601169 北京银行 | | R | -4.15 | 6.00 | -0.26 | 6.00 | 6.01 206.77 | | 601825 沪农商行 | | R | -4.11 | 8.40 | -0.36 | 8.40 | 8.41 389301 | | 601398 工园银行 | | R | -3.58 | 7.01 | -0.26 | 7.00 | 7.01 645.0万 | | 601939 | 建设银行 | R | -3.21 | 9.06 | -0.30 | 9.06 | 9.07 224.4万 | | 601288 农业银行 | | R | -3.04 | 5.42 | ...

A股今日走势分化，沪指窄幅震荡，创业板指、科创50指数等强势拉升；港股午后走高，恒生科技指数涨逾1%。 具体来看，沪指盘中延续震荡整理走势，深证成指、创业板指强势上扬，北证50指数大幅拉升。截至收盘，沪指跌0.23%报 3279.03点，深证成指涨0.51%报9899.82点，创业板指涨0.83%报1948.03点，北证50指数涨2.96%，沪深北三市合计成交11933 亿元，较昨日增加逾1500亿元。 场内超3400股飘红，汽车产业链股强势，菱电电控、精进电动20%涨停，斯菱股份涨超13%；人形机器人概念再度活跃，南京 化纤、祥鑫科技、新兴装备等涨停；AI眼镜概念崛起，乐创技术涨超10%，瑞芯微、中光学、瀛通通讯等涨停，博士眼镜涨约 9%；银行、保险板块回落，华夏银行跌超8%，工商银行、建设银行、农业银行等跌超3%；电力板块再度下挫，华银电力跌 停。 港股方面，截至收盘，恒生指数涨0.51%，恒生科技指数涨1.35%。科技股多数走强，金蝶国际、金山软件涨约7%，小米集团 涨超5%；中资银行股走弱，招商银行跌近5%，工商银行、建设银行跌近3%。 银行板块跳水 银行板块今日大幅回调，截至收盘，华夏银行跌8.55 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.20 CNY based on a 40x P/E ratio for 2025 [4][7]. Core Views - The profitability of the electrolyte segment is expected to improve, with the company positioned as a leader in advanced technology [2][10]. - The company has adjusted its earnings per share (EPS) forecasts for 2025 and 2026 down to 0.53 CNY and 0.81 CNY respectively, with a new forecast for 2027 at 1.15 CNY [4][10]. Financial Performance Summary - The company reported a revenue of 12,518 million CNY in 2024, a decrease of 18.7% year-on-year, with a net profit attributable to the parent company of 484 million CNY, down 74.4% [6][10]. - For 2025, the company expects a revenue increase to 15,489 million CNY, representing a growth of 23.7%, and a net profit of 1,023 million CNY, which is an increase of 111.4% [6][10]. - The gross margin is projected to recover from 18.9% in 2024 to 20.7% in 2025, while the net margin is expected to rise from 3.9% to 6.6% in the same period [6][10]. Market Position and Competitive Landscape - The company achieved an electrolyte sales volume of over 500,000 tons in 2024, marking a 26% increase year-on-year, despite facing challenges from raw material price fluctuations and intensified competition [10]. - The company is advancing its R&D efforts, launching new electrolyte products and maintaining technological leadership, with plans for multiple projects to enter trial production or mass production in 2025 [10].

Core Viewpoint - The article emphasizes the importance of balancing total supply and total demand to achieve high-quality economic development, highlighting the need for structural reforms and strategies to stimulate domestic demand [1][4]. Group 1: Supply and Demand Dynamics - The relationship between supply and demand is characterized by a dynamic balance, where the interaction between production and consumption drives economic growth [3]. - Supply-side structural reforms are essential for creating new demand, as seen in industries like new energy vehicles, which innovate to foster consumption growth [3][4]. - The article discusses the dual role of supply and demand in economic governance, advocating for a collaborative approach to enhance economic stability [4][5]. Group 2: Policy and Structural Reforms - The need for a comprehensive approach to supply-side structural reforms is highlighted, focusing on removing ineffective supply and creating effective supply that meets new demands [5][6]. - The article outlines the importance of enhancing the quality of supply through innovation and the establishment of a high-quality supply system [6][7]. - It stresses the significance of expanding domestic demand as a strategic foundation, aiming to increase the middle-income population and improve income distribution [7][8]. Group 3: Digital Economy and Innovation - The integration of digital technology into the economy is crucial for improving supply-demand matching efficiency, with examples like the "city brain" initiative demonstrating significant efficiency gains [7][8]. - The article advocates for the development of a digital governance framework to ensure secure and efficient data flow, which is essential for modern economic operations [7][8]. - Emphasis is placed on fostering innovation through a robust ecosystem that supports high-tech industries and enhances competitive advantages [6][7].