本报记者 田鹏 A股长期走强符合宏观大逻辑 10月9日，四季度首个A股交易日，市场以关键性点位突破和整体强势表现喜迎"开门红"。其中，上证指数突破3900点整数 关，上涨1.32%，报收于3933.97点，创下自2015年8月18日以来十年收盘新高。其他主要指数也同步走强，深证成指、创业板 指、科创50指数分别报收于13725.56点、3261.82点、1539.08点，涨幅分别为1.47%、0.73%、2.93%。 资本市场作为宏观经济的"晴雨表"，其长期走势始终与经济发展趋势同频共振。A股四季度实现"开门红"，是我国经济韧 性强、潜力大、活力足的直接印证，得益于宏观经济稳健向好、政策精准发力、资金积极入场等多重利好因素的深度共振。 接受《证券日报》记者采访的专家表示，上证指数时隔十年站上3900点，既是A股市场自身运行活力的直观体现，也是我 国宏观经济持续向好、发展韧性不断增强的有力印证。从历史规律来看，资本市场的稳定向好与宏观经济的长期繁荣始终紧密 联动——宏观经济的稳健增长为资本市场提供了坚实的基本面支撑，而资本市场通过直接融资功能服务实体经济，又能反哺经 济高质量发展，形成双向促进的良性循环。展望未 ...

Core Points - The "2025 (Second) New Energy and Energy Storage Engineering Forum" will be held from October 24 to 26, 2025, in Changsha, Hunan, focusing on the theme of "Disciplinary Talent Support, Industry-Academia Integration Development, and Energy Low-Carbon Transition" [1][3] - The forum aims to address hot issues, technological frontiers, industrial development, and disciplinary construction in the new energy and energy storage engineering fields [3] Forum Structure - The forum will include 8 academic sub-forums, 1 industry forum, 1 disciplinary construction sub-forum, and 1 talent sub-forum [2] - Academic sub-forums will cover topics such as lithium-ion batteries, sodium-ion batteries, solar cells, hydrogen energy, and energy metal resource extraction, gathering over 900 leading talents in the field, including more than ten academicians and nearly a hundred national-level talents [2] - The industry forum will focus on new energy materials, battery cells, energy storage systems, and new power systems, featuring reports from leading companies like Greeenmei, Zijin New Energy, and others, linking over 300 representatives from leading enterprises and more than 20 top investors [2] Objectives - The forum aims to showcase foundational, strategic, and forward-looking new ideas, results, technologies, products, and equipment in the new energy and energy storage engineering fields [3] - It seeks to promote the construction of disciplines, talent cultivation, technological advancement, and industrial development, serving the national "dual carbon" strategy and innovation-driven strategy [3]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Anhui Zhongji Aluminum-Plastic Film Technology Co., Ltd., with an investment of RMB 100 million to enhance its strategic planning and business development in the new energy materials sector [1] Group 1: Investment and Strategic Planning - The investment aims to improve the company's industrial layout in the new energy materials business, enhancing its core competitiveness and overall strength [1] - The registered capital of the new subsidiary will be paid in stages based on business progress [1] Group 2: Market Potential - Aluminum-plastic film is a key material for the packaging of soft-pack battery cells, which is crucial for the development of the new energy vehicle market [1] - The increasing penetration rate of soft-pack power batteries is expected to create significant market opportunities for aluminum-plastic film products [1] - The advancement and industrialization of solid-state battery technology are anticipated to accelerate the demand growth for aluminum-plastic film [1]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Anhui Zhongji Aluminum-Plastic Film Technology Co., Ltd., with an investment of RMB 100 million to enhance its strategic layout in the new energy materials sector and improve its core competitiveness and overall strength [1] Group 1: Investment and Strategic Planning - The investment is based on the company's future strategic planning and the need for business development [1] - The registered capital of the new subsidiary will be paid in stages according to business progress [1] Group 2: Market Potential - Aluminum-plastic film is a key material for the packaging of soft-pack battery cells, which is crucial for the development of the new energy vehicle market [1] - The increasing penetration rate of soft-pack power batteries is expected to create significant market opportunities for aluminum-plastic film products [1] - The advancement and industrialization of solid-state battery technology are anticipated to accelerate the growth of the aluminum-plastic film market demand [1]

Core Viewpoint - Hainan Development (002163) announced on October 8 that its subsidiary, Haikong Sanxin (Bengbu) New Energy Materials Co., Ltd., is facing continuous losses and has become insolvent, leading to a decision to apply for bankruptcy liquidation [1] Group 1 - The subsidiary Haikong Sanxin is experiencing ongoing operational losses due to external market conditions [1] - The company has reported that Haikong Sanxin is unable to meet its debt obligations and has liabilities exceeding its assets [1] - The board of directors has decided to apply for bankruptcy liquidation under the relevant provisions of the Bankruptcy Law of the People's Republic of China [1]

Group 1 - The second Workers' Injury Prevention Knowledge Competition was held in Zhenjiang, featuring 36 contestants from 12 corporate teams, aimed at enhancing awareness of injury prevention among employers and employees [1] - The competition was organized by the Municipal Human Resources and Social Security Bureau and focused on the theme "Join Hands for Injury Prevention, Build a Strong Safety Line," with questions covering key laws and regulations related to injury prevention [1] - The final competition saw six teams competing intensely, with Jiangsu Dingsheng New Energy Materials Co., Ltd. winning the championship [1] Group 2 - The local human resources system has adopted "Safety First, Prevention Foremost" as a guiding principle, implementing innovative measures to advance injury prevention efforts [2] - A multi-departmental joint meeting system has been established, with targeted training conducted in key industries such as construction, hazardous chemicals, and tungsten [2] - As of August, the number of participants in injury insurance in the city reached 736,000, with ongoing efforts to enhance the three-in-one mechanism of prevention, compensation, and rehabilitation [2]

Core Insights - Rongbai Technology has significantly increased its patent applications from 602 to 1401 over the past three years, representing a growth rate of 248% [1] - The number of invention patent applications has nearly quadrupled, rising from over 200 to nearly 800 [1] - The company has authorized over 60 invention patents in cutting-edge technology fields, achieving an authorization rate exceeding 95% [1] Patent and Global Expansion - The PCT patent family has surpassed 60 families, covering 15 countries including the US, Japan, and Europe, with over 145 overseas patents [1] - The company is accelerating its global layout in the patent landscape [1] Technological Advancements - Rongbai Technology has made significant breakthroughs in key indicators such as the compaction density, capacity, and rate performance of cathode materials, achieving a cycle life exceeding 10,000 times [1] - The products maintain high discharge capacity even in extreme low-temperature environments of -30°C, reaching advanced industry performance levels [1] - The cost of cathode materials is expected to decrease by 20%-30% compared to current lithium batteries, further accelerating the commercialization of sodium batteries [1] Innovations in Battery Materials - The patented method for preparing lithium sulfide significantly enhances material purity and preparation efficiency, providing critical material support for the industrialization of solid-state batteries [1] - The patent for a composite cathode material and its preparation method optimizes structure design and material systems, significantly improving battery energy density and cycle performance to meet market demands for high-performance batteries [1] Commitment to R&D - Rongbai Technology continues to increase its investment in independent research and development, leading the ongoing breakthroughs in global new energy material technology [1]

Core Insights - The report outlines the development status of listed companies in Guizhou Province, highlighting the need for structural optimization and industrial upgrading as key factors for future growth [1][5]. Group 1: Company Quantity and Progress - As of April 30, 2025, Guizhou Province has 38 listed companies, with 35 on A-shares and 3 overseas [18]. - The number of A-share companies represents only 0.65% of the national total, ranking Guizhou 25th among provinces, which is lower than its GDP ranking of 22nd [23][25]. - The listing speed of Guizhou companies has lagged behind both its historical average and the overall A-share market [1]. Group 2: Regional Distribution - The distribution of A-share companies is concentrated, with 65.71% (23 companies) located in Guiyang, while other cities have significantly fewer [2]. - Only 20.45% of the 88 districts and counties in Guizhou have listed companies, indicating untapped potential in county-level capital markets [2]. Group 3: Market Value and Industry Structure - Kweichow Moutai dominates the market with a valuation of 1,943.34 billion yuan, accounting for 87.78% of the total market value of A-share companies in Guizhou [2]. - The average market value of the remaining 34 companies is only 8.61 billion yuan, with over 70% classified as small-cap companies [2]. Group 4: Industry Distribution - Guizhou's listed companies span 10 industries, with the highest representation in industrial (9 companies) and raw materials (7 companies) sectors [3]. - Despite the tourism sector's significant revenue of 1.46 trillion yuan in 2024, no nationally influential tourism-related listed companies have emerged [3]. Group 5: Operational and Development Capabilities - In 2024, the total revenue of Guizhou's A-share companies was 335.20 billion yuan, with Kweichow Moutai contributing over 50% of the revenue and 92.17% of the net profit [4]. - The average R&D expenditure across listed companies was 6.39 million yuan, below the national average of 7.57 million yuan [4]. Group 6: Capital Operations - In 2024, Guizhou had no new IPOs and only two companies raised 1.75 billion yuan through refinancing, indicating low capital market activity [4]. - The province's bond financing totaled 948.37 billion yuan, representing only 0.33% of the national total [4]. Group 7: Opportunities for Development - The growth of the tourism industry and the "Four Modernizations" strategy present opportunities for capitalizing on local resources and developing new listed entities [5]. - The potential for creating a diversified listing structure exists if Kweichow Moutai leverages its market position to invest in sectors like consumer goods and tourism [5].

Group 1 - The CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition is the first professional exhibition focusing on the entire industry chain of new battery technologies, scheduled for November 6-8, 2025, in Guangzhou, with over 200 exhibitors and 20,000 professional attendees expected [2] - The event will feature a new battery technology forum with nine specialized sessions and the prestigious Solid-State Battery Golden Ding Award ceremony [2] - Taihe Technology will showcase its latest products at the CINE Solid-State Battery Exhibition, with booth number B14 [3] Group 2 - Shandong Taihe Technology Co., Ltd. has over 20 years of experience in the research and production of fine chemicals, recently achieving success in the R&D and partial industrialization of lithium and sodium battery cathode materials, including lithium iron phosphate and sodium iron pyrophosphate [8] - The company also develops anode materials such as hard carbon and silicon-carbon anodes, as well as various electrolytes and electrolyte additives [8] - Taihe Technology's product range includes solid-state electrolytes and raw materials, such as high-purity lithium sulfide and sulfide solid electrolyte powders [8]

Group 1 - Institutional research is actively seeking quality investment opportunities ahead of the National Day holiday, with around 200 listed companies receiving investor inquiries from September 22 to September 28, particularly in the technology and high-end manufacturing sectors [1] - Companies' fourth-quarter operational plans, order status, production capacity, and overseas expansion are key focus areas for institutional investors, indicating a positive outlook for several industries [1][4] Group 2 - The electronic, AI, and electrical equipment sectors are receiving significant attention from institutional investors, with companies like Jingzhida being the most favored, hosting nearly 150 institutional inquiries during the specified period [2] - Jingzhida is focusing on its computing chip testing business, emphasizing the integration of computing and storage chips in the AI era, and plans to collaborate closely with downstream clients to provide high-end testing solutions [2] Group 3 - Ant Group and Gaweida have established a strategic partnership aimed at leveraging AI big data services in the banking and fintech sectors, with a projected global fintech market size exceeding $450 billion by 2025 [3] - Companies like Xintai are exploring AI applications in biopharmaceuticals, while Jinggong Technology is advancing its exoskeleton robot development, aiming for mass production of its second-generation model [3] Group 4 - Many companies report a strong order backlog and saturated production capacity, reflecting robust business momentum and industry vitality [4][5] - For instance, ShenNan Circuit is expanding its PCB production capacity through new factories and technological upgrades, while Huatuo Cable is facing capacity constraints despite having ample orders [4][5] Group 5 - Companies like Dangsheng Technology are achieving significant breakthroughs in both production capacity and sales, with plans to increase lithium iron phosphate production capacity to 120,000 tons annually by the second half of 2025 [5] - Mingtai Aluminum is also expanding its overseas production capacity, with plans to invest in a new cold-rolled project to increase capacity by 30,000 to 40,000 tons [5] Group 6 - Huidian Co.'s production base in Thailand is set to enter small-scale production by the second quarter of 2025, with expectations of gradually releasing production capacity and achieving economic scale by the end of 2025 [6]