数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年9月中国原电池出口数量为30亿个，同比下降5.9%，出口金额为2.22亿 美元，同比下降2.7%。 近一年中国原电池出口情况统计图 相关报告：智研咨询发布的《2025-2031年中国锂原电池行业市场专项调研及竞争战略分析报告》 ...

Core Viewpoint - The solid-state battery sector is poised for explosive growth by 2025, with significant advancements and government support driving the industry forward [1][5][10]. Industry Developments - Over 10 companies, including Penghui Energy and CATL, have announced new developments in solid-state batteries as of September [1]. - The Chinese government has confirmed solid-state batteries as a disruptive technology and launched a 6 billion yuan special stimulus plan, with six companies receiving initial support [1][5]. - The Ministry of Industry and Information Technology (MIIT) and other departments have released plans to accelerate the industrialization of solid-state batteries, including a 5 billion yuan national fund [5][10]. Market Potential - Solid-state batteries are expected to address key issues in electric vehicles, such as safety and energy density, with potential energy densities exceeding 500 Wh/kg and ranges over 1500 kilometers [5][10]. - The global solid-state battery market is projected to reach 1.2 trillion yuan by 2030, with an expected shipment volume of 614.1 GWh [10][12]. Application Areas - Electric vehicles are anticipated to account for 80% of solid-state battery applications, with significant contributions from consumer electronics, aerospace, and energy storage [8][10]. Commercialization Challenges - The high cost of solid-state battery materials, estimated at 2 yuan per watt-hour, poses a significant barrier to widespread adoption [16][19]. - The solid-state battery supply chain is still maturing, with key materials lacking a stable supply system, indicating a critical period for technological breakthroughs and ecosystem integration over the next five years [19][21]. Strategic Directions - Different global automakers are pursuing varied strategies in solid-state battery development, with Japan focusing on sulfide technology, South Korea on both oxide and sulfide, and China adopting a multi-route approach [14][16]. - Collaboration between automakers and battery manufacturers is essential for advancing solid-state battery technology and establishing a robust supply chain [19].

Core Insights - EnerSys reported Q3 CY2025 revenue of $951.3 million, exceeding analyst expectations of $890.3 million, reflecting a year-on-year growth of 7.6% [1][6] - The company’s non-GAAP profit per share was $2.56, surpassing analysts' consensus estimates by 8.8% [1][6] - EnerSys raised its revenue guidance for Q4 CY2025 to $940 million at the midpoint, which is 1.4% above analyst estimates [1][6] Financial Performance - Adjusted EBITDA for the quarter was $146 million, with a margin of 15.3%, beating analyst estimates of $132.3 million [6] - Operating margin decreased to 9.7% from 11.2% in the same quarter last year [6] - Sales volumes increased by 3% year on year, compared to a decline of 3% in the same quarter last year [6] Market and Strategic Insights - The positive performance was attributed to growth in data center and aerospace and defense markets, along with strength in the Energy Systems segment [3] - Management emphasized operational improvements from the EnerGize strategic framework, focusing on reallocating resources to high-impact projects [3] - Anticipated benefits from ongoing cost reductions and expanding data center demand are expected to drive future growth [4] Future Outlook - The company expects continued margin improvement in Energy Systems and a targeted ramp-up in lithium battery production [4] - CFO noted that while lithium-related costs may temporarily pressure margins, ongoing improvements in gross margin are anticipated [4] - Management is optimistic about restructuring benefits and new product introductions driving operating leverage despite mixed end market conditions [4]

丨 2025年11月7日星期五丨 NO.1日产汽车公司将出售总部大楼 据央视新闻，日产汽车11月6日发布消息称，将以970亿日元(约合人民币45亿元)的价格出售其位于神奈 川县横滨市的日产汽车全球总公司大楼，出售后将以租借的形式继续使用该建筑。据悉，此次出售为日 产汽车经营重建的一环。 据天眼查App信息，近日，江苏理想汽车电池有限公司正式成立，法定代表人为刘立国，注册资本7000 万元。该公司经营范围涵盖电池制造与销售、新兴能源技术研发以及电动汽车充电基础设施运营等。股 权穿透信息显示，江苏理想汽车电池有限公司由山东理想汽车电池有限公司全资控股，而山东公司则由 北京理想汽车有限公司与欣旺达（300207）动力科技股份有限公司共同持股。 点评：江苏理想汽车电池有限公司的成立，标志着理想汽车电池公司在电池制造及相关技术领域的进一 步布局。这不仅有助于提升其在电动车市场中的竞争力，还能推动电动汽车充电基础设施的发展，进一 步完善产业链。同时，理想汽车的这一战略举措可能吸引投资者关注电池相关企业，提升整体行业尤其 是新能源板块的市场信心。 NO.4小马智行、丰田持股公司成立智能科技公司 据人民财讯11月6日消息，骓 ...

Core Insights - The "National Good Car" Aion UT Super No. 1, jointly launched by JD.com, GAC Group, and CATL, has officially rolled off the production line, showcasing its design, manufacturing process, battery technology, and battery swapping details for the first time [1] - The vehicle's pre-sale and test drive have commenced, with an official launch scheduled for November 9 [1] - The after-sales service will be collaboratively managed, with GAC responsible for overall vehicle warranty, JD.com enhancing after-sales service, and CATL handling battery-related warranties, ensuring a "replace, not repair" policy for battery issues [1] Company Strategy - JD.com's automotive marketing head emphasized the project's core value, aiming to enhance consumer experience through data-driven product optimization and collaboration with partners [3] - The initiative is not limited to a single product; JD.com plans to introduce additional models to build a comprehensive product matrix [3] - The concept of "National Good Car" represents a set of quality standards and entry thresholds established with partners, promoting the value proposition of "good cars at affordable prices" [3] - JD.com prioritizes user experience and feedback over sales volume, indicating that order scale is not the primary focus at this stage [3]

Core Viewpoint - Weichai Power (02338) has signed a manufacturing license agreement with its associate company Ceres Power Holdings plc to establish a production line for batteries and stacks aimed at the stationary power generation market [1] Group 1 - The agreement is set to be effective on November 5, 2025 [1] - The production line will supply power for AI data centers, commercial buildings, and industrial parks [1] - Key components will be supplied by Ceres Power [1]

Core Viewpoint - Weichai Power (000338)(02338) has signed a manufacturing license agreement with its associate company Ceres Power Holdings plc to establish a production line for batteries and stacks aimed at the stationary power generation market [1] Group 1: Agreement Details - The manufacturing license agreement is set to be effective on November 5, 2025 [1] - The production line will focus on providing power solutions for AI data centers, commercial buildings, and industrial parks [1] - Key components for the production will be supplied by Ceres Power [1]

Core Viewpoint - Weichai Power (02338.HK) has signed a manufacturing license agreement with its associate company Ceres Power Holdings plc to establish production lines for batteries and stacks aimed at the stationary power generation market [1] Group 1: Agreement Details - The agreement was signed on November 5, 2025, and involves the establishment of production lines for batteries and stacks [1] - Key components will be supplied by Ceres Power, indicating a collaborative approach to manufacturing [1] Group 2: Market Applications - The products developed from this agreement will provide power for AI data centers, commercial buildings, and industrial parks [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 自願性公告 本公告乃濰柴動力股份有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱 為「本集團」） 自 願 作 出。 於2025年11月5日，本 公 司 與 本 公 司 参 股 公 司Ceres Power Holdings plc（「希鋰斯」） 簽訂一項製造許可協議（「許可協議」），根 據 該 協 議，本 集 團 擬 建 立 應 用 於 固 定 式 發 電 市 場 的 電 池 和 電 堆 生 產 產 綫，部 分 關 鍵 部 件 由 希 鋰 斯 供 應，產 品 將 為AI 數 據 中 心、商 業 樓 宇 及 工 業 園 區 等 場 景 提 供 電 力。 上 述 許 ...

Core Viewpoint - Weichai Power (000338.SZ) has signed a manufacturing license agreement with its associate company Ceres Power Holdings plc to establish a production line for batteries and stacks aimed at the stationary power generation market [1] Group 1 - The production line will supply power for AI data centers, commercial buildings, and industrial parks [1] - Key components for the production will be supplied by Ceres Power [1]