Core Insights - The 2025 World Power Battery Conference opened in Yibin, Sichuan Province, focusing on the theme "New Vision, New Ecology, New Opportunities" to support the high-quality development of the global power battery industry [1] Industry Summary - The conference aims to enhance the global power battery industry's development, indicating a growing emphasis on innovation and sustainability within the sector [1] - The event showcases advancements in electric vehicle technology, exemplified by the display of Tesla's electric pickup truck, highlighting the intersection of battery technology and automotive innovation [1]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The stock market shows a shrinking volume and narrow - range oscillation, with the dividend style being prominent. It is recommended to transfer technology funds to the price - rising chain and continue the dumbbell configuration [1][6]. - The bond market sentiment is bullish. Although there is still short - term support, the downward space for yields may be limited, and the bond market is expected to oscillate strongly [2][7]. - For stock index options, it is advisable to continue holding covered positions for defense as the market style rotates and no capital main line has been formed yet [1][6]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **View**: Shrinking volume and narrow - range oscillation, with the dividend style being prominent. The basis, spread, and position of IF, IH, IC, and IM have changed to varying degrees [6]. - **Logic**: The Shanghai Composite Index oscillated narrowly around 4,000 points on Wednesday, with a trading volume of 2 trillion yuan. The style structure was further adjusted, and the sustainability of hotspots was limited. After the release of the 25Q3 monetary policy report, long - term bond prices opened higher and rose, the bank sector soared in the morning, and the dividend index was strong. High - risk - appetite sectors retreated, and the external market's drag on the domestic market weakened [6]. - **Operation Suggestion**: Dividend ETF + IM long positions [6]. 3.1.2 Stock Index Options - **View**: Focus on covered defense [6]. - **Logic**: The equity market oscillated weakly yesterday, and the turnover of each option variety oscillated and recovered but remained at a relatively low level of liquidity since October. The option sentiment index showed a weak trend, especially for the CSI 1000 index options and technology - sector option varieties. Option trading sentiment changed with the style switch, and option volatility strengthened [6]. - **Operation Suggestion**: Covered positions [6]. 3.1.3 Bond Index Futures - **View**: Bond market sentiment is bullish. The trading volume, position, spread, and basis of T, TF, TS, and TL have changed to varying degrees. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchases, with 92.8 billion yuan of reverse repurchases maturing on the same day [7]. - **Logic**: Bond index futures prices rose across the board yesterday. The domestic bond market was generally bullish, interest - rate bond yields mostly declined, and the inter - bank market liquidity improved. The central bank's third - quarter monetary policy report in 2025 continued the keynote of a "moderately loose monetary policy" [2][7]. - **Operation Suggestion**: Trend strategy: oscillate strongly. Hedging strategy: pay attention to long - position substitution at high basis levels. Basis strategy: pay attention to the positive spread strategy and basis widening. Curve strategy: appropriately pay attention to curve steepening [8]. 3.2 Economic Calendar - The report lists the economic indicators to be released in China from November 13 to 14, 2025, including new RMB loans, social financing scale, M2 money supply annual rate, total retail sales of consumer goods annual rate, and added value of industrial enterprises above designated size annual rate [9]. 3.3 Important Information and News Tracking - **Sino - US Relations**: Chinese Vice - Premier He Lifeng met with representatives of the National Committee on United States - China Relations, emphasizing the broad cooperation space in the economic and trade fields between the two countries and the need to implement the consensus of the two heads of state [10]. - **New Energy**: The National Energy Administration issued a guiding opinion on promoting the integrated and coordinated development of new energy, including optimizing the power structure and energy - storage configuration ratio of "desert, Gobi, and wasteland" new - energy bases and exploring the construction of new water - wind - solar integrated bases [10]. - **Automobile**: The Ministry of Public Security completed the solicitation draft of the national standard "Technical Conditions for Motor Vehicle Operation Safety", which includes speed - limit requirements and safety requirements for new - energy vehicles [11]. - **Power Battery**: The 2025 World Power Battery Conference held a signing ceremony in Yibin, Sichuan, with 180 projects signed, totaling 86.13 billion yuan. After full operation, the expected annual output value will exceed 90 billion yuan, and over 50 leading enterprises will settle in Yibin [11]. 3.4 Derivatives Market Monitoring - The report includes sub - sections on stock index futures data, stock index options data, and bond index futures data, but no specific data content is provided in the given text [12][16][28].

2025世界动力电池大会昨天（12日）在四川宜宾开幕，大会上，工业和信息化部装备工业发展中心发布了《动力电池产业发展指数（2025年）》。 0:00 这一指数建立了全球、中国、企业三个评价维度，包含11个一级指标，46个二级指标。其中，全球和中国指数均从地域角度分析，更侧重市场、技术。企业 指数从竞争力角度分析，更侧重于产品、技术。 全球装机量前十的企业中，中国企业占据六席，彰显出中国制造的强劲实力。国内方面，产业集中度持续提升，前十强企业装机量占比超过96%。 展望未来，全球动力电池产业演进呈现三大关键趋势： 中国企业的全球化进程显著提速； 固态电池等前沿技术研发持续突破； 同时，绿色制造能力与成本控制水平，已共同成为决定企业未来竞争力的核心要素。 工业和信息化部装备工业发展中心主任 瞿国春：我们通过构建动力电池产业发展指数，将这一复杂多维的体系予以量化呈现，旨在客观、全面地展现全球 产业图景。 下一代高安全电池及全固态电池项目投产 在2025世界动力电池大会举办期间，由院士工作站重点孵化的"下一代高安全电池及全固态电池项目"在四川宜宾正式投产。 0:00 记者了解到，目前，宜宾规划的动力电池产能已经超过3 ...

2025世界动力电池大会昨天(12日)在四川宜宾开幕，大会上，工业和信息化部装备工业发展中心发布了 《动力电池产业发展指数(2025年)》。这一指数建立了全球、中国、企业三个评价维度，包含11个一级 指标，46个二级指标。其中，全球和中国指数均从地域角度分析，更侧重市场、技术。企业指数从竞争 力角度分析，更侧重于产品、技术。全球装机量前十的企业中，中国企业占据六席，彰显出中国制造的 强劲实力。国内方面，产业集中度持续提升，前十强企业装机量占比超过96%。(央视新闻) ...

Core Insights - The 2025 World Power Battery Conference opened in Yibin, showcasing the development index of the power battery industry [6] - The index aims to provide a comprehensive reflection of the global and domestic power battery industry status and trends [6] Global Industry Landscape - Asia continues to dominate the power battery industry, with six Chinese companies holding a total market share of 67% [8] - China leads significantly with a projected power battery installation capacity of 548 GWh in 2024, accounting for 60% of the global total, a 42% year-on-year increase [8] - The lithium iron phosphate route has a market share of 74.6% in China, while ternary batteries account for 25.3% [8] - Morocco and Thailand have emerged as new investment hotspots for battery production in Africa and Southeast Asia, respectively [8] Innovation and Sustainability - China, Japan, and the United States are the top three countries in terms of innovation, holding 80% of global patent authorizations in the power battery sector [8] - The global transition towards sustainability is becoming a competitive focus, with Europe excelling in low-carbon manufacturing due to high renewable energy usage [9] - China is rapidly expanding its clean energy development to accelerate the green transformation of the battery industry [9] Regional Performance: Sichuan - Sichuan ranks third in China's power battery industry development index, following Guangdong and Jiangsu, and is part of the leading tier [10] - The province has over 200 companies in the power battery supply chain, with a production capacity of 168.1 GWh in the first nine months of the year, reflecting a 49.2% year-on-year growth [11] - Sichuan's abundant lithium and hydropower resources provide a competitive edge for green manufacturing [11] - The Ningde Times factory in Yibin is the world's first zero-carbon battery factory, utilizing over 80% renewable hydropower [11] - Despite its achievements, Sichuan faces challenges in innovation capacity compared to Guangdong and Jiangsu, partly due to the lack of influential battery company headquarters [11] - Sichuan aims to build a world-class power battery industry cluster, leveraging its policy, resource, and labor cost advantages [11]

Core Insights - CATL's latest high-temperature battery technology is being utilized in the "National Good Car" developed in collaboration with JD and GAC, eliminating the need for water cooling and enhancing battery lifespan and safety [3] - The global lithium battery export reached over 900 billion yuan in the first three quarters of this year, with CATL contributing nearly 400 billion yuan, accounting for over 40% of the total [1] - CATL has created nearly 150,000 jobs across 13 global production bases, with the Yibin base employing 30,000 people and expected to exceed 50,000 in the future [2] Industry Developments - The "2025 World Power Battery Conference" highlighted the importance of technological innovation and the integration of related industries to promote high-quality development in the global power battery sector [1] - CATL's R&D investment over the past decade amounts to approximately 80 billion yuan, with over 15 billion yuan invested in the first three quarters of 2025 [2] - The company is advancing the "battery swapping" model, transforming batteries from products into services, with the "Chocolate Battery Swapping Alliance" covering 45 cities and plans to establish 1,000 swapping stations by the end of the year [2]

Core Insights - The 2025 World Power Battery Conference opened in Yibin, Sichuan, showcasing significant advancements in the power battery industry, including ten innovative achievements and eight major development trends [1][3]. Group 1: Innovative Achievements - The ten innovative achievements highlight a comprehensive breakthrough in the power battery industry, focusing on stable global supply chains for key materials like cathodes and anodes, the establishment of zero-carbon factories, and improved recycling systems for low-carbon development throughout the entire lifecycle [3]. - A regulatory framework covering the entire lifecycle of batteries has been established, promoting mutual recognition of standards domestically and internationally, and enhancing international trust through tools like battery passports [3]. - The Vice Chairman of the China Battery Industry Association, Wang Jianxin, stated that China has transitioned from a "catching up" phase to a "leading" phase in power battery development, supported by hundreds of achievements and thousands of foreign patents [3]. Group 2: Development Trends - The eight major trends identified by the China Society of Automotive Engineers indicate that material innovation will drive power batteries towards higher energy density and cost-effectiveness [5]. - Solid-liquid hybrid batteries are accelerating from small-scale applications to market commercialization, while all-solid-state batteries are achieving technological breakthroughs and initiating industrial demonstration [5].

Group 1: US-China Relations and Economic Cooperation - Chinese Vice Premier He Lifeng emphasized the need for both China and the US to jointly maintain and implement the important consensus and outcomes from the recent summit, aiming to promote stable development of economic and trade relations [2] - The US expressed its commitment to maintaining stable relations with China and is willing to act as a bridge to deepen exchanges and cooperation [2] Group 2: Innovation and Industry Development - The National Development and Reform Commission released a draft management method for national emerging industry innovation centers, focusing on strategic industry development and collaboration among leading enterprises, universities, and research institutions [2] - The National Energy Administration issued guidelines to promote the integration of new energy with various industries, emphasizing the synergy between new energy and emerging industries [2] Group 3: Market and Economic Data - The Ministry of Finance announced that the national government procurement scale for 2024 is projected to be 33,750.43 billion yuan, with specific allocations for goods, engineering, and services [2] - The China Securities Regulatory Commission highlighted the stability and potential of the Chinese economy, indicating a solid foundation for the capital market's healthy operation [2] Group 4: Industry-Specific Developments - The photovoltaic sector experienced a significant decline due to rumors regarding the cessation of a storage initiative, which were later denied by the China Photovoltaic Industry Association [2] - JA Solar Technology issued a clarification regarding market rumors, stating that misleading information has harmed the company's reputation [2] Group 5: International Economic Outlook - OPEC maintained its global economic growth forecast for 2025 at 3% [4] - The International Organization of Vine and Wine reported a slight increase in global wine production for 2025, although it remains below average due to extreme weather conditions [4]

每经记者｜王琳 每经编辑｜程鹏 王瀚黎 王晓波 标题点睛： 国际金价走高，截至发稿时，现货黄金涨1.62%，报4193.51美元/盎司，盘中最高涨至4211.65美元/盎司；COMEX黄金涨2.06%，报4201.3美元/盎司。 连日来，律师银行柜台取款4万元，被柜员反复盘问事件在网络上引发关注，11月12日，记者对话涉事律师周筱赟。周筱赟表示，在他发布文章后的第二 天，11月6日，建设银行东营分行副行长发信息向他道歉。但他已经公开表态，绝对不接受银行方面的道歉。因为该副行长的道歉，还是打着"为你好"的 名义，为难普通老百姓。这个道歉的关键词是对周筱赟的"体验不佳"深表歉意，而不是为建行东营分行对抗央行，层层加码，另搞一套的违法行为道歉。 11月12日，据智通财经等多家媒体报道，95后AI"天才少女"罗福莉在朋友圈官宣加入小米。 11月12日，南方电网产融控股集团有限公司在广州揭牌成立。南方电网公司董事长、党组书记孟振平出席揭牌仪式并致辞。 4 国家能源局：加快推动新能源产业链"以绿制（造）绿" 11月12日，国家能源局发布关于促进新能源集成融合发展的指导意见，其中提出，加快推动新能源产业链"以绿制（造）绿" ...

Core Insights - The future of the power battery industry is focused on technological evolution, safety challenges, and global strategies, as discussed at the 2025 World Power Battery Conference [1][3]. Group 1: Technological Development - The current battery technology is rapidly evolving, with semi-solid batteries becoming a key choice for mid-to-high-end models, showing over 300% year-on-year growth in installation volume in the first half of 2025 [4]. - Full-solid batteries face significant challenges and are expected to achieve commercial application around 2032-2033, while semi-solid batteries are seen as a practical transitional technology with a 5-7 year window [4]. - Liquid batteries still hold potential for upgrades through solid-liquid hybrid technology, suggesting a need for a rational approach to technology routes [4]. Group 2: Safety, Performance, and Cost - The industry faces three main challenges: safety, performance, and cost, with increasing demands from manufacturers and consumers [5]. - Innovations in materials, structures, and manufacturing processes are essential for enhancing battery safety [5]. - China's power battery energy density has improved from 130Wh/kg to 200Wh/kg over five years, with costs reduced to one-fourth of previous levels, indicating a strong potential for technological advancement [5]. Group 3: Global Expansion - China's power battery industry has established a significant global presence, with exports reaching 130GWh in the first three quarters of 2025, a 32.7% increase year-on-year [8]. - Companies are adopting a "technology export" model to navigate challenges such as policy differences and supply chain localization [8]. - The production capacity in Sichuan Province reached 168.1GWh in the first nine months of 2025, with a projected annual output exceeding 200GWh, highlighting the region's growing importance in the industry [8]. Group 4: Industry Transformation - The power battery industry is transitioning from "scale competition" to "ecosystem competition," facing challenges in technological innovation, system construction, and international cooperation [9]. - The conference aims to contribute to global green and low-carbon transformation through breakthroughs in technology and global strategies [9].