Core Viewpoint - The recent trade data from Shanghai Customs indicates a resilient performance in China's foreign trade, with significant growth in exports across various regions, reflecting the vitality of regional economies and the multifaceted resilience of Chinese manufacturing [1] Group 1: Regional Collaboration Strengthening Foreign Trade - The record high foreign trade figures in multiple regions are attributed to the collaborative development among regions, showcasing the strength of Chinese manufacturing and the establishment of a new foreign trade ecosystem that enhances risk resilience and stimulates momentum [2] Group 2: Complete Industrial Chain System - China's gradual formation of a complete industrial chain system is evident from the foreign trade performance, with a shift from "single chain pressure" to "ecological risk resistance," exemplified by Dongguan's record high import and export value, supported by a robust manufacturing ecosystem [3] Group 3: Structural Optimization Driving Growth - The continuous optimization of export product structure, transitioning from traditional products to new energy vehicles and high-tech products, is a key driver of foreign trade growth, with Zhejiang's electric vehicle exports surging by 86.3% [4] Group 4: Innovation Driving Core Competitiveness - Innovation is crucial for Chinese manufacturing to navigate global trade competition, as evidenced by Shanghai's high-tech product exports reaching 239.6 billion yuan, with significant growth in surgical robot exports, highlighting the integration of technology and industry [5] Group 5: Diversified Layout Expanding New Markets - Chinese enterprises are adopting a "multi-point flowering" strategy to diversify market presence, reducing reliance on single markets, which effectively mitigates risks and maintains strategic initiative amid global supply chain restructuring [6]

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [4][12] Core Viewpoints - The draft amendment to the Price Law aims to clarify standards for identifying unfair pricing behaviors, regulate market pricing order, and alleviate "involution" competition [4][6][7] - The amendment is expected to ease competition in industries such as polysilicon, lithium battery anode and cathode materials, wind power equipment, and energy storage, promoting price stability and improving profitability for related companies [4][7] Summary by Sections Price Law Amendment - The draft amendment includes ten articles focusing on three main areas: 1. Improvement of government pricing content, including the clarification of government-guided pricing mechanisms and the importance of cost monitoring in price setting [6][7] 2. Clarification of standards for identifying unfair pricing behaviors, including low-price dumping, price collusion, and price discrimination [6][7] 3. Establishment of legal responsibilities for pricing violations, including increased penalties for non-compliance with pricing regulations [7] Investment Recommendations - Companies to watch include: - Xinte Energy - GCL-Poly Energy - Wind Power Technology - Sungrow Power Supply - Wanrun New Energy [4][7] Profit Forecasts for Related Companies - Profit forecasts for selected companies indicate varying performance: - Xinte Energy: Expected net profit of -3.9 billion RMB in 2024 - GCL-Poly Energy: Expected net profit of -4.75 billion RMB in 2024 - Wind Power Technology: Expected net profit of 1.86 billion RMB in 2024 - Sungrow Power Supply: Expected net profit of 11.04 billion RMB in 2024 - Wanrun New Energy: Expected net profit of -870 million RMB in 2024 [9]

Group 1 - The core viewpoint of the article is that Foshan Fospower Technology Co., Ltd. plans to acquire 100% of Jinli Co., Ltd. through a combination of issuing shares and cash payment, with a total transaction value of 5.08 billion yuan, of which 4.68 billion yuan will be paid in shares and 400 million yuan in cash [2][3] - Following the completion of this transaction, Jinli Co., Ltd. will become a subsidiary of Foshan Fospower Technology [3] - Foshan Fospower Technology, as a key listed platform under Guangxin Group, focuses on strategic emerging industries such as new energy and electrical engineering, and has established itself as a leader in the new materials industry in Foshan [3] Group 2 - Jinli Co., Ltd. specializes in the research, production, and sales of lithium battery wet separators, with a strong competitive advantage in the wet separator field due to its comprehensive product layout, quality customer resources, and robust R&D capabilities [3]

反内卷情绪高涨，碳酸锂的价格也随之回潮，从 6 月末到现在涨价已经持续一个月。 起点锂电获悉， 7 月 25 日碳酸锂价格再迎利好，在今天上午触及涨停，价格回升至每吨 8 万元左右，暴涨四成。 3、 碳酸锂价格低于成本价，不可持续，回到理性空间 10 万 -15 万元是大概率事件。低于成本价的买卖不会长远，只能会面临竭泽而渔的 后果，对于相关企业来说，只有 10 万元才是保证成本与利润的最佳平衡点，价格在 10 万 -15 万元之间才能让企业有稳定的盈利，投产与 研发也将恢复正常状态。 4、 锂矿合规审查趋严格，短期产能受限制。针对行业无秩序内卷，各地均在出台政策让其恢复到正常状态，例如 7 月 7 日宜春市自然资源 局发布通知，一共指出 8 宗涉锂资源矿权存在规避上级部门审批权限、越权办理手续的问题，要求 9 月底前完成整改计划，合理确定开采矿 种； 7 月 17 藏格矿业子公司 同样 收到海西州自然资源局、海西州盐湖管理局下发的《关于责令立即停止锂资源开发利用活动的通知》， 目前 藏格锂业已按要求停产 ，主动完善 开采手续办理 。 对不合格矿产进行严格审查， 可影响 15% 的全球产量。 目前来看 江西云 ...

Investment Rating - The industry investment rating is "Overweight" [2][51]. Core Insights - The lithium battery index has shown strong performance, with a 4.92% increase over the past two weeks, outperforming the CSI 300 index by 1.45 percentage points. Year-to-date, the lithium battery index has risen by 11.94%, exceeding the CSI 300 index by 6.49 percentage points [4][14]. - Recent policies aimed at reducing internal competition have led to a rise in lithium carbonate prices, with the average price reaching 70,500 CNY per ton, an increase of 11.20% over the past two weeks. However, high inventory levels of lithium carbonate may pressure prices in the short term [6][27]. - The solid-state battery sector is experiencing rapid advancements, with several companies reporting progress in this area, indicating a structural demand increase for materials and equipment in the supply chain [46]. Summary by Sections Market Review - As of July 24, 2025, the lithium battery index has increased by 4.92% in the last two weeks, outperforming the CSI 300 index by 1.45 percentage points. The index has risen by 10.43% this month and 11.94% year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Lithium carbonate prices have increased by 11.20% to 70,500 CNY per ton, while lithium hydroxide prices rose by 7.29% to 67,700 CNY per ton [6][27]. - Prices for cathode materials such as lithium iron phosphate have increased by 7.22% to 32,700 CNY per ton, while NCM523, NCM622, and NCM811 have seen slight declines [29][25]. - The average price of electrolytes has decreased, with lithium hexafluorophosphate dropping by 1.98% to 49,500 CNY per ton [33][25]. Industry News - The National Development and Reform Commission has issued guidelines to regulate pricing behaviors, aiming to curb "involution" competition in the market [43]. - The new energy vehicle market has shown a retail sales increase of 23% year-on-year, with a total of 537,000 units sold from July 1-20, 2025 [46]. - Companies like CATL and EVE Energy are highlighted for their advancements in solid-state battery technology, with CATL expected to begin small-scale production of solid-state batteries by 2027 [48][46]. Company Announcements - CATL is projected to achieve a net profit of 50.745 billion CNY in 2024, with a 15.01% year-on-year growth [48]. - EVE Energy has secured a supplier agreement with XPeng Motors, indicating potential market expansion in the low-altitude economy sector [48]. - Enjie Co., Ltd. is advancing in the semi-solid battery separator business, with production capabilities expected to ramp up [48].

本报讯(记者王宁)近日，华夏基金管理有限公司发布公告称，旗下新产品华夏创业板新能源ETF发起式 联接(A类：024419；C类：024420)将于2025年7月28日正式发行，该基金将由资深基金经理单宽之负责 管理，旨在为投资者布局新能源领域，提供高效、便捷的投资工具。 据悉，华夏创业板新能源ETF发起式联接基金主要投资于紧密跟踪创业板新能源指数(399266.SZ)的华夏 创业板新能源ETF(159368)，而创业板新能源指数则以创业板为样本空间，聚焦新能源产业、新能源汽 车产业两个领域，汇聚多个行业龙头。从指数成分股行业分布来看，前三大申万二级行业分别为电池、 光伏设备、自动化设备，占比分别达48.04%、21.23%、16.10%，合计权重达85.37%。进一步拆分来 看，按申万三级行业划分，锂电池、电池化学品、工控设备、逆变器板块权重占比相对较高，有望较好 地分散单一行业的风险。 值得关注的是，当前创业板指数成分股具有一定配置价值。从新能源行业来看，新能源车销量及渗透率 日益提升，相关公司有望迎来广阔成长；同时，考虑到全球汽车的电动化、智能化浪潮到来，国内汽车 零部件企业"出海"有望进一步打开增量空间 ...

FICC日报 | 2025-07-25 欧央行维持利率不变，观望美欧贸易谈判进展 市场分析 关注国内重要会议。上半年国内经济仍具韧性，中国上半年GDP同比增长5.3%，高于全年预期目标5%，财政发力 和"抢出口"现象为上半年经济数据提供支撑，但也对应着政策迫切性有所下降。中国6月出口表现亮眼，中美关税 缓和下，新一轮"抢出口"支撑需求；中国6月社零同比增速放缓至4.8%，主要受部分地区"两新"政策补贴断档拖累， 后续政策补贴有望继续下达支撑国内消费。投资方面，基建投资和制造业投资均明显回落，整体固定投资走弱， 地产销售走弱对整个地产链条拖累风险仍存。后续关注7月政治局会议进一步加码稳增长政策的可能。7月24日， 中欧峰会就进一步深化中欧关系达成重要共识。中国央行7月25日将开展4000亿元MLF操作，本月有3000亿MLF到 期，7月央行MLF净投放达到1000亿，为连续第五个月加量续作。 "反内卷"交易的进展跟踪。7月以来，中央财经委、工信部等部门再次强调治理企业低价无序竞争，15日中钢协召 开钢铁工业规划部长会，研究建立产能治理新机制，光伏、锂电池、汽车、钢铁等行业"反内卷"政策预期升温， 部分商品价格回 ...

Core Viewpoint - The domestic lithium carbonate prices in China are experiencing a rebound due to various factors, including the impact of "anti-involution" and the challenges faced by lithium mining companies in Jiangxi regarding certification renewals [1][8]. Industry Hot News - Toyota's battery subsidiary, Prime Planet Energy & Solutions, announced a new battery plant in Dalian, China, with an investment of 3.7 billion yuan, although the production timeline is not disclosed [3]. - Zimbabwe's Kuvimba Mining House plans to start construction of a lithium processing plant with an investment of 270 million USD, expected to be operational by early 2027 [4]. - Honeycomb Energy aims to trial production of its first-generation semi-solid battery on a 2.3 GWh production line in Q4 2025, targeting large-scale supply by 2027 [5]. - LG Energy Solution and Toyota Tsusho established a joint venture in the U.S. for battery recycling, planning to process 13,500 tons of battery waste annually by 2026 [6]. Lithium Market Overview - Domestic lithium carbonate prices are rebounding, with battery-grade prices ranging from 71,000 to 72,000 yuan per ton as of July 24 [9][8]. - The three-material market is showing weak performance, with some manufacturers reducing production by nearly 20% in July [10]. - Phosphate lithium prices have slightly increased, but demand remains stable, with companies like Longpan Technology and Fengyuan Co. still reporting losses [11]. - Negative electrode material prices have seen a decline of around 500 yuan per ton, with production levels expected to remain stable or slightly increase in August [13]. - The electrolyte market is experiencing slight price drops, with competitive pressures limiting potential price increases despite rising lithium carbonate prices [15]. Battery Market Overview - The domestic battery market prices are stable, with August orders expected to be similar to July, and battery manufacturers are focusing on volume rather than price [16]. - The weekly sales of new energy vehicles showed a year-on-year decline, with total sales of 368,000 units, a decrease of 2.90% [17]. - The storage battery prices have slightly increased, with significant shipments from Huawei, particularly in the Philippines [18].

点击链接→《 天天基金放大招了！狂撒百万体验金，真金白银等你来拿！ 》，在文章评论区 参与互动，有机会赢888元！ 7月25日， 创业板综合指数迎来 重大调整。 此前，深交所发布公告称，修订创业板综合指数（简称"创业板综"，代码399102）编制方案， 于7月 25日实施 。修订内容包括：一是引入风险警示股票月度剔除机制，剔除被交易所实施风险警示（ST 或*ST）的样本股；二是引入ESG（环境、社会责任和公司治理）负面剔除机制，剔除国证ESG评级在 C级及以下的样本股。 业内人士表示，本次创业板综"升级"后，样本股质量和指数可投性进一步提升，有望吸引长期配置资金 流入，为投资者提供更透明、更优质的创新赛道投资工具。 有两点重要变化 修订后，创业板综样本股1316只，覆盖95%的创业板上市公司，总市值覆盖率98%。创业板综覆盖半导 体、人工智能、创新药、医疗器械、光伏、锂电池等"含科量"高的行业。 具体来看，前三大行业分别为工业（32%）、信息技术（26%）、医药卫生（12%），高新技术企业权 重占比92%，战略性新兴产业权重占比79%，先进制造、数字经济、绿色低碳三大重点领域企业权重占 比74%，充分表征了创 ...

金十数据7月25日讯，港股主要指数低开低走。截止至中午收盘，恒生指数跌1.11%，恒生科技指数跌 1.69%，恒指半日大市成交额达1510.08亿港元。盘面上，在线教育股、影视股、锂电池、稀土永磁板块 跌幅居前，医药外包概念、物流、芯片、半导体、内房股涨幅居前。个股方面，快手(01024.HK)、哔哩 哔哩(09626.HK)、欢喜传媒(01060.HK)跌超4%，新东方(09901.HK)跌超2%，比亚迪股份(01211.HK)跌 超2%；顺泰控股(01335.HK)涨超10%，康龙化成(03759.HK)涨超8%，药明生物(02269.HK)涨超4%，农 夫山泉(09633.HK)涨超3%，京东物流(02618.HK)涨超2%。 港股午评：恒生指数跌1.11% 恒生科技指数跌1.69% ...