Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [2] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [2] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is being dispatched in order of registration [4]

Investment Rating - The report indicates a preference for A-shares over offshore markets due to their lagging performance year-to-date and more reasonable valuations compared to offshore markets [12]. Core Insights - Investor sentiment for A-shares has improved, with the weighted Morgan Stanley A-share Sentiment Indicator (MSASI) rising to 78% and the simple MSASI to 65% [2][6]. - The Chinese government has intensified its anti-involution message to address overcapacity issues in sectors like solar, lithium batteries, new energy vehicles, and e-commerce [4]. - Despite the positive sentiment, near-term volatility is expected to rise, and the report cautions against a beta-focused strategy in the offshore market [12]. Summary by Sections Investor Sentiment - A-share investor sentiment improved with the weighted MSASI increasing by 7 percentage points to 78% and the simple MSASI rising by 8 percentage points to 65% compared to the previous cutoff date [2]. - Average daily turnover for ChiNext and A-shares decreased by 11% and 7% respectively, while equity futures and Northbound turnover increased by 7% and 9% [2]. Market Inflows - Southbound markets experienced net inflows of US$2.7 billion from July 2 to July 9, with year-to-date and month-to-date net inflows reaching US$95.8 billion and US$0.5 billion respectively [3]. Economic Indicators - The Producer Price Index (PPI) showed a deflation of -0.4% month-over-month in June, driven by weak construction activities and tariff impacts, while the Consumer Price Index (CPI) rose to 0.1% year-over-year from -0.1% in May [5]. Policy Implications - The report emphasizes the need for a tailored approach to the anti-involution initiative, as different sectors have varying competitive landscapes, ESG considerations, and market sizes [4]. - The implementation of policies to rebalance and reflation the economy remains challenging due to institutional inertia [5].

Core Viewpoint - The overall expectation for the A-share market in the second half of 2025 is a continuation of the current oscillation and rapid rotation of hot topics, with no systemic large-scale rally anticipated [2][3] Market Assessment - Multiple institutions predict that the market will likely maintain a fluctuating pattern with significant thematic rotation [3] - The uncertainty surrounding the recovery of corporate profit growth is a key factor limiting the potential for a broad market rally [3] - The focus on corporate earnings performance is expected to contribute positively to market dynamics, with fundamental factors likely to outperform historical averages [3][4] Investment Strategy - A consensus strategy among professional institutions is to adopt a balanced allocation to manage risks while selectively focusing on structural opportunities for returns [5] - The importance of monitoring macroeconomic highlights is emphasized, with adjustments to investment strategies based on key areas such as investment, consumption, and exports [4][5] Key Directions for Investment - Institutions identify four main investment directions: 1. Deepening investments in the technology sector, particularly in areas like AI, semiconductors, and military technology [6] 2. Capitalizing on the new consumption wave, including experiential and AI-enabled consumption models [6] 3. Focusing on stable dividend assets in a weak recovery environment [6] 4. Following national policy directions, particularly in sectors like power generation and coal chemical industries [6] Short-term Outlook - Some institutions maintain an optimistic short-term outlook, suggesting a "dual-line layout" strategy that includes focusing on sectors with improving industry conditions and stable earnings [7] - The A500 index is highlighted as a key investment vehicle for capturing growth in emerging sectors [7] Long-term Perspective - Long-term confidence in the market is supported by signs of fundamental improvement and potential capital inflows [8][9] - The low valuation of the Chinese stock market compared to global peers is expected to attract both traditional and new foreign investments [9]

Core Viewpoint - The lithium battery industry is transitioning from a rapid growth phase to a saturation phase in 2023, and is expected to enter an adjustment phase in 2024, characterized by intense competition and significant price wars, leading to widening gaps between leading and smaller companies. However, a recovery is anticipated in 2025, bringing new opportunities [1]. Group 1: Company Performance - CATL is projected to have a revenue of approximately 362 billion yuan in 2024, a year-on-year decline of about 10%, but a net profit of 50.7 billion yuan, an increase of about 15%. Battery sales are expected to reach around 475 GWh, a growth of approximately 21.8% [3]. - Guoxuan High-Tech is expected to achieve a revenue of about 35.39 billion yuan in 2024, a year-on-year increase of about 12%, with a net profit of approximately 1.2 billion yuan, up about 28.5% [5]. - EVE Energy anticipates a revenue of around 48.6 billion yuan in 2024, a slight decline of about 0.35%, with a net profit of approximately 4.07 billion yuan, an increase of about 0.63% [7]. - Penghui Energy is projected to have a revenue of about 7.96 billion yuan in 2024, a year-on-year increase of approximately 14.8%, but a net loss of 252 million yuan, a decline of about 685.7% [8]. - Ruipu Lanjun expects a revenue of approximately 17.8 billion yuan in 2024, a year-on-year increase of about 29%, but a loss of about 1.35 billion yuan, although this loss is a reduction of about 30% compared to the previous year [10]. - Zhongchuang Innovation anticipates a revenue of about 27.75 billion yuan in 2024, a year-on-year increase of about 2.76%, with a profit of approximately 840 million yuan, up about 93% [11]. - Xinwanda is projected to achieve a revenue of around 56 billion yuan in 2024, a year-on-year increase of about 17%, with a net profit of approximately 1.46 billion yuan, an increase of about 36.4% [12]. Group 2: Market Trends and Insights - The lithium battery market in 2024 is described as facing significant challenges, with slowing demand growth, frequent product iterations, and continuous capacity expansion, leading to persistent price declines. The performance gap between leading and smaller companies is widening, with top companies like CATL and BYD maintaining growth despite the price wars [15]. - The industry is experiencing a shift from a diverse market to a more concentrated one, with many weaker players being eliminated or acquired, leading to a "80/20" market distribution [17]. - Looking ahead to 2025, key trends will include technological breakthroughs, safety improvements, supply chain optimization, and international expansion. Emerging markets such as two-wheeled vehicles and robotics are expected to drive growth, while safety concerns will prompt stricter regulations [18].

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.08%, the Shenzhen Component Index up 0.14%, and the ChiNext Index up 0.22% [1] - The multi-modal and AI glasses sectors saw significant gains, while the non-ferrous metals and hydropower sectors experienced declines [1] Index Performance - Shanghai Composite Index: 3284.08, down 0.08%, with 1020 gainers and 891 losers [2] - Shenzhen Component Index: 9863.50, up 0.14%, with 1556 gainers and 867 losers [2] - ChiNext Index: 1936.12, up 0.22%, with 814 gainers and 358 losers [2] US Market Performance - US stock indices closed higher, with the Dow Jones up 300.03 points (0.75%) at 40527.62, the Nasdaq up 95.18 points (0.55%) at 17461.32, and the S&P 500 up 32.08 points (0.58%) at 5560.83 [3] - Mixed performance in popular Chinese concept stocks, with the Nasdaq Golden Dragon China Index down 0.3% [3] Institutional Insights - CITIC Securities highlighted the potential of the departure tax refund policy to boost domestic consumption, estimating a potential market space of nearly 100 billion [5] - Guotai Junan emphasized a focus on durable consumer goods, recommending a defensive approach with high-dividend stocks, while also identifying opportunities in new consumption sectors driven by consumption upgrades [6] - Huatai Securities expressed optimism about the lithium battery supply chain, noting a slight decrease in production but long-term improvements expected due to new models and technologies [7]

Core Viewpoint - China Postal Savings Bank's Shenzhen branch is accelerating the construction of a "green bank" and achieving significant results in "green finance" initiatives [1] Group 1: Green Financing Achievements - As of February 2025, the green financing balance of the Shenzhen branch reached a substantial amount, reflecting the bank's commitment to green finance [1] - The bank has implemented a "dual carbon" action plan focusing on ten key actions, including carbon accounting, green operations, and green public welfare [1] Group 2: Case Studies of Beneficiaries - Shenzhen Ruise Environmental Technology Co., a national high-tech enterprise, has benefited from the "carbon reduction loan," which significantly enhances its wastewater treatment capabilities [1] - Kunyu Power Technology Co., established in 2013, has become a leader in the communication energy storage sector, supported by green finance, and is actively developing advanced battery technologies [1] Group 3: Strategic Vision - The bank emphasizes that green development is essential for high-quality growth, aligning with the current economic structural adjustments and transformation of development methods [1]

Core Viewpoint - Changan Automobile is set to launch its self-developed all-solid-state battery, "Jinzhongzhao," with a prototype expected by the end of 2025, vehicle validation in 2026, and gradual mass production by 2027 [1] Group 1: Battery Technology Innovations - The Jinzhongzhao battery features a new thermal insulation material that improves thermal performance by 30% compared to the industry average, allowing for operating temperatures over 200°C higher than conventional materials [1] - This technological advancement enhances battery safety, significantly reducing the risks of fire and explosion [1] Group 2: Battery Performance Metrics - The all-solid-state battery is designed to achieve an energy density of 400 Wh/kg, with a full charge range exceeding 1500 kilometers [1]

| | | | 起点裡甲 全球领先的理自 | | | 三十四年 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | न | 레슬 | 务 内 容 | | | | | 品牌服务 | | 研究咨询 | | 资本服务 | | 政府服务 | | | 品牌 宣传 | 论坛 展会 | 研究 报告 | 数据 调研 | 融资 服务 | IPO 咨询 | 规划 报告 | 摺商 服务 | | 育 | 会员 服务 | 品牌 定位 | ग्रू ना 顾问 | 最佳 | 报 顾问 | 园传 | 政府 顾问 | | | | 合作 咨 询 | | 印先生 189 3802 3176 | | | | 近期，四川昆威科技发展有限公司《锂资源循环利用项目环境影响报告书》进行了拟批准 公示。 项目名称：锂资源循环利用项目 建设地点：四川凉山彝族自治州德昌县特色产业园区 建设单位：四川昆威科技发展有限公司 建设内容：项目综合利用富锂铝电解质、锂云母矿、锂辉石矿等含锂物料，产出电池碳酸 锂和磷酸铁锂两种产品。项目共建5条生产线，其中碳酸锂生产线3条，磷酸铁锂生产线2 条，年产5万吨 ...

倒计时21天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 活动主题： 聚集新材料 探索新工艺 近日，Panasonic松下中国微信公众号发布关于"松下电器解散"的部分报道，就网传"解散松下 集团"予以回应。 2月4日，松下控股株式会社面向大众媒体以及机构投资者、分析师，召开了关于未来集团经营 改革的说明会。 受此影响，出现了一些关于松下的公司名称及品牌使用方面，易引发误解的报道。但2月4日公 布的内容，旨在对松下控股株式会社旗下负责提供家用电器、住宅设备以及面向店铺和办公室 的商品与服务的单一法人"松下电器株式会社"进行重组，并非解散松下集团。 此外，松下品牌是集团重要的经营资产，松下集团将以这一珍贵品牌为依托，向能够持续为客 户和社会做出贡献的企业架构变革，走向未来。 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 2 起点课理 全球领先的锂电产业智库 平 台 服 务 内 容 品牌服务 研究咨询 资本服务 政府服务 数据 调研 量传 娱乐 研究 报告 版 服务 IPO 规划 招商 服務 ...