以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 ----------------- 本周市场概况 本周创业板强于上证指数，随着沪深 300ETF 净买入有所减缓，市场自发性力量开始接手。上周末的机器人半程马拉松比赛并未降低行业 发展的预期，叠加特斯拉机器人可能来中国建厂的传闻，机器人产业链热度回升，本周表现强势。本周电池大厂的新技术发布会带动了钠 离子电池以及其他新能源产业链的估值修复，氢能受部分省份的《氢能产业中长期发展规划》等涨幅居前，电力、银行等防守方向偶有表 现，贵金属、半导体等板块则面临回调压力。 整体看，本周板块轮动较快，市场窄幅震荡，成交量环比变化不大，缺乏明确的市场机会和操作空间，并且，随着五一长假的临近，下周 三个交易日预计还会延续此状态。 四月的超额收益在哪？ 四月份如果问哪个因素最容易获取超额收益？那么答案一定是业绩。近几周业绩超预期公司，普遍收益较好。首先， 去年四季度和一季度 营收、扣非净利润双增的公司，大概率公司经营良好，并且有望延续，毕竟对未 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 一、宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差 宁德时代推出三款颠覆性动力电池产品：钠新电池、骁遥双核电池、第二代神行超充电池。（1）自生成 负极新技术的应用超预期，展现宁德时代领先的研发能力和商业化实力，我们认为得益于金属负极保护层 材料和制备工艺的know-how，使得负极侧颠覆性升级快于预期，相关电解液添加剂和补锂剂环节有望受 益。（2）骁遥双核+自生成锂/钠负极，多元电池的组合适配各种场景，我们认为是在全固态电池商业化量 产之前的窗口期内，又一个拉开代差的产品。（3）钠新电池树立宁德时代钠电池的新品牌，能量密度提 升，突破低温、启停场景，有望带来新的增长曲线。（4）二代神行超充电池实现峰值充电功率12C同时续 航800km ...

Financial Data and Key Metrics Changes - The company achieved a record revenue of $5.8 million in Q1 2025, positioning itself on track to meet its full-year revenue guidance of $15 million to $25 million [5][13] - The gross margin for Q1 was reported at 79%, consistent with expectations, attributed to an asset-light business model [13][14] - The company ended the quarter with a strong liquidity position of $240 million and no debt, expecting to exit 2025 with over $200 million in liquidity [14][15] Business Line Data and Key Metrics Changes - Revenue in Q1 was primarily driven by contracts with automotive OEM customers for AI-enhanced lithium metal and lithium-ion batteries for EV applications [13] - The company is expanding its service offerings through the launch of the Molecular Universe software and service platform, which aims to mass-produce material discovery and development services [10][12] Market Data and Key Metrics Changes - The company is experiencing fierce global competition in the EV market, with new safety regulations prompting the need for innovative solutions [7] - There are currently over a dozen companies, including OEMs and battery manufacturers, engaged in early access testing of the Molecular Universe platform [7][10] Company Strategy and Development Direction - The company is transitioning from a capital expenditure-heavy manufacturing model to a scalable software and service business model [11][12] - The launch of the Molecular Universe platform is expected to significantly enhance the company's revenue potential by providing solutions applicable across all battery chemistries and markets [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance for 2025 and emphasized the foundational nature of the current year for future growth [38] - The company aims to leverage its strong cash position to execute its vision and expand its commercial team to pursue greater opportunities [11][14] Other Important Information - The Molecular Universe platform will be launched on April 29, with a live demonstration planned to showcase its features and pricing structures [10][12] - The pricing structure for the Molecular Universe includes multiple tiers, offering both software subscriptions and on-premise deployment options for larger enterprises [31][32] Q&A Session Summary Question: Can you remind us of the cell type, chemistry, and capacity of your SK facility? - The Jeongju facility has two lines for large part cells and smaller UAM cells, with the capability to add equipment for cylindrical and prismatic cells [18] Question: What are the performance benefits from SCS's 2170s with your improved electrolyte? - The company's electrolyte enables stable performance for 2170 cells with high silicon content, achieving over 6.5 amp hours without gas issues [20] Question: Who are the potential customers for the Molecular Universe AI? - The initial version targets major battery companies, car manufacturers, and chemical and electrical companies, with over a dozen early access users already engaged [23] Question: What is the rationale for the share buyback authorization? - The share repurchase program is viewed as an efficient capital allocation tool, with no impact on the company's liquidity runway [33][34] Question: How will revenue ramp through the year? - The company expects stable revenue growth and is confident in achieving its guidance, with 2025 being a foundational year for significant growth in 2026 [38] Question: How will success of the Molecular Universe be measured? - Success will ultimately be measured by the revenue generated from the Molecular Universe platform [40] Question: What are the expected gross margins in the long term? - The gross margins will depend on the mix of services and products, with software and services expected to have margins above 80% [44]

Core Viewpoint - The article discusses the recent developments in the cinema industry, particularly focusing on the performance and strategies of major players in the market [2]. Group 1: Industry Overview - The cinema industry is experiencing significant changes due to evolving consumer preferences and technological advancements [2]. - There is a notable increase in competition among cinema chains, leading to innovative offerings and enhanced customer experiences [2]. Group 2: Company Strategies - Major cinema companies are investing in digital platforms to attract a broader audience and improve engagement [2]. - Partnerships with streaming services are becoming a common strategy to leverage content and drive ticket sales [2].

Group 1 - Honda will collaborate with CATL to develop an efficient platform that integrates batteries directly into the vehicle body [1] - The partnership will focus on the development of lithium iron phosphate batteries [1] - The new battery technology is planned to be used in the upcoming third-generation YE series models [1]

Group 1 - The core strategy of CATL involves diversifying its energy solutions by simultaneously investing in supercharging technology and battery swapping, indicating a shift from being a battery manufacturer to a comprehensive energy solutions provider [1][12] - The launch of the second-generation supercharging battery and sodium-ion battery reflects CATL's response to competitive pressures from rivals like BYD and Huawei, showcasing its commitment to maintaining technological leadership in the supercharging sector [2][3] - CATL's first-quarter revenue of 84.7 billion yuan, a 6.18% year-on-year increase, indicates a recovery from previous declines, but still fell short of market expectations, highlighting the challenges in sustaining growth amid increasing competition [12][14] Group 2 - CATL plans to build 1,000 battery swapping stations this year, with a long-term goal of 10,000, aiming to create the largest and most advanced battery swapping network globally [7][9] - The advantages of battery swapping include reduced initial costs for users, improved energy replenishment efficiency, and better management of battery life cycles, making it particularly suitable for commercial applications [9][11] - The company's strategy to invest in various sectors, including electric vehicles and renewable energy, aims to create a comprehensive energy ecosystem centered around battery technology, enhancing its market position and resilience [15][16]

Group 1: JD vs Meituan Dispute - JD accused competitors of forcing delivery riders to avoid accepting orders from JD, leading to decreased rider income and delayed orders [1] - JD plans to assist riders by increasing full-time recruitment from 50,000 to 100,000 and offering free delivery for orders delayed by over 20 minutes [1] - Meituan responded by denying the allegations, stating that it has never restricted riders from working on other platforms and criticized JD for spreading rumors [1] Group 2: OpenAI's Increased Costs - OpenAI's CEO mentioned that polite phrases like "please" and "thank you" from users have led to an increase in operational costs by tens of millions of dollars [2] - The reliance on large models has resulted in users treating them as colleagues, which adds to the processing burden [2] Group 3: PepsiCo's Challenges - PepsiCo faces challenges due to a 10% import tariff on concentrated liquid sourced from Ireland, which is crucial for its soda production [3] - Coca-Cola, which sources a significant portion of its concentrate domestically, is less affected by these tariffs [3] - Both companies are also impacted by a 25% tariff on imported aluminum, which may lead to increased beverage prices [3] Group 4: OpenAI's Model Issues - OpenAI's new models, o3 and o4-mini, have been reported to exhibit increased hallucinations, leading users to prefer older models [4][5] - The hallucination issue is attributed to over-reliance on result-based reinforcement learning, which prioritizes correct answers over process accuracy [5] Group 5: Buick's New Energy Vehicles - Buick announced the launch of a new vehicle architecture called "Xiaoyao," designed for the Chinese market, which will support various powertrains including pure electric and hybrid [6] - The architecture allows for rapid charging capabilities, with 10 minutes of charging providing an additional 350 kilometers of range [6] - Buick plans to introduce a high-end sub-brand "ELECTRA 至境," with the first model being a million-level MPV expected to launch this year [6] Group 6: Robotics and AI Developments - A humanoid robot completed a half marathon in 2 hours and 40 minutes, showcasing advancements in robotics [7] - The robot's performance was attributed to enhancements in stability and heat resistance [7] Group 7: Global Pistachio Supply Issues - A chocolate product from the UAE gained popularity, leading to a surge in pistachio prices, which increased from $7.65 to $10.30 per pound [8] - Iran plans to increase pistachio exports to the UAE by 40% in the upcoming year [8] Group 8: Gaming Industry Updates - A total of 127 games received approval for new versions, including 118 domestic and 9 imported titles [9][10] Group 9: DHL Shipping Policy Changes - DHL has suspended shipments of goods valued over $800 to the US for individuals, affecting B2C shipments while B2B continues [11] Group 10: Laser Radar Technology Advancements - RoboSense launched a customizable laser radar platform with high-performance specifications, set to be mass-produced this year [12] - Hesai introduced a new laser radar perception solution aimed at L2 to L4 autonomous driving levels [13] Group 11: CATL's R&D Investments - CATL's CEO announced that the company has invested over 70 billion yuan in R&D over the past decade, with a record investment of 18.6 billion yuan planned for 2024 [14] - The company unveiled several new battery technologies, including a lithium iron phosphate battery with a peak charging power exceeding 1.3 megawatts [14] Group 12: GAC and Didi's Autonomous Vehicle Collaboration - GAC Aion and Didi showcased their first L4 autonomous vehicle, which is set for mass production by the end of the year [15]

智通财经4月22日电，中信证券研报表示，上海车展开幕在即，有望对固态电池行业形成强催化，同时 行业进展不断提速，中信证券判断政策支持信号也将进一步强化。2025年人形机器人、eVTOL、消费 电子等固态电池高端应用有望进一步放量，推动固态电池材料行业步入高速发展期。固态电解质为核心 增量，建议关注材料端进展领先，与产业界联动紧密的低位个股。 中信证券：上海车展开幕在即 固态电池产业及政策进展共同刺激材料端率先放量 ...

当下， 行业正从卷价格走向卷价值， 电池需求正经历着深刻的变革， 更高能量密度、 更快充电速度 、 更长循环寿命 以及高低温性能成为 企业思考的方向。 打破电池性能的边界，核心便是以材料创新驱动。 在这场技术变革中，坐落于中国 "铜城"——甘肃白银市的时代瑞象展现出前瞻性布局与全 产业链协同的独特优势。 4 月 18 日，白银时代瑞象年产 2 万吨磷酸锰铁锂正极材料项目正式点火投产。 这 不仅宣告了全国单体规模最大的磷酸锰铁锂项目落地，时 代瑞象迈入规模化量产阶段，更标志着磷酸锰铁锂产业化向前迈进一大步，为行业树立新标杆。 投产仪式上，时代瑞象董事长诸葛福长、白银有色集团相关领导、高校代表中南大学教授胡国荣、供应链企业代表湖北高博 / 深圳北宸总经 理 / 美国 T 公司材料公司技术顾问常开军为仪式致辞，同产业链上下游百余位伙伴共同见证这一里程碑时刻！ " 2 万吨磷酸锰铁锂产能投产"的背后，是十余年深耕锰基材料的技术积累，是产业链协同的彰显。围绕新项目投产，起点锂电与 时代瑞象常 务副总左美华 展开深入交流。通过对话可以看出，时代瑞象正以自信且稳健的步伐朝着磷酸锰铁锂赛道高歌猛进。 01 全国单体规模最大 ...

2025起点 轻型动力电池 技术 高峰 论坛 2025第五届起点两轮车换电大会 聚焦轻型电池技术 拓展新兴应用市场 时间： 7月10-11日 地点：江苏无锡 一、活动背景及亮点 二、活动组织架构 活动名称： 2025起点轻型动力电池技术高峰论坛 2025第五届起点两轮车换电大会 活动主题： 聚焦轻型电池技术 拓展新兴应用市场 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动规模： 500+ 起点研究院（ SPIR）轻型动力电池及两轮车换电TOP排行榜权威发布（覆盖 中国轻型动力电池出货量TOP20，中国中小储能电池出货量 TOP20、无人机电池/电动工具电池/两轮车电池关键细分环节出货量TOP10、锂电电动两轮车/两轮车换电运营商TOP10 等），为行业树立 标杆，为投资及采购决策者提供参考； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、智能家居、智慧储能等热门应用场景进入高速发展 期，新一轮增量市场推动电池技术迭代革新； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长，基于产业链整合优势，中国企业将迎来新一轮布局 风口，电池安全、下沉 ...