Core Viewpoint - The performance briefing of the new energy sector on the Sci-Tech Innovation Board highlighted the growth and strategic developments of key companies in the industry, showcasing a complete ecosystem from upstream materials to downstream applications, with a focus on intelligent and global advancements [1][2]. Group 1: Company Performance and Strategies - Seven listed companies participated in the performance briefing, including leading firms like Shanghai Pylon Energy Technology Co., Ltd. and Guangdong Liyuanheng Intelligent Equipment Co., Ltd. [1] - Pylon Technology, a leader in energy storage systems, expressed confidence in the growth of its performance supported by the expansion of energy storage applications, with plans to enhance home storage product performance by 2025 [2]. - Guangdong Fangyuan New Materials Group Co., Ltd. has successfully industrialized a new lithium extraction process in 2024, gaining recognition from major clients in the lithium battery supply chain [2]. Group 2: Technological Innovations - Guangdong Lair New Materials Technology Co., Ltd. reported a revenue of 526 million yuan in 2024, a year-on-year increase of 19.95%, with significant contributions from new energy materials [3]. - The company has expanded its functional coating film business into emerging fields such as automotive electronics and new energy batteries, achieving breakthroughs in various market segments [3]. Group 3: International Expansion - Dalian Haosen Intelligent Manufacturing Co., Ltd. has seen a rapid increase in European orders since 2023, with overseas orders expected to exceed 50% of total new orders in 2023 and 2024 [4]. - The company is also targeting emerging markets in ASEAN and Latin America, where countries like Indonesia, Thailand, and Brazil have set ambitious transformation goals [4]. Group 4: Smart Applications in New Energy - Hangzhou Hongquan Internet of Things Technology Co., Ltd. reported a revenue of 523 million yuan in 2024, a year-on-year increase of 27.81%, with significant growth in its T-BOX product line for new energy logistics vehicles [5]. - The company is actively expanding its overseas business, aligning products with international market standards and participating in global exhibitions to engage with potential clients [5].

Investment Rating - The report indicates a cautious outlook for the new energy sector, suggesting a bottoming out phase and waiting for a new cycle to emerge [1]. Core Insights - Lithium battery sector is entering a new cycle with opportunities, showing signs of profit recovery in Q1 2025 after a significant decline in 2024 [3][7]. - The photovoltaic sector is expected to see gradual improvement in supply and demand dynamics, with new technologies anticipated to benefit the industry [3][4]. - The wind power sector remains in a high-growth phase, with performance expected to continue improving [3][4]. - Investment recommendations focus on three main lines: true growth companies, cyclical recovery, and new technologies [3]. Summary by Sections Lithium Batteries - In 2024, 53 sample companies achieved a total net profit of 58.3 billion yuan, a year-on-year decrease of 63%. In Q1 2025, net profit reached 18.6 billion yuan, up 36% year-on-year and 41% quarter-on-quarter [6][7]. - The lithium battery sector is stabilizing with new product releases and a recovery in profitability observed in Q1 2025 [11][12]. - Different segments within the lithium battery industry are experiencing varied profitability, with downstream segments like batteries and structural components showing positive trends [11][12]. Photovoltaics - The supply-demand situation is gradually improving, with industry self-discipline expected to enhance the market dynamics [3][4]. - Key players in the silicon material segment are likely to recover profitability first due to their cost advantages [3]. - New technologies, such as BC technology, are anticipated to be released in 2025, benefiting equipment and material companies [3]. Wind Power - In 2024, 31 sample companies reported a total net profit of 13.49 billion yuan, a year-on-year decrease of 13%. In Q1 2025, net profit was 3.29 billion yuan, up 14% year-on-year and 6% quarter-on-quarter [3][4]. - The wind power sector is expected to see significant growth in installations, particularly in the offshore segment as construction peaks in Q2 2025 [3][4]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. True growth companies such as Ningde Times and EVE Energy [3]. 2. Companies poised for cyclical recovery like Hunan Youneng and Fulin Precision [3]. 3. New technology firms such as Xiamen Tungsten and Rongbai Technology [3]. - Supply-side reforms are also highlighted, with companies like Tongwei and Longi Green Energy being key players [3].

业内人士认为，光伏、锂电标准建设提速有助于引导企业聚焦技术提升，在推动产品向高效、稳定 方向发展，促进光伏市场的规范化竞争的同时，进一步提升国际话语权。 ■■标准建设必要且及时 作者：杨梓 工信部近日印发《2025年工业和信息化标准工作要点》，明确加强优势产业标准建设。落实光伏、 锂电池等产业标准体系，加快先进光伏、新型储能、高性能锂电池等重点产品分级分类标准制修订，加 强智能光伏、锂电池回收利用、显示模块环境适应性等关键技术标准攻关，以高标准带动关键材料、技 术、产品研发。 不过，随着我国新能源产业快速升级，设备更新换代加速，废旧动力电池、光伏组件及风机叶片等 新能源设备面临批量退役，新兴固废回收处理问题日益显现。 孙传旺指出，目前我国光伏、锂电产业的现有标准多集中于生产制造工艺、产品性能测试等环节， 但在上游原材料质量安全性管控、退役后的回收再利用和跨环节衔接标准等方面尚未形成专项细则和系 统性规范。 "回收环节是产业链中现存的一块短板，当下制定相关标准举措已极为紧迫。"彭澎认为，我国当前 有规模庞大的光伏、电池应用规模，未来将有大量设备面临回收或退役。"此前，回收方式较粗放，既 缺乏系统化流程，也缺少统 ...

偿债能力：龙头降杠杆，其余加杠杆 据同花顺数据，龙头企业24年、25Q1资产负债率同比下滑，24年：宁德时代(YOY-4.10pct);25Q1：宁德 时代(YOY-3.74pct)，其他公司加杠杆以缓解资金压力。新能源汽车产业链经营性现金持续流向电池龙 头，2024/2025Q1全产业链合计2874/420亿元，动力电池龙头宁德时代、比亚迪合计2304/414亿元，分 别占比80%/99%。 经营效率：全产业链承压 据同花顺数据，延续23年产业链趋势特征，24年全产业链96%企业固定资产周转率均下降，25Q1行业 资产周转率降速明显减弱，但仍有57%企业固定资产周转率同比下降。24年、25Q1全产业链存货周转 率整体平稳。24年产业链中约79%企业应收账款周转率下降，延续23年产业链整体账期拉长的趋势， 25Q1行业整体仍处于出清阶段，没有明显变化。 智通财经APP获悉，广发证券发布研报称，24年锂电产业链样本70%企业ROE同比下降，行业仍在出清 阶段;锂电产业链整体ROE有所修复，其中铜箔环节ROE改善明显。新能源汽车产业链利润结构持续分 化，电池环节仍为主导，龙头企业凭借稳定盈利能力在下行周期中占据优 ...

Core Viewpoint - The AI Fund Huatai-PineBridge Low Carbon Investment One-Year Holding Mixed A (014522) reported a profit of 822,700 yuan in Q1 2025, with a net value growth rate of 0.64% for the period [2] Fund Performance - As of the end of Q1 2025, the fund's scale was 109 million yuan [13] - The fund's unit net value was 0.672 yuan as of April 24 [2] - The fund achieved a one-year compounded net value growth rate of 3.02%, ranking 116 out of 179 comparable funds [2] - Over the past three months, the fund's compounded net value growth rate was -5.76%, ranking 139 out of 182 [2] - The fund's six-month compounded net value growth rate was -9.48%, ranking 135 out of 182 [2] - The fund's three-year compounded net value growth rate was -29.22%, ranking 85 out of 119 [2] Fund Management Strategy - The fund manager, Zhao Jian, has managed two funds with positive returns over the past year [2] - In Q1, the fund adjusted its allocation by increasing investments in lithium batteries, photovoltaics, and robotics while moderately reducing exposure to the power sector [2] Risk Metrics - The fund's three-year Sharpe ratio was -0.1071, ranking 65 out of 116 comparable funds [7] - The maximum drawdown over the past three years was 50.68%, ranking 76 out of 115 comparable funds [9] - The maximum drawdown in a single quarter occurred in Q3 2022, at 18.38% [9] Portfolio Composition - The average stock position over the past three years was 83.32%, compared to a comparable average of 86.48% [12] - The fund reached its highest stock position of 89.68% at the end of Q1 2025, with a lowest position of 50.82% at the end of H1 2022 [12] - The top ten holdings as of Q1 2025 included companies like CATL, BYD, and LONGi Green Energy [16]

马来西亚锂电战争还在继续，中国锂电企业又在印度尼西亚开辟第二战场。 起点锂电获悉，近期两大锂电项目准备落地印尼。 首先是 LG 新能源撤销印尼项目后，华友钴业填充空白， 4 月 23 日印尼能源和矿产资源部长表示华友钴业将取代 LG 与印尼国有控股公司 合作，成为印尼重要电动汽车电池项目战略投资者。 华友钴业在印尼项目不少， 2024 年就与淡水河谷印尼、福特汽车合作建设 12 万吨镍金属 Pomalaa 项目，已在今年 Q1 启动建设；另一 项目 Sorowako 也稳步开展；锂电材料端布局的华翔 5 万吨硫酸镍项目建成试产。 其次就是宁德时代计划寻求 10 亿美元贷款用于其建设印尼子公司，计划在西爪哇省卡拉旺建设电池工厂。有外媒报道称宁德已在印尼成立电 芯合资企业，企业由宁德时代与四家印尼国企共同投资，投资额约合 84 亿元人民币，计划建设 15GWh 电芯厂，预计在 2027 年运营。 这两大事件预示着，印尼未来几年将是国内电池厂的出海另一重点，起点锂电也认为印尼与马来西亚的电池产业链未来将遥相呼应，成为中国 企业出海的大本营。 除了以上两大项目外，去年到今年还有以下项目在印尼展开： 今年 2 月份锂源 ...

碳酸锂日报 碳酸锂日报（2025 年 5 月 7 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约跌 1.51%至 65260 元/吨。现货价格方面，电池级碳酸锂平均价跌 850 元/ 吨至 67100 元/吨，工业级碳酸锂跌 850 元/吨至 65400 元/吨，电池级氢氧化锂（粗颗粒）下跌 250 元/吨至 67360 元/吨，电池级氢氧化锂（微粉）下跌 250 元/吨至 72505 元/吨。仓单方面，昨日仓 单库存增加 1759 吨至 35236 吨。 2. 供应端，前期价格连续下挫，低价压力下， 上游陆续有停减产动作，周度产量 14483 吨，折 7 天环 比减少 3 吨，5 月预计整体供应量环比下降，但是需要注意仍然有项目在爬坡和投产过程中，且矿 山/一体化项目成本有降幅明显。需求端， 5 月磷酸铁锂预计产量环比增加 4.5%至 276150 吨，三元 材料环比增长 1.4%至 64615 吨，日均消耗碳酸锂环比增长 1%。下游有一定逢低补库动作，下游库 存水平持续增高，实际采购力度也将有限。库存端，整体社会 ...

主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 CATL ：储能 往期推荐 市场增长高于动力 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货 报告和精准人脉。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 ...

4月26日，作为锂电产业的核心原材料，碳酸锂期货主力合约继周初跌破7万元大关后，进一步跌至 6.784万元(吨价，下同)。数据显示，今年以来碳酸锂期货跌幅达到14%。 上海钢联新能源事业部锂业分析师郑晓强表示，目前整体锂矿供应持续放量，且海内外盐湖提锂产能也 在同步扩张，预计碳酸锂价格后续还会震荡走低。 价格再创新低 2020年，全球新能源浪潮席卷而来，碳酸锂价格从4万元疯狂涨至60万元。2023年7月21日，碳酸锂期货 在广期所上市，当时上市开盘价高达21.8万元。然而，仅过两年时间，碳酸锂期货价格就从20万元跌至 目前不足7万元，跌幅高达68%。 忧虑，进一步抑制了需求。据Mysteel不完全统计，截至4月中旬，港口和国内锂矿石库存为6.85万吨， 环比上涨0.15万吨。 4月以来，美国政府的对等关税政策冲击锂电市场。对于我国锂电产业而言，今年的多轮关税新政，加 上美国已生效的对中国电池产品征收3.4%的基础关税，以及301条款25%的关税，使中国动力电池与储 能电池短期内对美出口综合税率从132.4%/114.9%飙升至153.4%/135.9%。 美国是中国锂电池出口的最大市场，受关税政策及贸易打压影 ...

Investment Rating - The report suggests a cautious outlook on the renewable energy manufacturing sector, with a focus on specific segments such as offshore wind, global energy storage, and power equipment [1][3]. Core Insights - The report indicates that the supply growth in the renewable energy sector has significantly slowed, with fixed asset growth expected to be in single digits for the next year. However, certain sectors are anticipated to see a recovery in return on equity (ROE) as demand increases and operating rates improve [1][2]. - The report highlights that leading companies in lithium batteries, wind energy, energy storage, and power equipment have shown substantial year-on-year growth in contract liabilities, indicating a marginal recovery in demand at the bottom of the industry cycle [1][2][3]. - The report emphasizes the importance of understanding the differences in supply and demand growth rates across various segments and the marginal changes in industry dynamics, recommending a focus on segments with a higher probability of profit improvement [1][3]. Supply Side Analysis - The supply growth rate for renewable energy has noticeably slowed, with projections for fixed asset growth in lithium batteries, photovoltaics, wind energy, energy storage, and ultra-high voltage equipment at 8%, 8%, 5%, -5%, and -6% respectively for the next year [2]. - The report notes that the capital expenditure and investment sentiment indicators have significantly declined due to a phase of supply-demand imbalance, leading to a substantial contraction in industry profitability [2]. Demand Side Analysis - The report presents strong year-on-year growth in contract liabilities for leading sectors: lithium battery leaders (80%), onshore wind (62%), offshore wind (35%), energy storage (over 60%), and power equipment (40% for exports, over 70% domestically excluding ultra-high voltage) [2][18]. - It highlights that the decline in contract liabilities for photovoltaics and lithium batteries (excluding CATL) is primarily due to falling prices in the supply chain, which has reduced the unit value of products [2]. Profitability Analysis - The energy storage sector has benefited from rapid revenue growth and stable gross margins, achieving a profit increase of 70%-100%. In contrast, the photovoltaic sector has faced significant profit declines due to large impairment provisions and competitive pressures [3][17]. - The profitability of wind energy and power equipment remains relatively stable, with net profit growth rates in Q1 ranging from 10% to 30% [3][17]. Investment Recommendations - The report advises focusing on segments with potential for marginal improvement in ROE, particularly offshore wind, global energy storage, power equipment (both ultra-high voltage and export), leading lithium battery companies, and onshore wind [3][11].