Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report highlights that the energy consumption standards for silicon materials may tighten, which could lead to the exit of outdated production capacity. Additionally, the demand for energy storage is expected to exceed expectations, driven by new policies and market dynamics [14][41] Summary by Sections 1. Photovoltaics - The silicon material energy consumption standard has been tightened from 7.5 kgce/kg to 6.5 kgce/kg, aimed at phasing out outdated capacity [20] - The mechanism for electricity pricing in Shandong has been implemented, with solar power projects expected to restart demand [21] - The report recommends stocks benefiting from the anti-involution trend, including Tongwei Co., GCL-Poly Energy, and LONGi Green Energy [15][33] 2. Energy Storage - The National Development and Reform Commission and the Energy Administration have issued a plan for large-scale construction of new energy storage, targeting an installed capacity of over 180 GW by 2027 [41] - Various provinces are implementing capacity pricing mechanisms, with Ningxia setting a capacity price of 100 yuan/kW·year from October to December 2025, increasing to 165 yuan/kW·year from January 2026 [40][41] - The report recommends leading companies in the energy storage sector, such as Sungrow Power Supply and Deye Technology [14][41] 3. Lithium Batteries - The lithium battery sector is experiencing stable upward momentum, with a focus on high-end battery manufacturers and solid-state battery developments [14] - The report highlights companies like CATL and Xiamen Tungsten Co. as key players in this space [15] 4. Wind Power - The wind power sector is seeing accelerated industry recovery, particularly in offshore wind and international markets [14] - Recommended stocks include Goldwind Technology and Mingyang Smart Energy, which are expected to benefit from this trend [15] 5. Power Equipment - The report notes that the ultra-high voltage sector remains robust, with ongoing approvals for major projects [14] - Companies such as Mingyang Electric and Sifang Co. are highlighted as potential investment opportunities [15] 6. New Directions - The report emphasizes the growth potential in humanoid robotics and AIDC technologies, with companies like Sanhua Intelligent Controls and Zhejiang Rongtai being recommended [14][15]

【导读】锂电板块开盘走强，汽车零部件板块多股涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 9 月 15 日开盘， A 股三大指数集体高开，随后走势分化，创业板指一度涨超 2% 。截至发 稿，沪指跌 0.02% ，深成指涨 0.95% ，创业板指涨 2.08% 。 从板块上来看，锂电板块开盘走强，智能驾驶概念股表现活跃，汽车及汽车零部件、航运、 创新药等板块涨幅居前；互联网、云计算、钢铁等板块震荡调整。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 高送转 | 水产 | 动力电池 | 汽车配件 | 航运 | 电工电网 | 汽车零部件 | 汽车 | 农业 | 海返 | | 2.95% | 2.59% | 2.50% | 2.40% | 2.19% | 3.03% | 2.06% | 1.54% | 1.44% | 1.24% | | 锂电正极 | 锂电负极 | 新能源汽车 | PEEK材料 | CRO | 精细化工 | 食品 | ...

9月15日，中信建投（601066）研报认为，锂电板块已兑现2025年市场需求超预期的逻辑，当前板块核 心矛盾转向2026年需求预期能否在20%增速基础上进一步上修。后续关注三大信号：一是四季度储能招 标情况，其将映射2026年装机数据；二是11月底电池企业招标对应2026年的要货预期，尽管当前部分电 池企业已经给出2026年指引将大幅超市场预期，但置信度仍被质疑，后续以价为基础的谈量具备可信 度；三是2026年汽车以旧换新等政策延续情况以及锂电排产信息。当前尽管有较大预期差，但经济性带 动下的储能超预期或将在明年加速，关注度提升的情况下第二波行情随时可能出现。 ...

Market Overview - The market experienced a pullback last Friday, with all three major indices closing lower. The Shanghai Composite Index fell by 0.12%, the Shenzhen Component Index by 0.43%, and the ChiNext Index by 1.09% [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.52 trillion yuan, an increase of 83.2 billion yuan compared to the previous trading day [1] Sector Performance - Sectors such as non-ferrous metals, storage chips, and film and television saw significant gains, while large financials, liquor, and gaming sectors faced notable declines [1] Analyst Insights Huatai Securities - Huatai Securities suggests a return to value and growth dynamics, focusing on domestic computing power chains, innovative pharmaceuticals, and robotics [2] - The firm notes that the A-share market has shown resilience after a brief profit-taking phase, with active trading and a positive medium-term outlook for the domestic economy [2] CITIC Construction Investment - CITIC Construction Investment continues to be bullish on the energy storage and lithium battery sectors, highlighting recent price adjustments in Shandong and capacity pricing in Ningxia as positive indicators for investment [3] - The firm emphasizes the importance of monitoring future demand forecasts for 2026 and ongoing policy support for the lithium battery sector [3] Kaiyuan Securities - Kaiyuan Securities indicates that the innovative pharmaceutical sector is entering a rapid growth phase, with Chinese biotech companies expected to maintain stable revenue growth and reduced net losses by mid-2025 [4] - The firm recommends focusing on seven promising innovative drug sectors over the next 6-12 months, which are poised for significant market opportunities [4]

中信建投：继续看多储能、锂电板块，关注绿醇长期应用趋势 银河证券研报称，海外方面，美国8月CPI数据虽有所回升，但整体符合市场预期，通胀仍在可控范围 内。同时，劳动力市场持续降温，上周初请失业金人数意外升至26.3万人，创近四年来新高。这一组合 信号进一步强化了市场对美联储年内开启降息周期的预期。未来美元大概率走弱，非美资产受益，推动 资金流向非美市场，尤其是新兴市场和高收益资产，从而提升全球风险偏好。目前，市场对美联储年内 可能采取50个基点降息行动的预期加大，推动亚洲股市表现强劲。国内方面，8月出口开始承压，物价 水平依旧处于筑底阶段。但从金融数据来看，居民存款搬家已初步显现，未来流动性改善有望持续支撑 风险资产表现，以及固收向"固收+"转移对A股市场形成增量资金。 华泰证券策略：维持较高仓位运行，适度回归性价比与景气度 华泰证券研报表示，上周，A股在短暂消化止盈的压力后转涨，创阶段性新高。交投活跃度是投资者关 注的焦点。华泰证券观察到，国内资金继续活跃，小盘向大盘切换的趋势减弱但没有逆转，聚焦产业趋 势的特征依然明显，但抱团有松动迹象。国内基本面中期趋势向上预期至少难以证伪，且交易活跃度偏 高，赚钱效应 ...

人民财讯9月15日电，中信建投（601066）研报称，储能方面，继续重点推荐储能板块。近期山东机制 电价折价明显，业主自发配储意愿提升；宁夏继甘肃之后推出容量电价，有助于业主投资积极性。锂电 方面，锂电板块已经兑现2025年市场需求超预期，当前核心矛盾为2026年需求预期是否继续上修，后续 持续关注储能招标及装机数据、2026年指引置信度、2026年车以旧换新等政策延续情况以及锂电排产信 息等。持续看多锂电、储能。氢能方面，北美电力需求缺口带来SOFC(固体氧化物燃料电池)的产业趋 势仍在被验证并加强，持续看好SOFC降本带来度电成本优势；绿醇长期应用趋势是船运脱碳的必然结 果，IMO规则正在加快平价进度、提升行业空间。 ...

Core Insights - The lithium battery industry in China is emerging from a recession, with significant growth in revenue and profit reported for the first half of 2025 [2][4]. - The overall revenue of over 100 listed lithium battery companies reached 682.33 billion yuan, marking a year-on-year increase of 10.09%, with a notable acceleration in growth compared to 2024 [2][4]. - The net profit attributable to shareholders was 48.67 billion yuan, reflecting a year-on-year growth of 37.93%, significantly higher than the previous year's performance [2][4]. Financial Performance - Total assets for the industry amounted to 3,099.28 billion yuan, with an increase of 11.28% compared to the same period in 2023 [4]. - Total liabilities reached 1,778.37 billion yuan, also up by 11.88% year-on-year [4]. - The operating cash flow showed a robust increase of 45.26%, totaling 87.27 billion yuan [4]. Market Concentration - The top 20 companies in the lithium battery sector accounted for 68.29% of total revenue, 89.15% of net profit, and 89.22% of operating cash flow, indicating a significant concentration of resources and profits among leading firms [5][6]. - The financial strength of these top companies is evident, as they hold 90.40% of the total net asset value and 71.49% of the net financing cash flow [6]. Company Rankings - The leading companies by revenue include CATL with 178.89 billion yuan, followed by Huayou Cobalt and EVE Energy, showcasing varied growth rates among the top players [10][11]. - Notable performers include Jiangsu Guotai and Ganfeng Lithium, with significant year-on-year growth in revenue [10][11]. Investment Trends - The data indicates a shift in investment patterns, with total external investments by lithium battery companies amounting to 264.25 billion yuan, reflecting a decrease of 9.94% compared to the previous year [4][32]. - The industry is expected to continue evolving, with ongoing analysis and tracking of financial metrics to identify future trends and opportunities [8].

Group 1 - The core viewpoint emphasizes the need to evaluate fundamentals from a global exposure perspective as more Chinese companies shift from domestic to global markets, particularly in manufacturing [1] - The current market rally is largely driven by companies linked to overseas supply chains, indicating a structural market trend rather than a domestic economic cycle [1] - The average daily trading volume is expected to stabilize around 1.6 to 1.8 trillion yuan, suggesting that recent emotional premiums have been absorbed [1] Group 2 - The logic behind the rise of the Chinese stock market is sustainable, with expectations for new highs in A/H shares due to accelerated economic transformation and reduced uncertainties [2] - The decline in opportunity costs for stocks, driven by a sinking risk-free return system, is leading to increased asset management demand and new capital inflows [2] - Institutional reforms aimed at improving investor returns are positively influencing market sentiment and valuations [2] Group 3 - The market presents broad opportunities, with a "transformation bull" characterized by both emerging technology expansion and traditional sector valuation recovery [3] - Key sectors to watch include internet, media, innovative pharmaceuticals, electronics, semiconductors, and consumer brands, alongside cyclical commodities like non-ferrous metals and chemicals [3] - Long-term stability and monopolistic assumptions remain crucial, with recommendations for sectors like brokerage, insurance, banking, and telecommunications [3] Group 4 - Historical analysis shows that after a "volume peak," upward trends often continue, albeit at a slower rate, indicating that current market fluctuations may not signal a reversal [4] - The positive spiral of profitability and incremental capital remains intact, suggesting that the liquidity-driven bull market narrative is still valid [4] - Investors are encouraged to maintain a "bull market mindset" and focus on industry leaders despite short-term market volatility [4] Group 5 - The recovery in M1 growth and narrowing M2-M1 gap indicates a trend of household savings moving towards equity markets, suggesting ongoing capital inflows [5] - The U.S. labor market's unexpected weakness and expectations of multiple Fed rate cuts are influencing market dynamics, prompting a focus on high-growth sectors like software and communication equipment [5] Group 6 - The focus on fundamental factors is expected to return as the market enters a slow bull phase, with a need for a turnaround in deflationary trends to attract foreign investment [7] - Key sectors include AI, livestock farming, new energy, new consumption, innovative pharmaceuticals, and basic chemicals [7] Group 7 - The market is entering a phase of rotation and expansion, with a focus on sectors driven by economic trends rather than merely seeking undervalued stocks [8] - September is traditionally a strong month for sector rotation, providing opportunities for identifying new growth areas [8] Group 8 - The improvement in fundamentals is expected to spread economic prosperity across more sectors, moving beyond just a few high-performing industries [9] - Recommendations include focusing on resource sectors and domestic demand recovery in food and tourism as well as long-term benefits for insurance and brokerage firms [9] Group 9 - The A-share market is likely to continue its upward trend, supported by favorable global liquidity conditions and domestic capital inflows [10] - The focus on AI and new productive forces is expected to drive market dynamics, with attention to sectors benefiting from supply-demand improvements [10] Group 10 - The stock market's upward trajectory is supported by reasonable valuations and emerging positive factors, including the potential for a Fed rate cut and a rebound in public fund issuance [11] - Key sectors for September include power equipment, communication, computing, electronics, and automotive industries, with a focus on TMT as a potential mainline [12] Group 11 - The "slow bull" market is expected to continue, with high-growth sectors being prioritized as the market adapts to ongoing policy support and potential capital inflows [13] - The upcoming policy meetings and the increasing capital expenditure in the AI sector are anticipated to positively influence market sentiment [13]

Lithium Battery Sector - Lithium material prices are showing signs of bottom reversal, with leading companies delivering dry process equipment and South Korea initiating a hundred-ton lithium sulfide expansion [1] - In August, battery production and installation maintained high-speed year-on-year growth [1] - Solid-state batteries: leading companies are delivering dry process equipment, and ISU in South Korea is starting the construction of a hundred-ton lithium sulfide facility [1] Photovoltaic Sector - The price mechanism for near-term consumption of renewable energy is being improved, with distributed photovoltaic/storage and green electricity direct connection receiving certain benefits [1] - On September 12, the National Development and Reform Commission and the National Energy Administration issued a notice to enhance the price mechanism for promoting near-term consumption of renewable energy, requiring public grids to provide reliable power supply services for integrated projects [1] - The policy supports near-term consumption of renewable energy by clarifying grid connection responsibilities and safety interfaces, which will significantly enhance the attractiveness of investments in distributed photovoltaic and commercial storage [1] Wind Power Sector - Daikin Heavy Industries has recently received multiple offshore wind orders from Europe, indicating strong demand in the European offshore wind market [2] - The delivery of the world's largest floating wind turbine foundation has been completed, showing significant inflation in the usage of floating foundations [2] Energy Storage Sector - By the end of 2025, the new energy storage installation scale is expected to exceed 180 GW, with Ningxia announcing a storage capacity electricity price of 165 yuan/kW starting from January 2026 [2] - Two ministries have issued documents clarifying the energy storage installation targets and profit models, indicating a continued optimistic outlook for domestic energy storage [2] Electric Equipment Sector - Three departments have issued a notice on the "Electric Equipment Industry Stabilization Growth Work Plan (2025-2026)," which is expected to benefit leading enterprises [2] - The research work for the Long Electric Power project entering Sichuan has been completed and is expected to be approved within the year [2] Industrial Control and Robotics Sector - UBTECH has once again set a record for the largest single order in the global humanoid robot industry, while Zivariable has secured nearly 1 billion yuan in Series A financing [3] - In August, the PMI showed a slight increase, indicating positive trends in the industrial control and robotics sector [3] Hydrogen Energy Sector - The National Development and Reform Commission and the Energy Administration are promoting the integration of artificial intelligence and renewable energy for hydrogen production [3] - Cummins has delivered the largest scale PEM electrolyzer to date, and a feasibility study report for a 100,000-ton hydrogen and ammonia integrated project in Gansu is being procured [3]

Group 1 - The core viewpoint highlights the vigorous development and economic growth in Zaozhuang High-tech Zone, driven by key enterprises engaging in simultaneous project construction and production [1] - The construction site of XINWANDA's second phase project is bustling, with four steel structure buildings already erected, indicating rapid progress in the lithium battery sector [3] - The total investment for XINWANDA's second phase project is 6.5 billion, covering an area of 375 acres, with approximately 35% of the total engineering work completed so far [5] Group 2 - Upon completion, the second phase project is expected to generate an annual output value of 8 billion and an additional annual production capacity of 24 GWh, enhancing the company's production capabilities [5] - The first phase production line has already produced 14.5 million battery cells and over 90,000 PACK units from January to August this year, demonstrating full operational capacity [7] - XINWANDA's expansion is seen as a crucial pathway for promoting high-quality regional economic development, with the first phase having a production capacity of approximately 16 GWh [7]