Core Viewpoint - The strategic cooperation agreement between Shanghai Chemical Research Institute and Hebei Jinli New Energy Technology Co., Ltd. aims to enhance the development and technological upgrade of high-performance ultra-high molecular weight polyethylene (UHMWPE) separator materials for lithium batteries [1][2]. Group 1: Company Overview - Hebei Jinli New Energy Technology Co., Ltd. was established in 2010 and focuses on the research, production, and sales of lithium battery wet separators and coated separators [1]. - The company's products, including wet separators, coated separators, and breathable membranes, are primarily used in downstream sectors such as new energy vehicles, energy storage stations, electric tools, electric two-wheelers, and 3C electronic products [1]. - Jinli's major clients include well-known lithium battery manufacturers such as BYD, CATL, Guoxuan High-Tech, and Yiwei Lithium Energy [1]. Group 2: Product and Technology - Jinli has achieved mass production of 3μm ultra-thin separators, which can enhance the energy density of batteries by over 15%, catering to the needs of high-end consumer electronics and long-range electric vehicles [1]. - The company's separator products are compatible with emerging technologies such as solid-state batteries, sodium-sulfur batteries, and fuel cells, positioning them advantageously in the next-generation energy storage market [1]. Group 3: Industry Context - Shanghai Chemical Research Institute, established in 1956, has a history of developing production processes for UHMWPE, with a significant milestone being the successful development of a 30,000 tons/year UHMWPE production facility in Puyang, Henan, which commenced operations in March 2023 [2]. - Lithium battery separators are thin films with a microporous structure that separate the positive and negative electrodes of batteries, preventing short circuits while allowing electrolyte ions to pass through [2]. - The domestic production capacity for lithium battery UHMWPE separator materials is limited, with only five companies capable of producing these materials in China, indicating a high reliance on imports [2].

Market Performance - The Hong Kong stock market showed strong performance on May 20, with all three major indices rising over 1%. The Hang Seng Index increased by 1.49% to close at 23,681.48 points, the Hang Seng China Enterprises Index rose by 1.52% to 8,589.08 points, and the Hang Seng Tech Index gained 1.15% to finish at 5,315.56 points [2][4]. Sector Performance - Major technology stocks experienced collective gains, with Xiaomi rising over 4%, JD.com and Alibaba increasing by over 2%, and other tech companies like Baidu, NetEase, Meituan, Tencent, and Kuaishou also seeing upward movement. Pharmaceutical stocks were strong, with 3SBio surging over 32% and other companies like Hansoh Pharmaceutical and Sinopharm also rising [4]. - The largest IPO of the year, CATL, debuted with a first-day increase of over 16%, boosting lithium battery stocks such as BYD and Contemporary Amperex Technology [4][7]. IPO Highlights - CATL officially listed on the Hong Kong Stock Exchange on May 20, closing at HKD 306.2 per share, with a total market capitalization of HKD 1,295.1 billion. The stock saw a first-day increase of 16.43% [5][6]. - The CEO of Hong Kong Exchanges and Clearing, Charles Li, noted that if CATL exercises its "green shoe" option, the fundraising amount could reach USD 5 billion, making it the largest IPO globally this year [7]. New Listings and Market Activity - The Hong Kong stock market has been active in terms of IPOs and fundraising activities, with nearly 100 new stock applications received this year. The introduction of the "Tech Company Fast Track" has generated significant interest, with many inquiries received [7][8]. - There are approximately 40 A-share companies expressing intent to list H-shares, indicating Hong Kong's potential as a financing platform for mainland enterprises [8]. Company Performance - Alibaba Pictures saw a significant increase of nearly 30%, closing at HKD 0.61 per share, with a total market capitalization of HKD 18.2 billion. The company reported an adjusted EBITA profit of HKD 809 million for the fiscal year 2025, marking a 61% year-on-year increase and achieving profitability for five consecutive years [9][11].

Core Viewpoint - Wanrun New Energy has secured a significant contract with CATL for the supply of lithium iron phosphate, ensuring stable sales for the next five years [1][4]. Company Summary - Wanrun New Energy signed a business cooperation agreement with CATL to supply approximately 1.3231 million tons of lithium iron phosphate from May 1, 2025, to May 1, 2030, averaging about 264,600 tons per year [1]. - The total value of the order is estimated to exceed 42.3 billion yuan, contributing approximately 8.46 billion yuan in annual revenue, compared to the company's total revenue of 7.52 billion yuan last year [1]. - The company reported a 38.21% year-on-year decrease in revenue last year due to falling lithium iron phosphate prices, resulting in a net loss of 870 million yuan [4][5]. - Wanrun New Energy's sales to its top five customers accounted for 88.21% of total sales, indicating a high dependency on a few clients [4]. Industry Summary - Lithium iron phosphate is primarily used in lithium-ion batteries, with a market share exceeding 80% in domestic power batteries last year, and 92.5% in global energy storage batteries in 2024 [3]. - The order with Wanrun New Energy is the largest lithium iron phosphate order of the year, valued at four times the previous largest order signed by Longpan Technology with LG Energy [1][3]. - The lithium iron phosphate industry is currently in a profit recovery phase, with Wanrun New Energy's gross margin improving by 3.51 percentage points to 2.66% in Q1, although the company continues to incur losses [5]. - The demand for high-density lithium iron phosphate, particularly for fast-charging batteries, is increasing, with major battery manufacturers like CATL and BYD focusing on this segment [5].

Core Viewpoint - CATL is demonstrating its commitment to diversification through multiple announcements, including a significant supply agreement and a successful IPO on the Hong Kong Stock Exchange, indicating strong market confidence in its future prospects [1][9]. Group 1: Supply Agreements and Projects - CATL signed an agreement with Wanrun New Energy to supply approximately 1.3231 million tons of lithium iron phosphate products from May 2025 to 2030, with a commitment to purchase at least 80% of the agreed monthly supply [1]. - The first phase of CATL's northern base has been put into production with a capacity of 60 GWh, while the Hungarian base is planned to have a capacity of 100 GWh [4]. - CATL has initiated several overseas energy storage projects, including a 19 GWh energy storage system in the UAE and a 40 GWh project in Fuzhou, China [4]. Group 2: New Products and Technologies - CATL launched several new products, including the Xiaoyao dual-core battery and sodium-ion batteries, during a product release event [4]. - The company is also advancing its research in lithium iron phosphate technology, with a new project in Yichang adopting fourth-generation technology [6]. Group 3: Capital Market Activities - CATL's IPO on the Hong Kong Stock Exchange raised approximately HKD 35.3 billion (about CNY 32.5 billion), marking the largest fundraising of the year [1]. - The rapid response from around 23 institutional investors, including Sinopec and Hillhouse Capital, reflects the strong market interest in CATL's growth potential [1][9]. - The IPO is primarily aimed at funding the construction of the Hungarian factory, which is crucial for CATL's international expansion strategy [10]. Group 4: Strategic Positioning - CATL aims to position itself not just as a battery manufacturer but as a provider of system solutions, aligning with global carbon reduction goals [9]. - The company is actively managing its investments, holding direct stakes in over 100 companies and indirect stakes in more than 300, indicating a strategic approach to its role as an energy supplier [11].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 在此背景下， 鑫椤资讯将于2025年7月8日-9日（8日报到）在上海·浦东假日酒店举办"2025（第三届） 中国固态电池技术发展与市场应用高峰论坛"， 旨在汇聚全球固态电池领域的顶尖专家学者、企业领袖、 投资机构代表等，共同探讨固态电池技术的最新研究进展、产业化路径、市场应用趋势以及面临的挑战与 机遇。通过搭建高端交流合作平台，促进产学研用深度融合，加速固态电池技术的创新突破与产业化进 程，推动全球固态电池产业的健康可持续发展，为全球能源转型与低碳发展贡献智慧与力量。 会议详情 I C C S I N O 会议主办： 鑫椤资讯 本文来源： 金龙羽集团 5月20日，金龙羽新能源（深圳）有限公司迎来高光时刻，成功与客户签订无人机用高能量密度固态电芯 采购订单，该订单所采购的电芯为 EC01系列超能固态电芯 ，其能量密度高达500Wh/kg。订单约定， 一年内采购 十万支电芯产品 ， 这标志着公司在高性能定制化锂电池领域迈向新高度。 此次订单是金龙羽新能源公司发展的重要里程碑，意味着公司在无人机高性能定制化电池细分市场领域的 ...

天力锂能于2022年8月29日在深交所创业板上市，公开发行股票3,050.0000万股，发行价格为57.00元/ 股，保荐机构(主承销商)为民生证券股份有限公司(现为国联民生（601456）证券股份有限公司)，保荐 代表人为李凯、马腾。 上市首日，天力锂能盘中最高价报82元，为该股上市以来最高价。该股目前处于破发状态。 天力锂能首次公开发行股票募集资金总额为173,850.00万元，募集资金净额为155,033.16万元。天力锂能 最终募集资金净额较原计划多71,387.50万元。天力锂能于2022年8月23日披露的招股说明书显示，该公 司拟募集资金83,645.66万元，计划用于淮北三元正极材料建设项目、新乡三元正极材料建设项目。 天力锂能首次公开发行股票的发行费用总额为18,816.84万元，其中，保荐及承销费用16,315.75万元。 中国经济网北京5月20日讯天力锂能（301152）(301152.SZ)昨日披露关于股东减持股份的预披露公告 称，公司于2025年5月19日收到股东安徽高新投新材料产业基金合伙企业(有限合伙)(以下简称"新材料基 金")发来的《股份减持告知函》。 持有公司股份7,692, ...

Core Insights - The global battery giant CATL (Contemporary Amperex Technology Co., Limited) has officially listed on the Hong Kong Stock Exchange, marking the largest IPO of the year with a market capitalization of HKD 1.34 trillion [2][4]. - The IPO is expected to raise approximately HKD 30.718 billion, with cornerstone investors committing to purchase shares worth around HKD 20.371 billion [2]. - CATL's founder, Zeng Yuqun, has significantly expanded the company's investment portfolio beyond battery manufacturing, covering various sectors including electric vehicles, energy storage, and semiconductor chips [3][11]. Company Overview - CATL was founded in 2011 after Zeng Yuqun separated the battery division from ATL (Amperex Technology Limited), which had become a major player in the lithium-ion battery market [7][9]. - The company has rapidly grown to become a leader in the global new energy vehicle battery sector, benefiting from favorable government policies and a strong supply chain [8][9]. - As of 2021, CATL's market value surpassed HKD 1 trillion, solidifying its position as a dominant force in the battery industry [9]. Investment Strategy - CATL has established a broad investment strategy, engaging in direct investments and participating as a limited partner (LP) in various venture capital funds [3][13]. - The company has invested in numerous projects related to new energy and lithium batteries, including partnerships with major automotive manufacturers [11][12]. - In 2024, CATL announced plans to build a factory in Beijing, further solidifying its ties with downstream clients [12]. Market Impact - The growth of CATL has significantly transformed the industrial landscape of Ningde, Fujian Province, creating a complete lithium battery supply chain and boosting local employment and tax revenues [16]. - The company has played a pivotal role in establishing Ningde as a hub for new energy industries, attracting over 200 related enterprises [16][17]. - CATL's influence extends to the capital market, with the recent IPO of a local tea company marking a milestone for Ningde's presence in the U.S. stock market [18].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 05 月 20 日 资料来源：聚源，中原证券研究所 -18% -13% -8% -3% 2% 8% 13% 18% 2024.05 2024.09 2025.01 2025.05 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,367.58 | 0.00 | | 深证成指 | | 10,171.09 | -0.08 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,877.15 | -0.31 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,725.50 | -0.28 | | 中证 | ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Construction Industry**: Focus on Sichuan Road and Bridge, China Chemical, Honglu Steel Structure - **Building Materials Industry**: Emphasis on consumer building materials and specific companies - **Environmental Industry**: Highlighting water and waste incineration sectors - **Pork Industry**: Analysis of pig prices and leading companies - **Agriculture Sector**: Focus on Haida Group - **Banking Sector**: Analysis of Ningbo Bank - **Media Sector**: Overview of the media industry and specific companies - **Steel Industry**: Insights on major steel companies - **Sportswear Industry**: Analysis of Anta Sports - **Liquor Industry**: Overview of the liquor market and key players Core Points and Arguments Construction Industry - **Sichuan Road and Bridge**: Expected to benefit from the Chengdu-Chongqing economic circle strategy, with a projected dividend yield of 6.2% in 2025 and a 25% upside potential in market value [1][3][4] - **China Chemical**: Strong overseas order growth, particularly benefiting from Xinjiang coal chemical construction, with a projected order volume of 400-500 billion [1][3][4] - **Honglu Steel Structure**: Anticipated 30%+ growth in performance due to improved export expectations and smart production efficiencies [1][4] Building Materials Industry - **Consumer Building Materials**: 2025 is expected to be a bottom year, with 2026 as a turning point due to resilient second-hand housing market demand [1][6][7][8] - **Key Companies**: Focus on Beixin Building Materials and Yilong Co., with projected growth rates of over 30% [1][9] Environmental Industry - **Water and Waste Incineration**: High dividend yield sectors, with water pricing reforms expected to enhance profitability [1][10][11][12] - **Specific Companies**: Hongcheng Environment and Hanlan Environment recommended for their stable growth and high dividend rates [1][12][13] Pork Industry - **Price Trends**: Pig prices are expected to remain above the breakeven point, with leading companies like Muyuan and Wens becoming attractive investment targets [1][16] Agriculture Sector - **Haida Group**: Projected significant growth in overseas markets, with a focus on expanding production capacity [1][17] Banking Sector - **Ningbo Bank**: Strong long-term investment value with a projected PB of 0.7x and a net interest income growth of over 15% [1][18][20] Media Sector - **Overall Performance**: The media sector has shown significant recovery, with recommended stocks including Mango Super Media and Kaiying Network [1][25][26][28] Steel Industry - **Current Trends**: High capacity utilization and stable smelting profits, with recommended stocks including Baosteel, Nanjing Steel, and Hualing [1][36][40][41][42][43] Sportswear Industry - **Anta Sports**: Expected to achieve double-digit revenue growth over the next three years, with a stable dividend policy [1][32][33] Liquor Industry - **Market Recovery**: Major liquor companies like Moutai and Wuliangye are expected to maintain stable growth, with a focus on dividend policies [1][34][35] Other Important but Possibly Overlooked Content - **Market Environment**: Current market conditions are characterized by unpredictable external changes, making long-term value investment strategies more favorable [2] - **Investment Opportunities**: Emphasis on identifying undervalued stocks across various sectors, particularly in the context of changing economic conditions and consumer demand [1][31]

每经记者｜吴泽鹏 每经编辑｜杨夏 5月19日晚间，万润新能（688275.SH，股价36.81元，市值46.42亿元）发布公告，称近日与宁德时代 （300750.SZ，股价260元，市值11448.83亿元）签订协议，由公司向宁德时代提供磷酸铁锂产品，2025 年5月至2030年预计总供货量约132.31万吨。 《每日经济新闻》记者查询到，万润新能去年的磷酸铁锂出货量为22.82万吨，销售收入约为72.67亿 元，占主营业务收入的98.93%。 而电池龙头宁德时代近期与不少车企签订协议，例如2月份公司与福特汽车签订5年供货协议，锁定2026 年至2030年磷酸铁锂电池稳定供应，近日又宣布与本田中国签署深化合作备忘录，双方展开全方位升级 合作的领域包括磷酸铁锂电池等。而在供应端，除了万润新能外，记者还查询到，今年1月，宁德时代 与龙蟠科技（603906.SH，股价11.08元，市值73.69亿元）签订了不限于磷酸铁锂的采购协议，采购上限 70亿元。 有观点认为，在动储市场带动下，磷酸铁锂成为国内外车企、业主更为青睐的技术路线，上游磷酸铁锂 正极材料供应商因此成为"拿单大户"。 中银证券研报针对磷酸铁锂的深度研报 ...