量为401.3GWh，同比增长38.5%。 %，市场份额同比上升4.2%；韩国三大电池企业（ LG新能源、SK on、三星SDI ）全球市场份额为17.4%，同比下降4.5%（受北美市场影响大）。日本 松下 的 也达到68%，位居第9。 大幅增长。相反， 美国 尽管有可能减少税收减免，但提前购买的需求仍然有限。 中国 由于新能源政策推动，保持了增长趋势，但同时，由于库存过剩，价格竞争 | | | | 2025年1-5月全球动力电池累计装车量(GWh) | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 电池企业 | 2024年1-5月 | 2025年1-5月 | 增长率 | 2024年市占率 | 2025年市占率 | | 1 | 宁德时代 | 108.6 | 152.7 | 41% | 38% | 38% | | 2 | 比亚迪 | 44.5 | 70 | 57% | 15% | 17% | | 3 | LG | 34.9 | 39.9 | 14% | 12% | 10% | | 4 | 中创新航 | 13.7 | 16.9 | 23% | 5 ...

Core Viewpoint - The global battery installation market is experiencing intense competition, with companies like 中创新航 (Zhongxin Innovation) achieving significant growth through diverse applications and flexible technology combinations. The company has reached a record monthly installation of 4.82 GWh in May, marking a 40% increase from April and positioning it as the fourth largest globally in cumulative installations for the first five months of 2025 [1][2]. Group 1: Installation Growth and Market Position - In the first five months of 2025, 中创新航's cumulative installation reached 16.85 GWh, ranking fourth globally [1]. - The company achieved a record monthly installation of 4.82 GWh in May, with a 40% month-over-month growth, the fastest globally [1]. - The diverse product range of 中创新航 covers multiple applications, including passenger vehicles, commercial vehicles, energy storage, ships, and aircraft, contributing to collaborative growth across various markets [1]. Group 2: International Orders and Technology Advancements - 中创新航 has secured a 30 GWh battery order from Hyundai for the IONIQ 5 model, marking a significant milestone in its international expansion [2]. - The company has also received orders from Volkswagen, planning to supply batteries to multiple subsidiaries by the end of 2027, enhancing its overseas customer base [2]. - The fast-charging technology of 中创新航 is gaining traction in the domestic passenger vehicle market, with the recent launch of the Xiaopeng G7 featuring the company's 5C ultra-fast charging AI battery [2]. Group 3: Commercial Vehicle Growth - 中创新航's commercial vehicle battery deliveries exceeded 6 GWh in the first half of 2025, representing a 280% year-over-year increase, with June deliveries surpassing 1.5 GWh for the first time [4]. - The company anticipates rapid growth in its commercial vehicle segment over the next two years, driven by the commercial viability of electric heavy trucks [4]. - In addition to passenger and commercial vehicles, 中创新航 is making strides in electric ships and overseas energy storage projects, securing significant contracts in various regions [4]. Group 4: Capacity Expansion - To meet the diverse delivery schedules, 中创新航 is accelerating its global capacity expansion, with new projects launched in Changzhou, Xiamen, and Chengdu, as well as a planned 15 GWh energy storage battery factory in Portugal [5]. - The company is in a phase of supply capacity expansion, expecting a concentrated release of delivery capabilities by 2026 [5].

编 辑丨朱益民 大河奔流，潮立中天。 今 年 以 来 ， A 股 江 湖 风 雷 激 荡 ， 一 方 面 ， 关 税 扰 动 下 不 确 定 性 因 素 增 多 ， 另 一 方 面 ， DeepSeek引发中国资产价值重估，以成长、金融为两端的"哑铃"风格愈演愈烈。 整体来看，受益于一揽子新政影响，A股市场震荡回升。截至2025年6月30日，2025年中市值 百强榜隆重出炉， 入围企业总市值41.63万亿元，较去年同期 （截至2024年6月30日，下同） 的35.33万亿元增长17.83% 。 作 者丨杨坪 实习生宋晨曦 宁王、迪王跻身万亿 "巨龙" 俱乐部 华山之巅，科技新锐与传统豪强交锋。 从前十榜来看，央国企仍占据主要席位 ，工、农、建三大行占据前三席，贵州茅台从前二掉 到第四位，央企"巨龙"中移动、中石油分别排名第五和第七，中国银行、招商银行排名第六 和第八。 动力电池霸主宁德时代、比亚迪以迅雷不及掩耳之势突破万亿市值大关，力压中国人寿、中 国平安等金融巨子，分别跻身百强榜第九和第十席位，成为前十榜中的新面孔。 过去一年来，宁德时代、比亚迪市值涨幅分别达到了46.16%、47.64% ，截至6月30日 ...

Group 1 - Yibin has signed 122 projects with a total investment of 40.308 billion yuan during the investment promotion event in Beijing, covering various sectors including digital economy and new energy storage [1] - The total signed amount from external major investment activities in Yibin this year is approaching 100 billion yuan, following the investment promotion event in the Yangtze River Delta [1] - Yibin's GDP surpassed 400 billion yuan in 2024, making it the third city in Sichuan to achieve this milestone, driven by the growth of emerging industries [2] Group 2 - The investment promotion event focused on "extending, supplementing, and strengthening" the industrial chain, with projects mainly in sectors like digital economy and photovoltaic [3] - Yibin is transitioning from "fund investment" to "capital investment," with a goal to establish a capital investment partner alliance to enhance its investment ecosystem [4] - The newly formed capital investment partner alliance aims to attract more social capital and improve Yibin's influence in the capital market [5]

Event Overview - The 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 10-11, 2025, at the Shenzhen Baoan Denglil International Hotel [1][3] - The event aims to focus on the theme "Swap City, Smart Two-Wheelers" and will gather over 600 industry leaders and representatives from more than 300 companies [2][3] Key Highlights - The conference will feature the release of the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper" and the presentation of the "Luban Award" for outstanding brands in the battery swap and battery technology sectors [2] - Discussions will cover cutting-edge technologies such as high-rate, ultra-fast charging, new materials, and new processes, emphasizing the rapid growth of the two-wheeled vehicle and battery swap market [2][4] Industry Trends - The two-wheeled vehicle battery swap market is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [2] - Chinese companies are expected to leverage their advantages in the supply chain to capitalize on new market opportunities, while challenges such as battery safety and cost optimization need to be addressed [2] Technical Discussions - The event will include specialized forums focusing on intelligent electric two-wheeled vehicles, battery safety, and the application of sodium batteries in the market [5][6][8] - Key topics will include the development of high-safety, high-rate, high-energy density, and low-cost battery products, as well as the impact of AI technology on battery technology advancements [2][5] Participation and Sponsorship - The event will feature sponsorship and collaboration from major industry players such as Xiaohahuan, Yadi Technology Group, and many others [1][2] - Registration packages are available, including options for accommodation and access to industry reports [16][17]

Core Viewpoint - The article discusses the recent developments and strategic moves of CATL (Contemporary Amperex Technology Co., Limited), highlighting its partnerships, investments, and innovations in the battery industry, particularly in the context of expanding its global footprint and enhancing its technological capabilities [2][3][5][9]. Group 1: Strategic Partnerships and Investments - CATL has deepened its collaboration with Geely Automobile, focusing on power battery technology synergy, product platform integration, and supply chain development, which has been ongoing for over a decade [2]. - A significant investment of nearly $6 billion has been made in a nickel resource and battery industry chain project in Indonesia, which aims to produce batteries for 200,000 to 300,000 electric vehicles annually and expand into the energy storage sector [3]. - The Luoyang base has achieved a production value exceeding 9.2 billion yuan for its first phase, with plans for further expansions that could lead to an annual production value exceeding 200 billion yuan [3]. Group 2: Global Expansion and Market Positioning - CATL is accelerating its overseas expansion, particularly in South Korea, where it is hiring technical engineers amid a large-scale energy storage project tender [5][6]. - The company is focusing on establishing production capacity in Europe, with plans for approximately 200 GWh of capacity in Germany, Hungary, and Spain, expected to be operational by 2027 [6]. - The competitive landscape in Europe is intensifying, necessitating CATL to act as a catalyst in the energy transition process [6]. Group 3: Innovation and Technological Development - Innovation is a core aspect of CATL's strategy, with a commitment to open innovation and collaboration in new materials and technologies to enhance global energy transition efforts [10][11]. - The company has developed the LRS model (Licensing, Authorization, Service) to assist partners in quickly establishing manufacturing capabilities, which has been well-received by clients like Ford [11]. - CATL's leadership in the industry is attributed to its strong technical foundation, stable operations, and a well-established supply chain that fosters collaboration [12].

活动名称： 2025第五届起点两轮车换电大会暨轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 2025第五届起点两轮车换电大会 暨轻型动力电池技术高峰论坛 时间： 7月10-11日 地址： 深圳宝安登喜路国际酒店2楼国际厅 一、活动背景及亮点 二、活动组织架构 活动地址： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助 /演讲/合作单位： 小哈换电/ 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/汇创新能源/中兴派能/孚能科技/保力新/ 创明新能源/多氟多/博力威/睿恩新能源/诺达智慧/亿纬锂能/星恒电源/亮见钠电/比克电池/鹏辉能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻 科技/威胜能源/兆科动力/小安科技/先导智能/鑫晟达/精锐精密等 三、大会议程 | ７月 10日 | 议题 参启办不》 | | --- | --- | | 14:00-15:00 | 会场签到 | | 15:00-17:30 | 2025 第五届中国新能源企业家俱乐部理事会暨两轮 起点研究/雅迪科技/新日股份/司马出行/河豚换电/汇 | 起点研究院（ SPIR）权威发布《2025中国两轮车 ...

Group 1 - The core theme of the investment promotion event in Yibin is focused on the digital economy, with plans to grow the industry from 60 billion yuan to over 100 billion yuan in the coming years [1] - Yibin has successfully transformed its investment image by developing the power battery industry and is now showcasing its investment potential in major domestic city clusters [1][2] - The city has already held investment promotion activities in three major city clusters over the past two years, indicating a proactive approach to attracting investment [1] Group 2 - The investment promotion event resulted in over 120 signed projects with a total investment amount exceeding 40.3 billion yuan, primarily in sectors such as digital economy, new energy storage, and intelligent connected vehicles [2] - Yibin's recent investment activities have led to the successful conversion of 20 cooperation projects from the 2025 Shanghai investment promotion meeting, with a total proposed investment of over 18 billion yuan [2] - The city is establishing a capital investment partner alliance to enhance its industrial ecosystem and attract strategic investments in leading and emerging technology companies [3][4] Group 3 - Yibin is focusing on expanding from fund-based investment to capital investment, leveraging its existing industrial and state-owned enterprise advantages [4] - The city is emphasizing the importance of application scenarios, industrial ecosystems, and technological empowerment in its development strategy [4] - Yibin is actively engaging in discussions on cutting-edge topics such as AI-enabled energy transition and smart operations in energy storage [3]

● 全球化也将成为中国锂电产业新征程中的时代命题。如何从领跑全球，到真正融入全 球，并成长出一批具备跨国经营的国际企业，将成为中国锂电产业新 15年的最大考验。能 否在新的征程中续写新时代的辉煌，让我们期待中国锂电产业的时代答卷。 高工锂电15周年特别策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样"代表，也成为中国经济转型 升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具 挑战，交通电动化向全场景渗透，能源体系变革也加速走向纵深，这也意味着，新应用场景 开启，新技术与产品创新，新商业模式落地，新的产业生态与格局。 高工15年，与行业同行 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业变化的温度，用杂志、网 站、微信传递行业信息，用会议搭建行业间交流桥梁，记录行业的起伏波澜，低谷 ...

继宁德时代2025年5月20日在港股上市后，发行价为263港元/股，而截至周五收盘，宁王的股价相比发行价涨幅已达36%，而宁王港股相比A股溢价已达22.4%。 为何已经是"牛夫人"的宁王，到了港股就成了"小甜甜"？宁王真会迎来价值重估吗？它的基本面到底有什么变化？ 本篇分析先从基本面来看一下业务预期情况，再说资金面的情况。先从国内与海外（尤其是欧洲）动力电池市场的边际变化进行分析。 海豚君过往对宁德时代还 有许多深度跟踪文章，感兴趣的朋友可以扫描下方二维码加入交流群，查看过往研报的获取方式，也可在群内和更多朋友共同探讨投资观点。 一、国内动力： a. 供需本身无变化，但反内卷下盈利预期变好 从国内动力电池行业整体来看，目前国内动力电池的景气度处于还不错的水平（动力电池行业销量/产量基本维持在70%+以上），而在明年要开始加收新能源购置 税，再叠加国补政策是否延续的不确定性，2025年预计下半年终端需求侧有所保障，也会带动中游电池行业的需求侧景气度。 同时叠加政策层面"反内卷"下，以及锂电行业整体层面的控产下，预计整体2025年供需关系相对平衡，动力电池行业销量/产量比例可能会持续维持在70%+水平。 b. 宁 ...