Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The European electric vehicle market continues to grow, with August 2025 sales reaching 176,000 units, a year-on-year increase of 41.2%, and a penetration rate of 31.4%, up 8.3 percentage points [5][14] - The EU Parliament has approved amendments to carbon emission assessments, delaying the tightening of targets but maintaining the overall trend [7][39] Summary by Sections Electric Vehicle Sales in Europe - In August 2025, Germany's BEV sales reached 39,000 units, up 45.7% year-on-year, with a penetration rate of 19.0% [16] - The UK has restarted BEV subsidies, with approximately 25% of BEV models qualifying for subsidies, leading to a 14.9% year-on-year increase in BEV sales to 22,000 units [20][23] - France's BEV sales in August were 17,000 units, a 29.6% increase year-on-year, with a penetration rate of 19.4% [24] - Sweden's BEV sales were 7,000 units, with a penetration rate of 33.6% [28] - Norway's BEV penetration rate reached 96.9%, with sales of 13,000 units, up 28.6% year-on-year [30] - Italy's BEV sales were 3,000 units, up 29.3%, with a new subsidy plan expected to launch [33] - Spain's BEV sales surged by 160.8% year-on-year to 7,000 units, driven by new models and promotional activities [35] Investment Recommendations - Recommended lithium battery companies include CATL, Yiwei Lithium Energy, and Xinwangda, with beneficiaries including Zhongxin Innovation and Guoxuan High-Tech [7][39] - Recommended lithium battery materials include Hunan Youneng, with beneficiaries such as Fulian Precision and Wanrun New Energy [7][39] - Recommended lithium battery structural components include Minglida, with beneficiaries like Keda Li and Minshi Group [7][39] - Recommended power/electric drive systems include Weimaisi and Futec Technology, with beneficiaries like Xinrui Technology [7][39] - Recommended charging stations and modules include Tonghe Technology, with beneficiaries such as Shenghong Shares and Youyou Green Energy [7][39]

Group 1 - The Hang Seng Index opened up 0.35% and the Hang Seng Tech Index rose by 0.21%, with notable increases in stocks such as SenseTime-W (+1.5%) and BYD Electronics (+1.2%) [1] - The Hong Kong Stock Connect Tech ETF (159101) has seen a net inflow of 350 million yuan over the past week, bringing its total size to over 2 billion yuan [1] - The current global monetary system restructuring, characterized by a depreciating US dollar and a reversal of innovative narratives, is seen as a core driver of market trends, potentially benefiting Chinese assets, particularly under favorable policy responses [1] Group 2 - For ordinary investors, direct individual stock investments are high-risk and have high entry barriers; thus, participating through related ETFs is recommended [2] - The Hong Kong Stock Connect Tech ETF (159101) closely tracks the National Index of Hong Kong Stock Connect Technology, selecting 30 large-cap, high R&D investment tech leaders, with the top ten stocks accounting for 77% of the weight [2] - The ETF covers major players like Tencent and Alibaba, as well as emerging forces such as Li Auto and BeiGene, spanning popular sectors including "software and hardware + new consumption + innovative pharmaceuticals + new energy vehicles" [2]

Group 1 - The Hong Kong Technology ETF (513020) has surpassed a scale of 4 billion yuan, with a year-to-date increase of over 55% and a net inflow of nearly 350 million yuan over the past 10 days, indicating strong demand for Hong Kong tech assets [1] - Huatai Securities noted positive developments in US-China relations and a stable domestic economic environment, with a relatively optimistic tone set during a recent call between the two countries' leaders [1] - The focus of technology companies has shifted back to growth, with significant increases in capital expenditure and R&D spending reflecting a return to innovation, which may enhance the valuation of tech firms and drive revenue growth in upstream sectors like computing power and cloud services [1] Group 2 - The Hong Kong stock market has gathered a number of core Chinese technology assets, referred to as the "Eastern Silicon Valley," with the Hong Kong Technology ETF (513020) representing a balanced investment value across various sectors including internet, new energy vehicles, chips, biomedicine, and innovative drugs [2] - Since 2018, the Hong Kong Technology Index has consistently outperformed the Hang Seng Technology Index and the Hong Kong Stock Connect Internet Index, suggesting ongoing investment opportunities in the Hong Kong Technology ETF (513020) [2] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) for exposure to this sector [2]

Group 1 - The 2025 Fortune Global 500 list shows that the United States remains dominant with 138 companies, while China follows closely with 130 companies, indicating a narrowing gap [3][5] - Despite the number of companies, the profit disparity is significant, with U.S. companies averaging $97 million in profit compared to China's $42 million, highlighting a major difference in profitability [9][11] - The structure of the companies listed reveals that U.S. firms dominate high-profit sectors such as technology and finance, while Chinese firms are heavily concentrated in energy and manufacturing, leading to lower profit margins [7][15] Group 2 - Notable Chinese companies like Pinduoduo, BYD, and Huawei have shown significant growth, with Pinduoduo rising 176 places to rank 266th and achieving a 36.4% return on equity [17][18] - BYD has entered the top 100 for the first time, ranking 91st, and is recognized for its dual advantages in electric vehicles and battery technology [20] - Huawei has returned to the top 100 at 83rd place, demonstrating resilience and innovation despite facing U.S. sanctions [22] Group 3 - The overall performance of Chinese companies indicates a need for a shift from scale-driven growth to innovation-driven strategies to enhance profitability and global competitiveness [24][26] - The report emphasizes that while there are promising signs from a few innovative companies, the majority of Chinese firms still rely on traditional sectors, underscoring the necessity for increased focus on high-tech industries [24][26] - The future challenge for Chinese companies is to transition from being "the world's factory" to becoming leaders in high-value sectors through innovation and technology [26]

港股市场整体承压，科技股显现韧性。恒生指数跌0.76%报26344.14点；恒生科技指数跌0.58%报 6257.91点；恒生中国企业指数跌1.07%报9370.73点。大市成交2905.37亿港元，南向资金净买入127.36 亿港元，半导体与消费电子板块获内资青睐。 9月22日，A股市场呈现结构性分化格局，三大指数小幅收涨，科技板块全线爆发推动科创50指数大涨 3.38%，消费电子与半导体产业链领涨市场，而旅游影视等消费板块集体回调；港股市场整体承压，三 大指数集体收跌，科技股相对抗跌，苹果概念与半导体板块逆势走强。 受国庆节前效应影响，两市成交额均较前一交易日显著萎缩，显示资金观望情绪浓厚，市场热点集中於 科技主线，结构性特征突出。 展望后市，A股科技主线有望延续强势，需关注量能变化与板块轮动节奏；港股或延续震荡整固，重点 跟踪外资流向与政策预期。操作上建议聚焦半导体、消费电子等景气方向，规避高位消费股回调风险， 把握科技成长与政策催化的结构性机会。 主要指数表现 A股市场缩量上涨，科技成长风格主导市场。上证指数全天震荡收涨0.22%报3828.58点；深证成指涨 0.67%报13157.97点；创业板指 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The weekly performance showed a rise of 156 points or 0.59%, with the Hang Seng Tech Index increasing by 5.09% [1][5] - The Southbound funds under the Stock Connect recorded a net inflow of HKD 4.84 billion, indicating continued interest in Hong Kong stocks [1] Key Industry Insights - The AI sector is highlighted as a significant growth area, with Baidu Group (9888HK) seeing a 14.3% increase last week, totaling a 52% rise since the recommendation [3] - The non-essential consumer sector surged by 4.86%, while the financial sector declined by 3% [1][5] - The report suggests focusing on technology sectors such as AI applications, semiconductors, and industrial software, as well as upstream non-ferrous metals benefiting from favorable economic conditions [3] Company Performance - Li Ning Company (2331HK) reported a revenue of HKD 14.817 billion for the first half of 2025, reflecting a year-on-year growth of 3.3% [10] - The company's gross margin was 50%, slightly down by 0.4 percentage points due to increased promotional activities [10] - The net profit for Li Ning was HKD 1.737 billion, a decline of 11% year-on-year, with a net profit margin of 11.7% [10] Upcoming IPOs - Upcoming IPOs include Zijin Mining International (2259) in the non-ferrous metals sector and Chery Automobile (9973) in the automotive sector, with listing dates set for late September 2025 [13]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the ongoing policy efforts to regulate energy consumption in the polysilicon sector, which is expected to accelerate the elimination of high-energy-consuming production capacities and optimize the supply chain [1][14][15] - The offshore wind power sector is projected to see significant growth, with an average annual installation capacity expected to exceed 20GW during the 14th Five-Year Plan period [2][18] - The hydrogen energy sector is witnessing substantial investment, with a notable project in Xinjiang valued at 44.5 billion yuan, focusing on green hydrogen production [3][20] - The report emphasizes the increasing interest in lithium iron phosphate batteries among international automakers, indicating a shift in the electric vehicle battery market [4][31][32] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The National Standardization Administration has released draft standards for polysilicon energy consumption, aiming for stricter energy limits that are below the current industry average [1][14][15] - **Wind Power & Grid**: The report discusses the environmental impact assessment for a major offshore wind project in Qingdao, indicating a growing demand for subsea cables and foundations [2][16][18] - **Hydrogen & Energy Storage**: A significant green hydrogen project has been initiated, with a focus on integrating solar energy for hydrogen production [3][20][21] 2. New Energy Vehicles - **Lithium Iron Phosphate Supply**: A supply agreement has been established between Longpan Technology and CATL for lithium iron phosphate cathodes, indicating a strategic move towards enhancing profitability through international sales [4][31][32] 3. Price Dynamics in the Photovoltaic Industry - The report provides insights into the price fluctuations of polysilicon and solar cells, reflecting the current market trends and potential impacts on the supply chain [34][35] 4. Weekly News Highlights - The report summarizes key developments in the new energy sector, including strategic partnerships and significant project announcements that could influence market dynamics [37][41][43]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector [8] Core Views - The domestic computing power is accelerating iteration and deployment, with a focus on the AIDC (Artificial Intelligence Data Center) industry chain, which is expected to drive demand growth in the data center industry chain and enhance order visibility [1][14] - The report highlights opportunities in various sub-industries, including lithium batteries and materials, industrial control, energy storage, photovoltaic, and wind power [2] Summary by Sections Sub-industry Insights - **New Energy Vehicles**: Positive outlook on lithium battery and material segments [2] - **Industrial Control**: Focus on the AIDC industry chain due to accelerated domestic computing power [2] - **Energy Storage**: Since 2025, over 208 GWh of energy storage orders have been signed for overseas markets, indicating strong potential for domestic companies [2][15] - **Photovoltaics**: Significant results from anti-involution policies, with continuous price increases in the industry chain [2][17] - **Wind Power**: Progress in multiple domestic offshore wind power projects [2][22] Key Companies and Developments - **GCL-Poly Energy**: Notable cost advantages in granular silicon, with a steady increase in market share [3][26] - **Sungrow Power Supply**: Maintains a leading position in the solar-storage sector, with accelerated AIDC layout [3][27] Recommended Companies - **GCL-Poly Energy (3800 HK)**: Target price of 2.22, rated as "Buy" [10][25] - **Sungrow Power Supply (300274 CH)**: Target price of 147.42, rated as "Buy" [10][25]

Core Insights - BYD has established a comprehensive closed loop of "technology-industry-scenario" in the electric vehicle sector, transitioning from battery production to vehicle manufacturing and integrated solutions [2] - BYD became the first global automaker to announce the cessation of fuel vehicle production in March 2022, maintaining a leading position in the new energy vehicle market [2] - As of July 2025, BYD's global cumulative sales reached 2.496 million units, with overseas sales exceeding 550,000 units, reflecting a year-on-year growth of over 130% [2] Group 1 - The French media group visiting BYD's headquarters was impressed by the company's technological advancements and product offerings, including models like the Yangwang and Tengshi [4] - BYD's commitment to innovation is highlighted by its extensive patent portfolio, with over 65,000 patent applications and more than 39,000 authorized patents, showcasing its leadership in the electric vehicle industry [4][5] - The positive reception from the French media indicates a growing recognition of BYD's capabilities in electric vehicle design, battery technology, and overall performance [5] Group 2 - The visibility of Chinese brands, including BYD, is increasing in France, particularly in the hybrid vehicle segment, which is experiencing significant growth [5] - The French media representatives expressed newfound confidence in the development of electric vehicles after experiencing BYD's offerings firsthand [5]

（来源：我的电池网） 导语丨mybattery 俄罗斯-圣理工大学教授/中俄新能源材料技术研究院院长王庆生提醒：谨防技术夸大，不负责任造势。"我们要反对脱离技术本质的过度炒 作，这不利于行业生态的健康发展。科学技术必须秉持严谨务实的态度，不应沦为资本运作的工具。" 电池百人会-电池网9月19日讯（林音 四川遂宁 图文直播）9月18日-20日，"2025遂宁国际锂电产业大会"在四川遂宁召开。本届大会以"锂向新 质 智胜未来"为主题，聚焦锂矿资源、液态锂电池、固态电池、钠电池、储能等热点赛道和话题，特邀中国、俄罗斯、印度、德国、澳大利 亚、加拿大等海内外大咖精彩分享，特设新品技术展示、供需资源对接、产业基金专题对接、园区参观等环节，汇聚行业知名院士、专家、产 业链上市公司、专精特新企业、国内外投资机构等400+各界人士，共同探索产业高质量发展之路，推动上下游供需共振，促进产业创新升 级。 俄罗斯-圣理工大学教授/中俄新能源材料技术研究院院长王庆生 19日下午，俄罗斯-圣理工大学教授/中俄新能源材料技术研究院院长王庆生在本次大会固态电池分论坛上作了题为《"准固态聚合物电池"新质 生产力技术-推动锂电产业发展》的主题 ...