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 ...

Group 1 - Yibin City held an investment promotion event in Beijing, signing 122 projects with a total investment amount of 40.308 billion yuan, covering various sectors including digital economy and new energy [1] - The event attracted over 200 representatives from government agencies, research institutions, leading enterprises, and financial capital [1] - Yibin has been actively promoting investment opportunities throughout the year, including the release of an industrial investment fund and application scenario opportunities [1] Group 2 - As a result of the 2025 Shanghai investment promotion event, Yibin has successfully converted 20 cooperative projects with a total intended investment exceeding 18 billion yuan, focusing on artificial intelligence and software services [2] - Yibin aims to deepen the transformation of promotion results and advance into the digital economy sector, building a first-class industrial ecosystem [2] - The digital economy industry in Yibin has surpassed 60 billion yuan, forming a modern industrial system alongside high-quality liquor, power batteries, and crystalline silicon photovoltaic industries [2] Group 3 - Yibin is positioned as an "ecological priority green low-carbon development pilot zone," promoting the aggregation of four trillion-yuan leading industries [3] - The city is focused on transforming traditional industries through digitalization and innovation, while also fostering new industries such as new energy vehicles and artificial intelligence [3] - Yibin's government emphasizes a market-oriented, legal, and international business environment, aiming to support enterprises effectively [3]

Core Insights - The competition between CATL and Zhongchuang Innovation is a significant battle for technological dominance and market position in the global power battery industry [1][7] - CATL holds a 36.8% global market share, while Zhongchuang Innovation has rapidly risen from ninth in 2018 to third in 2021, aiming to enter the top four global suppliers by 2024 [1][2] Patent Disputes - The patent battle is central to the competition, with CATL initiating a lawsuit in July 2021 against Zhongchuang Innovation for infringing five patents, seeking 647 million yuan in damages [2] - Zhongchuang Innovation successfully invalidated some of CATL's patents, leading to a counter-suit in October 2024, claiming infringement of four patents and seeking 1.007 billion yuan in damages [2] Product and Market Strategies - Zhongchuang Innovation shifted its product focus from lithium iron phosphate to high-voltage ternary lithium batteries to align with market demands [4] - The company has successfully penetrated the passenger vehicle market and attracted key clients like GAC Aion, significantly increasing its market share [4] - Zhongchuang Innovation adopted a pricing strategy below CATL's average battery prices, which contributed to its rapid market expansion and improved profitability, with a gross margin of 15.6% in the first half of 2024, up 6 percentage points year-on-year [4] CATL's Response - CATL remains proactive, investing 13.07 billion yuan in R&D in the first three quarters of 2024 to maintain its technological edge [4] - The company has also engaged in multiple lawsuits to protect its intellectual property against various competitors, showcasing its strong IP strategy [4] Market Dynamics - Despite CATL's profit growth, its revenue has declined year-on-year, and it faces pressure on production capacity utilization [5] - In contrast, Zhongchuang Innovation has reported strong performance in the passenger vehicle market and made strides in energy storage and marine electrification, securing international orders [5] Industry Implications - The rivalry between CATL and Zhongchuang Innovation reflects the overall rise of China's power battery industry, driving technological advancements, cost reductions, and expanding application scenarios [7] - Their competition contributes to China's strong position in the global green energy revolution, enhancing the country's influence in the battery market [7]

封面新闻记者 伍雪梅 北京摄影报道 7月4日，四川省宜宾市2025京津冀投资推介会暨项目合作协议签署仪式在北京举行，吸引了政府机构、科研院所、头部企业、金融资本等领域的200余名 相关负责人、嘉宾代表参加。 宜宾市2025京津冀投资推介会暨项目合作协议签署仪式在北京举行。 嘉宾观看宜宾城市宣传片。 活动期间，宜宾共签约项目122个，签约总金额达403.08亿元，涵盖基金机构、数字经济、新型储能、动力电池、智能网联新能源汽车、低空经济等领 域。签约项目主要集中在基金机构、数字经济、新型储能、智能网联新能源汽车、动力电池、光伏、低空经济产业等方面，主要包括鼎晖投资、弘毅投 资、大连金慧、同方科技、追觅生态链企业等，精准延链补链强链，赋能产业协同融合发展新生态。 活动中，机器人成为主持人。 事实上，今年以来，宜宾这座"产业之城""机遇之城""共赢之城"投资推介动作频频，从年初产业投资基金群、应用场景机会清单的发布，到奔赴长三角开 展投资推介，再到此次"上京"，宜宾积极推进着高能级的产业链、创新链、资本链、人才链融合。 宜宾市经济合作和新兴产业局相关负责人介绍，以2025上海投资推介会成果转化为例，截至目前，已成功转 ...

Core Insights - The Yibin City 2025 investment promotion event in Beijing resulted in 122 signed projects with a total investment of 40.308 billion yuan, covering various sectors including digital economy, new energy storage, and intelligent connected vehicles [1][2][3] - Yibin's digital economy has surpassed 60 billion yuan, contributing to the formation of four major industrial clusters valued at over 100 billion yuan each, including high-quality liquor and power batteries [2][3] - The event featured multiple specialized sessions focusing on artificial intelligence applications, capital recruitment, and the release of strategic lists for future industrial development [4][5][6] Investment Opportunities - The signed projects primarily focus on sectors such as fund institutions, digital economy, new energy storage, and intelligent connected vehicles, with notable participants including Dinghui Investment and Hongyi Investment [2][3] - Yibin aims to enhance its industrial ecosystem by integrating various chains, including innovation and capital, to foster collaborative development [2][3] - The city is actively promoting its investment opportunities through a combination of outbound visits and inbound assessments, targeting high-level industrial integration [2][3] Specialized Sessions - The event included four specialized sessions that discussed the application of artificial intelligence in various fields, including industrial manufacturing and healthcare [5][6] - The artificial intelligence city application scenario list was a highlight, outlining 14 application scenarios across five key areas, such as industrial manufacturing and urban governance [5][6] - The "Jiangyuan Action" list was released, focusing on future industrial directions, including solid-state batteries and artificial intelligence, with comprehensive support for successful teams [6][7] Economic Environment - Yibin is positioned as a key area for ecological and low-carbon development, with a focus on building a modern industrial system [8][9] - The city has established a favorable business environment, emphasizing service and support for enterprises, which is crucial for attracting investment [9][10] - Yibin's commitment to a market-oriented and law-based business environment aims to facilitate high-quality development for enterprises [9][10]

Core Points - The Ministry of Industry and Information Technology of China has released a revised mandatory national standard for electric vehicle batteries, which will take effect on July 1, 2026, marking the first revision in five years [1][3] Group 1: Standard Revision Details - The new standard, GB38031-2025, includes 7 individual tests for battery cells and 17 tests for battery packs or systems, with 3 new or significantly revised items and 18 general modifications [4][10] - Key revisions include a new thermal diffusion test that specifies temperature requirements, operational states, and observation times, with updated technical requirements to prevent fire and explosion [7][10] Group 2: Industry Impact - Major Chinese battery manufacturers like CATL and BYD have already adapted their products to meet the new standards, while smaller companies face high costs exceeding 500 million RMB for compliance, risking market elimination [3][10] - The Shenzhen New Energy Vehicle Industry Association predicts a potential 30% reduction in domestic battery production capacity by 2027 due to the new standards [10] Group 3: Safety and Consumer Confidence - The new standards aim to alleviate consumer concerns regarding electric vehicle safety, especially in light of recent battery-related fire incidents [11][14] - The global market share of Chinese battery manufacturers reached 38.7% outside of China from January to April 2023, indicating strong competition with South Korean firms [14][16] Group 4: Global Leadership Aspirations - The revision of standards is part of China's strategy to gain global leadership in the electric vehicle battery sector, with ongoing discussions to establish global technical standards [14][16] - The anticipated introduction of solid-state batteries by 2030 highlights the competitive landscape among Chinese, Japanese, and Korean battery manufacturers [16]

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of propylene futures and options at the Zhengzhou Commodity Exchange, ensuring a smooth launch and stable operation [1] - The second batch of 11 floating fee funds has been submitted for approval, including 2 stock funds and 9 mixed equity funds, focusing on themes such as high-end equipment, pharmaceuticals, and manufacturing [2] - Multiple quantitative private equity firms have clarified that the rumor regarding high-frequency trading frequency being limited to 30 times per second is false, as the current regulatory standards remain unchanged [2] Group 2 - GGII reported that in the first five months of 2025, global power battery installations reached approximately 369.8 GWh, with a year-on-year growth of 35%, driven by a 28% increase in global new energy vehicle sales [3] - Several paper companies have raised the price of corrugated paper by 30 yuan per ton, indicating a normal adjustment range as the industry gradually recovers [3] - IDC predicts that by 2028, the market size for security intelligent agents in China will reach $1.6 billion, with a compound annual growth rate exceeding 230% [4] Group 3 - Xinhua Insurance has invested 11.25 billion yuan to subscribe to the National Fengxinghua Honghu Zhiyuan Phase III private equity fund, which has a total fund size of 22.5 billion yuan [7] - Anhui Construction has won three projects with a total bid price of 9.156 billion yuan, including a highway project with an estimated total investment of 7.487 billion yuan [8] - Times New Material has signed sales contracts for wind turbine blades worth approximately 2.711 billion yuan, covering both offshore and onshore wind power [9] Group 4 - Chip Motion Technology expects a net profit increase of 144.46% to 199.37% for the first half of 2025, with projected revenue growth of 66.04% to 102.45% [10] - Pulit anticipates a net profit increase of 38.88% to 66.65% for the first half of 2025, with a projected net profit of 200 million to 240 million yuan [11] - Haitong Development expects a net profit decrease of 60.78% to 69.04% for the first half of 2025, with a projected net profit of 7.5 million to 9.5 million yuan [12] - Whirlpool forecasts a net profit increase of approximately 559% for the first half of 2025, with a projected net profit of about 205 million yuan [13]

本报（chinatimes.net.cn）记者王兆寰 北京报道 网站和微博头像换新LOGO，7月的证监会开启了新面貌，年内屡创新高的A股也迎来监管的最新定调。 证监会日前对外表态称，要始终把维护市场稳定作为监管工作首要任务，推动健全常态化稳市机制安 排；深入推进以"两创板"改革为抓手的新一轮全面深化资本市场改革，不断以改革优制度、增活力。同 时，全力抓好资本市场自主开放重点举措落地，以做强主场为方向，持续提升A股市场吸引力、竞争 力。 看似低调的内容，却有着众多的新提法：优制度、增活力，做强主场，提升竞争力。 业创新融合发展。牢记我国资本市场中小投资者众多的最大市情，不断完善投资者保护制度体系，坚决 维护市场"三公"。 此外，会议进一步强调，要始终把维护市场稳定作为监管工作首要任务，推动健全常态化稳市机制安 排，平稳有序防控债券违约、私募基金等领域风险，为资本市场高质量发展创造更加良好的环境。 多位市场专业人士在接受《华夏时报》记者采访时表示，监管层的表态看似没有新的动作，但是有一些 新提法和新认知。 "A股最大的增量资金来源还是散户，这才是最大的基本盘。而持续提升A股市场的吸引力、竞争力，可 以吸引更多外资 ...

Group 1 - ESG has become a necessary consideration for long-term investors, with nearly 5,100 institutions signing the UN PRI and managing over $100 trillion in assets as of June 30, 2025 [1] - ESG is an effective core standard for identifying companies with long-term sustainable development capabilities, as evidenced by JinJing New Energy winning the "Golden Award for Sustainable Development Excellence" [2] - JinJing New Energy's transformation from a construction-focused company to a leader in the global battery recycling sector highlights a significant industry change [4] Group 2 - JinJing New Energy's revenue surged by 92.3% to HKD 870 million, with reverse supply chain management and environmental services contributing 80% of the revenue, growing at 204% [4] - The company's adjusted EBITDA improved from a loss of HKD 40.1 million to a profit of HKD 44.8 million, demonstrating that green transformation can be a value creation engine [4] - The company has established a global recycling network covering 28 countries, with over 70 service nodes in key markets such as the US, Europe, and Southeast Asia [5] Group 3 - JinJing New Energy's innovative light-asset operational model, in collaboration with logistics giants, reduces carbon emissions during transportation [6] - The company's processing facility in Hong Kong is set to begin operations, aligning with national battery recycling management requirements and EU standards [7] - The potential for battery recycling in Hong Kong and other regions is significant, with a projected market size of HKD 10 billion emerging as the first wave of battery retirements occurs [7] Group 4 - JinJing New Energy's practices illustrate that ESG is not an additional cost but an accelerator for business growth, as the global retired battery volume is expected to exceed 4 million tons by 2028 [9] - The company’s efforts in integrating ESG solutions into its business model provide a competitive edge and transform regulatory constraints into business value [9]

换电之城 智慧两轮！ 7月11日，由 起点锂电、起点钠电、起点两轮车及换电主办的 2025第五届起点两轮车换电大会及轻型动力电池技术 高峰论坛 将于 深圳宝安登喜路国际酒店2楼国际厅正式举办。 本次论坛将聚焦两轮车及换电、两轮车锂电、两轮车钠电、高倍率、超快 充、新材料、新工艺等前沿技术，进行深度探讨和思维碰撞。论坛将邀请300+两轮车换电及电池细分重量级企业，600+企业高层汇聚共论 行业发展。 经活动组委会确认， 宁波尚闻科技（集团）有限公司 作为 椅背贴赞助商 重点支持本次大会举办，同时尚闻科技高层将出席会议，欢迎行业 同仁参会交流！ 企 业 介 绍 | 行业卡 多网卡 | 国际卡 | | --- | --- | | 全网通：支持三网融合，弱网自动切换，始终在线 | 告警体系:短信、流量、流量池多维告警,实时掌控用量 | | 全覆盖:覆盖 100+ 国家和地区，全球漫游无缝部署 | 多级管理:渠道管理、多级账户,适合企业与渠道多层管理需求 | | 全套餐：2M-1000G流量套餐随心选,支持个性化定制 | 设备管理：设备动态对接平台一站式管理 | | 全计费：支持单卡、流量池、多通道计费，灵活高效 | ...