上周（6月23日-6月27日）机械设备、电力设备及汽车行业指数涨跌幅分别为4.10%、 5.11%及2.88%，在31个申万一级行业中排名分别为第10、5、19位；同期沪深300涨跌幅为 1.95%。 世纪证券近日发布装备制造行业周报（6月第4周）：固态电池产业化持续推进。美国公 司QuantumScape在6月24日宣布成功整合Cobra隔膜工艺至标准生产线，热处理速度提升25 倍，设备占地面积大幅减少，推动千兆工厂规模化生产进程，这标志着固态电池制造效率的 飞跃。 以下为研究报告摘要： 市场行情回顾： 2)工程机械：塔机景气度依然处于低谷。据中国工程机械工业协会施工机械化分会等统 计的塔机租赁行业景气指数(TPI)，2025年5月份塔机台天利用率56.8%，同比降低1.6pct，最 大起重力矩利用率56.7%，同比降低2.8pct。这是近3年最大起重力矩利用率首次低于台天利 用率，房地产低迷拉低需求的背景下，租赁行业持续承压，过剩设备被动参与低强度施工作 业。从价格看，5月份塔机租赁价格指数为518.96点，比去年同期低115点，也依旧处于下行 通道。整体看，塔机行业继续低迷，出清压力较大。 3)光伏：光 ...

装备制造 [Table_ReportDate] 2025 年 6 月 30 日 [T分析师： able_Author 赵晓闯] 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 执业证书号：S1030511010004 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 固态电池产业化持续推进 [Table_ReportType]装备制造行业周报（6 月第 4 周） [Table_S 市场行情回顾： ummary] 上周（6 月 23 日-6 月 27 日）机械设备、电力设备及汽车行业 指数涨跌幅分别为 4.10%、5.11%及 2.88%，在 31 个申万一级 行业中排名分别为第 10、5、19 位；同期沪深 300 涨跌幅为 1.95%。 行业观点： 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风险。 请务必阅读文后重要声明及免责条款 | ...

Investment Rating - The report does not provide specific investment ratings for the industry segments mentioned [2]. Core Insights - The overall industry strategy emphasizes positive trends in terminal innovation, with a focus on smart technology, solid-state batteries, and offshore wind energy [3][4][15]. - The new energy vehicle supply chain is entering a new cycle, driven by demand expectations from key players like Tesla, Xiaomi, and CATL [4]. - Solid-state batteries are entering a critical introduction phase, with companies like Putailai benefiting from advancements in technology [4][32]. Summary by Relevant Sections New Energy Vehicle Supply Chain - Terminal innovations are expected to boost demand, with Xiaomi's YU7 and Tesla's Robotaxi leading the charge [4]. - CATL is collaborating with partners to develop L4 autonomous driving technology, investing over 3 billion [4]. Solid-State Battery Developments - The China Automotive Engineering Society has released the first group standard for solid-state batteries, clarifying definitions and standards [4]. - Innovations in current collectors are crucial for commercializing solid-state batteries, with companies like Nord and Defu Technology making strides [4][45]. Energy Storage Industry - Five major trends in energy storage are emerging, including reduced cell costs and the need for new profit models [5][40]. - The implementation of the 136 document in Xinjiang is expected to clarify future revenue prospects for energy storage projects [5][34]. Offshore Wind Energy - Leading companies in the wind energy sector are expected to report strong second-quarter results, benefiting from high demand and improved product structures [9]. - Shanghai's marine industry development plan aims to accelerate the research and application of large-scale floating wind turbines [44]. AI and New Energy Integration - Companies like Tesla and CATL are advancing in the integration of AI with new energy technologies, with significant investments in humanoid robots and autonomous driving [6][41]. - The humanoid robot market is projected to drive advancements in battery technology, particularly solid-state batteries [37]. Market Trends and Pricing - Recent price adjustments in lithium carbonate and other battery materials indicate market volatility, with lithium carbonate prices showing a 20.42% decrease year-to-date [14][19]. - The report highlights the importance of monitoring material prices as they directly impact the profitability of the new energy vehicle and battery sectors [11][13].

Market Outlook - The market is expected to show an upward breakthrough in July, with technology and non-bank sectors likely to outperform [2][3][21] - Fiscal indices and resilient consumption have led to a marginal improvement in total demand growth in Q2, creating a favorable environment for upcoming mid-year performance disclosures [3][21] - Despite high-frequency data indicating export pressures in the second half, total demand is expected to remain stable, reducing the likelihood of significant economic downturns [3][21] Industry Recommendations - Focus on sectors with expected mid-year performance improvements, particularly in technology, consumer goods, and midstream manufacturing [4][17] - Recommended sectors include electronics (semiconductors), machinery (automation equipment), pharmaceuticals (chemical drugs), defense and military, non-ferrous metals (industrial, precious, and minor metals), and computers [4][17] - Key investment tracks for July include solid-state batteries, domestic computing power, non-bank finance, defense and military, and innovative pharmaceuticals [18] Economic Indicators - Total demand growth rebounded to 5.7% in May, indicating stability, with industrial enterprise revenue growth at 3.2% [22][23] - Government financing has significantly contributed to social financing growth, supporting economic recovery and creating a favorable financial environment for the stock market [24][27] - Fiscal spending has accelerated, with a 26% year-on-year increase in broad fiscal spending in the first five months, playing a crucial role in improving economic data [30]

电力设备 电力设备 2025 年 06 月 29 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-07 2024-11 2025-03 电力设备 沪深300 相关研究报告 《低空行业点评（第二十一期）：亿 航智能获 41 架 eVTOL 订单，沃飞长 空与东方希望集团签约—行业点评报 告》-2025.6.24 《固态电池行业周报（第二期）：铁 基集流体是固态电池新技术方向，固 态电池设备密集交付 —行业周报》 -2025.6.22 《低空行业点评（6 月第 2 周）：国务 院对深圳低空发展作出部署，卧龙电 驱与沃飞长空成立合资公司—行业点 评报告》-2025.6.17 固态电池行业周报（第三期）：固态电解质硫化锂路 线进一步明确，QuantumScape 隔膜工艺实现突破 ——行业周报 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 固态电解质硫化锂路线进一步明确，QuantumScape 隔膜工艺实现突破 （1）固态电解质：硫化锂路线进一步明确：6 月 25 日，首届"硫化锂与硫化物 固态电池 ...

2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 7月8-9日 ， 2025高工新能源新材料产业大会 将在 四川邛崃·羊安新城会议中心 举行。作为固 态电池领域的标杆企业， 卫蓝新能源 将对其技术突破与产业化实践作系统解读。 作为固态电池领域的技术代表企业之一，卫蓝新能源目前聚焦氧化物与聚合物双技术路线，通过子 公司中科超能独立探索硫化物技术，形成差异化布局。 公司已实现从材料开发、技术平台、制造工艺到产业链协同的全面布局，固态电池在动力、储能、 低空动力等多元场景中加速落地。 在动力电池方面，卫蓝新能源已实现360Wh/kg混合固液动力电池的量产，该电芯由蔚来ET7搭 载参与千公里续航测试，单车搭载150kWh电池，实测续航达1044公里。 该电池基于自主开发的超薄金属锂负极及高精度预锂化平台，具备高比能与高安全双重特性，已获 得工信部认证并完成量产交付。 主办单位： 高工锂电、 高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 四川·成都·邛崃·羊安新城会议中心（四川省成都市邛崃市崃岭大道299号） 文末扫码报名 大圆柱产品方面 ...

投资策略 | 定期报告 攻势未歇，蓄力再攀 策略周报 20250629 研究结论 ⚫ 利率未变，心弦已动 美联储主席表态维持"按兵不动"：美联储主席鲍威尔出席国会参众两院的半年度 货币政策听证会，重申在经济数据未明朗前不会贸然降息，暗示政策调整窗口或在 9 月，而 7 月按兵不动旨在争取时间评估风险。 市场降息预期边际升温：虽然鲍威尔表态只是暗示了政策调整的窗口期，但市场已 经开始预计 9 月降息，有交易员预计美联储将于 9 月开始降息，增加了美联储将在 2025 年降息 3 次的押注。另一方面，本周多位美联储官员也释放了鸽派信号，比如 监管副主席鲍曼和美联储理事沃勒。 全球市场对降息升温反应积极：本周全球主要市场普遍上涨，日经上涨 4.55%，纳 斯达克指数上涨 4.25%，恒生指数上涨 3.2%，我们认为全球市场本周上涨是因为风 险偏好受降息预期升温的影响，正在提升。 ⚫ 下周是加仓点：市场短暂整理后有望继续进攻 A 股市场风险偏好回升，但仍有犹豫：本周市场风险偏好明显回升，上证指数涨 1.91%，并突破前期压制许久的 3400 点位，但和海外市场相比，仍然有明显的犹 豫，周四周五回踩明显。我们认为本周一 ...

Group 1 - The second batch of insurance funds has officially entered the market, focusing on high-dividend assets, industrial upgrades, and counter-cyclical investments, with a total pilot amount of 222 billion yuan across three batches [2] - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limits for risk-warning stocks from 5% to 10%, which is expected to enhance pricing efficiency and reduce stock volatility [2] - Four major banks have completed over 500 billion yuan in private placements, with the Ministry of Finance injecting 500 billion yuan to strengthen capital, marking the first issuance of special government bonds for this purpose in over 20 years [2] Group 2 - Trump criticized Federal Reserve Chairman Powell, suggesting he would prefer a successor willing to lower interest rates, which raised concerns about the independence of the Federal Reserve and its impact on U.S. financial markets [3] - The U.S. dollar index has dropped over 10% in the first half of 2025, reaching a 38-year low, as global central banks reduce U.S. Treasury holdings and institutional funds move away from the dollar [3] - The Middle East turmoil has affected the oil market, with Brent crude prices experiencing significant fluctuations due to geopolitical tensions, yet global financial markets have shown resilience [3] Group 3 - Foreign investment institutions like Goldman Sachs and UBS are optimistic about Chinese assets, with A-shares' total market value surpassing 100 trillion yuan, driven by China's economic resilience and attractive valuations [4] - The price of Moutai has dropped nearly 20% since the beginning of the year, attributed to market conditions and changes in marketing strategies, as the company seeks to adapt to new consumer demographics [5] - The solid-state battery sector has seen a resurgence in the A-share market, with significant price increases driven by policy support and industrialization acceleration [5]

数据是个宝 数据宝 投资少烦恼 今日（6月27日），A股市场收盘共60股涨停，剔除掉6只ST个股后，有54股涨停，30股封板未遂，整体封板率为 66.67%。 涨停战场：弘业期货封板资金超2亿元 从收盘涨停板封单量来看，飞马国际最高，有61.92万手；其次是大东南、渤海汽车、奥瑞德，分别有37.1万手、33.63万 手、28.04万手。 从连续涨停来看，大东南、弘业期货4连板，爱建集团、好上好3连板，渤海汽车、诚邦股份、中光防雷等6股2连板。 以封单金额计算，13股封单资金超1亿元，弘业期货、和而泰、飞马国际封单资金居前，分别为2.77亿元、1.83亿元、1.8 亿元。 弘业期货已连续4个交易日涨停。今日期货板块集体上涨，南华期货、瑞达期货、永安期货分别上涨6.99%、4.84%、 2.36%。 消息面上，近日《期货公司分类评价规定（征求意见稿）》公开征求意见。中国证监会表示，近年来，随着市场形势和 行业状况的发展变化，分类监管制度在评价期货公司合规风控状况、反映期货公司经营发展质量、引导期货公司服务实 体经济等方面的不足逐渐显现。为更好发挥分类评价的引领和导向作用，拟对《期货公司分类监管规定》进行系统修 订 ...

6月27日连板股分析：连板股晋级率大幅下降 午后炒生肖行情再现 | 连板数 | 晋级率 | | 2025-6-27 | | --- | --- | --- | --- | | 3 #4 | 2/5=40% | 大东南 (固态电池) | | | 2进3 | 2/14=14% | 好上好(芯片+AI眼镜+华为海思) | | | 1讲2 | 5/42=12% | 渤海汽车 (小米汽车) | | | | | 中光防雷 (军工) | | | | | 飞亚达 (军工) | | | 其他涨停 | | 中京电子8天5板 (PCB+AI眼镜) | | | | | 野马电池3天2板(锂电池+"马") | | | | | 北方国际4天2板(一带一路+基建) | | 今日共54股涨停，连板股总数9只，其中三连板及以上个股4只，上一交易日共21只连板股，连板股晋级率19.04%（不含ST股、退市股）。个股方面，全市 场超3300只个股上涨，但短线情绪继续降温，连板股晋级率大幅下降。昨日走出反包板的准油股份竞价跌停，高标新通联开盘即上演"天地板"行情，拖累市 场情绪。板块方面，近期热门板块均呈现冲高回落走势，盲目追高亏钱效应巨大，固态电 ...