2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 杉杉科技、英联复合集流体、逸飞激光、华视集团、欧科工业空调、宇电自动化 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 全球动力电池竞争进入"效率与性能"的双重博弈，快充正从魅力属性转向期望属性，而低空经济、人形机器人等新兴场景的裂变，正重构市场对电 池的性能期待。 大圆柱电池凭借其在快充、安全与标准化上的结构优势成为关键解法。但传统结构在快充工况下面临产热集中、结构失效等"热-力-电"系统性难 题，制约了其规模化落地。 作为具备深度制造理解与系统解法的新型企业，力华电源在推动大圆柱电池产业化上走在前列。 在此背景下， 2025（第十五届）高工锂电年会将于11月18-20日在深圳前海华侨城JW万豪酒店盛大启幕。 力华电源 届时将出席年会并发表主题演讲。 2025年，力华电源作为"理解制造"的新型企业代表，正以 ...

1.36 2.52 1.32 上证指数 3916 深证综指 2463 1.76 -0.39 0.95 2025 年 10 月 22 日 涨跌 (%) 收量 投资分析意见：我们维持此前盈利预测，预计 2025-2027 年公司分别 实现归母净利润 33.5、38.6、44.2 亿元，对应当前估值 19、16、14 倍，维持"买入" 评级。 风险提示：行业产能投放节奏超预期，特种布突破进展不及预期，外贸扰 动因素扩大。 宁德时代（300750）点评：业绩符合预期，需求饱满下利润稳 (联系人： 任杰/郝子禹) 风格指数 近６个月 昨日 近 1 个月 1.65 2.27 22.25 大盘指数 中盘指数 1.67 0.59 28.89 小盘指数 1.46 -1.34 23.27 计算机行业深度:摩尔线程:生态、架构、集群一国产 ASIC | 涨幅居卸 行业(%) | 時目 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 通信设备 | 6.26 | -0.13 | 127.85 | | 元件Ⅱ | 4.94 | -7 | 101.84 | | 消费电子 | 4.91 | 1.28 ...

Group 1: Ningde Times (宁德时代) - The company reported a revenue of 283.07 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.2% year-on-year [8][10] - In Q3 2025, the company achieved a quarterly revenue of 104.19 billion yuan, a year-on-year increase of 12.9%, and a net profit of 18.55 billion yuan, up 41.2% year-on-year [10] - The company expects to ship 631 GWh of batteries in 2025, with a year-on-year increase of 26% for power batteries and 29% for energy storage batteries [10] - The investment analysis opinion suggests a slight upward revision of profit forecasts for 2025-2027, with expected net profits of 67.95 billion, 86.38 billion, and 103.81 billion yuan respectively, corresponding to PE ratios of 25, 19, and 16 times [2][10] Group 2: China Jushi (中国巨石) - The company reported a revenue of 13.90 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.5%, and a net profit attributable to shareholders of 2.57 billion yuan, up 67.5% year-on-year [11] - In Q3 2025, the company achieved a revenue of 4.795 billion yuan, a year-on-year increase of 23.2%, and a net profit of 881 million yuan, up 54.1% year-on-year [11] - The investment analysis opinion maintains previous profit forecasts for 2025-2027, expecting net profits of 3.35 billion, 3.86 billion, and 4.42 billion yuan respectively, with current valuations of 19, 16, and 14 times [3][11] Group 3: Computer Industry (计算机行业) - The domestic AI computing power industry is undergoing significant changes in both supply and demand, with rapid increases in token consumption driving AI capital expenditure growth [13] - The report highlights the advancements in domestic AI chip products and technologies, with significant progress expected in 2025 [13] - The company, Moer Thread, focuses on developing full-featured GPU chips and related products, with plans for commercialization of AI computing products starting in 2024 [13][15]

Group 1: Fund Industry Adjustments - The fund industry is experiencing concentrated adjustments in product risk levels, with many funds seeing their risk ratings increased since October 15 [1] - Notably, 15 out of 17 asset management products sold by CITIC Bank had their risk levels raised, alongside similar adjustments by other public fund institutions [1] - Key factors for the risk level increases include rising volatility, increased maximum drawdown multiples, and declining fund sizes, particularly affecting bond funds [1] Group 2: Insurance Asset Management Performance - As of October, 92.7% of insurance asset management products reported positive returns this year, with equity products averaging a return of 28% [1] - Insurance institutions are increasingly focusing on long-term investments and diversifying their revenue sources through alternative investments [1] Group 3: Agricultural Bank Stock Performance - Agricultural Bank's stock has seen a 13-day consecutive rise, reaching a new high, with a closing price of 7.88 yuan per share [3] - The bank's market-to-book ratio has surpassed 1, indicating a positive valuation recovery for state-owned banks [3] - High dividend yields and stable performance are attracting significant capital inflows into bank stocks [3] Group 4: Lithium Market Dynamics - The price of lithium hexafluorophosphate has surged by 44% since September 15, driven by strong demand recovery and supply constraints [3] - The utilization rate of lithium iron phosphate production has reached 73.46%, indicating a thriving market environment [3] Group 5: Storage Chip Market Trends - The storage chip market is entering a "super cycle" driven by AI, with significant demand for data center storage and smart devices [4] - Analysts predict that the price increase for AI server storage products may continue until 2026, benefiting domestic storage companies [4] Group 6: Third Quarter Earnings Reports - Over 70% of the 360 listed companies that have disclosed their third-quarter earnings reported profit growth compared to the previous year [5][6] - The electronics sector has the highest number of companies reporting growth, driven by advancements in AI technology and expanding application scenarios [6] Group 7: Commercial Aerospace Industry Growth - The commercial aerospace industry in China is experiencing unprecedented growth, transitioning towards scale, marketization, and capitalization [7] - Several leading companies are initiating listing guidance, indicating strong interest from the capital market [7] Group 8: E-commerce and Logistics Developments - The "Double 11" shopping festival has begun, with e-commerce platforms launching promotional strategies to boost consumer engagement [8] - Major logistics companies are enhancing their operations through smart upgrades to meet the anticipated surge in demand [8] Group 9: Smart Glasses Market Forecast - The global smart glasses market is projected to reach 4.065 million units shipped by mid-2025, with a 64.2% year-on-year growth [9] - China's market share is expected to grow significantly, with a compound annual growth rate of 55.6% from 2024 to 2029 [9]

目前四川杉杉的负极产品应用方向，主要面向耳熟能详的新能源汽车动力电池市场，储能市场以及消费 数码市场。据了解，杉杉科技目前人造石墨负极材料全球市占率达21%，位于彭山经开区的四川杉杉基 地是重要的贡献力量；"杉杉锂电池负极材料产品，国内主要客户也包括头部锂电池厂商，已实现大规 模批量出货；排名全球前列的海外电池客户也陆续通过了对四川杉杉基地的审厂认证。"四川杉杉赵继 伟说道。 为加快企业尽快落地投产，彭山区建立了工作专班，四川杉杉新材料有限公司（简称四川杉杉）作为国 内锂电负极龙头上海杉杉锂电材料科技有限公司（简称杉杉科技）在西南地区投资的首个大型一体化负 极项目，实现了当年开工，当年投产的落地速度。自彭山区布局新材料新能源产业链以来 ，四川杉杉 年产20万吨负极基地是首个入驻彭山并投产的百亿级项目。今年以来，彭山区紧扣全市"1+3"产业布 局，抓住了新能源产业的发展机遇，依托四川彭山经开区，聚焦"新能源新材料+高端装备制造"两大主 导产业，短短几年，实现从"零基础"到"百亿集群"的跨越。先后引进了杉杉科技、雅保、天赐材料等行 业龙头企业。 四川杉杉外部事务负责人赵继伟说 ："四川杉杉一期已实现全面满产，尤其 ...

Group 1 - The E Fund New Energy ETF tracks the China Securities New Energy Index, covering the entire new energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power [1] - The index has shown a performance increase of 1.5% since its inception, with a rolling price-to-earnings ratio of 54.1 and an estimated return of 86.79% [1] - The E Fund Energy Storage Battery ETF tracks the National Securities New Energy Battery Index, focusing on the energy storage sector, comprising 50 companies involved in battery manufacturing and related technologies [1] - This index has experienced a performance increase of 2.1% since its inception, with a rolling price-to-sales ratio of 32.2 and an estimated return of 84.9% [1] Group 2 - The photovoltaic sector is highlighted as a strong representative of future energy, consisting of 50 representative companies across the upstream, midstream, and downstream of the industry chain [2] - The photovoltaic index has recorded a performance increase of 1.3% since its inception, with a price-to-book ratio of 2.4 and an estimated return of 47.69% [2]

上 市 公 司 电力设备 2025 年 10 月 21 日 宁德时代 (300750) | 市场数据： | 2025 年 10 月 20 日 | | --- | --- | | 收盘价（元） | 366.50 | | 一年内最高/最低（元） | 424.36/209.11 | | 市净率 | 5.7 | | 股息率%（分红/股价） | 1.85 | | 流通 A 股市值（百万元） | 1,559,688 | | 上证指数/深证成指 | 3,863.89/12,813.21 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 68.87 | | 资产负债率% | 61.27 | | 总股本/流通 A 股（百万） | 4,563/4,256 | | 流通 B 股/H 股（百万） | -/156 | ——业绩符合预期，需求饱满下利润稳定提升 报告原因：有业绩公布需要点评 买入（维持） 一年内股价与大盘对比走势： 10-21 11-21 12-21 01-21 02-21 03-21 04-21 05- ...

Group 1 - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, aligning with market expectations due to a weak job market and easing inflation pressures [1] - There is a widespread expectation that the Federal Reserve will cut rates twice more in October and December 2025, driven by concerns over U.S. debt and economic growth [1] - The "Big and Beautiful Act" introduced by the Trump administration has exacerbated concerns regarding the sustainability of U.S. dollar credit and government debt, leading to a more diversified global asset allocation [1] Group 2 - The AI sector continues to lead the technology market, with domestic computing power and storage emerging as standout segments, while Hong Kong internet companies are experiencing valuation recovery [1] - Huawei's Ascend announced a three-year roadmap, and DeepSeek released a model supporting domestic accelerators, reinforcing market expectations for "China's computing power independence and domestic substitution" [1] - OpenAI's significant computing power orders with Oracle and CoreWeave, along with the introduction of new AI models, are driving competition and innovation in the AI space [1] Group 3 - In the short term, the technology sector faces increased volatility due to accumulated gains, but the mid-term outlook for AI infrastructure remains strong, with a push for domestic chip replacement [2] - The energy storage sector is experiencing explosive domestic demand driven by economic factors, while the lithium battery sector is seeing a price turning point amid three years of upstream price deflation [2] - The non-ferrous metals sector is witnessing price breakthroughs due to various demand factors, with expectations for continued price support driven by supply constraints from previous capital expenditure shortages [2]

倒计时28天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 杉杉科技、英联复合集流体、逸飞激光、华视集团、欧科工业空调、宇电自动化 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 从本土到全球，铜箔产业高端化正在提速。 作为锂电铜箔领域的头部企业，德福科技在全球化与高端化布局上走在前列。 在此背景下， 2025（第十五届）高工锂电年会将于11月18-20日在深圳前海华侨城JW万豪酒店盛大启幕。 更多详情点击查看： 德福科技14亿元"吃下"芯片供应链企业 一方面，随着新能源汽车与AI产业的并行发展，市场对高性能、高可靠性的核心材料需求日益迫切，尤其在高端电解铜箔领域，供应链的全球化与高 端化成为必然趋势。 另一方面，面对由少数巨头占据的高端市场，通过跨境并购获取核心技术、关键客户及全球产能，正成为中国企业实现弯道超车、重塑产业格局的关 键路径。 德福科技届 ...

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