智通财经APP获悉，广发证券发布研报称，A股非金融中报收入增速仍在负区间，利润增速放缓，二季度环比增速处于2010年以来最低水平。预计全年A 股非金融盈利预测仍在低个位数水平，业绩的修复仍非坦途。同时该行认为，行业比较的结构亮点已越来越多，包括海外更赚钱，对冲内需不足，支撑高 收入及高毛利率的行业；合同负债+预收账款表征订单增速抬升，并且股价与预收款增速正相关的行业；反内卷展现必要性很强，供需结构亟待改善的行 业。 反转策略上，看好风电电缆/整机/海风、海外汽车(灯控/IGBT)、军工(FPGA/导弹)、AI(液冷变压器)、锂电设备。 景气策略方面，该行认为AI/非美出口/对美出口α/半导体设备/锂电/部分端侧硬件/涨价化工品等有望维持景气，下半年及明年盈利能继续有30-40%及更高 的增长；SOC/摩托车/工程机械/交换机/电源等账面现金充裕、潜在供给扩张续力景气。 广发证券主要观点如下： 一季报超预期后、中报再度放缓，业绩的修复仍非坦途 A股非金融中报收入增速仍在负区间，利润增速放缓，二季度环比增速处于2010年以来最低水平。在年内"广义财政扩张→PPI→ROE"的业绩传导路径未 有显著变化的前提下，预计 ...

Group 1 - The company Guoxuan High-Tech announced on September 3 that it has fully introduced the third-generation battery cells [2] - The company is now mass-producing and delivering to the mid-to-high-end vehicle market, covering multiple models from Chery, Geely, and Leap Motor [2] - The supply ratio for B-class and above models will significantly increase [2]

Macro Economic Group - The US manufacturing PMI for August is reported at 48.7, remaining below the 50% threshold for six consecutive months, indicating a contraction in the manufacturing sector [3][4] - The new orders index rose to 51.4, marking the first expansion since the beginning of the year, while the production index fell to 47.8, indicating a return to contraction [3][4] - Employment index remains low at 43.8, the second lowest level since June 2020, while the supplier delivery index improved to 51.3, indicating a return to expansion [4] Industry Comprehensive Group - Gold prices reached a historical high, with COMEX gold futures for December rising by 2.42% to $3601.00 per ounce, indicating strong demand for gold as a hedge against inflation [7] - The domestic energy storage industry is experiencing a significant boost due to the acceleration of market-oriented electricity pricing, with potential annual profits for a 100MW/200MWh storage station reaching 20 million yuan, doubling from 2023 [7] Advanced Manufacturing Group - The wholesale sales of new energy passenger vehicles in China reached 1.3 million units in August, a year-on-year increase of 24%, with a cumulative total of 8.93 million units for the first eight months, up 34% year-on-year [9] - The new energy heavy truck sector saw a remarkable growth of 169% year-on-year in August, with major companies reporting significant sales increases [9] - The introduction of flying cars in California marks a new trend in the automotive industry, with a prototype already in trial operation and 3,300 pre-orders received [9] Consumption Group - iQIYI reported total revenue of 6.63 billion yuan in the first half of 2025, a year-on-year decline of 11%, primarily due to reduced content supply and a decrease in advertising revenue [13] - The application of AI technology has improved advertising click-through rates by 20%, and the company has a reserve of 15,000 short dramas, indicating potential for future growth [13] - International membership revenue has grown by 35% year-on-year, with significant increases in markets such as Brazil, Mexico, and Indonesia [13]

上述数据表明中创新航进一步巩固了其在全球动力电池市场中的地位，并实现逆势增长。市场人士认 为，随着全球电动化转型不断深化，动力电池行业仍将维持高成长性，技术领先、产能充足且客户结构 多元的企业有望持续受益。中创新航凭借其产品性能和成本优势，正在快速扩大市场影响力，未来市场 占有率有望进一步提升。 近日，根据全球知名调研机构SNE Research最新发布的数据显示，中创新航(3931.HK)在今年7月实现动 力电池装机量4.8GWh，同比大幅增长59.8%，市占率大幅提升至5.4%，较6月的4.6GWh环比增长 4.3%，是同业前四中唯一实现环比装机量增长的企业，增速在全球主流动力电池厂商中位列第一。同 时，在国内市场，中创新航动力电池装机量市占率从5月的7.5%激增至7月的8.4%，亦远超行业增长势 头。 ...

Group 1: Fourth Paradigm (6682 HK) - The company is transitioning its business model from customized solutions to standardized platform delivery, focusing on building underlying vertical models and providing decision-making recommendations to clients [1] - Revenue growth is expected to be strong, with an annualized growth rate exceeding 30% from 2024 to 2028, and a projected revenue of over 7 billion yuan in 2025, reaching 20 billion yuan in four years [1] - The company is on track to achieve profitability, with a long-term profit margin target of 8-10% [1] Group 2: Guoxuan High-Tech (002074 CH) - The company has seen significant growth in power battery shipments, with a revenue of 19.39 billion yuan in the first half of 2025, up 15.5% year-on-year, driven by power and energy storage battery revenues of 14.03 billion yuan and 4.56 billion yuan, respectively [2][3] - The gross margin has slightly declined, with a second-quarter gross margin of 14.8%, down 3.0 percentage points year-on-year, primarily due to uncertainties in U.S. tariff policies and changes in product structure [2] - The company is advancing its solid-state battery layout, with the first phase of its Vietnam factory successfully launched and additional factories in Morocco and Slovakia expected to start production in 2026 and 2027, respectively [2] Group 3: Automotive Industry - In August, several new energy vehicle companies achieved record sales, with BYD selling 371,501 passenger vehicles, maintaining year-on-year stability, and exporting 80,464 units, up 146% [5][6] - NIO delivered 31,305 vehicles in August, a 55.2% year-on-year increase, with the ES8 expected to launch in September, potentially boosting sales [5] - Xpeng Motors delivered 37,709 vehicles in August, marking a 169% year-on-year increase, while Li Auto delivered 28,529 vehicles, reflecting a 41% decrease [6]

公开资料显示，孚能科技主要从事新能源车用动力电池及整车电池系统、储能电池及系统、新兴业务产 品的研发、生产和销售。公司产品长期聚焦三元动力电池，同时积极拓展磷酸铁锂、钠离子等动力电池 的电芯、模组和电池包，目前已成为全球三元软包动力电池的领军企业之一。 目前，孚能科技正在持续发力全固态电池。公司2024年底建成了小试线，已完成多款全固态电池的测试 研发工作，预计将于今年年底建成设计产能达0.2GWh的硫化物全固态电池中试线，并向战略合作伙伴 客户交付60Ah的第一代硫化物全固态电池。 文/佑尚 2025年8月29日晚，孚能科技（688567.SH）公布上半年财报，公司营业收入约43.53亿元，同比下滑 37.58%；归属于上市公司股东的净利润亏损约1.62亿元，上年同期为亏损1.9亿元，同比亏损减少。 孚能科技表示，上半年同比减亏的主要原因有三：第一，毛利率提升，公司降本增效措施持续深化，叠 加优质海外客户出货占比提升；第二，公司持续推进降本增效，期间费用有所减少；第三，欧元对人民 币升值，上半年汇兑收益同比增加。 发力全固态电池 自2009年成立以来，孚能科技依托国际化的研发团队和全球化的研发机制、多项前沿 ...

Core Insights - The Chinese power battery industry is facing challenges in its international expansion due to increased competition and intellectual property issues [2][6][8] - Major Chinese battery manufacturers are accelerating their overseas investments, with a projected $16 billion in overseas investments in 2024, surpassing domestic investments for the first time [3][7] - The global market for power batteries is becoming increasingly competitive, with Chinese companies capturing a significant market share [4][5] Industry Trends - The power battery sector is a key battleground in the new energy competition, with China leveraging its manufacturing advantages to gain a foothold globally [2] - Chinese companies like CATL and BYD are expanding their production capacity in Europe and Southeast Asia, with CATL planning a 100 GWh factory in Hungary and significant investments in Indonesia [3][4] - The market share of Chinese battery manufacturers is on the rise, with six out of the top ten global battery manufacturers being Chinese by mid-2025, holding a combined market share of 68.7% [4] Competitive Landscape - Chinese companies are noted for their cost control and competitive pricing in the mid-to-low-end market segments, while established international firms like LG and Panasonic maintain advantages in high-end technology and brand recognition [5][6] - The competitive landscape is characterized by a "hundred flowers blooming" scenario, with various companies from Korea, Japan, and China focusing on different market segments [6][7] Challenges and Barriers - Chinese battery manufacturers face significant barriers in the form of policy restrictions and intellectual property risks when entering international markets, particularly in the U.S. [7][8] - The recent patent dispute loss for a Chinese company against LG highlights the challenges in intellectual property management and the need for better international patent strategies [2][8] Strategic Recommendations - To overcome these challenges, Chinese companies need to seek national support to address discriminatory policies and create a fair competitive environment [9] - Companies should focus on markets with favorable policies, such as Southeast Asia and countries involved in the Belt and Road Initiative, to build operational experience [9][10] - Continuous investment in technological innovation, particularly in next-generation technologies like solid-state batteries, is essential for maintaining a competitive edge [10]

Financial Performance - The company achieved a revenue of 193.94 million CNY in the first half of 2025, representing a year-on-year growth of 15.48% [2] - The net profit attributable to shareholders reached 36.7 million CNY, with a year-on-year increase of 35.22% [2][3] - The net cash flow from operating activities increased by over 80% year-on-year [2][9] Market Position - The company's market share in domestic power battery installations rose to 5.18%, ranking fourth in the industry [2] - In the energy storage sector, the company ranked seventh globally in terms of battery shipments [2] Product Development - The company is advancing its all-solid-state battery technology, with a pilot production line achieving a yield rate of 90% [4] - In the first half of 2025, the company shipped approximately 40 GWh of products, marking a year-on-year growth of over 48% [5] Inventory and Production - The increase in inventory is attributed to strong market demand and a strategy to maintain a reasonable safety stock [6] - The company plans to establish new battery production bases in Jiangsu and Wuhu, targeting a total capacity of 40 GWh to meet growing order demands [7] Research and Development - R&D investment for the first half of 2025 was 1.382 billion CNY, a year-on-year increase of 13.34% [12] International Expansion - The company has established deep partnerships with international clients, with overseas revenue reaching 6.4 billion CNY, accounting for 33% of total revenue, an increase of 1.9 percentage points from the end of 2024 [14] New Products and Technologies - The company has launched several new products, including the LMFP-based L600 battery and the "Jinshi" all-solid-state battery [17]

Core Viewpoint - Hunan Keli Yuan New Energy Co., Ltd. has announced a guarantee for its subsidiary, Boye Keri Smart New Energy Technology Co., Ltd., involving a loan of 210 million yuan from CITIC Bank for a storage project [3][4][5]. Summary by Sections Guarantee Overview - The guarantee amount is 105 million yuan, which represents 50% of the loan obligation for Boye Keri [3][4]. - The loan is intended for the construction of a 100MW/200MWh independent energy storage project [7]. - The company holds a 48.93% stake in Boye Keri through its investment in the storage industry fund [7]. Approval Process - The guarantee was approved by the company's board and the 2024 annual general meeting [8][13]. - The total expected guarantee amount for various projects is capped at 300 million yuan, with a specific limit of 150 million yuan for Boye Keri [9]. Financial Status - As of the announcement date, the company has provided a total of 494.056 million yuan in guarantees, which exceeds 100% of the latest audited net assets [14][18]. - The company has no overdue guarantees or guarantees for shareholders and related parties [14][18]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the construction of the energy storage project, which aligns with the company's strategic goals [12]. - The company believes that the project will generate stable investment returns and enhance its core competitiveness in the lithium battery materials sector [12].

宁德时代9月2日公告，截至2025年8月31日，公司通过深圳证券交易所股票交易系统以集中竞价交易方 式累计回购公司A股股份869万股，占公司同日A股总股本的0.1973%，最高成交价为290元/股，最低成 交价为231.5元/股，成交总金额为人民币21.31亿元（不含交易费用）。公司后续将继续实施本次回购计 划，并及时履行信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...