Core Insights - The report emphasizes a focus on the technology sector for investment opportunities, particularly in growth stocks, as the market index has shown upward momentum [2][6]. - The report outlines a selection of ten key stocks, highlighting their respective industries, market capitalizations, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2026 and 2027 [2][68]. Group 1: Key Stock Recommendations - **Neway Valve (603699.SH)**: A leading global industrial valve manufacturer, benefiting from a surge in LNG and marine engineering sectors, with expected overseas order growth of over 50% year-on-year in the first half of 2025 [11][12]. - **Yongxing Environmental (601033.SH)**: The sole operator of waste incineration in Guangzhou, with a projected capacity utilization rate of 79% and a commitment to high dividends, expecting a 174% increase in free cash flow in 2024 [17][18]. - **Aerospace Electronics (600879.SH)**: Focused on aerospace electronics and unmanned systems, with anticipated high growth driven by the commercial space industry and demand for satellite communication technologies [26][27]. - **Miaokelando (600882.SH)**: Positioned for long-term growth in the dairy sector, with a focus on product innovation and cost management, expecting significant revenue growth in the upcoming quarters [31][32]. - **Laopu Gold (6181.HK)**: A high-end gold jewelry brand with strong revenue growth, projected to achieve 8.51 billion yuan in revenue in 2024, benefiting from the expanding market for traditional gold products [36][38]. - **Jingzhida (688627.SH)**: Engaged in the semiconductor testing equipment sector, with significant market potential and expected strong performance due to key customer orders [42][43]. - **Shensanda A (000032.SZ)**: Positioned to benefit from the increasing demand for AI infrastructure and applications, with a strong foothold in public data services [47][48]. - **Sanqi Interactive (002555.SZ)**: Anticipating strong performance from new game releases, particularly the upcoming "Douluo Dalu: Hunting Soul World," with high player interest [53][56]. - **CATL (300750.SZ)**: Expected to maintain strong profit growth, with projected net profits of 66.1 billion yuan in 2025, driven by increasing demand for electric vehicle batteries [59][60]. - **Borui Pharmaceutical (688166.SH)**: Forecasted to achieve net profits of 2.6 billion yuan in 2025, with significant potential in the Amylin pipeline, which has attracted substantial investment interest [63][64]. Group 2: Financial Data Overview - The report provides detailed financial forecasts for the ten key stocks, including projected revenues and net profits for 2025 to 2027, highlighting the growth potential across various sectors [68]. - For instance, Neway Valve is expected to generate 74.53 billion yuan in revenue in 2025, with a net profit of 14.49 billion yuan, reflecting strong operational performance [68]. - CATL's projected revenue for 2025 is 472.43 billion yuan, with a net profit forecast of 66.13 billion yuan, indicating robust growth in the electric vehicle battery market [68].

Core Viewpoint - The annual performance report of Jin Jing New Energy for the year ending March 31, 2025, reveals significant growth, with a 92.3% increase in revenue to HKD 870 million, marking a historical high. The company's gross profit surged by 266.8% to HKD 103 million, and net loss narrowed from HKD 78.9 million to HKD 15.7 million, indicating a strong recovery towards breakeven [1][2]. Business Restructuring and Growth Drivers - The remarkable performance is attributed to a strategic transformation over three years, focusing on reverse supply chain management and environmental services, which contributed approximately HKD 696 million in revenue, a 204% increase. The green energy sector now constitutes 80% of total revenue [1][3]. - Key growth engines include vertical integration through acquisitions of local recycling firms, enhancing the battery recycling lifecycle, and horizontal collaborations, such as the strategic partnership with Guoxuan High-Tech, which aims to tap into a market worth HKD 22.8 billion for overseas retired battery disposal [4][6]. Policy Environment and Strategic Depth - Jin Jing New Energy has positioned itself advantageously within the industry, leveraging early entry into the battery recycling market. The recent government action plan emphasizes full-chain management and digital traceability, aligning with the company's existing framework [6][7]. - The anticipated surge in retired battery volumes, projected to reach 820,000 tons by 2025, presents a significant market opportunity, especially as current recovery rates remain below 25%. The company is well-placed to capture market share as the industry consolidates [7][8]. Capital Premium and Value Transformation - The capital market has responded positively to the company's growth, with a cumulative stock increase of 265.85% in 2024. As of June 27, 2025, the market capitalization reached HKD 10.96 billion, reflecting investor confidence in its business model [10][11]. - The company's unique position as the only overseas battery recycling entity in the Hong Kong market, combined with its extensive logistics network across 28 countries, creates a competitive moat. The upcoming battery processing facility in Hong Kong is expected to align with the market's growth trajectory [11][12]. Conclusion - Jin Jing New Energy's explosive growth is a result of strategic foresight and execution, establishing a robust competitive advantage in the global green circular economy. The company is transitioning from a dark horse to a standard in the industry, poised for significant value reassessment as battery recycling becomes a core focus [15].

电力设备 | 证券研究报告 — 行业周报 2025 年 6 月 29 日 强于大市 电力设备与新能源行业 6月 第 4 周周报 5 月风光装机高增，小米 YU7 订单亮眼 新能源汽车方面，本周小米 YU7 正式上市，1 小时大定突破 28.9 万台，下 半年随着新能源新车型不断推出，新能源汽车产品力不断增强，2025 年国内 新能源汽车销量有望保持高增，带动电池和材料需求增长。动力电池方面， 固态电池催化不断，本周美国 QS 宣布其固态电池生产获里程碑式进展，固 态电池产业化趋势明确，后续关注固态电池相关材料和设备企业验证进展。 光伏方面，中央经济工作会议明确提出综合整治"内卷式"竞争，国家市场监 管总局针对光伏组件进行抽检，光伏供给侧改革力度有望加强；需求侧，我 国 5 月光伏装机高达 92.92GW，装机同比增长 388%，可能一定程度上压制 25H2 光伏装机需求，密切关注供给变化情况，光伏板块重点关注硅料环节 和 BC 以及贱金属降本方向。氢能方面，政策持续推动氢能产业化发展，能 源局开展能源领域氢能试点，地方政策催化不断，建议关注具备成本优势、 技术优势的电解槽生产企业、受益于氢能基础设施建设的燃料 ...

Group 1 - Shanghai Zhaofu Intelligent Technology Co., Ltd. was established on June 23, with a registered capital of 1.288 billion yuan and an initial investment exceeding 3 billion yuan, entering the Robotaxi sector as a new player backed by strong partners [2] - The strategic cooperation agreement signed on April 10 by Ant Group, Hello, and CATL aims to collaborate in areas such as intelligent driving and new energy vehicle services, leading to the formation of the joint venture to advance commercialization in the Robotaxi field [2][4] - Hello has a large user base with over 800 million registered users and daily order volume exceeding 10 million, providing a strong operational foundation for Robotaxi services, especially in lower-tier cities [4][5] Group 2 - Ant Group's expertise in AI and data capabilities is expected to support Hello's development of autonomous driving, leveraging user behavior data from its ecosystem to optimize route planning and demand forecasting [5][6] - CATL's involvement is seen as a move to secure hardware dominance in the automotive sector, with its smart skateboard chassis technology aligning well with the customization and efficiency needs of Robotaxi operations [6][7] - The collaboration among Hello, Ant Group, and CATL is characterized as a mutually beneficial arrangement, where each party contributes its strengths: operational data from Hello, algorithm optimization from Ant Group, and hardware support from CATL [6][8] Group 3 - The transition to a fully operational Robotaxi ecosystem is complex, requiring more than just resource aggregation; it necessitates the development of a self-evolving ecosystem [7][8] - Challenges exist in achieving a seamless integration of existing data from Hello's two-wheeled services with the dynamic requirements of four-wheeled Robotaxi operations, including the need for high-precision mapping and real-time perception data [8][9] - Hello's financial pressures and the capital-intensive nature of Robotaxi operations may conflict, as Hello has reported significant losses and declining profit margins in its core bike-sharing business [9][10]

倒计时14天 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 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/派能科技/创明新能源/多氟多/博力威/睿恩新能源/诺达智 慧能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科动力/中国钠电/比克电池/鹏辉能源/蓝京新能源/亿纬锂能/星恒电源/先导智 能/小安科技/鑫晟达/精锐精密等 以合资公司为布局主体，算不算松下的一种"曲线救国"！ 从大连市人民政府官网获悉，6月26日，位于 大连金普新区的泰星能源纯电汽车电池项目在 大连自贸片区新能源产业园 内正式开工。 项目由 大连泰星 能源有限公司运营建设， 此前已相继在大连投资三期混合动力汽车电池项目。 本次投建的为 纯电汽车电池项目， 总投资 37亿元 ，占地面积约23万平方米，达产后预计实现年产值40亿元，将进一步为大连 新能源汽车全产业链发展带来新动能。 ...

换电之城 智慧两轮 时间： 7月10-11日 地址： 深圳宝安登喜路国际酒店2楼国际厅 一、活动背景及亮点 二、活动组织架构 活动名称： 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 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 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动规模： 6 00+ | | 会暨两轮车电池 CEO 闭门会(定向邀请) | 能源/汇创新能源/创明新能源/星恒电源/中兴派能/博力威 | | --- | --- | --- | | 18:00-21:00 | 闭门会交流晚宴 (定向邀请) | /睿恩新能源/诺达智慧/时代瑞象/多氟多/盾创科技/博观 | | | | 科技/逸飞激光/瑞能股份/尚闻科技/优旦科技/小安科技/ | | | है | | | 7 月 11 日 | 议题 | 参启处亚/皇宾 | | | 论坛开幕式 | | | 09:00-09:20 | 主办方致辞 | 起点研究 创始人 李振强 | | 09:20-09:30 | 颁发奖项: 2025 第五届中国两轮车换电及电池鲁班奖 | | | | 颁奖典礼 | 2025 中国两轮车共享换电 ...

倒计时15天 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 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/派能科技/创明新能源/多氟多/博力威/睿恩新能源/诺达智 慧能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科动力/中国钠电/比克电池/鹏辉能源/蓝京新能源/亿纬锂能/星恒电源/先导智能 /小安科技 /鑫晟达/精锐精密 等 01 宁德时代成立新公司 02 落子宜宾背后 宜宾地处成渝地区双城经济圈，交通便利，区位优势明显 ， 其丰富的水电资源为动力电池生产提供了清洁能源，降低了碳排放 ，加上 当地 政府 鼓励钠离子电池、固态电池等关键性、前沿性技术的发展，并 给予的税收优惠和政策支持，进一步吸引了大量企业入驻。此外，宜宾还 建立了完善的研发和人才培养体系，为产业发展提供了智力支撑。 来自投资四川的消息显示，截至目前，宜宾已累计签约四川时代、远 ...

Core Viewpoint - CATL plans to introduce its battery swapping and recycling technology in Europe to ensure a more sustainable electric vehicle supply chain [1][5] Group 1: Battery Swapping Technology - CATL's battery swapping technology is seen as having "huge potential" in Europe, making batteries cheaper and more durable [1] - Prior to CATL, companies like NIO have already introduced battery swapping stations in Europe, operating 60 stations across Germany, the Netherlands, Norway, Sweden, and Denmark [3] - The expansion of battery swapping stations outside China has been slow due to high construction and operational costs [3] Group 2: Expansion Plans - CATL aims to build 1,000 battery swapping stations in China by the end of this year and plans to construct 10,000 stations within three years [3] - The company has signed agreements with several truck manufacturers as part of its strategy to diversify revenue sources [5] - CATL plans to establish up to 300 battery swapping stations along major freight routes in China, covering 80% of key freight roads [5] Group 3: International Collaboration and Challenges - CATL has discussed the use of battery swapping technology with automotive manufacturers in Europe [5] - The European Commission is increasing pressure on Chinese companies entering the EU automotive market, requiring joint ventures or technology transfers [5] - CATL has previously licensed its battery production technology to Ford and Tesla and established a joint venture with Stellantis to build a €4.1 billion lithium battery factory in Spain [5] Group 4: Recycling Initiatives - CATL collaborates with the Ellen MacArthur Foundation to promote circular economy initiatives [8] - The company claims a 100% recovery rate for key battery minerals like nickel, cobalt, and manganese through its acquisition of a battery recycling group [8] - Battery swapping technology will facilitate easier battery recycling by allowing centralized collection at swapping stations [8] Group 5: Regulatory and Cost Considerations - CATL aims to bring its battery recycling technology to Europe but acknowledges that stricter regulations and higher costs may hinder profitability in the region [8]

盈信量化（首源投资）作为全球动力电池和储能电池领域的领军企业，宁德时代的产业布局极为广泛。在全球范围内，公司 坐拥六大研发中心与十三大电池生产制造基地，服务网络更是覆盖 64 个国家和地区，构建起庞大的产业生态。在产品应用方 面，其动力电池累计装车量超 1700 万辆，意味着全球每三辆新能源车中，就有一辆搭载宁德时代的电池；储能电池也毫不逊 色，在全球 1700 多个项目中得到应用，凸显其在新能源领域无可撼动的霸主地位。 上市首日交易时段，宁德时代股价高开高走，展现出强劲的上涨动能。截至发稿时，股价已飙升 12.55%，报 296 港元，成交 额突破 13.97 亿港元 ，大量资金的涌入，反映出投资者对宁德时代的积极追捧，市场热度持续高涨。 新能源行业龙头宁德时代（03750）在资本市场投下重磅炸弹，正式于香港交易所挂牌上市，这一消息瞬间点燃市场热情，其 股价走势成为焦点。上市首日，宁德时代股价强势上扬，一度涨幅超 12%，截至发稿，股价报 293 港元，涨幅达 11.41%，展 现出强大的市场号召力。 宁德时代此次港股上市，发行计划堪称亮眼。每股定价 263 港元，共发售 1.36 亿股股份，每手 100 ...

文/李悦 半年，新股融资总额增长810%。 半年，新股融资规模全球第一。 这是今年年初至2025年6月26日，港交所的表现。 久违的沸腾，还在继续。170宗上市申请，处于排队中。 Wind数据显示，截至6月26日，有40家公司成功登陆港交所，募资总额1047亿港元。与去年同期 的27只新股融资115亿港元相比，新股上市数量增加48%，融资总额攀升810%。 据安永预计，2025上半年，香港市场筹资额约1087亿港元 。这一融资额将使其在全球资本市场中 脱颖而出，跃居世界首位。与此同时，目前香港仍有超过170宗正在处理的上市申请个案，显示出强 劲的市场活力。 更令人瞩目的是，赴港上市潮中，很多是A股核心资产中的佼佼者。比如，动力电池龙头宁德时代、 医药龙头恒瑞医药、跨境电商龙头吉宏股份、调味品龙头海天味业等赫然在列。 从财报来看， 这些龙头企业现金储备充沛，且造血能力强劲。在已有A股融资平台且现金流强劲的 情况下，这些A股龙头企业为何仍选择赴港二次上市？ 6月23日，安永大中华区上市服务主管合伙人何兆烽对和讯网表示，部分现金流强劲的A股龙头企业 选择赴港二次上市，并非源于资金短缺，而是出于全球化战略布局、政策红 ...