Core Viewpoint - The Next P7 was unveiled with features such as dual-chamber suspension, Ultra (Turing chip) intelligent driving, and a maximum range of 820 km. The pricing will be announced at the end of August, with a formal launch to follow [1]. Group 1: Product Features - The Next P7 has dimensions of 5017*1970*1427 mm, making it longer and wider than the current P7, but lower in height. The design emphasizes a futuristic feel rather than luxury [1]. - The vehicle features a dual-motor version that can accelerate from 0 to 100 km/h in 3.9 seconds [1]. Group 2: Design Perspective - The design of The Next P7 is described as original and futuristic, aiming to inherit the low stance and overall proportions of the previous model while innovating on its appearance. The design reflects the brand's attitude of being bold and different [1]. Group 3: Sales Outlook - The sales performance of The Next P7 will largely depend on its pricing, which is expected to be in the range of 250,000 to 300,000 yuan. The pre-sale has started, but the price has not yet been disclosed. Monthly sales are projected to reach 3,000 to 4,000 units [1].

Core Viewpoint - The eVTOL (electric Vertical Take-Off and Landing) industry is on the brink of commercial explosion, driven by significant order inflows and accelerated airworthiness certification processes, with a projected demand for lithium batteries reaching 30GWh by 2030, indicating a new growth avenue for the lithium battery sector [2][4][8][15]. Group 1: eVTOL Orders and Market Dynamics - In July, significant orders were secured by eVTOL companies, with a total value of $2.75 billion, including a $1 billion deal for 350 E20 eVTOLs and a $1.75 billion order for 500 VE25-100 eVTOLs [2][3]. - As of 2025, eVTOL companies have reported over 1,500 intent orders, reflecting a robust market interest and potential for growth [2]. Group 2: Supply Chain and Cost Advantages - The rapid order growth is attributed to the maturity of the domestic supply chain in China, which offers cost advantages of 30%-50% lower than Western counterparts, and a significantly reduced manufacturing cost [5]. - eVTOL is expected to share 80% of its supply chain with the electric vehicle industry, allowing for the transfer of technology and experience, thus reducing development costs and time [5]. Group 3: Battery Technology and Requirements - The battery constitutes 20%-40% of the eVTOL's overall cost, and as the market scales, the demand for battery replacements will create a stable growth opportunity [8]. - eVTOL requires batteries that balance energy density, power density, and safety, with a target energy density of over 350Wh/kg for effective urban commuting [9][10]. Group 4: Solid-State Battery Development - Solid-state batteries are emerging as a key solution for eVTOL, offering high energy density and safety features that align with the industry's needs [12]. - Leading battery manufacturers are actively developing solid-state batteries, with companies like CATL and Aulton already making significant advancements in this area [13][14]. Group 5: Future Outlook - The commercial wave of eVTOL is becoming evident, with dense orders and accelerated certification processes pushing the industry from concept to reality [15]. - The collaboration between battery technology advancements and the eVTOL market is expected to deepen, paving the way for integration into urban transportation systems [15].

Group 1: Core Insights - The current Chinese economy is transitioning from high-speed growth to high-quality development, with "involution" competition being a major obstacle to industrial upgrading and economic transformation [1] - The government has introduced a series of "anti-involution" policies since 2025 to curb vicious price wars, eliminate backward production capacity, and optimize supply structure, which are significantly changing the competitive landscape and profit models across various industries [1][2] - The investment themes for 2024 and 2025 focus on optimizing supply and seeking quality companies, with "anti-involution" expected to be the main line of the new A-share market [1][2] Group 2: Policy Framework - The "anti-involution" policy has evolved from concept to institutional design and implementation, with the first mention in the Central Political Bureau meeting in July 2024, marking its entry into national policy [2] - The policy framework includes legal revisions, such as the amended Anti-Unfair Competition Law, which prohibits disorderly competition behaviors like below-cost pricing [3] - The government encourages industry self-regulation through associations and companies, exemplified by commitments from automotive companies to settle payments within 60 days [4] Group 3: Characteristics of the Current "Anti-Involution" Policies - Compared to the supply-side structural reform of 2016, the current "anti-involution" policies cover a broader range and address more complex issues, tackling both traditional industries' demand shortages and emerging industries' supply expansions [5] - The policies aim to improve profitability across multiple industries by reducing supply through the elimination of backward capacity and promoting demand through domestic consumption [5][9] - The "anti-involution" approach is seen as a long-term factor for improving the supply-demand structure in the A-share market, contributing to a virtuous cycle of innovation, profit, and reinvestment [5][9] Group 4: Impact on A-Share Market - The "anti-involution" policies are expected to enhance the fundamentals of the A-share market by optimizing the supply-demand structure, which can lead to improved profit margins for companies [6][10] - The current low prices in the domestic market are attributed to continuous capacity expansion rather than demand shortages, indicating that supply-side changes are crucial for breaking the deadlock [9] - The policies are likely to benefit sectors such as chemicals, non-ferrous metals, new energy vehicles, and lithium batteries, providing sustainable support for the A-share market and long-term investment opportunities [10]

Core Viewpoint - The article discusses the advantages of manganese-based semi-solid-state batteries, emphasizing their safety and low-temperature performance, which could enhance the adoption of electric vehicles in colder regions [1]. Group 1: Safety Performance - The battery has a liquid content of 5%, which fundamentally prevents self-ignition, and it has been tested to withstand multiple punctures without emitting smoke or catching fire [1]. - The battery's design allows it to handle punctures from multiple directions, which typically increases short-circuit risks, yet it remains safe under such conditions [1]. Group 2: Low-Temperature Performance - At -10°C, the battery can charge from 10% to 80% in 39 minutes, while at -20°C, it takes 43 minutes, and at -30°C, it can support a discharge power of 100 kW, addressing the challenges of electric vehicle usage in colder climates [1]. Group 3: Technical Insights - The use of manganese-based cathodes is justified by their high voltage platform, good power performance, and excellent low-temperature characteristics [1]. - The compatibility of semi-solid-state technology with manganese-based cathodes is highlighted, as the semi-solid state prevents manganese dissolution that can occur in liquid systems, achieving over 3000 cycles at 1C rate [1]. - The company is progressing well with the development of all-solid-state batteries, which are soon to undergo vehicle testing [1].

Industry Overview - The performance of the Shenwan Electric New Energy sector decreased by 2.62%, ranking 24th among 31 industries, while the Shenwan Public Utilities sector fell by 1.84%, ranking 13th [1][2] - During the same period, the CSI 300 index declined by 1.75%, and the Wind Information All A index dropped by 1.09% [2] Key Developments - The Ministry of Industry and Information Technology (MIIT) has initiated energy-saving inspections for 41 polysilicon companies to promote energy conservation and green development in the polysilicon industry [2] - Abu Dhabi Future Energy Company (Masdar) and Spanish company Iberdrola have partnered to invest in the UK's largest offshore wind project with a capacity of 1.4 GW, setting a new reference for international cooperation in renewable energy [2] Company Insights - CATL (Contemporary Amperex Technology Co., Limited) anticipates small-scale production of solid-state batteries by 2027, with larger-scale production expected around 2030 [3] - Guangdong Province has decided to raise the capacity price for coal and gas power plants, with coal power capacity price set at 165 yuan per kilowatt per year starting January 1, 2026 [3] Investment Recommendations - The report maintains a "recommended" rating for the electric new energy and public utility sectors, suggesting to focus on leading photovoltaic companies such as Aiko Solar, Longi Green Energy, and Tongwei Co., Ltd. [4] - In the wind power sector, it is advised to pay attention to component manufacturers like Jinlei Co., Ltd. and Dayun Heavy Industry [5] - For lithium battery investments, companies in the iron-lithium and anode segments such as Hunan Youneng and Shanghai Xiba are highlighted [5]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report - On August 4, 2025, the 2509 contract of lithium carbonate futures rose 0.09% to 68,920 yuan/ton. The average price of battery - grade lithium carbonate remained at 71,350 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 69,250 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 65,620 yuan/ton. Warehouse receipts were concentrated for cancellation, and inventory increased 5,998 tons to 12,603 tons [3]. - The supply - demand balance in August may further narrow. Weekly production continued to slow down, with a week - on - week decrease of 1,362 tons to 17,268 tons. However, with the price rebound, it is expected that the supply in August will still increase slightly by 3% to 84,200 tons. The lithium consumption of two major cathode materials in August is expected to increase 8% month - on - month to 86,000 tons of LCE. Social inventory has seen its first destocking since the end of May, but there is still about 142,000 tons [3]. - After the market sentiment subsided, lithium prices have fallen from their highs. The market focus is on the uncertainty of whether Jiaxiaowo will stop production. After the concentrated destocking of warehouse receipt inventory, there is a certain re - inflow, but the current total remains low. In the long term, attention should be paid to the further cost - reduction and production - increase actions of overseas mines [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 68,920 yuan/ton, unchanged from the previous day; the closing price of the continuous contract was 69,200 yuan/ton, up 700 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 760 US dollars/ton, up 5 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,085 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) remained at 1,710 yuan/ton; the price of amblygonite (Li2O: 6% - 7%) was 5,350 yuan/ton, up 75 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,280 yuan/ton, up 85 yuan [5]. - **Lithium Carbonate**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 71,350 yuan/ton; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 69,250 yuan/ton [5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles/domestic) dropped 50 yuan/ton to 65,620 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) dropped 50 yuan/ton to 70,770 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) dropped 50 yuan/ton to 60,520 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 8.2 US dollars/kg, down 0.03 US dollars [5]. - **Lithium Hexafluorophosphate**: The price of lithium hexafluorophosphate remained at 52,750 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,730 yuan/ton, down 50 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 7,076.1 yuan/ton, down 247 yuan [5]. - **Precursors & Cathode Materials**: The prices of various ternary precursors and cathode materials showed small increases, while the prices of lithium iron phosphate and lithium manganate remained unchanged, and the price of cobalt acid lithium remained unchanged [5]. - **Cells & Batteries**: The prices of various cells and batteries remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][11][13]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and other price spreads from 2024 to 2025 [16][17][19]. - **Precursors & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [21][24][27]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from December 12, 2024, to July 31, 2025 [34][35][37]. - **Production Costs**: Charts present the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39]

Group 1 - The core viewpoint of the article emphasizes the importance of balancing performance and cost in battery cell procurement by major manufacturers [5] - BYD is expanding its operations in Southeast Asia, indicating a strategic move to tap into new markets [5] - CATL is experiencing growth in the energy storage market, which is outpacing the growth in the power battery sector [5]

Group 1 - The current phenomenon of "involution" in cutting-edge fields such as photovoltaics, lithium batteries, and new energy vehicles is characterized by competition in a "no man's land," which is not indicative of recession but rather a stage of industrial innovation [1] - The essence of "involution" is a lack of genuine innovation leading to simple repetition under boundary constraints, with supply-side involution resulting in price declines rather than scale expansion when demand reaches its limit [2] - The automotive industry has seen stable annual sales between 80 million and 90 million vehicles, where excessive supply only compresses profits across the entire industry chain [2] Group 2 - Current pseudo-innovation relies on scale expansion to capture existing market share without enlarging the overall market, leading to intergenerational resource depletion that poses future development risks [2] - The core path to counter "involution" involves achieving true innovation and intergenerational equity, which requires breaking boundary limitations through technological breakthroughs and enhancing factor efficiency within existing boundaries [2] - The transition from the industrial era to a multi-dimensional space of virtual and real integration is causing a reconstruction of industrial systems, urban forms, and social structures, with "involution" being a growing pain in this new process [2]

Core Viewpoint - The article highlights the upcoming 2025 High-Performance Lithium Battery Annual Conference, showcasing the growth and innovation in the new energy vehicle sector, particularly focusing on battery supply partnerships and new model announcements [2][4]. Group 1: Conference Details - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event is organized by Gaogong Lithium Battery and Gaogong Industry Research (GGII), with various sponsors including HaiMuxing Laser and Dazhu Lithium Battery [2]. Group 2: New Energy Vehicle Announcements - The Ministry of Industry and Information Technology has announced the 396th batch of vehicle production enterprises and products, featuring 132 new energy passenger vehicles, with 108 models using LFP batteries and 24 using ternary batteries [2]. - CATL leads the battery supply with 51 new vehicle models, including 14 ternary battery models, covering brands like Cadillac, Seres, and Toyota [2]. - Fudi has supplied batteries for 19 new models, including those for BYD's Song, Han, Qin, and Tang series [3]. - Zhongxin Innovation has partnered with 11 new models, including those from Dongfeng and Geely, with a notable focus on SUV models [4]. Group 3: Market Trends and Innovations - The announcement includes significant SUV models from leading manufacturers like Tesla and BYD, indicating a shift towards high-performance battery solutions for mainstream vehicles [4][5]. - The Hongmeng Zhixing's SUV model, Shangjie H5, features a range of 655 km and is equipped with the latest HUAWEI ADS 4 driving assistance system, priced at 200,000 RMB, potentially disrupting the market [4]. - The Tesla Model Y L, an upgraded six-seat version, is expected to maintain Tesla's dominance in the SUV market, following the success of the Model Y [5].

Core Viewpoint - The article discusses the upcoming 2025 High-tech Lithium Battery Annual Conference and the IPO application of XINWANDA, highlighting the company's growth in various battery sectors and its strategic plans for international expansion and technological advancement [2][9]. Company Overview - XINWANDA was established in 1997 and operates in consumer batteries, power batteries, and energy storage systems, providing a comprehensive integrated layout from research and development to manufacturing and recycling [4]. - The company has submitted an IPO application to the Hong Kong Stock Exchange on July 30, 2025, after previously listing on the A-share market in 2011 and issuing GDRs in 2022 [2][4]. Financial Performance - In 2024, XINWANDA's revenue reached RMB 56 billion, with a compound annual growth rate (CAGR) of 3.6% from RMB 52.2 billion in 2022. Gross profit increased from RMB 6.3 billion to RMB 8.2 billion, with a CAGR of 14.2% [6][8]. - The revenue breakdown for 2024 shows that consumer batteries accounted for 54.3%, power batteries for 27.0%, energy storage systems for 3.4%, and other businesses for 15.3% [5]. Market Position - XINWANDA holds a leading position in the global mobile phone battery market with a market share of 34.3% and ranks second in the laptop and tablet battery market with a share of 21.6% [6]. - The company is among the top ten global suppliers of power batteries, with the fastest growth rate in shipment volume among the top ten manufacturers from 2023 to 2024 [6][11]. Profitability - In 2024, the gross profit margins for XINWANDA's business segments were as follows: consumer batteries at 17.65%, energy storage systems at 20.39%, and electric vehicle batteries at 8.8% [7]. Future Outlook - The company anticipates growth in the consumer battery sector driven by the demand for AI-enabled products and the expansion of applications in smart homes, wearables, and service robots [10]. - The power battery market is expected to grow as electric vehicles gain market penetration, with emerging applications such as electric aircraft becoming new demand drivers [10]. - The global energy storage market is projected to grow rapidly due to the transition to clean energy systems, with XINWANDA being the tenth largest energy storage battery manufacturer by shipment volume in 2024 [11].