从量产前景看，氧化物与聚合物因工艺成熟有望率先量产；硫化物虽具能量密度优势，但仍面临硫化氢 抑制、界面优化及高纯原料制备等技术瓶颈。这种差异化进展决定了固态电池产业将呈现"多元并行、 渐进落地"的发展格局，既保障短期商业化确定性，又为长期技术迭代留出空间。 在汤戈看来，技术与商业化的联动正重塑固态电池投资逻辑——从技术愿景转向量产与应用导向的务实 评估。半固态电池在主流车型的渗透，既传递了市场需求信号，又为全固态技术发展积累了工艺数据与 供应链经验。 证券时报记者 赵梦桥 近期，创业板行情由芯片半导体和锂电池两大主力"承包"，宁德时代更是股价创下近四年来新高，固态 电池频出的产业利好是促使锂电池板块"老树发新芽"的重要原因，Wind数据显示，固态电池指数8月以 来已经上涨23.31%，今年累计涨幅已超过50%。 经过多年探索，固态电池的发展路径与材料体系的脉络已经基本确定，作为过渡产品，当前准固态、半 固态的实际装车能力已得到产业认证，并为投资价值提供了现实支撑。"今年新能源行业整体见底回 升，锂电池行业中固态电池相当于第二增长曲线，从现在时点看具有持续性，也符合我们均值回归的投 资策略。"方正富邦基金基金经 ...

Core Viewpoint - Zhuhai Guanyu has acquired at least three Chinese patents from Panasonic, which may significantly impact the patent landscape in the lithium battery industry [2]. Group 1: Patent Acquisition - The three patents acquired by Zhuhai Guanyu include: "Secondary Battery" (Patent ZL201880018653.9), "Non-Aqueous Electrolyte Secondary Battery" (Patent ZL200880001215.8), and "Lithium Secondary Battery" (Patent ZL200710008331.X) [2]. - The transfer of these patents from Panasonic to Zhuhai Guanyu occurred between June and July of this year, but the corresponding U.S. patents have not yet been recorded as transferred [2]. Group 2: Panasonic's Patent Strategy - Panasonic has been actively monetizing its patents through various methods, including bilateral litigation and patent pools [2]. - Panasonic, along with LG, established the Tulip patent pool to promote licensing of lithium battery patents, aiming to collect licensing fees from Chinese battery manufacturers [2]. - Recently, two Chinese companies, Zhuhai Guanyu and BAK Battery, have joined the Tulip patent pool, indicating a strategic move in the industry [2].

Core Viewpoint - The article highlights the significance of the 23rd China International Motorcycle Expo as a platform for showcasing advancements in electric mobility, particularly in the context of new national battery safety standards and the transition from traditional lead-acid batteries to lithium batteries as the core power source for electric two-wheelers [3][6]. Group 1: New National Standards and Battery Innovations - The new national standards are driving the lithium battery market, emphasizing safety, lightweight design, long cycle life, high energy density, and environmental friendliness, positioning lithium batteries to replace traditional lead-acid batteries in the electric two-wheeler market [6]. - The PRO-MAX 46137 battery, introduced by BAK Battery, features a weight energy density of 190Wh/kg and a volume energy density of 490Wh/L, providing a large capacity of 30Ah, which enhances the endurance of electric two-wheelers [6][8]. - The PRO-MAX battery is designed with a steel shell structure and directional pressure relief, ensuring safety through rigorous testing, thus setting a new safety standard in the industry [8]. Group 2: Economic and Environmental Benefits - The PRO-MAX 46137 battery offers a lifecycle cost of electricity that is 50% lower than that of lead-acid batteries while maintaining an initial installation cost comparable to lead-acid options [8]. - With a lifespan of 2000 cycles, the battery can last over five years, reducing the need for frequent replacements, and operates effectively in a wide temperature range of -35℃ to 65℃, maintaining over 90% energy retention in low temperatures [8]. - The battery's design allows for high material and space utilization, making it compatible with most modules, which could establish it as a new standard in the electric two-wheeler sector [8]. Group 3: Market Growth and Future Outlook - The electric two-wheeler market in China is projected to grow, with an expected shipment of 49.6 million units in 2024, potentially reaching 54 million units in 2025 and 58 million units in 2026, driven by the implementation of new national standards and replacement demand [13]. - The penetration rate of lithium battery-powered electric two-wheelers is anticipated to increase, with shipments expected to rise from 4.62 million units in 2024 to 6.7 million units in 2026 [13]. - BAK Battery aims to lead the industry by focusing on safety, economy, and performance in its product offerings, contributing to the advancement of green mobility [14].

Group 1: Solid-State Battery Market Insights - The solid-state battery market is entering a critical engineering phase, transitioning from laboratory validation to practical implementation, indicating a significant growth opportunity [4][5][6] - The solid-state battery index has seen a 23.31% increase since August, with a cumulative rise of over 50% this year, reflecting strong market interest and investment potential [4] - The investment logic is shifting from a focus on technological vision to practical assessments of production and application, with half-solid batteries already being commercialized in vehicles [6][9] Group 2: Investment Opportunities and Strategies - Investment opportunities in the solid-state battery sector are characterized by a phased approach, with different segments offering varying risk and return profiles based on technological maturity and commercialization pace [7][8] - The equipment segment requires significant capital investment, with costs for domestic production lines ranging from 500 million to 1 billion RMB per GWh, indicating a high barrier to entry [7] - The materials segment is seeing a divergence in investment potential, with oxide and polymer routes gaining short-term attention due to their maturity, while sulfide routes face cost and production challenges [8] Group 3: Risks in the Solid-State Battery Sector - There are three core risks identified in the solid-state battery industry: uncertainty in technology implementation, challenges in cost control, and the risk of overvaluation in certain segments [9][10] - The market penetration of solid-state batteries is projected to exceed 30% by 2030, which could significantly boost demand for upstream equipment and materials [9] - The valuation of individual stocks in the sector may be inflated, necessitating actual performance to meet optimistic expectations for sustained stock price support [10] Group 4: Innovation-Driven Market Trends - The market is currently experiencing an innovation-driven bull market, with sectors such as AI, innovative pharmaceuticals, and new consumption models showing significant growth potential [12][18] - Investment strategies are evolving to focus on macroeconomic cycles, industry rotation, and deep individual stock analysis, emphasizing the importance of adapting to market conditions [12][15] - The emphasis on "left-side" positioning in investment strategies allows for early entry into promising sectors, which is crucial for outperforming in a competitive landscape [21][22] Group 5: Index Investment Development - The index investment sector is rapidly growing, with ETF assets surpassing 5 trillion RMB, driven by innovative product offerings and strategic positioning [20][21] - Differentiation in index products is essential, with a focus on niche markets and sectors that align with government policies and economic trends [21][22] - The expansion of product offerings, including various ETFs, reflects a commitment to providing investors with diverse investment tools tailored to different market conditions [23][24]

Core Insights - Suzhou's goods trade import and export reached 1.76 trillion yuan in the first eight months, marking a 5.4% increase and setting a historical record for the same period [1] - Exports totaled 1.11 trillion yuan, growing by 7.1%, while imports were 655.72 billion yuan, up by 2.7% [1] Trade Dynamics - General trade significantly boosted export growth, with exports via this method reaching 531.81 billion yuan, a 14% increase, accounting for 48.1% of total exports, up by 2.9 percentage points year-on-year [1] - Processing trade contributed 429.21 billion yuan, representing 38.8% of exports, while bonded logistics exports grew by 5.8% [1] Belt and Road Initiative Impact - Suzhou's trade with Belt and Road countries reached 791.17 billion yuan, a 15.1% increase, contributing 6.2 percentage points to overall trade growth, and accounting for 44.9% of total trade, up by 3.8 percentage points year-on-year [1] - Trade with ASEAN countries amounted to 339.6 billion yuan, growing by 27%, with exports in August reaching 35.27 billion yuan, a remarkable 61.2% increase, setting a historical high [1] Product Performance - Mechanical and electrical products played a crucial role, with exports totaling 857.87 billion yuan, a 6.5% increase, contributing over 70% to export growth [2] - The "new three items" category, including lithium batteries, saw a significant growth of 39.9%, while household appliances increased by 18.4% [2]

Group 1: Solid-State Battery Market Insights - The solid-state battery market is entering a critical engineering phase, transitioning from laboratory validation to small-scale production, indicating a significant growth opportunity [6][5][11] - The solid-state battery index has seen a 23.31% increase since August, with a cumulative rise of over 50% this year, driven by positive industry developments [4][5] - The investment logic in the solid-state battery sector is shifting from a focus on technological vision to practical assessments of production and application [7][11] Group 2: Investment Opportunities and Strategies - Investment opportunities in the solid-state battery supply chain are characterized by distinct phases, requiring a systematic approach along the lines of "equipment first—material breakthroughs—application expansion" [8][9] - The equipment segment is capital-intensive, with costs for domestic production lines ranging from 500 million to 1 billion RMB per GWh, reflecting the complexity of the technology [8][9] - The materials segment presents investment potential based on the industrialization capabilities and cost control of different technological routes, with oxide and polymer routes currently attracting short-term interest [9][10] Group 3: Risks in the Solid-State Battery Sector - There are three core risks in the solid-state battery industry: uncertainty in technology implementation, challenges in cost control, and the risk of valuation adjustments due to market expectations [12][11] - The market penetration of solid-state batteries could exceed 30% by 2030, potentially creating significant demand for upstream equipment and materials [11][12] Group 4: Innovation-Driven Market Trends - The market is experiencing an innovation-driven bull market, with sectors like AI, innovative pharmaceuticals, and new consumption witnessing rapid growth [15][13] - Investment strategies should adapt to market conditions, with a focus on balancing long-term positions in bull markets and tactical adjustments in bear markets [21][20] Group 5: Index Investment and Product Development - The index investment sector is rapidly evolving, with the total market ETF scale surpassing 5 trillion RMB, and firms are innovating products to capture niche opportunities [24][25] - The strategy of early positioning in underexplored sectors has proven effective, as seen with the performance of ETFs in medical devices and gold stocks [26][25] - Continuous expansion of product offerings is essential for adapting to various market environments, with a focus on building a comprehensive product shelf [28][27]

Group 1 - The State Council Information Office will hold a press conference on September 22, 2025, to discuss the achievements of the financial industry during the "14th Five-Year Plan" period [1] - The People's Bank of China has adjusted the 14-day reverse repurchase operations to fixed quantity, interest rate bidding, and multiple price bidding to maintain liquidity in the banking system [1] - The Ministry of Industry and Information Technology is preparing the "15th Five-Year Plan" for the new battery industry, focusing on supply-side structural reforms and preventing low-level repeated construction [1] Group 2 - In August 2025, China's foreign exchange market remained stable, with a net inflow of cross-border funds amounting to $3.2 billion and a bank settlement surplus of $14.6 billion [2] - The total cross-border receipts and payments by non-bank sectors reached $1.3 trillion, a year-on-year increase of 8% [2] - The foreign capital net purchases of domestic stocks and bonds indicate a positive trend in foreign investment [2] Group 3 - From January to August 2025, China attracted foreign investment totaling 506.58 billion yuan, with a year-on-year decrease of 12.7% [3] - The manufacturing sector received 129.03 billion yuan in foreign investment, while the service sector attracted 366.19 billion yuan [3] - High-tech industries saw a significant increase in foreign investment, with e-commerce services growing by 169.2% [3] Group 4 - The head of the Financial Regulatory Bureau conducted research in Jiangxi and Anhui provinces, focusing on financial support for technological and industrial innovation [4] - Discussions included enhancing central-local regulatory collaboration and understanding the operational status of enterprises and research projects [4] Group 5 - The Shanghai Stock Exchange has optimized the bond repurchase business, allowing repurchase under specific market conditions to stabilize market fluctuations [5][6][7] - The criteria for repurchase include significant price drops compared to historical prices and other reasonable justifications [6] Group 6 - The Shanghai Stock Exchange is monitoring stocks with severe abnormal fluctuations, including Tianpu Co. and Shoukai Co., and has taken self-regulatory measures against 274 instances of abnormal trading [8] - Special investigations are being conducted on 36 major events related to listed companies [8] Group 7 - The State Administration for Market Regulation has initiated an investigation into Chengdu Kuai Gou Technology Co. for suspected violations of e-commerce laws [9] Group 8 - Notable company news includes TaoTao Automotive's plan to apply for an IPO in Hong Kong, and Softcom Power's major shareholder's plan to reduce holdings by up to 2% [10] - Other significant developments include the suspension of stocks for companies like Juewei Foods and the upcoming IPO of Moer Thread on September 26 [10]

Core Viewpoint - The city of Zaozhuang is actively promoting quality management and brand strategies to enhance public service quality and overall citizen satisfaction, achieving positive results in the construction of a quality-driven city [1][2]. Group 1: Quality Management Initiatives - Zaozhuang has implemented a "1210" quality chain cultivation model, focusing on one national-level pomegranate industry chain project, two provincial-level lithium battery and machine tool projects, and ten municipal-level projects to support quality improvement [2]. - The city has organized events such as the "Zaozhuang Pomegranate Industry Chain Supply Chain Quality Improvement Conference" and the "Zaozhuang Lithium Battery Industry Chain Quality Improvement Project Conference" to promote quality initiatives [2]. Group 2: Infrastructure and Support - Zaozhuang is developing a "one-stop" service brand called "Zao Lai Jian" to support pillar and specialty industries, establishing service stations for pomegranates, spicy chicken, new energy, green building materials, high-end equipment, and high-end chemicals [3]. - The city has enhanced its food and drug inspection capabilities by adding five new testing devices, expanding pesticide residue testing to cover all categories of edible agricultural products [3]. Group 3: Quality Standards and Certifications - Zaozhuang has made significant progress in brand cultivation, with three companies included in the fourth batch of "Good Products in Shandong" and four companies recognized as quality benchmarks for 2025 [4]. - The city has established a provincial-level trademark brand guidance station for the Zaozhuang pomegranate industry, further promoting local brands [4]. Group 4: Innovation and Technology - The city has recognized 1,295 national technology-based small and medium-sized enterprises, with 218 companies obtaining high-tech enterprise certification, and 27 achievements included in the provincial major scientific and technological achievements database [4]. - Zaozhuang has conducted 685 batches of quality supervision checks on key industrial products, achieving a compliance rate of 96.2% [4].

关于下属公司及分支机构，请在法律意见书中补充公司下属公司及分支机构情况，并说明公司及其下属 公司、分支机构的经营范围是否涉及《外商投资准入特别管理措施(负面清单)(2024年版)》领域。 据招股书披露，欣旺达是全球锂电池科技企业，致力于提供绿色及高效的新能源一体化解决方案。公司 主要从事锂电池研发、设计、制造和销售，覆盖包括消费类电池、动力类电池及储能系统在内的丰富产 品矩阵，向全球客户提供自电芯、模组到系统以及电池检测及回收的全面解决方案。 公司与全球领先的科技公司建立了长期稳定的合作关系，包括全球最大的智能手机公司、小米、联想、 OPPO、vivo、荣耀及传音等重要行业参与者的主要厂商。目前为止， 2024年销量前十名的全球手机厂 商均是公司的客户。 (2)请说明最近一年新增股东情况。如无法核查的，请说明具体原因； (3)请说明公司是否存在股权代持，包括历史沿革中是否存在股权代持，不限于控股股东、实际控制 人； (4)请说明已经制定或实施的股权激励及相关安排情况，不限于报告期内实施的员工持股计划和股权激 励计划，并就是否合法合规、是否存在利益输送出具明确结论性意见。 9月19日，中国证监会公布境外发行上市 ...

智通财经APP获悉，9月19日，中国证监会公布境外发行上市备案补充材料要求公示(2025年9月12日— 2025年9月18日)。证监会要求欣旺达(300207.SZ)就公司设立及历次股权变动是否合法合规出具结论性意 见。据港交所7月30日披露，欣旺达向港交所递交上市申请，高盛、中信证券为其联席保荐人。 同时，说明关于控股股东、实际控制人。(1)请结合质押原因、偿债能力、合同履行等情况，补充说明 发行人控股股东和实际控制人股权质押是否可能导致发行人控制权发生变化，是否导致发行人存在《境 内企业境外发行证券和上市管理试行办法》第八条规定的禁止性情形；(2)请补充说明备案材料对控股 股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确结论性意见。 关于股本情况：(1)请说明公司现有股东的基本情况，以及现有股东之间的关联关系或一致行动关系。 如无法核查，请说明具体原因； (3)请说明公司是否存在股权代持，包括历史沿革中是否存在股权代持，不限于控股股东、实际控制 人； (4)请说明已经制定或实施的股权激励及相关安排情况，不限于报告期内实施的员工持股计划和股权激 励计划，并就是否合法合规、是否存在利益输送出 ...