2025年12月5日，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）正式登陆资本 市场（上海证券交易所科创板），这家被称为"国产算力之光"的企业，受到市场广泛关注，股价一路飙 红，盘中最高涨幅触及500%。 在敲钟仪式的现场，与兴奋的创始团队、投资人一同欢呼的还有一家银行机构——中国邮政储蓄银 行（以下简称"邮储银行"）。作为一路走来的伙伴，邮储银行不仅见证了摩尔线程成功IPO，这背后更 是一场关于"硬核科技"与"精准金融"的共赢故事。 今年的中央经济工作会议提出"坚持创新驱动，加紧培育壮大新动能"，并强调"创新科技金融服 务"。那么，金融支持科技创新需要怎样的远见？ 邮储银行以金融创新赋能科技创新，以更大力度、更实举措进一步做好科技企业金融服务。近年 来，该行牢牢把握创新驱动发展战略核心要义，锚定科技金融生力军定位，以金融创新破解科技企业发 展瓶颈，以全链条服务覆盖产业发展需求，在知识产权赋能、人工智能布局、产业链协同、制造业升级 等关键领域持续发力，为科技创新注入源源不断的金融活水，书写了金融与科技双向奔赴、共生共荣的 时代篇章。 破局"知产"变"资产" 以"技术流"评价体系激活创新动能 " ...

Core Viewpoint - The article discusses the upcoming 2025 Lithium Battery Industry Annual Conference and the significant developments in the lithium battery copper foil market, highlighting the recovery and growth of the industry after a period of losses. Group 1: Event Details - The 2025 Lithium Battery Industry Annual Conference will be held on December 18-19, 2025, at the Venus Royal Hotel in Shenzhen, with over 1,200 offline participants and 30,000 online viewers expected [2]. - The event celebrates the 10th anniversary of Qidian Research and includes various forums and award ceremonies related to lithium batteries and energy storage [2]. Group 2: Industry Developments - The lithium battery copper foil industry has seen a significant recovery, with companies like Nord Co. reporting a surge in orders and a shift from losses to profitability [3][6]. - Nord Co. has secured long-term supply agreements with major players, including a contract with Gotion High-Tech for 15,000 tons of copper foil over five years, and a framework agreement with Ningde Times for 62.6 million tons over three years [3][6]. - The total orders secured by Nord Co. amount to 628,000 tons, with an estimated total contract value exceeding 66 billion yuan, indicating a strong market demand [6]. Group 3: Financial Performance - Despite a 29.21% year-on-year increase in revenue to 4.793 billion yuan, Nord Co. reported a net loss of approximately 93.74 million yuan for the first three quarters of 2025 [6][7]. - The company has significantly reduced its net loss by 123 million yuan compared to the previous year, suggesting a positive trend in financial recovery [7]. Group 4: Future Outlook - Nord Co. plans to expand its annual production capacity to 300,000 tons by 2030, focusing on ultra-thin, high-performance copper foils [8]. - The company has developed a complete product line for copper foils ranging from 3 to 6 microns and is actively pursuing technological advancements in solid-state battery materials [8][9].

Core Viewpoint - Nord Shares has signed a three-year supply agreement with Zhongchuang Xinhang to provide a total of 373,000 tons of lithium battery copper foil from 2026 to 2028, ensuring stable supply and production capacity utilization for both companies [1][4][5]. Supply Agreement Details - The agreement specifies that Nord's subsidiary, Shenzhen Baijiada New Energy Materials Co., Ltd., will supply 58,000 tons in 2026, 130,000 tons in 2027, and 185,000 tons in 2028, prioritizing Zhongchuang Xinhang's supply needs during capacity constraints [1][4][5]. - This agreement continues the partnership established in February 2025, where a supply of 45,000 tons of copper foil was successfully delivered [5]. Market Context - The price of copper has been on the rise, increasing from 73,000 yuan/ton at the beginning of 2025 to 86,000 yuan/ton currently, with expectations to exceed 90,000 yuan/ton in 2026 [2][5]. - Copper foil accounts for approximately 13% of the total cost of battery production [5]. Product Development and Innovation - Nord Shares is advancing the development of ultra-thin copper foil, with 4.5-micron copper foil reducing battery production costs by approximately 9.3 million yuan per GWh compared to 6-micron foil [2][5]. - The company has developed customized copper foil products for next-generation battery technologies, including nickel-plated alloy foil for solid-state batteries and silicon-carbon anodes [6]. Research and Development - Nord Shares has established a 120-member R&D team and has applied for over 200 patents in collaboration with domestic and international universities and industry experts [6]. - The company has implemented a comprehensive quality management system certified by IATF16949 [6]. Business Expansion - In 2025, Nord Shares continued to expand its business layout, including the establishment of a 400 million yuan energy storage industry fund focused on technology R&D and project implementation [3][6]. - The company currently has an annual copper foil production capacity of 140,000 tons, with plans to reach a global total capacity of 300,000 tons by 2030 [3][6].

Core Viewpoint - Nord Shares has signed a three-year supply agreement with Zhongchuang Xinhang for lithium battery copper foil, ensuring a total supply of 373,000 tons from 2026 to 2028, which will stabilize production and reduce raw material price fluctuations [2]. Group 1: Supply Agreement - The agreement stipulates that from 2026 to 2028, Baijiada will supply Zhongchuang Xinhang with 58,000 tons in 2026, 130,000 tons in 2027, and 185,000 tons in 2028, prioritizing supply during capacity constraints [2]. - This agreement continues the partnership that began with a previous supply agreement for 45,000 tons in 2025, which has been fulfilled as per the terms [2]. Group 2: Market Trends - Copper prices have been on the rise, increasing from 73,000 yuan/ton at the beginning of 2025 to 86,000 yuan/ton currently, with expectations to exceed 90,000 yuan/ton in 2026 [3]. Group 3: Product Development - Nord Shares is advancing the research and large-scale application of ultra-thin copper foil, with 4.5-micron copper foil reducing battery production costs by approximately 9.3 million yuan per GWh compared to 6-micron foil [4]. - The company has developed customized copper foil products for next-generation battery technologies, including nickel-plated alloy foil for solid-state batteries and silicon-carbon anodes [4]. Group 4: Capacity and Expansion - Currently, Nord Shares has an annual copper foil production capacity of 140,000 tons, with a project in Europe aiming for an additional 30,000 tons per year, targeting a total global capacity of 300,000 tons by 2030 [5]. - The company has established partnerships with over 200 global clients, including leading lithium battery manufacturers [5].

Group 1: Industry Growth - In the first ten months of this year, China's new energy vehicle (NEV) production and sales reached 13.01 million and 12.94 million units, respectively, with year-on-year growth of 33.1% and 32.7% [2][4] - NEV exports totaled 2.014 million units, marking a year-on-year increase of 90.4% [1][2] - In October, NEV monthly sales surpassed 50% of total new car sales for the first time, reaching 51.6% [2] Group 2: Market Drivers - The growth in NEVs is attributed to effective domestic policies such as the vehicle replacement subsidy and the upcoming halving of the purchase tax for NEVs, which is expected to drive a new consumption peak [2][4] - Continuous innovation in product offerings, technological upgrades, and improvements in charging infrastructure have also contributed to the robust growth of the NEV market [2] Group 3: Battery and Material Trends - The lithium battery sector is experiencing a revival, with the copper foil industry currently in a state of high demand, transitioning from a previous period of losses [3][4] - Citigroup analysts noted that the recent momentum in lithium demand is driven by strong market needs rather than supply disruptions, with expectations for battery demand to grow significantly in the coming years [3][4] - By 2030, energy storage systems (ESS) are projected to account for one-third of total battery demand, up from 20% last year [3] Group 4: Price Trends and Performance - Prices for key lithium battery materials are generally stable with some increases, particularly in electrolyte products due to short-term supply-demand imbalances [4] - In the first three quarters of 2025, the lithium battery sector generated revenue of 1.78 trillion yuan, reflecting a year-on-year growth of 12.81% [4] - The shipment of lithium batteries for energy storage reached 430 GWh, a year-on-year increase of 99.07%, representing 34.15% of total lithium battery shipments [4] Group 5: Policy and Market Outlook - Recent government policies aim to enhance the consumption and regulation of new energy, including the introduction of a pricing mechanism for new energy storage [4][5] - The solid-state battery sector is gaining attention, with upcoming conferences focusing on technological advancements and commercialization strategies [5][6]

Core Viewpoint - The Chinese new energy vehicle (NEV) market continues to experience significant growth, driven by strong demand and supportive policies, with a notable increase in exports and production figures for 2023 [1][3][4]. Group 1: NEV Production and Sales - From January to October 2023, China's automobile production and sales reached 27.69 million units, with both figures showing over 10% year-on-year growth [3]. - NEV production and sales during the same period were 13.015 million and 12.943 million units, respectively, reflecting year-on-year growth of 33.1% and 32.7% [3]. - In October 2023, NEV monthly sales surpassed 50% of total new car sales for the first time, reaching 51.6% [3]. Group 2: Export Performance - NEV exports from January to October 2023 totaled 2.014 million units, marking a year-on-year increase of 90.4% [1][3]. Group 3: Industry Recovery and Demand - The lithium battery copper foil industry has begun to recover, transitioning from a state of losses in 2022 to a current "explosion of orders" [4]. - Strong demand, rather than supply disruptions, is driving the recent momentum in lithium battery markets, with expectations of increased battery demand in the coming years [4]. Group 4: Energy Storage Systems (ESS) - Market focus is shifting towards energy storage systems (ESS), with leading lithium iron phosphate cathode manufacturers operating at full capacity to meet demand [4]. - By 2030, ESS is projected to account for one-third of total battery demand, up from 20% last year [4]. Group 5: Price Trends and Market Dynamics - Prices for key lithium battery materials have shown an overall upward trend since 2025, with lithium hexafluorophosphate prices rising by 90.4% year-to-date [6][7]. - The revenue of the lithium battery sector for the first three quarters of 2025 reached 1.78 trillion yuan, a year-on-year increase of 12.81% [7]. Group 6: Policy Support and Market Outlook - Recent policy initiatives from the National Development and Reform Commission and the National Energy Administration aim to enhance the pricing mechanism for new energy consumption, further supporting the growth of the storage market [7]. - The independent storage market is expected to grow due to favorable domestic policies and recovering demand in Europe and emerging markets [8].

Group 1 - The core viewpoint is that Nord shares (600110.SH) experienced a short-term increase of nearly 3%, reaching 7.4 yuan, indicating positive market sentiment [1] - The general manager of Nord, Chen Yubi, stated that the entire lithium battery copper foil industry is currently in a state of high demand, referred to as "explosive orders" [1] - The industry is expected to witness significant technological advancements in copper foil, suggesting a promising development phase in the coming years [1]

Core Viewpoint - The lithium battery copper foil industry is experiencing a significant recovery, transitioning from a state of losses in 2022 to a booming demand in 2023, indicating a positive outlook for the coming years [1] Industry Summary - The copper foil sector for anode current collectors was nearly in a loss state throughout 2022, but it has started to recover in 2023 [1] - Currently, the entire lithium battery copper foil industry is in a state of high demand, referred to as "explosive orders" [1] - Future advancements in copper foil technology are expected to bring many surprises, suggesting a promising development phase for the industry [1]

Group 1 - The core point of the article is that Jia Yuan Technology has signed a cooperation framework agreement with CATL, positioning itself as a preferred supplier for copper foil and new battery anode current collector materials, with significant projected sales growth in the coming years [1][3] - CATL plans to purchase a total of 62.6 million tons of battery anode current collector materials from Jia Yuan Technology between 2026 and 2028, with annual procurement targets of 15.7 million tons, 20.4 million tons, and 26.5 million tons respectively [1] - The estimated market value of the total procurement demand is approximately 66 billion yuan, based on the current average market price of copper foil at about 106,000 yuan per ton [1] Group 2 - Jia Yuan Technology has made significant advancements in the solid-state battery sector, having developed copper foil products suitable for both semi-solid and all-solid battery technologies, and is already supplying multiple companies [3] - The company’s solid-state battery copper foil products have been validated in applications for leading automotive manufacturers and in the eVTOL sector, indicating a growing market for these products [3] - The signing of the framework agreement is expected to enhance collaboration between Jia Yuan Technology and CATL in areas such as technology development, market expansion, and supply chain optimization, thereby increasing competitiveness and supporting mutual business growth [3] Group 3 - The solid-state battery technology is recognized globally as a disruptive innovation that addresses safety concerns associated with liquid electrolyte batteries, with significant support from domestic policies [2] - The year 2027 is projected to be a critical milestone for the solid-state battery industry, with several major companies, including CATL and Guoxuan High-Tech, planning to achieve small-scale production by that year [2] - EVTank forecasts that by 2030, the global shipment of solid-state batteries will reach 614.1 GWh, with a market size exceeding 250 billion yuan [2]

Core Viewpoint - The solid-state battery industry is experiencing significant growth, with various companies reporting strong revenue and profit increases in the first half of 2025, driven by rising demand for electric vehicles and advancements in battery technology [3][7][10]. Group 1: Industry Overview - The solid-state battery industry is focusing on new technologies and ecosystem development, with a major event scheduled for November 2025 in Guangzhou [2]. - The lithium battery copper foil sector shows positive trends, with many companies reporting year-on-year revenue growth in the first half of 2025 [3][10]. Group 2: Company Performance Analysis - **Jia Yuan Technology**: Achieved revenue of 39.63 billion yuan in H1 2025, a 63.55% increase year-on-year, with a net profit of 0.37 billion yuan, marking a 134.94% increase [14][15]. - **Nord Shares**: Reported revenue of 30.16 billion yuan, a 26.37% increase, but a net loss of 0.72 billion yuan, although this represents a 54.47% improvement year-on-year [22]. - **De Fu Technology**: Generated revenue of 52.99 billion yuan, a 66.82% increase, with a net profit of 0.39 billion yuan, reflecting a 136.71% increase [27][28]. - **Copper Crown Copper Foil**: Achieved revenue of 29.97 billion yuan, a 44.80% increase, and a net profit of 0.35 billion yuan, up 159.47% [33][34]. - **Hengtong Shares**: Reported revenue of 8.18 billion yuan, a 45.80% increase, with a net profit of 1.27 billion yuan, up 8.91% [38][39]. - **Zhong Yi Technology**: Achieved revenue of 26.77 billion yuan, a 21.04% increase, with a net profit of 0.15 billion yuan, up 129.23% [43]. - **Hai Liang Shares**: Reported revenue of 445.3 billion yuan, a 1.14% increase, with a net profit of 7.11 billion yuan, up 15.03% [46]. - **Yuan Dong Shares**: Achieved revenue of 129.8 billion yuan, a 14.38% increase, with a net profit of 1.44 billion yuan, up 210.60% [50]. - **Hangdian Shares**: Reported revenue of 45.24 billion yuan, a 16.77% increase, but a net profit decrease to 0.38 billion yuan, down 46.27% [57]. Group 3: Market Trends and Innovations - The demand for lithium battery copper foil is increasing due to the growth of electric vehicles and energy storage systems, with companies expanding their production capacities and product offerings [10][12][20]. - Companies are focusing on developing ultra-thin copper foil products, with Jia Yuan Technology leading in market share and product innovation [13][14]. - The industry is witnessing a shift towards solid-state battery technologies, with companies like Jia Yuan Technology and Nord Shares actively researching and developing new materials to support this transition [12][21].