今日A股与港股市场同步承压，呈现"成长退潮、周期防御"的结构性特征。A股三大指数全线回调，科 技与新能源赛道遭遇重挫，而顺周期板块逆势走强；港股则在科技权重股拖累下延续调整，恒生科技指 数创阶段性最大单日跌幅。资金避险情绪升温，板块轮动速度加快。 展望后市，当前市场处于震荡整固阶段，短期需关注三季报业绩验证与政策面变化。尽管科技成长赛道 遭遇回调，但"十五五"规划预热期临近，新质生产力、高端制造等政策支持方向的长期逻辑未改，叠加 全球流动性宽松预期，结构性机会仍值得布局。 主要指数表现 A股市场日内呈现"沪强深弱"分化格局。上证指数低开低走，收盘失守3900点整数关口，报3897.03点， 跌幅0.94%；深证成指受新能源板块拖累跌2.7%，创业板指大跌4.55%，科创50指数重挫5.61%，创年内 次大单日跌幅。全市场上涨个股2774家，下跌2536家，涨停72家，跌停15家，局部赚钱效应仍存。资金 面呈现大幅净流出态势，主力资金单日净流出929.6亿元，科技成长板块成为抛压主要方向。 行业热点与驱动逻辑 A股顺周期板块展现较强防御性。建筑材料板块领涨，受《建材行业稳增长工作方案（2025-2026 年）》 ...

东吴证券研报指出，先导智能发行限制性股票激励，看好设备龙头强者恒强。此次激励重点向新技术领 域，如固态电池研发等相关岗位员工倾斜，通过差异化的激励安排，吸引、保留并激励该领域核心人 才。先导是目前全球唯一具备全流程固态电池整线交付能力的设备制造商，涵盖干法电极（前道）与等 静压致密（中道）等关键环节，已实现中试级别的稳定量产。目前公司固态电池设备已进入欧、美、 日、韩及国内头部电池企业、知名车企和新兴电池客户的供应链，与多家行业领军企业达成深度合作， 并已向其交付了各工段的固态电池生产设备，相关产品得到客户的高度认可，并陆续获得重复订单。维 持"买入"评级。 ...

证券研究报告·公司点评报告·电池 先导智能（300450） 发行限制性股票激励，看好设备龙头强者恒 强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,800 | 15,850 | 19,000 | | 同比（%） | 19.35 | (28.71) | 16.41 | 14.86 | 19.87 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,533.42 | 2,040.81 | 2,483.70 | | 同比（%） | (23.45) | (83.88) | 435.97 | 33.09 | 21.70 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.98 | 1.30 | 1.59 | | P/E（现价&最新摊薄） | 54.91 | 340.60 | 63.55 | 47.75 | 39.23 | [Tabl ...

倒计时43天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 全球锂电设备行业正迎来一轮强劲的"订单狂潮"。 据高工锂电不完全统计，2025年上半年，先导智能、海目星、赢合科技、利元亨等多家头部设备企业披露的新签及在手订单总额已超过300亿元， 同比增长幅度高达70%～80%，电池领域新一轮扩产周期已全面启动。 从订单结构可以看出，本轮设备需求不仅源于产能扩张，更来自固态电池、海外建厂、产线升级等多重趋势叠加。 龙头企业订单呈现爆发式增长。 目前，锂电行业景气度持续走高。Q3旺季整体排产实现环比6%～8%的增长，延续了8月以来的回升势头。龙头电池企业9月排产环比提升8%，达 到70GWh水平，已连续两个月保持5%以上的增速。储能企业Q3排产也维持了15%～20 ...

目前，公司固态电池设备已进入欧、美、日、韩及国内头部电池企业、知名车企和新兴电池客户的供应 链，与多家行业领军企业达成深度合作，并已向其交付了各工段的固态电池生产设备，相关产品得到客 户的高度认可，并陆续获得重复订单。 人民财讯10月4日电，先导智能（300450）已在锂电智能装备等领域攻克多项关键核心技术，建立起坚 实的核心技术壁垒，并掌握了自动化、智能化、数字化、软件集成、精密加工等全维度的智能装备底层 核心技术，成为拥有100%自主知识产权的锂电整线解决方案服务商。 在固态电池领域，公司作为拥有完全自主知识产权的全固态电池整线解决方案服务商，已成功打通全固 态电池量产的全线工艺环节，整线产品可柔性适配多种电解质材料体系(聚合物、氧化物、硫化物等)， 实现了从全固态电极制备(涵盖混料及干法、湿法极片复合设备)、全固态电解质膜制备及转印复合设 备，到裸电芯组装(包括新一代固态叠片机、胶框印刷设备)、致密化设备(等静压设备和其他致密化设 备)及高压化成分容等全固态电池制造关键设备的覆盖，并在核心环节取得多项技术突破。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The Ministry of Industry and Information Technology is actively promoting the intelligent and connected new energy vehicle industry, which is expected to accelerate the development of the smart driving sector [2][3]. - The inverter demand in the photovoltaic sector remained stable in August, with significant growth in the Indian market, indicating strong momentum in energy transition [3]. - The industrial gas prices showed a downward trend, with liquid oxygen prices averaging 429 RMB/ton, down 5.3% week-on-week, while the overall industrial gas sector is at a cyclical bottom, suggesting potential recovery opportunities [3]. - The automotive sector is seeing advancements in smart connected vehicles, with new policies expected to provide a solid foundation for development [3]. Market Overview - In the past week, the mechanical equipment, electric equipment, and automotive industry indices changed by -0.81%, +3.86%, and 0.00% respectively, ranking 16th, 1st, and 7th among 31 Shenwan primary industries [8][10]. - The top-performing sectors included wind power equipment and photovoltaic equipment, with increases of 6.00% and 5.43% respectively [10]. Industry News and Key Company Announcements - The report highlights significant developments in humanoid robotics, including cost reductions and new product launches, indicating a growing market [16]. - The Ningxia Huadian 1 million kilowatt wind power project has entered the construction phase, with an investment of 4.9 billion RMB, expected to generate 1.5 billion kilowatt-hours of green electricity annually [16]. - The Ministry of Industry and Information Technology is working on a new development plan for the smart connected new energy vehicle industry, which will support key technologies [16][19].

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1]. Core Viewpoints - The report highlights the solid-state battery equipment sector as a key area for investment, emphasizing the growth potential and technological advancements within the industry [1]. - The report provides detailed insights into several leading companies in the solid-state battery equipment market, showcasing their revenue growth, market share, and technological capabilities [1]. Summary by Relevant Sections 1.1 XianDao Intelligent - XianDao Intelligent, established in 2002, is a leading global provider of intelligent manufacturing solutions for new energy [6]. - The company's revenue from 2020 to 2024 was 59, 100, 139, 166, and 119 billion yuan, with net profits of 7.68, 15.85, 23.18, 17.75, and 2.86 billion yuan respectively [6]. - In the first half of 2025, the revenue from lithium battery equipment was 45 billion yuan, accounting for 69% of total revenue, with a gross margin of approximately 39% from 2022 to 2024 [6][9]. - The company holds a 15.5% market share globally and 19.0% in China for lithium battery equipment [6]. 1.2 YingHe Technology - YingHe Technology, founded in 2006, specializes in lithium battery intelligent equipment and offers digital factory solutions [10]. - The company's revenue from 2020 to 2024 was 24, 52, 90, 98, and 85 billion yuan, with net profits of 1.91, 3.11, 4.87, 5.54, and 5.03 billion yuan respectively [10]. - In the first half of 2025, lithium battery equipment revenue was 28 billion yuan, making up 66% of total revenue, with a gross margin recovering to 18.5% [10]. 1.3 LiYuanHeng - LiYuanHeng, established in 2014, focuses on smart equipment for various industries, including solid-state batteries [20]. - The company's revenue from 2020 to 2024 was 14, 23, 42, 50, and 25 billion yuan, with net profits of 1.40, 2.12, 2.90, -1.88, and -10.44 billion yuan respectively [20]. - In the first half of 2025, lithium battery equipment revenue was 15 billion yuan, representing 81% of total revenue, with a gross margin of 27.1% [20]. 1.4 HongGong Technology - HongGong Technology, founded in 2008, specializes in automated material handling solutions [26]. - The company's revenue from 2020 to 2024 was 3, 6, 22, 32, and 21 billion yuan, with net profits of 0.66, 0.50, 2.98, 3.15, and 2.08 billion yuan respectively [26]. - In the first half of 2025, lithium battery equipment revenue was 6.88 billion yuan, accounting for 91% of total revenue, with a gross margin of 26.6% [26]. 1.5 HaiMuXing - HaiMuXing, established in 2008, focuses on laser and automation equipment for various industries [32]. - The company's revenue from 2020 to 2024 was 13, 20, 41, 48, and 45 billion yuan, with net profits of 0.77, 1.09, 3.80, 3.22, and -1.63 billion yuan respectively [32]. - In the first half of 2025, revenue from lithium battery laser and automation equipment was approximately 10 billion yuan, making up 59% of total revenue, with a gross margin of 10.0% [32]. 1.6 NaKonoer - NaKonoer, founded in 2000, specializes in high-precision roller pressing equipment and holds a 23.4% market share in China's lithium roller pressing equipment market [40]. - The company has developed various dry electrode production equipment and is advancing its solid-state battery production equipment [40]. 1.7 ManSiTe - ManSiTe, established in 2014, focuses on high-precision coating technology and has developed a dual-line product layout for solid-state batteries [43]. - The company has successfully delivered various solid-state battery equipment to clients, including dry multi-roller film systems and solid-state battery front-end lines [43].

固态电池设备：产业化逐渐清晰，固态电池设备受益 20250925 摘要 固态电池在能量密度和安全性上具有显著提升。根据工信部发布的 GB38,031- 2025 标准，新要求包括不起火、不爆炸，而过去仅要求 5 分钟内发出报警信 号。这意味着液态锂电池难以完全满足新标准，而固态电池具备不可燃、耐高 温等特性，可以满足新的国标要求。 实验结果显示，在传统液态材料中，热失 控起始温度约为 150 摄氏度左右，而固态材料如硫化物则可达到 200 至 600 摄氏度。这表明在高温环境下，固态电池安全性显著提高。 液态锂电池与固态锂电池在生产工艺上的主要区别是什么？ 液态锂电池生产过程包括搅拌、涂布、滚压、分切、制片、电芯制作及后续化 成分容等步骤。而固态锂电池除去注液相关部分，更像是制作三明治结构，即 将正极极片、负极极片、电解质膜叠加起来。因此，在干法情况下，需要生产 正负极极片及干法/湿法成膜，并进行堆叠封装。 具体来说，包括德国连轧机或 激光机成型，以及等离子体喷涂技术等，这些都是显著变化所在。此外，在后 道环节如航可科技正在重点开发充放电脉冲一体机，以及华自科技开发充放电 脉冲一体机，这些都表明了技术革新带来 ...

Summary of Solid-State Battery Equipment Conference Call Industry Overview - The solid-state battery production will reshape the supply chain, with a focus on lithium battery equipment investment cycles being brought forward, making it a key area of interest [1][2][11]. Key Points and Arguments - **Increased Demand for Equipment**: The demand for upstream dry electrode and solid-state transformer equipment is rising, while downstream formation and capacity equipment require more parallel devices due to increased pressure and temperature, leading to higher unit value and longer formation times [1][2]. - **Investment Opportunities**: Solid-state batteries are emerging as a significant investment direction within the new energy sector, with early-stage orders and feedback from leading companies indicating a shift in the equipment sector [2][10]. - **Performance Improvements**: Solid-state batteries exhibit significant enhancements in energy density and safety, meeting the new standards set by the Ministry of Industry and Information Technology (GB38,031-2025), which require batteries to be non-flammable and non-explosive [1][4]. - **Production Process Complexity**: The production process of solid-state batteries resembles a "sandwich" structure, eliminating the liquid injection step and requiring dry production of electrodes and membrane formation, which involves advanced technologies such as German continuous rolling machines and plasma spraying [1][5][6]. Notable Companies and Their Strategies - **Leading Companies**: Companies like XianDao Intelligent, Galaxy Technology, Green Source Heng, and HaiMuXing are capable of covering all processes in solid-state battery production, while others like NaKuoNuo and Manster focus on specific steps [1][7][10]. - **Supplier Categories**: Two types of suppliers are highlighted: those providing complete line solutions (e.g., XianDao Intelligent) and those specializing in specific segments (e.g., HongGong and DeLong Laser), with the former offering higher certainty and the latter more flexibility [3][10]. Critical Production Steps - **Key Processes**: The front-end processes (mixing, coating, rolling) account for approximately 40% of the value chain, with similar importance attributed to the mid-process [8]. The mixing stage requires nano-level dispersion and temperature control, while the coating stage is evolving towards double-sided coating for efficiency [8]. - **Mid-Process Equipment Trends**: The focus on equivalent equipment in the mid-process is increasing, with pressure requirements in the high-pressure formation process rising significantly from 3-5 tons to 30-50 tons or more, necessitating improved pressure control consistency [9]. Additional Insights - **Market Dynamics**: The solid-state battery sector is characterized by a complex manufacturing process that demands higher material and equipment standards, with solid-state equipment development expected to outpace material advancements [11]. - **Safety and Longevity**: Solid-state batteries outperform liquid batteries in safety, energy density, and longevity, making them a priority for investment and development in the current market landscape [11].

前言 《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①核聚变+机器人，为ITER等国内外聚变客户提供产品及部件，核心产品赋能机器人微型零件，这家公司 拥有完整的钨钼、稀土产业链； ②固态电池+设备，布局固态电解质、复合集流体，硅碳负极等材料，这 家公司已向头部客户交付多款固态电池设备，后段设备积极布局中。 ...