Core Viewpoint - The article highlights the advancements made by the company in the development and commercialization of high-capacity lithium manganese oxide materials, which are crucial for the next generation of solid-state batteries, emphasizing their high energy density and low cost [1][2]. Group 1: Technological Advancements - The company has successfully developed high-capacity lithium manganese oxide materials that can achieve discharge specific capacities of 280-305mAh/g in solid-state battery tests, showcasing industry-leading performance metrics [2]. - The lithium manganese oxide materials are the only ones capable of exceeding 500Wh/kg, making them a significant candidate for high energy density lithium battery cathodes [1][2]. - The company has addressed key technical challenges in ultra-high capacity lithium manganese oxide materials, enabling their application in solid-state batteries [1][4]. Group 2: Commercialization and Market Position - The company has achieved ten-ton level shipments of its lithium manganese oxide materials, marking a successful transition from laboratory development to commercial application [2][3]. - The customer base for the company's lithium manganese oxide materials includes leading lithium battery manufacturers and automotive companies across China, South Korea, Europe, and the United States, receiving high praise for product performance [2][4]. - The company is positioned as a technology leader and pioneer in the solid-state lithium battery materials sector, which may enhance its competitive edge in the global lithium battery materials market [2]. Group 3: Future Developments - To complement the high-voltage lithium manganese oxide materials, the company is developing low-cost, high-voltage halide electrolytes, which are currently in the stabilization preparation phase for large-scale application in solid-state batteries [2]. - As traditional lithium battery cathode materials approach performance limits, the focus on low-cost and abundant manganese-based cathode materials is expected to drive technological advancements in the lithium battery industry [2].

转自：新华财经 全国社会保障基金理事会9月30日发布的2024年全国社会保障基金年度报告显示，2024年，基金投资收 益额2184.18亿元，投资收益率8.10%。其中，已实现收益额436.51亿元（已实现收益率1.64%），交易 性资产公允价值变动额1747.67亿元。基金自成立以来的年均投资收益率7.39%，累计投资收益额 19009.98亿元。社保基金会相关负责人表示，2024年社保基金会加强市场研判，因时因势制订"稳中求 进、以进促稳"的配置策略，在资本市场波动中，坚定信心，保持战略定力不动摇，维持股票风险敞口 基本稳定，获取了A股市场反弹带来的收益；靠前配置、加大配置固定收益资产，较好把握了利率持续 下行带来的投资机会；积极加大股权投资力度，优化海外投资布局，较好发挥了资产配置分散投资风 险、稳定提升基金整体收益的作用。 9月29日，A股市场走强，三大指数全线上涨，创业板指涨逾2%。券商、新能源、贵金属、人形机器人 等板块爆发，大小盘股携手走强。整个A股市场超3500只股票上涨，逾60只股票涨停。市场成交额为 2.18万亿元，连续34个交易日成交额超2万亿元。资金面上，融资资金继续活跃，截至9月26 ...

Summary of Shanghai Xiba's Conference Call Company Overview - Shanghai Xiba is primarily engaged in specialty chemicals and advanced materials in the new energy sector, with a stable market position in water treatment services across various industries including petrochemicals, automotive, steel, chips, and construction [4][8] Financial Performance - The company reported annual profits of approximately 100 million yuan, with revenue maintained at around 500-600 million yuan. The net profit attributable to shareholders reached about 40 million yuan, with a significant increase in the first half of 2025, showing a year-on-year growth of 351% [2][8] Strategic Transition to Solid-State Battery Sector - Shanghai Xiba is strategically transitioning into the solid-state battery sector, achieving progress in silicon-carbon anode materials and securing ATL as a strategic investor. The company is also developing three solid electrolyte technology routes: oxides, halides, and sulfides, in collaboration with top research institutions [2][5] Lithium Sulfide Asset Acquisition - The company successfully bid for lithium sulfide assets from Yuyuan Group, establishing a joint venture aimed at expanding production capacity to 100 tons by the end of this year and over 1,000 tons next year. Lithium sulfide is considered a highly valuable direction for solid-state batteries due to its high technical barriers and large market potential [2][6][20] Governance and Management - The governance structure is stable, with the chairman holding approximately 40% of shares. The management team has strong academic backgrounds and practical experience, collaborating with prestigious universities and multiple academic teams, enhancing the company's research and development capabilities [7] Profitability in Water Treatment Business - The gross profit margins for industrial and civil water treatment services are approximately 30% and 40-45%, respectively, with an overall gross margin above 30% and a net profit margin of about 7-8% [9] Future Profit Expectations - The company anticipates significant profit growth in the new materials and solid-state battery sectors over the next one to two years, particularly in silicon-carbon anodes, which are expected to outperform traditional graphite in capacity [10] Market Trends and Projections - The solid-state battery market is projected to reach 100 GWh by 2030, with a corresponding demand for approximately 40,000 tons of lithium sulfide, translating to a market size of over 20 billion yuan. Leading manufacturers could capture 30-40% of this market, potentially yielding profits of 1.5-2 billion yuan [6][21] Valuation and Market Potential - The conservative estimate for the company's market value is around 2 billion yuan for its traditional business, with total market value potentially reaching 5 billion yuan when considering growth from new materials and solid-state batteries. By 2030, the company could achieve over 10 billion yuan in net profit, corresponding to a market value expectation of 20 billion yuan. Overall, the future market value could exceed 40 billion yuan, with long-term potential reaching 50-100 billion yuan [22][23]

公司在固态电解质领域的研究投入多年，截至目前，新宙邦（含子公司）固态电解质相关专利申请累计超过30件。公司的参股公司深圳新源邦科技有限公司 已建立全体系固态电解质材料研发、测试及生产平台，并已实现百吨级量产和销售，客户反馈良好，公司也正积极与下游客户合作推进进一步的产业化应 用，按照客户未来需求对产能进行积极布局，以应对市场的挑战和机遇。 半导体化学品方面，新宙邦凭借深耕精细电子化学品的经验积累和技术优势，依靠高品质的产品、完善的质量管理体系以及多基地的交付服务赢得了客户信 任，已与众多主流客户建立合作关系并持续交付中，半导体化学品品类、出货量以及销售额保持稳步增加。 据介绍，新宙邦含氟冷却液产品主要供应半导体芯片制程冷却及数据中心浸没式冷却。凭借在氟化液领域强技术积累和充足产能保障，已与众多全球主流客 户建立合作关系并持续交付中。 9月28日，新宙邦在投资者互动平台表示，公司投资的石磊氟材料现有六氟磷酸锂产能为2.4万吨/年，为持续提升竞争力，石磊氟材料正积极通过技术改造 挖掘潜能，待2025年底技改完成后，六氟磷酸锂规划产能可达3.6万吨/年，后续看市场需求仍会有进一步的扩产计划。 ...

（责任编辑：郭健东 ） 东吴证券日前研报指出，当升科技固态锂电正极材料已实现10吨级批量出货，并导入多家固态电池 客户。同时，公司在富锂锰基材料方面已突破关键技术问题，开发出中高容量和超高容量产品。此外， 公司在固态电解质方面已成功开发出多种电解质体系，并实现规模化供应能力。三元构筑持续盈利基 石，铁锂后发优势逐步凸显。钴酸锂正极方面，25H1倍率型市占率超50%，我们预计25-27年出货 0.6/0.85/1万吨，同增100%/42%/18%，主供实达、亿纬、豪鹏、锂威、冠宇等。27年看，全固态NCM有 望实现千吨级出货，富锂锰基实现百吨级出货。公司开发液态LRM中高容量（220-250mAh/g），固态 LRM高容量（＞280mAh/g），综合性能行业领先。考虑公司盈利能力显著提升，上调2025-2027年盈利 预测，维持"买入"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

东吴证券日前研报指出，当升科技固态锂电正极材料已实现10吨级批量出货，并导入多家固态电池客 户。同时，公司在富锂锰基材料方面已突破关键技术问题，开发出中高容量和超高容量产品。此外，公 司在固态电解质方面已成功开发出多种电解质体系，并实现规模化供应能力。三元构筑持续盈利基石， 铁锂后发优势逐步凸显。钴酸锂正极方面，25H1倍率型市占率超50%，我们预计25-27年出货0.6/0.85/1 万吨，同增100%/42%/18%，主供实达、亿纬、豪鹏、锂威、冠宇等。27年看，全固态NCM有望实现千 吨级出货，富锂锰基实现百吨级出货。公司开发液态LRM中高容量（220-250mAh/g），固态LRM高容 量（＞280mAh/g），综合性能行业领先。考虑公司盈利能力显著提升，上调2025-2027年盈利预测，维 持"买入"评级。 ...

证券日报网讯新宙邦（300037）9月26日在互动平台回答投资者提问时表示，公司在固态电解质领域的 研究投入多年，截至目前，新宙邦(含子公司)固态电解质相关专利申请累计超过30件。公司的参股公司 深圳新源邦科技有限公司已建立全体系固态电解质材料研发、测试及生产平台，并已实现百吨级量产和 销售，客户反馈良好，公司也正积极与下游客户合作推进进一步的产业化应用，按照客户未来需求对产 能进行积极布局，以应对市场的挑战和机遇。 ...

Summary of Conference Call Records Industry Overview - **Industry Focus**: Solid-state battery sector and lithium battery industry - **Growth Drivers**: China's 2035 renewable energy targets, with wind and solar capacity expected to exceed six times that of 2020, and the rise of electric vehicles as mainstream sales vehicles [1][2] Key Insights - **Energy Storage Battery Sector**: - Major energy storage battery manufacturers have implemented price increases, improving supply-demand dynamics. - Anticipated 40% year-on-year growth in orders for leading manufacturers by 2026 due to tax incentives and demand surges in both domestic and U.S. markets [1][2] - **Solid-State Battery Industrialization**: - Confidence in solid-state battery performance from leading manufacturers, with prototype vehicle testing and small-scale production expected to accelerate industrialization. - Market forecasts predict demand exceeding 100 GWh by 2036, with potential for earlier realization if performance improvements and cost reductions exceed expectations [1][4] - **Hunan Youneng's Profit Recovery**: - Expected increase in self-supply rate of phosphate rock to 30-40%, leading to a profit increase of 300-400 RMB per ton. - Projected profits for next year could reach 2 billion RMB, supported by cost reduction and new product structures [1][7] - **Longpan Technology's Overseas Expansion**: - Anticipated profits of approximately 600 million RMB from 120,000 tons of iron-lithium capacity in Indonesia, with overall profit projections for next year around 900 million RMB [1][8] Market Dynamics - **Lithium Battery Sector**: - Strong performance in the lithium battery sector, with leading companies like CATL seeing significant stock price increases and market capitalization exceeding 1.8 trillion RMB [2] - The sector is characterized by robust fundamentals and attractive valuations, making it suitable for investment [2] - **Lithium Hexafluorophosphate Price Recovery**: - Improved supply-demand dynamics leading to higher processing fees, with expectations of an increase of 10,000 to 20,000 RMB next year, benefiting leading companies like Tianci Materials [3][14] - **Negative Electrode Material Valuation**: - Companies like Shanshan Technology and Putailai are highlighted for their low valuations and potential for profit recovery, with Shanshan expected to increase profits significantly post-integration of production capacity [3][9] Investment Recommendations - **Investment Priorities**: - Equipment sector prioritized, followed by materials with inflation attributes or new product iterations, and finally the battery sector with strong growth certainty [5] - Specific recommendations include CATL for battery production, and companies like Yiwei Lithium Energy and Zhuhai Guanyu for second-tier energy storage [5][6] - **Material Sector Outlook**: - The material sector is at a turning point, with strong demand in the energy storage industry and expected price increases due to limited new capacity [12][13] - **Solid-State Battery Material Focus**: - Key areas include electrolytes, lithium metal anodes, and current collectors, with a focus on high-purity lithium sulfide and nickel-copper alloy solutions [10][11] Conclusion - The solid-state battery and lithium battery sectors are poised for significant growth driven by favorable market conditions, technological advancements, and supportive government policies. Key players in these sectors are expected to benefit from increased demand and improved profitability in the coming years.

证券研究报告·公司点评报告·电池 当升科技（300073） 三元构筑盈利基石，固态材料实现关键卡位 2025 年 09 月 26 日 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） | 15,127 | 7,593 | 12,293 | 16,670 | 19,999 | | 同比（%） | (28.86) | (49.80) | 61.90 | 35.61 | 19.97 | | 归母净利润（百万元） | 1,924.26 | 471.83 | 803.67 | 1,050.88 | 1,367.65 | | 同比（%） | (14.80) | (75.48) | 70.33 | 30.76 | 30.14 | | EPS-最新摊薄（元/股） | 3.54 | 0.87 | 1.48 | 1.93 | 2.51 | | P/E（现价&最新摊薄） | 18.05 | 73.61 | 43.22 | 33.05 | 2 ...

Core Viewpoint - The company, Dangsheng Technology, is making significant advancements in solid-state lithium battery materials, achieving mass production and establishing partnerships with major clients in the industry [1][2][3][4][5][6][7]. Group 1: Solid-State Lithium Battery Materials - Solid-state lithium battery cathode materials have reached a production scale of 10 tons, showcasing high energy density and safety [1]. - The company has developed lithium-rich manganese-based materials that address key technical challenges, positioning itself as a leader in the industry [2]. - Solid electrolytes with high ionic conductivity have been successfully developed, enabling stable production and large-scale supply capabilities [3]. Group 2: Diverse Material Business - The company has secured over 10 billion yuan in orders for ternary materials, establishing deep collaborations with international giants like LGES and SK on [4]. - Lithium cobalt oxide products have achieved performance breakthroughs, leading to mass supply for high-end digital products and major lithium battery manufacturers [5]. - Phosphate (manganese) lithium products have seen significant sales growth, with monthly shipments nearing 10,000 tons and a total production capacity expected to reach 120,000 tons [6]. Group 3: International Market and Financial Performance - The proportion of international customers is increasing, with the construction of a Finnish base to meet local demand from global clients [7]. - In the first half of 2025, the company reported revenue of 443.25 million yuan, a year-on-year increase of 25.17%, and a net profit of 31.12 million yuan, up 8.47%, indicating a recovery in operational performance [7].