英联股份（002846.SZ）11月25日在投资者互动平台表示，（1）公司近年来持续推进复合集流体业务的 研发和产业化进程，江苏英联团队已研制出复合铝箔和复合铜箔，开发固态电池用的锂金属负极材料 等，下游电池应用领域广阔。公司的上述产品在动力电池、消费电池、储能电池客户（涵盖液态电池、 半固态电池、固态电池）端进行测试和优化。自2024年底至今，在部分头部汽车客户、头部电池客户取 得了进一步的深度合作。 （2）同时，在固态电池领域的应用有显著的产业化进度：江苏英联于2025年 11月与某新能源科技公司签署了《复合铝箔战略采购合同》，双方达成准固态半固态电池专用复合铝箔 材料的采购协议，该公司2026-2027年计划向江苏英联采购5000万m²复合铝箔，共同推动复合集流体在 固态电池上的应用。 具体内容可详见公司在巨潮资讯网披露的相关公告。 每经AI快讯，有投资者在投资者互动平台提问：贵公司的新能源业务主要有哪几家客户？ （文章来源：每日经济新闻） ...

格隆汇11月24日丨英联股份(002846.SZ)在互动平台表示，目前公司易开盖板块生产经营情况一切正 常，复合集流体业务正在有序推进中。公司复合铝箔和复合铜箔是电池（包括液态电池、半固态电池、 全固态电池等）的重要组成材料之一，目前已深入下游动力电池、消费电池、储能电池进行验证反馈阶 段；复合铝箔已于近期取得半固态准固态电池客户的批量订单。此外，面向固态电池的负极材料需求， 开发锂金属负极材料、硫化物固态电池专用复合铜箔等材料，正与下游的汽车公司、头部电池公司进行 测试和优化。 ...

◆出货：26年出货目标17wt；25年底产能约在13-14wt，考虑当前利润对26年大幅扩产审慎，不排除整合外部产能；固态铜箔25/26年出货约100t/1kt ◆盈利：散单价已涨1-2k，头部客户长单暂未提价，或据市场供需随时变化；明年单吨净利预计2-3k，若涨价落地则更高 ➡中一科技 ◆出货：25年锂电/电子出货6wt+/1-1.5wt，26年锂电/电子目标6-6.5wt/2wt；当前锂电/电子产能4wt/1.5wt，26年初投产1wt电子高端产能，超产和代工可快速 补充产能 ◆盈利：9月对小客户涨价1-2k，C、B等大客户按半年招投标定价，暂未调价，计划12月初与大客户洽谈涨价，目标单吨涨幅2k；电子铜箔中低端产品为主 微亏，高端产品25年出货1kt，26年计划8kt，单吨净利2w左右 ➡嘉元科技 ◆新技术：自生成负极中试线26年中期有望建成 ➡诺德股份 ◆出货：8月以前单月出货5-5.5kt，9月/10月出货6k/7kt，11月/12月排产接近8kt/8kt+，明年1-2月陆续爬到单月出货1.1wt；目前总产能14wt（3wt可做AI铜 箔），明年预计新增1.5wt产能（原有基建基础，安装设备） ◆盈 ...

Investment Rating - Maintain "Buy" rating for the industry [5] Core Insights - The report emphasizes the robust development of the photovoltaic industry, with a focus on the "10 million kilowatt photovoltaic" project over the next five years, which is expected to enhance confidence in high-quality growth [17][19] - The wind power sector is highlighted by significant contracts, such as the 1.34 billion yuan order for the European offshore wind project by Daikin Heavy Industries, indicating strong market demand [2][20] - The hydrogen energy sector is witnessing advancements with the launch of a 1000 kg commercial ammonia hydrogen production and refueling station, showcasing innovative technology [3][24] - The energy storage market is projected to grow, with recent bidding data indicating a competitive landscape and price ranges for storage systems [30][33] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The government aims to advance the "10 million kilowatt photovoltaic" project, which is expected to boost the industry's confidence. Key companies to watch include Longi Green Energy, JA Solar, JinkoSolar, and Trina Solar [17][19] - **Wind Power & Grid**: Daikin Heavy Industries signed a 1.34 billion yuan contract for the Gennaker offshore wind project in Germany, with a planned capacity of 976.5 MW. The report suggests focusing on companies like Goldwind Technology and Mingyang Smart Energy [2][20][22] - **Hydrogen & Energy Storage**: The first commercial ammonia hydrogen production station was launched, utilizing advanced low-temperature ammonia decomposition technology. The energy storage sector is also highlighted with competitive bidding data showing significant project sizes [3][24][30] 2. New Energy Vehicles - **Solid-State Batteries**: Yinglian Co. signed a strategic procurement contract worth 300-400 million yuan for composite aluminum foil for solid-state batteries, indicating strong demand in the electric vehicle sector. Companies like Ningde Times and Yiwei Lithium Energy are recommended for investment [4][34][36]

Market Overview - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index remained unchanged at 13080.09. The ChiNext Index increased by 0.25% to 3076.85, and the STAR 50 Index decreased by 0.97% to 1344.80. The North Exchange 50 Index fell by 1.40% to 1461.12, and the CSI 300 Index rose by 0.44% to 4588.29 [5][7][10]. Industry Dynamics - In October, the national average operating rate of construction machinery increased by 1.4% month-on-month to 45.56%, with a work volume increase of 5.25%. The operating rate of hoisting equipment reached 70.74%, indicating a strong trend in infrastructure projects [25][26]. - The operating rate of excavating equipment saw the highest month-on-month increase, with a growth rate of 2.15%. The central region led with an excavating equipment operating rate of 56.6% [27]. Company Updates - Jiuli Special Materials (002318.SZ) announced an employee stock ownership plan with a scale of up to 18 million shares, accounting for 1.84% of the company's total share capital. The plan aims for a revenue growth rate of no less than 10% in 2026 and 20% in 2027 based on 2024 revenue [28][30]. - Yinglian Co., Ltd. (002846.SZ) signed a strategic procurement contract for composite aluminum foil with a new energy technology company, planning to supply over 50 million square meters of materials for quasi-solid-state batteries from 2026 to 2027 [31][32]. - Baba Foods (605338.SH) reported strong performance from its new handmade dumpling store model, achieving sales 2-3 times higher than traditional takeout stores. The company is pursuing a national expansion strategy through both organic growth and acquisitions [33][34]. - Fuling Mustard (002507.SZ) expects stable costs for its main raw material, with a long-term stable profitability outlook. The company has restructured its sales organization into four divisions to enhance market reach [35][36].

Project Overview - Guangdong Yinglian Packaging Co., Ltd. is investing in a new project for lithium battery composite aluminum and copper foil in Jiangsu Province, with a total planned investment of RMB 30.89 billion [3] - The project includes the construction of 10 composite aluminum foil and 134 composite copper foil production lines, with an expected annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [3] Recent Developments - A strategic procurement contract was signed with a new energy technology company for over 50 million square meters of composite aluminum foil materials for quasi-solid-state batteries, with planned purchases of 20 million square meters in 2026 and over 30 million square meters in 2027 [4][6] - The estimated contract value is between RMB 300 million to 400 million, with a projected gross margin that is considered favorable [6] Production Capacity and Technology - As of September 2023, Jiangsu Yinglian has signed a contract to procure 10 production lines from Japan for composite aluminum foil, with an expected annual capacity of 50 million square meters [9] - The company is developing lithium metal anode materials and specialized composite copper foil for sulfide solid-state batteries, with ongoing tests and feedback from leading automotive and battery companies [12][13] Industry Trends and Customer Focus - The solid-state battery industry is accelerating due to government policies and support, with customers focusing on product performance and cost reduction as industrialization progresses [8] - The composite aluminum foil is being recognized as a preferred material for solid-state batteries, with increasing interest from leading companies in the sector [8] Applications and Innovations - The composite aluminum foil can be used across various battery types (liquid, semi-solid, solid) due to similar processes, allowing for interchangeable use [10] - The company is also exploring the development of lithium alloy materials based on customer needs, with faster progress in collaboration with leading clients [14]

Summary of the Conference Call for Yinglian Co., Ltd. Industry and Company Overview - **Company**: Yinglian Co., Ltd. operates in two main sectors: fast-moving consumer goods (FMCG) metal packaging and composite current collectors for solid-state batteries. The company has been in the FMCG metal packaging sector since its establishment in 2006 and is the only A-share listed easy-open lid supplier in China. In 2022, it entered the composite current collector industry, planning a project in Gaoyou, Jiangsu Province with an investment of 3.089 billion RMB, targeting a production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [doc id='5'][doc id='20']. Key Points and Arguments - **Strategic Procurement Agreement**: Yinglian has signed a strategic procurement agreement with a domestic new energy technology company for 50 million square meters of composite aluminum foil, with deliveries scheduled for 2026 (20 million square meters) and 2027 (30 million square meters). The total order value is estimated between 3.3 billion to 3.4 billion RMB, with the first batch expected to be delivered in December this year, generating revenue in Q1 of next year [doc id='2'][doc id='4'][doc id='7']. - **Financial Impact**: The large-scale order is expected to significantly enhance Yinglian's future financial performance, with an estimated gross margin of about 40% for the composite aluminum foil segment. The contract's annual execution will contribute to stable revenue growth over the next two years [doc id='8']. - **Research and Development**: Yinglian is developing lithium metal anode materials and specialized composite copper foil for sulfide solid-state batteries. The company is conducting tests on various thickness structures to enhance technical capabilities and broaden market applications [doc id='9'][doc id='10']. - **Client Base**: The client for the recent order is a leading company in the quasi-solid and semi-solid battery field, indicating a strong purchasing capability that will positively impact Yinglian's future business growth [doc id='11']. - **Production Capacity**: Yinglian has established production capacity for composite aluminum foil and has modified equipment to meet usage requirements, with approximately 3 to 5 GWh of equipment available for production. The company has also ordered additional production lines, aiming for a total capacity of 100 million square meters [doc id='12'][doc id='20']. Additional Important Information - **Testing and Validation**: Yinglian is currently validating composite copper foil with domestic and international clients, with some clients entering application testing phases, indicating potential positive developments soon [doc id='3'][doc id='22']. - **Market Outlook**: The company is optimistic about the market for solid-state and quasi-solid batteries, driven by national policies and government funding support, which is expected to accelerate industry development [doc id='17][doc id='18']. - **Cost Structure and Future Projections**: The current cost of Yinglian's pumps is 3.8 RMB, with potential for cost reduction as production volume increases and through optimization of second-generation equipment and processes [doc id='19']. - **Application of Composite Foils**: Composite aluminum foil is primarily used in high-value-added scenarios, with ongoing development in energy storage applications. The company is focusing on mature battery enterprises rather than startups [doc id='14']. - **Technical Advantages**: Yinglian's composite current collectors are designed to withstand the expansion of high-capacity anode materials, enhancing cycle life and performance in solid-state battery applications [doc id='22']. - **Future Production Plans**: The lithium metal anode production line is expected to begin installation in December, with batch deliveries anticipated in Q1 2026, gradually scaling up to industrial levels by mid-2027 [doc id='28']. This summary encapsulates the key insights from the conference call, highlighting Yinglian's strategic initiatives, financial outlook, and advancements in technology and production capabilities.

Core Viewpoint - Jiemai Technology (002859) has signed a cooperation development framework agreement with ATL (Ningde New Energy Technology Co., Ltd.) to jointly develop lithium battery composite current collectors, enhancing both companies' competitive edge in the lithium battery market [2][5][7]. Group 1: Agreement Details - The agreement focuses on the joint design, development, and subsequent production capacity assurance of lithium battery composite current collectors [5]. - Jiemai Technology will prioritize supplying ATL with a minimum production capacity of 1 million m² in 2025, 5 million m² in 2026, and 30 million m² in 2027 [5]. Group 2: Company Profiles - ATL has a registered capital of $159.2 million and is a leading player in lithium battery R&D, production, and sales, with applications in consumer electronics, new energy vehicles, and energy storage [6]. - Jiemai Technology, a leader in the composite current collector industry, has established a robust R&D partnership with Huazhong University of Science and Technology and holds over 130 authorized patents [6]. Group 3: Strategic Implications - The collaboration is expected to significantly enhance the product competitiveness of both companies and establish a sustainable strategic partnership [7]. - This partnership aligns with Jiemai Technology's strategy of focusing on the synergistic development of electronic-grade films and new energy materials, thereby improving overall competitiveness and shareholder value [7]. Group 4: Production Capacity and Market Impact - Prior to the agreement, ATL conducted a factory inspection at Jiemai Technology to confirm production readiness for large-scale manufacturing [8]. - Jiemai Technology plans to expand production lines for composite aluminum and copper foils, with significant increases in production capacity expected by 2025 [8].

Core Viewpoint - Guangdong Yinglian Packaging Co., Ltd. has signed a strategic procurement contract with a leading new energy technology company for the supply of composite aluminum foil materials for quasi-solid-state batteries, marking a significant breakthrough in the industrialization process of composite electrolytes and solidifying its position in the supply chain of key materials for solid-state batteries [2][5][6] Group 1: Contract Details - The contract involves the procurement of over 50 million square meters of composite aluminum foil from Jiangsu Yinglian, with specific purchases of 20 million square meters in 2026 and over 30 million square meters in 2027 [5] - The contract is effective until December 31, 2027, with pricing based on technical agreements and confirmed orders [5] Group 2: Company Background - Jiangsu Yinglian is a core entity for Yinglian's expansion into the new energy sector, focusing on the research, production, and sales of composite aluminum and copper foils for lithium batteries [4] - The total investment for the composite electrolyte project in Jiangsu is 3.089 billion yuan, with an expected annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [4] Group 3: Industry Context - The partnership is between a leader in solid-state batteries and a rising player in composite electrolytes, indicating a strong collaboration in the development of next-generation battery technologies [3] - The composite electrolyte materials are seen as a crucial development direction for next-generation power batteries due to their lightweight, high safety, and long lifespan advantages [6] - The acceleration of the industrialization process of solid-state batteries is expected to create new market opportunities for upstream material suppliers [6]

Group 1: Fiscal Data - National general public budget revenue from January to October reached 186,490 billion yuan, a year-on-year increase of 0.8% [1][2] - Tax revenue amounted to 153,364 billion yuan, growing by 1.7% year-on-year, while non-tax revenue decreased by 3.1% to 33,126 billion yuan [1][2] Group 2: Renewable Energy - The Qiongjie Wind Power Project in Tibet officially commenced operation on November 17, becoming the highest-altitude wind farm in China at 5,370 meters above sea level, with a total installed capacity of 60 MW [3] - The project consists of 12 wind turbine units, each with the largest capacity in Tibet [3] Group 3: New Energy Vehicles - In October 2025, the export of new energy vehicles reached 256,000 units, a month-on-month increase of 15.4% and a year-on-year increase of 99.9% [2] - From January to October 2025, new energy vehicle exports totaled 2,014,000 units, reflecting a year-on-year growth of 90.4% [2] Group 4: Lithium Battery Materials - Prices of various lithium battery materials have risen, with ethylene carbonate increasing by 23.26%, lithium hexafluorophosphate by 5.93%, and electrolyte by 4.93% [4] - The lithium battery supply chain is experiencing a price surge due to strong downstream demand, particularly in energy storage systems [4] Group 5: Nuclear Fusion - A procurement project by Fusion New Energy (Anhui) has been announced, with a total value exceeding 2 billion yuan, involving key components for nuclear fusion systems [6] - The global commercial nuclear fusion industry is projected to reach a cumulative financing total of 9.766 billion USD by mid-2025, indicating significant growth potential [6] Group 6: Quantum Technology - The 2025 Quantum Technology and Industry Conference will be held from November 20 to 21, expecting participation from over 4,000 individuals and 600 organizations [7] - Quantum computing is recognized as a disruptive technology, with advancements in various technical routes, including superconducting and ion trap technologies [7] Group 7: Corporate Announcements - Trina Solar's subsidiary signed contracts for a total of 2.66 GWh of energy storage product sales across North America, Europe, and Latin America [8] - Shengyi Technology plans to raise no more than 2.6 billion yuan for projects related to AI computing and smart manufacturing [8] - *ST Songfa's subsidiary signed contracts for the construction of two large oil tankers, with contract values exceeding 2 billion to 3 billion USD and 4 billion to 6 billion USD, respectively [9]