| | 15、海创基金 | | --- | --- | | | 16、华西投资 | | | 17、西部证券 | | | 18、南华基金 | | | 19、杭州鹊实私募 | | | 20、锦炜基金 | | | 21、锦融资本 | | | 22、国海证券 | | | 23、财通证券 | | | 24、上海文多资产 | | | 25、山西证券 | | | 26、德华集团 | | | 27、杭州宗盛氢创投资管理 | | | 28、苏州君榕资产管理有限公司 | | | 29、海富通基金 | | | 30、浙江怀信资产管理有限公司 | | | 31、上海海能 | | | 32、野村东方国际证券 | | 时 间 | 2025 年 8 月 21 日下午 13:30 至 15:00 | | 地 点 | 浙江省杭州市拱墅区大关路 100 号绿地中央广场 10 幢 24 层会议室 | | 上市公司接待 | 董事、董事会秘书：张君刚 | | 人员姓名 | 财务总监：王琼 | | | 营销副总：孙燕华 | | 参与单位名称 | 天风证券 | | 时 间 | 2025 年 8 月 22 日上午 9:00 至 10:00 | | 地 点 ...

Investment Rating - The report indicates a positive outlook for the solid-state battery industry, suggesting it as a key upgrade direction for lithium-ion batteries [1]. Core Insights - Solid-state batteries are expected to address the limitations of liquid lithium-ion batteries, such as energy density ceilings, safety risks from lithium dendrites, and performance issues at low temperatures [5][11]. - The global solid-state battery shipment is projected to reach 614.1 GWh by 2030, with a market size potentially reaching 17.2 billion yuan [19][21]. - The penetration rate of solid-state batteries is expected to increase from approximately 0.1% in 2023 to 10% by 2030 [22][24]. Summary by Sections 1. Solid-State Battery as an Upgrade Direction - The solid-state electrolyte enhances battery safety, with technology routes categorized into sulfide, oxide, and polymer types [5][16]. - The development of solid-state batteries is crucial for overcoming existing technological bottlenecks and meeting future diverse application needs [5][11]. 2. Industry Progress and Adoption - Major automotive manufacturers are accelerating the adoption of solid-state batteries, with a focus on sulfide technology [29][33]. - Companies like BYD and CATL have confirmed their commitment to the sulfide solid-state battery route, with production plans in place [33][36]. 3. Cost Reduction Trends - The current cost of solid-state batteries is higher than traditional lithium-ion batteries, with projections indicating that the unit cost could reach 0.78 yuan/Wh in the long term [38][42]. - The cost of solid-state batteries is expected to decrease as production yields improve, with mid-term costs estimated at around 0.50 yuan/Wh [42][43]. 4. Key Companies in the Solid-State Battery Industry - Notable companies involved in the solid-state battery sector include Nakanor, Yuanhang Precision, Better Ray, Lingge Technology, and Wuhan Blue Electric, each making significant advancements in technology and production capabilities [4][4][4]. - Nakanor has delivered key solid-state battery equipment to major clients, marking a technological breakthrough in the industry [4][4]. - Better Ray has launched high-nickel positive electrodes and solid-state electrolytes, contributing to next-generation battery solutions [4][4]. 5. Market Demand and Government Support - The Chinese government has elevated solid-state battery research to a national strategic level, with significant funding and policy support aimed at accelerating development [19][20]. - The solid-state battery market is anticipated to grow significantly, driven by advancements in technology and increasing demand for electric vehicles [19][21].

Group 1 - The stock price of Jiangnan New Materials is reported at 74.80 yuan as of August 20, 2025, down by 3.20 yuan from the previous trading day, with a trading range of 7.28% [1] - The company has a total market capitalization of 10.902 billion yuan and a circulating market value of 2.142 billion yuan [1] - Jiangnan New Materials specializes in the research and production of electronic materials, with applications in the electronic components sector, and is recognized as a specialized and innovative enterprise [1] Group 2 - The company's current price-to-earnings (P/E) ratio is 74.59, and the price-to-book (P/B) ratio is 6.53 [1] - On August 20, there was a net outflow of 63.0136 million yuan in main funds, accounting for 2.94% of the circulating market value, although there was a cumulative net inflow of 108.2633 million yuan over the past five trading days [1] - A notable quick rebound occurred at 9:36 AM on the same day, with a rise of over 2% within five minutes and a transaction volume of 1.04 billion yuan during that period [1]

Group 1 - The stock price of Astone Technology closed at 48.75 yuan on August 19, 2025, down by 3.13 yuan, a decrease of 6.03% from the previous trading day [1] - The opening price was 50.00 yuan, with a highest point of 50.95 yuan and a lowest point of 48.01 yuan, resulting in a trading volume of 1.251 billion yuan and a turnover rate of 22.28% [1] - Astone Technology specializes in the research and production of semiconductor materials, glass substrates, and composite conductors, positioning itself as an upstream player in the semiconductor industry [1] Group 2 - The company's products are widely used in the electronics and photovoltaic sectors, and it is recognized as a specialized and innovative enterprise in Fujian Province [1] - On August 19, there was a net outflow of 126 million yuan in main funds, accounting for 2.27% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 291 million yuan, representing 5.26% of the circulating market value [1]

8月14日盘中，阿石创股价出现快速波动。上午9点40分左右出现快速反弹，5分钟内涨幅超过2%；10点 06分后又出现快速回调，5分钟内跌幅超过2%。 阿石创8月14日收盘价为45.94元，较前一交易日下跌3.43元。当日开盘价为48.68元，最高触及49.64元， 最低下探至45.65元，全天振幅达8.08%。成交量为268516手，成交金额12.65亿元。 当日主力资金净流出12572.08万元，占流通市值的2.41%。近五个交易日累计净流出42307.89万元，占 流通市值的8.11%。 该公司主营业务为半导体材料研发生产，产品包括玻璃基板、复合集流体等。阿石创是福建省专精特新 企业，在半导体材料领域具有一定技术积累。 风险提示：股市有风险，投资需谨慎。 ...

Core Viewpoints - The company achieved a revenue of 962 million yuan in 1H25, representing a year-on-year increase of 14.68%, while the net profit attributable to shareholders was 98 million yuan, down 18.78% year-on-year [5] - The electronic industry is experiencing an upward trend due to the initial phase of AI innovation, with high demand for components like MLCC returning to elevated levels [5] - New businesses such as release films, CPP cast films, and composite current collectors have also seen significant growth [5] Revenue and Profit Analysis - In 2Q25, the company reported a revenue of 548 million yuan, a year-on-year increase of 15.19% and a quarter-on-quarter increase of 32.41%, with a net profit of 65 million yuan, down 4.69% year-on-year but up 92.03% quarter-on-quarter [5] - The gross margin for 1H25 was 33.40%, a decrease of 3.12 percentage points year-on-year [5] Electronic Packaging Materials - Revenue from electronic packaging materials reached 808 million yuan in 1H25, a year-on-year increase of 9.97%, with a gross margin of 37.85%, down 3.35 percentage points year-on-year [6] - The company is actively expanding overseas production capacity, with ongoing sample validations for major clients in the Philippines and Malaysia [6] Release Films Development - Revenue from electronic-grade films reached 116 million yuan in 1H25, a year-on-year increase of 61.29%, with a gross margin of 12.03%, up 8.86 percentage points year-on-year [7] - The company has stabilized bulk supply to clients such as Yageo and Murata, with overseas bases gradually ramping up production [7] Composite Current Collector Market - The company has increased its stake in subsidiary Ruzhen Technology to 60.4% and signed cooperation agreements with four clients, achieving a 40% year-on-year increase in orders [8] - The company is expanding production lines for composite aluminum and copper foils, with plans to enter the carrier copper foil market [8]

Macro and Strategy - The government bond weekly report indicates that the "cleaning debt" special bonds disclosed exceed 100 billion [5][9] - As of the 32nd week (August 4-10), the cumulative net financing of government bonds reached 9.6 trillion, exceeding the same period last year by 4.9 trillion [8][9] Industry and Company - The energy storage industry has proposed an "anti-involution" initiative, focusing on improving profitability for energy storage companies [10] - China Unicom (600050.SH) reported a 5% year-on-year increase in net profit for the first half of 2025, driven by strong momentum in computing power business [14][15] - Industrial Fulian (601138.SH) achieved a 51% year-on-year profit growth in Q2, with continuous increases in the shipment of the GB200 series [16][17] - Jiemai Technology (002859.SZ) is seeing batch imports of release films, with significant growth expected in composite current collectors [20][21] - Huahong Semiconductor (01347.HK) reported a gross margin exceeding guidance in Q2 2025, maintaining full capacity utilization [24] - Guizhou Moutai (600519.SH) saw a 9.2% year-on-year revenue increase in Q2 2025, adjusting its product structure according to market conditions [28][30] - Ganyuan Food (002991.SZ) faced a 55.2% year-on-year decline in net profit due to pressure on distribution channels and increased expense ratios [31][32] Investment Recommendations - The report suggests focusing on energy storage companies that may benefit from the "anti-involution" policy, highlighting firms like Sungrow Power, Sungrow, and CATL [10] - For the livestock industry, the report recommends companies like Yuran Livestock and Modern Animal Husbandry, anticipating a reversal in the cattle cycle in 2025 [13] - The report maintains a "better than market" rating for China Unicom, projecting net profits of 95/101/109 billion for 2025-2027 [16] - Industrial Fulian's investment outlook is positive, with an upward revision of profit expectations due to strong demand for AI infrastructure [19] - Jiemai Technology is expected to maintain a "better than market" rating, with projected net profits of 2.58/3.39/4.29 billion for 2025-2027 [23]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Views - The company has seen a significant increase in revenue from new products, with a 14.68% year-over-year growth in revenue for the first half of 2025, reaching 9.62 billion yuan, although net profit decreased by 18.78% [1]. - The demand for electronic components, particularly MLCC, is recovering due to AI infrastructure investments, which is expected to drive growth in the company's new business segments such as release films and composite current collectors [1][2]. - The company is actively expanding its production capacity overseas, with ongoing upgrades and new lines being established to meet high demand from semiconductor clients [2][3]. Summary by Sections Revenue and Profitability - In 1H25, the company achieved a revenue of 9.62 billion yuan, with a net profit of 0.98 billion yuan, and a gross margin of 33.40% [1]. - The second quarter of 2025 saw a revenue of 5.48 billion yuan, reflecting a 15.19% year-over-year increase and a 32.41% quarter-over-quarter increase [1]. Business Segments - The electronic packaging materials segment generated 8.08 billion yuan in revenue in 1H25, a 9.97% increase year-over-year, with a gross margin of 37.85% [2]. - The release film segment reported a revenue of 1.16 billion yuan in 1H25, marking a 61.29% year-over-year increase, despite still operating at a loss in 2Q25 [3]. Future Projections - The company forecasts net profits of 2.58 billion yuan, 3.39 billion yuan, and 4.29 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 27.5%, 31.6%, and 26.5% [4]. - Revenue projections for the years 2025 to 2027 are estimated at 22.35 billion yuan, 28.36 billion yuan, and 32.73 billion yuan, with respective growth rates of 23.0%, 26.9%, and 15.4% [5].

隆扬电子股价报49.76元，较前一交易日下跌0.87元。开盘价为51.80元，最高触及51.91元，最低下探至 49.41元，振幅达4.94%。当日成交量153762手，换手率为18.73%。 隆扬电子主营业务为电子元件的研发、生产和销售，公司位于江苏省。产品涉及复合集流体等领域，属 于电子元件行业。 8月11日早盘，隆扬电子出现快速回调，5分钟内跌幅超过2%。截至9点30分，股价报50.96元，成交 1496.63万元。 数据显示，隆扬电子当日主力资金净流出4600.74万元，占流通市值1.13%。近五日主力资金累计净流出 5788.64万元，占流通市值1.42%。 风险提示：股市有风险，投资需谨慎。 ...

Group 1: Industry Events - The 2025 High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen, celebrating its 15th anniversary and featuring the Golden Ball Award ceremony [1] Group 2: Battery Developments - SAIC's new MG4 model featuring a semi-solid-state battery is set for mass delivery within the year, with a pre-sale price ranging from 73,800 to 105,800 yuan. The 70kWh battery has an energy density of 180Wh/kg and a CLTC range of 537 kilometers, showing a 13.8% improvement in low-temperature endurance compared to traditional lithium iron phosphate batteries [2] - Camel Group has launched a new low-voltage lithium starter battery, designed for excellent low-temperature starting capabilities and equipped with a smart battery management system (BMS). The battery has passed IP67 certification and is compatible with various passenger and commercial vehicle models [3] - Wuhu Fudi Battery Co., Ltd. is planning to expand production with a new project investment of 2.4 billion yuan, aiming for an annual production capacity of 184,800 lithium iron phosphate battery packs [6] - A new partnership has been established between Jiangsu Yinglian Composite Fluid Co., Ltd. and a well-known cylindrical battery company to enhance the performance of composite fluid battery materials [10] - Enjie has released a 5μm ultra-thin high-strength separator with a puncture strength of 560gf, achieving a 16.7% increase in strength and a 20.9% reduction in internal resistance compared to 7μm separators [11]