2025年7月29日，曼恩斯特(301325.SZ)在互动平台上对投资者表示，公司在固态电池领域已初步完 成"湿法+干法"的双线产品布局，在新型陶瓷材料、双螺杆高效分散、湿法薄层涂布、活性物质与固态 电解质双层共涂等创新技术均有较深积累，目前公司多工序设备均有订单出货。基于契约精神，公司不 方便透露具体客户的合作信息，公司对外披露的公告内容可供参考。 ...

锂电隔膜龙头企业星源材质（300568）传出重磅消息，公司在今年初增持日本磁性技术控股股份有限公 司（股票代码：6890.T，简称"Ferrotec"）股份后，再度增持至持股比例超5%。 7月28日星源材质公告，公司子公司星源国际控股(新加坡)有限公司(简称"新加坡星源")因首次持有 Ferrotec股份比例超过5%，股东需向日本财务省提交《大量保有报告书》。这一"举牌"增持引发了资本 市场的高度关注。业内人士指出，此举标志着星源材质在半导体领域加速布局、打造第二增长曲线的坚 定决心。 加速开辟第二增长曲线 作为全球锂电隔膜行业的领军者，星源材质在锂电隔膜市场占据重要地位，其自主研发的干法、湿法隔 膜技术打破了海外技术垄断，助力中国企业在全球隔膜市场斩获超80%的份额，客户囊括宁德时代 （300750）、比亚迪（002594）、LG化学等众多头部电池厂商。然而，随着新能源行业增速逐渐放 缓，隔膜价格面临下行压力，星源材质急需开拓新的业务领域以突破业绩增长瓶颈。 回顾星源材质今年来的产业布局，1月8日，星源材质与全球再生晶圆龙头RSTechnologies签订《战略合 作框架协议》，双方约定在半导体材料研发、科 ...

证券研究报告·公司点评报告·电池 纳科诺尔（832522） 干法电极设备持续突破，固态稀缺龙头大有 可为 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 945.51 | 1,053.51 | 1,041.00 | 1,371.74 | 1,879.81 | | 同比（%） | 25.03 | 11.42 | (1.19) | 31.77 | 37.04 | | 归母净利润（百万元） | 123.83 | 161.84 | 164.08 | 240.21 | 373.99 | | 同比（%） | 9.33 | 30.69 | 1.38 | 46.40 | 55.69 | | EPS-最新摊薄（元/股） | 0.79 | 1.03 | 1.05 | 1.53 | 2.39 | | P/E（现价&最新摊薄） | 72.42 | 55.41 | 54.66 | 37.33 | 23.98 | [Table_Tag] [ ...

电力设备 电力设备 2025 年 07 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-07 2024-11 2025-03 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 6 月）：上半年新能源车销量同比+26%， 看好欧洲电动化趋势—行业点评报 告》-2025.7.21 《低空经济行业周报（第二十五期）： 小鹏汇天完成 2.5 亿美元融资，时的科 技获 350 架 E20 订单—行业周报》 -2025.7.20 《固态电池行业周报（第六期）：固 态电池中试、量产节奏加快，设备先 行 下 订 单 持 续 交 付 — 行 业 周 报 》 -2025.7.20 固态电池行业周报（第七期）：固态电池材料持续取 得突破，电池中试节奏加快 ——行业周报 源 证 券 证 券 研 究 报 告 行 业 研 究 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 固态电池材料持续取得突破，中试、量产节奏加快 （1）材料：7 月 22 日，华盛锂电表示，公司目前已完成了多种固态/半固 ...

证券研究报告·公司深度研究·电池 信宇人（688573） 锂电干燥设备龙头，差异化布局卤化物电解 质解决方案 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 593.62 | 621.84 | 583.50 | 708.64 | 840.46 | | 同比（%） | (11.33) | 4.75 | (6.17) | 21.45 | 18.60 | | 归母净利润（百万元） | 58.35 | (63.26) | 8.51 | 54.68 | 79.38 | | 同比（%） | (12.55) | (208.41) | 113.46 | 542.19 | 45.18 | | EPS-最新摊薄（元/股） | 0.60 | (0.65) | 0.09 | 0.56 | 0.81 | | P/E（现价&最新摊薄） | 50.54 | (46.62) | 346.39 | 53.94 | 37.15 | [Table_T ...

证券代码：688729 证券简称：屹唐股份 公告编号：2025-006 北京屹唐半导体科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （一）调整副总经理（副总裁）的情况 从公司长期战略发展的角度考虑，经公司第二届董事会第十九次会议审议通 过 ， 公 司 对 组 织管 理 架 构 和高 级 管理 人员 职 责进 行调 整 ，同 意对 Subhash Deshmukh 先生和 Schubert S. Chu 先生的职务进行调整，本次职务调整后，上述 人 员 不 再 担 任 公 司 副 总 经 理 （ 副 总 裁 ）， 但 仍 在 公 司 全 资 子 公 司 Mattson Technology, Inc.任职，本次调整不会对公司相关工作的正常开展和日常经营造成 不利影响。 本次职务调整后，上述人员仍将遵守《上市公司股东减持股份管理暂行办法》 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》等相关法律 法规的规定，以及在公司首次公开发行股票时所作的相关承诺。 （二）调整核心技术人员的 ...

Core Viewpoint - The article discusses the current state and future outlook of the Chinese separator industry, highlighting production growth, market dynamics, pricing trends, and the need for cost reduction amidst increasing competition [1][3][4]. Production and Market Dynamics - In the first half of 2025, China's separator production reached 13.94 billion square meters, marking a year-on-year increase of 53.2%. Wet separators accounted for 11.42 billion square meters, while dry separators contributed 2.52 billion square meters [1]. - The market is dominated by leading companies, with Enjie holding over 30% market share and the top four companies controlling 72.6% of the market. The share of dry separators has decreased to around 18% due to the transition from dry to wet methods and significant price drops in wet separators [1][3]. Capacity and Utilization - Domestic capacity expansion is slowing down, with ongoing projects from major players like Xingyuan Materials and Enjie. The overall capacity utilization rate in the separator industry is 65%, with wet separators exceeding 70% and dry separators below 50% [3]. - The industry is currently facing a price decline cycle, leading to widespread losses among companies, with less than 20% of firms remaining profitable [3]. Pricing Trends - There is a stark contrast in pricing between dry and wet separators. Despite low utilization rates, dry separator prices have increased due to high concentration in the industry, while wet separator prices continue to decline due to market fragmentation [4]. - In the first half of 2025, the price of 7 µm wet separators fell by 19.4%, and 7+2+1 µm wet separators decreased by 15.7%, while 16 µm dry separators saw a price increase of 6% [4]. Industry Trends - Cost reduction is a continuous demand from downstream sectors, with a focus on increasing the use of domestic raw materials and enhancing single-line capacity to lower manufacturing costs [7]. - The demand for dry coated separators is rising, particularly for high-performance products in mid-to-high-end power batteries, although supply remains tight due to limited coating capacity among manufacturers [7]. - The application of 5 µm ultra-thin wet separators is expanding, with leading companies accounting for about 30% of usage, but supply is still concentrated among a few manufacturers, indicating potential technological bottlenecks [7]. Market Outlook - Given the ongoing overcapacity in the separator market, there is a possibility of further price declines, with the industry nearing a bottom [9]. - The continuous price drop is making survival increasingly difficult for companies, potentially leading to a wave of industry consolidation [10]. - The current domestic expansion phase is concluding, with future capacity growth expected to shift towards overseas markets, particularly in Southeast Asia [11].

为力促项目落地生根，金昌市坚持分类管理、精准施策，将项目细分为四类，对应绿、蓝、橙、红四色 标记，实行分级包抓、动态跟踪，全链条推动项目从线索到投产高速转化。尤其注重与龙头企业协同发 力，与金川集团共同谋划产业链项目37个，协同开展联合招商活动10余次，金川（河西堡）百万吨危险 废物处置等一批项目成功落地。驻点招商"前哨"作用充分释放，精准对接目标企业163家，成功推动高 能数造全固态电池干法制造示范基地等一批项目签约。 在招商过程中，金昌市严守项目质量生命线，严格执行项目评估机制，从产业准入、土地利用、环保要 求等多维度综合把关。依托21个细分产业链招商专班，强化重点项目"包抓联"，着力破解项目落地中的 梗阻难题。坚持引进与服务并重，创新推行"一单清告知+一站式代办+全周期跟踪"服务模式，高效运 行项目交办与24小时微信群代办机制。今年以来，已累计为叶林环保科技等113家企业高效帮办代办各 类手续234件次，让企业真切感受到"进得来、落得下、发展好"的金昌温度。（谢晓玲） 金昌市招商引资工作再传捷报：今年前5月，金昌市实施招商项目129项，实际到位资金153.29亿元，同 比大幅增长42.19%，增量高达4 ...

Summary of Longking Environmental Conference Call Company and Industry Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and New Energy Key Points and Arguments 1. **Strategic Partnership**: Longking Environmental benefits from Zijin Mining's acquisition, establishing a "Environmental Protection + New Energy" dual-drive strategy with Zijin holding over 25% and the Longyan State-owned Assets Supervision and Administration Commission holding nearly 10% [2][5] 2. **Green Energy and Storage Development**: The company is focusing on green electricity and energy storage, with green energy projects aligned with Zijin's green mining transformation, and expected operational improvements in energy storage by 2025 [2][5] 3. **Non-Electric Sector Breakthroughs**: Longking has achieved significant advancements in non-electric sectors, including the world's first dry desulfurization technology applied to steel sintering machines, leading industry standards [2][6] 4. **Stable Order Volume**: Despite concerns over reduced orders in thermal power emissions control, the company maintains a stable order volume of around 10 billion annually, with unexecuted orders between 18-20 billion [2][10] 5. **Core Business and Competitive Advantage**: The core business includes flue gas treatment (desulfurization, denitrification, and dust removal), with a market share of nearly 50% in dust removal and about 20% in desulfurization [3][4] 6. **Financial Performance**: The company expects a net profit of 830 million yuan in 2024, impacted by losses in micro-fee businesses and goodwill impairment, with the environmental main business contributing approximately 920 million yuan [3][20] 7. **Future Growth in Green Energy**: Green energy is projected to contribute around 200 million yuan in 2025, with a focus on self-consumption and grid-connected power generation [12] 8. **Cash Flow and Debt Management**: The company has a strong cash flow and collection capability, with a high apparent debt ratio due to significant advance payments, reflecting its premium pricing ability [16][18] 9. **Employee Stability**: The implementation of a 10-year employee stock ownership plan has improved employee stability and morale [14][15] 10. **Market Expansion**: Longking is actively expanding into high-temperature industries such as steel, cement, and coking, which have substantial desulfurization and denitrification needs [4][7] Additional Important Information - **Board Structure**: The board consists of representatives from Zijin Mining, Longking Environmental, and the Longyan State-owned Assets Supervision and Administration Commission, facilitating smooth cooperation [8] - **Future Order Trends**: The company anticipates continued demand for emissions control due to ongoing regulatory requirements and the need for upgrades in existing facilities [9] - **Investment Focus**: Recent investments are primarily directed towards green energy projects, with clear funding purposes and avoidance of high-risk ventures [17] - **Robotics and Equipment Development**: The company is exploring robotics for flue gas treatment facility maintenance, although current contributions to earnings are limited [13] This summary encapsulates the essential insights from the conference call, highlighting Longking Environmental's strategic direction, financial outlook, and market positioning within the environmental protection and new energy sectors.

Core Viewpoint - The article discusses the challenges and advancements in all-solid-state batteries, emphasizing the importance of solid-solid interface contact and the need for material and equipment improvements to achieve commercial viability [2][10][24]. Group 1: Technical Challenges - All-solid-state batteries face significant challenges, particularly the solid-solid interface issues, which are critical for achieving effective ion transport and overall battery performance [3][5]. - The solid-solid interface must maintain effective contact during both manufacturing and operational phases, which is complicated by the expansion of materials during charge and discharge cycles [4][5]. - The performance of all-solid-state batteries is contingent upon achieving a weight loss rate of less than 1% under specific testing conditions, as outlined by the China Automotive Engineering Society [2]. Group 2: Material Considerations - Sulfide-based solid electrolytes are currently the primary focus for all-solid-state battery development, but they face challenges such as air sensitivity and high production costs [10][11]. - The cost reduction of lithium sulfide, a key material for solid electrolytes, is crucial for the commercialization of all-solid-state batteries, with current prices around 1000 CNY/g and a target of 500,000 CNY/ton as a potential industrialization inflection point [11][12]. - The stability of sulfide electrolytes is a concern due to their tendency to produce toxic hydrogen sulfide when exposed to moisture, necessitating controlled production environments [10][11]. Group 3: Equipment and Manufacturing - The manufacturing process requires specific pressures to ensure solid-solid contact, with external pressures during electrode preparation typically ranging from tens to hundreds of MPa, while operational stacking pressures are usually below 10 MPa [13][21]. - The use of isostatic pressing is highlighted as a method to achieve the necessary pressures during manufacturing, but scalability remains a challenge for large-scale production [19][21]. - Dry electrode technology is noted for its potential to enhance safety and energy density by eliminating solvent-related risks, although challenges remain in achieving consistent quality and efficiency in production [22][24]. Group 4: Industry Outlook - The all-solid-state battery industry is in its early stages, akin to the initial phase of the electric vehicle market around 2009-2010, with significant developments expected in the coming years [25][31]. - Key milestones include major companies like BYD and CATL planning to launch all-solid-state battery production lines and products by 2025-2030, indicating a growing commitment to this technology [32][34]. - The article suggests that achieving a cycle life of 1000 cycles may be a preliminary target for all-solid-state batteries, which is essential for their acceptance in consumer applications [10][24].