12月18日，中微公司一纸公告引发了资本市场的关注，其拟发行股份拿下杭州众硅的控制权。 而这笔交易其实早有伏笔，中微公司在收购之前就已是杭州众硅第二大股东。此次收购后，公司将锁定 46.95%的绝对控制权，交易不构成重大资产重组也让市场看到了快速落地的希望。 事实上，能被中微公司看中，杭州众硅也绝非普通之流，其已实现9轮融资，并且背后集结了一批明星 机构。若此次收购成功，意味着中微公司在平台化布局上又迈出了一步。 控股杭州众硅 12月18日，市值1700亿的半导体设备龙头中微公司抛出一则牵动资本市场的公告，其拟通过发行股份来 收购杭州众硅的控制权，并同步募集配套资金。这一资本运作直接触发了中微公司的停牌（自12月19日 起，不超过10个交易日）。 从此次交易的核心细节来看，中微公司已与杭州众硅7家核心股东签署了《发行股份购买意向协议》， 若协议股权全额交割，中微公司将新增34.91%股权，叠加原本持有的12.04%股权，其将合计掌控 46.95%的股权，成为杭州众硅的控股股东。 值得关注的是，中微公司此前已通过产业资本入股了杭州众硅，且已成为其第二大股东，这也导致此次 收购控制权的交易与谈判难度本身并不是非常 ...

Investment Rating - The report maintains an investment rating of "Positive" for the solid-state battery industry [4][35]. Core Insights - The solid-state battery sector is transitioning from laboratory testing to mass production validation, with expectations for small-scale vehicle trials by the end of 2025 and widespread trials in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market growth [23][26]. - Recent advancements include the successful delivery of dry-process equipment by XianDao Intelligent, achieving over 15% cost reduction, and the commissioning of a 10-ton solid electrolyte production line by Enjie Co., Ltd. [21][30]. Summary by Sections Industry Overview - The solid-state battery index increased by 2.6% from September 8 to September 12, 2025, with a cumulative increase of 51.7% for the year. The average increase for related stocks was 2.5%, with significant gains in the positive electrode and electrolyte sectors [2][9][11]. Recent Developments - Mercedes-Benz EQS successfully completed a 1205 km test with a solid-state battery, setting a new record for electric vehicles [26]. - The Hubei Solid-State Ion Energy headquarters project has commenced in Wuhan, focusing on a 0.2 GWh solid-state battery pilot line [27]. Company Dynamics - Enjie Co., Ltd. has launched a 10-ton solid electrolyte production line, enhancing its market capabilities [31]. - XianDao Intelligent has successfully delivered dry-process equipment, significantly reducing production costs and enhancing production efficiency [30]. - Huayi Qingchuang plans to invest 1 billion yuan in a silicon-based negative electrode project with an annual capacity of 10,000 tons [28]. - DaoShi Technology has signed an agreement for a 1000-ton silicon-carbon negative electrode project, supported by local government [29].

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]