特朗普再次出手，加征100%关税，企业回流美国面临三大核心问题！ 特朗普一上台，就爱拿关税当"武器"，这事儿大家早就见怪不怪了。从钢铁、铝料到半导体、药品，美 国对进口货收的税，一次比一次高。 直到2025年9月29号，他又扔出个重磅消息——在社交平台上直接说，要对所有不在美国本土拍的电 影，收100%的关税。这可是美国头一回把关税加到服务行业上，明摆着是想把"美国优先"的路子走得 更极端。 但话说回来，政策喊得再响，企业真要搬回美国，遇到的麻烦可比想的多太多了。 先说说成本这事儿，简直是企业的"拦路虎"。特朗普这套关税政策，说白了就是两条路：要么你到美国 建厂，要么就多交一倍的税钱。可他压根没考虑全球产业链的规矩——不是说搬就能搬的，钱的问题首 先就绕不开。 拿药品行业举例，美国对进口品牌药加了100%关税后，药企要是选在美国本土生产，成本能高到扛不 住。查过美国劳工统计局的数就知道，美国制造业工人一年平均能拿差不多4.3万美元，这钱是亚洲工 人的3到6倍。 就算把关税算进去，在中国生产药品的总成本，还是比在美国低15%到30%。 更有意思的是，这些额外收的税，最后都会落到消费者头上。半导体行业也是一样的情 ...

展望未来，报告预测，随着能源转型推进，电动汽车行业仍将是锂市场的主要驱动力，预计今年全球电 动汽车销量同比将增长23.9%，2026年将同比增长14.7%。另一方面，报告也指出，对中国制造的电动 汽车、电池和原材料征收关税可能会导致成本增加，从而减缓电动汽车的普及速度。 中化新网讯 近日，智利铜业委员会(COCHILCO)发布了《2025~2026年锂市场预测报告》。报告显示， 2025年全球锂供应量预计达144.3万吨(碳酸锂当量)，需求量预计达134万吨，供应过剩10.3万吨。预计 2026年锂需求和供应都将增长，供应过剩量预计达6万吨。 COCHILCO表示，由于供应过剩，锂价自2023年以来大幅下跌。尽管电动汽车电池行业的需求在提 升，但宏观经济和地缘政治的不确定性、美国电动汽车补贴中止以及非洲等新供应国崛起仍导致了供应 过剩。自中国赞格矿业于7月停止锂生产以来，锂价已开始上涨。报告预测，2026年亚洲碳酸锂到岸价 将达每吨1.0327万美元，氢氧化锂到岸价将达每吨1.092万美元，均高于8月27日的最高价。这一轮价格 上涨是否能持续，则取决于停产的时间和规模。 2024年，智利锂产量预计达到29.6 ...

中国新能源企业正成为推动全球能源转型的关键力量。在中企将绿色技术带向世界的同时，如何进行风 险把控实现稳健经营？18日，在由上海仲裁委员会主办的"新能源出海：国际经营风险管控与争议解决 策略"研讨会上，与会嘉宾表示，了解国际市场的法律合规要求，提前布局并做好合规管控，是新能源 中企在全球市场行稳致远的关键。 根据《欧盟电池与废电池法规》规定，自2027年2月18日起，在欧盟市场投放或投入使用的轻型交通工 具电池、电动汽车电池，以及容量超过2kWh的工业电池，必须配备"电池护照"。维也纳国际仲裁中心 主席尼古拉斯·皮特考维茨（Nikolaus Pitkowitz）指出，该法规对在欧盟市场投入电池使用的经济运营商 造成了影响，包括制造商、进口商、分销商等；且法规复杂性高，许多细节有待次级立法进一步明确。 他表示，该法规的实施将推动企业进行全面的组织变革，以满足新的合规要求。企业需要在运营、技 术、供应链管理等多个方面进行调整。 地缘政治因素也是中企新能源出海进程中日益突出的风险来源。一家新能源企业法务负责人表示，美国 《通胀削减法案》（IRA）对中企造成了实质性影响，根据该法案中的"受关注外国实体"（FEOC）条 ...

Core Viewpoint - Panasonic, a battery supplier for Tesla, plans to develop a higher-capacity electric vehicle battery within approximately two years, aiming for completion by the end of 2027 [1] Group 1: Battery Development - Panasonic aims to increase the range of Tesla's most affordable SUV, the Model Y, by nearly 90 miles if the new battery technology is realized while keeping the current battery pack capacity unchanged [1] - Alternatively, Panasonic could produce lighter and potentially cheaper battery versions by maintaining the existing range and reducing the size of the battery pack [1] Group 2: Innovation in Manufacturing - The innovation involves eliminating the anode component during manufacturing, allowing the battery to form a lithium metal anode after the first charge [1]

Market Overview - The market showed a mixed performance with the Shanghai Composite Index experiencing narrow fluctuations while the ChiNext Index saw a pullback after reaching highs. The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion, a decrease of 245.8 billion from the previous trading day. Over 3,300 stocks declined across the market [1][8]. Sector Performance - The gaming sector led the gains, with stocks like Xinghui Entertainment and Perfect World hitting the daily limit. The automotive supply chain also saw increases, with stocks such as Zhejiang Shibao reaching their daily limit. Energy storage concept stocks were active, with CATL and Sungrow both reaching historical highs. Conversely, the cultural media sector faced significant declines, with Guomai Culture dropping over 10% [1][2]. Gaming Sector Insights - The gaming sector's growth is attributed to overseas expansion and artificial intelligence, which are seen as key drivers for companies to reduce costs and enhance profitability. Public funds have increasingly concentrated their investments in the gaming sector, particularly in the second quarter. Companies like Giant Network and 37 Interactive Entertainment have seen their stock prices double this year, indicating a potential upward trend in the sector [2][7]. Battery and Energy Storage Sector - The battery and energy storage sectors showed strength, with stocks like Zhongyi Technology and Tianqi Materials hitting the daily limit. The National Development and Reform Commission and the National Energy Administration recently announced a plan to increase the new energy storage capacity to 180 million kilowatts by 2027, which is expected to drive direct investments of 250 billion [2][3]. Intelligent Driving Sector - The intelligent driving concept also gained traction, with stocks such as Suoling Co. and Zhejiang Shibao reaching their daily limit. The Ministry of Industry and Information Technology, along with other departments, issued a plan to promote the approval and road testing of intelligent connected vehicles, which is expected to catalyze further investment in this sector [4][7]. Individual Stock Movements - High-profile stocks in the AI computing hardware sector faced collective adjustments, while semiconductor stocks also experienced increased divergence. However, core technology stocks remain within a correction phase without significant price-volume loss, indicating potential for recovery. Low-priced stocks have become increasingly attractive to short-term investors, with stocks like Shoukai Co. and Suning Universal seeing notable gains [6][8].

Core Viewpoint - XINWANDA has submitted an application for a secondary listing on the Hong Kong Stock Exchange, aiming to expand its capital base and enhance its market presence in the competitive battery industry [1] Group 1: Business Performance - XINWANDA has shifted focus from consumer batteries to the power and energy storage battery markets, seeking to capture market share amid intense competition [2] - Revenue is projected to grow from 47.862 billion yuan in 2023 to 56.021 billion yuan in 2024, a 17.0% increase, primarily driven by sales growth from domestic and international markets, although this is partially offset by declining average selling prices due to raw material price drops [3] - The revenue breakdown for 2024 shows that consumer batteries account for 54.27%, electric vehicle batteries for 27.02%, and energy storage systems for 3.37%, with other businesses making up 15.33% [3] - Despite increasing revenue from power batteries, profitability remains a challenge, with the gross margin for power batteries at 8.8%, the lowest among the three main business segments [3][4] Group 2: Financial Challenges - XINWANDA's net profit margin has been below 1% for the past two years, indicating significant pressure on profitability [4] - The unit price of power batteries has decreased significantly from 1.1 yuan/Wh in 2022 to 0.5 yuan/Wh in the first quarter of 2025, reflecting a trend of "price for volume" strategy [4] - The company has faced financial strain due to continuous capital investments without sufficient cash flow, leading to a situation where cash on hand is less than interest-bearing liabilities [7] Group 3: Financing Activities - XINWANDA has engaged in multiple rounds of financing since 2018 to support its lithium battery expansion, including two private placements raising 25.5 billion yuan and 39.2 billion yuan, respectively [6] - A planned 4.8 billion yuan private placement was withdrawn in August 2023, indicating potential regulatory challenges [6] - The company is also pursuing a spin-off of its subsidiary, XINWANDA Power Technology, for a separate listing, although current financial conditions may hinder this process [7] Group 4: Global Expansion Strategy - The funds raised from the Hong Kong listing will be directed towards global expansion, technology development, digital operations, and potential acquisitions [8] - XINWANDA plans to invest up to 2 billion yuan in a production base in Vietnam, expected to begin trial production in 2026, to enhance supply chain efficiency and cost competitiveness [8][9] - As of March 31, 2025, XINWANDA has established or is constructing 25 production bases, with six located overseas in countries such as India, Vietnam, Thailand, and Hungary [9]

沪深京三市半日成交额1.52万亿元，较上日缩量1468亿元。全市场2000超只个股上涨。 国标落地倒计时，预制菜概念爆发 9月15日，罗永浩与西贝餐饮的"预制菜纷争"余波未平，但资本市场已做出反应。同花顺数据显示，预制菜指数涨1.63%，得利斯开盘涨停，国 联水产涨超7%，多股涨超3%。 记者丨 李益文 黎雨桐 编辑丨叶映橙 曾静娇 9月15日，A股三大指数震荡上涨。 截至上午收盘，上证指数早盘上涨8.69点，涨幅为0.22%，报收3879.29点；深证成指上涨137.73点，涨幅为1.07%，报收13061.86点。 创业板 指上涨64.26点，涨幅为2.13%，报收3084.68点，盘中一度突破3100点。 | 上证指数 深证成指 | 北证50 | | --- | --- | | 3879.29 13061.86 | 1619.71 | | +8.69 +0.22% +137.72 +1.07% +18.83 +1.18% | | | 科创50 创业板指 | 万得全A | | 1349.26 3084.68 | 6250.06 | | +11.24 +0.84% +64.25 +2.13% +29.73 ...

Core Viewpoint - The article highlights the rapid development of the lithium battery industry chain in Morocco, driven by Chinese companies, which is creating a new growth engine for the global renewable energy sector [1]. Industry Chain Core Projects - Guoxuan High-Tech is investing approximately $6.8 billion to build Africa's first electric vehicle battery super factory in Morocco, with a planned capacity of 100 GWh, starting with 20 GWh expected to be operational by 2026 [3]. - BTR New Materials Group is investing about $849 million in Tangier to establish a factory with an annual production capacity of 50,000 tons of positive materials and 36,000 tons of negative materials, capable of supplying around 500,000 electric vehicles [4]. - Sichuan Yahua is collaborating with LG Energy Solution to invest over $500 million in a lithium hydroxide refining plant, which is expected to create over 430 direct jobs and ensure high-value utilization of local lithium resources [5]. - Zhongwei Co., Ltd. is investing $2 billion in a joint venture with Al Mada to build an NMC, LFP, and battery recycling project in Jorf Lasfar, with an annual capacity to support over 1 million electric vehicles [6]. Strategic Advantages of Morocco - Morocco holds about 70% of the world's phosphate reserves, a key source for LFP battery materials, and benefits from a low-cost production environment, with battery production costs 36% lower than in other countries [8]. - The Moroccan government aims to increase annual automotive production capacity to 1.4 million vehicles by 2030, aligning with the investment plans of Chinese companies [8]. Global Market Layout Strategic Significance - Investments by Chinese companies in Morocco are part of a broader global market strategy, allowing them to bypass trade barriers and access the U.S. market through free trade agreements [10]. - The establishment of a complete battery industry chain in Morocco enables Chinese companies to serve global markets, creating a "Made in Morocco, Sold Globally" model [10]. Industry Chain Coordination Effects - The investments have created a "chain effect," integrating various components of the battery supply chain, which reduces production costs and enhances supply chain stability [12]. - The Moroccan government supports this industry chain development by providing financial backing and facilitating administrative processes, ensuring smooth project execution [12].

格隆汇9月15日｜宁德时代(300750.SZ)盘初大涨近9%报353.38元，股价创2021年12月以来新高；H股涨近6%报458港元。消息面上，摩根士丹利9月11日发 布报告指，电池巨头宁德时代的行业领导地位非但没有被削弱，反而在竞争中得到进一步强化。该行认为，随着宁德时代今年上半年在欧洲电动汽车电 池市场取得突破，而规模较小的竞争对手在关键的储能领域陷入盈利困局，加之当前大热的固态电池技术被视为短期炒作，宁德时代的领先优势将得以 延续，其估值在同行中已具备显著吸引力，已经成为了"行业中最便宜的"。 ...

Core Viewpoint - Zenergy is positioned as a competitive player in the lithium-ion battery manufacturing sector, benefiting from a lower legacy burden and a focus on manufacturing efficiency through standardized cells and platform-based packs [1] Industry Outlook - The battery sales outlook remains strong, with a projected 5-year CAGR of 29% for China's EV battery installation from 2024 to 2029, indicating significant growth potential for Zenergy given its low base [2] - Despite the dominance of CATL and BYD, which together hold about 70% of China's EV battery market, Zenergy's current market share of approximately 2% allows for growth without immediate concern from the competitive landscape [3] Company Performance - Zenergy has achieved profitability since the second half of 2024, with gross margins reaching 17.2% in 2H24 and 17.9% in 1H25, supported by a client mix where the top 5 clients contribute over 80% of revenue [4][5] - The company is expected to see revenue growth of 50% in FY25, 76% in FY26, and 48% in FY27, with gross margins projected to improve to 18.2%, 18.9%, and 19.0% respectively during the same period [5] Client Diversification - Zenergy's client base is diversifying, with new clients such as GAC Toyota, VW, and SAIC Motor expected to enhance sales and margins, while foreign brands are projected to account for about half of Zenergy's revenue by FY27 [4][5] Financial Projections - Net profits are projected to reach RMB 569 million in FY25, RMB 1,307 million in FY26, and RMB 1,880 million in FY27, reflecting a strong growth trajectory [5] - The company has been initiated with a BUY rating and a target price of HK$18.00, based on a P/E ratio of 22x for FY27, which is justified by its higher profit growth outlook compared to peers [5]