[Table_Main] 证券研究报告 | 行业点评 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 研究助理 邮箱：wangys5＠tebon.com.cn 市场表现 资料来源：德邦研究所，聚源数据 -15% -7% 0% 7% 15% 22% 29% 2024-07 2024-11 2025-03 2025-07 基础化工 沪深300 相关研究 1.《深海科技趋势下的化工蓝海！》， 2025.7.7 2.《政策持续发力"反内卷"，产能过 剩 行 业 迎 结 构 性 改 善 契 机 》， 2025.7.7 3.《——光引发剂更新②-PCB 需求 复苏+行业集中度提升，光引发剂协 同行情或水到渠成》，2025.7.3 4.《供需关系存在改善预期，光引发 剂景气有望修复》，2025.6.30 5.《SAF 价格持续回升，光引发剂景 气有望修复》，2025.6.30 有机硅更新：陶氏将关闭英国工 厂，有机硅产能有力出清 [Table_Summary] 投资要点： 王友舜 建议关注：合盛硅业、新安股份、兴发集团、东岳硅材、三友化 ...

会议在 鑫椤资讯总经理连萍女士 的致辞中拉开帷幕。她指出 固态电池，凭借固态电解质替代液态电解液的核心突破，以高能量 密度、高安全性、高低温适应性、长循环寿命的优势，成为全球能源科技竞争的 "战略必争之地"。 随着 2028年的临近，固态 电池已从"技术选项"变为"生存刚需"。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 据鑫椤资讯统计， 2024年中国固态/半固态电池产量已达5. 1 GWh， 预计 2028年将达到29.2 GWh 。 这一数字背后，是产业 界对技术变革的押注，更是人类对可持续能源未来的共同向往。 在这种对固态电池的呼声之中， 2025年7月9日， 由鑫椤资讯主办的 2025（ 第三届 ） 中国固态电池技术发展与市场展望高峰 论坛在上海隆重举行。 本次论坛汇聚了国内外固态电池领域的顶尖专家、学者及企业代表，共同探讨固态电池技术的最新进展、 市场应用前景及面临的挑战。 固态电池技术最新进展 I C C S I N O 1. 全固态电池工程技术难点攻克 国联汽车动力电池研究院创新事业部的杨容 副总经理 详细阐述了全固态电池在关键材料、电池设计及工 ...

证券代码：300812 证券简称：易天股份 编号：2025-002 深圳市易天自动化设备股份有限公司 投资者关系活动记录表 | | 特定对象调研 | | ☐分析师会议 | | --- | --- | --- | --- | | 投资者关系活动 | ☐媒体采访 | | ☐业绩说明会 | | 类别 | ☐新闻发布会 | | ☐路演活动 | | | ☐现场参观 | | | | | ☐其他电话会议 | | | | 形式 | 现场 | ☐网上 | ☐电话会议 | | 参与单位名称及 | 华福证券：卢大炜先生 | | | | 人员姓名 | 中邮基金：沈路遥先生 | | | | 时间 | 2025 年 7 月 | 9 | 日（星期三）10:00-11:30 | | 地点 | 深圳市易天自动化设备股份有限公司会议室 | | | | 上市公司接待人 | 副总经理、董事会秘书：王亚丽女士 | | | | 员姓名 | 证券事务代表：莫凤艳女士 | | | | | 一、介绍公司概况 | | | | | | | 简要介绍公司及子公司发展历程、主营业务、整体经营情况、核 | | | 心优势及未来发展规划等情况。 | | | | | ...

攻坚技术壁垒自主可控加速推进 光芯片被誉为"光通信的心脏"。近年来，随着中国市场对数据传输带宽和算力的需求持续增长，光通信 行业进入了快速发展期。 德科立董事长桂桑表示，近年来，公司通过自主研发，在薄膜铌酸锂芯片和O-Band半导体光放大芯片 等领域逐步突破了核心技术的瓶颈，为国内光通信产业提供了技术支持。特别是在算力中心的光交换技 术领域，德科立的硅基光波导高速光交换机已获得了海外样品订单。 上交所近日举办科创板新质生产力行业沙龙第二季第5期"光芯片中国算力新'燃点'"，邀请四家光芯片 企业，与多家证券公司、基金管理公司共同探讨国产化进程中的技术攻坚、产业链协同和全球化布局等 关键问题，旨在为行业发展指引方向，推动中国光芯片产业迈向更高水平。 程硕表示，光通信行业技术演进迅速，技术迭代存在周期性，企业唯有持续加码研发、动态调整产能策 略，方能规避阶段性产能错配风险。源杰科技重点布局高功率CW激光器等产品，提升产品附加值。 深化全球布局引领国际产业新局 随着全球光芯片市场竞争加剧，国际巨头并购整合进程提速，中国光芯片企业如何提升全球竞争力，实 现从"国产替代"向"全球竞合"跨越也是此次沙龙的热议话题。 长光华 ...

Group 1: Company Performance - A total of 55 listed companies in the A-share market have forecasted their performance for the first half of 2025, with 39 companies expecting positive results, representing over 70% [1] - Shenzhen Hanyu Pharmaceutical Co., Ltd. anticipates a net profit of between 142 million to 162 million yuan for the first half of 2025, marking a year-on-year increase of 1470.82% to 1663.89% [1] - Chengdu Saintno Biological Technology Co., Ltd. expects a net profit of 77.03 million to 94.14 million yuan, reflecting a year-on-year growth of 253.54% to 332.10% due to strong performance in its peptide raw material business [1] Group 2: Industry Trends - The pharmaceutical sector is experiencing accelerated growth driven by "innovation + overseas expansion," with innovative drug companies enhancing their international market presence [2] - The electronic industry is benefiting from structural opportunities, particularly in hardware companies, with TaiLing Microelectronics forecasting a revenue of approximately 503 million yuan, a year-on-year increase of around 37%, and a net profit of about 99 million yuan, up 267% [2] - Anhui Xindong Lian Technology Co., Ltd. projects a net profit between 138 million to 169 million yuan for the first half of 2025, representing a growth of approximately 144.46% to 199.37% due to leading product performance and successful customer recognition [3]

当下，生成式AI在多个领域展现出强大应用价值。2025年被业内认为是超级智能体元年。今年5月份， 聚焦混合式AI，联想在创新科技大会上率先发布和亮相了业内多款超级智能体，包括聚焦个人智能的 天禧个人超级智能体，以及企业智能的业内首款企业超级智能体——联想乐享和城市超级智能体。其 中，天禧个人超级智能体正成为新一代人机交互入口。 本报讯 （记者贾丽）7月4日，第七届中国卓越管理公司（BestManagedCompanies，以下简称"BMC"） 颁奖盛典举行。联想集团有限公司（以下简称"联想"）连续第二年入选"中国卓越管理公司"榜单。 联想数据显示，乐享超级智能体在5月7日上线后，客户周活提升270%，订单转化率提升了30%。6月 份，内嵌联想乐享超级智能体的联想首位"硅基员工"乐享壹号在五个城市的联想旗舰店"上岗"，带动进 店客流环比增长69%。 而在城市超级智能体方面，联想已经与福建武夷山、湖北宜昌和上海虹口达成战略合作，以"硅基智能 +碳基智慧"混合治理模式，加速助力智慧城市迈入4.0时代。 加速AI普惠 早在2017年，联想即前瞻布局人工智能，以自身变革为驱动不断打造擎天智能IT引擎，并基于客户场景 和 ...

Core Viewpoint - The article highlights the upcoming 2025 High-tech New Energy Materials Industry Conference, focusing on advancements in solid-state electrolytes and silicon-based anode materials, showcasing the latest developments from Tianmu Xiangdao in high energy density battery materials. Group 1: Conference Details - The conference will take place on July 8-9, 2025, at the Chengdu Qionglai Yang'an New City Conference Center in Sichuan Province [1] - Tianmu Xiangdao will disclose its latest research progress in solid-state electrolytes and silicon-based anodes during the event [1] Group 2: Company Developments - Tianmu Xiangdao has established a patent portfolio of nearly 350 items, focusing on solid-state electrolytes, silicon-based anodes, and hard carbon anodes [1] - The company is collaborating with Enjie Co., Ltd. and Beijing Weilan New Energy to form Jiangsu Sanhe, which specializes in semi-solid electrolyte coated membranes [1] Group 3: Production Capacity and Projects - The first phase of the project has completed construction, with two high-performance coating film production lines entering trial production [2] - Tianmu Xiangdao is developing a lithium battery silicon-carbon anode material research laboratory in Xuchang, Henan, with a planned production capacity of 200 tons per year [2] - The company is building the largest new silicon-carbon production center in the country, with a total planned capacity of 60,000 tons and an investment of 720 million yuan [2] Group 4: Financial Projections and Supply Chain - The project is expected to achieve a production capacity of 600 to 1,000 tons by 2025, corresponding to a revenue of approximately 300 million to 500 million yuan [3] - The local supply chain integration will reduce production costs, with key raw materials like silane supplied directly from a local company [3] - Tianmu Xiangdao's total annual production capacity has reached 45,000 tons, including 12,000 tons of silicon-based anode materials, 10,000 tons of hard carbon anode materials, and 3,000 tons of solid-state electrolytes [3]

行 业 研 究 电力设备及新能源行业：固态电池 产业化提速，关注产业链投资机遇 事件： 近日，多家锂电龙头公布全固态电池研发进展。6 月，亿纬锂能在其周年庆典 宣布，将在 2026 年推出能量密度达到 350Wh/kg 和 800Wh/L 的全固态电池 1.0，在 2028 年推出 1000Wh/L 以上的全固态电池 2.0。孚能科技在互动平台 表示，其第二代半固态电池预计于 2025 年量产，全固态电池研发进展顺利， 能量密度 400-500Wh/kg 的 60Ah 硫化物全固态电池计划于 2025 年底小批量 交付。赣锋锂业公告，公司已形成固态电池全链路布局，覆盖硫化物电解质及 原材料、氧化物电解质、金属锂负极等关键环节。 点评： 固态电池满足高性能需求，有望受益新应用领域发展。相对传统锂电池，固态 电池通过使用如高镍正极、硅基或锂金属负极更高性能、更激进的电池材料体 系，可以实现更高的能量密度与充放电倍率，理论上全固态锂电池的电芯能量 密度可达 900Wh/kg。固态电池采用不可燃固态电解质取代易燃有机电解液， 且固态电解质具备较高的弹性模量，在提升电池热稳定性的同时可有效抑制锂 枝晶刺破隔膜导致短路的 ...

Industry News - The Ministry of Industry and Information Technology emphasizes the need to regulate low-price disorderly competition in the photovoltaic industry, guiding companies to improve product quality and promote the orderly exit of backward production capacity for sustainable development [5] - The National Medical Products Administration has announced new measures to support the innovation and development of high-end medical devices, including guidance on the registration of products based on artificial intelligence and biomaterials [7] - The National Energy Administration held a meeting to emphasize the importance of resource survey pilot work for wind and photovoltaic power generation, aiming to enhance collaboration and accelerate progress [8] - The Ministry of Commerce is set to strengthen guidance on the export of second-hand vehicles, promoting healthy and orderly development in this sector [6] Company News - Hualing Steel announced that Xintai Life Insurance has acquired a stake in the company through the secondary market [9] - Vanke A has applied for a loan of no more than 6.249 billion yuan from Shenzhen Metro Group and extended part of its existing loans [10] - Aerospace Chengtong has restored its procurement qualifications for military material engineering services [11] - Haowang Bio announced that its HW130 injection has completed Phase I clinical trials [12] - Donghu High-tech is participating in the establishment of the Donggao Frontier Phase II Fund [13] - Nuotai Bio expects a year-on-year increase of 32% to 45% in net profit attributable to shareholders for the first half of the year, driven by significant growth in sales of peptide raw materials [14] - Wealth Trend's actual controller and chairman plans to reduce his holdings by no more than 3% of the company's shares [15] - Wankai New Materials announced that some production facilities will undergo maintenance, which is expected to significantly impact the company's overall performance [16] - Huaya Intelligent stated that it is engaged in the research and production of dry electrode rolling equipment systems for solid-state batteries [17] - Changling Hydraulic announced that its controlling shareholder is planning a change of control, leading to a suspension of its stock [18] - China Power Construction signed a contract for a mining and transportation project in Guinea worth approximately 5.063 billion yuan [19]

证券研究报告 奕瑞科技 (688301 CH) 下游景气回升，新品值得期待 | 华泰研究 | | --- | 2025 年 7 月 03日│中国内地 专用设备 奕瑞科技是全球领先的 X 线核心部件及方案供应商，下游分布分散，其中探 测器业务在全球已形成局部领先地位，球管等 X 光核心部件产品线正不断扩 张。我们认为 25 年以来公司下游医疗、口腔、工业景气均有所回升，CT 球 管、硅基 OLED 微显示背板等新业务具备较大成长空间，维持"买入"评级。 下游医疗、口腔、工业景气均边际回升，业绩复苏值得期待 公司 24 年收入同比-2%，主要系下游景气不佳，而 25 年医疗、口腔、锂电 等下游景气均呈现边际复苏态势。24Q4 以来医疗设备公开招中标量持续复 苏，据众成数科，24Q1~25Q1 我国医疗设备公开招中标市场金额分别同比 -48.4%/-29%/-9%/+20.9%/+67.5%，逐季改善。齿科方面，25Q1 国产 CBCT 龙头美亚光电整体收入同比+18%，恢复增长。锂电方面，24Q1~25Q1 宁 德 时 代 购 建 固 定 资 产 、 无 形 资 产 支 付 的 现 金 分 别 同 比 -32%/ ...