登录新浪财经APP 搜索【信披】查看更多考评等级 1月28日 公司：泸州老窖 问题：请问公司是否有产品涉及创新药？ 四川双马：公司以直投和投资孵化器平台的方式布局生物医药等科创领域，专注于生物医药领域创新药 孵化，目前已在肿瘤、自身免疫、代谢、神经系统疾病等多个疾病领域，集中布局了一批处于早期阶 段、产品数据具备国际竞争力的创新药企业，并采用体系化、平台化的孵化模式推动成果转化。 问题：请问公司生产的多肽原料主要是出口哪些国家？主要是用于减肥药生产厂家吗？出口销售额是多 少？ 四川双马：在多肽原料药方面，深圳健元围绕重大慢性疾病领域，布局了包括司美格鲁肽、利拉鲁肽、 替尔泊肽在内的多个品种，技术储备深厚；公司核心原料药品种已成功通过中国、美国、欧洲、韩国等 多国注册备案，具备强大的全球化供应能力，是国内少数拥有大规模、高合规标准生产能力的领先供应 商之一，产品远销美国、巴西、印度、西班牙等国际市场。具体业绩情况请参见定期报告的相关内容。 问题：请问公司生产的美容肽产品是否有上百种？供应哪些大品牌化妆品厂家？ 四川双马：在美容肽业务方面，深圳健元生产的美容肽原料、高附加值的复配液体美容肽产品共计百余 种，公司已 ...

1月23日，机械ETF（516960）盘中涨超2.3%，固态电池整装待发。 兴业证券指出，全新应用领域对锂电池能量密度与安全性提出更高要求，固态电池整装待发。低空经 济、人形机器人、储能电站等新兴领域要求电池兼具高于400Wh/kg的高能量密度和高安全性。当前液 态锂电池技术已进入成熟期，能量密度接近理论上限，行业竞争焦点从单纯追求能量密度转向兼顾安全 性、成本与循环寿命。固态电池通过固态电解质替代液态电解液，从本质上提升安全性，能量密度潜力 可达500Wh/kg以上，政策层面也明确支持其基础研究与产业化。固态电池预计2026~2027年进入中试高 峰，2030年前后规模化量产。设备环节将率先受益，因生产工艺与传统液态电池差异显著，需新增干法 电极、电解质复合、等静压等专用设备，单GWh设备投资额显著提升。其中，干法电极设备、等静压 设备是设备环节最显性变化环节，后道工序的高温高压化成分容设备需求也将提升。 （文章来源：每日经济新闻） 机械ETF（516960）跟踪的是细分机械指数（000812），该指数聚焦于机械设备行业，涵盖专用设备、 通用机械等子领域，选取行业内具有较高市场占有率和技术优势的上市公司证券 ...

Core Viewpoint - The solid-state battery industry is transitioning from pure technology research to engineering validation, indicating a critical period for industrialization breakthroughs [1]. Group 1: Policy and Market Dynamics - The Ministry of Industry and Information Technology emphasizes enhancing the self-controllability of the supply chain and accelerating breakthroughs in solid-state battery technology as part of its 2026 action plan [1]. - Various companies in the supply chain are actively engaging in substantial developments, from material research to cell manufacturing and assembly [1]. Group 2: Industry Developments and Timelines - Companies like Wanrun New Energy and Tianci Materials are advancing in solid-state electrolyte research and production, with Tianci's pilot line expected to be completed by the second half of 2026 [1]. - The automotive sector, including GAC Group and China FAW Group, is aligning solid-state battery development with their electric vehicle models, aiming for small-scale applications by 2027 and commercial applications by 2030 [2]. Group 3: Equipment and Manufacturing Innovations - The manufacturing process for solid-state batteries now includes new steps such as isostatic pressing, with the market for isostatic pressing equipment projected to reach 6.6 billion yuan by 2030, accounting for 13% of the total equipment value [3]. - Leading equipment providers like Liyuanheng and QianDao Intelligent are establishing comprehensive production processes for solid-state batteries, with Liyuanheng collaborating with Quintus Technologies for innovative equipment development [4]. Group 4: Strategic Partnerships and Future Opportunities - Liyuanheng's strategic partnerships with leading companies are seen as a validation of their technological and engineering capabilities, positioning them as key players in the solid-state battery equipment market [4]. - The focus for equipment manufacturers is shifting from merely selling equipment to becoming collaborative developers and process enablers for clients, addressing new manufacturing demands [4].

Core Insights - The development of the all-solid-state battery industry is being catalyzed by both policy support and the strategic initiatives of leading companies [1][2] Group 1: Policy and Industry Trends - The Ministry of Industry and Information Technology has emphasized accelerating breakthroughs in all-solid-state battery technologies [2] - The industry is transitioning from pure research to engineering validation, with companies like GAC Group and BYD making significant progress in pilot production lines [1][2] Group 2: Technological Advancements and Collaborations - Various companies are actively developing solid-state electrolytes and manufacturing processes, with significant advancements reported by Wanrun New Energy and Tianqi Materials [2][4] - GAC Group aims to start small-scale vehicle testing of all-solid-state batteries by 2026, with plans for commercial application by 2030 [3] Group 3: Equipment and Manufacturing Focus - The focus of the all-solid-state battery industry is shifting from material science to production engineering, making equipment a critical factor for success [4] - Companies like Liyuanheng and Qiantai are leading in providing equipment for mass production, with strategic partnerships aimed at overcoming technical barriers [4][5] Group 4: Market Opportunities and Strategic Value - Winning orders from leading clients is seen as a strategic advantage for equipment manufacturers, indicating recognition of their technological capabilities [5] - The next 2-3 years present opportunities for equipment companies to become collaborative developers and solution providers for new manufacturing demands [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully delivered dry electrode equipment for space power-related institutions, enabling technological innovation in solid-state battery laboratories [5] - The company is positioned as a leader in dry electrode technology and equipment, with significant experience and has provided equipment to numerous domestic and international battery and vehicle manufacturers [5] - The establishment of a regional headquarters in Hainan aims to enhance global strategic layout and the solid-state battery laboratory is expected to accelerate technological innovation [5] Financial Performance - The company's projected net profit for 2025-2027 is estimated at 99 million, 159 million, and 230 million yuan respectively, with corresponding P/E ratios of 115, 72, and 50 times [5][7] - Revenue for 2025 is expected to be 946 million yuan, with a year-on-year growth rate of -10.16%, followed by a recovery with 28.90% growth in 2026 and 27.02% in 2027 [7] - The company anticipates maintaining its leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields [5]

Market Overview - On January 13, the Shanghai Composite Index fell by 0.64%, the CSI 300 decreased by 0.6%, the STAR 50 dropped by 2.8%, the CSI 1000 declined by 1.84%, and the ChiNext Index decreased by 1.96%. In contrast, the Hang Seng Index rose by 0.9% [4][5]. - The best-performing sectors on January 13 were Oil & Petrochemicals (+1.62%), Pharmaceuticals & Biotechnology (+1.21%), Nonferrous Metals (+0.91%), Media (+0.67%), and Banking (+0.65%). The worst-performing sectors included Defense & Military (-5.5%), Electronics (-3.3%), Telecommunications (-2.88%), Computers (-1.92%), and Building Materials (-1.87%) [4][5]. - The total trading volume for the entire A-share market on January 13 was 36,988 billion, with a net inflow of 1.296 billion HKD from southbound funds [4][5]. Important Insights - The report maintains the view from December 7, 2025, regarding interbank certificate of deposit (CD) rates, suggesting they may remain in a "dilemma" state. Market sentiment towards the trajectory of CD rates has become more optimistic [6]. - Key questions addressed include the impact of the appreciation of the RMB on the interbank funding environment and the extent of credit growth in January 2026 [6]. - The report emphasizes that the interbank CD rates may continue to face challenges [6]. Industry Analysis - The solid-state battery industry is accelerating its industrialization process, with isostatic pressing equipment identified as a core incremental segment that addresses the "solid-solid" interface impedance issue [7]. - The market size for isostatic pressing equipment is projected to exceed 6 billion by 2030 [7]. - Investment opportunities are highlighted in companies that focus on breakthroughs in isostatic technology and the realization of orders [7]. - Catalysts for growth include policy reviews by the Ministry of Industry and Information Technology, cost reductions, and order fulfillment [7].

Core Viewpoint - The company, Xizhuang Co., Ltd. (001332.SZ), primarily produces non-standard metal pressure vessels and has not yet applied its products directly in the fuel storage and transportation field for aerospace rockets [1] Group 1: Product Development - The company is currently focusing on the market demand and application prospects for isostatic equipment, which is still in the research and development stage [1] - The development of isostatic equipment is influenced by multiple factors, including technology transfer, customer demand, and industry environment, leading to uncertainties in future market expansion [1]

Group 1 - The core business of the company is the research, design, manufacturing, sales, and related technical services of non-standard metal pressure vessel products [1] - The company emphasizes the market demand and application prospects of isostatic pressing equipment in the production of solid-state batteries, which is currently in the research and development stage [1] - Future market expansion is subject to uncertainties influenced by factors such as technology transfer, customer demand, and industry environment [1]

Core Viewpoint - The report from Founder Securities highlights the importance of isostatic pressing technology in the production of solid-state batteries, emphasizing its advantages over traditional methods [1][2]. Group 1: Isostatic Pressing Technology - The core principle of isostatic pressing is based on Pascal's principle, where pressure is uniformly distributed in all directions within a high-pressure container [1]. - Isostatic equipment can be categorized into hot isostatic pressing, warm isostatic pressing, and cold isostatic pressing, with warm isostatic pressing being more suitable for solid-state battery applications due to its cost-effectiveness and ability to achieve higher pressure [1][2]. - The introduction of isostatic pressing in solid-state battery production allows for precise control of key parameters such as electrode density, thickness, and porosity, leading to improved ionic conductivity and mechanical strength [2]. Group 2: Industry Landscape - Overseas companies, particularly Quintus Technologies from Sweden and Hana Technology from South Korea, are leading in isostatic pressing technology, while domestic companies are rapidly advancing [3]. - Notable domestic firms that have successfully developed isostatic pressing technology include Sichuan Lieneng (20% owned by Rongqi Technology), Chuanxi Machinery (a subsidiary of AVIC), and Xian Dao Intelligent [3]. - Other domestic companies such as Liyuanheng, Naconoer, Litong Technology, and Xizhuang Co. are also expected to enter the isostatic equipment market, with a focus on companies like Xian Dao Intelligent, Rongqi Technology, and Naconoer [3].

Investment Rating - Industry rating is "Recommended," indicating that the industry is expected to perform better than the benchmark index over the next 12 months [41]. Core Insights - Isostatic pressing technology is crucial for solid-state battery production, allowing precise control over key parameters such as electrode density and thickness, which enhances ionic conductivity and mechanical strength while reducing production costs [2][16]. - The report highlights the advantages of warm isostatic pressing (WIP) over cold and hot methods, particularly in terms of cost-effectiveness and higher achievable pressure, making it more suitable for solid-state battery applications [2][17]. - The report identifies key players in the isostatic pressing equipment market, with overseas companies like Quintus Technologies and Hana Technology leading, while domestic companies such as Xian Dao Intelligent and Rongqi Technology are accelerating their R&D efforts [2][36][37]. Summary by Sections 1. Isostatic Pressing Equipment - Isostatic pressing relies on Pascal's principle, ensuring uniform pressure distribution in high-pressure containers, which is essential for solid-state battery applications [2][8]. - The equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP), with WIP being more suitable for solid-state batteries due to its ability to enhance ionic conductivity at lower costs [17][18]. 2. Application in Solid-State Batteries - Isostatic pressing significantly improves electrode density and reduces internal resistance, leading to enhanced battery performance [20][29]. - The technology is positioned in the middle of the solid-state battery production line, connecting the stacking machine and high-pressure formation equipment [30]. 3. Key Challenges - The report outlines challenges such as the non-continuous production cycle of isostatic pressing, which can take several minutes for pressure cycles, hindering automation in battery production lines [33]. - Cost control remains a critical issue, with the current investment per GWh for solid-state batteries being significantly higher than for liquid batteries, necessitating cost reduction strategies [33]. 4. Relevant Companies - Key international players include Quintus Technologies and Hana Technology, while domestic firms like Sichuan Lieneng and Zhonghang Jikong are making strides in the isostatic pressing equipment sector [36][37].