策 略 研 究 2025 年 07 月 20 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250712-20250718） 本期投资提示： 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 相关研究 - 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 比 较 证 券 研 究 报 告 一、A 股本周估值（截至 2025 年 7 月 18 日） ✓ 1）指数及板块估值比较： ✓ 中证 A 股整体 PE 为 19.8 倍，处于历史 79%分位； ✓ 上证 50 指数 PE 为 ...

Investment Rating - The report rates the electric new energy industry as "Overweight" indicating a positive outlook for the sector [3][4]. Core Insights - The report highlights a significant increase in production and stable profitability for leading lithium battery companies, driven by high demand and a reduction in price wars within the lithium battery segment [3][4]. - The photovoltaic (PV) sector is experiencing a recovery in profitability, particularly for high-margin BC components, while other materials face challenges due to price declines [4]. - Wind power installations are on the rise, with expectations for accelerated performance in the second half of the year as demand remains strong [4]. - Investment recommendations focus on three main lines: strong performance companies, supply-side reform opportunities, and new technologies such as solid-state batteries [4]. Summary by Sections Electric Vehicles - In Q2 2025, production across various lithium battery components saw year-on-year increases: ternary cathodes (+15%), iron-lithium cathodes (+53%), anodes (+23%), separators (+36%), electrolytes (+45%), and lithium batteries (+37%) [4]. - The overall profitability in the lithium battery segment is expected to stabilize and recover due to high operating rates among leading companies [4]. Photovoltaics - The PV sector experienced explosive growth in installations, with cumulative new installations exceeding 197GW from January to May 2025 [4]. - Major material companies are still facing losses, but the extent of losses has narrowed significantly in Q2 2025 compared to Q1 [4]. - Aiko Solar is noted for achieving profitability in Q2 2025, marking a significant milestone in the competitive landscape [4]. Wind Power - Wind power installations reached 46.28GW from January to May 2025, with expectations for continued growth in Q2 and Q3 [4]. - The report anticipates that the main machine segment will see improved profitability as orders for wind turbines increase [4]. Investment Recommendations - Key companies to focus on include: 1. Strong performance: CATL, Keda, Zhuhai Guanyu, Hunan YN, and Sungrow [4]. 2. Supply-side reform: Tongwei, Daqo, Aiko, and Longi Green Energy [4]. 3. New technologies: Xiamen Tungsten, Tianqi Lithium, and others [4].

电解液端，最新与天赐材料签订 55万吨以上采购合同。 7月16日， 天赐材料公告称，全资子公司 九江天赐与武汉楚能、孝感楚能、宜昌楚能 签订了《生产材料采购合作协议》。协议 生效之日起 到 2030年12月31日，九江天赐将向楚能新能源预计供应电解液系列产品总量不少于55万吨。 具体的合作项目以及对应的合作产品型号、供应量，由双方另行签订备忘录或补充协议，同时 具体单价由双方根据协议约定逐月确定。 "快速成立、加速扩产、聚力储能、入局造车……"，这家成立仅4年的湖北公司再现"楚能"速度。 据观察，基于储能、动力等终端订单需求，楚能新能源正加速构建 稳定、强大的供应链体系。尤其是2025年以来，其已经与多个细分领域龙 头企业签订相关合作及采购订单。 01 四大采购订单落地 起点锂电统计得知，楚能新能源今年1-7月至少与4家锂电产业链企业签订采购合同，涉及多个领域。 其产品业务集中于电池顶盖、电池壳体、PACK连接、电池内部软连接等4个方面，并在江苏常州、广东深圳及东莞、四川宜宾等地建设有标 准化生产基地。 正极材料端，联手龙蟠科技， 预估总采购金额超50亿元。 5 月 9 日， 龙蟠科技发布公告，旗下常州锂源等 ...

非常好,欢迎大家早上来接受我们国际电话会议的第五期。那么今天我们给大家汇报一下我们节前刚刚发布深度报告的这个复令进攻的这样一个推荐。那么最近这段时间呢,其实我们对于这个理电这个板块的推荐有一条很重要的主线,就是主页非常稳健,同时也在积极布局一些像机器人啊,半导体啊,这些第二增长曲线的一些公司。 那么傅林金工呢就是这样一家比较典型的这个标的啊甚至他的主业不只是文件啊甚至在这个零酸铁力的技术迭代的过程当中可能会打造为一家这个铁力的一个新龙头啊那么我们接下去就把时间交给这篇报告的这个主笔研究员陆文杰给大家做一个详细的一个汇报啊文杰 好的感谢杨老师各位投资者早上好然后也是感谢大家这么早来接入我们这边的一个进门的一个会议然后我这边的话是节前发布了一个富林金工的一个深度的报告那么现在我们就是就节前的深度以及我们推荐的一个观点然后我再向各位把我们整体的一些内容PPT过一遍然后再继续重申一下我们对于富林金工向公司的推荐 那么这个首先呢就是呃从呃核心的这个观点上来看的话呢呃第一个啊我们呃认为说呢呃在过去的这两到三年的这个时间里面呢呃其实弗林金工呢是一家比较稀缺的也比较典型的一家 因为受到了这种下游这种往高性能电池发展的这么一种 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The recent sharp rebound of lithium carbonate futures has deviated significantly from the fundamentals. Although the demand for new energy vehicles remains resilient, factors such as the widening of the spot discount, the continuous increase in inventory, and the narrowing profit margins of downstream cell enterprises all suppress high prices. Short - term capital push may continue under the influence of market news, but as new production capacities such as the Mami Cuo Salt Lake are gradually put into operation, and the resistance of cathode material manufacturers to high prices increases, it is expected that the futures price will return to the fundamental logic within the next 1 - 2 weeks, showing a trend of rising first and then falling [3] Group 3: Summary According to Relevant Catalogs 1. Daily Market Summary - **Futures Market Data Changes**: On July 14, the main contract of lithium carbonate closed at 66,480 yuan/ton, up 3.42% from the previous trading day. However, the basis weakened significantly, expanding from - 580 yuan/ton on July 11 to - 2,680 yuan/ton, indicating insufficient follow - up power in the spot market. The trading volume of the main contract soared 151.87% to 1.015 million lots, reaching a recent single - day high, and the open interest increased 10.31% to 356,000 lots [1] - **Industry Chain Supply and Demand and Inventory Changes**: The utilization rate of lithium salt production capacity slightly increased to 62%, and the medium - term supply was expected to be loose. The prices of spodumene and lepidolite concentrates remained unchanged at 665 yuan/ton and 765 yuan/ton respectively, and there was no obvious pressure on the cost side. In early July, the retail sales of new energy vehicles increased 21% year - on - year but decreased 11% month - on - month, with short - term demand growth slowing down. The prices of ternary and lithium iron phosphate cathode materials rose moderately, while most cell prices remained stable. Downstream enterprises had limited acceptance of high - priced raw materials and mainly made rigid purchases. The social inventory of lithium carbonate climbed for four consecutive weeks to 141,000 physical tons, reaching a new high this year, and the warehouse receipts also accumulated, indicating insufficient actual digestion capacity in the spot market [2] 2. Industry Chain Price Monitoring - The main contract of lithium carbonate rose from 64,280 yuan/ton on July 11 to 66,480 yuan/ton on July 14, an increase of 3.42%. The basis weakened from - 580 yuan/ton to - 2,680 yuan/ton, a change rate of - 362.07%. The open interest of the main contract increased 10.31%, and the trading volume increased 151.87%. The market price of battery - grade lithium carbonate increased slightly, and the prices of lithium concentrates and some related products also had corresponding changes [5] 3. Industry Dynamics and Interpretations - **Spot Market Quotations**: On July 14, the SMM battery - grade lithium carbonate index price and the average price of battery - grade and industrial - grade lithium carbonate continued to rise. The abnormal fluctuations in the futures market were mainly driven by short - term capital flows, not directly related to the industry fundamentals. The current price level has exceeded the general acceptance range of downstream enterprises, and only some enterprises with rigid procurement needs maintained basic transactions. Although some lithium salt producers have tried to adjust prices, the overall quotation strategy remains cautious [6] - **Downstream Consumption Situation**: From July 1 - 6, the retail sales of the national new energy passenger vehicle market were 135,000 units, a year - on - year increase of 21% and a month - on - month decrease of 11%. The wholesale volume was 125,000 units, a year - on - year increase of 31% and a month - on - month increase of 0% [7] - **Industry News**: Zangge Mining's subsidiary participated in the investment in a project that received a construction permit, which is beneficial to expanding the company's lithium extraction capacity from salt lakes. Zhongkuang Resources plans to carry out a technical upgrade project for its lithium salt production line. The Mami Cuo Salt Lake project has a total investment of 4.537 billion yuan and is expected to produce 50,000 tons of battery - grade lithium carbonate annually [9]

2025 年 07 月 13 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250705-20250711） - 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 研 究 证 券 研 究 报 告 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 行 业 比 较 相关研究 一、A 股本周估值（截至 2025 年 7 月 11 日） ✓ 1）指数及板块估值比较： ✓ 中证 A 股整体 PE 为 19.7 倍，处于历史 78%分位； ✓ 上证 50 指数 PE 为 ...

7月10日，苏州工业园区和顺电气（300141）股份有限公司(以下简称"和顺电气")发布公告称，公司与 上海京能领金新能源发展有限公司就中标项目签订《设备采购合同》，合同设备含税总价1.95亿元，供 应周期为3年，项目总需求为30套移动电源综合系统，将分批供货。该合同的履行预计对公司2025年度 及未来年度经营业绩产生积极影响。 《证券日报》记者注意到，6月份以来，上市公司频频签订大额合同，其中，新能源(光伏、储能、新能 源汽车产业链)与算力领域表现尤为突出，成为订单集中的核心板块，彰显出这些行业强劲的发展动能 与市场需求。 新能源赛道多点开花 作为新能源领域的重要分支，光伏产业的订单规模较为突出。6月中旬，第十八届(2025)国际太阳能光 伏和智慧能源&储能及电池技术与装备(上海)大会暨展览会成功举办，展会期间众多光伏企业集中达成 合作。例如，协鑫集成（002506）科技股份有限公司(以下简称"协鑫集成")与申能股份（600642）有限 公司(以下简称"申能股份")旗下子公司签署1.2GW(吉瓦)光伏组件合同。据悉，申能股份于2024年启动 总装机容量200万千瓦的光伏发电项目，总投资73亿元，预计2025 ...

Core Viewpoint - The company, Xin Yang Feng, emphasizes the importance of international cooperation and technological innovation in transforming from a traditional fertilizer manufacturer to a leader in both phosphate fertilizers and new energy materials, contributing to sustainable agricultural development and food security [1][2][8]. Group 1: International Cooperation - Xin Yang Feng has established strategic partnerships with international fertilizer giants, such as Germany's Compo Expert and the U.S. company Brandt, to enhance product offerings and technological capabilities [2][3]. - The collaboration with Compo Expert has led to the introduction of DMPP stabilized fertilizers in China, while the partnership with Brandt has resulted in the launch of the "Weibolang" specialty fertilizer series, which has shown significant improvements in crop quality and yield [2][5]. - The company is also working with Israel's chemical group to advance its international strategy, focusing on product, technology, and promotion [3]. Group 2: Research and Development - Xin Yang Feng has developed a comprehensive innovation system that integrates basic research and results transformation, significantly contributing to national food security [4]. - The collaboration with China Agricultural University has resulted in the development of specialized fertilizers, achieving an average yield increase of 8.6% across various crops [4]. - The company has also partnered with the National Agricultural Technology Promotion Service Center to promote new fertilizer technologies, leading to an average yield increase of 8% to 10% for field crops [4]. Group 3: Technological Advancements - Since 2016, Xin Yang Feng has focused on digital transformation and automation in production, implementing numerous projects to enhance efficiency and reduce energy consumption [6][7]. - The company is collaborating with leading agricultural technology firms to develop a smart agriculture platform, which has already shown promising results in wheat production [7]. Group 4: Green Industry Layout - Xin Yang Feng has recognized the opportunities in the new energy revolution and is transitioning from traditional phosphate fertilizers to new energy materials and fine chemicals [8][9]. - The partnerships with companies like Changzhou Lithium Source and GreeenMei have enabled Xin Yang Feng to establish a strong industrial chain in lithium iron phosphate materials, enhancing its market position [8][9]. - This strategic shift not only opens a new growth avenue for the company but also supports its green and sustainable development goals [9].

Group 1 - Ganfeng Lithium has completed the acquisition of 100% equity in Mali Lithium, marking a significant step in its lithium resource layout in Africa [1] - The Goulamina lithium spodumene project, with an annual production capacity of 506,000 tons of lithium concentrate, has officially commenced production, indicating a transition to substantial output [1] - This acquisition strengthens Ganfeng Lithium's position in the global lithium market and lays a solid foundation for future growth, contributing to the stability of its global lithium supply chain [1] Group 2 - Tianci Materials' subsidiary has filed a lawsuit for trade secret infringement against several companies, with an expected economic loss of 887 million yuan and legal fees of 1.15 million yuan [2] - The lawsuit is anticipated to have no direct negative impact on the company's current profits, but the case's outcome will be determined by the court [2] - The significant amount involved in the lawsuit may affect investor sentiment, and the market will closely monitor the case's progress and its long-term implications for the company [2] Group 3 - Fulian Precision has signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [3] - The joint venture aims to build a 100,000 tons/year high-pressure lithium iron phosphate project and a 100,000 tons/year lithium dihydrogen phosphate precursor project, enhancing Fulian Precision's capacity in the lithium battery materials sector [3] - This collaboration reinforces Fulian Precision's position in the core supply chain of new energy vehicle components and is expected to contribute to regional economic development [3]

Group 1 - The core viewpoint of the news is the collaboration between Chuanfa Longmang and Fulim Precision Engineering to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [1][2] - The joint venture will invest in a new project with an annual capacity of 100,000 tons for high-pressure lithium iron phosphate and 100,000 tons for lithium dihydrogen phosphate precursor, as well as a 100,000 tons per year ferrous oxalate project [1] - Both companies are leaders in the domestic phosphate chemical sector and have expanded into lithium iron phosphate and other new energy materials [1][2] Group 2 - Fulim Precision Engineering reported a revenue of 2.697 billion yuan in Q1, a year-on-year increase of 80.30%, and a net profit of 124 million yuan, up 211.85% [1] - Chuanfa Longmang achieved total revenue of 2.084 billion yuan in Q1, with a year-on-year growth of 24.70%, while its net profit was 103 million yuan, a slight decline of 0.24% [1] - The collaboration aims to leverage Fulim's market demand and technical advantages along with Chuanfa's resource advantages to optimize product performance and cost [1][2] Group 3 - The partnership will enhance the core competitiveness and sustainable development capabilities of Fulim's lithium iron phosphate business [2] - Chuanfa Longmang believes the collaboration will strengthen its new energy materials business layout and improve its core competitiveness through a multi-resource green circular economy industry chain [2] - Both companies plan to establish a special working group to ensure high-quality completion of the collaboration projects through regular meetings and technical exchanges [2]