格隆汇11月25日丨雄韬股份(002733.SZ)在投资者互动平台表示，公司湖北京山锂电工厂目前一期、二 期已投入使用。 ...

雄韬股份（002733.SZ）11月25日在投资者互动平台表示，公司湖北京山锂电工厂目前一期、二期已投 入使用。公司参股的钠电公司——盘古新能源公司发展不错。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司前期105亿投资的锂电钠产业园项目目前进展如 何，是否已经投产？ ...

来源：戴清策略思考 ⭕展望港股后市： 1、源头活水，慢牛在望。从宏观环境和流动性来看，美联储降息周期开启，全球宏观流动性或更为宽松，同时随着国内科技产业政策不断催化，更多增 量资金提升市场活跃度，还有长线资金不断入市，硬科技公司赴港上市，港股大盘或继续走"慢牛"行情。 2、配置方向上：在"十五五"规划政策指导下，在经济新旧动能转换之际，传统地产拉动的经济需求端的波动有所下降，而新质生产力等供给端的影响正 在逐步抬升。1）优质供给创造新增需求：部分新兴的科技产业正凭借技术进步的手段，通过优质供给创造新增需求，AI、机器人等产业正在经 历"0>1"的技术商业化的关键窗口期，当前"AI基建"相关环节景气加速扩散中，上游配套设施和能源设备正在受益中，如光模块、锂电、化工、金属等， 战略性看好AI应用（港股互联网等）。2）稀缺供给应享估值溢价：资源品从传统的经济周期驱动转向能源转型与地缘政治双轮驱动，对长期结构性供需 错配下的稀缺性进行定价，是在为一场确定的能源革命和不确定的全球格局进行定价，关注金属等。3）过剩产能逐步出清带来估值修复：光伏、化工等 部分行业已迎来"反内卷"政策落地，若行业供给加速出清，股票估值或将进 ...

Core Insights - The report indicates that the recent decline in Hong Kong stocks, particularly the Hang Seng Technology Index, which fell by 5.1% and the Hang Seng Index by 7.2%, reflects a state of market panic, suggesting a potential opportunity for investment [2][6][7] - The Fear and Greed Index for both the Hang Seng Technology Index and the Hang Seng Index is currently at historical lows, indicating a possible short-term recovery in market sentiment [7][8] Market Analysis - The decline in the Hong Kong market is attributed to several factors: 1. Unexpected growth in U.S. employment numbers alongside a rise in the unemployment rate to a four-year high, leading to uncertainty regarding the Federal Reserve's interest rate decisions [7] 2. Concerns over high asset prices potentially leading to market corrections, which has dampened trading sentiment in the Asia-Pacific region [7] - The report notes that the technology sector has been particularly hard hit, with the Hang Seng Technology Index underperforming compared to other indices [7] Future Outlook - The report anticipates a "slow bull" market trend due to: 1. The onset of a Federal Reserve rate-cutting cycle, which may lead to a more accommodative global liquidity environment [8] 2. Continuous support for the domestic technology sector through policy initiatives, which could attract long-term capital and enhance market activity [8] - Investment strategies suggested include: 1. Focusing on emerging technology sectors such as AI and robotics, which are at a critical commercialization phase [8] 2. Identifying scarce resources that may benefit from valuation premiums due to shifts in energy transition and geopolitical factors [8] 3. Monitoring sectors like insurance and brokerage, which may see increased activity as low-interest rates encourage more equity investments [8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 （王招华/方驭涛） 2025-11-23 您可点击今日推送内容的第2条查看 【电新环保】看好风电及氢氨醇板块，美国缺电寻找超跌反弹机会——电新环保行业周报20251123 1）氢氨醇作为新能源消纳和绿电非电领域应用的重要方向有望获得更多投资，氢氨醇板块当前市场预期 较低，亦可与风电板块形成共振，重点关注。2）美国缺电逻辑持续演绎，未来科技仍为主线，重点关注 海外储能、SST等板块超跌反弹的机会。3）2026年国内独立储能招标有望维持2025年的较好水平。4）锂 电方面重点关注供给变数较大的锂矿及盈利尚不支持扩产的隔膜环节的投资机会。 （殷中枢/郝骞/陈无忌/和霖/邓怡亮） 2025-11-23 您可点击今日推送内容的第3条查看 今 日 ...

Core Viewpoint - The recent market downturn in A-shares has highlighted underlying concerns, prompting professional investors to reassess their strategies for the end of the year and into 2024, with a consensus that while opportunities exist, achieving returns will be more challenging [1][2]. Market Sentiment and Trends - The A-share market experienced significant volatility on November 21, with declines observed across major Asia-Pacific markets, including Japan, South Korea, and Singapore [1]. - Concerns over the Federal Reserve delaying interest rate cuts and fears of an AI bubble have contributed to a collective market downturn [2]. - Despite short-term declines, there is a continued net inflow of funds into A-shares from various sources, including insurance funds and mutual funds, indicating a preference for "technology + dividends" strategies [1]. Sector Performance - The sectors that faced the most significant declines included non-ferrous metals, electric power equipment, and basic chemicals, each affected by different factors such as weak global commodity sentiment and concerns over industry overcapacity [3]. - The lithium battery sector has seen substantial gains recently, leading to profit-taking among investors, alongside worries about price transmission and demand feedback [2]. Investment Strategies - Some fund managers are taking advantage of the current market volatility to increase their positions in stocks, believing that the long-term investment logic remains intact despite short-term fluctuations [4]. - A fund manager noted a reduction in equity positions by 40% in early November, indicating a cautious approach to the market while still maintaining a significant portion of equity exposure [4]. - There is a general optimism among fund managers regarding future investment opportunities, particularly in sectors like AI and renewable energy, with expectations of a rebound in GDP and corporate earnings in 2024 [5][6]. Future Outlook - The AI sector is expected to remain a focal point for investment in 2024, with a shift towards domestic computing power becoming a key area of interest [6]. - The demand for energy storage solutions, particularly lithium batteries, is projected to remain strong, with many manufacturers already booked through mid-2026 [6]. - Fund managers are optimistic about the overall market outlook, focusing on sectors that may benefit from a rebalancing of market styles, including large financials, new energy, software, and cyclical leaders [6].

锂电：涨价周期反转，固态成长开启 20251117 摘要 2023-2024 年锂电行业因原材料价格下跌普遍亏损，仅头部企业盈利。 但随着扩产不及预期，2025-2026 年供需趋于平衡，各环节出现涨价 迹象，材料板块弹性较大，未来仍有上涨空间。 储能需求成为锂电行业主要驱动力，受益于 136 号文、海外降息及 AI 电源配储。储能全生命周期成本接近燃煤发电，技术进步将进一步降低 成本，预计 2027-2028 年储能系统成本显著下降。 短期内（2025-2026 年初）锂电各环节涨价趋势明显，但节奏各异。 2025 年一季度动力电池排产承压，储能需求确定向上，预计明年二季 度储能增长势头更强劲。 中长期来看，未来三至五年内，供需紧张将推动各环节涨价。六氟磷酸 锂和 VC 价格已大幅上涨，表明材料板块弹性较大，未来仍有上涨空间。 湿法隔膜投资回报周期长，龙头企业盈利微薄，主要企业明确表示不再 扩产，预计 2026 年市场供给紧张，单瓶净利润有望上涨至当前利润水 平的 4 到 6 倍。 Q&A 当前锂电产业链的周期性反转和成长趋势是什么？ 别是铁锂，其在国内外市场上的应用比例不断提升，并且具有较高暴露 率，因此 ...

Core Viewpoint - The development of new energy storage technologies in China is crucial for the transition to a renewable energy-based power system, necessitating financial support to overcome challenges such as high costs and technological uncertainties [1][2][3]. Group 1: New Energy Storage Technologies - China's energy storage technologies are characterized by a "multi-path, stage-differentiated" complementary pattern, with overall technological maturity still low, requiring increased financial investment for scaling [3][5]. - Energy storage technologies can be categorized into five main types: electrochemical, mechanical, thermal, electromagnetic, and chemical, each serving different needs within the new power system [3][5]. - The commercial viability of energy storage technologies is influenced by their performance characteristics and market mechanisms, with various business models available for revenue generation [3][5]. Group 2: Financial Support Mechanisms - The capital market can play a significant role in supporting the development of new energy storage technologies through strategic investments and diverse financing tools [6][7]. - Green finance tools can guide funds towards new energy storage projects, facilitating their expansion and integration into the renewable energy system [7][8]. - The collaboration between technology finance and green finance is essential for nurturing early-stage technologies and scaling them post-validation, creating a sustainable financial support system for new energy storage [9][12]. Group 3: Future Outlook - There is a need for enhanced financing support for early-stage technologies, with government and market mechanisms working together to attract more capital [13]. - The establishment of unified green finance standards is crucial for expanding the scale of green financing and improving project comparability and transparency [14]. - The development of a mature electricity market mechanism will clarify the economic value of energy storage, thereby increasing investment willingness [14].

Group 1: Macro Strategy - The report highlights concerns over the AI bubble and the historical length of the U.S. federal government shutdown, which has reached 40 days, surpassing the previous record of 35 days from late 2018 to early 2019 [1][10] - The ongoing government shutdown is expected to negatively impact key economic indicators such as non-farm payrolls and GDP, leading to increased downward pressure on consumer spending due to delayed government payments [1][10] - The report anticipates that the government shutdown will end in November, which may improve economic data and dollar liquidity starting in December, with a high probability of the Federal Reserve cutting interest rates again in December [1][10] Group 2: Industry Insights - The report discusses the potential for a negative turn in exports in the fourth quarter, with expectations of lower new loans and social financing in October compared to the previous year [2][12] - It notes that the ECI supply index has slightly decreased, indicating a potential slowdown in economic activity, while the ECI export index has shown a slight increase, suggesting mixed signals in the export sector [12][14] - The report emphasizes the importance of monitoring the impact of government debt issuance and the overall economic environment on financing and investment trends [12][14] Group 3: Company Analysis - The report provides insights into specific companies such as Dongwu Securities, which maintains a "buy" rating for companies like Hengdian East Magnetic, projecting steady growth in net profit for 2025-2027 [8] - It also discusses Trina Solar's performance, noting an increase in component shipments and profitability in energy storage, while adjusting profit forecasts due to increased competition and pricing pressures [8] - The analysis of Yum China indicates a positive trend in store openings and same-store sales growth, driven by innovation and efficiency improvements [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady development in lithium battery magnetic materials, while the impact of anti-dumping investigations in Indonesia has affected short-term volume and profit in Q3 [8] - The company maintains a solid market position in the magnetic materials sector, with increasing market share in home appliances and automotive fields, and is expanding into new product areas [8] - The company’s revenue for Q1-Q3 2025 reached 17.56 billion, a year-on-year increase of 29.3%, with a net profit of 1.45 billion, up 56.8% year-on-year [8] - The company expects to maintain a positive cash flow from operations, with operating cash flow for Q1-Q3 2025 at 2.99 billion, a year-on-year increase of 147.3% [8] - The company forecasts net profit for 2025-2027 to be 1.91 billion, 2.21 billion, and 2.50 billion respectively, with corresponding P/E ratios of 19, 17, and 15 [8] Financial Summary - Total revenue for 2023 is projected at 19.73 billion, with a year-on-year growth of 1.45% [1] - The net profit attributable to shareholders for 2023 is estimated at 1.82 billion, reflecting a year-on-year increase of 8.94% [1] - The latest diluted EPS for 2023 is expected to be 1.12 yuan per share [1] - The company’s total assets are projected to reach 24.21 billion by 2024, with total liabilities of 13.94 billion [9] - The company’s operating expenses for Q1-Q3 2025 were 780 million, a decrease of 28.7% year-on-year, with a cost ratio of 4.5% [8]