电子电路铜箔方面，2025年上半年包括RTF、HVLP等在内的高端 IT 铜箔合计出货千吨级以上。公司持 续深化"高频高速、超薄化、功能化"技术战略，其中RTF-3（反转处理铜箔）已通过部分 CCL 厂商认 证，并实现批量供货，RTF-4 进入客户认证阶段；规格 9μm-50μm 软板用挠性电解铜箔实现量产，其中 部分厚度规格已经完全替代进口压延铜箔；自主研发的 3μm 超薄载体铜箔（C-IC1）已通过国内存储芯 片龙头验证。 同时，公司在 HVLP 铜箔领域也取得了显著进展。HVLP1-2 已经小批量供货，主要应用于 AI 服务器项 目及 400G/800G光模块领域；HVLP3 已经通过日系覆铜板认证，主要用于国内算力板项目，预计下半 年放量；HVLP4 已与客户进行试验板测试，HVLP5 已提供给客户进行特性分析测试。 此外，公司应用于军工及航空航天领域的埋阻铜箔在 2024 年已向市场送样测试成功并获得小量订单。 当前，公司已将埋阻铜箔列为核心重点项目，正加速扩产以满足市场日益增长的需求。 收购卢森堡铜箔剑指全球 德福科技自1985年成立以来，始终深耕电解铜箔领域，凭借40年的技术积累与产业链布局，已 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has seen a turnaround in its main business, with solid-state batteries and high-end PCB copper foil opening up valuation space [1] - The company achieved a net profit of 0.24 million yuan in Q1 2025, reversing losses due to increased orders, higher capacity utilization, and lower production costs, leading to improved gross margins [1] - The company plans to increase copper foil production capacity to approximately 250,000 tons, with expectations to exceed 130,000 tons in total capacity by 2025, and production and sales are anticipated to break through 90,000 tons [1] - The processing fees for copper foil have reached a bottom in 2024, with some product fees already rebounding, and the industry is encouraged to avoid vicious competition, which is expected to stabilize demand growth for lithium batteries [1] - The company has developed a rich product matrix for solid-state batteries, including high specific surface area copper foil and double-sided nickel-plated copper foil, with expected shipments of solid-state battery copper foil to reach around 100 tons in 2025 [2] - The company has made positive progress in high-end PCB copper foil, with ultra-thin copper foil for PCB applications already in mass production and achieving certification from leading enterprises [2] Financial Forecasts and Valuation - The report predicts net profits of 1.05 million yuan for 2025, 2.74 million yuan for 2026, and 5.24 million yuan for 2027, with corresponding P/E ratios of 97, 37, and 20 times respectively [2] - Revenue is projected to grow significantly, with estimates of 9.997 billion yuan in 2025, 15.540 billion yuan in 2026, and 22.410 billion yuan in 2027, reflecting growth rates of 53.28%, 55.44%, and 44.21% respectively [4][8] - The company’s gross margin is expected to improve, with a forecasted gross margin of 5.0% in 2025 and 4.9% in 2026 [10]

业绩简评 （2）锂电铜箔：经营层面同样实现积极改善，产品逐步转向向4.5um、5 um 等高附加值。25H1 锂电铜 箔营收达11.37 亿元、同比+93%，毛利率为0.24%、同比+5.82pct。 盈利预测、估值与评级 考虑到公司Q2 业绩超预期，我们上调公司盈利预测，预计公司2025-2027 年归母净利润分别为1.46、 4.74 和6.26 亿元，现价对应动态PE 分别为183x、56x、43x，维持"买入"评级。 风险提示 HVLP 铜箔行业扩产节奏偏快的风险;下游AI 需求不及预期;传统PCB 铜箔业务盈利能力继续下滑的风 险;锂电铜箔业务持续拖累的风险；限售股解禁风险。 2025 年8 月15 日，公司发布2025 年半年报公告：25H1 实现营收29.97 亿元、同比+45%，归母净利0.35 亿元、去年同期为-0.59 亿元，扣非归母净利0.24 亿元、去年同期为-0.69 亿元。其中25Q2单季度营收 16.02 亿元、同比+36%，归母净利0.30 亿元、去年同期为-0.31 亿元，扣非归母净利0.29 亿元、去年同 期为-0.36 亿元。Q2 业绩超预期，我们认为2025 年是AI ...

Group 1 - The core point of the article highlights that Zhongyi Technology's stock price closed at 31.05 yuan on August 14, experiencing a decline of 1.99% compared to the previous trading day [1] - The trading volume on that day was 146,140 lots, with a total transaction amount of 453 million yuan [1] - Zhongyi Technology specializes in the research, production, and sales of lithium battery copper foil, primarily used in new energy vehicle power batteries and energy storage batteries [1] Group 2 - The latest number of shareholders for Zhongyi Technology is 18,402, which represents a decrease of 14.16% from the previous period, marking a continuous decline for three consecutive periods [1] - Among the stocks with a continuous decline in the number of shareholders, Zhongyi Technology ranks among the top in terms of the decline rate [1] - On August 14, the net outflow of main funds from Zhongyi Technology was 40.38 million yuan, accounting for 1.1% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 16.45 million yuan, representing 0.45% of the circulating market value [1]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies, but it suggests a focus on companies involved in the anode-free battery technology, indicating potential investment opportunities. Core Insights - Anode-free battery technology allows lithium ions to deposit directly on the current collector surface, leading to higher energy density and lower costs compared to traditional batteries. However, challenges such as lithium dendrite growth and SEI film stability remain critical issues to address [8][15][19]. - The report highlights significant advancements in the industry, particularly with companies like CATL and BYD, which are developing proprietary technologies to enhance battery performance and stability [8][40][45]. - The report recommends focusing on Zhongyi Technology, which has a strong position in the copper foil sector and is advancing in anode-free technology, particularly with its lithium-copper composite anode materials [8][49][55]. Summary by Sections 1. Anode-Free Technology Concept - Anode-free batteries differ from traditional lithium-ion and lithium metal batteries by not preloading active materials on the anode current collector, allowing for direct lithium ion deposition [11][15]. - This technology offers higher energy density (650 Wh/kg) and lower costs due to reduced reliance on lithium metal [15][19]. 2. Industry Progress of Anode-Free Technology - CATL launched its "self-generating anode" technology in April 2025, achieving a 60% increase in volumetric energy density and a 50% increase in mass energy density [40]. - BYD has patented a porous sponge-like current collector that enhances lithium ion deposition and reduces dendrite growth, significantly improving battery cycle life [45][46]. 3. Related Companies - Zhongyi Technology has been a key player in the copper foil industry for over a decade, focusing on high-performance electrolytic copper foil for lithium batteries and electronic circuits [49][55]. - The company has shown consistent revenue growth, with a notable increase in operating income from 2.197 billion to 4.786 billion from 2021 to Q1 2025, despite fluctuations in net profit due to industry supply and demand dynamics [57][58].

Group 1: Battery Industry Developments - Penghui Energy has established a new company, Henan Penghui Lithium Motion Technology Co., Ltd., with a registered capital of 10 million yuan, focusing on electric vehicle sales, charging pile sales, and energy storage technology services [2] - Guoxuan High-Tech is entering the small power battery market through a partnership with Hefei Guoxuan Jitai Meidian Battery Technology Co., Ltd., aiming to create a third growth driver for the company [4] - The daily electricity consumption for new energy vehicles in China is currently only 330 million kWh, representing 1.2% of the national average daily electricity consumption, indicating significant market potential for energy storage batteries [4] Group 2: Material Industry Updates - Dow Technology has postponed its project for a 100,000-ton annual production of ternary precursor materials due to changes in market conditions, including a slowdown in the growth of the new energy vehicle market and increased competition from lithium iron phosphate materials [7] - Ganfeng Lithium announced a partnership with Lithium Argentina AG to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina, integrating three projects into a new "PPGS lithium salt lake project" [9] - Tungsten prices have entered the "20,000" yuan per ton era, with a 39.9% increase in the price of 65% black tungsten concentrate since the beginning of the year, driven by supply constraints and increased demand from major infrastructure projects [10] Group 3: Copper Foil Production - In July 2025, domestic electrolytic copper foil production reached 101,600 tons, a month-on-month increase of 2.01%, with lithium battery copper foil accounting for 63,500 tons [12] - The supply of copper foil has increased, particularly in the lithium battery segment, while the supply of electronic circuit copper foil has slightly decreased [12] - The copper foil market is expected to maintain a volatile trend in August, with pressures on both supply and demand [13] Group 4: International Relations and Market Reactions - U.S. Congressman John Moolenaar criticized General Motors for importing electric vehicle batteries from China, expressing disappointment among customers and American citizens who supported the company during the financial crisis [15] - General Motors stated that importing batteries from China is a temporary measure for two years until domestic production of low-cost batteries for its Bolt model can commence [15]

Economic Growth - Deyang and Meishan have the highest GDP growth rate in the province at 7.5%, exceeding the provincial average by 1.9 percentage points [3] - Deyang's industrial added value above designated size increased by 12.8% year-on-year, with a product sales rate of 94.4% [3] Industrial Innovation - Deyang is focusing on innovation in leading industries while promoting the acceleration of emerging industries, resulting in a continuous upward trend in industrial performance [4] - The digital transformation at Oriental Electric has reduced the overall design cycle by 40% and increased production efficiency, with the output of stator punchings rising from over 9,000 tons to 15,000 tons [5][6] - The establishment of the first domestic gas turbine smart manufacturing base has significantly enhanced the core manufacturing capabilities of Oriental Turbine [6] Digital Transformation - Deyang's mechanical equipment industry saw an industrial added value growth of 14.9% from January to June, with major manufacturers like China National Heavy Duty Truck, Oriental Electric, and Oriental Turbine exceeding 20% growth [7] - The collaboration between Deyang Jian'an Machinery Manufacturing Co. and Oriental Electric has led to the creation of a digital workshop that operates 24/7, improving efficiency by over 30% [7] Market Expansion - Deyang XWANDA New Energy Co., a leading global lithium battery manufacturer, reported over 200% growth in both shipment volume and output value in the first half of the year [8][9] - The demand for high-end copper foil is surging, with Hengtong Precision Copper Foil Technology (Deyang) Co. experiencing over 100% growth in order volume compared to the previous year [9] Investment and Project Development - Deyang is actively promoting effective investment and project development, with plans to complete an annual investment of 40 billion yuan, achieving a double-digit growth in industrial and manufacturing investments [10] - The city aims to exceed an industrial total output value of 520 billion yuan by the end of the year, focusing on six national and provincial clusters and five new industrial tracks [10]

Economic Growth - Deyang and Meishan have the highest GDP growth rate in the province at 7.5%, exceeding the provincial average by 1.9 percentage points [2] - Deyang's industrial added value increased by 12.8% year-on-year in the first half of the year, with a product sales rate of 94.4% for industrial enterprises [2] Industry Innovation - Oriental Electric's green "unmanned workshop" for stator stamping operates continuously, increasing production capacity from over 9,000 tons to 15,000 tons, and improving per capita output by over 6 times [2] - Oriental Turbine has established China's first smart manufacturing base for gas turbines, significantly reducing the processing time for turbine blades from 3 days to 6 hours [2] - Deyang's machinery and equipment industry saw an industrial added value growth of 14.9% from January to June, with major manufacturers like China National Heavy Duty Truck, Oriental Electric, and Oriental Turbine exceeding 20% growth [2] Investment and Market Expansion - Deyang XWANDA New Energy Co., Ltd. reported over 200% growth in output and value in the first half of the year, driven by the global energy transition and the booming energy storage market [3] - Hengtong Precision Copper Foil Technology (Deyang) Co., Ltd. has seen order volume increase by over 100% year-on-year, with a new production line of 5,000 tons/year set to launch soon [3] - Deyang aims to complete an annual investment plan of 40 billion yuan, with industrial and manufacturing investments achieving a growth of over 20% [3]

Group 1 - The stock price of Zhongyi Technology closed at 27.31 yuan on August 11, 2025, with a 0.40% increase from the previous trading day and a trading volume of 1.89 billion yuan [1] - Zhongyi Technology specializes in the research, production, and sales of lithium battery copper foil, primarily used in new energy vehicle power batteries and energy storage batteries [1] - The company operates in sectors including batteries, composite current collectors, and solid-state batteries [1] Group 2 - As of August 10, the number of shareholders in Zhongyi Technology was 18,402, a decrease of 3,036 shareholders compared to July 31, representing a 14.16% decline [1] - In the first quarter, the company's operating revenue increased by 29.73% year-on-year, while the net loss narrowed to 3.2242 million yuan [1] Group 3 - On August 11, the net outflow of main funds was 761,000 yuan, with a cumulative net outflow of 7.6086 million yuan over the past five days [2]

供需维持宽松压制上行动力，铜或在区间偏弱震荡 一、日度市场总结 铜期货市场数据变动分析 主力合约与基差： 8月6日SHFE铜主力合约价格小幅回落至78210元/吨，较前一交易日下跌 0.37%，LME铜价同步下探至9634.5美元/吨。基差方面，国内现货升贴水全 线走弱，平水铜升水跌至65元/吨，环比前一日缩窄40.91%，湿法铜甚至转 为平水，反映现货交投趋弱；LME（0-3）贴水扩大至-67.32美元/吨，海外 市场供应压力加剧。 持仓与成交： LME铜持仓量减少1316手至265284手，市场交易情绪偏谨慎；国内SHFE库存 持续积累至156125吨，环比前一周增加1.48%，库存压力上升对价格形成压 制。 产业链供需及库存变化分析 供给端： 短期扰动频发，印尼PTGresik冶炼厂因设备故障检修2-4周，影响约2万吨 产量；国内新增产能逐步释放，如安徽中晟铜业年产4万吨铜带项目、福建 广闽铜业3.5万吨冷轧高精铜板带项目，但产能落地仍需时间。 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn 孙皓 ...