证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251123 本周北证 50 缩量回调，建议关注优质稀缺 标的 [Table_Tag] [Table_Summary] [Table_Summary] 北交所市场表现 行业重要新闻： 观点: 2025 年 11 月 23 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《中长期配置价值明确，攻守之道双 轨并行》 ◼ 行情回顾：截至 2025 年 11 月 21 日，本周北证 50 指数较上周收盘 价下跌 9 ...

每经编辑｜何小桃 11月21日，中国科学院、中国工程院公布2025年院士增选结果。3位来自民营企业的专家当选中国工程院院士，分别是：比亚迪股份有限公司廉玉波、宁 德时代新能源科技股份有限公司吴凯、金发科技股份有限公司黄险波。 其中，廉玉波和吴凯当选是中国工程院院士首次出现新能源汽车产业链企业技术负责人的身影，打破了此前相关领域工程院院士均来自高校、科研机构的 常规。 比亚迪首席科学家廉玉波 根据比亚迪公告，廉玉波，1964年出生，硕士研究生学历，教授级高级工程师。廉玉波于1987年7月毕业于南京航空航天大学，主修飞机制造工程，获学 士学位；并于2000年九月获南京大学高级工商管理专业硕士学位。廉玉波曾在中国汽车研究中心工作，历任上汽集团仪征汽车有限公司总工程师、上海同 济同捷汽车设计公司常务副总经理。 2004年，廉玉波加入比亚迪，带领团队成功研发了燃油汽车和新能源汽车20多个车型、100多款。2016年至今陆续上市新能源王朝车型，在新能源汽车销 量排行榜上稳居前列。 廉玉波是曾怀揣"造飞机梦"的工程师，但他最终用22年时间，亲手为比亚迪挖建了全球新能源领域最深厚的"技术鱼池"：刀片电池、DM混动技术、CTB ...

Core Viewpoint - The analysis by Xun Yugen, Chief Economist at Guosen Securities, highlights that China's economy is showing steady progress and high-quality development, with a GDP growth of 4.8% year-on-year in Q3 2025, indicating resilience amid various challenges [1] Economic Performance - In Q3 2025, China's GDP reached 35.45 trillion yuan, with a year-on-year growth of 4.8% and a quarter-on-quarter increase of 1.1%, surpassing the global third-largest economy's total for the entire year of 2024 [1] - The GDP growth rate for the first three quarters of 2025 was 5.2%, exceeding the government's target of around 5% [1] New Productive Forces - The formation of new productive forces is accelerating, with high-quality development becoming more pronounced. The industrial capacity utilization rate rose to 74.6%, and the value added of high-tech manufacturing increased by 9.6% year-on-year [2] - Key industries such as integrated circuits, industrial robots, and new energy vehicles are experiencing rapid growth, contributing significantly to the economy [2] Domestic Demand and Consumption - Domestic consumption is increasingly becoming the main engine of economic growth, with retail sales of consumer goods growing by 4.5% year-on-year in the first three quarters, and final consumption expenditure contributing 53.5% to economic growth [3] - The trend towards green, intelligent, and health-oriented consumption is evident, with significant growth in sectors like home appliances and furniture [3] Trade and Exports - China's imports and exports have shown stable growth, with high-tech product exports increasing by 11.9% year-on-year in the first three quarters of 2025 [4] - The resilience of China's trade is supported by a diversified foreign trade market and the emergence of new business models such as cross-border e-commerce [4] Future Outlook - The fourth quarter is crucial for completing the annual economic goals and setting the stage for the next five-year plan. Continued recovery in the real economy is expected to support high-quality development [5] - With ongoing macroeconomic policies and reforms, China's economy is poised to maintain its momentum and contribute significantly to global economic recovery [5]

Core Viewpoint - China's economy demonstrated steady progress and improved quality in Q3 2025, with GDP growth of 4.8% year-on-year and 1.1% quarter-on-quarter, indicating resilience amid various pressures and challenges [1] Economic Performance - In the first three quarters of 2025, China's GDP reached 101.5 trillion yuan, growing by 5.2% year-on-year, surpassing the previous year's growth rate by 0.4 percentage points [1] - The GDP for Q3 alone amounted to 35.45 trillion yuan, exceeding the projected total for the world's third-largest economy in 2024 [1] New Quality Productivity - The formation of new quality productivity is accelerating, with significant growth in high-tech manufacturing, which saw a 9.6% year-on-year increase in value added for large-scale high-tech manufacturing industries [2] - Industrial capacity utilization rates rose to 74.6%, and the sales rate for large-scale industrial enterprises reached 96.8% by the end of Q3 [2] Domestic Demand and Consumption - Social retail sales of consumer goods increased by 4.5% year-on-year in the first three quarters, with final consumption expenditure contributing 53.5% to economic growth, up by 9.0 percentage points from the previous year [3] - The trend towards green, intelligent, and health-oriented consumption is evident, with significant growth in categories such as home appliances and furniture [3] Trade and Exports - China's imports and exports achieved stable growth, with a 6% increase in Q3, marking eight consecutive quarters of year-on-year growth [4] - High-tech product exports rose by 11.9% year-on-year in the first three quarters, supported by favorable policies and rising demand for industrial upgrades [4] Future Outlook - The fourth quarter is crucial for completing the annual economic performance and setting the stage for the next five-year plan, with expectations for continued support for high-quality economic development [5] - The ongoing macroeconomic policies and reforms are anticipated to bolster the economy's resilience and contribute positively to global economic recovery [5]

Core Insights - CATL reported a third-quarter revenue of 104.186 billion yuan, a year-on-year increase of 12.9%, and a net profit of 18.549 billion yuan, up 41.21% year-on-year [1] - For the first three quarters, CATL achieved a revenue of 283.072 billion yuan, a 9.28% increase year-on-year, and a net profit of 49.034 billion yuan, a 36.2% increase year-on-year, indicating an average daily profit of approximately 180 million yuan [1] - Despite strong financial performance, CATL's market share in the power battery sector has declined to 41.7%, the lowest in nearly six years, as competitors in the second tier are gradually increasing their shares [1][2] Market Share Dynamics - From 2020 to 2025, CATL's market share is projected to decrease from 50.0% to 43.3%, while competitors like Zhongchuang Innovation, Guoxuan High-Tech, and Yiwei Lithium Energy are steadily increasing their shares [2] - The decline in CATL's market share is attributed to the rapid development of the battery industry, particularly in lithium iron phosphate batteries, where CATL's share has diminished [1][2] - The shift from a dominant player to a more competitive landscape is characterized by second-tier manufacturers finding niches and excelling in specific areas, leading to a healthier market ecosystem [2] Supply Chain Strategies - Automakers are diversifying their battery suppliers to mitigate supply chain risks, opting to work with multiple battery manufacturers rather than relying solely on one [3] - This strategy allows automakers to enhance their bargaining power and focus on cost competitiveness, making it challenging for leading battery companies to expand their market share further [3][4] - The trend indicates a shift towards self-research and development of batteries by automakers, as they aim to create competitive products that surpass those available in the market [3][4] Collaboration and Customization - Recent collaborations, such as the joint venture between Li Auto and battery manufacturer Sunwoda, highlight a trend towards customized battery solutions, allowing automakers to have more control over battery design and production [4] - Unlike CATL, which prefers a traditional supplier relationship, second-tier manufacturers are more open to collaborative development, which can lead to tailored solutions for automakers [4] Industry Evolution - The competitive landscape is evolving, with second-tier manufacturers gradually gaining market share, reflecting a maturation of the entire electric vehicle industry [5][6] - The diversification of battery suppliers is seen as beneficial for consumers, providing more options and enhancing the overall efficiency of the supply chain [5] - As the market transitions from rapid growth to refined operations, leading companies face increased pressure to innovate and maintain competitiveness [5][6]

Core Insights - CATL reported a third-quarter revenue of 104.186 billion yuan, a year-on-year increase of 12.9%, and a net profit of 18.549 billion yuan, up 41.21% year-on-year [1] - Despite strong financial performance, CATL's market share in the power battery sector has declined to 41.7%, the lowest in nearly six years, indicating a potential shift in its dominant position [1][2] - The rapid development of the lithium iron phosphate battery sector has contributed to CATL's declining market share, as competitors gain ground in specific niches [1][2] Market Dynamics - The power battery industry is transitioning from a "one strong leader" model to a more fragmented competitive landscape, with second-tier manufacturers finding their strengths in specialized areas [2] - Automakers are diversifying their battery supply chains to mitigate risks, opting to collaborate with multiple battery suppliers rather than relying solely on one [2][3] - The competitive landscape among battery manufacturers remains stable in the short term, with both first and second-tier companies maintaining their positions [3] Strategic Collaborations - Automakers are increasingly interested in collaborating with battery manufacturers for research and development, seeking to enhance their understanding of battery technology [3] - A recent partnership between Li Auto and battery manufacturer Sunwoda aims to establish a joint venture for the production and sale of lithium-ion batteries, indicating a trend towards customized battery solutions [3] - The shift in focus from traditional partnerships to joint ventures reflects a desire for more tailored and stable supply chains among automakers [3] Industry Evolution - The changing dynamics in the battery market reflect the maturation of the entire electric vehicle industry, moving from rapid growth to more refined operations [2][3] - Analysts suggest that while second-tier companies are gradually increasing their market share, the competition will remain fierce, and some may still fall behind [3]

Core Viewpoint - CATL reported a significant increase in revenue and net profit for Q3, but its market share in the power battery sector has declined to its lowest level in nearly six years, indicating potential challenges ahead [1][2]. Financial Performance - In Q3, CATL achieved a revenue of 104.186 billion yuan, a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 18.549 billion yuan, up 41.21% [1]. - For the first three quarters, CATL's total revenue reached 283.072 billion yuan, a 9.28% increase year-on-year, with a net profit of 49.034 billion yuan, reflecting a 36.2% growth [1]. Market Share Dynamics - CATL's market share in the power battery sector has decreased to 41.7%, marking a decline from previous years, with competitors like BYD and other second-tier manufacturers gaining ground [1][2]. - From 2020 to 2025, CATL's market share is projected to fluctuate, with a notable drop from 50.0% in 2020 to 41.7% in 2023 [2][4]. Competitive Landscape - The power battery market is shifting from a "one strong leader" model to a more diversified competition, with second-tier manufacturers finding success in niche markets [2][5]. - Second-tier manufacturers are adopting differentiated strategies, focusing on specific technologies such as lithium iron phosphate and cylindrical batteries, which enhances market health [2][5]. Supply Chain Strategies - Automakers are diversifying their battery suppliers to mitigate supply chain risks, opting to work with multiple battery manufacturers rather than relying solely on one [5][6]. - This trend has led to a more stable competitive landscape among first and second-tier battery companies, as automakers seek to balance cost and supply chain security [5][6]. Collaboration and Innovation - Companies like Li Auto are forming joint ventures with battery manufacturers to develop customized battery solutions, indicating a shift towards collaborative innovation in the industry [6][7]. - The establishment of joint ventures allows automakers to gain tailored components while reducing investment risks for suppliers, contrasting with CATL's preference for traditional sales models [6][7]. Industry Evolution - The evolving battery market reflects the maturation of the entire electric vehicle industry, with increased competition leading to more diverse product offerings and improved supply chain efficiencies [7][8]. - Analysts suggest that while competition will intensify, CATL's advantages may still provide it with a competitive edge in the long run [8].

Core Viewpoint - The article highlights the signing of a significant investment project in Guangxi, focusing on the establishment of a lithium-ion battery production facility with a total investment of 1 billion yuan, aimed at enhancing the local battery manufacturing capacity [1]. Group 1: Project Overview - A lithium-ion battery and battery assembly project has been signed in Guigang, Guangxi, with an annual production capacity of 4GWh [1]. - The project is initiated by Jingsheng New Energy (Shenzhen) Group Co., Ltd., with a total planned investment of 1 billion yuan [1]. - The project will be constructed in two phases: the first phase will produce 3GWh of lithium-ion and sodium-ion batteries, while the second phase will focus on 1GWh of semi-solid batteries and their assembly [1].

Industry Overview - The trade tensions between the US and China have escalated, with the US considering an additional 100% tariff on Chinese goods, which has led to significant declines in US stock markets and the Nasdaq Golden Dragon Index. This situation is expected to cause a notable pullback in the A-share market, which has reached a 10-year high. However, the impact may be less severe than previous tensions in April due to the timing of policy implementations [2]. Company Performance - Taiwan's leading PCB manufacturer, Zhen Ding Technology, reported a consolidated revenue of NT$47.366 billion for Q3, a quarter-on-quarter increase of 23.98%. The company anticipates record performance in Q4 due to ongoing demand from IC substrates and various customer orders [3]. - ASUS announced a revenue of NT$82.6 billion for September, reflecting a 31% quarter-on-quarter and 33% year-on-year growth. The Q3 revenue reached NT$200.3 billion, marking a 7% quarter-on-quarter and 20% year-on-year increase, driven by demand for servers, graphics cards, and commercial PCs [3]. - Hengdian East Magnetic (002056.SZ) expects a net profit of between RMB 1.39 billion and RMB 1.53 billion for the first three quarters of 2025, representing a year-on-year growth of 50.1% to 652%. The company benefits from strong demand in the new energy vehicle and AI server sectors, as well as effective cost control in the photovoltaic market [4]. - Jihong Co. anticipates a net profit of between RMB 257 million and RMB 270 million for the first three quarters of 2025, indicating a year-on-year increase of 95.07% to 105.31%. The growth is attributed to the expansion of cross-border e-commerce and strategic partnerships in the packaging sector [7].

Core Viewpoint - Ganfeng Lithium (01772) has seen its stock price increase by over 6%, currently trading at HKD 42.04, with a transaction volume of HKD 868 million, following the announcement of a capital increase plan for Ganfeng Lithium's subsidiary, Ganfeng Lithium Battery [1] Group 1: Capital Increase and Strategic Moves - Ganfeng Lithium Battery plans to introduce investors to enhance its overall strength and support the company's lithium ecosystem integration strategy, with a capital increase amounting to no more than RMB 250 million at a price of RMB 3 per RMB 1 registered capital [1] - The final investment entities will be determined after internal approval processes are completed, and the capital increase will be subject to board approval [1] - This capital increase is expected to create favorable conditions for Ganfeng Lithium Battery's planned spin-off listing, optimizing its equity structure and improving governance for future independent listing [1] Group 2: Company Background and Market Recognition - Ganfeng Lithium Battery has previously received recognition from the capital market, including investments from notable firms such as Xiaomi Industrial Investment and Jimo Venture Capital in 2022 [1] - The registered capital of Ganfeng Lithium Battery is RMB 250,890.8 million, with its main business covering the research, production, and sales of lithium-ion power batteries, fuel cells, energy storage batteries, and related equipment [1] - Ganfeng Lithium holds an 81.65% stake in Ganfeng Lithium Battery [1]