为迎接"金九银十"的汽车销售旺季，各大车企铆足了劲在8月公示了多款新车。8月上旬，工信部 发布第398批《道路机动车辆生产企业及产品公告》，其中包含新款问界M7、小鹏X9、仰望 U9、极氪9X等热门车型。 本次公告共披露128款新车， BEV共67款，PHEV/HEV共61款 ，增混车型与纯电车型数量差距 缩小； LFP/锰基锂电池车型共104款，三元电池车型共24款 ，LFP电池车型仍占据主流地位。 具体来看， 宁德时代以50款新车配套领衔本批公告 。从电池类型来看，宁德时代配套了33款 LFP电池车型，17款三元电池车型；从动力类型来看，宁德时代配套了32款BEV车型，18款 PHEV/HEV。 从三元电池的配套来看，宁德时代得到极氪7X/9X、问界M7等中高端电动SUV，以及部分越野车 型的青睐。 弗迪紧跟其后拿下17款新车配套 ，16款比亚迪新车矩阵有海豹、海狮、海鸥、宋、夏、秦、方程 豹、仰望；1款外供车型。其中，仰望U9作为比亚迪电动超跑的高端车型，实现了LFP电池在性能 上的极致突破。 中创新航此次配套新车数量位列第三 ，共11款，配套车型包括埃安i60（纯电、增程版）、埃安V （纯电、增程版） ...

Core Viewpoint - The global battery market is witnessing a significant shift, with Japanese and South Korean battery manufacturers experiencing a decline in market share, while Chinese competitors, particularly CATL, are gaining ground rapidly [1][4][8]. Market Share Decline - LG Energy Solution's market share has fallen below 10%, while Samsung SDI has reported negative growth, leading to a combined market share of under 17% for the three major South Korean manufacturers [2][7]. - Excluding the large Chinese market, the combined share of South Korean companies in overseas markets has decreased by nearly 10 percentage points [3][8]. - The overall market share of the four major Japanese and South Korean battery manufacturers has dropped from approximately 23% to 16% year-on-year [7][8]. Financial Recovery - Despite declining market shares, the latest financial reports from Japanese and South Korean battery companies indicate a recovery in profitability [6][15]. - LG Energy Solution reported a 31.4% increase in operating profit in Q2 2025, with an operating profit margin of 8.8%, up over 5 percentage points from the previous year [15][16]. - SK On has narrowed its operating losses significantly, achieving a quarterly profit for the first time due to improved operational efficiency and external subsidies [18][20]. Strategic Shifts - Japanese and South Korean battery manufacturers are shifting focus from merely defending market share to targeting high-value segments in emerging markets [24][25]. - The global energy storage market is growing rapidly, outpacing the electric vehicle market, driven by renewable energy expansion and AI data center demands [26][27]. - LG Energy Solution has secured a $4.3 billion supply contract for LFP storage batteries with Tesla, indicating a strategic pivot towards energy storage [28]. Technological Advancements - Japanese and South Korean companies are investing in next-generation battery technologies, including high-nickel ternary batteries and solid-state batteries, to maintain competitive advantages [30][36]. - LG Energy Solution is advancing research on lithium-rich manganese-based materials, aiming for over 30% energy density improvement while keeping costs low [36][37]. Global Manufacturing Capacity - Panasonic has launched a new factory in Kansas, increasing its total annual production capacity in the U.S. to 73 GWh, highlighting the significant manufacturing footprint of Japanese and South Korean companies in North America [38][39]. - The establishment of local supply chains and production facilities in the U.S. is seen as a strategic advantage for these companies amid changing geopolitical landscapes [40][42]. Emerging Market Opportunities - Japanese and South Korean battery manufacturers have established a strong presence in Southeast Asia, with LG Energy Solution and Samsung SDI investing in local production facilities [48][49]. - The competitive landscape in emerging markets is intensifying, with traditional automotive giants like Toyota expanding their electric vehicle production in the region [47].

Group 1: Strategic Collaborations - Shuangliang Group has signed a strategic cooperation agreement with CATL's subsidiary, Times Tianyuan, to explore green energy innovation models in the zero-carbon park construction sector, contributing to carbon neutrality goals [1] - A partnership has been established between Asahi Kasei and Toyota Tsusho, where Asahi Kasei will supply wet lithium-ion battery separators to Toyota Tsusho's North American market, ensuring a stable supply chain for automotive batteries [10] Group 2: Shareholding Changes - Up to 1.9832% of shares in Funeng Technology will be reduced by Shanghang Xingyuan Equity Investment Partnership, which currently holds 24,237,028 shares, representing 1.9832% of the total share capital [2] Group 3: Product Launches - FAW Audi has launched the Q6L e-tron family, featuring a limited-time price range of 348,800 to 398,800 yuan, equipped with a 107 kWh CATL ternary lithium battery and an 800V high-voltage platform [3][4] - Lucid Motors' Air Grand Touring electric vehicle, powered by Samsung SDI's 21700 cylindrical battery, has set a Guinness World Record for the longest distance traveled on a single charge at 1205 kilometers, showcasing advanced battery technology [11][12] Group 4: International Supply Chain Developments - General Motors plans to import CATL's LFP batteries from China for its second-generation Chevrolet Bolt electric vehicle, despite tariff impacts, to fill supply chain gaps while awaiting lower-cost domestic battery production [9]

Group 1 - The photovoltaic industry chain is experiencing stable price increases, with N-type silicon material's price rise narrowing, while prices for silicon wafers and battery cells continue to rise, and module prices have slightly increased, indicating ongoing cost transmission within the industry chain [1] - The wind power sector is seeing a concentration of projects exceeding GW levels across multiple regions, with accelerated development in deep-sea layouts [1] - The energy storage industry maintains high prosperity in the domestic market with strong procurement data in the first half of the year, while European large-scale storage tenders exceed expectations, and household storage demand continues to recover [1] Group 2 - The hydrogen energy industry is advancing rapidly, with the entire "production-storage-transportation-application" chain included in the central bank's green finance support directory, and the construction of salt cavern hydrogen storage projects has commenced [1] - In the power grid equipment sector, increased capital expenditure expectations from companies like Microsoft and Meta are creating opportunities for AIDC power equipment orders [1] - LG has signed a large supply contract for LFP batteries, with demand for lithium iron phosphate supported by energy storage orders, suggesting a focus on stable profitability in the battery and structural component sectors [1] Group 3 - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which can experience daily fluctuations of up to 20%, focusing on clean energy production, storage, and application [1] - The index selects listed companies involved in the clean energy sector, reflecting the overall performance of companies characterized by technological innovation and sustainable development [1] - The index's industry allocation primarily covers solar energy, wind energy, electric vehicles, and their upstream and downstream supply chains [1]

Core Viewpoint - The article highlights the upcoming 2025 High-Performance Lithium Battery Annual Conference, showcasing the growth and innovation in the new energy vehicle sector, particularly focusing on battery supply partnerships and new model announcements [2][4]. Group 1: Conference Details - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event is organized by Gaogong Lithium Battery and Gaogong Industry Research (GGII), with various sponsors including HaiMuxing Laser and Dazhu Lithium Battery [2]. Group 2: New Energy Vehicle Announcements - The Ministry of Industry and Information Technology has announced the 396th batch of vehicle production enterprises and products, featuring 132 new energy passenger vehicles, with 108 models using LFP batteries and 24 using ternary batteries [2]. - CATL leads the battery supply with 51 new vehicle models, including 14 ternary battery models, covering brands like Cadillac, Seres, and Toyota [2]. - Fudi has supplied batteries for 19 new models, including those for BYD's Song, Han, Qin, and Tang series [3]. - Zhongxin Innovation has partnered with 11 new models, including those from Dongfeng and Geely, with a notable focus on SUV models [4]. Group 3: Market Trends and Innovations - The announcement includes significant SUV models from leading manufacturers like Tesla and BYD, indicating a shift towards high-performance battery solutions for mainstream vehicles [4][5]. - The Hongmeng Zhixing's SUV model, Shangjie H5, features a range of 655 km and is equipped with the latest HUAWEI ADS 4 driving assistance system, priced at 200,000 RMB, potentially disrupting the market [4]. - The Tesla Model Y L, an upgraded six-seat version, is expected to maintain Tesla's dominance in the SUV market, following the success of the Model Y [5].

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - The report highlights that the photovoltaic industry is experiencing a price increase across the supply chain, with silicon wafer, battery, and module prices rising, indicating a continued cost transmission from upstream to downstream [3][15][16] - The report emphasizes the ongoing development of large offshore wind projects across multiple regions, indicating a robust pipeline for future growth in the wind energy sector [4][21][25] - The implementation of mandatory national standards for energy storage is expected to enhance safety and market confidence, leading to significant growth in the energy storage sector [5][26][34] - The hydrogen energy sector is gaining momentum with new projects and government support, indicating a positive outlook for hydrogen production and application [6][35][40] - Increased capital expenditure forecasts from major tech companies like Microsoft and Meta are expected to drive demand for power equipment, presenting investment opportunities in the AIDC power equipment sector [7][41][44] Summary by Sections Photovoltaic - The report notes that the photovoltaic sector has seen a 2.08% decline in performance recently, underperforming the market [14] - Prices for silicon materials have stabilized with slight increases, while silicon wafers and battery prices continue to rise, indicating a positive trend in cost transmission [15][16] - The report suggests a cautious outlook for the third quarter of 2025, with expectations of demand decline due to market policy changes and potential impacts from U.S. tariffs [16][20] Wind Power - The report details ongoing large-scale offshore wind projects, including a 280MW project by China General Nuclear Power Group and an 800MW project in Dalian, indicating strong growth in the sector [4][21][22][23] - Investment opportunities are highlighted in companies with low valuations and those benefiting from offshore wind developments [25] Energy Storage - The introduction of the GB 44240-2024 standard is expected to enhance safety and market growth, with significant increases in installed capacity reported [26][27][34] - The energy storage market is experiencing rapid growth, particularly in commercial applications, with a notable increase in installations in Henan province [33][34] Hydrogen Energy - The report discusses the construction of a large-scale green hydrogen project in Saudi Arabia, indicating international collaboration and investment in hydrogen technology [35][39] - The hydrogen sector is included in the central bank's green finance support directory, which is expected to facilitate funding and development [38][40] Power Equipment - Microsoft and Meta's increased capital expenditure forecasts are expected to positively impact the AIDC power equipment sector, with specific companies highlighted for investment opportunities [41][44] - The report suggests that power equipment remains a critical component for economic growth, with various segments identified for potential investment [44]

Core Viewpoint - LG Energy Solution (LGES) reported a decline in revenue for Q2 2025, primarily due to fluctuations in raw material prices and policy impacts on North American energy storage batteries, despite stable EV battery sales [1][2]. Financial Performance - Revenue for Q2 2025 was 288.4 billion, a year-on-year decrease of 9.7% and a quarter-on-quarter decrease of 11.2%, with stable EV battery sales but a decline in North American energy storage revenue [1] - Gross margin improved to 18.8%, up 1.9 percentage points quarter-on-quarter; operating profit margin reached 8.8%, up 2.9 percentage points quarter-on-quarter, with Q3 benefiting from a US IRA subsidy of 25.4 billion (approximately 7.9 to 10.1 GWh of domestic production) [1] - Capital expenditure for Q2 was 140.8 billion, primarily for North American capacity expansion [1] 2025 Outlook - The company projects a revenue growth of 5% to 10% year-on-year for 2025, although the first half of 2025 saw a nearly 4% decline, indicating challenges ahead [2] - Demand for electric vehicles may slow in the short term, but advancements in autonomous driving technology and renewable energy projects are expected to drive long-term growth [3] - The PFE policy is increasing barriers to entry in the US market, enhancing the competitive advantage of companies with established local production and supply chains [3] Operational Developments - LGES is expanding energy storage battery capacity, with a new facility in Michigan officially starting production in Q2 2025, aiming to increase annual ESS battery capacity to 17 GWh by the end of the year and over 30 GWh by the end of 2026 in North America [4] - The company plans to begin mass production of mid-range battery products at its Poland factory in the second half of the year, including high-nickel and lithium iron phosphate (LFP) batteries [5] - LGES is enhancing its technological competitiveness by launching LFP batteries suitable for electric vehicles and energy storage, with plans to introduce batteries that can be charged in under 10 minutes by 2028 [6]

Group 1 - The Democratic Republic of the Congo (DRC) is considering extending its cobalt export ban, which is set to expire in late June, amidst signals of tightening regulations [1][3] - China has made significant investments in the DRC, with over $56.9 billion invested in the past decade, establishing a full industry chain from mining to refining, and controlling 80% of global cobalt refining capacity [7] - The DRC's copper and cobalt exports account for approximately 40% of its GDP, with bilateral trade with China projected to reach $27 billion in 2024, compared to only $820 million with the U.S. [1] Group 2 - The DRC government is attempting to leverage its strategic mineral resources by proposing a "minerals for security" agreement with the U.S., aiming to challenge China's dominance in the region [3] - U.S. involvement in the DRC's mineral resources is primarily aimed at countering China's influence, rather than providing genuine security guarantees [3] - The DRC's local companies are currently receiving minimal profits from the industry chain, highlighting the need for a shift from being mere sellers of minerals to becoming processors [7] Group 3 - If the cobalt export ban is extended until the end of the year, global LFP battery production capacity could drop by 40%, prompting companies like BYD and CATL to explore cobalt-free battery options [8] - The DRC's decision to potentially align with the U.S. while considering an extension of the export ban places it in a precarious position, risking the loss of stable orders from China [8][10] - The DRC holds 70% of the world's cobalt reserves, emphasizing the importance of making strategic decisions that favor its own interests [10]

Battery - Jinlongyu Group has signed a procurement order for 100,000 high-energy density solid-state battery cells for drones, with the EC01 series having an energy density of 500Wh/kg [2] - TDK is accelerating the launch of its next-generation silicon-based anode battery, with plans to meet the demands of smartphone manufacturers, including Apple, with shipments expected to start soon [3] - Yihua New Energy has signed a project agreement for solid-state lithium-ion batteries in Pengze, Jiangxi, with an initial investment of 300 million yuan to build four production lines [4] Materials - Sanfu New Materials plans to invest 620 million yuan in a project for high-safety key materials for solid-state/semi-solid lithium batteries and high-frequency electronic information composite materials, with an annual production capacity of 5GWh for key materials [6] Automotive - Volkswagen Group announced that starting in 2026, all its electric vehicle models will transition to a new platform called MEB Plus, fully adopting lower-cost LFP batteries, with the ID.2 model being the first to feature this battery type [8]

| -广告 | | --- | 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ " 2025 年以来全球储能市场波动较大，作为装机前二地区的中国和美国均有重大政策发布。 " 国内方面， 在 2 月发布了 136 号文，核心内容为从 6 月 1 号起取消强制配储，加速电力市场化改革。 美国方面， 由于中美贸易战，近期关税已经达到了 64.9% （ 3.4% 基础关税 +7.5%301 条款关税 +20% 对华普征关税 +34% 新增对等关税），预计 2026 年 1 月 1 日起 301 条款关税上升至 25% ，届时储能出口美国产品将面临 82.4% 的关税。 尽管从政策面上看，下半年取消强配储以及加征关税会对储能造成一定影响，但从一季度全球储能的表现来看，我们仍对今年储能装机维持较高增速的预 测。 2024 年全球储能新增装机 184.95GWh, 我们预计 2025 年全球储能新增装机将达到 282.51GWh ，同比增长 52.7% 。 中国市场 I C C S I N O 自 136 号文发布以来，国内招投标市场始终保持高位状态。根据 # ICC 鑫椤储能数 ...