Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].

证券代码：688567 证券简称：孚能科技 公告编号：2025-068 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，孚能科技（赣州）股份有限公司（以下简称"公司"） 股东江西立达新材料产业创业投资中心（有限合伙）（以下简称"江西立达"）、 北京立达高新创业投资中心（有限合伙）（以下简称"北京立达"）、共青城立达 投资管理合伙企业（有限合伙）（以下简称"共青城立达"）、深圳立达新能源和 先进制造创业投资合伙企业（有限合伙）（以下简称"深圳立达"）合计持有公司 46,695,144 股，占公司总股本的比例为 3.8209%。 减持计划的实施结果情况 公司于 2025 年 9 月 6 日披露了《股东减持股份计划公告》（公告编号： 2025-052），江西立达、北京立达、共青城立达、深圳立达计划通过大宗交易方 式和/或集中竞价方式减持其持有的公司股份，拟减持股份数量合计不超过 24,442,077 股，拟减持股份合计占公司总股本的比例不超过 2.0000%。本 ...

（文章来源：证券日报） 证券日报网讯 12月11日，孚能科技在互动平台回答投资者提问时表示，半固态电池方面，公司目前半 固态电池出货量已达GWh级别，半固态电池出货量占比较高。目前，公司半固态电池已获得三一重 卡、一汽解放、美国头部eVTOL客户、上海时的、小鹏汇天、沃飞长空、零重力等多领域头部客户认 可。全固态电池方面，公司已完成向某头部人形机器人客户送样硫化物全固态电池，目前客户反馈产品 性能与安全表现均达到预期。 ...

（编辑 任世碧） 证券日报网讯 12月11日晚间，孚能科技发布公告称，本次减持计划实施前，公司股东江西立达新材料 产业创业投资中心（有限合伙）（简称"江西立达"）、北京立达高新创业投资中心（有限合伙）（简 称"北京立达"）、共青城立达投资管理合伙企业（有限合伙）（简称"共青城立达"）、深圳立达新能源 和先进制造创业投资合伙企业（有限合伙）（简称"深圳立达"）合计持有公司46，695，144股，占公司 总股本的比例为3.8209%。公司于近日收到江西立达、北京立达、共青城立达、深圳立达出具的《关于 股份减持结果的告知函》，2025年9月11日至2025年12月10日期间，江西立达通过集中竞价方式减持了 公司股份852，500股，占公司总股本的0.0698%，减持总金额为14，110，708.97元。减持后江西立达、 北京立达、共青城立达、深圳立达合计持有公司股份45，842，644股，占公司总股本的比例为 3.7511%。本次减持计划时间区间届满。 ...

Group 1 - Company Fudi Technology (孚能科技) announced a share reduction by Jiangxi Lida and other subsidiaries, with approximately 850,000 shares sold, accounting for 0.0698% of the total share capital, totaling around 14.11 million yuan [1] - For the year 2024, Fudi Technology's revenue composition is as follows: 97.08% from power battery systems and 2.92% from other businesses [1] - The current market capitalization of Fudi Technology is 19.7 billion yuan [2]

格隆汇12月11日丨孚能科技(688567.SH)公布，公司于近日收到江西立达、北京立达、共青城立达、深 圳立达出具的《关于股份减持结果的告知函》，2025年9月11日至2025年12月10日期间，江西立达通过 集中竞价方式减持了公司股份85.25万股，占公司总股本的0.0698%，减持总金额为1411.07万元。减持 后江西立达、北京立达、共青城立达、深圳立达合计持有公司股份4584.26万股，占公司总股本的比例 为3.7511%。本次减持计划时间区间届满。 ...

格隆汇12月11日丨孚能科技(688567.SH)公布，公司于近日收到江西立达、北京立达、共青城立达、深 圳立达出具的《关于股份减持结果的告知函》，2025年9月11日至2025年12月10日期间，江西立达通过 集中竞价方式减持了公司股份85.25万股，占公司总股本的0.0698%，减持总金额为1411.07万元。减持 后江西立达、北京立达、共青城立达、深圳立达合计持有公司股份4584.26万股，占公司总股本的比例 为3.7511%。本次减持计划时间区间届满。 ...

Core Viewpoint - The price of lithium iron phosphate (LFP) is set to increase due to rising costs from upstream raw material suppliers and ongoing discussions between LFP manufacturers and downstream battery producers [1][3]. Group 1: Price Increase Dynamics - Multiple LFP companies have proposed price increases to downstream battery manufacturers, with one company planning to raise processing fees by 3,000 yuan per ton starting January 1, 2026 [3]. - The cost structure of LFP batteries shows that cathode materials account for over 40% of total costs, indicating that price hikes from LFP manufacturers will impact downstream battery and new energy vehicle sectors [3][5]. - Some battery manufacturers, such as Funeng Technology, have already begun to implement price increases due to rising raw material costs and expanding market demand [3][5]. Group 2: Market Trends and Performance - The price of LFP materials has seen a significant decline from 173,000 yuan per ton at the end of 2022 to 34,000 yuan per ton in August 2025, a drop of 80.2%, leading to over 36 months of continuous losses in the industry [5]. - As of December 10, 2023, the average market price for LFP batteries has stabilized at 41,000 yuan per ton for power-type, 37,800 yuan for energy storage-type, and 25,400 yuan for repair-type [5]. - The domestic power battery installation volume reached 578.0 GWh from January to October 2023, a year-on-year increase of 42.4%, with LFP batteries accounting for 470.2 GWh, or 81.3% of the total, marking a 59.7% year-on-year growth [6]. Group 3: Industry Confidence and Challenges - The rapid growth of the downstream new energy vehicle and energy storage markets has provided LFP manufacturers with confidence to pursue collective price increases [7]. - Many leading LFP companies have their orders booked through the first half of the following year, operating at near full capacity [7]. - The upcoming reduction in vehicle purchase tax for new energy vehicles is intensifying competition among car manufacturers for battery supply, leading to challenges in ensuring supply and delivery for battery manufacturers and vehicle producers [9].

Core Viewpoint - The lithium battery industry is experiencing significant price increases and supply chain adjustments due to rising raw material costs and strong demand, particularly in the energy storage and electric vehicle sectors [3][4][5]. Industry Trends - Dejia Energy announced a 15% price increase for its battery products starting December 16 due to rising production costs from upstream raw materials [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) and other leading companies are securing long-term agreements to lock in upstream capacity and supply chains, emphasizing the importance of capacity acquisition for future growth [3][4]. - The lithium battery supply chain is currently characterized by a "full production and sales" state, with companies like Penghui Energy and Tianji Co. reporting strong demand and rising prices for their products [4]. Market Demand - Global power battery installation reached 811.7 GWh in the first three quarters of this year, a 34.7% increase from the previous year, while the energy storage market saw a 90.7% year-on-year growth [5]. - The rapid growth in renewable energy installations and the expansion of AI data centers are driving increased demand for energy storage solutions [5]. Long-term Contracts - The industry is witnessing a surge in long-term contracts, with significant agreements such as a 10-year strategic partnership between Haibosi and CATL for a minimum of 200 GWh of procurement [6]. - Other notable contracts include a collaboration between Hicharge Energy and CRRC Zhuzhou Electric Locomotive Research Institute for at least 120 GWh of energy storage products [6]. Price Dynamics - The price of battery-grade lithium carbonate has surged to 92,750 RMB per ton, a 23% increase from the previous month, while the price of lithium hexafluorophosphate has exceeded 180,000 RMB per ton [4]. - The tight supply and high demand have led to longer delivery times, with some companies reporting that delivery schedules extend into the first half of next year [4]. Technological Advancements - The industry is undergoing a "quality upgrade" driven by technological advancements, with companies like CATL launching fifth-generation lithium iron phosphate batteries that improve energy density and cycle life [9][10]. - High-density lithium iron phosphate products are becoming a focus, with expectations that their market share will increase significantly by 2026 [9]. Capacity Expansion - Companies are accelerating capacity expansion to meet growing demand, with Fulin Precision Engineering planning to invest 4 billion RMB to build a new production line for lithium iron phosphate [8]. - Dragon Power Technology is also raising funds to expand production capacity in response to customer needs [8]. Globalization Efforts - Leading companies are pursuing global expansion strategies, with firms like Hunan YN planning production capacity in Spain and Dragon Power Technology nearing full production at its Indonesian facility [10]. - The industry is shifting from scale competition to value competition, aiming for high-quality development as new products are launched and recycling systems are improved [10].

证券代码：688567 证券简称：孚能科技 公告编号：2025-063 孚能科技（赣州）股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、募集资金基本情况 | 发行名称 | 2021 | | 年度向特定对象发行 | | A | 股股票 | | --- | --- | --- | --- | --- | --- | --- | | 募集资金总额 | | | 331,800.00 | | 万元 | | | 募集资金净额 | | | 325,648.03 | | 万元 | | | 募集资金到账时间 | | 2022 | 年 | 11 月 2 | 日 | | | 前次用于临时补充流动资金的募集资 | 2025 | 年 12 | 月 5 | 日归还 | 70,000 | 万元 | | 金归还日期及金额 | | | | | | | 二、募集资金投资项目的基本情况 截至 2025 年 10 月 31 日，孚能科技（赣州）股份有限公司（以下简称"公 司"）募投 ...