Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for selected companies within the electric power equipment and new energy sector [3]. Core Insights - The photovoltaic sector is experiencing demand front-loading, with supply-side reforms needing close observation. The report emphasizes that significant demand growth is essential for market expansion, but limited absorption capacity and mismatched demand in overseas markets complicate the situation. Policy intervention is deemed crucial for the industry's recovery [1][13]. - In the energy storage segment, demand remains robust, but market dynamics are shifting. The report expresses optimism about large-scale storage despite concerns that it may follow the path of photovoltaics. The focus is on high-quality products and integrated service solutions, with expectations for profit margins to stabilize around 20-25% [2][7]. - The lithium battery sector faces challenges due to weak pricing power in the materials segment, driven by supply-demand imbalances. The report notes that the industry's effective capacity utilization is projected to hover around 60-65%, with leading battery manufacturers exerting significant influence over pricing and production cycles [6][12]. Summary by Sections Photovoltaics - Demand has been front-loaded, leading to a significant increase in installations, with 212.21 GW added in the first half of 2025, a 107.1% year-on-year increase. However, the market saw a sharp decline in June, indicating potential overcapacity and absorption issues [13][16]. - The report highlights the need for supply-side reforms and policy support to stabilize the industry, as the current market dynamics are characterized by a mismatch between supply and demand [1][19]. Energy Storage - The report indicates a positive outlook for large-scale energy storage, with expectations for profit margins to stabilize at 20-25%. The competitive landscape is evolving, with a focus on high-quality integrated solutions [2][7]. - The report also notes that the distributed energy storage market is entering a new phase, with competition intensifying and previous easy profits becoming harder to achieve [5][12]. Lithium Batteries - The lithium battery sector is experiencing a lack of pricing power in the materials segment, with effective capacity utilization projected at 60-65%. The report suggests that leading manufacturers are likely to dominate pricing and production cycles, impacting smaller players [6][12]. - The report emphasizes the need for material suppliers to adapt through cost reduction and technological advancements to remain competitive in a challenging market [6][12]. Investment Recommendations - The report suggests that the electric new energy sector is in a phase of "repeated games," with expectations for growth and recovery being tempered by market realities. The priority for sector recovery is seen as energy storage, followed by power batteries and photovoltaics [7][8]. - Selected companies such as Tongwei Co., Longi Green Energy, and Aiko Solar are highlighted as potential investment opportunities due to their competitive advantages in management, cost, and technology [8].

中科电气公告，皮涛2025年7月22日至2025年8月4日集中竞价减持348.24万股，减持均价17.09元/股，占 公司总股本0.5081%；张斌2025年6月26日至2025年7月24日集中竞价减持87.5万股，减持均价16.84元/ 股，占0.1277%；肖劲2025年7月3日集中竞价减持6000股，减持均价17.11元/股，占0.0009%。减持计划 实施完成。 ...

证券代码：300035 证券简称：中科电气 公告编号：2025-043 湖南中科电气股份有限公司 关于部分董事、高级管理人员股份减持计划实施完成的公告 公司董事、总经理皮涛先生，董事、副总经理、董事会秘书张斌先生，独立董事肖 劲先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 湖南中科电气股份有限公司（以下简称"公司"）于2025年5月12日披露了《关于部 分董事、高级管理人员股份减持计划的预披露公告》（公告编号：2025-029），公司董 事、总经理皮涛先生计划自预披露公告披露之日起十五个交易日后三个月内以集中竞价 交易及大宗交易方式合计减持公司股份不超过3,482,485股（占公司总股本比例 0.5081%）；董事、副总经理、董事会秘书张斌先生计划自预披露公告披露之日起十五个 交易日后三个月内以集中竞价交易及大宗交易方式合计减持公司股份不超过875,000股 （占公司总股本比例0.1277%）；独立董事肖劲先生计划自预披露公告披露之日起十五 个交易日后三个月内以集中竞价交易方式合计减持公司股份不超过6 ...

Industry Overview - The performance of the Shenwan Electric New Energy sector decreased by 2.62%, ranking 24th among 31 industries, while the Shenwan Public Utilities sector fell by 1.84%, ranking 13th [1][2] - During the same period, the CSI 300 index declined by 1.75%, and the Wind Information All A index dropped by 1.09% [2] Key Developments - The Ministry of Industry and Information Technology (MIIT) has initiated energy-saving inspections for 41 polysilicon companies to promote energy conservation and green development in the polysilicon industry [2] - Abu Dhabi Future Energy Company (Masdar) and Spanish company Iberdrola have partnered to invest in the UK's largest offshore wind project with a capacity of 1.4 GW, setting a new reference for international cooperation in renewable energy [2] Company Insights - CATL (Contemporary Amperex Technology Co., Limited) anticipates small-scale production of solid-state batteries by 2027, with larger-scale production expected around 2030 [3] - Guangdong Province has decided to raise the capacity price for coal and gas power plants, with coal power capacity price set at 165 yuan per kilowatt per year starting January 1, 2026 [3] Investment Recommendations - The report maintains a "recommended" rating for the electric new energy and public utility sectors, suggesting to focus on leading photovoltaic companies such as Aiko Solar, Longi Green Energy, and Tongwei Co., Ltd. [4] - In the wind power sector, it is advised to pay attention to component manufacturers like Jinlei Co., Ltd. and Dayun Heavy Industry [5] - For lithium battery investments, companies in the iron-lithium and anode segments such as Hunan Youneng and Shanghai Xiba are highlighted [5]

天眼查商业履历信息显示，湖南中科电气股份有限公司，成立于2004年，位于岳阳市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本68542.6671万人民币，实缴资本19535.5753万人民币。 公司法定代表人为余新。 通过天眼查大数据分析，湖南中科电气股份有限公司共对外投资了6家企业，参与招投标项目509次，知 识产权方面有商标信息29条，专利信息269条，此外企业还拥有行政许可54个。 来源：金融界 金融界消息 截至2025年8月5日收盘，中科电气（300035）报收于16.87元，上涨2.74%，换手率6.36%， 成交量37.11万手，成交金额6.25亿元。 资金流向方面，今日主力资金净流入3513.41万元，占比成交额5.62%。其中，超大单净流入669.43万 元、占成交额1.07%，大单净流入2843.98万元、占成交额4.55%，中单净流出流出3272.70万元、占成交 额5.24%，小单净流出240.71万元、占成交额0.39%。 中科电气最新一期业绩显示，截至2025一季报，公司营业总收入15.98亿元、同比增长49.92%，归属净 利润1.34亿元，同比增长465.80%，扣 ...

Group 1 - The core viewpoint of the article highlights that Zhongke Electric's lithium battery anode business accounts for over 90% of the company's revenue [1] - The fast-charging power lithium battery anode material products are positioned at an industry-leading level, serving as the company's main products [1] - These products have achieved mass application in various vehicle models [1]

证券日报网讯 中科电气7月31日在互动平台回答投资者提问时表示，公司部分董事、高管因个人资金需 求减持公司股份，是股东的正常行为。公司管理层持续坚定地看好公司的发展前景，并将一如既往地经 营好企业，用良好的经营成果回馈投资者。此外，针对技改项目公司会充分借助相关支持政策，助力公 司持续发展。 （编辑 王雪儿） ...

Investment Rating - The industry investment rating is maintained as "Leading the Market" [4] Core Viewpoints - The battery production in June 2025 reached 129.2 GWh, showing a year-on-year growth of 51.4% and a month-on-month increase of 4.6% [3] - The sales volume of batteries in June 2025 was 131.4 GWh, reflecting a year-on-year growth of 41.7% [3] - Exports of batteries in June 2025 increased by 22.5% year-on-year, totaling 24.4 GWh [3] - The top three companies in battery installation volume are CATL, BYD, and Zhongchuang Xinhang, with market shares of 43.67%, 21.47%, and 7.55% respectively [3] Summary by Sections Production and Sales Data - In June 2025, the total battery production was 129.2 GWh, with a year-on-year increase of 51.4% and a month-on-month increase of 4.6% [3] - The production of ternary batteries was 29.5 GWh, accounting for 22.8% of total production, while lithium iron phosphate batteries produced 99.5 GWh, making up 77.0% [3] - Battery sales reached 131.4 GWh in June 2025, with a year-on-year growth of 41.7% [3] Export and Installation Data - Total battery exports in June 2025 were 24.4 GWh, with a year-on-year increase of 22.5% [3] - The installation volume of power batteries was 58.2 GWh, reflecting a year-on-year growth of 35.9% [3] Investment Recommendations - The report suggests that the battery demand continues to grow rapidly, indicating a market with potential for expansion [4] - It highlights the competitive advantages of leading companies in the industry, recommending attention to CATL, Zhongke Electric, and other key players [4] - The development of solid-state batteries is noted as a promising future direction, with recommendations to focus on companies involved in solid-state battery technologies [4]

证券代码：300035 证券简称：中科电气 公告编号：2025-042 湖南中科电气股份有限公司 关于公司与子公司间提供担保的进展公告 1、公司为湖南中科星城向华夏银行申请办理融资类业务所发生的债务提供连带责 1 任保证，所担保的最高债权本金余额为人民币 25,000 万元。 保证范围：主债权本金、利息、逾期利息、罚息、复利、违约金、损害赔偿金、汇 率损失（因汇率变动引起的相关损失）以及鉴定费、评估费、拍卖费、诉讼费、仲裁费、 公证费、律师费等华夏银行为实现债权而发生的合理费用以及其他所有主合同债务人湖 南中科星城的应付费用。 保证期间：公司承担保证责任的保证期间为三年，起算日按如下方式确定：（1）任 何一笔债务的履行期限届满日早于或同于被担保债权的确定日时，公司对该笔债务承担 保证责任的保证期间起算日为被担保债权的确定日；（2）任何一笔债务的履行期限届满 日晚于被担保债权的确定日时，公司对该笔债务承担保证责任的保证期间起算日为该笔 债务的履行期限届满日。 2、公司为云南中科星城向中国银行申请办理融资类业务所发生的债务提供连带责 任保证，所担保的最高债权本金余额为人民币 20,000 万元。 本公司及董事会全 ...

Industry Overview - The new energy vehicle (NEV) sector in China has seen over 30% growth in the first half of the year, with lithium batteries growing by 53.3%, indicating a strong momentum in the new energy industry [2] - The export structure of China continues to optimize, with total exports of electromechanical products reaching 7.8 trillion yuan, a 9.5% increase, accounting for 60% of total exports. The "new three items" (NEVs, lithium batteries, and photovoltaic products) saw a 12.7% increase in exports, showcasing the manufacturing industry's shift towards green and low-carbon development [2] Battery Production and Sales - In June, China's total production of power and other batteries reached 129.2 GWh, a month-on-month increase of 4.6% and a year-on-year increase of 51.4%. The cumulative production for the first half of the year was 697.3 GWh, with a year-on-year growth of 60.4% [6] - The power battery installation volume in June was 58.2 GWh, with a month-on-month increase of 1.9% and a year-on-year increase of 35.9%. Among these, ternary battery installations accounted for 10.7 GWh (18.4% of total installations), while lithium iron phosphate battery installations reached 47.4 GWh (81% of total installations) [6] Company Performance - Tianqi Lithium Industries expects a net profit of 0 to 155 million yuan in the first half of the year, marking a turnaround from losses. This is attributed to a shortened pricing cycle for lithium ore and increased investment income from its joint venture SQM, despite a decline in lithium product sales prices [9] - Sanyuan Co. anticipates a significant net profit increase of 810.41% to 1.265 billion yuan for the first half of 2025, driven by its core businesses in negative materials and polarizers [11] - Zhongke Electric expects a net profit of 232 million to 301 million yuan for the first half of the year, a growth of 235% to 335% year-on-year, due to increased production capacity of lithium battery anode materials and rising demand from the NEV and fast-charging markets [13] Equipment Development - Shenzhen Ruineng Industrial Co., Ltd. has successfully delivered core equipment for solid-state battery manufacturing to a leading domestic battery manufacturer, including specialized equipment for solid-state battery formation and testing [16] International Developments - General Motors announced a shift in its Tennessee battery plant to produce LFP lithium iron phosphate batteries, accelerating the mass production and research of LMR lithium-rich manganese-based batteries, enhancing its battery product lineup [18] - SK On's North American factory has fully commenced operations for the first time since opening three years ago, with all 12 production lines running at full capacity, significantly increasing battery output compared to the previous year [20]