先导智能于2月11日登陆港交所，公告显示，每股定价45.8港元，共发行1.08亿股股份，每手100股，所 得款项净额约47.96亿港元。据此前招股书，先导智能所交付的制造装备及解决方案广泛分布于锂电 池、光伏电池以及计算机、通信及消费电子产品(3C)制造、智能物流、制氢及燃料电池生产、汽车制造 及激光精密加工等多元应用领域。 智通财经APP获悉，香港联交所最新资料显示，2月24日，先导智能(00470)股东将股票由花旗银行转入 高盛(亚洲)证券，转仓市值2.8亿港元，占比5.64%。 ...

Core Viewpoint - The A to H listing model for manufacturing A-share companies is becoming a significant pathway for expanding financing channels and achieving global layout, driven by the optimization of overseas listing filing management, the recovery of the Hong Kong stock market, and the release of domestic companies' overseas financing needs [1][2]. Group 1: Overview of H-share Filing Situation in 2025 - In 2025, over 160 A-share listed companies disclosed plans for listing in Hong Kong, with more than 90 formally submitting applications to the Hong Kong Stock Exchange [2]. - By the end of 2025, 33 A-share companies received filing approval from the China Securities Regulatory Commission (CSRC), with 19 successfully achieving A+H listings, a significant increase from 3 in 2024 [2]. - The total fundraising amount for the 19 companies that successfully listed in Hong Kong reached approximately 139.99 billion HKD, with CATL alone raising 35.66 billion HKD, indicating strong recognition from overseas capital markets for high-quality domestic manufacturing enterprises [2]. Group 2: Filing Duration and Characteristics - The average filing duration for companies directly applying for Hong Kong listings in 2025 was approximately 190 days, while manufacturing A-share companies had an average duration of about 141 days, which is lower than the overall average [3]. - High-end advanced manufacturing companies experienced longer filing durations due to special regulatory matters involving core technologies and controlled items [3]. Group 3: Legal Issues and Compliance Suggestions - The filing review for A to H companies in the manufacturing sector focuses on universal legal issues such as cross-border compliance and market access, which all manufacturing companies must address [6][7]. - Specific legal concerns for high-end advanced manufacturing companies include core technology transfer and management of controlled items, necessitating tailored compliance strategies [6][16]. Group 4: Common Legal Issues in Filing Review - Key areas of regulatory focus include compliance with overseas investment and foreign exchange registration, ensuring that companies have fulfilled necessary procedures and that their funding sources are legal [8][9]. - Companies must also ensure that their business scope does not involve industries restricted or prohibited for foreign investment, as outlined in the negative list [10][11]. Group 5: Data Security and User Information Protection - With the implementation of laws regarding cybersecurity and data protection, companies involved in information content products must ensure compliance with user data collection, storage, and security management [13][14]. - The review process emphasizes the need for companies to have robust data security management systems and to comply with regulations regarding data transfer, especially if it involves cross-border data [15]. Group 6: Differentiated Regulatory Focus for High-end Advanced Manufacturing - High-end advanced manufacturing companies face unique regulatory scrutiny regarding core technology protection, management of dual-use items, and compliance with technology export regulations [16][17]. - Companies must establish comprehensive systems to protect core technologies and ensure compliance with relevant export control laws to mitigate risks associated with technology leakage and unauthorized transfers [16][17].

先导智能于2月11日登陆港交所，公告显示，每股定价45.8港元，共发行1.08亿股股份，每手100股，所 得款项净额约47.96亿港元。据此前招股书，先导智能所交付的制造装备及解决方案广泛分布于锂电 池、光伏电池以及计算机、通信及消费电子产品(3C)制造、智能物流、制氢及燃料电池生产、汽车制造 及激光精密加工等多元应用领域。 香港联交所最新资料显示，2月20日，先导智能（300450）(00470)股东将股票由香港上海汇丰银行转入 花旗银行，转仓市值7.62亿港元，占比15.39%。 ...

投资建议：第一条线推荐壁垒最高的电池环节，首推宁德时代，关注国轩高科，金龙羽等；第二条线推 荐设备端，推荐先惠技术，纳科诺尔，先导智能，联赢激光，关注宏工科技，灵鸽科技，利通科技，海 目星，利元亨，松井股份等；第三条线推荐材料端，首推硫化锂+电解质，推荐上海洗霸，厦钨新能， 当升科技，天赐材料，恩捷股份，华盛锂电，关注博苑股份，海辰药业，其次推荐天奈科技，容百科技 等；第四条线推荐新技术，关注中一科技，远航精密，英联股份等。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看， 固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核 心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议 重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域 太空体系具备真空、极端温差、高辐射等特点，环境温度在-200℃~+150℃，液态电池工作温度 在-20℃~+60℃，而固态电池具备宽温域的属性，此外安全性高不起火，抗辐射不产气 ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

先导智能于2月11日登陆港交所，公告显示，每股定价45.8港元，共发行1.08亿股股份，每手100股，所 得款项净额约47.96亿港元。据此前招股书，先导智能所交付的制造装备及解决方案广泛分布于锂电 池、光伏电池以及计算机、通信及消费电子产品(3C)制造、智能物流、制氢及燃料电池生产、汽车制造 及激光精密加工等多元应用领域。 智通财经APP获悉，香港联交所最新资料显示，2月20日，先导智能(00470)股东将股票由香港上海汇丰 银行转入花旗银行，转仓市值7.62亿港元，占比15.39%。 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

据招股书披露，先导智能的智能装备已配备工业控制软件，能精简多种生产工艺，助力客户向高自动化 无人工厂转型，以进一步降低人工成本、提升生产效率，以及推动其实现绿色主张。根据弗若斯特沙利 文的资料，按2024年收入计，全球锂电池智能装备占全球新能源智能装备市场约13.5%。 香港联交所最新资料显示，2月13日，先导智能（300450）(00470)股东将股票由Merrill Lynch Far East Limited转入香港上海汇丰银行，转仓市值4.56亿港元，占比9.67%。 ...

Group 1 - The core point of the article is that XianDao Intelligent (300450) has filed an international patent application for a device named "Film Production Device and Integrated Cutting Machine" with the application number PCT/CN2025/112694, which is set to be published internationally on February 12, 2026 [1] - XianDao Intelligent has announced a total of 12 international patent applications this year, representing a 71.43% increase compared to the same period last year [1] - In the first half of 2025, the company invested 827 million yuan in research and development, which is a slight decrease of 0.41% year-on-year [1]