从今天开始，本营国际的营主小伙伴在办活动的同时也将为各位投资人带来行业研究，热点话题讨论，上市公司管理层交流会notes等多种类型的文字记录，更有英文版方便境外投资人阅读。点击下面链接查看全部文章。希望各位投资人持续关注AceCamp本营国际
天工国际（00826.HK）管理层交流会2020.12.29
文章要点
1.对股权投资公告的介绍
2.公司的电商业务的进展介绍
3.新建的泰国工具厂进展如何，在泰国的扩张情况，其他海外扩张计划什么样
4.行业定价模式如何
5.粉末冶金的市场容量有多大，目前公司2000吨的产能能给公司贡献多少效益，目前生产销售情况如何？
6.公司未来的分红政策
文章要点
1. 行情政策：国家规划2025年新能源汽车销量占整体汽车销量20%，未来5年销量的CAGR会在40%左右；国家会进一步出台一系列优惠政策；双积分及补贴退坡的执行均较温和。
2. 竞争格局：造车新势力及合资+独资品牌的占比将继续提升，自主传统车企份额受到挤压，其研发投入仍需3-5年实现产出效果。
3. 发展趋势：中高端市场竞争将愈发激烈，中低端市场将是市场主流车型。
文章要点
1. 电池技术路线：按电芯种类，方形占比最高；按正极材料，三元占比最高，铁锂次之但目前比例有所提升。
2. 行业发展情况：主流是锂电池，新技术包括固态电池、燃料电池等；正极、负极及隔膜价格基本都在下降，电解液基本平稳；行业格局依然为一超多强，CATL占比约50%排名第一。
3. 产业布局：CATL广泛布局国内外；国内车企主要在电池Pack领域进行布局。
4. 电池热点：由于锂电池对温度非常敏感，因此热管理尤为重要；纯电动乘用车的空调系统单车价格约为传统乘用车的三倍。
阅读链接：https://www.acecamptech.com/article/detail/4?utm_source=weixin&utm_medium=article&utm_campaign=cell
China NEV Industry: Analysis of Competition Pattern & Outlook of Development Trend
文章要点
1. Industry policy: China has made the plan that the NEV sales volume will account for 20% of total vehicle sales volume in China in 2025. The CAGR in the following 5 years will be about 40%.
2. Competition pattern: The market share of China’s NEV new force & WOFE (Wholly Owned Foreign Enterprise) will continue to increase, with that of local traditional OEM squeezed.
3. Development trend: The competition of middle/high-end market will be fiercer, while the middle/low-end market will be the mainstream.
文章要点
1. Battery technology route: Classified by battery cells, squared cell takes up the highest proportion; Classified by anode, NCM takes up the highest proportion, followed by LFP; Currently the proportion of installed capacity of LFP is increasing.
2. Industry development situation: The mainstream is lithium battery, while the new technology includes solid-state battery, fuel cell battery; There is a rough decrease in the market price of anode, cathode and diaphragm, while that of electrolyte remains stable; The industry competition pattern is still “one super power with more strongers”. CATL holds the first position with round 50% market share, followed by BYD with round 15% market share.
3. Industry layout: Extensive layout of CATL; Domestic OEM’s layout mainly focuses on battery pack.
4. Battery hot issue: As the lithium battery is very sensitive to the temperature, the heat management is critically important; The cost of air conditioner system of BEVs is more than three times than that of traditional vehicle.
阅读链接：https://m.acecamptech.com/article/detail/5?utm_source=weixin&utm_medium=article&utm_campaign=BatteryEng
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