Automotive lighting is used to ensure visibility and safety on the road through lighting and signaling. It is also an important feature of vehicles interiors and improves vehicle conspicuity. The report includes lighting technologies such as halogen, xenon, and LED lighting systems used in automobiles.

An automotive heating, ventilation, and air conditioning (HVAC) compressor is a crucial component in a vehicles air conditioning system. It is responsible for compressing the refrigerant gas and circulating it through the system. The compressor increases the pressure and temperature of the refrigerant, transforming it from a low-pressure gas to a high-pressure gas. This process allows the refrigerant to release heat when it passes through the condenser, cooling the air that eventually enters the vehicles cabin.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

Application management services include all ongoing services related to application development, integration, implementation, maintenance and support, testing, and help desk services. However, first-time application development and integration services, business and IT consulting services, and infrastructure services are not considered in this report. Infrastructure services include providing, securing, maintaining, recovering, backing up, supporting, and scheduling application computing environments.

电力设备行业2025H1及2025Q2整体业绩同比改善，资本支出同比下降。2025H1，申万电力设备行业实现营业收入1.66万亿元，同比+4.7%；实现归母净利润699.90亿元，同比+5.5%；实现扣非归母净利润574.40亿 元，同比+6.0%。2025H1，申万电力设备行业期间费用率（含研发费用 率）为10.6%，同比下降0.9个百分点；销售毛利率为16.4%，同比下降 1.2个百分点；销售净利率为4.5%，同比持平。2025H1，申万电力设备行业资本支出为1443.3亿元，同比-17.5%，为最近4年同期较低水平。

火电：煤价下行驱动业绩增长，火电盈利整体修复。1、业绩表现：煤炭价格下行推动盈利能力提升。2025H1，业绩增速较快的公司分别为建投能源 （+157.96%）>京能电力（+116.63%）>大唐发电（+47.35%）>上海电力（+43.85%）>广州发展（+42.56%）。整体来看，煤炭价格下降推动成本端优化，火电公司盈利能力有所提升。2、后市展望：煤价持续下行或带来火电超额利润。近期煤价小幅回落，同比降幅较为显著；煤炭港口库存开启去库，港口库存仍处于同期相对高位（21 年以来），火电盈利周期有望回归。

2025 年 8 月以来，锂电板块表现较为活跃，多数环节跑赢沪深 300 和上证 50 指数。锂电铜箔板块实现领涨，涨幅为 40%；仅电池板块呈现下跌，下跌幅度为-8%。本月锂电相关板块多数环节月度成交额持续增长，主要系人形机器人等板块资金交易活跃。本月过半锂电相关板块的 3 年历史估值分位处于高位，市场对锂电板块关注度走高。

固态电池产业化持续推进。8 月以来，1）政策端，工信部发布《电子信息 制造业 2025－2026 年稳增长行动方案》支持全固态电池技术方向基础 研究；2）材料端，赣锋锂业硫化锂实现批量出货、天齐锂业 50 吨硫化 锂项目动工；3）电池端，珠海冠宇半固态电池量产出货、清陶能源预 中标半固态电池储能项目，亿纬锂能 10Ah 全固态电池下线；4）应用端，大众汽车 9 月 8 日首次发布固态电池测试车，该车型搭载 QuantumScape 电池技术。固态电池产业化持续推进，关注产业链相关公司【厦钨新能】、【天奈科技】、【容百科技】、【当升科技】以及设备环节相关企业。

板块整体业绩表现承压，25Q2 盈利环比改善。2025H1 板块共实现营收 16755.54 亿元，同比增加 3.49%，归母净利润 861.47 亿元，同比增加 16.04%。 2025Q2 板块共实现营收 9206.13 亿元，同比增长 5.22%，环比增长 21.95%， 实现归母净利润 495.89 亿元，同比增加 26.97%，环比增加 35.64%。2025H1，板块毛利率均值为 19.50%，同比减少 1.88Pcts，净利率均值为 1.91%，同比下降 1.91Pcts。2025Q2，板块毛利率均值为 19.56%，同比减少 1.24Pcts，环比增加 0.45 Pcts，净利率均值为 2.34%，同比下降 0.78Pcts，环比增加 2.73 Pcts。

铜箔是PCB的关键原料，高端品包括RTF、HVLP、可剥离铜箔。高端 PCB 铜箔是指应用于高频高速电路等高端印制电路板（PCB）的高性能 铜箔材料，其特点是低信号损耗、高平整度、超薄 / 超厚规格、优异的导热导电性及与基板的高相容性，是制造覆铜板（CCL）和 PCB 的关 键原材料，直接影响电路的信号传输效率、可靠性及功率承载能力。