[CSI Headlines].

The first batch of large-scale application of vehicle-to-network interaction was released

On April 2, the National Development and Reform Commission and other four departments issued the "Notice on Announcing the First Batch of Vehicle-to-Network Interactive Large-scale Application Pilots", and 30 projects including Shanghai and 30 projects including the "Beijing V2G Vehicle-Network Interactive Collaborative Regulation Pilot Project Based on New Energy Storage" were included in the first batch of vehicle-to-network interactive large-scale application pilot scope.

Comments: Vehicle-to-Grid (V2G) refers to the two-way flow of energy and information between electric vehicles and the grid through bidirectional charging piles, which can be charged from the grid and discharged to the grid when needed. Vehicle-to-network interactive technology is moving from pilot to large-scale application, and its core value lies in reconstructing the boundary between energy and transportation. With the improvement of policies, the unification of standards and the innovation of business models, V2G is expected to become a key support for the new power system and promote the transformation of new energy vehicles from "vehicles" to "mobile energy storage units". In the next decade, the growth curve of vehicle-to-network interaction or replication of charging mode will become the core pillar of the trillion-level energy Internet.

◆Among the A-share companies, Autoxun (002227) is a pioneer in the research and development of V2G charging and discharging motors in China, and has built a 30KW-150KW bidirectional charging and discharging pile, which is applied to the largest public charging network in Shenzhen and the first V2G measurement project in China. The company has a power grid two-way interconnection engineering laboratory and participates in the preparation of V2G industry standards. Jinguan Co., Ltd. (300510) has developed the second-generation V2G charging and discharging all-in-one machine (rated power 120KW), and is deeply involved in the construction of V2G demonstration stations in Changzhou and Wuxi.

[CSI Focus].

The two giants have joined hands to build a nationwide battery swap ecological network

Following the announcement of the joint construction of the world's largest battery swap network with NIO, CATL's battery swap ecosystem ushered in an energy "national team". Recently, CATL and Sinopec signed a cooperation framework agreement in Beijing, under which the two parties will comprehensively deepen the long-term strategic cooperative relationship, jointly build a nationwide battery swap ecological network, and create an integrated service network of "people-vehicle-energy-life". No less than 500 battery swap stations will be built this year, with the long-term goal of expanding to 10,000. The two parties will also participate in the formulation of national standards for battery swapping, and promote China's plan to become a global industry benchmark.

Comments: CATL and Sinopec jointly launched the new infrastructure of 10,000 battery swap stations and built a national comprehensive energy infrastructure, marking a new stage in the construction of the battery swap ecosystem, and it is expected to reshape the service ecology of the new energy vehicle industry. The national policy continues to promote the battery swap mode to become an important part of the energy supplement system for new energy vehicles. The central government has allocated 30 billion yuan to support the construction of battery swap stations, with a maximum subsidy of 30% for a single project. The state compulsorily implements the "national standard battery swap interface" to promote the universal exchange of cross-brand batteries. According to the agency's research report, by 2027, the scale of China's battery swap service market will exceed 150 billion yuan. More importantly, the battery swap network will form a closed loop of energy Internet with photovoltaic and energy storage systems, opening up a trillion-level market for the coordinated operation of "vehicle-station-network". The battery swap market will present a three-wheel drive pattern of "policy-technology-capital", and the compound growth rate is expected to exceed 40% in the next three years.

◆Among the A-share companies, Zhongheng Electric (002364) has built a complete industrial chain covering intelligent charging and swapping equipment, integrated monitoring system, and operation management platform, and is an all-round partner in the field of charging and swapping in CATL. Shandong Weida (002026) has developed a fully automatic battery swap station system, which supports 3-5 minutes of fast battery swapping. The subsidiary, Kunshan Swop, is the core equipment provider of NIO's battery swap business, and at the same time, it has cooperated with Sinopec to expand the layout of battery swapping in the transportation network.

【Highlights of the News】

○ The Office of the Central Committee and the Office of the State Council recently issued the "Opinions on Improving the Price Governance Mechanism". Among them, it is proposed to optimize the tiered water price, electricity price and gas price system for residents; orderly development of oil and gas, coal and other trading markets, improve the management system of the electricity sales market; Improve the price policy of new energy transactions in the vicinity, and optimize the price mechanism of incremental distribution networks; We will further improve the pricing mechanism for refined oil products and deepen the market-oriented reform of natural gas prices.

○ On April 2, the People's Bank of China announced that China has built the world's leading public credit reporting system, which includes the credit information of 1.16 billion natural persons and 140 million enterprises, and provides 6.7 billion inquiry services.

○Recently, UBTECH accelerated the commercialization process, and 20 UBTECH industrial humanoid robots Walker S1 will be deployed in Dongfeng Liuzhou's automobile manufacturing plant in the first half of this year. This will be the world's first batch entry of humanoid robots into an automotive factory.

○ The National Network and Information Security Information Circular Center organized and convened a national network and information security information notification work conference in Beijing. The meeting called for further promotion of the implementation of the "three systems" of classified network security protection, critical information infrastructure security protection and data security protection.

○ According to the latest "China Auto Dealer Inventory Alert Index Survey" VIA (Vehicle Inventory Alert Index) released by the China Automobile Dealers Association, China's auto dealer inventory alert index was 54.6% in March, down 3.7 percentage points year-on-year and 2.3 percentage points month-on-month.

○ Hugging Face, the world's largest AI open-source community, has updated the list of large models, and Ali Tongyi Qianwen's recently open-sourced end-to-end full-modal large model Qwen2.5-Omni topped the overall list, followed by DeepSeek-V3-0324 and SpatialLM-Llama-1B of the group core.

○ Symposium on the construction of natural rubber commercial storage mechanism was held. The meeting believed that the establishment of a commercial storage mechanism has become an urgent need for the development of the industry.

○Recently, the State Administration for Market Regulation (National Standards Committee) approved the issuance of the national standard "Guidelines for the Design of Household Products for the Elderly" (GB/T45272-2025), which will be officially implemented on September 1, 2025.

○ China's first self-developed, open-source, open-source, feature-rich deep learning platform, Baidu PaddlePaddle, announced that the new generation of PaddlePaddle Framework 3.0 has been officially released, with five core technological innovations such as "dynamic and static unified automatic parallelism" to accelerate the training of large models.

○ The data of new A-share accounts opened in March continued to show rapid growth. From the monthly comparison, the total number of new A-share accounts opened in January was 1.57 million, 2.84 million in February, and exceeded 3 million new accounts in March, an increase of 96% from January.

[Sankei perspective].

Samsung is advancing the development of all-solid-state batteries that can be applied to wearable devices

Samsung is working on an all-solid-state battery that it plans to use in several Galaxy wearables, including the next-generation Galaxy Ring. Samsung is investing in a large-scale production facility in 2025 to produce prototypes of these batteries. According to sources, Samsung has set a goal to apply an all-solid-state battery prototype to the Galaxy Ring in the fourth quarter of 2025, true wireless earbuds (TWS) in the fourth quarter of 2026, and smartwatches in the fourth quarter of 2027.

Comments: Solid-state batteries will be mass-produced in the next 1 to 3 years, because of their fast charging speed, high energy density, not easy to catch fire and safe, is expected to become a new energy vehicle, humanoid robots, flying cars and a variety of intelligent electronic products "source of power". A-share related concept stocks mainly include Kesen Technology (603626), Sanxiang New Materials (603663), etc.

【Company Trends】

Anyuan Coal Co., Ltd. plans to purchase a 57% stake in Jinhuan Magnetic Separator

Jiangxi Tungsten Holding Group Co., Ltd., the controlling shareholder of Anyuan Coal Industry (600397), intends to replace 57.00% of the shares of Ganzhou Jinhuan Magnetic Separation Technology Equipment Co., Ltd. held by Jiangxi Jiangxi Tungsten Holding Development Co., Ltd., a holding subsidiary, with the assets and liabilities related to the coal business held by the company. After the completion of this transaction, the main business of the listed company will cover the research and development, production, sales and provision of whole-process solutions for magnetic separation, gravity separation and intelligent mineral processing equipment, as well as the provision of whole-process solutions for mining, so as to realize the strategic transformation of the main business.

○ Following the completion of the first flight of the full-scale engineering prototype of the passenger eVTOL LE200 of Lanyi Airlines, recently, Blue Ocean Huateng (300484) participated in the investment and strategic partner of Lanyi Aviation to develop another pure electric vertical take-off and landing UAV LEU100 model successfully completed the whole process conversion test flight at the test flight test base of Hefei Bailong Airport.

○ Lens Technology (300433) and Zhiyuan Robotics Co., Ltd. jointly established Zhiqi Future Company in Hunan, and its business scope includes the research and development of intelligent robots.

○ Jinlongyu (002882) plans to invest 1.2 billion yuan to build a solid-state battery material project.

○ Huasheng Lithium (688353) plans to invest in a 60,000-ton-a-year vinylene carbonate project (30,000 tons in the first phase), with a total investment of about 950 million yuan.

○ Guangshengtang (300436) plans to raise no more than 977 million yuan for innovative drug research and development projects, traditional Chinese medicine industrialization projects, etc.

○Wanma New Energy, a subsidiary of Wanma Co., Ltd. (002276), has joined hands with the New Energy Vehicle Inspection Center of China Automotive Research Institute to build a joint innovation laboratory for charging facilities. Wanma New Energy has formed a product matrix of supercharging equipment, flexible group charging systems, liquid-cooled terminals and so on.

○ WuXi AppTec (603259) sold 50.8 million shares of WuXi XDC, affecting its net profit of approximately RMB1.847 billion in the first half of the year.

○ The consortium led by Zhonghe Technology (000925) won the bid for a 175 million yuan signal system procurement project.

○ China First Heavy (601106) successfully developed the FB2 rotor forging for the international advanced level 620 ultra-supercritical steam turbine.

○ Shenhuo shares (000933) plan to repurchase the company's shares for 250 million yuan - 450 million yuan.

○ Hengtong shares (600226) controlling shareholders plan to increase their holdings of the company's shares by 150 million yuan to 300 million yuan.

○ Kweichow Moutai (600519) net profit in 2024 will increase by 15.38% year-on-year, and it is planned to distribute 276.24 yuan in 10 distributions.

[Capital Tide].

○ On April 2, the net outflow of main funds in Shanghai and Shenzhen was 12.861 billion yuan. The top three sectors with net inflows of major funds were communication equipment, diversified finance and auto parts, with net inflows of 1.069 billion yuan, 719 million yuan and 507 million yuan respectively. The top three stocks with a net inflow of main funds are AVIC Industry and Finance, Xinyada and Xiangcai Shares, with net inflows of 594 million yuan, 481 million yuan and 400 million yuan respectively.

○ Power production and financing (000958) on April 2. According to the data of the after-hours Dragon and Tiger List, the special seats for Shenzhen-Hong Kong Stock Connect bought 139 million yuan and sold 62.3657 million yuan, the special seats for an institution bought 31.427 million yuan, and the special seats for an institution sold 7.9684 million yuan.

[Notice of Closure].

○According to the national notice on holidays and holidays in 2025 and the market closure arrangements of the Shanghai and Shenzhen North Stock Exchanges, the first issue of China Securities Express will be suspended on April 3 and will be published normally on April 6.