1044 lines
42 KiB
HTML
1044 lines
42 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="utf-8" />
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<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
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<title>复合集流体行业洞察报告</title>
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<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800" rel="stylesheet" />
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<!-- Font Awesome Icons -->
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<script src="https://kit.fontawesome.com/1d2b6c4f81.js" crossorigin="anonymous"></script>
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<!-- Tailwind CSS -->
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<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
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<!-- DaisyUI -->
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5" rel="stylesheet" type="text/css" />
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5/themes.css" rel="stylesheet" type="text/css" />
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<!-- Custom Styles -->
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<style>
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body {
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font-family: 'Inter', sans-serif;
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background: linear-gradient(135deg, #0f172a 0%, #1e293b 100%);
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color: #e2e8f0;
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min-height: 100vh;
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}
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.card {
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background: rgba(30, 41, 59, 0.7);
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backdrop-filter: blur(10px);
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border: 1px solid rgba(148, 163, 184, 0.1);
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}
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.timeline-dot {
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width: 16px;
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height: 16px;
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background-color: #3b82f6;
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border-radius: 50%;
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position: absolute;
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left: -8px;
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top: 8px;
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}
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.timeline-line {
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position: absolute;
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left: 0;
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top: 24px;
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bottom: 0;
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width: 2px;
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background-color: #334155;
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}
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.gantt-bar {
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height: 24px;
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background: linear-gradient(90deg, #3b82f6, #60a5fa);
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border-radius: 4px;
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position: relative;
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}
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.gantt-container {
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position: relative;
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padding-left: 120px;
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}
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.gantt-label {
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position: absolute;
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left: 0;
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top: 4px;
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font-size: 14px;
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width: 110px;
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text-align: right;
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}
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.table-responsive {
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overflow-x: auto;
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}
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.table th {
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background-color: rgba(30, 41, 59, 0.9);
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color: #cbd5e1;
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font-weight: 600;
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border-bottom: 2px solid #475569;
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}
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.table td {
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border-color: #334155;
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vertical-align: middle;
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}
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.badge {
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display: inline-flex;
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align-items: center;
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padding: 0.25rem 0.5rem;
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border-radius: 0.25rem;
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font-size: 0.75rem;
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font-weight: 500;
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}
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.badge-blue {
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background-color: rgba(59, 130, 246, 0.2);
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color: #93c5fd;
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}
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.badge-green {
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background-color: rgba(34, 197, 94, 0.2);
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color: #86efac;
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}
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.badge-purple {
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background-color: rgba(168, 85, 247, 0.2);
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color: #d8b4fe;
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}
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.badge-yellow {
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background-color: rgba(234, 179, 8, 0.2);
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color: #fde047;
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}
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.progress {
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height: 8px;
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background-color: #334155;
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border-radius: 4px;
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overflow: hidden;
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}
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.progress-bar {
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height: 100%;
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background: linear-gradient(90deg, #3b82f6, #60a5fa);
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}
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.section-title {
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font-size: 1.5rem;
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font-weight: 700;
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margin-bottom: 1rem;
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color: #f1f5f9;
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position: relative;
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padding-left: 1rem;
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}
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.section-title::before {
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content: '';
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position: absolute;
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left: 0;
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top: 0;
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bottom: 0;
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width: 4px;
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background: linear-gradient(to bottom, #3b82f6, #60a5fa);
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border-radius: 2px;
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}
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.highlight-box {
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background: rgba(59, 130, 246, 0.1);
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border-left: 4px solid #3b82f6;
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padding: 1rem;
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border-radius: 0.25rem;
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margin: 1rem 0;
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}
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.industry-chain {
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display: flex;
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flex-direction: column;
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gap: 0.5rem;
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margin: 1rem 0;
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padding-left: 1.5rem;
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}
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.chain-item {
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position: relative;
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padding-left: 1.5rem;
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}
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.chain-item::before {
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content: '•';
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position: absolute;
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left: 0;
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color: #60a5fa;
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}
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.chain-subitem {
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padding-left: 1.5rem;
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margin: 0.25rem 0;
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font-size: 0.875rem;
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color: #cbd5e1;
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}
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@media (max-width: 768px) {
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.gantt-container {
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padding-left: 80px;
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}
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.gantt-label {
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width: 75px;
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font-size: 12px;
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}
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}
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</style>
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</head>
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<body>
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<div class="container mx-auto px-4 py-8 max-w-6xl">
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<!-- Header -->
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<div class="text-center mb-10">
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<h1 class="text-4xl font-bold mb-4 bg-clip-text text-transparent bg-gradient-to-r from-blue-400 to-cyan-300">
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复合集流体行业洞察报告
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</h1>
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<p class="text-lg text-slate-300 max-w-3xl mx-auto">
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从"主题验证"到"订单兑现+产能扩张"的产业化加速期，2025年是量产元年
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</p>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="section-title">概念事件时间轴</h2>
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<div class="relative pl-6">
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<div class="timeline-line"></div>
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<div class="relative mb-6">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<div class="flex flex-col sm:flex-row sm:items-center sm:justify-between">
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<h3 class="text-lg font-semibold text-blue-300">2023-05</h3>
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<span class="text-sm text-slate-400 mt-1 sm:mt-0">来源: 路演纪要</span>
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</div>
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<p class="mt-1">宁德时代麒麟电池全球首发极氪009，首次"上车"复合铝箔</p>
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</div>
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</div>
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<div class="relative mb-6">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<div class="flex flex-col sm:flex-row sm:items-center sm:justify-between">
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<h3 class="text-lg font-semibold text-blue-300">2023-12</h3>
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<span class="text-sm text-slate-400 mt-1 sm:mt-0">来源: 路演纪要</span>
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</div>
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<p class="mt-1">重庆金美6μm复合铜箔量产下线，单线产能300万㎡/月</p>
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</div>
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</div>
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<div class="relative mb-6">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<div class="flex flex-col sm:flex-row sm:items-center sm:justify-between">
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<h3 class="text-lg font-semibold text-blue-300">2024-01</h3>
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<span class="text-sm text-slate-400 mt-1 sm:mt-0">来源: 路演纪要</span>
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</div>
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<p class="mt-1">骄成超声超声波滚焊机获头部电池厂定点，标志量产闭环完成</p>
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</div>
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</div>
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<div class="relative mb-6">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<div class="flex flex-col sm:flex-row sm:items-center sm:justify-between">
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<h3 class="text-lg font-semibold text-blue-300">2024-11</h3>
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<span class="text-sm text-slate-400 mt-1 sm:mt-0">来源: 新闻</span>
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</div>
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<p class="mt-1">英联股份获韩国U&SENERGY 2025年300万㎡订单（200万㎡铝箔+100万㎡铜箔）</p>
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</div>
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</div>
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<div class="relative mb-6">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<div class="flex flex-col sm:flex-row sm:items-center sm:justify-between">
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<h3 class="text-lg font-semibold text-blue-300">2025-03</h3>
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<span class="text-sm text-slate-400 mt-1 sm:mt-0">来源: 研报</span>
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</div>
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<p class="mt-1">中金预计2Q25启动新一轮100GW级资本开支，行业渗透率或超70%</p>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<div class="flex flex-col sm:flex-row sm:items-center sm:justify-between">
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<h3 class="text-lg font-semibold text-blue-300">2025-07</h3>
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<span class="text-sm text-slate-400 mt-1 sm:mt-0">来源: 政策</span>
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</div>
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<p class="mt-1">工信部《铜产业高质量发展方案》明确将复合铜箔列为重点支持方向</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="section-title">核心观点摘要</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="highlight-box">
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<h3 class="text-xl font-semibold text-blue-300 mb-2">阶段判断</h3>
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<p>复合集流体已从"主题验证"进入"订单兑现+产能扩张"的产业化加速期，<span class="font-bold text-cyan-300">2025年是量产元年</span>。</p>
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</div>
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<div class="highlight-box">
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<h3 class="text-xl font-semibold text-blue-300 mb-2">核心驱动力</h3>
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<p><span class="font-bold text-cyan-300">成本拐点</span>（复合铜箔理论成本3.15元/㎡ vs 传统铜箔6元/㎡）+ <span class="font-bold text-cyan-300">政策强催化</span>（新国标2026年强制执行）+ <span class="font-bold text-cyan-300">固态电池刚需</span>（解决锂枝晶/膨胀问题）。</p>
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</div>
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<div class="highlight-box">
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<h3 class="text-xl font-semibold text-blue-300 mb-2">未来潜力</h3>
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<p>中性预测2025年市场空间233亿元，2030年832亿元，<span class="font-bold text-cyan-300">CAGR超60%</span>。</p>
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</div>
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</div>
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</div>
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<!-- 核心逻辑与市场认知分析 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="section-title">核心逻辑与市场认知分析</h2>
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<div class="mb-6">
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<h3 class="text-xl font-semibold text-blue-300 mb-3">核心驱动力拆解</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="p-4 bg-slate-800 rounded-lg">
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<div class="flex items-center mb-2">
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<i class="fas fa-microchip text-blue-400 mr-2"></i>
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<h4 class="font-semibold">技术突破</h4>
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</div>
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<p class="text-sm">两步法（磁控溅射+水电镀）良率突破<span class="text-cyan-300 font-bold">80%+</span>（宝明科技数据），东威科技24靶设备实现1.75m幅宽25m/min线速。</p>
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</div>
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<div class="p-4 bg-slate-800 rounded-lg">
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<div class="flex items-center mb-2">
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<i class="fas fa-coins text-green-400 mr-2"></i>
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<h4 class="font-semibold">成本优势</h4>
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</div>
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<p class="text-sm">铜价7.9万元/吨背景下，<span class="text-cyan-300 font-bold">PET铜箔原材料成本仅为传统铜箔1/3</span>（1.25 vs 3.69元/㎡）。</p>
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</div>
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<div class="p-4 bg-slate-800 rounded-lg">
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<div class="flex items-center mb-2">
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<i class="fas fa-file-contract text-purple-400 mr-2"></i>
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<h4 class="font-semibold">政策强制</h4>
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</div>
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<p class="text-sm">2026年7月起动力电池新国标要求"不起火不爆炸"，复合铝箔成为<span class="text-cyan-300 font-bold">唯一通过枪击测试的集流体</span>（广汽弹匣电池2.0案例）。</p>
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</div>
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</div>
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</div>
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<div class="mb-6">
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<h3 class="text-xl font-semibold text-blue-300 mb-3">市场热度与情绪</h3>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
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<div class="p-4 bg-slate-800 rounded-lg">
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<div class="flex items-center mb-2">
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<i class="fas fa-chart-line text-yellow-400 mr-2"></i>
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<h4 class="font-semibold">研报密度</h4>
|
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</div>
|
||
<p class="text-sm">2024年10月后每月超5篇深度报告，2025年3月中金/华泰连续发声。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-trending-up text-red-400 mr-2"></i>
|
||
<h4 class="font-semibold">情绪指标</h4>
|
||
</div>
|
||
<p class="text-sm">东威科技2025年3月股价单月涨幅<span class="text-cyan-300 font-bold">+45%</span>，但机构持仓比例仍低于15%（存在预期差）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">预期差分析</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full">
|
||
<thead>
|
||
<tr class="text-left">
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<th class="pb-2 border-b border-slate-700">市场共识</th>
|
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<th class="pb-2 border-b border-slate-700">实际验证</th>
|
||
<th class="pb-2 border-b border-slate-700">偏差</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-slate-800">
|
||
<td class="py-3">复合铜箔仅适用于中低端电池</td>
|
||
<td class="py-3">宁德时代麒麟电池已用于极氪009高端车型</td>
|
||
<td class="py-3 text-cyan-300 font-semibold">高端化超预期</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-800">
|
||
<td class="py-3">2025年渗透率10%</td>
|
||
<td class="py-3">中金预测2Q25启动100GW扩产，对应渗透率或达<span class="text-cyan-300">15-20%</span></td>
|
||
<td class="py-3 text-cyan-300 font-semibold">进度超预期</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">设备依赖进口</td>
|
||
<td class="py-3">东威科技/洪田股份已实现<span class="text-cyan-300">24靶磁控设备国产化</span></td>
|
||
<td class="py-3 text-cyan-300 font-semibold">供应链安全</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 催化剂与发展路径 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="section-title">催化剂与发展路径</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">近期催化剂（3-6个月）</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-handshake text-green-400 mr-2"></i>
|
||
<h4 class="font-semibold">订单落地</h4>
|
||
</div>
|
||
<p class="text-sm">英联股份韩国订单2025Q1开始交付（年化0.3GWh，占其产能3%）。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-cog text-blue-400 mr-2"></i>
|
||
<h4 class="font-semibold">技术标准</h4>
|
||
</div>
|
||
<p class="text-sm">2025年6月工信部将发布《复合集流体测试规范》，<span class="text-cyan-300">统一良率计算标准</span>（当前各厂数据不可比）。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-car text-purple-400 mr-2"></i>
|
||
<h4 class="font-semibold">车企验证</h4>
|
||
</div>
|
||
<p class="text-sm">比亚迪汉车型复合铜箔版预计2025Q2完成10万公里路测。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-4">长期里程碑</h3>
|
||
<div class="gantt-container">
|
||
<div class="mb-4">
|
||
<div class="gantt-label">两步法良率90%</div>
|
||
<div class="gantt-bar" style="width: 50%; margin-left: 0%;"></div>
|
||
<div class="text-xs text-slate-400 mt-1">2025-06 至 2025-12</div>
|
||
</div>
|
||
|
||
<div class="mb-4">
|
||
<div class="gantt-label">一步法成本<3元/㎡</div>
|
||
<div class="gantt-bar" style="width: 100%; margin-left: 50%;"></div>
|
||
<div class="text-xs text-slate-400 mt-1">2026-06 至 2027-06</div>
|
||
</div>
|
||
|
||
<div class="mb-4">
|
||
<div class="gantt-label">动力电池渗透率20%</div>
|
||
<div class="gantt-bar" style="width: 100%; margin-left: 50%;"></div>
|
||
<div class="text-xs text-slate-400 mt-1">2025-12 至 2026-12</div>
|
||
</div>
|
||
|
||
<div>
|
||
<div class="gantt-label">固态电池专用集流体</div>
|
||
<div class="gantt-bar" style="width: 100%; margin-left: 100%;"></div>
|
||
<div class="text-xs text-slate-400 mt-1">2027-06 至 2028-12</div>
|
||
</div>
|
||
|
||
<div class="mt-8 mb-4">
|
||
<div class="gantt-label">新国标强制执行</div>
|
||
<div class="gantt-bar" style="width: 5%; margin-left: 75%; background: linear-gradient(90deg, #ef4444, #f87171);"></div>
|
||
<div class="text-xs text-slate-400 mt-1">2026-07</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 产业链与核心公司 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="section-title">产业链与核心公司</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">产业链图谱</h3>
|
||
<div class="industry-chain">
|
||
<div class="chain-item font-semibold text-slate-300">上游（设备/材料）</div>
|
||
<div class="chain-subitem">磁控溅射设备：汇成真空（市占率90%）、道森股份</div>
|
||
<div class="chain-subitem">水电镀设备：东威科技（唯一量产）</div>
|
||
<div class="chain-subitem">基膜：双星新材（PET）、东材科技（PP）</div>
|
||
<div class="chain-subitem">靶材：阿石创（国产替代）</div>
|
||
|
||
<div class="chain-item font-semibold text-slate-300 mt-3">中游（制造）</div>
|
||
<div class="chain-subitem">复合铜箔：宝明科技（1.5亿㎡量产）、重庆金美（12亿㎡规划）</div>
|
||
<div class="chain-subitem">复合铝箔：英联股份（1亿㎡产能）、诺德股份（小批量）</div>
|
||
<div class="chain-subitem">一体化：璞泰来（宁德时代战略合作）</div>
|
||
|
||
<div class="chain-item font-semibold text-slate-300 mt-3">下游（应用）</div>
|
||
<div class="chain-subitem">动力电池：宁德时代（麒麟电池）、比亚迪（汉车型）</div>
|
||
<div class="chain-subitem">储能：阳光电源（测试阶段）</div>
|
||
<div class="chain-subitem">消费电子：ATL（无人机电池）</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">核心玩家对比</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full">
|
||
<thead>
|
||
<tr class="text-left">
|
||
<th class="pb-2 border-b border-slate-700">公司</th>
|
||
<th class="pb-2 border-b border-slate-700">技术路线</th>
|
||
<th class="pb-2 border-b border-slate-700">产能规划</th>
|
||
<th class="pb-2 border-b border-slate-700">验证进度</th>
|
||
<th class="pb-2 border-b border-slate-700">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-slate-800">
|
||
<td class="py-3 font-semibold text-cyan-300">东威科技</td>
|
||
<td class="py-3">水电镀设备龙头</td>
|
||
<td class="py-3">2025年交付200台+</td>
|
||
<td class="py-3">绑定宁德时代</td>
|
||
<td class="py-3">设备价格战</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-800">
|
||
<td class="py-3 font-semibold text-cyan-300">宝明科技</td>
|
||
<td class="py-3">PET两步法</td>
|
||
<td class="py-3">赣州15亿㎡满产</td>
|
||
<td class="py-3">比亚迪路测中</td>
|
||
<td class="py-3">PP基膜切换风险</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-800">
|
||
<td class="py-3 font-semibold text-cyan-300">英联股份</td>
|
||
<td class="py-3">PP铝箔+铜箔</td>
|
||
<td class="py-3">江苏基地6亿㎡</td>
|
||
<td class="py-3">韩国订单验证</td>
|
||
<td class="py-3">产能消化压力</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 font-semibold text-cyan-300">骄成超声</td>
|
||
<td class="py-3">超声波焊接</td>
|
||
<td class="py-3">独供宁德时代</td>
|
||
<td class="py-3">40kHz设备量产</td>
|
||
<td class="py-3">技术迭代风险</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">验证与证伪</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="p-4 bg-red-900/20 rounded-lg border-l-4 border-red-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-times-circle text-red-400 mr-2"></i>
|
||
<h4 class="font-semibold">证伪点</h4>
|
||
</div>
|
||
<p class="text-sm">某路演称"复合铜箔已用于特斯拉4680"，但<span class="text-red-300">未在特斯拉供应链名单中发现</span>，可能为误传。</p>
|
||
</div>
|
||
<div class="p-4 bg-green-900/20 rounded-lg border-l-4 border-green-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-check-circle text-green-400 mr-2"></i>
|
||
<h4 class="font-semibold">验证点</h4>
|
||
</div>
|
||
<p class="text-sm">重庆金美2023年12月量产下线视频<span class="text-green-300">经高工锂电实地验证</span>，真实性确认。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="section-title">潜在风险与挑战</h2>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">技术风险</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-exclamation-triangle text-yellow-400 mr-2"></i>
|
||
<h4 class="font-semibold">PP基膜结合力</h4>
|
||
</div>
|
||
<p class="text-sm">东材科技送样测试显示<span class="text-yellow-300">剥离强度<0.8N/cm</span>（要求>1.2N/cm），需工艺优化。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-battery-full text-red-400 mr-2"></i>
|
||
<h4 class="font-semibold">固态电池适配</h4>
|
||
</div>
|
||
<p class="text-sm">硫化物电解质对铜腐蚀速率<span class="text-red-300">>5μm/年</span>（传统铜箔<1μm/年），需镍基复合集流体。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">商业化风险</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-chart-line text-green-400 mr-2"></i>
|
||
<h4 class="font-semibold">成本倒挂</h4>
|
||
</div>
|
||
<p class="text-sm">若铜价跌至<span class="text-yellow-300">5万元/吨以下</span>（2020年水平），复合铜箔成本优势消失。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-industry text-purple-400 mr-2"></i>
|
||
<h4 class="font-semibold">产能泡沫</h4>
|
||
</div>
|
||
<p class="text-sm">规划产能超<span class="text-red-300">50亿㎡</span>（2025年需求仅25亿㎡），价格战风险高。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">信息矛盾</h3>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-info-circle text-blue-400 mr-2"></i>
|
||
<h4 class="font-semibold">良率数据</h4>
|
||
</div>
|
||
<p class="text-sm">某研报称"行业良率90%"，但路演中宝明科技承认<span class="text-yellow-300">实际良率75-80%</span>，存在夸大。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="section-title">综合结论与投资启示</h2>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">阶段判断</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<p class="text-sm"><span class="text-cyan-300 font-bold">当前处于"订单驱动"阶段</span>（英联/宝明订单落地），非主题炒作。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<p class="text-sm"><span class="text-cyan-300 font-bold">2025Q2-Q3</span>将是渗透率突破的关键观察期（比亚迪/宁德大规模招标）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">投资优先级</h3>
|
||
<div class="space-y-4">
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<span class="bg-blue-500 text-white rounded-full w-6 h-6 flex items-center justify-center mr-2 text-sm font-bold">1</span>
|
||
<h4 class="font-semibold">设备端</h4>
|
||
</div>
|
||
<p class="text-sm">东威科技（水电镀）> 骄成超声（焊接）> 汇成真空（磁控）</p>
|
||
<p class="text-sm text-cyan-300 mt-1">逻辑：设备先行，毛利率>50%且订单可见性强。</p>
|
||
</div>
|
||
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<span class="bg-green-500 text-white rounded-full w-6 h-6 flex items-center justify-center mr-2 text-sm font-bold">2</span>
|
||
<h4 class="font-semibold">材料端</h4>
|
||
</div>
|
||
<p class="text-sm">双星新材（PET基膜）> 东材科技（PP基膜）</p>
|
||
<p class="text-sm text-cyan-300 mt-1">逻辑：基膜占成本30%，技术壁垒高，国产替代空间大。</p>
|
||
</div>
|
||
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<span class="bg-purple-500 text-white rounded-full w-6 h-6 flex items-center justify-center mr-2 text-sm font-bold">3</span>
|
||
<h4 class="font-semibold">制造端</h4>
|
||
</div>
|
||
<p class="text-sm">宝明科技（绑定宁德）> 英联股份（海外订单）</p>
|
||
<p class="text-sm text-cyan-300 mt-1">逻辑：率先通过车规验证，2025年业绩弹性>300%。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold text-blue-300 mb-3">关键跟踪指标</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-calendar-alt text-blue-400 mr-2"></i>
|
||
<h4 class="font-semibold">月度跟踪</h4>
|
||
</div>
|
||
<p class="text-sm">东威科技设备出货量（2025年目标200台）、宝明科技宁德订单份额（当前30%）。</p>
|
||
</div>
|
||
<div class="p-4 bg-slate-800 rounded-lg">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-chart-pie text-green-400 mr-2"></i>
|
||
<h4 class="font-semibold">季度验证</h4>
|
||
</div>
|
||
<p class="text-sm">复合铜箔在动力电池渗透率（2025Q2需达<span class="text-cyan-300">8%</span>以上维持高景气）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6 p-4 bg-red-900/20 rounded-lg border-l-4 border-red-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-exclamation-circle text-red-400 mr-2"></i>
|
||
<h4 class="font-semibold">风险提示</h4>
|
||
</div>
|
||
<p class="text-sm">若2025年铜价暴跌或固态电池技术路线突变（如石墨烯集流体突破），行业逻辑可能重构。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据 -->
|
||
<div class="card rounded-xl p-6">
|
||
<h2 class="section-title">关联股票数据</h2>
|
||
<div class="table-responsive">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr>
|
||
<th class="text-xs font-bold uppercase tracking-wider">股票名称</th>
|
||
<th class="text-xs font-bold uppercase tracking-wider">项目/业务转型</th>
|
||
<th class="text-xs font-bold uppercase tracking-wider">材料/设备</th>
|
||
<th class="text-xs font-bold uppercase tracking-wider">复合铜箔</th>
|
||
<th class="text-xs font-bold uppercase tracking-wider">复合铝箔/靶材</th>
|
||
<th class="text-xs font-bold uppercase tracking-wider">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td class="py-3">德福科技</td>
|
||
<td class="py-3">锂电铜箔</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">铜价上涨导致电解铜箔成本提升</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">超华科技</td>
|
||
<td class="py-3">锂电铜箔</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">铜价上涨导致电解铜箔成本提升</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">海亮股份</td>
|
||
<td class="py-3">锂电铜箔</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">铜价上涨导致电解铜箔成本提升</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">杭电股份</td>
|
||
<td class="py-3">锂电铜箔</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">铜价上涨导致电解铜箔成本提升</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">远东股份</td>
|
||
<td class="py-3">锂电铜箔</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">铜价上涨导致电解铜箔成本提升</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">诺德股份</td>
|
||
<td class="py-3">传统铜箔企业</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">传统铜箔企业转型复合铜箔</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">嘉元科技</td>
|
||
<td class="py-3">传统铜箔企业</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">传统铜箔企业转型复合铜箔</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">中一科技</td>
|
||
<td class="py-3">传统铜箔企业</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">传统铜箔企业转型复合铜箔</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">道森股份</td>
|
||
<td class="py-3">传统铜箔企业</td>
|
||
<td class="py-3">磁控溅射</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">传统铜箔企业转型复合铜箔及设备</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">宝明科技</td>
|
||
<td class="py-3">同源技术切入</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">同源技术切入复合铜箔领域</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">胜利精密</td>
|
||
<td class="py-3">同源技术切入</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PP</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">同源技术切入复合铜箔领域</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">阿石创</td>
|
||
<td class="py-3">同源技术切入</td>
|
||
<td class="py-3">电镀添加剂+靶材</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">阿石创</td>
|
||
<td class="py-3">同源技术切入复合铜箔及材料领域</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">元琛科技</td>
|
||
<td class="py-3">其他业务转型</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">其他业务转型进入复合铜箔领域</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">英联股份</td>
|
||
<td class="py-3">其他业务转型</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PP</td>
|
||
<td class="py-3">英联股份</td>
|
||
<td class="py-3">其他业务转型进入复合铜箔/铝箔领域</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">东材科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜材料供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">铜峰电子</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜材料供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">双星新材</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜材料供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">大东南</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET基膜材料供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">航天彩虹</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PP基膜</td>
|
||
<td class="py-3">PP</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PP基膜材料供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">沃格光电</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PI膜</td>
|
||
<td class="py-3">PI</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PI膜材料供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">三孚新科</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">电镀添加剂+靶材</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">电镀添加剂及设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">光华科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">电镀添加剂+靶材</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">电镀添加剂供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">双星新材</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">基膜下游延伸</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">基膜下游延伸产业链</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">东材科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">基膜下游延伸</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">基膜下游延伸产业链</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">国联股份</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">磁控溅射</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">磁控溅射设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">东威科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">水电镀设备</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">水电镀设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">方邦股份</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">磁控溅射</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">磁控溅射设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">振华科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">磁控溅射</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">磁控溅射设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">骄成超声</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">超声滚焊</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">超声滚焊设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">宝明科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">万顺新材</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">元琛科技</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">英联股份</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PP</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PP复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">璞泰来</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">光莆股份</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">诺德股份</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PET复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">沃格光电</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PI</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">PI复合铜箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">英联股份</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">英联股份</td>
|
||
<td class="py-3">复合铝箔生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3">阿石创</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">-</td>
|
||
<td class="py-3">阿石创</td>
|
||
<td class="py-3">靶材供应商</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<script>
|
||
// 添加一些交互效果
|
||
document.addEventListener('DOMContentLoaded', function() {
|
||
// 为卡片添加悬停效果
|
||
const cards = document.querySelectorAll('.card');
|
||
cards.forEach(card => {
|
||
card.addEventListener('mouseenter', function() {
|
||
this.style.transform = 'translateY(-5px)';
|
||
this.style.transition = 'transform 0.3s ease';
|
||
});
|
||
|
||
card.addEventListener('mouseleave', function() {
|
||
this.style.transform = 'translateY(0)';
|
||
});
|
||
});
|
||
|
||
// 为表格行添加点击高亮效果
|
||
const tableRows = document.querySelectorAll('tbody tr');
|
||
tableRows.forEach(row => {
|
||
row.addEventListener('click', function() {
|
||
// 移除所有行的高亮
|
||
tableRows.forEach(r => {
|
||
r.style.backgroundColor = '';
|
||
});
|
||
|
||
// 高亮当前行
|
||
this.style.backgroundColor = 'rgba(59, 130, 246, 0.1)';
|
||
});
|
||
});
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |