要点一：政策支持与行业信心提振 1. 工信部最新文件重申加快全固态电池及车端技术落地，明确国家支持立场，消除市场对项目推进的质疑。 2. 国家对固态电池项目的持续支持将确保项目验收和第二批企业支持不受影响，板块贝塔属性增强。 2. 26年全固态上车测试带动车载加压设备需求 3. 政策表态被视为重要催化剂，提振市场信心，此前板块因位置低和进展超预期已具备投资价值。 要点二：太空领域应用拓展 1. 日本与NASA等机构在太空环境中对全固态电池的测试显示高稳定性和低衰减，容量保持率超80%，表现 超预期。 2. 太空应用场景（如卫星供电）因固态电池的高能量密度和可靠性优势具备长期前景，代表重要方向。 3. 太空算力需求带动光伏发电，而固态电池作为储能装置可解决卫星背光阶段的供电问题。 要点三：2026年产业化方向 1. 2026年核心方向为固态电池上车，分两个阶段：年初产线招标放大和全固态电池量产过渡。 2. 技术需解决加压优化（材料掺杂、硫化物应用）和车载压力传导问题 要点四：固态设备招标 1. Q1头部电池厂（宁德时代、比亚迪等）将启动固态产线招标，单线规模预计达0.5G瓦时以上，设备 规格需提升。 往期推荐 ...

Group 1 - The core event is that Rongbai has secured a significant contract with CATL to supply 3.05 million tons of lithium iron phosphate cathode materials from Q1 2026 to 2031, with a total sales value exceeding 120 billion yuan [1] Group 2 - Rongbai has developed a black technology for lithium iron phosphate, reducing the traditional 14-15 processing steps to 6, resulting in a 40% reduction in investment costs and a 30% decrease in energy consumption, achieving performance levels comparable to fourth and fifth generation technologies [2] Group 3 - Cost reduction measures include: - Capacity planning utilizing two existing plants in Guizhou, aiming to expand production to 600,000 tons by the end of 2026 and 1 million tons by the end of 2027, with a focus on short process flows and high equipment density for rapid and low-cost expansion [3] Group 4 - Specific cost reduction initiatives involve: 1) Collaboration with Guizhou Steel to utilize low-grade iron and steel for production [5] 2) Partnering with a base to source phosphate and introduce phosphate chemical enterprises, targeting a future production of 1 million tons of phosphate [5] 3) Incorporating natural gas and green electricity as cost-saving measures [5] 4) Utilizing wet processing for lithium purification from low-grade salt lake lithium carbonate [5] Group 5 - The procurement strategy for battery cells by major manufacturers balances performance and cost considerations [8] - BYD is expanding its operations in Southeast Asia [8] Group 6 - CATL is experiencing growth in the energy storage market that exceeds that of the power market [11]

Group 1 - The Ministry of Commerce of China announced progress in negotiations regarding electric vehicles (EVs) with the EU, emphasizing the need for general guidance on price commitments for Chinese exporters of battery electric vehicles (BEVs) to the EU [1] - The EU will issue a guidance document for submitting price commitment applications, which does not set a minimum price amount but establishes a framework for calculating the Minimum Import Price (MIP) based on different vehicle models [1] - Two main calculation paths for MIP are outlined: one based on the CIF price during the investigation period plus a margin equivalent to the anti-subsidy tax rate, and the other based on the sales price of similar non-subsidized vehicles produced in the EU, including reasonable profit margins [1] Group 2 - The "price commitment" will replace the previous median 20% anti-subsidy tariff, benefiting Chinese automakers' profitability in Europe, particularly for leading Chinese new energy companies focused on brand and quality [2] - The battery cell procurement by major manufacturers is balancing performance and cost considerations [6] - CATL is experiencing growth in the energy storage market that exceeds that of the power market [9]

Overall Development Trend - The demand for power batteries is weakening towards the end of the year, with no significant "rush to install" observed as subsidy funds are nearly exhausted and consumer sentiment is in a "wait-and-see" mode [1] - In November, the total installed capacity of power batteries reached 74.03 GWh, with a month-on-month growth of only 9.5%. LFP batteries accounted for 79.0% of the total installed capacity, while NCM batteries made up 21% [1] - The cost of battery cells is expected to increase by 15-20% due to rising prices of raw materials, posing challenges for both second-tier battery manufacturers and automakers [1] Segmented Market - The demand for batteries in the new energy commercial vehicle market has surged, with a year-on-year growth of 136.6% from January to November 2025, significantly boosting the growth of power battery companies [5] Battery Cell Installation Rankings - CATL and BYD remain the leading companies, together accounting for over 65% of the market share. The customer structure of CATL has changed significantly, with new energy vehicle manufacturers surpassing traditional automakers as its main clients [8] - LG has seen a substantial increase in installation data, growing by 100% year-on-year, largely due to the strong sales of Tesla vehicles [8] Future Outlook - The development of China's power battery industry has reached historical highs in terms of cell performance and industry scale, with the next step being to address international expansion, which could alleviate industry competition and drive demand [9]

Group 1 - The sales of i6 reached 16,000 units, showing significant improvement in production capacity, although the ramp-up was below expectations [1] - The i8 model faced disappointing sales, with only 2,700 units sold in December, totaling 23,000 units, indicating a failure to convert small orders into significant sales [1] - The L6 model sold nearly 13,000 units, with a month-on-month increase of 3,000 units, demonstrating strong product performance and pricing power [1] - The combined sales of L7, L8, and L9 reached approximately 12,000 units, with a month-on-month growth of about 2,300 units, indicating a stable sales base [1] - The mega model experienced a pleasant surprise with a month-on-month increase of 260 units, although returning to the previous high of over 3,000 units is not expected in the short term [1] Group 2 - The i8 model has introduced a three-year interest-free offer, which will be closely monitored [1] - Anticipation is building for the upcoming facelift of the Ideal L series in the first half of the year [1]

Policy - From April 1, 2026, to December 31, 2026, the export tax rebate rate for battery products will be reduced from 9% to 6% [2] - Starting January 1, 2027, the export tax rebate for battery products will be completely canceled [2] Commentary - The previous tax rate was adjusted from 13% to 9%, and overseas demand was not impacted, indicating that batteries and downstream sectors share the tax rebate burden in a 3:7 ratio, highlighting the rising global competitiveness of domestic lithium batteries and the government's determination to combat internal competition while exporting inflation [3] - The policy clearly states that the tax rebate will be fully canceled in 2027, which is significant; in 2026, companies will likely rush to export, validating the underlying logic of leading battery manufacturers continuously revising their annual production expectations upward [3]

Battery - Demand for passenger vehicle batteries has slowed down this week, while orders for energy storage and commercial vehicles are relatively saturated, leading to stable production for companies with a high proportion of energy storage business and a noticeable decline for those focused on power batteries. Overall, market supply is expected to decrease slightly, with an anticipated reduction of less than 5% [1] New Energy Vehicles - After the holiday, the consumer market for new energy vehicles remains in a wait-and-see state, with companies continuing to implement price cuts and various financial policy subsidies, entering a phase of reduced competition. Prices for motors, batteries, and chips have increased, making it difficult for car manufacturers. According to the Passenger Car Association, the cumulative retail sales of passenger cars nationwide reached 23.779 million units, a year-on-year increase of 4%; cumulative retail sales of new energy vehicles reached 12.859 million units, a year-on-year increase of 18%; the cumulative penetration rate of new energy vehicles is 54.08% [2] - By 2025, CATL plans to establish 1,020 "Chocolate" battery swap stations and 305 "Qiji" swap stations; the goal for 2026 is to have a total of 3,000 "Chocolate" swap stations and 900 "Qiji" swap stations [2] CATL - The growth of the energy storage market is outpacing that of the power battery market [10]

Group 1 - The article discusses the specifications and upgrades of various electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) from different manufacturers, highlighting significant improvements in motor power and battery capacity [2][3][4]. - BYD's models, such as the Song Ultra and Dolphin, showcase competitive dimensions and motor power, with the Song Ultra featuring a motor power of 270 kW and a top speed of 210 km/h [1]. - The article notes that many models are now offering optional features like laser radar, indicating a trend towards enhanced safety and automation in the EV market [2][3]. Group 2 - The Tengshi Z9 GT EV has introduced a new single motor version with a power increase from 240 kW to 310 kW, along with a new PHEV version that includes a 63.8 kWh battery and a pure electric range of 301 km [2]. - The article mentions the increase in motor power for the Fangcheng Leopard Titanium 3 from 110 kW to 135 kW for the front motor and from 160 kW to 240 kW for the rear motor [2]. - The Haima 06 EV has upgraded its motor power from 170/180 kW to 240 kW, reflecting the industry's push for higher performance [2]. Group 3 - The article provides a comparison of various models, including the Zhijie V9 and Lantu Dreamer, with specifications such as length, wheelbase, battery capacity, and pure electric range [3]. - The Geely Automotive section highlights a model with a battery capacity of 55.1 kWh and a pure electric range of 257 km, showcasing the competitive landscape in battery technology [3]. - The article also mentions the introduction of new versions of existing models, such as the Xingyao 7 EMI and Galaxy A7 EMI, which have increased battery capacities and electric ranges [3]. Group 4 - Leap Motor's D19 model features dimensions of 5252*1995*1800 mm and a battery capacity of 80.3 kWh, with a pure electric range of 370 km [4]. - The article notes that the Leap A10 BEV has a maximum speed of 160 km/h, indicating the performance capabilities of newer models [4]. - The article also discusses the introduction of new models from various manufacturers, emphasizing the ongoing innovation in the EV sector [4]. Group 5 - The article mentions the introduction of the Xiaomi SU7, which has a maximum speed of 265 km/h, showcasing advancements in performance among electric vehicles [5]. - GAC Group's HA800 model features a 1.5T engine with a power output of 118 kW and a top speed of 185 km/h, indicating the integration of traditional and electric powertrains [5]. - The article highlights the trend of manufacturers offering laser radar options in their vehicles, reflecting a growing focus on safety and advanced driver-assistance systems [5].

Core Viewpoint - Xiaopeng Motors has launched four new models at the 2026 Global New Product Launch, showcasing advancements in AI technology and electric vehicle capabilities, including the P7+, G7, G6, and G9, with a focus on enhancing user experience and global market presence [1][36]. Group 1: Product Launch Details - The 2026 Xiaopeng P7+ is available in both super range and pure electric versions, with prices starting at 186,800 RMB for both variants [1]. - The 2026 Xiaopeng G7 offers four versions, with prices ranging from 195,800 RMB to 205,800 RMB, and features both super range and pure electric options [1]. - The 2026 Xiaopeng G6 is priced from 176,800 RMB, while the G9 starts at 248,800 RMB, showcasing a range of pricing and features across the models [1]. Group 2: Promotional Offers - Customers who place orders for the 2026 models by March 31, 2026, can receive various incentives, including an 8,000 RMB subsidy for the P7+, G7, and G6, and a 12,000 RMB subsidy for the G9, along with additional benefits [2]. Group 3: Technological Advancements - The second-generation VLA and AIOS 6.0 systems are introduced, enabling advanced AI capabilities for intelligent driving and user interaction, marking a significant leap in the automotive industry [4][6]. - The second-generation VLA achieves L4-level capabilities, allowing for direct generation of action commands from visual signals, enhancing the vehicle's understanding of the physical world [4]. - The AIOS 6.0 system features a redesigned interface and introduces a nationwide 3D navigation map, enhancing the user experience [6]. Group 4: Performance and Efficiency - The 2026 P7+ boasts a pure electric range of 430 km and a combined range of 1550 km, with a low energy consumption of 10.9 kWh/100 km in electric mode [12]. - The vehicle supports ultra-fast charging, allowing for a 10%-80% charge in just 12 minutes, significantly reducing range anxiety for users [12]. Group 5: Safety Features - The P7+ meets dual five-star safety standards and features a robust battery system that remains safe under extreme conditions, exceeding upcoming national standards [17]. - The vehicle's structure includes a one-piece cast aluminum floor and high-strength body, providing enhanced safety during impacts [17]. Group 6: Market Position and Global Strategy - Xiaopeng Motors has delivered 429,445 vehicles globally in 2025, marking a 126% year-on-year increase, and is expanding its presence in 60 countries [9]. - The launch of the P7+ and G7 signifies Xiaopeng's commitment to providing diverse electric mobility solutions and establishing a strong foothold in international markets [9].

Group 1: Current Market Situation and Short-term Outlook - The market is expected to recover after consumers digest their hesitation within 40-60 days following the cancellation of policies, leading to a return to normalcy post-Spring Festival [2] - The automotive market experienced a significant decline in sales during the New Year period, primarily due to a lack of year-end purchasing frenzy and weak demand [3] - The "old-for-new" policy introduced on January 1 is seen as a long-term confidence booster but lacks immediate stimulus, with local execution details still pending [3] - Despite market hesitation, foot traffic at dealerships has not decreased, indicating that potential demand remains, although customers are currently in a wait-and-see mode [3] - In the coming weeks, automakers are expected to introduce "bottom-line" sales policies to stabilize the market and boost confidence, although the measures may not be substantial [3] Group 2: Policy Impact and Long-term Trends - The national policy aims to increase the average transaction price per vehicle and guide industry upgrades, potentially phasing out low-end electric vehicles through standards related to battery efficiency and range [4] - Models priced above 200,000 yuan, particularly high-end electric brands, are expected to benefit more, while brands relying on low-end models priced below 200,000 yuan will face greater challenges [4] - The aggressive price wars have largely ceased, leading to a quieter market sentiment [4] - Head brands like BYD, Tesla, Huawei, and others are expanding their advantages, while lower-tier brands are struggling due to blocked paths for inventory clearance through drastic price cuts [5] - The "old-for-new" policy details are still pending, with significant differences in local replacement subsidy policies affecting consumer decisions [5]