证券日报网讯2月26日，纳科诺尔发布2025年年度业绩快报公告称，公司2025年实现营业收入 972517947.94元，同比下降7.69%；归属于上市公司股东的净利润65191755.66元，同比下降59.72%。 ...

投资建议：第一条线推荐壁垒最高的电池环节，首推宁德时代，关注国轩高科，金龙羽等；第二条线推 荐设备端，推荐先惠技术，纳科诺尔，先导智能，联赢激光，关注宏工科技，灵鸽科技，利通科技，海 目星，利元亨，松井股份等；第三条线推荐材料端，首推硫化锂+电解质，推荐上海洗霸，厦钨新能， 当升科技，天赐材料，恩捷股份，华盛锂电，关注博苑股份，海辰药业，其次推荐天奈科技，容百科技 等；第四条线推荐新技术，关注中一科技，远航精密，英联股份等。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看， 固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核 心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议 重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域 太空体系具备真空、极端温差、高辐射等特点，环境温度在-200℃~+150℃，液态电池工作温度 在-20℃~+60℃，而固态电池具备宽温域的属性，此外安全性高不起火，抗辐射不产气 ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

Group 1 - The core point of the article highlights that the North Exchange 50 index has experienced a decline of 1.12% over the past 50 days [2] - Among the constituent stocks, Naconor has seen a drop of 4.32%, while Senxuan Pharmaceutical has decreased by 3.93% [2] - Other notable declines include Yinuowei with a decrease of 3.51% and Tianma New Materials falling by 3.15% [2]

Group 1 - The core point of the article highlights that the North Exchange 50 index has experienced a growth of 4.04% over the past 50 days [1] - Among the constituent stocks, Liancheng CNC has seen a significant increase of 29.99% [1] - Other notable performers include Xingtum Measurement and Control with a rise of 15.47%, Minshida with an increase of 11.76%, and Naconoer with a growth of 11.75% [1]

Core Viewpoint - The report highlights the performance and strategic focus of the Bosera New Energy Theme Mixed A Fund, emphasizing its investment in high-growth and low-penetration sectors within the new energy industry, particularly in electric equipment and solid-state batteries [3][4]. Fund Performance - The fund reported a profit of 440,800 yuan in Q4 2025, with a weighted average profit per share of 0.0022 yuan [3]. - The net asset value (NAV) growth rate for the fund was 0.39% during the reporting period, with a total fund size of 162 million yuan as of the end of Q4 [3][15]. - As of January 22, the fund's unit NAV was 0.872 yuan [3]. Comparative Performance - Over the past three months, the fund's NAV growth rate was 12.65%, ranking 49 out of 100 among comparable funds [4]. - The fund's NAV growth rate over the past six months was 41.54%, ranking 31 out of 100 [4]. - The one-year NAV growth rate was 52.48%, ranking 36 out of 92 [4]. - The three-year NAV growth rate was 10.94%, ranking 31 out of 68 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.4889, ranking 25 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years was 46.79%, with the highest single-quarter drawdown occurring in Q2 2022 at 22.22% [11]. Investment Strategy - The fund manager indicated an increased allocation to high-growth and low-penetration sectors within the new energy industry, specifically targeting electric equipment exports and upstream lithium battery materials [3]. - The solid-state battery sector is highlighted as a low-penetration area, with expectations for mass production to begin in 2026 and scale deployment in 2027 [3]. Portfolio Composition - As of December 31, the fund's top ten holdings included companies such as CATL, Sungrow Power Supply, and Tianqi Lithium [18]. - The average stock position over the past three years was 86.14%, with a peak of 89.88% at the end of Q1 2023 [14].

Group 1 - The core transaction on January 14 involved 164,200 shares of Naconor, with a total transaction value of 10.1513 million yuan, executed at a price of 61.82 yuan, representing a 15.00% discount compared to the closing price of the day [2][3] - In the past month, Naconor has recorded a total of 14 block trades, accumulating a total transaction value of 84.5154 million yuan [3] - The closing price of Naconor on the day of the transaction was 72.73 yuan, reflecting a 5.10% increase, with a turnover rate of 5.59% and a total trading volume of 519 million yuan [3] Group 2 - Naconor was established on January 6, 2000, with a registered capital of 1.5675 billion yuan [3]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 每经讯，2026年1月14日，北交所上市公司纳科诺尔（920522，收盘价：72.73元）发生一笔大宗交易，成交价61.82元/股，成交 数量16.42万股，成交金额1015.13万元，折价15%。买入营业部是华泰证券股份有限公司深圳前海证券营业部，卖出营业部是国 投证券股份有限公司江苏分公司。 ...

Group 1 - The core event involves a block trade of Naconor (stock code: 920522) on the Beijing Stock Exchange, with a closing price of 69.2 yuan per share [1] - The block trade occurred on January 13, 2026, at a transaction price of 58.82 yuan per share, representing a discount of 15% [1] - The total volume of the transaction was 81,700 shares, amounting to 4.8056 million yuan [1] Group 2 - The buying brokerage was Shenwan Hongyuan Securities Co., Ltd., specifically the Huangshi Hubin Avenue Securities Office [1] - The selling brokerage was Guotou Securities Co., Ltd., Jiangsu Branch [1]

Group 1 - The core point of the article highlights a significant block trade involving Naconor (920522) on January 12, with a transaction volume of 272,500 shares and a transaction value of 16.1593 million yuan, executed at a price of 59.30 yuan, which represents a discount of 15.01% compared to the closing price of the day [2][3] - In the past month, Naconor has recorded a total of 12 block trades, accumulating a total transaction value of 69.5586 million yuan [3] - As of January 12, Naconor's closing price was 69.77 yuan, reflecting an increase of 5.49%, with a daily turnover rate of 5.45% and a total transaction amount of 500 million yuan for the day [3] Group 2 - Naconor was established on January 6, 2000, with a registered capital of 1.5675 billion yuan [3]