2026年，是国家"十五五"规划的开局之年。这一新五年规划系统性勾勒出中国至2030年的发展蓝图，新 旧动能转换、发展范式升级、全球格局重塑，都将在这一时期找到新的交汇点。 时代的机遇藏在哪里？未来中国经济增长的核心动力如何精准判断？值此开年之际，南都湾财社发起 《开局2026：在新周期起点上》专题策划，聚焦科技如何进入产业系统、如何穿透生产链条、如何在不 确定的全球环境中形成可持续的竞争优势。 作为连续15年登顶全球负极材料出货量榜首的龙头企业，贝特瑞正站在战略转型的十字路口。近日，南 都湾财社独家专访贝特瑞（920185.BJ）董事长贺雪琴，解码这家行业巨头如何以技术创新押注未来， 在新周期中构建可持续竞争优势。 谈产能布局：海外基地的战略意义远不止于产能异地复制 1、2025年前三季度贝特瑞营收123.84亿元、归母净利润7.68亿元，负极材料出货量稳居全球首位，这样 的业绩为2026年发展奠定了怎样的基础？ 谈技术创新：创新是企业穿越产业周期的根本动力 贺雪琴：2025业绩向好，成果来之不易，2026年的形势与挑战更为复杂。需要我们积极提升整体竞争能 力，实现持续的业绩增长，为未来布好局。外部的发展与 ...

Core Insights - The leading company in revenue for graphite anode materials in China for 2024 is BETTERRY, with revenue exceeding 10 billion yuan, followed by SANSHA and Zhongke Electric, both exceeding 5 billion yuan [1][2]. Revenue Rankings - BETTERRY ranks first in revenue among listed companies in the graphite anode materials sector, with over 10 billion yuan in related business revenue for 2024 [1]. - SANSHA and Zhongke Electric both have revenues exceeding 5 billion yuan from their graphite anode products [1]. Production Rankings - In terms of production, BETTERRY leads with over 450,000 tons of graphite anode production in 2024, followed by SANSHA with over 350,000 tons [2][3]. Sales Rankings - BETTERRY also ranks first in sales volume for 2024, with sales reaching 438,000 tons, while SANSHA's sales are at 340,000 tons, placing it second [4]. Artificial Graphite Leadership - SANSHA has established itself as a leader in the artificial graphite anode sector, with significant advancements in technology, resulting in artificial graphite accounting for 91.7% of total graphite anode shipments in the first half of 2025, totaling 1.17 million tons [5]. Market Share in Artificial Graphite - In the artificial graphite sector for the first half of 2025, SANSHA holds the highest market share at 21%, with BETTERRY following closely behind [10].

Group 1 - The financing balance of the North Exchange is approximately one-third of that of the ChiNext, indicating lower investor sentiment and market activity [1][11] - The North Exchange's financing balance reached a historical high of 92.85 billion yuan as of January 14, 2026, with a financing balance of 92.84 billion yuan [11][12] - The North Exchange's financing balance as a percentage of market capitalization was 1.25% in 2025, significantly lower than the ChiNext (3.57%) and the Sci-Tech Innovation Board (2.97%) [15][18] Group 2 - The North Exchange 50 Index reported 1,548.33 points, with a P/E ratio of 64.92X, while the North Exchange specialized and new index reached 2,666.88 points with a P/E ratio of 83.81X [2][32] - The average P/E ratios for key sectors in the North Exchange are as follows: high-end equipment (42.38X), information technology (96.48X), new chemical materials (47.82X), consumer services (49.03X), and biomedicine (37.32X) [39][44] - The North Exchange has seen a significant increase in daily trading volume, with an average of 409.81 billion yuan, up 55.52% from the previous week [31][33] Group 3 - The report recommends focusing on high-performing stocks within the North Exchange 50 and technology growth companies, particularly those with strong new production capabilities and scarcity attributes [46] - Recent IPOs have shown strong performance, with the first new stock of 2026, Kema Materials, experiencing a first-day increase of 371.27% [2][24] - The report highlights the active trading of North Exchange 50 constituent stocks, which generally show higher activity levels in financing and margin trading compared to non-constituent stocks [19][20]

| 成交量 | 成交金额 | 成交价格 | 相对当日收 盘价折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | | | | | | | | （%） | | | | | | | | 华泰证券股份有限公司深 | 中泰证券股份有限公 | | 71.90 | 2372.70 | 33.00 | 0.30 | 圳益田路荣超商务中心证 | 司北京朝外大街证券 | | | | | | 券营业部 | 营业部 | 贝特瑞（920185）1月14日大宗交易平台出现一笔成交，成交量71.90万股，成交金额2372.70万元，大宗 交易成交价为33.00元，相对今日收盘价溢价0.30%。该笔交易的买方营业部为华泰证券股份有限公司深 圳益田路荣超商务中心证券营业部，卖方营业部为中泰证券股份有限公司北京朝外大街证券营业部。 进一步统计，近1个月内该股累计发生2笔大宗交易，合计成交金额为3012.70万元。 证券时报·数据宝统计显示，贝特瑞今日收盘价为32.90元，下跌1.44%，日换手率为1.41%，成交额为 5.22亿元，近 ...

Core Insights - The graphite anode materials industry in China is supported by national policies aimed at promoting new materials and electric vehicles, which are key application areas for graphite anodes [1][4]. Policy Overview - Since 2016, several policies have been introduced to encourage the development of graphite anode materials, including the "Light Industry Development Plan (2016-2020)" and "Guiding Opinions on Promoting the Development of the Energy Electronics Industry" [4]. - Key policies include export controls on graphite anode materials and related equipment, effective from November 2025, requiring exporters to obtain licenses [9]. National Policy Highlights - The "Lithium Battery Industry Norms (2024 Edition)" sets performance standards for anode materials, including a carbon (graphite) capacity of ≥340mAh/g and silicon-carbon capacity of ≥480mAh/g [8]. - The "Industry Structure Adjustment Guidance Catalog (2024 Edition)" categorizes key components of electric vehicles, such as anode materials, as encouraged projects, indicating government support [6]. Provincial Policy Highlights - Various provinces have included graphite anode materials in their "14th Five-Year Plan," outlining development goals and directions to enhance the industry chain [11][14]. - For instance, Shanxi aims to develop sodium-ion and lithium-ion battery products, while Zhejiang focuses on high-energy-density lithium-ion batteries [12][13]. Industry Development Goals - Provinces are setting specific targets for the graphite anode materials industry, including building industrial bases, enhancing product capabilities, and improving intelligent production levels [14].

Market Performance - The North Exchange 50 Index increased by 5.82% compared to the previous week, while the Shanghai and Shenzhen 300 Index rose by 2.79% and the ChiNext Index by 3.89%[30] - The average market capitalization of North Exchange A-shares reached 3.197 billion yuan, with a daily average trading volume of approximately 26.13 billion yuan, up 34.57% from the previous week[5] Investment Recommendations - Focus on sectors with high industry prosperity and scarcity, particularly commercial aerospace, robotics, low-altitude economy, energy storage, solid-state batteries, and liquid cooling[40] - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 48.40, 45.54, 12.69, 24.07, and 78.26 respectively as of January 9, 2026[40] Economic Indicators - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, marking the highest increase since March 2023[22] - The Producer Price Index (PPI) increased by 0.2% month-on-month in December 2025, but decreased by 1.9% year-on-year[22] Regulatory Developments - The People's Bank of China is expected to implement a prudent monetary policy, emphasizing the need for financial support for economic stability and growth in 2026[11] - The China Securities Regulatory Commission is intensifying efforts to combat financial fraud in the capital market, with 159 cases of financial fraud handled in 2024[18] Industry News - China applied for frequency resources for over 200,000 satellites in December 2025, indicating a significant expansion in the commercial aerospace sector[29] - The United Nations projects global economic growth at 2.7% for 2026, slightly lower than the 2.8% estimated for 2025, amid ongoing macroeconomic uncertainties[26]

贝特瑞新材料集团股份有限公司 关于调整第二期股权激励计划行权价格的公告 证券代码：920185 证券简称：贝特瑞 公告编号：2026-002 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议审议及表决情况 贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2026 年 1 月 8 日召 开第六届董事会第三十二次会议审议通过《关于调整第二期股权激励计划行权价 格的议案》。议案表决结果：同意 6 票，反对 0 票，弃权 0 票。董事贺雪琴、黄 友元和任建国 3 人系激励对象，涉及关联关系，回避表决。 二、第二期股权激励计划调整情况说明 （一）第二期股权激励计划概况 公司于 2021 年 4 月 6 日召开第五届董事会第三十一次会议审议通过《关于 制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》， 并于 4 月 7 日披露了《贝特瑞新材料集团股份有限公司第二期股权激励计划（草 案）（更正后）》（公告编号：2021-052，以下简称"《激励计划》"），公司拟向激 励对象授予 2, ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-004 关于注销第二期股权激励计划部分股票期权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2026 年 1 月 8 日,贝特瑞新材料集团股份有限公司（以下简称"公司"）召开 第六届董事会第三十二次会议审议通过了《关于注销第二期股权激励计划部分股 票期权的议案》，根据《上市公司股权激励管理办法》《北京证券交易所上市公司 持续监管指引第 3 号—股权激励和员工持股计划》等法律法规、规范性文件和 《贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激 励计划》"）相关规定，公司拟注销本次股权激励计划部分激励对象已获授但尚 未行权或已过行权期的股票期权共 2,435,626 份。现将有关事项说明如下： 一、股权激励计划已履行的相关审批程序 1、2021 年 4 月 6 日，公司召开第五届董事会第三十一次会议，审议通过《关 于制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》 《关于认定公司核心员工的 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-003 贝特瑞新材料集团股份有限公司 关于第二期股权激励计划第四个行权期行权条件成就的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2021 年实施了《贝 特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激励 计划》"），目前《激励计划》规定的首次授予股票期权第四个行权期及预留股票 期权第四个行权期等待期已满，行权条件已经达成，公司于 2026 年 1 月 8 日召 开第六届董事会第三十二次会议审议通过了《关于第二期股权激励计划第四个行 权期行权条件成就的议案》，现将有关事项说明如下： 一、股权激励计划批准及实施情况 （一）股权激励计划已履行的相关审批程序 1、2021 年 4 月 6 日，公司召开第五届董事会第三十一次会议，审议通过《关 于制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》 《关于认定公司核心员工的议案》《关于提名股权激励对象 ...

广东信达律师事务所 关于 贝特瑞新材料集团股份有限公司 第二期股权激励计划调整行权价格、第四个 行权期行权条件成就及注销部分期权的 法律意见书 中国·深圳 深圳市福田区益田路 6001 号太平金融大厦 11 楼、12 楼 广东信达律师事务所 法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11F/12F., Taiping Finance Tower, 6001 Titania Road, Futian District, Shenzhen, P.R. China 电话：（0755） 8826 5288 邮政编码：518038 网址：https://www.sundiallawfirm.com 广东信达律师事务所 关于贝特瑞新材料集团股份有限公司第二期股权激励计划 调整行权价格、第四个行权期行权条件成就及注销部分期权 的法律意见书 信达励字(2026)第 002 号 致：贝特瑞新材料集团股份有限公司 广东信达律师事务所（以下简称"信达"）接受贝特瑞新材料集团股份有限 公司（以下简称"公司"）的委托，担任公司第二期股权激励计划（以下简称"本 次激励计划"）行权价格调整（以下简称"本次调 ...