Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the lithium battery, sodium battery, wind power, and photovoltaic sectors, highlighting recent developments and future expectations in these industries. Lithium Battery Sector - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces likely to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing with multiple automotive companies for sodium batteries, with expectations for mass production in Q2 [1] - **Investment Focus**: The preferred investment hierarchy includes energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper, and aluminum foil (Nord and Dingsheng) [1] Sodium Battery Sector - **Lithium Carbonate Price Adjustment**: A new round of price increases for lithium carbonate is anticipated following adjustments, with strong downstream purchasing activity observed after recent price drops [2] - **Wind Power Sector Performance**: Recent performance forecasts for the wind power sector have largely fallen short of expectations due to a decline in Q4 shipments and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major engine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - **Space Photovoltaics**: The application by SpaceX to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high silver prices and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver industrialization [3] - **Investment Focus**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery materials (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] AIDC (Artificial Intelligence Data Center) Sector - **New Bidding Opportunities**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its focus to high-voltage direct current solutions and Nvidia tightening certification for liquid cooling [3] - **Production Increase**: The production capacity of Yingwei's QD is expected to increase by 20 times in Q1, indicating a strong alignment with Nvidia's ecosystem [3]

Industry and Company Summary Industry: Lithium Battery and Energy Storage Key Points - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces expected to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing for multiple automotive companies regarding sodium batteries, with expectations for mass shipments in Q2 [1] - **Investment Focus**: The preferred investment hierarchy is as follows: energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper and aluminum foils (Nord and Dingsheng) [1] Industry: Sodium Battery and Lithium Carbonate Key Points - **Lithium Carbonate Price Adjustment**: Following a price adjustment, there is a strong expectation for a new upward trend in lithium carbonate prices, with downstream procurement becoming more active after recent price drops [2] - **Wind Power Sector Performance**: The wind power sector has seen numerous earnings forecasts that fell short of expectations due to a decline in Q4 shipment volumes and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major turbine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Industry: Photovoltaics Key Points - **Space Photovoltaics**: SpaceX's application to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high price of silver and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver production sector [3] - **Investment Focus in Photovoltaics**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery and auxiliary material producers (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] Industry: AIDC (Artificial Intelligence Data Center) Key Points - **New Bidding Round**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its bidding focus to high-voltage direct current solutions [3] - **NVIDIA Certification**: NVIDIA's GB300 liquid cooling certification is tightening, which may lead future investments to focus on core components and ASIC overflow [3] - **Increased Production Capacity**: The production capacity of Yingweike's QD is expected to increase by 20 times in Q1, strengthening ties with the NVIDIA ecosystem [3]

证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 1 日 钠电池有望进入放量应用阶段 我们认为，钠电兼具成本和性能优势。根据 SMM 数据，1 月 30 日，国产电池级碳酸锂（99.5%）日均价为 16.05 万元，同比 （2025 年 1 月 27 日 7.78 万元）增长 106.3%。由于碳酸锂在锂 电池成本中的比重较高，假设 1GWh 锂电池需要 600 吨碳酸锂计 算，碳酸锂价格上涨 10 万元，将带来锂电池成本增加 0.06 元， 因此碳酸锂价格的明显上涨将带来锂电池成本的提升。而钠元 素凭借资源禀赋优势，相比之下性价比优势突显。根据 SMM 数 据，1 月 30 日，电池级碳酸钠（99.5%）平均价为 4150 元/吨。 此外，经过多年的发展，钠电池技术和工艺逐步成熟，在储 能、商用车、乘用车等领域，以及换电、低温等场景中的性能 优势明显，钠电池有望实现规模应用，布局钠电池以及相关材 料的企业有望受益。 [Table_Title] 看好电力设备出海成长性，容量电价政策落地 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 ...

1月29日，在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目现场，一名工人清理塔筒。新华社记者 陈俊锋 摄 由中国企业金风科技参与建设的格鲁吉亚鲁伊西风电项目于2025年12月进入风机吊装阶段。鲁伊西风电项目位于格鲁吉亚中部的什达－卡尔特里大区，距离 格首都第比利斯约100公里。 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的一座已经安装完毕的风机。新华社记者 陈俊锋 摄 1月29日，在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目现场，工人正在安装风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的正在吊装的风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的正在吊装的风机。新华社记者 陈俊锋 摄 1月29日，在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目现场，工人正在安装风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的已经安装完毕的风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的准备安装的风机发电机。新华社记者 陈俊锋 摄 ...

Core Viewpoint - The company has established a comprehensive governance structure to ensure sustainable operations and healthy development [1] Group 1 - The company is actively engaging with investors through interactive platforms [1] - The governance structure is designed to support long-term growth and stability [1]

Group 1 - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 831.03%, Zhejiang Shibao (01057) at 339.32%, and Sinopec Oilfield Service (01033) at 323.71% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.62%, China Merchants Bank (03968) at -3.22%, and Hengrui Medicine (01276) at 1.77% [1][2] - Sinopec Oilfield Service (01033), Andeli Juice (02218), and Shandong Molong (00568) have the highest deviation values at 53.41%, 21.68%, and 19.01% respectively [1][2] Group 2 - The companies with the lowest deviation values include Zhejiang Shibao (01057) at -58.91%, Yangtze Optical Fibre and Cable (06869) at -49.00%, and Fudan Zhangjiang (01349) at -24.81% [1][2][4] - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) and Beijing Electromechanical (00187) with premium rates of 258.91% and 257.99% respectively [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) and Midea Group (00300) with premium rates of 6.84% and 8.51% respectively [2]

每经AI快讯，港股商业航天概念回暖，截至发稿，钧达股份(02865.HK)涨11.53%，报38.64港元；亚太 卫星(01045.HK)涨6.33%，报4.37港元；中国技术集团(01725.HK)涨1.15%，报0.88港元；金风科技 (02208.HK)涨0.58%，报15.67港元。 ...

Core Viewpoint - The report highlights the AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 349.31% and Beijing Jingcheng Machinery Electric (00187) at 279.42% [1][2]. - The lowest AH premium rates are recorded for Contemporary Amperex Technology (03750) at -14.34%, China Merchants Bank (03968) at -4.99%, and Heng Rui Medicine (01276) at -1.15% [1][2]. Group 2: Top AH Deviation Values - Junshi Biosciences (01877) has the highest deviation value at 22.43%, followed closely by Beijing Jingcheng Machinery Electric (00187) at 22.18% and CanSino Biologics (06185) at 21.90% [1][3]. - The lowest deviation values are observed in Changfei Optical Fiber (06869) at -50.58%, Zhejiang Shibao (01057) at -45.38%, and Nanhua Futures (02691) at -27.12% [1][4]. Group 3: Detailed AH Premium and Deviation Rankings - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) with a premium of 271.30% and Sinopec Oilfield Service (01033) at 248.51% [2]. - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) with a slight premium of 0.42% and Midea Group (00300) at 6.75% [2]. - The top ten stocks by deviation also feature companies like Goldwind (02208) at 19.35% and Andeli Juice (02218) at 19.04% [3].

Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 800.00% [1] - Zhejiang Shibao (01057) follows with a premium rate of 351.95% [1] - Beijing Machinery (00187) ranks third with a premium rate of 269.91% [1] - The top ten stocks with high premium rates include companies like Hongye Futures (03678) and Sinopec Oilfield Services (01033) with premium rates of 264.44% and 263.64% respectively [2] Group 2: Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -12.95% [3] - China Merchants Bank (03968) and Heng Rui Medicine (01276) follow with rates of -3.26% and -2.69% respectively [3] - Other companies in the bottom tier include Wu Chai Power (02338) and Midea Group (00300) with positive but low premiums of 7.63% and 8.11% [3] Group 3: Top Deviation Values - Andeli Juice (02218) has the highest deviation value at 28.13% [4] - Goldwind Technology (02208) and Junshi Biosciences (01877) follow with deviation values of 23.37% and 16.76% respectively [4] - Other notable companies include Beijing Machinery (00187) with a deviation value of 12.63% [4] Group 4: Bottom Deviation Values - Zhejiang Shibao (01057) has the lowest deviation value at -39.21% [5] - Northeast Electric (00042) and Yangtze Optical Fibre and Cable (06869) follow with deviation values of -38.76% and -35.09% respectively [5] - Other companies with negative deviation values include Nanhua Futures (02691) and Chenming Paper (01812) [5]

证券日报网讯1月26日，金风科技（002202）在互动平台回答投资者提问时表示，截至2025年9月30日， 公司普通股股东总数为202368户。 ...