Core Insights - The article discusses the ongoing revolutionary energy transformation from fossil fuels to renewable energy sources, emphasizing the role of advanced technologies in making sustainable energy solutions commercially viable [3][4]. Group 1: Energy Transition - Humanity is undergoing a significant energy revolution, shifting from fossil fuel extraction to harnessing energy from wind and solar power, with storage in batteries [3]. - Ningde Times has deployed "photovoltaic + energy storage" systems in remote mines in Chile and the Democratic Republic of Congo, reducing electricity costs to about one-fourth of diesel generator costs [3]. - In Pakistan, Ningde Times' energy storage solutions are providing reliable power to local cement plants, cutting electricity costs by half when combined with solar power [3]. Group 2: Challenges and Solutions - A major challenge in global energy transition is the high manufacturing costs of new energy products due to excessive regulations in some overseas markets [4]. - The company suggests establishing "zero-carbon economic zones" in certain countries to promote advanced energy technologies more efficiently and economically [4]. Group 3: Future Energy System Characteristics - The future energy system will be characterized by three key features: "distributed," "intelligent," and "circular" [4]. - Distributed power systems, incorporating renewable energy generation and advanced battery storage, will replace centralized fossil fuel systems, especially in areas with weak grid infrastructure [4]. - Ningde Times is developing high-voltage grid-type energy storage technology to address the stability challenges of high renewable energy penetration [4]. Group 4: Intelligent Energy Management - Advanced AI-driven scheduling and optimization will effectively balance energy supply and demand, leading to a more intelligent energy system [5]. - In Shanghai, Ningde Times' energy storage system utilizes AI technology to enhance energy management efficiency for SenseTime's AI data center [5]. Group 5: Circular Economy - The circular economy will be crucial for achieving zero-carbon energy, with materials from zero-carbon energy systems being recyclable [5]. - Ningde Times has achieved a nickel and cobalt recycling rate of 99.6% and a lithium recycling rate of 96.5%, the highest in the industry [5]. - The company has initiated the "Global Energy Circular Economy Plan (GECC)" to promote circular economy practices within the industry [5].

Core Viewpoint - CATL's chairman, Zeng Yuqun, announced that the company has achieved a nickel and cobalt recovery rate of 99.6% and a lithium recovery rate of 96.5% [1] Group 1: R&D Investment and Achievements - Over the past decade, CATL has invested more than 80 billion yuan in research and development [1] - The company has resolved scientific issues in fields such as condensed matter batteries, solid-state batteries, and perovskite solar cells [1] Group 2: Future Energy Systems - Zeng Yuqun believes that future distributed power systems, which include renewable energy generation and advanced battery storage, will replace fossil fuel systems that heavily rely on large power plants and grids, especially in areas with weak grid infrastructure [1] - With the continuous advancement of zero-carbon technologies, 2030 is projected to be the inaugural year of the sustainable energy era, where engineering and manufacturing will determine the pace of realization [1]

2月3日晚间，据宁德时代（300750）官微消息，近日，宁德时代新能源科技股份有限公司（以下简 称"宁德时代"）与云南省人民政府在昆明签署《全面战略合作协议》，并与昆明市、滇中新区及省能源 集团、省交投集团、中石化云南公司等分别签署系列专项合作协议，标志着双方围绕"绿电+先进制 造"的多领域深度合作全面启动。 对宁德时代而言，云南的资源禀赋与区位优势恰好契合其全域增量战略布局需求。双方合作项目将依托 云南丰富的资源和充沛的绿电供给，实现新能源电池全产业链的本地化布局。 在签约现场，宁德时代董事长兼总经理曾毓群表示："宁德时代看好云南发展前景，将以此次战略合作 签约为契机，深入参与云南绿色低碳发展，充分发挥企业优势，推动合作项目加快落地，携手深化新能 源电池、'零碳'园区、交通等领域合作，把云南矿产等资源转化为高价值产品，为地方高质量发展贡献 力量。" 在业内人士看来，宁德时代"入滇"后，将凭借其行业领先的技术实力与产业链整合能力，推动云南矿产 资源精细化加工，带动上下游配套企业集聚。 除上游的矿产资源外，锂电池材料方面，正极材料厂商深圳市德方纳米（300769）科技有限公司、湖南 裕能（301358）新能源电 ...

2月3日晚间，富临精工（300432）（SZ300432，股价18.49元，市值316.13亿元）发布关联交易公告， 公司与宁德时代（300750）拟深化产业链合作，共同对控股子公司江西升华新材料有限公司（以下简称 江西升华）实施增资扩股。增资扩股完成后，宁德时代对江西升华的持股比例将从约18.74%升至 33.00%，富临精工持股比例降至约64.37%，江西升华仍为富临精工控股子公司。此前，宁德时代曾计 划控股江西升华，但在今年1月宣告方案终止。 从意图控股到战略增资，宁德时代之所以对江西升华念念不忘，关键就在于高端磷酸铁锂。2月3日晚 间，富临精工副董事长李鹏程向《每日经济新闻》记者表示，富临精工向宁德时代定向增发股票募集资 金暂未到位，双方股东拟先通过优化资本结构和资产负债结构的方式，进一步提升江西升华的资本实力 和融资能力。 拟现金增资7.47亿元 2月3日晚间，富临精工公告称，与宁德时代拟进一步深化产业链合作及战略协同，共同对江西升华增资 扩股。富临精工拟将所持有的江西升华5亿元债权转作对其增资，认购江西升华新增注册资本4.065亿 元，宁德时代拟现金增资7.47亿元，认购江西升华新增注册资本6.0 ...

电池ETF汇添富(159796)标的指数热门成分股中，银轮股份涨停，富临精工涨超8%，阿特斯涨超6%，宁德时代涨近5%，阳光电源、亿纬锂能涨超1%。 | 序号 | 代码 | 名称 | 估自权章 | 浙铁幅 | HV.37 80 | | --- | --- | --- | --- | --- | --- | | 1 | 300750 | 宁德时代 | 7.46% | 4.92% | 173.69亿 | | 2 | 300274 | 阳光电源 | 8.04% | 1.59% | 87.32 Z | | 3 | 002050 | 三花智控 | 8.42% | -1.28% | 56.95 Z | | 4 | 300450 | 先导智能 | 4.50% | -1.05% | 36.99亿 | | 5 | 300014 | 亿纬锂能 | 5.42% | 1.30% | 26.16亿 | | 6 | 002126 | 银轮股份 | 2.53% | 10.01% | 25.82亿 | | 7 | 300432 | 富临精工 | 1.28% | 8.51% | 23.90亿 | | 8 | 688472 | 阿特斯 | 1. ...

Core Insights - The article emphasizes the critical role of energy in driving civilization and highlights the ongoing revolutionary energy transformation, comparable to historical shifts from hunting-gathering to agriculture [2][3]. Group 1: Energy Transition - The energy revolution is catalyzed by declining costs, making sustainable energy solutions economically viable in certain scenarios, surpassing traditional energy sources [3]. - In the past decade, the costs of lithium iron phosphate (LFP) batteries and solar energy have decreased by approximately 80% [3]. Group 2: Company Initiatives - In June 2024, CATL established a zero-carbon energy division to transition from a traditional battery manufacturer to a provider of renewable energy solutions [4]. - CATL's "solar + storage" systems have been deployed in Chile and the Democratic Republic of Congo, providing power at one-fourth the cost of diesel generators [4]. - In Pakistan, the combination of distributed solar growth and CATL's storage solutions has halved electricity costs for local cement factories [4]. Group 3: Future Outlook - Despite advancements, CATL acknowledges significant gaps remain in achieving a fully sustainable energy system, with many key technologies still underdeveloped [5]. - CATL plans to promote sustainable energy solutions globally through a technology licensing model, facilitating rapid establishment of battery factories [5]. - The company proposes the creation of "zero-carbon economic zones" to streamline building and equipment regulations, enhancing product affordability [5]. - Future energy system trends are predicted to be distributed, intelligent, and circular, with 2030 marked as the beginning of the sustainable energy era [5].

Core Viewpoint - The energy sector is undergoing a revolutionary transformation, comparable to historical shifts in human civilization, driven by the transition from fossil fuels to renewable energy sources like wind and solar power [1][2]. Group 1: Energy Revolution - The energy revolution is catalyzed by decreasing costs, making sustainable energy solutions economically viable in certain scenarios, transitioning from policy-driven to market-driven adoption [2]. - The cost of lithium iron phosphate (LFP) batteries and solar energy has decreased by approximately 80% over the past decade, according to the International Energy Agency (IEA) and Bloomberg New Energy Finance (BNEF) [2]. Group 2: Company Initiatives - In June 2024, the company established a zero-carbon energy division to shift from a traditional battery manufacturer to a provider of renewable energy solutions [3]. - The company has deployed "solar + storage" systems in Chile and the Democratic Republic of Congo, reducing operational costs to about one-fourth of diesel generators [3]. - In Pakistan, the combination of distributed solar growth and the company's storage solutions has halved electricity costs for local cement factories [3]. Group 3: Future Trends and Strategies - The company acknowledges that significant gaps remain in achieving a fully sustainable energy system, with only about 30% of key technologies currently developed [3]. - To accelerate the energy transition, the company plans to promote sustainable energy solutions globally through a technology licensing model, which has already been implemented in collaboration with Ford in the U.S. [3]. - The company proposes the establishment of "zero-carbon economic zones" to facilitate the circulation of best practices and regulatory frameworks similar to those in China [4]. - Future energy system trends are predicted to be distributed, intelligent, and circular, with 2030 marked as the beginning of the sustainable energy era [4].

截至2026年2月4日 15:00，中证电池主题指数(931719)强势上涨1.14%，成分股银轮股份上涨10.01%，富临精工上涨8.51%，首航新能上涨6.64%，阿特斯， 禾迈股份等个股跟涨。电池ETF汇添富(159796)上涨0.94%，最新价报0.96元。拉长时间看，截至2026年2月3日，电池ETF汇添富近半年累计上涨59.43%。 （以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，电池ETF汇添富盘中换手3.19%，成交2.68亿元。拉长时间看，截至2月3日，电池ETF汇添富近1月日均成交3.42亿元。 值得一提的是，电池ETF汇添富(159796)全天获资金净申购8600万份，按成交均价估算，净申购金额超8200万元。 规模方面，电池ETF汇添富近半年规模增长73.00亿元，实现显著增长，新增规模位居可比基金1/6。（数据来源：Wind） 份额方面，电池ETF汇添富近1周份额增长6500.00万份，实现显著增长，新增份额位居可比基金2/6。（数据来源：Wind） 资金流入方面，电池ETF汇添富最新资金流入流出持平。拉长时间看，近5个交易日内有4日资金净流入，合计"吸金"1.35亿元， ...

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Sinopec Oilfield Services leading in premium rates, while CATL, China Merchants Bank, and WuXi AppTec are at the bottom of the list [1][2]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 351.07% - Sinopec Oilfield Services (01033) with a premium rate of 303.37% [2] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -12.99% - China Merchants Bank (03968) with a premium rate of -1.83% - WuXi AppTec (02359) with a premium rate of 3.29% [2] Deviation Values - The top three shares by deviation value are: - Guoen Technology (02768) with a deviation value of 64.57% - Goldwind Technology (02208) with a deviation value of 30.74% - Sinopec Oilfield Services (01033) with a deviation value of 27.72% [1][2] - The bottom three shares by deviation value are: - Junda Co., Ltd. (02865) with a deviation value of -49.44% - Zhejiang Shibao (01057) with a deviation value of -46.76% - Yangtze Optical Fibre and Cable (06869) with a deviation value of -34.58% [1][3].

消息面上，东吴证券表示，锂价上涨反噬中低端需求，宁德时代受冲击较小。根据该行测算，国内中等 储能项目，电芯价格上涨2-3分/wh，IRR下降1pct，当前电芯价格对应IRR下降4pct，低收益率项目开始 延期，而宁德时代电池更多应用高收益率项目和海外市场。动力端，宁德在高端车型中占比更高，成本 敏感性低，因此需求冲击有限，该行仍预期公司今年排产1.1TWh，同比增50%，出货量900GWh。 宁德时代（300750）(03750)午后涨近5%，截至发稿，涨4.86%，报505港元，成交额9.69亿港元。 摩根士丹利此前指出，预期宁德时代股价将在未来15天内相对于行业平均水平上涨，机率约70%至 80%。大摩指，宁德时代近期股价已出现回调，使短期估值更具吸引力。该行认为市场过度担忧成本通 胀对公司利润率的压力，而这些成本终将转嫁出去。宁德时代在前次锂价上行周期中已证明其成本转嫁 能力，并预期其锂矿将于短期内恢复生产。 ...