记者今日获悉，康迪科技（KNDI.US）与宁德时代旗下换电公司达成为期三年的战略合作，将共同推 进重卡换电站的量产。根据协议，康迪科技旗下全资子公司中换电（浙江）科技有限公司，将与宁德时 代旗下换电公司时代骐骥绿能科技（深圳）有限公司开展深度合作。双方的合作覆盖生产制造、交付落 地、调试运营到售后运维的全链条。此前，宁德时代提出了"万站计划"，该计划旨在建设覆盖全国的标 准化换电服务网络，其中重卡底盘换电解决方案计划到2026年建成900座换电站。（第一财经记者 肖逸 思） ...

证券研究报告·公司点评报告·电池 宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） ◼ 风险提示：政策不确定，需求低于预期。 证券分析师 曾朵红 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 ...

宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 | 30.58 | 22.16 | 16.98 | 13.65 | [Table_Tag] [T ...

摩根士丹利发表报告，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%，评级"增持"，目标价为490港元。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。同时，公司2026年第一季 仍保有充足的低成本库存。 ...

摩根士丹利发表报告，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%，评级"增持"，目标价为490港元。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。同时，公司2026年第一季 仍保有充足的低成本库存。 ...

Core Viewpoint - Sodium-ion batteries are emerging as a new investment hotspot amid fluctuations in lithium carbonate prices and companies seeking supply chain security, with significant stock price increases observed in related companies [1]. Group 1: Market Performance - Companies involved in sodium battery development, such as Qicai Chemical, Limin Co., and Wumart New Energy, have seen stock price increases exceeding 20% this year, with Qicai Chemical's stock rising by 58.4% [1]. - CATL has achieved breakthroughs in mass production of sodium batteries, launching the "Ningde Times Tianxing II Light Commercial All-Scenario Customization Series Solution," which is the first mass-produced sodium battery for the light commercial sector [1]. Group 2: Product Features - The newly launched sodium battery has a capacity of 45 degrees and is compatible with various models, including small vans and micro trucks, suitable for new energy commercial vehicles [3]. - The battery retains over 92% usable power at -20°C and can be fully charged even when frozen at -30°C, demonstrating significant advantages in extreme cold environments [3]. Group 3: Competitive Landscape - Compared to lithium batteries, sodium batteries have advantages such as easier resource availability, better low-temperature performance, higher safety, and less temperature increase during high-rate charging, although they currently lag behind in industrial cost, maturity of the supply chain, and energy density [3][4]. - CATL's CTO has indicated that while sodium batteries may not reach the efficiency of lithium batteries this year, the goal is to make them more economical than lithium-ion batteries within the next two to three years [4]. Group 4: Industry Developments - The sodium battery sector is witnessing a surge in activity, with companies like Jiangsu Zhongna Energy Technology establishing a production base for sodium iron sulfate cathode materials, aiming for an annual output of 30,000 tons and a 5GWh sodium-ion battery pack system [5]. - The application scope of sodium batteries is expanding into two-wheeled vehicles and energy storage, with plans to eventually introduce them into passenger cars, commercial vehicles, and even construction machinery [5]. - A collaboration between JD.com, GAC Group, and CATL is set to launch a sodium battery version of the Aion UT Super, with mass production expected in the second quarter of 2026 [5].

Core Insights - The report titled "Leading the Future of Circular Economy: Unlocking the Value of Battery and Key Minerals Circular Economy" was released by the Ellen MacArthur Foundation with support from over 30 participants including companies like CATL and Jaguar Land Rover, providing an actionable roadmap for the circular development of global power batteries [1] Group 1: Circular Economy Actions - The report emphasizes the need to shift from "minor repairs" and "end-of-life management" to a systemic redesign for scaling up the battery circular economy [1] - Five leadership actions are proposed: design for circularity, optimize transport and energy systems, scale up circular business models, co-invest in regional circular infrastructure, and promote efficient operation of circular systems [1] Group 2: CATL's Position and Goals - CATL, as the world's largest power battery supplier, aims for a battery installation volume of 333.57 GWh by 2025, a slight decrease of 1.69% year-on-year, while maintaining a market share of 43.42% in China, which is more than double that of the second-largest competitor, BYD [3] - The company plans to transform all battery factories into zero-carbon facilities by the end of 2025 and aims for value chain carbon neutrality by 2035 [3] Group 3: Recycling and Innovation - CATL has achieved a recycling rate of 99.6% for nickel, cobalt, and manganese, and 96.5% for lithium [3] - The company is developing sodium-ion batteries to reduce reliance on scarce minerals like lithium, with lifecycle carbon emissions potentially reduced by up to 60% compared to lithium batteries, targeting large-scale application by 2026 [3] Group 4: Infrastructure and Data Governance - CATL promotes battery-as-a-service models through initiatives like "Chocolate Battery Swap" and "Qiji Battery Swap," addressing fragmented recycling channels for retired batteries [4] - The company has established over 1,300 battery swap stations and formed the "Chocolate Battery Swap Alliance" with over 100 partners to enhance centralized management and large-scale recycling of battery assets [4] - As a board member of the Global Battery Alliance, CATL is piloting a "battery passport" to improve supply chain transparency and traceability [4]

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].

（文章来源：证券日报） 报告显示，自2025年9月花旗预判电池价格进入上行周期以来，磷酸铁锂（LFP）电池电芯价格上涨 8%，电池成本飙升30%，导致行业利润率承压。锂价年初至今已上涨46%，叠加铜、铝等金属价格走 强，进一步挤压了电池厂商的利润空间。但相对而言，宁德时代由于更早施行原材料价格联动机制，相 对定价权较弱的同业可以更为及时充分传导成本波动。 需求方面，花旗认为未来几个月的动力电池需求可能面临测试，但上调了对储能电池需求的预测，因此 维持全年总电池需求预测30%+的增速基本不变。 本报讯 1月27日，花旗最新发布的中国电池行业研究报告指出，尽管短期面临成本上涨与需求波动的压 力，宁德时代（CATL）当前的股价恰恰提供了良好的买入机会。 ...

该行对短期供应链原材料价格上升的前景转趋更为乐观，预期有助改善锂及正极材料企业的财务表现。该行对电池企业启动30日下行催化剂观察，并维持对 锂企业的90日正面看法。行业偏好方面，依次为锂、磷酸铁锂正极、电池、电解液(六氟磷酸锂)、隔膜、电池部件、镍钴锰酸锂正极及负极。 同时，基于成本上升、电动车销售疲弱引发忧虑，以及资金流动导致的沽压，导致宁德时代(03750)近期表现逊色，该行认为宁德时代的弱势将于短期内持 续，提供良好的买入机会。 智通财经APP获悉，花旗发布研报称，今年以来锂价已升46%，估计将令电池厂商每千瓦时成本上升32元人民币。该行认为电池企业可以将大部分与金属相 关的成本转嫁至下游，并分摊部分的非金属成本通胀。 该行估计今年首季锂需求将保持韧性，部分传统旺季需求或提前至首季释放，而锂价可能在第二季因电动车需求转弱而回落。不过，如果储能系统需求最终 表现更强劲，锂价或于下半年维持较长时间的高位。 ...