证券日报网12月24日讯 ，诺德股份在12月23日回答调研者提问时表示，目前行业中头部企业已具备相 当规模的产能，而中小厂商数量较多、分布较为分散。头部企业凭借其坚实的资金实力和持续的研发投 入，在应对新产品、新应用的市场需求时展现出更强的适应能力与发展潜力。相比之下，规模较小的厂 商可能难以消化快速攀升的原材料、技术及环保等综合成本，在新兴领域面临的竞争压力将更为明显， 行业资源预计将进一步向具备综合优势的头部企业集聚。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网12月24日讯 ，诺德股份在12月23日回答调研者提问时表示，当前锂电池行业恢复了快速增 长的态势，下游需求增长是驱动加工费从底部回升的根本动力。在市场需求逐步增长和产品结构优化的 带动下，公司近期的平均接单价格显著提升。 ...

证券日报网12月24日讯 ，诺德股份在12月23日回答调研者提问时表示，公司目前的客户结构主要是中 创新航、湖北楚能、亿纬锂能、LG、国轩高科等。在公司当前的产品结构中，定位高端的4.5微米产品 已成为绝对主力，占比高达70%，主要应用于储能领域。随着客户的顺利导入，相关订单迅速增加，有 力地推动了公司四季度产能利用率较前三季度实现显著提升。 （文章来源：证券日报） ...

Core Viewpoint - The company is actively positioning itself in the high-end copper foil market, anticipating significant shortages due to increased demand driven by AI in PCB applications [2] Group 1: Company Strategy - The company has successfully overcome technical challenges in producing HVLP and RTF copper foils, which include high precision equipment requirements, complex production processes, and high customer certification thresholds [2] - The company is leveraging its long-term technical accumulation and R&D capabilities to capitalize on opportunities for industrial upgrades and domestic replacements of imports [2] Group 2: Market Outlook - The high-end electronic copper foil market is expected to face significant shortages next year due to a surge in demand [2] - The company's products, including RTF-3 and HVLP-1/2, have already entered the supply chains of several leading domestic and Taiwanese manufacturers, while HVLP-3/4 products are currently in the sample testing phase [2] Group 3: Production Capacity - The company currently has a total production capacity of 140,000 tons, of which 30,000 tons are designated for high-end electronic circuit copper foil production [2]

Core Viewpoint - The company emphasizes its commitment to research and development of high value-added products as its primary business strategy, showcasing multiple new product launches in recent years [1] Group 1: Product Development - The company is advancing its ultra-thin copper foil technology, achieving stable mass production of 3-micron ultra-thin copper foil, which reduces copper usage and increases battery energy density [1] - For high-end applications such as AI servers and advanced packaging, the company has introduced high-performance electronic circuit copper foil that ensures stable signal transmission [1] - The NL-FN nickel alloy foil, used in solid-state battery materials, exhibits significant corrosion resistance, maintaining color at 200°C for 48 hours, with tensile strength and bending resistance improved by over 10% and 25% respectively [1] Group 2: Strategic Focus - The company aims to deepen strategic collaboration with global partners through joint research and stable channel maintenance, transforming technological advantages into core competitiveness for customer products [1] - The focus is on technological innovation and functional product development, promoting existing product iterations and upgrades while expanding into high-end markets and enhancing cost efficiency [1] - The company is actively positioning itself in cutting-edge fields such as AI and new materials, mastering a complete process chain from raw materials to precision processing, supported by a robust R&D system and patented technologies [1]

Group 1 - The PET copper foil concept increased by 1.57%, ranking fourth among concept sectors, with 32 stocks rising, including Dongcai Technology which hit the daily limit, and others like Copper Crown Copper Foil, Defu Technology, and Nord Shares showing gains of 12.59%, 5.63%, and 4.30% respectively [1][2] - The PET copper foil sector saw a net inflow of 666 million yuan from main funds today, with 22 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow, led by Dongcai Technology with 228 million yuan [2][3] - The top three stocks by net inflow ratio were Nord Shares, Dongcai Technology, and Dadongnan, with ratios of 14.63%, 12.46%, and 11.41% respectively [3] Group 2 - The concept sectors with notable performance included lithography machines at 2.11% and fluorochemical concepts at 1.80%, while the worst performers included terahertz at -2.72% and military information technology at -2.54% [2] - The trading volume and turnover rates for key stocks in the PET copper foil sector were significant, with Dongcai Technology showing a turnover rate of 6.87% and Copper Crown Copper Foil at 9.97% [3][4] - Stocks like Defu Technology and Zhongyi Technology also performed well with gains of 5.63% and 3.73% respectively, indicating a positive trend in the sector [4]

Core Viewpoint - The lithium battery industry is experiencing significant price increases and supply chain adjustments due to rising raw material costs and strong demand, particularly in the energy storage and electric vehicle sectors [3][4][5]. Industry Trends - Dejia Energy announced a 15% price increase for its battery products starting December 16 due to rising production costs from upstream raw materials [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) and other leading companies are securing long-term agreements to lock in upstream capacity and supply chains, emphasizing the importance of capacity acquisition for future growth [3][4]. - The lithium battery supply chain is currently characterized by a "full production and sales" state, with companies like Penghui Energy and Tianji Co. reporting strong demand and rising prices for their products [4]. Market Demand - Global power battery installation reached 811.7 GWh in the first three quarters of this year, a 34.7% increase from the previous year, while the energy storage market saw a 90.7% year-on-year growth [5]. - The rapid growth in renewable energy installations and the expansion of AI data centers are driving increased demand for energy storage solutions [5]. Long-term Contracts - The industry is witnessing a surge in long-term contracts, with significant agreements such as a 10-year strategic partnership between Haibosi and CATL for a minimum of 200 GWh of procurement [6]. - Other notable contracts include a collaboration between Hicharge Energy and CRRC Zhuzhou Electric Locomotive Research Institute for at least 120 GWh of energy storage products [6]. Price Dynamics - The price of battery-grade lithium carbonate has surged to 92,750 RMB per ton, a 23% increase from the previous month, while the price of lithium hexafluorophosphate has exceeded 180,000 RMB per ton [4]. - The tight supply and high demand have led to longer delivery times, with some companies reporting that delivery schedules extend into the first half of next year [4]. Technological Advancements - The industry is undergoing a "quality upgrade" driven by technological advancements, with companies like CATL launching fifth-generation lithium iron phosphate batteries that improve energy density and cycle life [9][10]. - High-density lithium iron phosphate products are becoming a focus, with expectations that their market share will increase significantly by 2026 [9]. Capacity Expansion - Companies are accelerating capacity expansion to meet growing demand, with Fulin Precision Engineering planning to invest 4 billion RMB to build a new production line for lithium iron phosphate [8]. - Dragon Power Technology is also raising funds to expand production capacity in response to customer needs [8]. Globalization Efforts - Leading companies are pursuing global expansion strategies, with firms like Hunan YN planning production capacity in Spain and Dragon Power Technology nearing full production at its Indonesian facility [10]. - The industry is shifting from scale competition to value competition, aiming for high-quality development as new products are launched and recycling systems are improved [10].

Core Insights - 中创新航 has secured a significant supply agreement with 诺德股份 for 37.3 million tons of copper foil over three years, valued at approximately 400 billion yuan based on current market prices, indicating a strategic move to strengthen its supply chain in the energy storage sector [1][2][13] - The copper foil supply will increase annually, with quantities of 58,000 tons, 130,000 tons, and 185,000 tons, which exceeds 诺德股份's current production capacity, highlighting potential challenges in meeting demand [2][13] - 中创新航 has rapidly ascended to become the third-largest global player in the power battery market, with a 76.5% year-on-year increase in battery installation volume, surpassing LG Energy Solution [6][16][17] Company Developments - 中创新航 has shifted its focus from commercial vehicle batteries to the rapidly growing passenger vehicle market, which has been pivotal in its turnaround from significant losses to becoming a market leader [7][19] - The company has also expanded into the energy storage market, with energy storage system revenue reaching 5.757 billion yuan in the first half of 2025, a 109.7% increase year-on-year, indicating a strong growth trajectory [8][19] - In the first three quarters of this year, 中创新航 reported revenue of 28.538 billion yuan, a 49.9% increase, and a net profit of 685 million yuan, reflecting a substantial growth momentum [9][20] Market Outlook - Analysts predict a significant upside for 中创新航, with a target stock price of 42.9 HKD, suggesting over 50% potential growth from the current price of 27.76 HKD [10][21] - The company is expected to double its net profit to 2.7 billion yuan by 2026, driven by increased production capacity and market demand for energy storage solutions [10][21] - Forecasts indicate that 中创新航's net profit will reach 1.37 billion yuan, 3.04 billion yuan, and 4.79 billion yuan from 2025 to 2027, reflecting a continuous upward growth trajectory [10][21]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles are expected to continue growing, with a projected 20% year-on-year increase in domestic sales by 2025, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is anticipated to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak, leading to price fluctuations in the supply chain [1]. - The wind power sector is expected to see sustained growth, with government support for new projects [1]. - The energy storage market remains robust, with rising prices in upstream materials affecting downstream integration [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1]. Summary by Sections New Energy Vehicles - The fourth quarter is a peak sales season, with a forecast of 1.72 million new energy vehicles sold in November 2025, a 20% year-on-year increase [2]. - Cumulative wholesale figures for the year show a 29% increase, totaling 13.78 million vehicles [2]. Battery Industry - The planned production for December 2025 is 148.84 GWh, reflecting a 2.27% month-on-month increase [2]. Photovoltaic and Wind Power - The utilization rates for wind and photovoltaic power are projected at 96.4% and 94.8% respectively for October 2025 [2]. - The announcement of new brands for polysilicon futures is expected to have limited impact on the supply landscape [1]. Energy Storage - By November 2025, 10 GW/29.7 GWh of energy storage systems have been tendered, with independent storage projects making up 90% of this [2]. - The demand for energy storage remains high, with upstream material price increases pushing up costs in downstream integration [1]. Hydrogen Energy - The National Energy Administration has announced pilot projects for hydrogen energy, indicating a growing focus on this sector [2]. Market Trends - The electric equipment and new energy sector saw a slight increase of 0.22% this week, with wind power leading the gains at 3.48% [10]. - The lithium battery index experienced a decline of 3.53%, indicating market volatility [13]. Price Observations - The price of lithium carbonate remains high, with battery-grade prices around 91,000 RMB per ton, reflecting a 2.6% increase [25]. - Energy storage cell prices are stable, with square lithium iron phosphate cells priced between 0.270-0.420 RMB per watt-hour [26].

Core Viewpoint - Nord's composite aluminum foil products have successfully completed their first overseas order delivery, marking a significant step towards global market entry and large-scale production in the high-end battery materials sector [1][2]. Group 1: Product Development and Market Entry - The successful delivery of the first overseas orders for composite aluminum foil indicates international market recognition of the product's performance [1]. - The introduction of new porous composite aluminum foil products is aimed at next-generation battery technologies, particularly solid-state batteries, enhancing the company's product matrix [1][2]. - The advanced high-vacuum evaporation coating equipment developed by the company supports the high-quality manufacturing of composite aluminum foil [2]. Group 2: Industry Positioning and Future Outlook - The new porous composite aluminum foil has shown excellent compatibility within solid-state battery systems and has received recognition from multiple end customers, providing a material foundation for the evolution of cutting-edge battery technologies [2].