张小飞 博士 高工锂电 董事长 蛇年锂电一边火焰一边海水。一边是储能飞黄腾 达,不仅业务越做越大,把电芯也拉扯得越做越大,大 到谁不出更大就不好意思张扬;另一边,动力电池全向 固态看齐,表面大厂与新锐繁花似锦,里子花絮掺杂。 从而,优而秀的电池厂储能订单接到手软,扩产呼 声再起。而上游材料价格趁机强烈回弹,迫使电池企业 利润增速远落后于出货量的批文。热热闹闹到底为了什 么,成了行业留给蛇的疑惑。 窥探马年,又路口就在脚下。一线大厂将在固态技 术拉开身位,而全球电动化节奏的放缓,注定是场寒蝉 效应。好在,储能势头依旧强劲,会是让人歇脚、马进 草的路享。 新春之际,祝各位朋友:技术迭代码不停手,产品 出海一马平川! 日本公 I G高工锂电 G高I咨询 2 Th 国际 高工锂电公众号 高工锂电视频号 高工小锂 王燕清 先导集团 董事长 新春甫至,万象更新,绿色能源的浪潮正重塑世界, 每一份专注与创新都在点亮未来。当前,新能源产业正从 "规模扩张"迈向"极限智造"的新阶段，新的一年，先导期 望成为全球产业进阶的核心引擎,用中国装备重新定义世 界制造的标准。我们愿与行业同行者一道，以"极限智造" 为笔，在不确定的时代中 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].

证券日报网讯2月12日，利元亨在互动平台回答投资者提问时表示，公司在电池制造工艺领域拥有全面 的技术研发布局，并对包括干法/干电极在内的核心前沿工艺进行了深入研发和长期技术储备，具备响 应下游客户未来产业化需求的技术与设备开发能力。 ...

利元亨欧洲布局突破，中国锂电装备出海再提速。 当前，全球新能源产业格局加速重构，欧洲作为商用车电动化、储能规模化发展的核心市场，对高端智能装备的需求持续攀升。在这一时代背景下， 中国高端装备制造企业加快出海步伐，成为欧洲智造升级不可或缺的参与力量。 欧洲PACK产线顺利出机 中国高端装备出海再树标杆 摘要 近日，利元亨为波兰客户量身定制的商用车电池模组 PACK 生产线顺利完成出机，这也是其欧洲市场战略布局的关键里程碑。 利元亨交付的商用车电池模组 PACK 生产线，并非标准化设备的简单输出，而是深度贴合欧洲商用车辆与储能领域实际应用场景的定制化解决方 案。 在产品设计与制造环节，利元亨充分融合了自身在智能装配、高精密在线检测及工艺数字化领域的多项自主核心技术，实现了技术、工艺与场景的高 度适配。 尤为重要的是，该产线严格遵循欧盟 CE 认证及能效标准，从硬件配置到软件系统均满足欧洲市场严苛的安全、环保与能效要求， 模组段自动化率 更是突破 90% ， 能够以高度自动化、智能化的运行状态，为欧洲客户提供稳定可靠、可持续迭代升级的智能制造支撑。 这一成果的落地，证明中国企业已具备参与全球高端装备市场竞争的核心能 ...

近日，广东利元亨智能装备股份有限公司（以下简称"利元亨"）披露公司2025年年度业绩预盈公告。 同时，利元亨持续加强在固态电池、智能机器人等业务领域的布局和投入。此外，公司在 2025 年实施股权激励计划，预计报告期内 计提的股份支付费用约2,300万元（最终数据以公司年度经审计的财务报告数据为准）。综合以上因素，公司核心竞争力与经营质量 得到实质性增强，为实现业绩扭亏为盈并保持持续向好态势提供了有力支撑。 近日，广东利元亨智能装备股份有限公司（以下简称"利元亨"）披露公司2025年年度业绩预盈公告。 据公告显示，利元亨预计2025年全年归母净利润为4700万元~ 5600万元，同比扭亏为盈；预计2025年全年扣非净利润为2900万元 ~3460万元。 利元亨在公告中解释，本期业绩预盈主要系报告期内，新能源行业景气度提升，公司积极把握市场机遇，依托供应链与交付体系的精 细化协同，有效提升项目执行与验收效率，促使公司项目验收周期缩短。 2025年，利元亨持续推动技术降本与供应链资源优化，有效提升主营业务毛利率，盈利空间得到夯实；公司严格执行预算管理，优化 组织架构与资源配置，销售费用、管理费用及研发费用投入的效 ...

证券日报网讯2月3日，利元亨在互动平台回答投资者提问时表示，公司坚持全球化发展战略，业务已覆 盖包括欧盟在内的多个主要市场。在欧盟地区，公司主要通过"本地化运营与协同出海"的模式开展业 务：一方面，依托欧洲团队为客户提供就近的销售、技术及服务支持；另一方面，公司积极跟随国内战 略客户的海外产能布局，为其在欧洲的生产基地提供配套智能装备与技术服务，从而实现对欧洲市场的 有效渗透与深度服务。 ...

证券日报网讯2月3日，利元亨在互动平台回答投资者提问时表示，目前公司在手订单主要来源于国内外 头部锂电池厂商及整车企业，客户结构优质且订单质量持续优化。 ...

格隆汇2月3日｜有投资者在互动平台向利元亨提问：请问贵司目前在手订单金额多少？利元亨回复称， 目前公司在手订单主要来源于国内外头部锂电池厂商及整车企业，客户结构优质且订单质量持续优化。 公司具体的经营及财务数据，敬请关注公司后续披露的的定期报告及相关公告。 ...

利元亨回复称，公司为某头部车企提供的全固态电池整线设备已交付并处于客户现场调试阶段与工艺验 证阶段。该项目是公司在固态电池装备领域的重要突破，目前公司正与客户紧密配合，积极推进后续各 项工作。 格隆汇2月3日｜有投资者在向利元亨提问：请问贵司，交付给头部车企的全固态电池产线目前进展如 何？是否已经完成交付，是否已经完成验收？ ...