证券研究报告 2026 年 03 月 31 日 湘财证券研究所 公司研究 厦钨新能（688778.SH） 钴酸锂龙头地位稳固，前沿材料多线布局 公司评级：增持（首次覆盖） 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 -5 0 81 绝对收益 -9 -3 95 -30% 0% 30% 60% 90% 120% 150% 180% 厦钨新能 沪深300 注：相对收益与沪深 300 指数相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 公司是国内新能源正极材料行业的领军企业 公司脱胎于厦门钨业电池材料事业部，发展成为国内新能源正极材料行 业的领军企业。公司产品矩阵布局全面，涵盖钴酸锂、三元材料、磷酸 铁锂及氢能材料，主要产品包括高电压钴酸锂、高电压三元材料、高镍 三元材料、高功率三元材料、贮氢合金粉、固态储氢材料、高性能水热 法磷酸铁锂。公司凭借技术创新和差异化战略奠定细分领域领先优势， 同时积极拓展新能源材料前沿技 ...

电力设备及新能源周报 20260329 SpaceX 拟 1.75 万亿估值 IPO，2026 年国网输变电设备 1 批中标公示 glmszqdatemark 本周（20260323-20260327）板块行情 电力设备与新能源板块：本周上涨 0.05%，涨跌幅排名第 9，强于上证指数。本周风 力发电指数涨幅最大，太阳能指数跌幅最大。风力发电指数上涨 4.33%，锂电池指数 上涨1.17%，储能指数上涨0.51%，核电指数上涨0.17%，新能源汽车指数下跌0.31%， 工控自动化指数下跌 0.79%，太阳能指数下跌 3.79%。 新能源车：新一代小米 SU7 正式上市，产业链配套机遇有望持续显现 2026 年 3 月 19 日，小米集团正式发布新一代 SU7，标准版、Pro 版、Max 版售价 分别为 21.99 万元、24.99 万元、30.39 万元，上市 34 分钟锁单量突破 1.5 万台，72 小时累计锁单超 3 万台。新车相较初代产品进行超 100 项技术升级，材料成本增加约 2 万元，最终定价仅上调 4000 元。智能化方面全系标配激光雷达、4D 毫米波雷达及 700TOPS 算力的英伟达 Tho ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 0.55%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 2.07% [1]. - In February 2026, the overall car market showed signs of fatigue, but some new energy vehicle manufacturers achieved significant year-on-year growth, such as Zeekr with a 70% increase in deliveries [2][15]. - The U.S. plans to invest 86 GW in new utility-scale power generation capacity in 2026, marking the largest annual increase in over two decades, driven primarily by solar and battery storage [3][38]. Summary by Sections New Energy Vehicles - February 2026 saw a general decline in new energy vehicle deliveries due to the dual impact of the Spring Festival holiday and changes in new energy vehicle purchase tax policies, although some brands like Zeekr and NIO reported positive growth [2][15][23]. New Energy Generation - The U.S. is set for a historic increase in utility-scale power generation capacity in 2026, with solar and battery storage accounting for 79% of the planned new projects, including 43.4 GW of solar capacity [3][38][40]. Electric Equipment and Automation - The U.S. has approved a $75 billion transmission expansion project to build 765 kV ultra-high voltage lines, significantly increasing the transmission capacity to meet rising electricity demand [4][56]. - The first batch of equipment bids for the Southern Power Grid in 2026 totaled 800 million yuan, with Shanghai Siyuan High Voltage Switch Co., Ltd. winning the largest share [4][59]. Commercial Aerospace - The government has positioned the aerospace industry as a new pillar industry, emphasizing the accelerated development of satellite internet as part of national strategy [5]. Weekly Sector Performance - The electric equipment and new energy sector's performance was highlighted, with lithium battery indices leading the gains, while the new energy vehicle index experienced the largest decline [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 0.55%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 2.07% [1]. - In February 2026, the overall car market showed signs of fatigue, but some new energy vehicle manufacturers, such as Zeekr and NIO, reported significant year-on-year growth in deliveries [2][15]. - The U.S. plans to invest 86 GW in new utility-scale power generation capacity in 2026, marking the largest annual increase in over two decades, driven primarily by solar and battery storage [3][38]. - A $75 billion investment in transmission expansion projects in the U.S. aims to build 765 kV ultra-high voltage lines to meet rising electricity demand, with significant contracts awarded to various companies [4][56]. Summary by Sections New Energy Vehicles - February 2026 saw a general decline in new energy vehicle deliveries due to the dual impact of the Spring Festival holiday and changes in new energy vehicle purchase tax policies, although some brands like Zeekr and NIO achieved positive growth [2][15][23]. New Energy Generation - The U.S. is set for a historic increase in utility-scale power generation capacity in 2026, with solar and battery storage accounting for 79% of the planned new projects, including 43.4 GW of solar capacity [3][38][40]. Electric Equipment and Automation - The U.S. has approved $75 billion for transmission expansion projects, focusing on building ultra-high voltage lines to address increasing electricity demand, with significant contracts awarded to companies like Shanghai Siyuan High Voltage Switchgear [4][56][59]. Commercial Aerospace - The government has positioned the aerospace industry as a new pillar industry, emphasizing the accelerated development of satellite internet, indicating a strategic shift in national priorities [5]. Weekly Sector Performance - The electric equipment and new energy sector outperformed the Shanghai Composite Index, with lithium battery indices leading the gains, while new energy vehicle indices experienced declines [1].

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a price recovery, with lithium carbonate prices rising by 10% to 175,000 CNY/ton and lithium hydroxide prices increasing by 5% to 164,500 CNY/ton [1] - In January, domestic wholesale sales of new energy passenger vehicles reached 790,000 units, reflecting a month-on-month decline of 4% and a year-on-year decline of 45% [1] - The report highlights a significant recovery in lithium battery production in March, with a month-on-month increase of 11% to 22% and a year-on-year increase of 37% to 56% [5] Summary by Sections Industry Insights - The global new energy vehicle market showed mixed results in January 2026, with Europe experiencing a strong growth of 25%, while China and the US saw declines of 4% and 25% respectively [4][31] - The demand for energy storage systems remains high, with a year-on-year increase of 65% in domestic installations in January, despite a month-on-month decline of 78% due to high base effects from December [5][39] Price and Production Trends - The lithium battery production chain is expected to see a price inflation cycle, with upstream resource costs impacting prices across the industry [3][14] - In February, the lithium battery supply chain experienced price fluctuations, with upstream prices rising while downstream prices faced pressure [6][47] New Technologies - The report emphasizes the critical phase for solid-state battery technology, with significant advancements expected in 2026, including the establishment of pilot production lines [6][15] - Sodium batteries are anticipated to see substantial market penetration in 2026, with expected production volumes reaching 20-30 GWh [15][18] Investment Recommendations - The report recommends focusing on companies involved in lithium carbonate, separators, and solid-state technology, including Ningde Times, Yiwei Lithium Energy, and Keda Li [7][26]

Major Announcements - Farsen announced that it does not engage in "special optical fibers," "fiber sensing," or related businesses, and may apply for a trading suspension if stock prices continue to rise [1] - COSCO Shipping has suspended new bookings for related routes due to escalating conflicts in the Middle East, affecting several countries [2] Financial Performance - Muxi Co. expects a net loss of 90.76 million to 182 million yuan in Q1 2026, but revenue is projected to grow by 24.84% to 87.26% year-on-year [3] - Shanghai Electric received approval for two offshore wind power projects, which will enhance its green transition and increase clean energy share [4] - Xiamen Tungsten's revenue for January-February 2026 is expected to grow by 60% to 110% year-on-year, driven by rising raw material prices and increased sales [8] - Qiangyi Co. reported a 157.9% year-on-year increase in revenue for January-February 2026, attributed to strong demand in AI computing and the semiconductor industry [9] - Aerospace Intelligence reported a net profit of 881 million yuan for 2025, a year-on-year increase of 11.24% [10] - Yutong Bus sold 1,806 units in February 2026, a 14.96% increase year-on-year [11] Corporate Actions - China National Offshore Oil Corporation has cumulatively increased its stake in the company by 402.79 million yuan [16] - Huayuan Bio announced a temporary shutdown of its cholesterol production line for maintenance, expected to last no more than 45 days [7] - Zhi Gong Technology's shareholder plans to reduce its stake by up to 1.35% due to funding needs [14]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2026 年 3 月 5 日 上述数据仅为公司初步核算数据，未经会计师事务所审计，仅供投资者参考， 具体数据以公司定期报告中披露的数据为准。敬请广大投资者注意投资风险。 特此公告。 证券代码：688778 证券简称：厦钨新能 公告编号：2026-005 厦门厦钨新能源材料股份有限公司 厦门厦钨新能源材料股份有限公司 关于 2026 年 1-2 月营业收入的自愿性披露公告 董 事 会 一、2026 年 1-2 月营业收入情况 经厦门厦钨新能源材料股份有限公司（以下简称"公司"）初步测算，公司 预计2026 年1-2 月实现营业收入27.02 亿元至35.46 亿元，同比增长60%至110%。 2026 年 1-2 月营业收入同比增长主要系原材料价格上涨、公司产品销量同比增长 所致。 二、相关风险提示 ...

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, particularly focusing on the performance of oil prices, manufacturing PMI, and the impact of geopolitical tensions on various sectors [4][13][30]. Group 1: Oil Market Analysis - Oil prices have shown significant volatility, with a recent increase of approximately 18%, indicating that the market has priced in a 25% to 30% risk of severe supply disruptions [4]. - If the current supply disturbances are short-term, factors such as oversupply and high inventories may lead to a decline in oil prices below current levels [4]. - Historical data suggests that a sustained oil price increase of 50% to 100% over several months is necessary to trigger an economic crisis [7]. Group 2: A-Share Market Performance - As of the market close, China Petroleum's stock price was 13.24 CNY, up 0.68%, with a market capitalization exceeding 21,438.48 billion CNY, regaining the top position over Agricultural Bank [8]. - The A-share market saw a collective decline, with the Shanghai Composite Index dropping by 0.98%, the Shenzhen Component by 0.75%, and the ChiNext by 1.41% [29]. - The trading volume in the market was 23,881.92 billion CNY, a decrease of 7,697.98 billion CNY from the previous day, with over 3,600 stocks declining [29]. Group 3: Manufacturing PMI Insights - The manufacturing PMI for February fell by 0.3 percentage points to 49%, indicating a contraction in the manufacturing sector [13]. - The new export orders index decreased by 2.8 percentage points to 45.0%, suggesting a decline in external demand [13]. - Morgan Stanley noted that despite the seasonal disruptions, infrastructure investment is expected to accelerate in March, supporting GDP growth in Q1 to reach 4.8% to 4.9% [15]. Group 4: Sector Performance and Trends - The electric power equipment, military industry, agriculture, and chemical sectors showed positive performance, while sectors like non-bank financials and transportation faced declines [29][46]. - The military equipment sector is expected to benefit from increased defense spending due to rising geopolitical risks [30]. - The electric power equipment sector is experiencing growth driven by significant investment in transmission infrastructure, with a total of $75 billion in projects approved [29]. Group 5: Price Adjustments and Market Reactions - Lenovo has announced price increases for certain computer products, with some models seeing price hikes exceeding 1,000 CNY [39]. - Samsung has completed negotiations for a 100% price increase in DRAM supply for the first quarter, reflecting a significant rise in demand and costs [39]. - The article highlights the impact of geopolitical tensions on commodity prices, particularly in the context of the Middle East, affecting supply chains and market stability [39].

Core Viewpoint - The article highlights the release of the "2026 Major Projects and Key Projects List" by the Guizhou Provincial Development and Reform Commission, which includes 3,427 major projects, focusing on energy storage and new energy battery projects [3]. Group 1: Energy Storage Projects - The list includes 50 energy storage station projects, with a total capacity of 6.125 GW and 12.55 GWh for the clearly defined new energy storage stations [3]. - Notable companies involved in energy storage projects include CATL, Fudi Battery, Zhongwei Co., Rongbai Technology, and Xiamen Tungsten [3]. Group 2: New Energy Battery and Material Projects - A total of 54 new energy battery and material projects are listed, indicating a significant investment in the sector [3]. - Key projects include the Guizhou Times Power Battery Production Base and various lithium iron phosphate projects, with capacities reaching up to 30,000 tons per year [8].

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The report indicates that the European electric vehicle market is expected to continue growing, driven by the resumption of subsidies in Germany and Sweden, as well as the continuation of subsidy policies in the UK, France, Italy, and Spain. This growth is further supported by a new round of vehicle cycles [7][14][38] - The EU's proposal to adjust the 2035 emission reduction targets is not expected to impact the long-term trend of electrification in Europe. Instead, it introduces incentives for small electric vehicles and imposes requirements on zero-emission models for corporate fleets, which will further promote electric vehicle sales [7][38] Summary by Sections Electric Vehicle Sales in Europe - In January 2026, the sales of new energy vehicles in nine European countries reached 207,000 units, a year-on-year increase of 23.1%, with a penetration rate of 29.5%, up by 6.1 percentage points [5][14] - Germany's BEV sales in January 2026 were 43,000 units, up 23.8% year-on-year, with the resumption of electric vehicle subsidies [19] - The UK saw BEV sales of 30,000 units in January 2026, a slight increase of 0.1% year-on-year, while PHEV sales rose by 47.3% [21] - France's BEV sales reached 30,000 units in January 2026, marking a significant year-on-year increase of 52.1% [23] - Sweden's BEV sales were 7,000 units in January 2026, up 18.6% year-on-year, with new subsidies starting in 2026 [25] - In Italy, BEV sales were 9,000 units in January 2026, a year-on-year increase of 40.4% [29] - Spain's BEV sales reached 6,000 units in January 2026, up 29.1% year-on-year [34] Investment Recommendations - Lithium Batteries: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda, with beneficiaries including Zhongxin Innovation and Guoxuan High-Tech [7][38] - Lithium Materials: Recommended companies include Hunan Youneng and Tianci Materials, with beneficiaries including Fulian Precision and Wanrun New Energy [7][38] - Lithium Battery Structural Components: Recommended companies include Minglida and Minshi Group, with beneficiaries including Kodali and Hesheng Co [40] - Power/Electric Drive Systems: Recommended companies include Weimaisi and Futec Technology, with beneficiaries including Xinrui Technology and Huangshan Gujie [40] - Charging Stations and Modules: Recommended companies include Youyou Green Energy and Tonghe Technology, with beneficiaries including Shenghong Co [40]