机构分析指出，关税一旦实施，总统可单方面调整，这使其在政策连续性与执行弹性上更具操作空间。 关税落地将显著增加出口成本，海外客户在预期驱动下加速下单，进一步强化了抢出口的紧迫性。 产业端，申港证券认为，钠电池技术突破及量产落地，展现多元供给韧性。钠电池低温性能优、成本 低，与锂电池互补，在储能、动力电池等场景前景广阔。随着产业规模提升，钠电池成本下降，成本优 势凸显，推动电池行业发展。 碳酸锂价格显著反弹，电池级碳酸锂上周单周涨幅达6.9%，工业级碳酸锂涨幅达7.46%。华鑫证券分析 指出，本轮涨价主要受供需格局阶段性改善驱动，一方面春节后下游排产回暖、3月起动力及储能电池 排产预计环比增长15%以上；另一方面供给端部分锂盐厂检修减产，1月国内碳酸锂产量环比下降 8.63%，叠加外购矿加工企业成本压力缓解但库存偏低，形成较强价格支撑。当前电池级碳酸锂均价已 回升至14.38万元/吨，较年初低点累计上涨超10%。 电池ETF南方(159147)紧密跟踪中证电池主题指数，中证电池主题指数选取业务涉及动力电池、储能电 池、消费电子电池以及相关产业链上下游的上市公司证券作为指数样本，以反映电池主题上市公司证券 的整体 ...

投资建议：第一条线推荐壁垒最高的电池环节，首推宁德时代，关注国轩高科，金龙羽等；第二条线推 荐设备端，推荐先惠技术，纳科诺尔，先导智能，联赢激光，关注宏工科技，灵鸽科技，利通科技，海 目星，利元亨，松井股份等；第三条线推荐材料端，首推硫化锂+电解质，推荐上海洗霸，厦钨新能， 当升科技，天赐材料，恩捷股份，华盛锂电，关注博苑股份，海辰药业，其次推荐天奈科技，容百科技 等；第四条线推荐新技术，关注中一科技，远航精密，英联股份等。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看， 固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核 心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议 重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域 太空体系具备真空、极端温差、高辐射等特点，环境温度在-200℃~+150℃，液态电池工作温度 在-20℃~+60℃，而固态电池具备宽温域的属性，此外安全性高不起火，抗辐射不产气 ...

Core Insights - The lithium battery sector is experiencing significant price increases, with lithium carbonate rising to 170,000 yuan/ton (+42% MoM) and lithium hydroxide to 165,000 yuan/ton (+62% MoM) [1] - In December, China's wholesale sales of new energy passenger vehicles reached 1.42 million units, showing a year-on-year increase of 26% [1] Group 1: Lithium Battery Market - The lithium battery sector has shown strong performance since January 2026, outperforming major indices like the CSI 300 and SSE 50 [2] - The lithium-related sectors have seen monthly transaction values increase, with the low-altitude economy segment rising by 44% [2] - The market is currently focused on the lithium battery sector, with many segments at historically high valuation levels [2] Group 2: Carbonate Lithium Cycle and New Technologies - The lithium carbonate market is undergoing a cyclical reversal, driven by inflation in the supply chain and the emergence of new technologies like sodium batteries [3] - Historical analysis indicates that from 2015 to 2025, lithium carbonate has experienced two complete cycles, with the next upturn expected to be driven by domestic energy storage capacity subsidies and new energy vehicle replacement policies [3] Group 3: New Energy Vehicle Sales - December saw a mixed performance in the new energy vehicle market, with China and Europe showing strong growth while the U.S. market faced challenges [4] - In December, new energy vehicle sales in China, Europe, and the U.S. were 1.42 million, 300,000, and 80,000 units respectively, with year-on-year growth rates of +3%, +35%, and -35% [4] Group 4: Energy Storage Developments - In December, China's energy storage installations reached 63 GWh, a significant increase of 95% MoM and 441% YoY, driven by year-end project completions [5] - The U.S. energy storage market saw a total installation of 39 GWh for the year, with a year-on-year growth of 39%, although this was below expectations due to uncertainties from the Inflation Reduction Act [5] Group 5: Price Trends and New Technologies - Lithium salt and cathode materials have seen strong price increases due to policy changes, with lithium carbonate and lithium hydroxide prices rising by 74% and 95% respectively [6] - The solid-state battery industry is accelerating towards commercialization, with significant advancements in production and technology expected by 2025 [7] Group 6: Investment Recommendations - The lithium battery sector is poised for a price and volume surge in 2026, with a focus on companies involved in lithium, separators, and solid-state technology [8]

2026年1月以来，锂电板块表现较为活跃，多数环节跑赢沪深300和上证50指数。关联板块中柴发产业链 实现领涨，涨幅达26%，锂矿、负极、三元正极及储能涨幅随后。本月锂电相关板块多数环节月度成交 额出现上涨，其中低空经济涨幅最高达44%。本月过半锂电相关板块的3年历史估值分位处于高位，市 场对锂电板块关注度较高。 本月研究专题：碳酸锂周期反转，产业链通胀及新技术启航 碳酸锂反转主导产业链通胀及钠电等新技术放量。复盘历史，2015～2025年碳酸锂历经两轮完整的产业 周期轮动，前期主要由新能源政策及内生需求爆发等驱动上行，2025年产业链价格及库存均回归历史低 位。2026年国内储能容量补贴政策及新能源车换新政策等落地，叠加全球新能源内生需求爆发等开始驱 动新一轮碳酸锂周期上行。产业链影响看，碳酸锂价格回升有利于产业链整体通胀，此外钠电等新技术 开始具备替代经济性，有望迎接规模放量。 行情回顾： 本月行业重要变化： 1）锂电：1月27日，碳酸锂报价17.0万元/吨，较上月上涨42%；氢氧化锂报价16.5万元/吨，较上月上涨 62%。2）整车：12月国内新能源乘用车批发销量达142万辆，同/环比+3%/-10%； ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

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 surge, with lithium carbonate prices rising to 170,000 CNY/ton, a 42% increase from the previous month, and lithium hydroxide prices increasing by 62% to 165,000 CNY/ton [1] - In December, the wholesale sales of domestic new energy passenger vehicles reached 1.42 million units, with a year-on-year increase of 26% for the entire year [1] - The report highlights a reversal in the lithium carbonate cycle, driven by domestic energy storage capacity subsidy policies and the explosive growth of global new energy demand [3][32] Summary by Sections Section 1: Research Insights - The lithium carbonate market is at a cyclical turning point, with prices expected to rise significantly, impacting the entire lithium battery supply chain [14][15] - Sodium batteries are emerging as a cost-effective alternative, with a clear long-term cost advantage over lithium iron phosphate batteries [26][30] Section 2: Industry Tracking and Review - The global new energy vehicle market showed strong growth in December, particularly in China and Europe, while the U.S. market faced challenges [34][36] - In December, domestic energy storage installations reached 63 GWh, a 95% year-on-year increase, indicating a shift towards market-driven growth [40] Section 3: Investment Recommendations - The report recommends focusing on companies involved in lithium carbonate, separators, and solid-state battery technologies, including Ningde Times, Yiwei Lithium Energy, and others [7][32]

Performance Overview - Company achieved operating revenue of 20.034 billion yuan in 2025, representing a year-on-year increase of 47.84% [2] - Net profit attributable to shareholders reached 755 million yuan, up 41.83% year-on-year [2] - Lithium cobalt oxide sales totaled 65,300 tons, while sales of power battery cathode materials reached 77,400 tons, increasing by 41.31% and 47.83% respectively [2] - Growth in performance is attributed to national replacement subsidy policies and increased demand driven by AI trends in 3C devices [2] - The complete audited financial data is expected to be disclosed in the upcoming annual report [2] Related Transactions - Company held its first extraordinary general meeting of 2026 on January 12, 2026, approving the estimated total amount of daily related transactions for 2026 at 586.3768 million yuan [3] - Related shareholders abstained from voting, and independent directors deemed the transaction pricing fair [3] Financial Condition - Company made a total provision for asset impairment of 205.4708 million yuan in 2025, primarily for inventory depreciation and bad debt losses, which reduced the current consolidated profit [4] - The provision is based on the company's accounting policies to more accurately reflect its financial condition [4] Fund Movements - As of January 29, 2026, the company's financing balance was 330 million yuan, with a securities lending balance of 10.1184 million yuan, and a net outflow of financing of 2.4274 million yuan on that day [5]

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

Group 1 - Guoxuan High-Tech and BASF signed a strategic cooperation memorandum in Hefei to jointly develop next-generation solid-state battery technology [1] - The collaboration will focus on the joint R&D of high-performance materials for solid-state batteries, covering multiple core materials [1] - The partnership aims to accelerate the commercialization of innovative results in global markets, empowering applications in electric vehicles and energy storage [1] Group 2 - Century Securities noted that the industrialization of semi-solid and solid-state batteries is steadily advancing, with FAW's independently developed Hongqi solid-state battery prototype successfully completed [1] - The successful prototype marks significant breakthroughs in high-pressure module packaging and system lightweight integration, laying a technical foundation for future mass production [1] - There is a growing demand for high-safety, high-energy-density batteries in various applications such as high-end electric motorcycles, drones, and distributed energy storage, providing diverse commercialization paths for solid-state batteries [1] Group 3 - Xiamen Tungsten New Energy has completed the development of high-stability lithium-supplementing materials and is supplying them in small batches, with several high-capacity lithium-supplementing materials under stable development with customers [1] - Tianci Materials is in the pilot testing stage for sulfide-based solid electrolytes and is collaborating with downstream battery customers for material technology validation [1]

Price Increase - Tungsten prices have been continuously rising, with ammonium paratungstate (APT) price reaching 1 million yuan per ton, marking a significant increase [1][2] - As of February 9, 2023, the price of 65% black tungsten concentrate was reported at 685,000 yuan per ton, up 48.9% since the beginning of the year [1][2] - The price of tungsten powder increased by 54.6% to 1,670 yuan per kilogram, while tungsten carbide powder rose by 55.8% to 1,620 yuan per kilogram [1][2] Demand Growth - The explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward [2] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, indicating a phase of large-scale application [2] - The industrialization of heterojunction (HJT) battery technology is projected to add approximately 6,400 tons of new tungsten demand by 2026 [2] Supply Constraints - Global tungsten production is estimated at 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2% [3] - Factors such as resource constraints, extended development cycles, and insufficient capital investment are reinforcing supply-side rigidity [3] - The domestic tungsten market faces challenges including reduced mining quotas and unstable import volumes, exacerbating supply-demand imbalances [3] Company Performance - A-share listed companies have reported strong performance forecasts for 2025, largely due to rising tungsten-related product prices [4][5][6] - Xiamen Tungsten's 2025 revenue is projected to reach 46.469 billion yuan, a 31.37% increase year-on-year, with net profit expected to rise by 35.08% [4] - Xianglu Tungsten anticipates a net profit increase of 239.66% to 301.11% for 2025, driven by improved market conditions and increased sales orders [5] - Zhangyuan Tungsten expects a net profit growth of 51% to 86% for 2025, benefiting from tight raw material supply and increased market demand [6]