Core Viewpoint - The solid-state battery industry is accelerating towards commercialization, with significant advancements and market interest in related stocks [4][19]. Market Performance - On January 6, the A-share market saw major indices rise, with the Shanghai Composite Index closing up 1.5%, marking a 13-day consecutive increase and reaching a ten-year high [12]. - Several sectors, including non-ferrous metals, non-bank financials, and defense, saw gains exceeding 3%, while others like oil and coal also performed well [14]. - Over 400 stocks increased by more than 5%, with notable historical highs reached by companies such as Zijin Mining and China Pacific Insurance [14]. Solid-State Battery Developments - Donut Lab announced the launch of the world's first commercially viable all-solid-state battery, set to be showcased at CES 2026 [18]. - This battery boasts advantages in energy density, charging speed, cycle life, and adaptability to extreme environments, potentially transforming the electric vehicle industry [19]. - The industry consensus is moving towards solid-state technology, with expectations for small-scale production and process stabilization by 2027 [19]. Company Insights - Companies like Tianqi Lithium and Xiamen Tungsten have been highlighted for their advancements in solid-state battery materials and production capabilities [20][21]. - Analysts predict significant profit growth for solid-state battery concept stocks, with companies like Enjie and Rongbai Technology expected to see net profits double this year [10][22]. - The solid-state battery sector is anticipated to benefit from new manufacturing processes and equipment, with firms specializing in solid-state battery production likely to gain a competitive edge [8][21].

2 厦门厦钨新能源材料股份有限公司董秘办公室编制 厦门厦钨新能源材料股份有限公司 2026 年第一次临时股东会会议材料 二〇二六年一月 厦门厦钨新能源材料股份有限公司 2026 年第一次临时股东会会议材料 目 录 | 2026 年第一次临时股东会议程 | | 3 | | --- | --- | --- | | 关于召开 2026 | 年第一次临时股东会的通知 4 | | | 议案一：关于公司 | 2026 年度日常关联交易预计额度的议案 | 10 | 厦门厦钨新能源材料股份有限公司 2026 年第一次临时股东会会议材料 厦门厦钨新能源材料股份有限公司 2026 年第一次临时股东会会议材料 1 厦门厦钨新能源材料股份有限公司 2026 年第一次临时股东会议程 会议时间：2026 年 1 月 12 日 14 点 30 分 会议地点：福建省厦门市海沧区柯井社 300 号之一公司 105 会议室 会议主持人：董事长杨金洪先生 | 序号 | 会议议程 | | --- | --- | | 一 | 宣布出席会议的股东人数及其所代表的股份数额 | | 二 | 推举计票员和监票员 | | 三 | 审议《关于公司 2026 年度 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights the continuation of electric vehicle (EV) subsidies in 2026, which is expected to enhance the penetration rate of EVs and boost sales, particularly for mid to high-priced models [2]. - The implementation of a large-scale equipment renewal and consumer goods replacement policy reflects the government's commitment to supporting the consumption of new energy vehicles [2]. - The report anticipates a strong demand for lithium batteries in 2026, driven by the sustained growth in electric vehicle sales and the continuation of the old-for-new policy [2]. Summary by Sections Policy Impact - The 2026 policy includes subsidies for scrapping and replacing old vehicles, with personal consumers receiving up to 20,000 yuan for qualifying new energy vehicles [2]. - The policy aims to support the transition to low-emission vehicles, including electric trucks and city buses, thereby alleviating concerns about subsidy reductions for electric heavy trucks [2]. Market Performance - In 2025, the old-for-new policy significantly boosted the sales of new energy vehicles, with production and sales reaching 14.91 million and 14.78 million units respectively, marking a year-on-year growth of 31.4% and 31.2% [2]. - The report notes that the domestic power battery sales reached 1,044.3 GWh in 2025, reflecting a 50.3% year-on-year increase, indicating a robust market for battery manufacturers [2]. Investment Recommendations - The report suggests focusing on leading battery companies such as CATL, Zhongxin Innovation, and Yiwei Lithium Energy, as well as material suppliers like Hunan Youneng and Tianwei Technology, due to their strong market positions and growth potential [2]. - The anticipated increase in electric vehicle penetration and battery demand presents a favorable investment landscape for stakeholders in the new energy sector [2].

证券代码：688778 证券简称：厦钨新能 公告编号：2025-077 厦门厦钨新能源材料股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 的公告 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。 厦门厦钨新能源材料股份有限公司（以下简称"公司"或"厦钨新能"）于 2025 年 8 月 19 日召开了公司第二届董事会第十六次会议和第二届监事会第九次 会议，审议通过了《关于公司及全资子公司继续使用部分暂时闲置募集资金进行 现金管理的议案》，同意公司及实施募投项目的全资子公司厦门璟鹭新能源材料 有限公司使用额度不超过人民币 5 亿元的暂时闲置募集资金进行现金管理。本次 现金管理决议的有效期限自公司董事会审议通过之日起至 2025 年 12 月 31 日止， 在上述额度和期限范围内，资金可以滚动使用。公司独立董事、监事会及保荐机 构兴业证券股份有限公司对上述事项发表了明确的同意意见。具体内容详见公司 于 2025 年 8 月 21 日在上海证券交易所网站（www.sse.com.cn）刊载披露的《厦 门厦钨新能源材料股份 ...

厦钨新能公告称，2025年公司及全资子公司厦门璟鹭新能源材料有限公司对不超5亿元闲置募集资金进 行现金管理。近期，公司赎回此前认购的中国农业银行、中国建设银行、厦门国际银行的结构性存款产 品，收回本金5亿元及收益175.76万元，已划至募集资金专项账户。公告日前12个月内，公司有多次使 用闲置募集资金现金管理并赎回的情况，均获收益。截至公告披露日，公司暂无使用闲置募集资金现金 管理的情况。 ...

Group 1 - Xiamen Tungsten New Energy Materials Co., Ltd. is located in the Xiamen Free Trade Zone, established on December 20, 2016, and listed on August 5, 2021, focusing on the R&D, production, and sales of lithium-ion battery cathode materials [1] - The company's main business revenue composition includes lithium cobalt oxide at 50.32%, ternary materials (including lithium iron phosphate and others) at 45.89%, hydrogen energy materials at 3.07%, and others at 0.72% [1] Group 2 - Zhonghang Fund has one fund heavily invested in Xiamen Tungsten New Energy, specifically the Zhonghang New Start Flexible Allocation Mixed A Fund (005537), which increased its holdings by 1.61 million shares in the third quarter, totaling 2.3645 million shares, representing 9.56% of the fund's net value [2] - The fund has achieved a year-to-date return of 66.67%, ranking 512 out of 8087 in its category, and a one-year return of 63.87%, ranking 486 out of 8085 [2] Group 3 - The fund manager of Zhonghang New Start Flexible Allocation Mixed A is Han Hao, who has been in the position for 8 years and 19 days, with a total asset scale of 15.589 billion yuan [3] - During Han Hao's tenure, the best fund return was 271.85%, while the worst was -20.84% [3]

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

人民财讯12月25日电，企查查APP显示，近日，成都厦钨新能源技术有限公司成立，法定代表人为曾雷 英，注册资本为1500万元，经营范围包含：新兴能源技术研发；电子专用材料制造；电子专用材料研 发；电子专用材料销售；储能技术服务等。企查查股权穿透显示，该公司由厦钨新能全资持股。 ...

中金公司研报指出，厦钨新能为正极材料龙头，新型正极和固态材料放量可期。伴随政策端拉动国内消 费电子需求，技术端AI 手机放量等驱动更新换代以及带电量提升，该行预计消费电池需求稳步增长、 同时高电压需求提升。公司为钴酸锂全球龙头、市场份额超过50%。公司积极布局前沿技术，新型正极 和固态材料放量可期。首次覆盖厦钨新能，给予"跑赢大市"评级，目标价85.00元、对应18%上行空间。 ...

中金公司研报指出，厦钨新能为正极材料龙头，新型正极和固态材料放量可期。伴随政策端拉动国内消 费电子需求，技术端AI 手机放量等驱动更新换代以及带电量提升，该行预计消费电池需求稳步增长、 同时高电压需求提升。公司为钴酸锂全球龙头、市场份额超过50%。公司积极布局前沿技术，新型正极 和固态材料放量可期。首次覆盖厦钨新能，给予"跑赢行业"评级，目标价85.00元、对应18%上行空间。 ...