天风证券认为，2026年将是固态电池产线建设与供应链确立的关键年份，设备环节将率先受益，尤其干 法整机、等静压设备以及硫化锂、硫化物电解质等核心材料存在较大发展空间。在高技术壁垒、高价值 量及头部企业合作紧密三重维度筛选下，相关材料与设备企业有望脱颖而出。 截至2026年1月15日10:45，中证电池主题指数强势上涨1.61%，成分股中伟新材上涨8.92%，厦钨新能上 涨7.99%，多氟多上涨5.32%，富临精工，璞泰来等个股跟涨。 消息面上，EIA数据显示，2025年美国11地区批发电价均值较24年涨23%，2026年预计再涨8.5%。此 外，1月14日，清研纳科表示NASA在近期发布的报告中提到，其开发的无溶剂干法加工的高性能固态 电池，计划于2028年将固态电池在空间站/火星探测器等关键项目中应用。在航空电池领域，公司的干 法电极设备已经成功出货交付太空电源相关院所。 电池ETF嘉实(562880)紧密跟踪中证电池主题指数，是一键布局电池主题板块的便利工具。 没有股票账户的场外投资者还可以通过电池ETF联接基金（016567）一键布局电池产业链投资机会。 考虑到锂电池需求，天风证券指出，2025/202 ...

Core Viewpoint - The 18th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2026) will be held from May 13 to 15, 2026, focusing on global collaboration and high-quality development in the battery industry [1][3]. Industry Overview - CIBF2026 is expected to attract over 3,000 exhibitors and cover an exhibition area of 280,000 square meters, featuring leading companies such as CATL, BYD, and others [3]. - The event aims to shift the industry focus from scale competition to value competition, promoting high-quality development [1][3]. Forum and Activities - High-level forums will be held during the event, including discussions on advanced battery technologies and next-generation battery technologies for electric aviation, attracting over 2,000 industry experts and representatives [5]. - The forums will facilitate sharing of successful experiences and guide resources towards high-value areas, addressing the issue of low-price competition [5]. Technological Innovations - CIBF2026 will showcase cutting-edge technologies such as solid-state batteries, sodium-ion batteries, and lithium-metal batteries, along with key materials and automated production equipment [7]. - The exhibition will present a comprehensive view of the entire industry chain, from material research to recycling, accelerating the transition of technologies from laboratory to large-scale industrialization [7]. Global Market and Compliance - The event aims to create a collaborative ecosystem across the entire industry chain, serving as a connector for international cooperation, with an expected attendance of over 350,000 professional visitors from more than 50 countries [9][10]. - Special international exhibition areas will address compliance challenges posed by new regulations in the EU and the US, facilitating the entry of Chinese brands into international markets [10]. Industry Growth and Challenges - In the first 11 months of 2025, China's power and other battery production and sales reached 1,468.8 GWh and 1,412.5 GWh, respectively, with year-on-year growth exceeding 50% [10]. - The battery export volume reached 260.3 GWh, a 44.2% increase, while the export of Chinese brand new energy vehicles grew by 139%, indicating strong global demand for Chinese new energy products [11]. Strategic Importance - CIBF2026 is viewed as a barometer and accelerator for the global new energy industry, exploring the vast market potential brought by national strategies for large-scale development of new energy storage [11]. - The event is expected to enhance industry concentration and resource utilization efficiency in the short term, while promoting a healthy and sustainable new industry pattern in the long term [11].

Core Viewpoint - The article discusses the strategic shift of Chinese energy storage companies towards listing on the Hong Kong Stock Exchange (HKEX), highlighting the necessity for stable and international capital supply amidst a slowing IPO environment in A-shares. This migration is seen as a critical move for global competitiveness and technological leadership in the energy storage sector [3][6]. Group 1: Market Trends - The overall IPO pace in A-shares has slowed down in the second half of 2023, marking a significant turning point for Chinese energy storage companies that require consistent capital supply for expansion and technological advancement [3]. - UBS predicts that over 30 A-share companies will list in Hong Kong by 2025, particularly in the energy storage sector, indicating a concentrated trend towards international capital markets [3]. Group 2: Key Companies and Listings - CATL (宁德时代) plans to list on the HKEX in May 2025, aiming to raise over 50 billion HKD (approximately 6.4 billion USD) for overseas projects, including a battery factory in Hungary [4]. - Other companies such as Sungrow Power Supply (阳光电源) and EVE Energy (亿纬锂能) are also preparing for HKEX listings, with significant fundraising goals to support their international expansion and technological development [12][4]. Group 3: Strategic Advantages of HKEX - The HKEX offers clearer and more flexible listing standards compared to A-shares, which is crucial for energy storage companies that require rapid access to capital [16]. - Hong Kong serves as a "safe harbor" for companies looking to avoid regulatory risks associated with U.S. listings, while also providing access to global capital [17]. Group 4: Industry Growth and Future Outlook - The energy storage sector in China is projected to see a significant increase in installed capacity, with a forecast of 56.41 GW/175.89 GWh added in 2025, reflecting a year-on-year growth of 32.85% in power and 60.51% in capacity [18]. - The article emphasizes that the capital raised through HKEX listings will be directed towards international projects, particularly in Europe and Southeast Asia, to meet growing energy demands [19][21]. Group 5: Technological Innovation and Competition - Companies are increasingly focusing on technological innovation and operational efficiency to navigate the current market adjustments, moving away from price competition [19]. - The integration of AI and next-generation technologies, such as solid-state batteries, is becoming a key factor in attracting international capital and enhancing competitive positioning [21].

Group 1 - The core viewpoint of the article highlights the strategic partnership between Guoxuan High-Tech and Nord Holdings, marked by a procurement framework contract worth approximately 1.8 billion yuan for the year 2026 [1][3] - The collaboration between Nord Holdings and Guoxuan High-Tech began in 2010, evolving into a significant relationship where Nord Holdings has become a core supplier of ultra-thin copper foil products [3] - Nord Holdings has also begun supplying nickel-plated alloy foil samples to Guoxuan High-Tech and is collaborating on solid-state battery technology development, indicating a deepening of their partnership [3] Group 2 - Nord Holdings received the "2025 Annual Excellence Supplier Award" from Guoxuan High-Tech, recognizing its outstanding supply performance [1] - The procurement agreement signifies a transition from exploratory collaboration to a deeper mutual trust between the two companies [3]

Core Viewpoint - The article highlights Guoxuan High-Tech's strategic moves in response to the recovery of material prices, focusing on securing supply contracts and expanding upstream operations in the battery materials sector [3][4]. Group 1: Upstream Expansion and Supply Contracts - Guoxuan High-Tech signed a supply agreement with Nord for 2026, amounting to approximately 1.8 billion yuan, marking a long-term partnership that began in 2010 [3]. - The company has initiated two material projects in Lujiang, including a 200,000-ton annual production capacity for cathode materials and a ton-level silicon-carbon anode material project, reinforcing its supply chain [5]. - The Lujiang facility has seen over 10 billion yuan in investments over the past decade, creating a closed-loop industry chain from materials to recycling [5]. Group 2: Strategic Focus on Cathode and Anode Materials - Guoxuan is enhancing its cathode material capacity with a focus on fourth-generation lithium iron phosphate production lines, which can also accommodate next-generation products [7]. - The company is targeting silicon-carbon materials for anodes, which are seen as a promising option for next-generation battery technology, despite existing challenges like volume expansion [8]. - The dual strategy of solidifying the basic material supply while exploring new markets positions Guoxuan favorably in the competitive landscape [8]. Group 3: Steady Development in Power Batteries and Energy Storage - The company is maintaining stability in its power battery segment while increasing focus on energy storage, which is experiencing a surge in demand [10]. - Guoxuan's revenue for the first three quarters of 2025 reached approximately 29.5 billion yuan, a year-on-year increase of about 17%, with net profit soaring by approximately 514% [11]. - The partnership with Volkswagen, which began in 2020, is expected to yield significant profits as Guoxuan will deliver standard battery cells from 2026 to 2032 [12]. Group 4: Energy Storage Business Development - Although energy storage is not yet a major pillar for Guoxuan, it has a well-rounded product matrix covering various sectors, contributing to a 23.52% revenue share from energy storage systems [13]. - The company has launched the Qianyuan Smart Storage System and portable storage products that have gained attention in overseas markets [14]. - Guoxuan's Slovak factory is set to produce both lithium iron phosphate power batteries and energy storage batteries, enhancing its scale and market reach [15].

Core Viewpoint - Guoxuan High-Tech has initiated the construction of a 200,000-ton annual production capacity project for cathode materials and a 20,000-ton annual production capacity project for silicon-carbon anode materials in Anhui Lujiang High-tech Zone, marking a significant advancement in the new energy battery sector [1] Group 1 - The 200,000-ton cathode materials project utilizes Guoxuan's fourth-generation lithium iron phosphate production line technology, featuring a fully digital and intelligent factory design [1] - Upon reaching full production capacity, the cathode materials project will produce 200,000 tons of lithium iron phosphate annually and will be compatible with next-generation lithium iron phosphate products [1] - The 20,000-ton silicon-carbon anode materials project employs "nano-confinement structure design" and "multi-dimensional composite deposition/coating" technology to create high-performance silicon-carbon materials, positioning it as a leading global production base [1] Group 2 - The simultaneous launch of these two projects signifies a critical strategic layout for the Lujiang High-tech Zone in the forefront of the new energy battery industry [1] - Once operational, the projects are expected to generate an additional revenue of billions and tax contributions in the millions, significantly boosting the industrial economy of Lujiang [1] - The projects will enhance the "materials-battery-recycling" ecosystem, providing a new engine for the development of a 50 billion-level new energy materials industry cluster during the 14th Five-Year Plan period [1]

Core Viewpoint - The A-share market showed mixed performance on January 13, with the Battery 50 ETF (159796) experiencing a slight increase of 0.3% amid fluctuations in trading [1] Group 1: Market Performance - The Battery 50 ETF (159796) recorded a trading volume of 4.94 billion CNY, with a price range between 0.990 and 1.012 CNY [1] - The ETF's net asset value was reported at 1.0038 CNY, with a premium rate of 0.42% [1] - The ETF's five-day net inflow was noted at 2.65% [1] Group 2: Component Stocks - Major component stocks of the Battery 50 ETF included Sanhua Intelligent Controls, which rose by 1.05%, and multiple fluorine, which increased by 1.26% [2] - Notable declines were observed in XINWANDA, which fell by 2.40%, and other key players like Yangguang Electric and Ningde Times also experienced slight declines [2] Group 3: Policy Impact - The recent adjustment in export tax rebates for battery products is expected to lead to a surge in exports in 2026, tightening supply and demand in the lithium battery industry [4] - The tax rebate for battery products will decrease from 9% to 6% starting April 1, 2026, and will be eliminated entirely by January 1, 2027 [5] Group 4: Industry Outlook - The battery sector is anticipated to benefit from increased demand driven by both domestic and international markets, with projections indicating a significant rise in global demand for power batteries from 1,253.4 GWh in 2025 to 1,834.2 GWh by 2027 [5] - The storage demand is also expected to grow substantially, with domestic installations projected to reach 265 GWh in 2026, reflecting a 60% increase [5] Group 5: Investment Strategy - The Battery 50 ETF (159796) is highlighted as a leading option for investors due to its significant exposure to the storage sector, which accounts for 18.7% of its index, and a high proportion of solid-state battery technology at 45% [6][8] - The ETF's management fee is noted to be the lowest in its category at 0.15% per year, making it an attractive investment vehicle for capturing opportunities in the battery sector [11]

Core Insights - Inner Mongolia Guoxuan Zero Carbon Technology Co., Ltd. is emerging as a key player in the lithium-ion battery anode material sector, with a project to produce 100,000 tons of graphitized anode materials, supported by a total investment of 1.4 billion yuan [1][2] - The project is strategically located in Wuhai, leveraging local graphite resources and aiming to create an integrated "raw material-processing-application" layout [2] - Inner Mongolia Bank has provided a comprehensive financing solution of 920 million yuan, including a 100 million yuan bank acceptance bill, demonstrating a rapid approval process of two weeks [2][4] Industry Context - The anode material market for lithium-ion batteries is identified as a high-growth "golden track" due to the global electrification trend [1] - The transition from a coal-based economy to a greener one in Wuhai is a significant focus for both local industry transformation and Inner Mongolia Bank's credit structure optimization [2] Financial Innovation - Inner Mongolia Bank has transformed from a traditional financial institution to a strategic partner for Inner Mongolia Guoxuan, becoming the sole credit bank for the company in Wuhai [4] - The bank has introduced specialized services, including a dedicated customer manager team and a 24/7 green approval channel, enhancing its service offerings [4][5] - The collaboration serves as a replicable model for other financial institutions aiming to support new productive forces in the industry [4][5]

Core Viewpoint - The A-share market experienced a significant surge on January 12, with over 4,100 stocks closing in the green and a record trading volume of 3.64 trillion yuan, surpassing the previous high on October 8, 2024. The adjustment of export tax rebate policies for batteries has influenced market dynamics, leading to a notable increase in trading activity for the Battery 50 ETF (159796), which closed down 0.69% despite a trading volume nearing 600 million yuan [1][3]. Group 1: Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with notable drops including Sunshine Power and Xian Dao Intelligent, both down over 3%, while Ningde Times and Guoxuan High-Tech fell over 2% [3]. - The trading volume of the Battery 50 ETF (159796) surged to nearly 600 million yuan, indicating heightened investor interest despite the ETF's decline [1][3]. Group 2: Policy Impact - On January 9, two departments announced adjustments to export tax rebate policies, effective from April 1, 2026, which will reduce the VAT export rebate rate for battery products from 9% to 6%, and eliminate it entirely by January 1, 2027 [4][5]. - The previous reduction in export tax rebates for certain photovoltaic and battery products from 13% to 9% in November 2024 had already triggered a rush in exports, and the latest adjustments may lead to a similar surge, benefiting the lithium carbonate sector [5]. Group 3: Industry Outlook - Global demand for energy storage is expected to grow steadily, with projections indicating that global energy storage installations will reach 404 GWh by 2026, representing a 38% year-on-year increase [5]. - The battery sector is experiencing a sustained upward trend, driven by the growth of the global electric vehicle market, with domestic battery installations expected to maintain high growth rates through 2026 [5][6]. - Solid-state battery technology is advancing, with potential for significant industry upgrades, as companies that can provide stable supply and mature processes are likely to benefit [6]. Group 4: Investment Strategy - The Battery 50 ETF (159796) is positioned to benefit from its high content in energy storage (18.7%) and solid-state batteries (45%), making it a strong candidate for investors looking to capitalize on these growing segments [7][9]. - The ETF's focus on battery chemicals, which account for 31% of its weight, positions it well to benefit from the recovery of upstream material prices, enhancing the overall industry outlook [9][12].

Group 1 - Battery concept stocks weakened, with major players like Sunshine Power and CATL dropping over 4%, while companies such as Yiwei Lithium Energy, Xianlead Intelligent, Guoxuan High-Tech, and Xinwanda fell more than 3% [1] - Several battery-related ETFs declined by over 2% due to the impact of heavy-weight stock declines [1] Group 2 - Recent analysis indicates that policy support has injected strong momentum into the battery industry, with the government continuously launching encouraging policies for new energy vehicles, including trade-in programs, charging infrastructure development, and promoting new energy in rural areas, which further releases consumer potential [2] - The gradual implementation of "anti-involution" policies is leading to more rational competition within the industry, suggesting an improvement in the overall profitability environment [2]