Core Viewpoint - The LMFP (Lithium Manganese Iron Phosphate) market is poised for explosive growth in 2025, with a projected shipment increase of 275% year-on-year, despite current production capacity exceeding actual demand. The expansion efforts by leading companies indicate a strong belief in the material's potential [2][11]. Group 1: Market Dynamics and Growth - In 2025, the domestic LMFP shipment volume is expected to exceed 30,000 tons, marking a significant increase from previous years, driven by technological advancements and performance improvements [2][11]. - Major companies like Hunan YN and others are investing heavily in LMFP production, with plans to significantly increase capacity, indicating confidence in future demand [1][10]. - The LMFP market is projected to reach 80,000 tons by 2026, with expectations of further growth to 500,000 tons by 2030, translating to a market size exceeding 20 billion yuan [11][14]. Group 2: Technological Advancements - Companies have made significant breakthroughs in LMFP technology, addressing previous performance limitations such as low density and poor cycle life, which have historically hindered its adoption [4][5]. - Innovations like the second-generation LMFP battery from Guoxuan High-Tech have improved energy density and charging capabilities, enhancing the battery's appeal for electric vehicles [5][6]. - The introduction of new manufacturing processes, such as solid-phase synthesis, has improved the material's conductivity and stability, further supporting its commercialization [5][6]. Group 3: Application and Market Penetration - LMFP batteries are now being utilized in various applications, including passenger and commercial vehicles, with significant adoption rates in the light vehicle sector [6][7]. - The low-temperature performance of LMFP batteries allows for broader application, particularly in colder climates, enhancing their competitiveness in the market [9][10]. - Companies like EVE Energy and Guoxuan High-Tech are successfully integrating LMFP materials into their product lines, indicating a shift towards more advanced battery technologies [7][9]. Group 4: Cost and Supply Chain Considerations - The cost advantages of LMFP, due to the abundance of manganese compared to nickel and cobalt, allow for a 10%-15% reduction in battery costs when mixed with high-nickel materials [10][15]. - The rapid expansion of LMFP production capabilities, with over 30 companies involved, is creating a competitive landscape that benefits downstream battery manufacturers [10][15]. - The supply chain for manganese is becoming increasingly critical, as demand for LMFP rises, necessitating strategic partnerships for resource acquisition [17].

关于公司对外担保进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 国轩高科股份有限公司 证券代码：002074 证券简称：国轩高科 公告编号：2026-003 一、担保情况概述 （一）本次对外担保进展情况介绍 根据经营发展需要，国轩高科股份有限公司（以下简称"公司"）与银行等 金融机构于近日签署相关对外担保合同，为公司全资或控股子公司融资授信等提 供对外担保。具体情况如下： | 序 | 被担 | 担保额度 | 授信单位 | 担保 | 担保期间 | 合同签订 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 保方 | （万元） | | 方式 | 自每笔债务履行期限 | | | | | | 交通银行股份 | 连带 | 届满之日起计至全部 | 《保证合同》（合同编号： | | 1 | | 153,000.00 | 有限公司安徽 | 责任 | 主债务合同项下最后 | | | | | | 省分行 | 保证 | 到期的债务履行期限 | C251228GR3417305） | | | | | | | 届满之日后 ...

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

电力设备 2026 年 01 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2025-01 2025-05 2025-09 2026-01 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 11 月）：法国、意大利补贴落地后 BEV 高 速 增 长 — 行 业 点 评 报 告 》 -2025.12.25 《光伏拐点已现，储能大势所趋—行 业投资策略》-2025.12.8 《动储需求旺盛，产业链供需拐点已 至—锂电行业 2026 年度投资策略》 -2025.12.1 （2）英国： 2025 年英国 BEV 销量 47.3 万辆，同比+23.9%；PHEV 销量 22.5 万辆，同比 34.7%。英国已重启电车补贴（从 2025 年 7 月开始，持续至 2028-2029 财年），且面临 ZEV 考核目标的压力，带动电车销量持续提升。 （3）法国：法国社会租赁计划从 9 月 30 日起生效，Q4 法国电车销量同比明显 提速。2025 年法国 BEV 销量 32.6 万辆，同比+12.1%。其中 12 月 BEV 销量 4.2 ...

记者从1月22日举行的CNESA DataLink2025年度储能数据发布暨储能国际峰会暨展览会2026新闻发布会 上获悉，截至2025年12月底，中国电力储能累计装机规模213.3GW，同比增长54%。 此外，2025年储能系统(不含集采/框采)中标规模为121.5GWh，同比增长140.1%；EPC中标规模为 206.3GWh，同比增长125.5%。 价格方面，2025年储能系统(磷酸铁锂系统，不含用户侧应用)采购中标价格在391.14元/kWh—913.00 元/kWh之间，其中不同时长系统价格降价幅度差异大。0.25C储能系统价格下降幅度接近0.5C的两倍。 2025年EPC(不含用户侧)中标价格呈现出波动下行的趋势，2h EPC的中标均价已降至1043.82元/kWh， 同比下降13.04%；4h EPC的中标均价为935.40元/kWh，同比下降8.19%。 值得注意的是，过去一年，储能政策发布数量保持高热度，新增发布相关政策869项，同比增加13%； 市场化改革进入加速阶段，电价政策、电力市场政策热度较高，管理规范类政策占比提升。 截至2025年底，全国各省新型储能"十四五"规划目标总规模超91 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：新浪财经 | | | 近日，安徽省合肥市生态环境局发布了《 合肥乾锐科技有限公司年产1万吨硫化物固态电解质材料项目 环境影响评价 第一次公示》。 该项目位于安徽省合肥市肥东县合肥循环经济示范园石泉路与乳泉路交口东北角合肥乾锐科技有限公司厂区内，项目 建成后将实现年产1万吨硫化物固态电解质材料，其中主产品锂磷硫氯产量2000吨/年、锂磷硫氯溴产量6000吨/年、 锂磷硫氯碘产量2000吨/年。 2025年碳酸锂市场盘点： 2025年电解液市场盘点： 2025年铜箔市场盘点： 2025年钴酸锂市场盘点： 2025年三元材料市场盘点： 2025年磷酸铁锂市场盘点： 2025年三元前驱体市场盘点： 2025年六氟磷酸锂市场盘点： 2025年磷酸铁市场盘点： 2025年添加剂VC市场盘点： 2025年钠离子电池市场盘点： 2025年新型锂盐LIFSI市场盘点： 2025年隔膜市场盘点： 2025年锂电池市场盘点： 2025年铝箔市场盘点： 2025年储能电池市场盘点： 2025年储能系统市场盘点： 资料显示，合肥乾锐科 ...

Key Points Summary of Guoxuan High-Tech (002074.SZ) 2026 Business Outlook Conference Call Company Overview - Guoxuan High-Tech (002074.SZ) held a conference call on January 17 to discuss its business outlook for 2026, attended by Vice President of Investor Relations Liu Qinfeng and other management members [1] Industry and Market Insights - As of the end of 2025, the company expects to have an effective battery capacity of approximately 150 GWh, including over 30 GWh of energy storage battery capacity [1] - Management anticipates that by the end of 2026, effective battery capacity will exceed 200 GWh, with energy storage battery capacity around 60 GWh [1] Investment Ratings and Financial Data - Citigroup has assigned a rating to Guoxuan High-Tech [1] - As of January 16, 2026, the company's stock price was CNY 41.34 per share, with a target price set at CNY 56.70 per share, indicating an expected stock return of 37.2% [1] - The expected dividend yield is 0.3%, and the total expected return is 37.4% [2] - The company's total market capitalization is CNY 749.95 billion, equivalent to approximately USD 107.62 billion [2] Cost Structure and Pricing Mechanism - The pricing mechanism for electric vehicle batteries and energy storage batteries incorporates lithium costs [2] - Guoxuan High-Tech is negotiating with customers to include costs of electrolyte, lithium hexafluorophosphate, and copper in the pricing mechanism [2] - The self-sufficiency rate for lithium iron phosphate cathode materials is high, with annual production capacity between 200,000 to 300,000 tons [2] - The company also has a certain scale of anode material production capacity [2] Lithium Resource Business - In 2025, the company's lithium product output is expected to be less than 10,000 tons [2] - Management projects that lithium product output will exceed 10,000 tons in 2026, contingent on lithium price conditions [2] Overseas Capacity Expansion - The company has launched a 5 GWh battery capacity in Vietnam and is advancing plans for a second phase with customers [2] - Battery capacity has been planned in the United States, Slovakia, and Morocco [2] Electric Vehicle Battery Shipment Insights - In 2023, the shipment volume of batteries for mid-to-high-end electric vehicle models accounted for less than 10% of the total electric vehicle battery shipments [2] - The company has been continuously increasing the shipment proportion of batteries for mid-to-high-end electric vehicle models [2] - By the end of 2025, the monthly shipment volume of batteries for mid-to-high-end electric vehicle models is expected to exceed a certain percentage of total electric vehicle battery shipments [3] Valuation Analysis - Citigroup employs an enterprise value/EBITDA valuation method for Guoxuan High-Tech, which mitigates uncertainties related to capital structure [3] - Based on the expected enterprise value/EBITDA of 16.7 times for 2026, this figure is 0.4 standard deviations below the historical average since 2012, primarily due to a slowdown in EBITDA growth compared to historical highs [4] - The calculated reasonable stock price is CNY 56.70 per share, corresponding to a projected P/E ratio of 69.4 times for 2025 and 37.1 times for 2026 [4]

Core Viewpoint - The A-share market experienced fluctuations with the battery sector under pressure, as evidenced by the decline of the Battery 50 ETF (159796) by 2.55% after four consecutive days of gains, with a trading volume of 322 million yuan [1]. Group 1: Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with significant drops including Sunshine Power down over 5%, and others like Xian Dao Intelligent and Multi-Fluorine down over 4% [3]. - The top ten constituent stocks of the Battery 50 ETF include major players such as Sunshine Power and Ningde Times, with varying declines in their stock prices [4]. Group 2: Project Announcements - On January 19, China Energy Construction announced the procurement results for a 153 MW battery storage project in South Africa, with Sunshine Power winning the bid for a total project capacity of 742.22 MWh and a contract value of 528 million yuan (approximately 0.86 yuan/Wh) [5]. Group 3: Industry Trends - The battery sector is expected to recover due to multiple catalysts, including a surge in demand for energy storage, rising material prices, and accelerated solid-state battery technology [6]. - Global demand for large-scale energy storage is projected to exceed expectations, with a forecasted growth of over 60% by 2026, driven by various market factors including the U.S. Inflation Reduction Act [7]. - Prices of upstream raw materials have generally increased, with battery-grade lithium carbonate rising by 64.4% to 157,000 yuan/ton, and lithium hydroxide up by 77.51% to 150,000 yuan/ton as of January 16, 2026 [8]. Group 4: Technological Developments - The solid-state battery sector is witnessing rapid advancements, with significant policy support and market catalysts enhancing industry prospects [9]. - Major automotive manufacturers are accelerating the integration of solid-state batteries, with companies like FAW Hongqi and GAC Group making substantial progress towards mass production by 2027 [9]. Group 5: Investment Opportunities - The Battery 50 ETF (159796) is positioned to benefit significantly from the energy storage sector, with a storage component of 18.7%, and a solid-state battery component of 45%, indicating strong growth potential [10]. - The ETF's focus on energy storage and power batteries, along with its low management fee of 0.15% per year, makes it an attractive investment option for capturing opportunities in the battery sector [16].

Core Viewpoint - The article discusses the advancements and production timelines of solid-state batteries from various companies, highlighting the competitive landscape and technological progress leading up to 2026 and beyond [4]. Group 1: Company Developments - CATL launched the world's first sulfide solid-state battery pilot line in Hefei in May 2025, achieving an energy density of 450Wh/kg, with plans to expand production capacity to 50GWh by 2026 [6]. - Guoxuan High-Tech introduced its "Guan" quasi-solid-state square aluminum shell cell with an energy density greater than 300Wh/kg and initiated a pilot line with a 90% yield rate in May 2025 [8]. - EVE Energy's solid-state battery, "Longquan No. 2," achieved an energy density of 300Wh/kg and is aimed at high-end applications like humanoid robots and low-altitude aircraft [8]. - Aoxin Technology plans to launch its polymer solid-state battery with an energy density of 400Wh/kg by the end of 2025, targeting high-end new energy vehicles [8]. - Ganfeng Lithium announced the mass production of lithium sulfide, completing the last link in the solid-state battery ecosystem, with plans to launch solid-state batteries by the end of 2025 [9]. Group 2: Industry Trends - The solid-state battery industry is expected to enter a critical year in 2026, with many companies racing to achieve mass production [4]. - The article outlines the competitive landscape, with over 30 companies making significant strides in solid-state battery technology, indicating a robust growth trajectory in the sector [4]. - The anticipated commercialization of solid-state batteries is projected for around 2030, as supply chains mature and production processes are refined [6].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002074 证券简称：国轩高科 公告编号：2026-002 国轩高科股份有限公司 关于第三期员工持股计划存续期届满暨终止的公告 二、本员工持股计划持股情况及后续安排 截止本公告披露日，本员工持股计划通过集中竞价交易的方式累计出售股份 2,189,100 股，本员工持股计划仍持有公司股票 944,584 股，占公司当前股本总额 的 0.05%。本员工持股计划实施期间，公司严格遵守股票市场交易规则及中国证 券监督管理委员会、深圳证券交易所关于信息敏感期不得买卖股票的规定，未利 用任何内幕信息进行交易。 根据本员工持股计划的有关规定，本员工持股计划将于 2026 年 1 月 17 日存 续期届满后自行终止。后续将由本员工持股计划管理委员会在存续期届满之日起 30 个工作日内完成相关资产的处置和清算，并在依法扣除相关税费后，按持有 人持有的份额进行分配。 特此公告。 国轩高科股份有限公司董事会 国轩高科股份有限公司（以下简称"公司"）第三期员工持股计划（以下简 称"本员工持股计划"）的存续期于 2026 年 ...