1月7日，多氟多跌5.04%，截至发稿，报33.35元/股，成交37.72亿元，换手率10.20%，总市值397.01亿 元。 资料显示，多氟多新材料股份有限公司位于河南省焦作市中站区焦克路，成立日期1999年12月21日，上 市日期2010年5月18日，公司主营业务涉及六氟磷酸锂及电子化学品、锂离子电池、新能源汽车、无机 氟化盐。主营业务收入构成为：新能源材料34.97%，氟基新材料30.39%，新能源电池25.30%，电子信 息材料5.55%，其他3.80%。 从基金十大重仓股角度 数据显示，融通基金旗下1只基金重仓多氟多。融通新能源汽车主题精选A（005668）三季度持有股数 128.22万股，占基金净值比例为5.82%，位居第五大重仓股。根据测算，今日浮亏损失约226.95万元。 融通新能源汽车主题精选A（005668）成立日期2018年6月15日，最新规模4.24亿。今年以来收益 1.92%，同类排名5891/8823；近一年收益62.69%，同类排名1167/8083；成立以来收益222.21%。 融通新能源汽车主题精选A（005668）基金经理为王迪。 截至发稿，王迪累计任职时间7年204天，现 ...

Core Viewpoint - The A-share market continues to rise, with the Shanghai Composite Index increasing by 1.5%, reaching a nearly 10-year high, marking a 13-day consecutive gain [1]. Group 1: Market Performance - The Battery 50 ETF (159796) rose over 1%, with a trading volume of nearly 400 million yuan, achieving two consecutive days of gains [1]. - The top ten component stocks of the Battery 50 ETF show mixed performance, with significant gains from companies like XianDai Intelligent (+2.84%) and GreenMei (+2.49%), while others like Ningde Times (-0.93%) experienced declines [5]. Group 2: Lithium Carbonate Market Dynamics - Lithium carbonate futures surged by 7% yesterday and hit the daily limit today, driven by a shift in supply-demand dynamics towards a tighter balance [4]. - According to Huatai Securities, the oversupply of lithium carbonate is expected to improve significantly by the first half of 2025, with a projected cumulative oversupply of 50,200 tons in 2024, narrowing to 7,955 tons by Q2 2025, and turning into a shortage in Q3 and Q4 with gaps of 15,200 tons and 20,000 tons respectively [7]. Group 3: Demand Growth in Energy Storage - The demand for energy storage is expected to grow significantly, driven by high growth in power batteries and energy storage applications, particularly in AI data centers and renewable energy storage [8]. - Dongwu Securities forecasts a two-year sustained growth cycle for energy storage, with domestic bidding for energy storage expected to reach 190 GWh in 2025, a 138% increase, and cumulative installations projected to exceed 163 GWh, a 47% year-on-year increase [9]. Group 4: Global Energy Storage Trends - In the U.S., the demand for energy storage is expected to rise due to the rapid growth of AI data centers, with projected installations of approximately 53 GWh in 2025 and 80 GWh in 2026, reflecting a 51% year-on-year increase [10]. - European markets are also experiencing growth, with expected installations of 20 GWh in 2025 and 42 GWh in 2026, driven by supportive capacity pricing policies [10]. Group 5: Battery Industry Outlook - The lithium battery materials sector is witnessing positive changes, with energy storage demand exceeding expectations, leading to a recovery in industry sentiment [11]. - The electrolyte supply chain is expected to see an upward trend, supported by energy storage demand and rising lithium carbonate costs, with a projected tight balance in 2026 [11]. Group 6: Investment Strategy in Battery Sector - The Battery 50 ETF (159796) is highlighted for its significant exposure to energy storage (27%) and solid-state battery technology (42%), making it a favorable investment choice amid the expected demand surge [13][15]. - The ETF's management fee is notably low at 0.15% per year, enhancing its attractiveness for investors looking to capitalize on the battery sector's growth [15].

Group 1 - The Shenzhen Component Index rose by 0.53% and the Chemical Sub-Index increased by 2.43%, with notable stock performances including Junzheng Group up over 8% and Hengli Petrochemical, Wanhua Chemical up over 5% [1] - The Chemical ETF by Harvest (159129) increased by 2.49%, reflecting strong performance in the chemical sector [1] - The Venezuelan oil exports have nearly dropped to zero due to U.S. oil sanctions, leading to the state oil company reducing crude production and initiating emergency measures to close some oil fields [1] Group 2 - Guosen Securities predicts that the "anti-involution" policy signals will effectively optimize the supply side of the refining and chemical industry [1] - The global external environment is changing rapidly, with significant uncertainties related to the Russia-Ukraine conflict, U.S.-Iran relations, and U.S. "reciprocal tariffs" [1] - It is expected that the Brent oil price will stabilize between $55-65 per barrel and WTI oil price between $52-62 per barrel by 2026, considering OPEC+'s fiscal balance oil price costs and the high new well costs of U.S. shale oil [1] Group 3 - The Chemical ETF tracks the CSI Sub-Sector Chemical Industry Index, which selects 50 large-cap, liquid chemical companies from the Shanghai and Shenzhen markets [2] - The top ten weighted stocks in the index include Wanhua Chemical, Salt Lake Co., Tianci Materials, Cangge Mining, Juhua Co., Hualu Hengsheng, Duofu Du, Hengli Petrochemical, Baofeng Energy, and Yuntianhua [2]

1月5日，A股市场普涨，两市超4000股上冲，沪指涨超1%，重回4000点上方！截至13:56，同类规模领先、费率最低档的电池50ETF(159796)上涨1.93%， 盘中获500万元净申购，加上今日已连续4日强势吸金！ 电池50ETF(159796)标的指数成分股多数冲高，道氏技术(300409)20%大号涨停，先导智能涨近7%，亿纬锂能涨超4%，国轩高科、宁德时代涨超2%，三花 智控、阳光电源等跟涨。 | 【电池50ETF(159796)标的指数前十大成分股】 | | --- | | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | 0.44% | 8.97% | | 2 | 002050 | 三花智控 | 家用电器 | 1.45% | 8.70% | | 3 | 300750 | 宁德时代 | 电力设备 | 2.40% | 7.71% | | 4 | 300014 | 亿纬锂能 | 电力设备 | 4.93% | 5.52% | | 5 | 002 ...

Core Viewpoint - The release of the first national standard for solid-state batteries in China marks a significant milestone in the industry's development, establishing clear definitions and high thresholds for key performance indicators, which is expected to facilitate the industrialization of solid-state battery technology [1][6]. Group 1: Definition and Standards - The new standard categorizes batteries into three types: liquid batteries, hybrid solid-liquid batteries, and solid-state batteries, eliminating the previously used term "semi-solid battery" [2]. - A critical performance indicator set by the new standard is that the weight loss rate of solid-state batteries must not exceed 0.5%, a significant tightening from the previous requirement of less than 1% [2][6]. - The standard aims to clarify the market and promote genuine technological innovation, thereby purging the market of "pseudo-solid" products [6]. Group 2: International Competition and Market Dynamics - The standard categorizes solid-state batteries based on electrolyte types and ion conduction types, which is expected to enhance China's competitive edge in the global solid-state battery technology race [4]. - The establishment of the national standard is seen as a strategic move to unify domestic technical interfaces and gain a voice in international regulations [4]. - Capital investment in the solid-state battery sector is increasing, with significant funding events indicating strong market recognition of this technology [5]. Group 3: Industry Impact and Investment Opportunities - Major companies are actively pursuing funding and investments to support the transition from laboratory to large-scale production of solid-state batteries [5]. - The market has seen a surge in institutional interest, with 22 solid-state battery concept stocks receiving institutional research in the fourth quarter [5]. - Companies with substantial technological reserves in core electrolyte routes and those achieving significant production capabilities are expected to benefit from the "Matthew effect" in the upcoming industrial wave [6].

Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - As of December 26, 2025, the price of industrial-grade lithium carbonate rose to 116,000 yuan per ton, with a weekly increase of 14.85% [3]. - The price of phosphoric iron lithium (power type) reached 45,100 yuan per ton on December 26, up over 15% from December 19 [3]. - Prices for lithium hexafluorophosphate remained stable at 180,000 yuan per ton as of December 27 [3]. - The average price of square phosphoric iron lithium energy storage batteries remained stable, with slight increases in specific models [3]. Demand - In November 2025, the monthly loading volume of phosphoric iron lithium batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, achieving a new high for the year [4]. - The monthly loading volume of ternary power batteries was 18.2 GWh, reflecting a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The new bidding capacity for domestic new energy storage projects in January to October 2025 was higher than in the same period of 2024, with November slightly lower [4]. - In November 2025, China's battery exports reached 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The production of domestic batteries and phosphoric iron lithium cathode materials in January to November 2025 exceeded that of 2024, with stable raw material and cell prices, and an increase in monthly loading volumes and new energy storage bidding capacities [5]. - The industry is advised to focus on core enterprises in battery cells that lead in the collaborative layout of power batteries and energy storage, as well as those related to lithium battery materials [5]. - Recommended companies include CATL (300750), EVE Energy (300014), Xinwangda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Dofluor (002407) [5].

Core Viewpoint - The first national standard for solid-state batteries has been publicly solicited for opinions, marking a significant step towards the industrialization of solid-state battery technology [1] Industry Summary - The national standard titled "Solid State Batteries for Electric Vehicles Part 1: Terminology and Classification" was released for public consultation on December 30 [1] - This standard clarifies the terminology, classification, and coding related to solid-state batteries, indicating a transition from laboratory research to industrial application [1] - A total of 54 listed companies in the A-share market are involved in the solid-state battery industry chain, reflecting growing interest and investment in this sector [1] Company Summary - In the fourth quarter, 22 concept stocks related to solid-state batteries have been investigated by institutions, with 16 of these stocks receiving attention from 10 or more research institutions [1] - Companies such as Rongbai Technology, Dandefluorine, and Dangseng Technology have attracted the most institutional research, with 267, 183, and 157 institutions respectively conducting investigations [1]

Core Viewpoint - The first national standard for solid-state batteries has been publicly solicited for opinions, marking a significant step towards the industrialization of solid-state battery technology [1][2]. Group 1: National Standard Development - The national standard titled "Solid-State Batteries for Electric Vehicles Part 1: Terminology and Classification" has been released for public consultation, defining key terms, classifications, and coding related to solid-state batteries [2]. - The standard will be developed in four parts: terminology and classification, performance specifications, safety specifications, and lifespan specifications [4]. - The draft categorizes solid-state batteries based on the type of electrolyte, ion conduction type, and application area, including categories such as sulfide, oxide, polymer, and halide solid-state batteries [6]. Group 2: Stricter Classification and Standards - The draft specifies that solid-state batteries must have a weight loss rate of no more than 0.5%, which is stricter than the previous group standard of less than 1% [6]. - The standard aims to eliminate the concept of semi-solid batteries, focusing on clear definitions and classifications [5]. Group 3: Industry Implications - The establishment of a national standard is expected to unify technical standards, enhance industry collaboration, and strengthen China's position in international regulations, facilitating the transition from laboratory to mass production [7][8]. - The solid-state battery industry in China is experiencing significant capital investment, with major companies completing substantial financing rounds, indicating strong market confidence in the technology [9]. Group 4: Market and Investment Trends - A total of 54 listed companies in A-shares are involved in the solid-state battery supply chain, attracting institutional interest [10]. - In the fourth quarter, 22 concept stocks received institutional research, with companies like Rongbai Technology and Dandeng Technology being the most frequently researched [12]. - Companies are increasing their R&D investments, with several solid-state battery stocks reporting significant growth in R&D expenses as a percentage of revenue [13][14].

Investment Rating - The industry is rated as "Outperform" compared to the market [3]. Core Insights - The demand for power and energy storage batteries is strong, with an increase in average prices for storage cells and systems [3][4]. - In November 2025, domestic battery production reached 176.3 GWh, a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [3]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [3]. - The price of industrial-grade lithium carbonate rose to 116,000 CNY/ton as of December 26, 2025, with a weekly increase of 14.85% [3]. - The average price of LFP (power type) reached 45,100 CNY/ton, increasing over 15% since December 19, 2025 [3]. - The average price of square LFP energy storage cells remained stable, with slight increases noted in December 2025 [3]. - In November 2025, the monthly loading volume of LFP batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [3]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% [3]. Summary by Sections Production - In November 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [3][4]. Prices - Prices for key materials such as lithium carbonate and LFP have seen substantial increases, indicating a tightening supply [3][4]. Domestic Demand - The domestic demand for batteries is robust, with record loading volumes and increased tender capacities for new energy storage projects [3][4]. Overseas Demand - The export market for Chinese power batteries is expanding, with notable year-on-year growth in November 2025 [3][4].

Core Viewpoint - The battery sector, particularly the battery 50 ETF (159796), has experienced a significant surge due to strong capital inflow and a rebound in component stocks, driven by the booming demand for energy storage solutions [1][3][5]. Group 1: Market Performance - As of December 30, the battery 50 ETF (159796) rose over 2%, recovering from previous declines with more than 85 million yuan in capital inflow [1]. - Key component stocks such as Sanhua Intelligent Control and Tianci Materials saw substantial gains, with Sanhua hitting the daily limit and Tianci rising over 3% [3][4]. Group 2: Industry Dynamics - The energy storage sector is experiencing a transformative shift, driven by the global energy transition and advancements in AI, leading to a significant increase in electricity demand [7]. - Domestic policies are evolving from mandatory energy storage to independent energy storage, enhancing the economic viability of storage projects [7]. - The demand for energy storage in China is projected to grow significantly, with a 118% year-on-year increase in project bidding data for the first ten months of 2025 [8]. Group 3: Future Projections - Global energy storage installations are expected to grow by over 60% next year, with a compound annual growth rate of 30-50% over the next three years [10]. - By 2025, the domestic energy storage installation capacity is anticipated to reach over 180 million kilowatts, nearly doubling within two and a half years [8]. Group 4: Investment Opportunities - The battery 50 ETF (159796) has a high concentration in the energy storage sector, with 27% of its index comprising energy storage components, positioning it well to benefit from the sector's growth [15]. - The ETF also includes a significant portion of solid-state battery technology, which is expected to see substantial advancements and market potential [15][17].