中国回顾 12月国内动力和其他电池产量201.7GWh，同比+62.1%，环比+14.4%。其中三元/磷酸铁锂产量为 40.6/160.5GWh，占比为20.1%/79.5%。 12月国内动力电池装机量98.1GWh，同比+35.1%，环比+4.9%。其中三元/磷酸铁锂装机量为 18.2/79.8GWh，占比为18.6%/81.3%。 12月国内动力电池装机量TOP3为：宁德时代45.71GWh，占比46.6%；比亚迪17.63GWh，占比18.0%； 中创新航7GWh，占比7.1%。 1-12月国内动力和其他电池累计产量1755.6GWh，同比+60.1%。其中三元/磷酸铁锂累计产量为 347.6/1405.1GWh，占比为19.8%/80.0%。 1-12月国内动力电池累计装机量769.7Wh，同比+40.4%。其中三元/磷酸铁锂累计装机量为 144.1/625.3GWh，占比为18.7%/81.2%。 1-12月国内动力电池累计装机量TOP3为：宁德时代333.57GWh，占比 43.3%；比亚迪165.77GWh，占比21.5%；中创新航53.61GWh，占比7.0%。 1-11月全球动力电池累计装机 ...

Core Viewpoint - Canada has agreed to reduce tariffs on Chinese electric vehicles (EVs) from 100% to approximately 6%, allowing 49,000 Chinese EVs to enter the market, which is expected to boost market sentiment towards Chinese EV manufacturers [1] Group 1: Impact on Chinese EV Manufacturers - The tariff reduction is beneficial for Chinese EV manufacturers, particularly BYD, which has a diverse range of affordable EV products and holds a leading position in many markets, positioning it well to capitalize on this opportunity [1] Group 2: Challenges for Established Brands - The move poses a challenge to established brands in the Canadian market, including Tesla, Hyundai, Kia, Ford, and Toyota, which have already built market share [1]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态电池加速产业化，太空光伏潜力可期 2026 年 01 月 19 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -13% -6% 1% 8% 15% 22% 29% 36% 43% 50% 2025/1/20 2025/5/20 2025/9/17 2026/1/15 电力设备 沪深300 相关研究 《出口退税产业有预期，太空光伏远 期空间大》 2026-01-12 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 东吴证券研究所 1 / 47 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10679 上涨 0.79%，表现强于大盘。（本周，1 月 12 日-1 月 16 日，下同），锂电池涨 1.5%，新 能源汽车涨 1.29%，光伏涨 0.87%，电气设备涨 0 ...

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The solid-state battery industry is accelerating its industrialization, and the potential for space photovoltaic technology is promising [1] - The energy storage sector is expected to see significant growth, with a projected increase of over 60% in 2026 due to rising demand and government support [3][6] - The report highlights the strong performance of electric vehicle sales and the increasing demand for lithium batteries, with a notable rise in lithium carbonate prices [3][6] Industry Trends - The power equipment sector has shown a strong performance, with electric vehicle sales reaching 1.71 million units in December, a year-on-year increase of 28% [3] - The global energy storage system shipments are expected to reach 498 GWh in 2025, a year-on-year growth of 99% [3] - The report notes that the domestic energy storage market is expected to experience a compound annual growth rate of 30-50% over the next three years [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong growth potential, with Ningde Times expected to maintain a low valuation despite being a global leader in power and energy storage batteries [5] - The report mentions that companies such as Keda and Ganfeng Lithium are well-positioned to benefit from the rising prices of lithium and other battery materials [4][5] - Specific companies like Sunpower and Longi Green Energy are noted for their strong market positions in the inverter and solar panel sectors, respectively [5] Investment Strategy - The report suggests a focus on energy storage and lithium battery sectors, with recommendations for companies that are expected to benefit from the ongoing demand surge [3][4] - It emphasizes the importance of solid-state battery technology and the potential for significant returns in the robotics sector, particularly with Tesla's upcoming Gen3 robot [6] - The report advocates for investments in companies with strong supply chain capabilities and those that are positioned to capitalize on emerging market trends in energy and automation [6]

Core Viewpoint - Technological innovation is a crucial driving force for the sustainable development of the energy storage industry, impacting various sectors such as large-scale battery cells, long-duration energy storage, and grid-connected energy storage [2]. Group 1: Technological Innovation in Energy Storage - China's investment in energy storage technology and talent has been steadily increasing, with R&D spending expected to reach nearly 100 billion yuan by 2025, nearly doubling from five years ago [2]. - The number of R&D personnel has surpassed 200,000, and the number of patents has exceeded 100,000, indicating a growing foundation and strength in technological innovation [2]. - The competitive landscape is characterized by intense price wars, which may hinder R&D investments and innovation momentum in the technology sector [2]. Group 2: Future Competitiveness of Enterprises - The 24潮产业研究院 (TTIR) emphasizes that only companies with global layout capabilities, strong market expansion, financial health, and significant brand influence will have the potential for sustainable growth [3]. - Starting in 2026, TTIR will release a ranking of the top 10 Chinese energy storage companies based on their technological innovation capabilities across seven primary dimensions and 20 secondary dimensions [3]. Group 3: Ranking of Technological Innovation - The ranking will assess companies based on R&D investment, foundational strength, innovation outcomes, commercial promotion capabilities, product competitiveness, achievements, and leading layouts [4]. - The scoring breakdown for the ranking includes 45% for R&D investment, 15% for foundational strength, 10% for innovation outcomes, and various other dimensions [4]. Group 4: Top 10 Energy Storage Companies by Innovation - The top-ranked companies for technological innovation include BYD, CATL, and Sungrow, with scores reflecting their R&D investment, innovation outcomes, and product competitiveness [7]. - BYD scored 87.49, followed by CATL with 81.90, and Sungrow with 81.00, showcasing their leadership in the energy storage sector [7]. Group 5: Detailed Scoring Metrics - The detailed scoring metrics for R&D investment show that BYD leads with a score of 95.42, while CATL and Sungrow follow with scores of 83.12 and 78.33, respectively [9]. - In terms of innovation outcomes, Sungrow leads with a score of 86.88, followed closely by BYD and CATL [11]. - The foundational strength scores indicate that Sungrow also leads in R&D personnel metrics, highlighting its commitment to innovation [13].

泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 1-6月日程安排)。 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 2月27日 北京 国内头部智驾科技企业 人形机器人 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会—2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 751 Marine 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会-2026 Al 的中国力量(二) 6月26日-27日 贵州 茅台一日无界 品品鲜智能工厂、遵义会址 织金打鸡洞 7-12月日程安排 新易盛、川润股份、布法罗机器 ...

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The report suggests a focus on the automotive industry, particularly on companies like BYD and Geely for vehicle manufacturing, and companies like Li Auto, Xpeng Motors, and others in the smart technology and robotics sectors [3][20]. Core Insights - The EU's implementation of a price commitment mechanism is expected to significantly alleviate the tariff pressure faced by Chinese electric vehicle manufacturers exporting to Europe, improving their profitability per vehicle [1][13]. - Boston Dynamics' Atlas humanoid robot is set to begin mass production in 2026, marking a shift from technology validation to commercial deployment, with significant partnerships in manufacturing and logistics [2][14]. - The first week of 2026 saw a decline in retail sales of passenger vehicles, but there is optimism for recovery in Q1 2026 due to upcoming policy support and seasonal demand [19][3]. - The report highlights the ongoing trend of increasing exports of passenger vehicles, particularly in the context of recovering demand in markets like Russia and the growing penetration of new energy vehicles [3][19]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.57%, while the automotive index increased by 0.49%, ranking 10th among 31 sectors [21]. - In the first week of January 2026, wholesale passenger vehicle sales were 381,000 units, down 40% year-on-year, with new energy vehicle sales at 167,000 units, also down 30% [5][27]. - In December 2025, the total wholesale passenger vehicle sales were 2.787 million units, a year-on-year decrease of 9.3%, while new energy vehicle sales increased by 3.4% [6][34]. - Exports of passenger vehicles in December 2025 reached 588,000 units, a year-on-year increase of 45.5%, with new energy vehicle exports at 270,000 units, up 122.9% [6][50][54]. Industry Dynamics - The report notes significant developments in the automotive sector, including the establishment of a new company by Jetta to focus on new energy vehicles, and plans by XPeng to build an independent overseas supply chain team [62][64]. - The Hong Kong government is advancing autonomous driving tests, which could provide valuable insights for the application of such technologies in urban environments [61].

宁德时代落子沙特 1 月 10 日宁德时代 旗下售后服务 品牌 " 宁家服务 "在沙特开业，成为 中东地区最大 的新能源综合服务 体验中心 。 该店 占地 面积约 7000 平方米， 设有 返修中心、诊断维保区、展示区、客户休息区 、培训中心等 ，为客户提供 各种售后服务，服务范围涵 盖 乘用车、商用车、储能系统等七大类 ，未来还会提供钠电池相关产品的售后服务 。 开业现场 ， 宁德时代 还携手 沙特 Fast For Service 签署服务代理协议共同经营 ， Fast For Service 以经销商身份 参与宁德时代在沙特的 相关业务 ，截至目前宁家服务 已落地 75 个国家 / 地区 ， 服务站 数量达到 1200 家 ， 近万名 专业人员 在岗 。 LG新能源四季度营业亏损1220亿韩元 LG新能源公司周五公布的未经审计的初步数据显示，由于电动汽车制造商需求疲软拖累了业绩，第四季度运营亏损达到1220亿韩元（8380万 美元）；营收增长4.8%，至6.14万亿韩元。 LG新能源表示，季度业绩包括根据美国《通胀削减法案》为该公司在美国的电池生产提供的税收抵免。该公司表示，如果不计入这些税收抵 免，营 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息， 本篇 为栏目第 317 篇报道。 整理丨 Lucus 本周（1月 12 日至1月 18 日）出海大事件包括： TikTok Shop推出"美通墨"跨境计划 ； Temu本土店计划进入阿联酋 ； 追 觅俞浩回应"打造全球首个百万亿美元公司" ； 萝卜快跑启动阿布扎比商业化运营 ； 福特与比亚迪洽谈电池 采购； MiniMax宣 布开源，面向新评测集 ； 美光18亿美元收购力积电 铜锣晶圆厂 ；苹果将采用谷歌Gemini大模型作为底层支撑；马斯 克回应特 斯拉AI5芯片设计进展； 谷歌DeepMind CE O称 中国的AI模型仅落后美国几个月 。 出海四小龙 TikTok Shop推出"美通墨"跨境计划 ， 美国库存可直发墨西哥市场 1月17日消息，TikTok Shop宣布推出"美通墨"跨境计划，预计将于今年4月正式上线。 该计划以"美国仓库直邮墨西哥"为核心模式，支持商家直接从美国境内仓库向墨西哥消费者发货，打通美国与墨西哥之间的跨境 电商通道，被视为平台加码拉美市场 ...