Core Viewpoint - Multiple companies listed on the Shenzhen Stock Exchange, including Qinghai Salt Lake Industry Co., Ltd., Guangzhou Tinci Materials Technology Co., Ltd., and Hunan Huazhong Steel Co., Ltd., have released positive performance forecasts for 2025, indicating stable operations and improving performance across various sectors [1] Group 1: Internal Empowerment - Companies are leveraging innovation and collaboration to build core competitive advantages, with a focus on technological breakthroughs and operational efficiency [2] - Tinci Materials is enhancing its product performance and cost control through R&D in new energy materials, creating a robust innovation platform that supports high-value product development [2] - Salt Lake Industry is utilizing full industry chain collaboration and lean management to strengthen its core competitiveness, projecting a net profit of 8.29 billion to 8.89 billion yuan for 2025, representing a year-on-year increase of 77.78% to 90.65% [3] Group 2: External Leverage - External policies and industry cycles are providing significant support for company growth, with national strategies in technology innovation and green development opening new growth avenues [5] - Huazhong Steel is adapting to market demands and pushing for efficiency improvements, expecting a net profit of 2.6 billion to 3 billion yuan for 2025, a year-on-year increase of 27.97% to 47.66% [6] - The child and maternal retail sector, represented by Kidswant, is experiencing a transformation driven by policy support and consumer upgrades, focusing on a comprehensive consumption ecosystem [6][7] - Companies are proactively capitalizing on external opportunities by optimizing supply chains and expanding market presence, translating external benefits into tangible performance growth [7]

Core Viewpoint - The A-share market is witnessing a wave of positive earnings forecasts for 2025, with several representative companies from various sectors reporting expected net profit increases of over 25%, and some exceeding 300%, indicating strong growth momentum [2] Group 1: Company Performance - Salt Lake Co. expects a net profit of 8.29 billion to 8.89 billion yuan for 2025, representing a year-on-year increase of 77.78% to 90.65% [3] - Tianqi Lithium anticipates a net profit of 1.1 billion to 1.6 billion yuan for 2025, with a growth rate of 127.31% to 230.63% [4] - Hualing Steel forecasts a net profit of 2.6 billion to 3 billion yuan for 2025, reflecting a growth of 27.97% to 47.66% [7] - Shougang Co. expects a net profit of 920 million to 1.06 billion yuan for 2025, indicating a growth of 95.29% to 125.01% [8] - Chuanhua Zhihui anticipates a net profit of 540 million to 700 million yuan for 2025, with a significant increase of 256.07% to 361.57% [8] - Kidswant projects a net profit of 275 million to 330 million yuan for 2025, showing a growth of approximately 51.72% to 82.06% [9] Group 2: Growth Drivers - Salt Lake Co.'s growth is attributed to stable production and sales of potassium fertilizer and lithium carbonate, along with favorable pricing and new lithium salt projects [4] - Tianqi Lithium's performance is driven by increased demand for electric vehicle batteries and energy storage, rising raw material prices, and strong customer relationships [5][6] - Hualing Steel's growth is supported by its transformation towards high-end, green, and intelligent production, alongside stable operational performance [7] - Shougang Co. leverages technological innovation and digital empowerment to enhance its manufacturing and service capabilities [8] - Chuanhua Zhihui focuses on market demand and optimizes its logistics and chemical business strategies for significant performance improvement [8] - Kidswant's growth strategy includes expanding product categories and enhancing supply chain efficiency, alongside strategic acquisitions to strengthen its market position [9][10]

Core Viewpoint - The article highlights the profit recovery in the electrolyte industry driven by increased demand for new energy vehicles and energy storage, alongside the company's strategic moves towards localization and upstream collaboration [2][3][10]. Group 1: Profit Forecast and Performance - Guangzhou Tinci High-Technology Materials Co., Ltd. expects a net profit of 1.1 billion to 1.6 billion yuan for 2025, representing a year-on-year increase of 127.31% to 230.63% [2]. - The company anticipates a non-net profit of 1.05 billion to 1.55 billion yuan, with a year-on-year growth of 175.16% to 306.18% [2]. - The growth in lithium-ion battery material sales is attributed to sustained demand from new energy vehicles and rapid growth in energy storage [3]. Group 2: Production and Market Strategy - Newzobang has announced three cross-regional investments and expansions in Europe, the Middle East, and North China, shifting focus from single-point expansion to a combination of "local delivery + upstream raw material security + high value-added product structure" [4]. - Tinci's projected annual electrolyte sales for 2025 are 720,000 tons, exceeding the initial target of 700,000 tons, with core products reaching full production capacity [5]. - The company plans to increase the proportion of LiFSI in its electrolyte products from approximately 2% to between 2.2% and 2.5% due to rising demand for fast-charging and energy storage applications [5]. Group 3: Expansion Plans - In Poland, Newzobang plans to invest up to 200 million yuan in a second phase project to add 50,000 tons/year of electrolyte production capacity [6][7]. - In the Middle East, the company intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, which will produce 200,000 tons of carbonate solvents and 100,000 tons of ethylene glycol [8]. - The expansion in Poland aims to address local market capacity gaps, while the Saudi project enhances upstream supply chain control, reducing delivery risks [8]. Group 4: Domestic Investment - Newzobang has increased its investment in the Tianjin semiconductor chemicals and lithium battery materials project by 103 million yuan, raising the total investment to 320 million yuan [9]. - The additional funds will be used for high-end production line construction and core equipment purchases, driven by growing demand in the electronics and photovoltaic sectors [9]. - This investment reflects the company's stronger confidence in the demand for high value-added electronic chemicals and emphasizes product structure optimization [10]. Group 5: Industry Outlook - The electrolyte industry is transitioning from concerns about market bottoming to focusing on which companies can effectively collaborate with upstream suppliers and localize production [11].

Investment Rating - The report maintains a positive outlook on the electric new energy sector, particularly highlighting the potential for strong performance in 2026 [5][10]. Core Insights - The electric new energy sector is experiencing significant catalysts, including the rapid IPO progress of companies like Blue Arrow Aerospace and price increases in solar components by Trina Solar, indicating a recovery in profitability [1][5]. - The report emphasizes the importance of space photovoltaics and commercial aerospace as key investment themes, alongside the rising prices in energy storage and lithium batteries [5][10]. - The report suggests that the photovoltaic industry is on track for a recovery, driven by price increases and improved profitability across the supply chain [9][10]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the acceleration of IPOs in the commercial aerospace sector, particularly for space photovoltaics, with significant growth potential [6][8]. - Trina Solar has set a new price range for distributed solar components at 0.82-1.06 CNY/W, which is significantly higher than recent market prices, indicating the start of a price recovery [8][9]. - The report notes ongoing efforts to strengthen intellectual property protections in the photovoltaic industry, which supports the trend of profitability recovery [6][9]. Wind Power - In December, new wind turbine tenders in China reached approximately 10.6 GW, marking a year-on-year increase of 37% and a quarter-on-quarter increase of 36% [2][11]. - The report anticipates continued growth in domestic demand for wind power in 2026, with significant overseas orders expected to materialize [12][15]. - The average bidding price for land-based wind turbines has remained high, with all power segments achieving over 10% price increases year-on-year [15][16]. Lithium Batteries - January production data indicates a slight decrease in domestic battery production, with a total of 142.54 GWh, down 4.23% month-on-month [22][23]. - Tianqi Lithium has forecasted a substantial increase in net profit for 2025, driven by strong demand in the electric vehicle and energy storage markets [22][23]. - The report highlights the ongoing price recovery in lithium battery materials, with significant growth in sales volumes contributing to improved profitability [22][23]. AIDC (Artificial Intelligence Data Center) - The report notes a sustained high market interest in the liquid cooling sector, driven by industry trends and the penetration of leading domestic companies [30][31]. - Investment opportunities are identified in companies that provide comprehensive liquid cooling solutions, particularly as demand for data center infrastructure grows [30][31]. Power Grid - The report mentions the approval of significant high-voltage projects, indicating a rapid acceleration in approvals and tenders for high-voltage equipment [32][33]. - The total tendering amount for the State Grid in 2025 is projected to reach 454.4 billion CNY, reflecting a 4% year-on-year increase [32][39]. - The report emphasizes the importance of transformer technology and the expected supply-demand imbalance in the North American market, presenting opportunities for companies with strong delivery capabilities [34][35].

从主要企业来看，天赐材料（002709）以72万吨的出货量排名第一，其市场份额提升至32.2%，已经连续十年排名全球第一。2025年出货量同比增速较快 的企业包括石大胜华（603026）、永太科技（002326）、昆仑新材和珠海赛玮，四家企业的出货量同比增速均超过70%，大幅跑赢行业增速。2025年度前 十企业中，昆仑新材上升一位排名行业第四，瑞泰新材（301238）和法恩莱特的出货量排名下滑较为明显。 近日，研究机构EVTank联合伊维经济研究院共同发布了《中国锂离子电池电解液行业发展白皮书(2026年)》。EVTank统计数据显示，2025年全球锂离子 电池电解液出货量同比增长44.5%达到240.2万吨，其中中国电解液实际出货量达到223.5万吨，在全球电解液市场占比提升至93.05%。 从中国电解液企业竞争格局来看，天赐材料一直遥遥领先，比亚迪（002594）自产自用。独立电解液企业中，昆仑新材和珠海赛玮市场份额逐步提升，竞 争激烈。石大胜华和永太科技近几年发展迅速，瑞泰新材和法恩莱特前十地位受到挑战。 | | | | | 2018-2025年中国锂离子电池电解液企业出货量前十 | | | | | | ...

Core Viewpoint - The electrolyte market is expected to maintain rapid growth, with a year-on-year increase of 31.3% in 2024 and 46.1% in 2025, leading to an overall increase of 14.8% [1] Group 1: Market Growth and Demand - The rapid growth of the electrolyte market is driven by increasing downstream demand, with global electrolyte production projected to reach 2.367 million tons in 2025, a year-on-year increase of 46.1% [2] - Domestic electrolyte production in China is expected to reach 2.212 million tons in 2025, growing by 53.6% year-on-year, accounting for 93% of global production [2] Group 2: Company Performance and Rankings - Among major electrolyte manufacturers, Feidong Guoxuan has the highest growth rate at 134%, while second-tier companies like Zhuhai Saiwei, Xianghe Kunlun, and others have growth rates between 70% and 95% [4] - Leading companies such as Tianci, New Energy, and BYD have growth rates around 40-50%, maintaining their positions in the top tier [5] - Tianci Materials remains the largest global electrolyte supplier, with a production of 720,000 tons in 2025, accounting for 30.4% of global production [9] Group 3: Market Concentration and Competition - The market concentration among the top three manufacturers (CR3) is expected to decrease to 56.1%, down 6% year-on-year, indicating a significant increase in market share for second-tier manufacturers [6] - The competitive strength of domestic electrolyte manufacturers is significantly higher than that of foreign manufacturers, and this strength is expected to further enhance [7] Group 4: Future Outlook - Global electrolyte production is projected to exceed 3 million tons in 2026, with China's production expected to surpass 1.8 million tons [10] - A slight increase in electrolyte market prices is anticipated in 2026, with an overall trend of fluctuating upward prices [10]

Core Conclusions - The global AI computing competition is intensifying, with xAI planning to enhance its training computing power to 2GW, recommending companies like Dongfang Electric and Sifang Co. for AI data center support [1] - Blue Arrow Aerospace's IPO application has been accepted, indicating a thriving commercial aerospace sector, with recommendations for companies like Goldwind Technology and Maiwei [1] - The opening of JD×Yushu's first national store in Beijing marks a significant step in the commercialization of robotics, with recommended companies including UBTECH and Wuzhou New Spring [1] Group 1: Silver Price and HJT Battery - Silver and polysilicon futures have reached new highs, potentially improving the cost-effectiveness of HJT and BC battery technologies [2] - Recommended stocks in the solar storage sector include Aiko and Foster, with a focus on companies like Dongfang Risen and Dike [2] Group 2: New Energy Installation and Pricing Mechanisms - New energy installations continue to rise, supported by improved electricity pricing mechanisms and transmission channels, with projects like the Shandong Dengzhou Station receiving approval [2] - Recommended companies in the power equipment sector include Pinggao Electric and Shunhua Power, with a focus on TBEA [2] Group 3: Electric Vehicle and Consumer Electronics Demand - The introduction of a new subsidy policy for replacing old vehicles is expected to boost demand for electric vehicles and consumer electronics, with subsidies of up to 15% for certain products [3] - Recommended companies in the electric vehicle sector include CATL and EVE Energy, with a focus on companies benefiting from overseas markets [3] Group 4: Offshore Wind Power Development - Two large offshore wind power projects in China have achieved full capacity grid connection, indicating rapid development in the offshore wind industry [3] - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3] Group 5: Energy Storage Capacity Compensation Mechanism - Gansu Province has officially released a compensation mechanism for energy storage capacity, set at 330 RMB/kW·year, which is expected to maintain high industry prosperity [4] - Recommended companies in the energy storage sector include Sungrow Power and EVE Energy [4] Group 6: Market Trends and Price Changes - The overall sales of major domestic new energy vehicle companies increased by 15.13% year-on-year in 2025, with a total delivery of 7.42 million vehicles [9] - Prices for lithium salts and nickel have risen, with battery-grade lithium carbonate reaching 118,500 RMB/ton, up 5.90% week-on-week [21][24]

电力设备/电池 天赐材料（002709.SZ） 2026 年 01 月 04 日 投资评级：买入（维持） | 日期 | 2025/12/31 | | --- | --- | | 当前股价(元) | 46.33 | | 一年最高最低(元) | 49.78/15.37 | | 总市值(亿元) | 942.30 | | 流通市值(亿元) | 697.01 | | 总股本(亿股) | 20.34 | | 流通股本(亿股) | 15.04 | | 近 3 个月换手率(%) | 480.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-01 2025-05 2025-09 天赐材料 沪深300 相关研究报告 《六氟磷酸锂周期反转，卡位固态电 池核心材料—公司首次覆盖报告》 -2025.12.15 殷晟路（分析师） 王嘉懿（分析师） yinshenglu@kysec.cn wangjiayi@kysec.cn 证书编号：S0790525060004 2025 年预计实现归母净利润 11-16 亿元，业绩超预期 公司发布 2025 年度业绩预告。2025 年预计实现归母净利 ...

Group 1: Macro News - The U.S. military successfully executed an operation to arrest Venezuelan President Maduro and his wife, who are now on a U.S. warship and will face charges in New York [1][2] - The Venezuelan government condemned the U.S. actions as a severe military invasion and declared a national emergency [1] - The Chinese government expressed strong condemnation of the U.S. military action, calling it a violation of international law and an infringement on Venezuela's sovereignty [2] - France's Foreign Minister stated that the U.S. military action against Venezuela violates the principle of non-use of force established by international law [3] - Russia's Foreign Ministry called for the immediate release of Maduro and his wife, emphasizing the need for dialogue to resolve issues between the U.S. and Venezuela [3] - The UN Secretary-General expressed shock at the escalation of the situation in Venezuela, warning of potential regional impacts from the U.S. military actions [3] Group 2: Industry Information - The global sovereign wealth fund assets reached a record high of $15 trillion, with increased investments in the technology sector, particularly in AI and digitalization [6] - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% [10] - BYD reported December 2025 sales of 420,398 new energy vehicles, with a total annual sales of 4,602,436 units, reflecting a year-on-year growth of 7.73% [10] - Baidu plans to spin off Kunlun Chip and seek independent listing on the Hong Kong Stock Exchange [11]

Group 1 - Over 30 A-share companies have released positive performance forecasts for 2025, indicating expected year-on-year growth [1][2] - The performance forecasts primarily come from two types of disclosures: annual performance announcements from existing companies and full-year performance estimates from newly listed companies in their prospectuses [2] - Notable companies include Transfar Zhilian, which expects a net profit of 540 million to 700 million yuan, representing a year-on-year increase of 256.07% to 361.57% [2] Group 2 - The electronics sector has the highest concentration of companies with positive forecasts, with Luxshare Precision expecting a net profit of approximately 16.518 billion to 17.186 billion yuan, a year-on-year increase of 23.59% to 28.59% [3] - In the non-ferrous metals sector, Zijin Mining anticipates a net profit of about 51 billion to 52 billion yuan, an increase of approximately 59% to 62% compared to the previous year [4] - Tianqi Materials expects a net profit of 1.1 billion to 1.6 billion yuan, reflecting a year-on-year growth of 127.31% to 230.63%, driven by strong demand in the new energy vehicle and energy storage markets [5][6] Group 3 - New companies entering the market, such as Baiaosaitu, are also showing significant growth potential, with projected revenue of approximately 1.351 billion yuan and a net profit increase of 303.57% [6] - The biotechnology sector is highlighted by Baiaosaitu's rapid revenue growth due to increased demand for R&D from domestic pharmaceutical companies [6] - The overall trend indicates a robust performance across various sectors, particularly in technology and new energy, suggesting a vibrant market outlook for 2025 [7]