Core Viewpoint - The performance of leading companies in the electrolyte and cathode sectors has significantly improved, with several firms forecasting substantial profit growth for 2025 [2] Group 1: Company Performance - Five companies in the lithium battery material supply chain have disclosed profit forecasts for 2025, including Hunan Youneng, Putailai, China National Materials, Tianci Materials, and Tianji Co., Ltd [2] - Tianci Materials expects a net profit of 1.1 billion to 1.6 billion yuan for 2025, representing a year-on-year growth of 127.31% to 230.63% [4] - Hunan Youneng anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, with a year-on-year increase of 93.75% to 135.87% [7] Group 2: Q4 Performance Insights - Both Tianci Materials and Hunan Youneng are projected to achieve a year-on-year net profit growth of over 500% in Q4 2025, with Tianci's growth estimated at approximately 538% and Hunan's at about 512% [3][9] - Tianci Materials' Q4 net profit is estimated to be around 929 million yuan, while Hunan Youneng's is projected at approximately 630 million yuan [6][9] - The growth for both companies is attributed to increased demand for lithium-ion battery materials driven by the growth of new energy vehicles and energy storage [6][10] Group 3: Other Companies' Performance - Putailai expects a net profit of 2.3 billion to 2.4 billion yuan for 2025, with a year-on-year increase of 93.18% to 101.58% [11] - China National Materials forecasts a net profit of 1.55 billion to 1.95 billion yuan for 2025, with a year-on-year growth of 73.79% to 118.64% [14] - Tianji Co., Ltd. anticipates a net profit of 70 million to 105 million yuan for 2025, marking a return to profitability [16] Group 4: Industry Trends - The fourth quarter saw significant price recovery in the electrolyte supply chain, driven by a rebound in the prices of key raw materials, particularly lithium hexafluorophosphate [18][19] - The profit recovery in the electrolyte and key raw material sectors is characterized by a "profit redistribution," where leading companies benefit from improved demand and cost management [20] - The improvement in the separator sector is more gradual, focusing on inventory reduction and internal efficiency enhancements [21]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文 | 尚扬 本周五（1月23日），A股各大主要股指相继收涨，钙钛矿电池、BC电池、砷化镓、有色锌、光伏玻璃 等概念涨幅居前，全市场逾百股涨停。 年初至今，各大券商积极工作，目前已对430家公司给出了"买入"评级，结合券商目标价与最新股价， 27家公司仍有50%的上涨空间，而此类公司多聚焦于智能驾驶、创新药、有色金属、储能、人工智能等 热门概念。 6只个股 开年已迅速斩获翻倍涨幅 2026年首月逐渐接近尾声，上证指数累计上涨超4%。观察可见，2026年年初至今，A股指数走势可分 为两个阶段，上旬受政策利好与流动性宽松支撑，指数自4000点下方启动，5个交易日即突破了4100 点，并于1月14日最高触及4190点（见图1）。下旬则进入休整消化期，压力主要来自技术面修复与资金 分歧。但整体来看，市场在政策托底与技术调整的博弈中维持震荡格局，流动性支撑下中期趋势依然完 好。 个股中，多家公司涨势凌厉，开年不足一个月，已迅速斩获翻倍涨幅，并于近日刷新了历史新高（见表 1）。 | | | 表I: 年内翻倍股 | | | --- | --- | - ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [47]. Core Insights - Global energy storage battery shipments are projected to grow by over 80% year-on-year in 2025, with significant contributions from both the automotive and energy storage sectors [40]. - The lithium battery index has seen a decline of 5.75% over the past two weeks, underperforming the CSI 300 index by 5.46 percentage points [12]. - The report highlights a positive outlook for the lithium battery market, driven by strong demand in the energy storage sector and supportive government policies [43]. Summary by Sections Market Review - As of January 22, 2026, the lithium battery index has decreased by 4.84% year-to-date, lagging behind the CSI 300 index by 6.87 percentage points [12]. - The report notes a recent upward trend in lithium carbonate and lithium hydroxide prices, with increases of 19.84% and 17.19% respectively over the past two weeks [24][5]. Price Changes in the Lithium Battery Supply Chain - Prices for battery-grade lithium carbonate averaged 166,100 CNY/ton, while lithium hydroxide (LiOH 56.5%) was priced at 160,200 CNY/ton as of January 22, 2026 [24]. - Positive price movements were observed in cathode materials, with lithium iron phosphate and NCM materials seeing increases of 16.60% and 12.35% respectively [27][22]. Industry News - By the end of 2025, China's new energy storage capacity is expected to reach 144.7 GW, marking an 85% increase year-on-year [40]. - The global lithium battery production is projected to reach 3,092 GWh in 2026, reflecting a year-on-year growth of 34.6% [40]. Company Announcements - Companies such as Penghui Energy and Defu Technology have reported significant expected profit increases for 2025, indicating a positive trend in the industry [42]. - CATL has introduced a new sodium battery solution, showcasing innovation in the battery technology space [40]. Weekly Perspective - The report emphasizes that while the demand for power batteries may weaken in the short term due to seasonal factors, the energy storage market continues to grow rapidly, supported by favorable policies [43].

Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 28.387 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0407 yuan. The fund's net value growth rate was 6.86%, and its total size reached 448 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the unit net value of the fund was 0.659 yuan. The fund manager, Chen Xiaoqiong, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 105.95% for Huashang High-end Equipment Manufacturing Stock A, while the lowest was 56.95% for Huashang New Energy Vehicle Mixed A [2][3]. Market Overview - In Q4 2025, the A-share market experienced fluctuations, with the Shanghai Composite Index oscillating between 3,800 and 4,030 points, briefly surpassing the 4,000-point mark in October. The Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index saw respective changes of 2.22%, -0.23%, -1.08%, and 10.1% [3]. Investment Strategy - The fund's investment strategy focuses on two main themes: growth and quality. Growth investments are centered around sectors such as lithium batteries, energy storage, solid-state batteries, and AIDC power equipment, with an emphasis on tracking industry developments and selective stock picking. The quality investments are directed towards assets with strong competitive advantages and sustainable profitability [3]. Fund Rankings - As of January 22, the fund's performance over various time frames ranked as follows among comparable funds: 20.14% growth over the last three months (40/621), 51.01% over the last six months (54/621), 56.95% over the last year (141/613), and -24.00% over the last three years (524/535) [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.0231, ranking 495 out of 526 comparable funds. The maximum drawdown during this period was 60.46%, with the largest single-quarter drawdown occurring in Q1 2024 at 32.7% [9][11]. Portfolio Composition - The average stock position of the fund over the last three years was 87.3%, slightly above the comparable average of 85.83%. The fund reached its highest stock position of 92.85% at the end of Q3 2025 and its lowest of 74.26% at the end of H1 2024 [14]. Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Ningde Times, Sunshine Power, Tianci Materials, Duofluor, Huasheng Lithium, Huayou Cobalt, Guocheng Mining, Xian Dao Intelligent, Penghui Energy, and Nord Shares [18].

锂电池产业链 超配（维持） 锂电池产业链双周报(2026/01/09-2026/01/22) 行 业 2025 年全球储能电池出货同比增长超 80% 2026 年 1 月 23 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 行情回顾：截至2026年1月22日，锂电池指数近两周下跌5.75%，跑输沪 深300指数5.46个百分点；锂电池指数本月至今累计下跌4.84%，跑输沪 深300指数6.87个百分点；锂电池指数年初至今下跌4.84%，跑输沪深300 指数6.87个百分点。 周 报 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链近两周价格变动： 锂电池指数走势 资料来源：iFinD，东莞证券研究所 锂盐：截至2026年1月22日，电池级碳酸锂均价16.61万元/吨，近两周上 涨19.84%；氢氧化锂(LiOH 56.5%)报价16.02万元/吨，近两周上涨17.19%。 正极材料：动力型磷酸铁锂报价5.48万元/吨，储能型磷酸铁锂报价5.39 万元/吨，近两周分别上涨16.60%和18.46%；NCM523、NCM622、NCM8 ...

Core Viewpoint - The report highlights the performance and strategic focus of the Bosera New Energy Theme Mixed A Fund, emphasizing its investment in high-growth and low-penetration sectors within the new energy industry, particularly in electric equipment and solid-state batteries [3][4]. Fund Performance - The fund reported a profit of 440,800 yuan in Q4 2025, with a weighted average profit per share of 0.0022 yuan [3]. - The net asset value (NAV) growth rate for the fund was 0.39% during the reporting period, with a total fund size of 162 million yuan as of the end of Q4 [3][15]. - As of January 22, the fund's unit NAV was 0.872 yuan [3]. Comparative Performance - Over the past three months, the fund's NAV growth rate was 12.65%, ranking 49 out of 100 among comparable funds [4]. - The fund's NAV growth rate over the past six months was 41.54%, ranking 31 out of 100 [4]. - The one-year NAV growth rate was 52.48%, ranking 36 out of 92 [4]. - The three-year NAV growth rate was 10.94%, ranking 31 out of 68 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.4889, ranking 25 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years was 46.79%, with the highest single-quarter drawdown occurring in Q2 2022 at 22.22% [11]. Investment Strategy - The fund manager indicated an increased allocation to high-growth and low-penetration sectors within the new energy industry, specifically targeting electric equipment exports and upstream lithium battery materials [3]. - The solid-state battery sector is highlighted as a low-penetration area, with expectations for mass production to begin in 2026 and scale deployment in 2027 [3]. Portfolio Composition - As of December 31, the fund's top ten holdings included companies such as CATL, Sungrow Power Supply, and Tianqi Lithium [18]. - The average stock position over the past three years was 86.14%, with a peak of 89.88% at the end of Q1 2023 [14].

截至2026年1月23日 09:45，新能源ETF(516160)上涨3.02%，成交9069.40万元。跟踪指数中证新能源指 数成分股迈为股份上涨20.00%，拉普拉斯上涨19.62%，捷佳伟创上涨16.80%，天合光能，容百科技 （维权）等个股跟涨。 新能源ETF(516160)紧密跟踪中证新能源指数，中证新能源指数选取涉及可再生能源生产、新能源应 用、新能源存储以及新能源交互设备等业务的上市公司证券作为指数样本，以反映新能源产业相关上市 公司证券的整体表现。指数前十大权重股分别为宁德时代、阳光电源、特变电工、隆基绿能、华友钴 业、亿纬锂能（维权）、中国核电、赣锋锂业、天赐材料、三峡能源，前十大权重股合计占比 43.23%。 消息面上，1月20日，财政部官网连发5文，出台支持中小企业、民间投资、设备更新等相关投资的一揽 子利好政策。能源电力、新能源汽车、节能环保、小水电等成为重点支持领域。同时配套民间投资、设 备更新等一揽子支持，直接降低新能源产业链企业融资成本，利好整车、零部件、储能、光伏等环节扩 产与技术升级。 新能源ETF(516160)，场外联接(A类：012831；C类：012832；南方中证新 ...

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].

山东凯盛新材料股份有限公司（以下简称"凯盛新材"）1月20日发布业绩预告称，2025年，公司持续加 大国内外市场的开拓力度，主要产品的出货量增加，盈利能力增强，全年预计归属于上市公司股东的净 利润为1.1亿元至1.4亿元，同比增长96.47%至150.06%。 "去年，化工行业供给端产能扩张周期接近尾声，需求端迎来修复，叠加原料成本上涨以及部分化工产 品价格反弹，一定程度上推动了行业景气度回暖。"陕西巨丰投资资讯有限责任公司高级投资顾问朱华 雷对《证券日报》记者表示。 2026年，部分化工产品涨价态势有望延续。以DOP（邻苯二甲酸二辛酯）为例，受原料端价格持续坚 挺、市场现货流通较少等因素影响，国内DOP市场在2025年第四季度延续缓步上行走势。 本报记者 张文湘 贺王娟 2025年，受市场需求增长、部分化工产品涨价影响，多家化工企业业绩预增。同花顺数据显示，截至1 月22日记者发稿，已有近60家化工行业上市公司披露业绩预告，超六成业绩有所改善。 例如，广州天赐高新材料股份有限公司发布业绩预告称，预计2025年归属于上市公司股东的净利润为11 亿元至16亿元，同比增长127.31%至230.63%。业绩预增主 ...

Group 1 - The core viewpoint of the article highlights the progress of the lithium battery material project by Chizhou Tianci High-tech Materials Co., Ltd., which is expanding its production capacity from 150,000 tons to 280,000 tons of lithium battery materials with a total investment of 300 million yuan [2] - The company forecasts a net profit of 1.1 billion to 1.6 billion yuan for the year 2025, representing a year-on-year growth of 127.31% to 230.63% [2] - The significant increase in net profit for the fourth quarter is attributed to the rising demand in the new energy vehicle market and the rapid growth in the energy storage market, leading to a substantial increase in sales of lithium-ion battery materials [2] Group 2 - The lithium battery materials industry is expected to show signs of recovery in the second half of 2025, with the average price of electrolyte reaching 35,500 yuan per ton in the fourth quarter, marking a quarterly increase of 92.41% [3] - Several institutions have raised their profit forecasts for Tianci Materials for 2026, with East Wu Securities projecting a net profit of approximately 8.06 billion yuan, while other firms have similar estimates [3] - If the average price of hexafluorophosphate lithium continues to rise, some institutions estimate that the net profit attributable to shareholders for 2026 could reach 10.5 billion yuan [3]