Core Viewpoint - The AI Fund, China New Energy Theme Mixed Fund A, reported a profit of 25.99 thousand yuan for Q4 2025, with a net asset value growth rate of 2.33% and a fund size of 11.4381 million yuan as of the end of Q4 2025 [3] Group 1: Lithium Battery Industry Outlook - The fund manager anticipates an improvement in supply and demand within the lithium battery industry over the next year, driven by a growing demand for energy storage, which now accounts for over 30% of total lithium battery demand [3] - Factors contributing to this demand include the maturation of domestic independent energy storage business models, continued growth in overseas energy storage, and the demand from AI data centers in the U.S. [3] - On the supply side, the expansion capacity and willingness in the upstream resources and midstream materials of lithium may be limited due to a prolonged period of declining profits over the past three years [3] - The industry is expected to enter a profit-up cycle, particularly in segments with hard supply gaps, such as lithium hexafluorophosphate and lithium ore, which may exhibit significant price and profit elasticity [3] Group 2: Power Supply and Equipment Demand - Domestic power supply and equipment are likely to benefit from global electricity supply bottlenecks, driven by large-scale construction of AI data centers and re-industrialization [4] - The demand for flexible power sources (e.g., gas turbines, energy storage systems) and electrical equipment (e.g., transformers) is expected to rise due to challenges in global electricity supply [4] - As overall power generation shifts from low-speed growth to rapid development, domestic companies may leverage capacity support, responsiveness, and cost advantages to penetrate the global supply chain and achieve rapid profit growth [4] Group 3: Solid-State Battery Technology - Solid-state batteries are recognized as a long-term important direction for lithium battery iteration, despite recent stock performance not outperforming benchmarks due to the lengthy industrialization cycle and potential short-term setbacks [4] - The solid-state battery sector is viewed as a long-term trend with significant growth potential, with leading domestic and international battery manufacturers increasing R&D investments in this area [4] - There may be opportunities for new companies to emerge in the equipment and materials segments as the industry grows, and the fund is considering increasing its focus and allocation towards solid-state battery technology [4] Group 4: Fund Holdings Concentration - As of the end of Q4 2025, the fund has a high concentration of holdings, with the top ten stocks including Yangguang Electric, CATL, Yahua Group, Kodali, Zhongmin Resources, Tianci Materials, Guocheng Mining, Fosptech, Zhenhua Co., and Siyuan Electric [4]

近期起点研究院 SPIR发布了《2026全球锂电白皮书报告》，报告数据显示，2025年中国锂电池电解液出货211吨，同比增长45.3%， 其中 CR10为89.7%， 市场集中度进一步提 升，天赐材料行业龙头地位稳固，增长原因主要为动力电池和储能电池出货的增长。起点研究院SPIR数据显示2025年出货量TOP10企业分别为：天赐材料、新宙邦、昆仑新 材、石大胜华、珠海赛纬、中化蓝天、瑞泰新材、法恩莱特、永太科技、新亚杉杉。 | | 1577576157 | | --- | --- | | | 2025中国锂电池 | | | 电解液出货TOP10 | | TOP1 | 天赐材料 TINC | | TOP2 | 新宙邦 | | TOP3 | 昆仑新材 | | TOP4 | 石大胜华 | | TOP5 | 珠海赛结 | | TOP6 | 中化蓝天 | | TOP7 | 瑞泰新材 | | TOP8 | 法恩莱特 | | TOP9 | 永太科技 | | TOP10 | 新亚杉杉 数据来源:起点册 | 起点研究院 SPIR 简介： 起点研究院 SPIR 是一家专注于新能源及新材料产业链的研究机构和产业智库，总部位于深圳， ...

Group 1 - The company, Guangzhou Tinci Materials Technology Co., Ltd., will hold its first extraordinary general meeting of 2026 on January 21, 2026 [1][2] - The meeting will include a proposal to increase the hedging business limit for commodity futures, which was suggested by the controlling shareholder Xu Jinfeng [1][4] - The meeting will be conducted in a hybrid format, combining on-site voting and online voting [2][3] Group 2 - The meeting will be open to all ordinary shareholders registered by the close of trading on January 16, 2026, and they can appoint proxies to attend [3][4] - The proposals to be discussed include two that have already been approved by the board, with one requiring a special resolution needing over two-thirds approval from attending shareholders [4][5] - The company has established specific registration procedures for both corporate and individual shareholders wishing to attend the meeting [5][6] Group 3 - The company has provided a guarantee for its subsidiary, Qinghai Tinci Hongzheng Environmental Technology Co., Ltd., with a maximum amount of 35,704,060 yuan [22][23] - The total guarantee amount provided by the company and its subsidiaries is 399,370.406 million yuan, with a balance of 120,104.23 million yuan, representing 9.17% of the company's latest audited net assets [27][28] - The company has not experienced any overdue guarantees or legal issues related to guarantees [27]

证券日报网讯 1月16日，天赐材料（002709）发布公告称，截至目前，公司及纳入公司合并报表范围内 子公司的担保额度总金额为399，370.406万元，提供担保余额为120，104.23万元，占归属于上市公司股 东最近一期（2024年12月31日）经审计净资产的9.17%。公司及其子公司对合并报表外参股的公司提供 的担保额度总金额为6，790万元，实际担保余额为6，790万元，占公司最近一期经审计净资产的 0.52%。公司及其子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而应承担损失的情况。 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In December 2025, the production and sales of new energy vehicles (NEVs) and batteries showed year-on-year growth but a month-on-month decline, primarily due to consumer hesitation during a subsidy policy gap [4]. - The penetration rate of NEVs reached 52.3% in December, a decrease of 0.9 percentage points month-on-month, while the annual penetration rate for 2025 was 47.9%, an increase of 7 percentage points year-on-year [4]. - The battery production and sales in December 2025 saw significant growth, with production at 201.7 GWh (up 14.4% month-on-month, 62.1% year-on-year) and sales at 199.3 GWh (up 11.1% month-on-month, 57.5% year-on-year) [4]. - The demand for power batteries is expected to weaken in the short term due to the traditional off-season for the NEV market and adjustments in the vehicle purchase tax [4]. - The solid-state battery industry is progressing towards commercialization, which will create incremental demand for materials and equipment in the industry chain [4]. Summary by Sections New Energy Vehicle Market - December 2025 saw NEV production and sales of 171.8 million and 171 million units, respectively, with year-on-year growth of 12.3% and 7.2%, but month-on-month declines of 8.6% and 6.2% [4]. - For the entire year of 2025, NEV production and sales reached 16.626 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [4]. Battery Production and Sales - In December 2025, the production of power and energy storage batteries was 201.7 GWh, with a year-on-year increase of 62.1% [4]. - The sales of power batteries accounted for 72.1% of total sales, with a month-on-month increase of 7.3% and a year-on-year increase of 49.2% [4]. Export and Market Dynamics - Battery exports in December 2025 reached 32.6 GWh, with a year-on-year increase of 49.2% [4]. - The report anticipates stable demand in the energy storage market and potential short-term support for demand due to adjustments in export tax policies [4]. Investment Recommendations - The report suggests focusing on the recovery pace of the industry chain and prioritizing sectors benefiting from solid-state battery advancements, including core materials and equipment [4]. - Key stocks to watch include CATL, EVE Energy, and others listed in the report [4].

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-013 广州天赐高新材料股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 广州天赐高新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召 开第六届董事会第三十一次会议、2025 年 5 月 8 日召开 2024 年度股东大会审议 通过了《关于 2025 年度向子公司提供担保额度的议案》。根据子公司的生产经营 和资金需求情况，公司为子公司的银行融资及项下债务、供应商申请信用账期等 业务提供担保，该等形式提供担保的总额不超过人民币 65 亿元，其中对资产负 债率 70%以下的子公司总担保额度不超过人民币 50 亿元，对资产负债率 70%以 上的子公司担保额度为不超过人民币 15 亿元，财务部可根据各公司资金需求情 况及各银行业务特点做适当调整。 2026 年 1 月 15 日，公司与中国工商银行股份有限公司广州开发区分行签订 了《最高额保证合同》，公司按照公司全资孙公司九江天赐资源循环科技有限公 ...

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-014 广州天赐高新材料股份有限公司 关于召开 2026 年第一次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州天赐高新材料股份有限公司（以下简称"公司"）2026年1月5日召开的 第六届董事会第四十次会议审议通过了《关于召开2026年第一次临时股东会的议 案》，决定于2026年1月21日（星期三）召开2026年第一次临时股东会，具体内容 详见公司于2026年1月6日在巨潮资讯网披露的《关于召开2026年第一次临时股东 会通知的公告》（公告编号：2026-006）。 2026年1月7日，公司董事会接到控股股东徐金富先生提交的《关于提议广州 天赐高新材料股份有限公司2026年第一次临时股东会增加临时提案的提议函》， 为了提高公司决策效率，提议将公司第六届董事会第四十一次会议审议通过的 《关于增加商品期货套期保值业务额度的议案》作为临时提案提交公司2026年第 一次临时股东会审议，具体内容详见公司于2026年1月9日在巨潮资讯网 （http:// ...

21智讯1月16日电，天赐材料公告，2026年1月15日，公司与中国工商银行股份有限公司广州开发区分行 签订了《最高额保证合同》，公司按照全资孙公司九江天赐资源循环科技有限公司持有青海天赐宏正环 保科技有限公司51.0058%的持股比例，为青海宏正的银行借款提供不超过35,704,060元的连带责任保证 担保。除九江天赐资源循环外的其他股东将同比例为青海宏正的银行借款提供股权质押担保。本次担保 事项在公司对子公司的担保授信额度范围内，无需提交董事会及股东大会审议。 ...

Group 1 - The core point of the news is the significant drop in lithium carbonate futures prices, with the main contract for May 2026 reaching 146,200 yuan per ton, hitting the daily limit down with a decline of 8.99% [1][2] - Major lithium-related stocks, including Tianqi Lithium and Ganfeng Lithium, experienced declines in their share prices, reflecting the impact of falling lithium carbonate prices on the market [1][3] - The trading volume for the main contract was reported at 340,600 lots, indicating active market participation despite the price drop [2] Group 2 - Tianqi Lithium's stock price decreased by 2.87% to 59.56 yuan, with a net outflow of 175 million yuan [3] - Ganfeng Lithium's stock price fell by 2.56% to 70.16 yuan, with a net outflow of 227 million yuan [3] - Other related stocks, such as Jiangte Motor and Tibet Mining, also saw declines in their stock prices, indicating a broader negative sentiment in the lithium sector [3]

Group 1 - The core viewpoint of the news highlights significant investments in the energy sector, particularly by the State Grid Corporation, which is expected to reach a historical high of 4 trillion yuan during the 14th Five-Year Plan, representing a 40% increase compared to the previous plan [1] - The investment focus will be on promoting green and low-carbon energy transition, constructing a new power system, and deepening technological innovation [1] - The expected fixed asset investments for the State Grid and Southern Grid during the 14th Five-Year Plan are approximately 4 trillion yuan and 1 trillion yuan, respectively, with a projected annual grid investment of 889 billion yuan in 2026, reflecting a year-on-year growth of over 7% [1] Group 2 - The meeting of the inter-ministerial joint conference on energy-saving and new energy vehicles noted that the market size of China's new energy vehicles increased by 3.6 times during the 14th Five-Year Plan, with battery costs reduced by 30%, lifespan increased by 40%, and charging speeds improved by over three times [2] - There is a pressing need to establish a power capacity market mechanism to ensure the recovery of installation costs for various power generation entities in the context of high renewable energy penetration [2] - The top ten weighted stocks in the CSI New Energy Index, which the New Energy ETF closely tracks, account for 43.23% of the index, including major companies like CATL, Sungrow Power, and Longi Green Energy [2]