每经AI快讯，1月27日，电池产业链集体下挫，天际股份（002759）触及跌停，川能动力（000155）、 国城矿业（000688）、盛新锂能（002240）、大中矿业（001203）、金圆股份（000546）跟跌。 ...

Group 1 - The battery supply chain experienced a decline at the beginning of trading on January 27, with significant drops in stock prices for several companies [1] - Tianji Co., Ltd. saw a decrease of over 9%, while Huasheng Lithium Battery fell by more than 6% [1] - Other companies such as Hunan Youneng, Tianci Materials, and Xingyuan Materials also reported notable declines in their stock prices [1]

南方中证2000ETF（159531）基金经理为李佳亮。 截至发稿，李佳亮累计任职时间9年178天，现任基金资产总规模91.89亿元，任职期间最佳基金回报 213.25%， 任职期间最差基金回报-29.58%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓天际股份。南方中证2000ETF（159531）四季度持有股数4万股， 占基金净值比例为0.26%，位居第二大重仓股。根据测算，今日浮亏损失约10.36万元。 南方中证2000ETF（159531）成立日期2023年9月7日，最新规模7.25亿。今年以来收益10.1%，同类排 名1486/5548；近一年收益51.29%，同类排名1249/4285；成立以来收益53.38%。 1月27日，天际股份跌5.91%，截至发稿，报41.20元/股，成交4.46亿元，换手率2.13%，总市值206.57亿 元。 资料显示，天际新能源科技股份有限公司位于广东省汕头市潮汕路金园工业城12-12片区，成立日期 1996年3月30日，上市日期2015年5月28日，公司主营业务涉及将现代科学技术与传统陶瓷烹饪相结合的 陶瓷烹饪家电、电热水壶的研发、生产和销售。研发、 ...

2026.01. 26 本文字数：2633，阅读时长大约4分钟 作者 | 第一财经 魏中原 近期A股春季行情中，化工板块表现亮眼，成为市场焦点。万华化学（600309.SH）、恒力石化（600346.SH）、华鲁恒升（600426.SH）等龙头股迭创 阶段新高，环氧丙烷等化工品价格持续上涨，带动相关个股表现强劲。数据显示，1月19日至23日，基础化工板块上涨7.29%，在申万31个行业中排名第 四，该行业1月以来累计涨逾13%，跑赢电子与通信。 在以科技为主线的本轮牛市行情中，资金开始拥抱化工现象背后，是化工行业从2021年高点后经过四年低迷，正逐步走出周期底部，迎来景气度反转。 随着上市公司2025年度业绩预告密集披露，化工板块的"春意"渐浓，多家龙头化工企业的"扭亏""预增"公告，如同预告着行业基本面的回暖，行业盈利回 升趋势明显，为板块估值修复提供了坚实支撑，市场正对化工板块进行重新定价。 除了上述龙头，一批公司在报告期内实现了惊人的增长弹性或彻底的困境反转。例如，农药行业的利民股份、利尔化学等公司均预计去年净利润增幅超过 100%。更有多家公司成功"扭亏为盈"，如康达新材（002669.SZ）、万凯新 ...

Core Viewpoint - The lithium battery industry is entering a new golden cycle, with significant performance increases reported by leading companies, driven by surging demand in end-user markets and rising prices of lithium battery materials, indicating a strong recovery in the market [3][14]. Group 1: Performance Forecasts of Leading Lithium Battery Companies - Nine leading lithium battery companies are expected to report substantial profit increases for 2025, with many achieving turnaround from losses to profits or experiencing significant growth [4][12]. - Penghui Energy forecasts a net profit of 170 million to 230 million yuan for 2025, marking a return to profitability [5]. - Pylon Technologies anticipates a net profit of 62 million to 86 million yuan, representing a year-on-year growth of 50.82% to 109.21% [7]. - Hunan Youneng expects a net profit of 1.15 billion to 1.4 billion yuan, with a growth rate of 93.75% to 135.87% [8]. - Putailai projects a net profit of 2.3 billion to 2.4 billion yuan, reflecting a growth of 93.18% to 101.58% [9]. - Tianci Materials predicts a net profit of 1.1 billion to 1.6 billion yuan, with an increase of 127.31% to 230.63% [10]. - Tianji Co. expects a net profit of 7 million to 10.5 million yuan, returning to profitability after a loss of 1.361 billion yuan in the previous year [10]. - Zhongcai Technology forecasts a net profit of 1.55 billion to 1.95 billion yuan, a growth of 73.79% to 118.64% [11]. - Xianlead Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan, with a staggering growth of 424.29% to 529.15% [11]. Group 2: Factors Driving Performance Growth - The explosive growth in terminal demand, particularly in the global electric vehicle and energy storage markets, is a fundamental driver of performance increases [15]. - The recovery of the industry cycle and improved cost management have enhanced profitability across the supply chain, with core material prices stabilizing and recovering [16]. - Companies are focusing on technological iterations and precise capacity planning to align with industry trends, such as the production of silicon-carbon anodes and the expansion of phosphate manganese lithium projects [17]. - The expansion into overseas markets and diversification of application scenarios are emerging as new growth drivers for companies like Penghui Energy and Pylon Technologies [17].

Core Viewpoint - The lithium battery industry is expected to see significant growth in 2025, driven by strong demand from downstream markets such as electric vehicles, energy storage, and consumer electronics [1] Group 1: Company Performance Forecasts - XianDao Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year increase of 424.29% to 529.15% due to a recovering global power battery market and strong demand in the energy storage sector [2] - PuTaiLai expects a net profit of 2.3 billion to 2.4 billion yuan in 2025, reflecting a year-on-year increase of 93.18% to 101.58%, driven by the ongoing trend of electrification in the automotive market and recovery in the consumer electronics sector [4] - TianCi Materials forecasts a net profit of 1.1 billion to 1.6 billion yuan in 2025, with a year-on-year growth of 127.31% to 230.63%, attributed to increased sales of lithium-ion battery materials and effective cost control [5] - Hunan YuNeng projects a net profit of 1.15 billion to 1.4 billion yuan in 2025, marking a year-on-year increase of 93.75% to 135.87%, driven by rapid growth in the demand for lithium battery cathode materials [6] Group 2: Industry Trends and Developments - The overall market for lithium battery materials is expected to improve, with many companies in the lithium battery supply chain predicting significant performance growth in 2025 [5] - The global household energy storage system shipment is projected to reach approximately 35 GWh in 2025, a nearly 50% year-on-year increase, indicating a new demand release cycle following inventory adjustments [9] - The effective production capacity for lithium hexafluorophosphate is expected to reach 40,000 tons in 2026, with an annual operating rate exceeding 90%, suggesting sustained high prices for lithium hexafluorophosphate [9]

Core Insights - A total of 500 companies have released their performance forecasts for 2025, with 147 companies expecting profit increases, representing 29.40% of the total [1] - The overall proportion of companies reporting positive forecasts (profit increases and profit warnings) stands at 34.80%, while 197 companies anticipate losses and 58 expect profit declines [1] - Among the companies forecasting profit increases, 77 expect a net profit growth of over 100%, and 64 expect growth between 50% and 100% [1] Company Performance - The company with the highest expected net profit growth is Huisheng Biological, forecasting a median increase of 1355.24% [3] - Other notable companies include Zhongtai Co., expecting a 677.22% increase, and Nanguang Energy, with a forecast of 667.73% [3] - The average increase in stock prices for companies expecting profit growth this year is 11.62%, outperforming the Shanghai Composite Index [2] - Jin Haitong has seen the largest stock price increase this year, with a rise of 73.83% [2] Industry Insights - Companies expecting profit growth are primarily concentrated in the basic chemical, electronics, and machinery equipment sectors, with 10, 10, and 8 companies respectively [1] - The main board has the highest number of companies forecasting profit increases, with 41 companies, followed by the ChiNext board with 26 companies, the Sci-Tech Innovation Board with 8, and the Beijing Stock Exchange with 2 [1]

Market Overview - The battery sector experienced a decline of 0.12% on the previous trading day, with Tianji Co. leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Top Gainers in the Battery Sector - Nonyu Technology (300953) saw a closing price of 174.50, with a significant increase of 10.13% and a trading volume of 131,400 shares, amounting to a transaction value of 2.261 billion [1] - Jiao Cheng Ultrasonic (688392) closed at 152.30, up 5.61%, with a trading volume of 23,700 shares and a transaction value of 356 million [1] - Anfu Technology (603031) closed at 54.80, increasing by 5.06%, with a trading volume of 147,400 shares and a transaction value of 789 million [1] Top Decliners in the Battery Sector - Tianji Co. (002759) closed at 41.34, down 8.44%, with a trading volume of 1,020,300 shares and a transaction value of 432.9 million [2] - Keheng Co. (300340) closed at 13.33, decreasing by 6.72%, with a trading volume of 319,200 shares [2] - Tianhua New Energy (300390) closed at 50.25, down 5.90%, with a trading volume of 531,300 shares and a transaction value of 2.731 billion [2] Capital Flow in the Battery Sector - The battery sector saw a net outflow of 3.019 billion from main funds, while retail funds experienced a net inflow of 1.706 billion [2][3] - The main funds showed a net inflow of 135 million into Enjie Co. (002812), while the retail funds had a net inflow of 27.8 million [3] - The net inflow for Gree Environmental (002340) from main funds was 90.71 million, while retail funds had a net outflow of 61.49 million [3]

Core Viewpoint - Tianji Co., Ltd. has received administrative regulatory measures from the Guangdong Securities Regulatory Bureau and a regulatory letter from the Shenzhen Stock Exchange due to various violations related to financial reporting and disclosure [1][2][5]. Group 1: Violations Identified - The company failed to conduct proper goodwill impairment testing for its subsidiaries, leading to inaccurate financial disclosures for the fiscal years 2023 and 2024 [2][3][7]. - Tianji Co. and its subsidiary did not appropriately account for employee compensation, resulting in inaccurate financial information for the 2023 annual report and subsequent periodic reports [4][7]. - The company provided financial assistance to non-related parties without following the required review procedures and disclosure obligations, violating multiple regulations [5][7]. Group 2: Regulatory Actions - The Guangdong Securities Regulatory Bureau has mandated corrective actions for Tianji Co. and issued warning letters to key executives, including the Chairman and CFO, for their roles in the violations [5][8]. - The Shenzhen Stock Exchange has emphasized the importance of compliance with securities laws and regulations, urging the company and its executives to improve their adherence to disclosure requirements [8]. Group 3: Company Response - Tianji Co. has acknowledged the issues raised in the regulatory documents and committed to self-examination, corrective measures, and enhancing compliance awareness among its staff [9].

Core Viewpoint - Tianji Co., Ltd. has announced a turnaround in its financial performance for 2025, achieving profitability after a previous loss, while also receiving a regulatory warning from the Shenzhen Stock Exchange for multiple violations [2][3]. Financial Performance - For the fiscal year 2025, Tianji Co. expects a net profit of between 70 million to 105 million yuan, compared to a loss of 1.36 billion yuan in the previous year [3] - The company anticipates a net profit of 60 million to 90 million yuan after excluding non-recurring gains and losses, up from a loss of 1.37 billion yuan in the prior year [3] - Basic earnings per share are projected to be between 0.14 yuan and 0.21 yuan, a significant improvement from a loss of 2.71 yuan per share in the previous year [3] Key Drivers of Performance - The recovery in profitability is attributed to the rising demand in the new energy vehicle and energy storage markets, leading to an increase in the sales price of lithium hexafluorophosphate in Q4 2025 [3] - The profit generated in the fourth quarter compensated for losses incurred in the first three quarters, enabling the company to achieve an overall profit for the year [3] - The subsidiary Changshu Xinte Chemical Co., Ltd. also contributed positively, with improved market conditions and rising sales prices for sodium hypophosphite, which ended its previous loss situation [4] Regulatory Issues - On January 15, 2025, Tianji Co. received a regulatory letter from the Shenzhen Stock Exchange, highlighting three main violations: improper goodwill impairment testing for subsidiaries, inadequate salary provisions for sales and management personnel, and failure to follow proper procedures for financial assistance to non-related parties [5] - The regulatory letter emphasized that these actions violated relevant stock exchange regulations, and the company's senior management was held accountable for these lapses [5] - The Shenzhen Stock Exchange urged the company and its executives to learn from these issues and adhere strictly to legal and regulatory requirements for information disclosure [5]