国泰海通晨报 2026 年 02 月 27 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【非银行金融研究】中国平安：中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞 争优势打造的"产品+服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 2、【军工研究】钢研高纳：公司是国内高温合金领域龙头，实控人为国务院国资委，核心产品覆 盖航空航天等多领域，受益于航空航天领域需求高景气与技术自主可控，业绩有望稳健增长。 3、【生物医药研究】石药集团：石药集团创新研发实力强劲，近年进入创新药管线的收获期，同 时公司搭建国际化的 BD 生态系统，达成多笔重磅 BD 授权。本篇首次覆盖报告详细梳理了石药 集团在肿瘤与慢病领域，以及基于小核酸技术平台的重点管线。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880 ...

股票研究 /[Table_Date] 2026.02.27 风险提示：储能政策不及预期，原材料涨价超过预期。 青海储能容量电价出台，114 号文后全国首单 储能设备及系统集成 [Table_Industry] [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 余玫翰(分析师) | 021-23185617 | yumeihan@gtht.com | S0880525040090 | 本报告导读： 青海打响了 114 号文后储能容量电价第一枪，随着未来各省细则落地，全国经济性 走通可期，2026 年储能需求高增可期，我们建议增持储能板块。 投资要点： [Table_Report] 相关报告 储能设备及系统集成《美国缺电，AIDC 配 ...

| 洛阳钼业 | -1.79 | -7.25亿元 | 有色金属 | | --- | --- | --- | --- | | 中国中免 | -2.44 | -7.13亿元 | 商贸零售 | | 澜起科技 | -1.56 | -7.01亿元 | 电子 | | 中信证券 | -1.3 | -6.76亿元 | 非银金融 | | 恩捷股份 | -4.83 | -6.35亿元 | 电力设备 | | 亿纬锂能 | -5.04 | -6.09亿元 | 电力设备 | | 比亚迪 | -1.75 | -5.95亿元 | 汽车 | | 网宿科技 | -2.95 | -5.91亿元 | 计算机 | | 天赐材料 | -3.66 | -5.69亿元 | 电力设备 | | 股票名称 | | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 阳光电源 | -5.48 | -20.02亿元 | 电力设备 | | 宁德时代 | -4.47 | -18.87亿元 | 电力设备 | | 北方稀土 | -2.2 | -14.76亿元 | 有色金属 | | 兆易创新 | -0.62 | -11.52亿元 | 电子 ...

证券研究报告 | 公司点评 | 电池 锂电池隔膜迎拐点，龙头业绩有望爆发 ——恩捷股份点评报告 投资要点 q 事件 1：公司 2026-01-30 发布 2025 年度业绩预告 2025 年：业绩扭亏为盈，预计归母净利润 1.1~1.6 亿元，中值 1.4 亿元，同比增 加 6.9 亿元。扣非后净利润 0.8~1.3 亿元，中值 1.1 亿元，同比增加 7.2 亿元。 2025Q4 单季度：预计归母净利润 2.0~2.5 亿元，中值 2.2 亿元，同比增加 12.2 亿 元，环比增加 2.2 亿元。扣非后净利润 1.7~2.1 亿元，中值 1.9 亿元。 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 10164 | 13230 | 17610 | 20760 | | (+/-) (%) | -16% | 30% | 33% | 18% | | 归母净利润 | -556 | 137 | 2130 | 3572 | | (+/-) (%) | - | - | 14 ...

投资建议：第一条线推荐壁垒最高的电池环节，首推宁德时代，关注国轩高科，金龙羽等；第二条线推 荐设备端，推荐先惠技术，纳科诺尔，先导智能，联赢激光，关注宏工科技，灵鸽科技，利通科技，海 目星，利元亨，松井股份等；第三条线推荐材料端，首推硫化锂+电解质，推荐上海洗霸，厦钨新能， 当升科技，天赐材料，恩捷股份，华盛锂电，关注博苑股份，海辰药业，其次推荐天奈科技，容百科技 等；第四条线推荐新技术，关注中一科技，远航精密，英联股份等。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看， 固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核 心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议 重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域 太空体系具备真空、极端温差、高辐射等特点，环境温度在-200℃~+150℃，液态电池工作温度 在-20℃~+60℃，而固态电池具备宽温域的属性，此外安全性高不起火，抗辐射不产气 ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

Group 1 - The Xinhua 500 Index (989001) closed at 5266.19 points on February 13, with a decline of 1.28% [1] - The index experienced fluctuations, reaching a high of 5316.72 points and a low of 5263.41 points during the trading session [3] - The total trading volume of constituent stocks for the day was reported at 662.6 billion yuan [3] Group 2 - Among the constituent stocks, Hangfa Power reached the daily limit increase, while Hangfa Control and Enjie shares also saw significant gains [3] - Conversely, Zhongyuan Marine Energy led the decline with a drop of 9.50%, followed by Maiwei Shares and Hengtong Optic-Electric, which also experienced notable decreases [3]

Investment Rating - The industry investment rating is "Overweight" (maintained), 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 January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].

证券代码：002812 股票简称：恩捷股份 公告编号：2026-016 云南恩捷新材料（集团）股份有限公司 关于公司合并报表范围内提供担保的进展公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 云南恩捷新材料（集团）股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召开第五届董事会第五十一次会议，审议通过了《关于公司 2026 年度合并 报表范围内担保额度的议案》，详见公司于 2025 年 12 月 31 日在指定信息披露 媒体《证券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）刊登的《关于公司 2026 年度合并报表范围内担保额度的 公告》（公告编号：2025-217 号）。公司于 2026 年 1 月 16 日召开 2026 年第一 次临时股东会审议通过了上述事项。 二、担保进展情况 近日，公司与浙商银行股份有限公司苏州吴江支行（以下简称"浙商银行苏 州吴江支行"）签订《最高额保证合同》（编号：320505 浙商银高保字 2026 第 30301 号），对下属子公司苏州捷力 ...

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]