电力设备及新能源周报 20260201 航空级固态电池实现量产，两部门加快建立可靠容量补偿机制 glmszqdatemark 本周（20260126-20260130）板块行情 电力设备与新能源板块：本周下跌 5.10%，涨跌幅排名第 30，弱于上证指数。本周锂 电池指数跌幅最小，核电指数跌幅最大。锂电池指数下跌 1.03%，风力发电指数下跌 2.49%，储能指数下跌 4.33%，新能源汽车指数下跌 4.72%，工控自动化指数下跌 5.55%，太阳能指数下跌 6.89%，核电指数下跌 8.96%。 新能源车：欣旺达正式披露航空级固态电池量产成果 欣旺达已实现航空级固态电池量产，产品线覆盖多场景需求。Gen1（320Wh/kg）面 向轻型无人机，具备高性价比；Gen2（380Wh/kg）适配载人 eVTOL，支持 10 分钟 快充与 320km 续航，并通过针刺等安全测试。公司采用自主研制的低成本固态电解 质，配合一体化温控系统，保障电池高安全性与航空级标准。 新能源发电：构建可靠容量补偿机制，推动电力系统高质量转型 国家发展改革委、国家能源局发布《关于完善发电侧容量电价机制的通知》（发改价格 〔2026〕11 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, targeting various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, aiming to create a more market-oriented and unified system [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 (320Wh/kg) for lightweight drones and Gen2 (380Wh/kg) for eVTOLs, featuring fast charging and high safety standards [2][15][19]. - The company plans to introduce Gen3 batteries with over 400Wh/kg energy density by 2026 and 500Wh/kg full solid-state batteries by 2027 [15][21]. New Energy Generation - The new capacity compensation mechanism expands the scope to include coal and gas power, as well as independent storage resources, promoting a more scientific and market-driven approach [3][38]. - The mechanism aims to unify compensation standards based on actual peak output capabilities rather than installed capacity, enhancing the reliability of power supply [38][39]. Electric Equipment and Industrial Control - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including high-voltage transmission projects [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in major power projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, indicating a significant advancement in commercial aerospace [5]. Market Performance - The report highlights key companies to watch, including Ningde Times, Kodali, and others, as they navigate the current market dynamics [12].

（编辑 王雪儿） 证券日报网讯 1月30日，科达利在互动平台回答投资者提问时表示，公司在建工程款项主要用于机器设 备安装及生产基地建设项目的相关费用，具体情况可查阅公司定期报告中合并财务报表项目注释相关章 节内容。 ...

（编辑 楚丽君） 证券日报网讯 1月30日，科达利在互动平台回答投资者提问时表示，原材料价格上涨对公司会有一定的 影响。公司将通过产能扩充、技术创新、改善产品生产工艺技术以及提高公司管理等方面降低原材料上 涨对公司带来的影响。 ...

华泰柏瑞低碳经济智选混合A（015100）成立日期2022年8月2日，最新规模2.81亿。今年以来收益 4.24%，同类排名5511/8872；近一年收益40.24%，同类排名3159/8126；成立以来亏损35.11%。 华泰柏瑞低碳经济智选混合A（015100）基金经理为赵楠。 截至发稿，赵楠累计任职时间10年265天，现任基金资产总规模4.43亿元，任职期间最佳基金回报 115.8%， 任职期间最差基金回报-37.7%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月30日，科达利跌5.03%，截至发稿，报149.58元/股，成交6.68亿元，换手率2.22%，总市值411.26亿 元。 资料显示，深圳市科达利实业股份有限公司位于广东省深圳市南山区科技南路16号深圳湾科技生态园11 栋A座27层，成立日期1996年9月20日，上市日期2017年3月2日，公司主营业务涉及精密结构件研发和 制造业务。主营 ...

晨会纪要 证券研究报告 2026 年 01 月 29 日 核心结论 分析师 【基金】公募 FOF 基金 2025 年 4 季报分析：结构重于指数，科技+周期是 主线 25Q4，公募 FOF 规模上升，百亿基金公司 7 家，易方达跃居规模第一，CR10 降至 60%。新发规模 458.54 亿元，偏债型为主。FOF 正收益比例 49%， 中信建投睿选 6 个月取得 25Q4 业绩之冠。配置上，增持债基、减持股基和 商品型基金。被增持较多的权益基金为中欧红利优享、汇添富外延增长主题 等。整体来看，FOF 基金经理对于后市相对乐观，预计呈现结构性机会，科 技+周期是主线。 【电池】海外电动车主题系列报告（二）：重启与突破：2026 年欧洲电动车 市场迈入新阶段 2025 年供给侧驱动，欧洲强车型周期+中性政策周期步入电动车销量快速修 复阶段，电动车渗透率预计达 29%；2026 年补贴政策加持+产品周期共振， 电动车渗透率有望达 35%，中国锂电产业链抓取欧洲市场崛起机遇，实现竞 争格局的巩固与突破。 【建筑装饰】建筑建材行业专题报告：建筑央企有望受益于国资央企战略性 /专业化重组 当前行业需求承压背景下，大建筑央 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002759 | 天际股份 | 38.07 | -6.30% | 59.71万 | 23.02亿 | | 301349 | 信德新材 | 49.34 | -4.75% | 2.73万 | 1.36亿 | | 002850 | 科达利 | 157.40 | -4.71% | 9.48万 | 14.96 Z | | 002245 | 蔚蓝锂芯 | 17.74 | -4.00% | 64.97万 | 11.62亿 | | 301150 | 中一科技 | 43.91 | -3.87% | 8.99万 | 4.01亿 | | 301325 | 曼恩斯特 | 52.55 | -3.63% | 3.76万 | 1.986 T | | 6688889 | 利元亨 | 61.93 | -3.60% | 5.82万 | 3.62亿 | | 688155 | 先惠技术 | 87.09 | -3.51% | 3.62万 | 3.15亿 | | 688148 | 芳源股份 ...

【环球网财经综合报道】随着2025年基金四季报的密集披露，公募基金的持仓路径图全景式展现在投资者面前。数据 宝最新统计显示，截至去年四季度末，共有2977只股票现身基金重仓股名单。从机构控盘程度来看，基金调仓换股的 动向颇为明显，其中共有107只个股的基金持股比例超过10%，显示出机构资金对这些个股具有极高的话语权和控盘 力。 机构抱团现象在基金高比例持仓股中依然显著。一般而言，基金控盘比例高的个股往往伴随着多家基金扎堆持有。数 据显示，这107只个股中，有100家以上基金扎堆持有的多达42只，50至99家基金集体持有的有29只。值得注意的是， 宁德时代虽然持股比例为11.63%，但持有基金家数最多，高达2056家基金抱团持有。中际旭创、紫金矿业、新易盛的 持有基金家数也均超过1300家，分别达到1809家、1800家和1396家。 从板块分布来看，基金高比例持仓的个股呈现出明显的"硬科技"与"创新"特征。107只个股中，科创板有42只，创业板 有27只，沪深主板有31只，北交所有7只。行业分布上，电子、医药生物、电力设备三大行业成为机构最青睐的领 域，分别有28只、20只、11只个股上榜。这表明在当前的宏观 ...

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].

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].