Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]

Core Viewpoint - KedaLi's stock price has shown fluctuations, with a recent decline of 2.02% and a total market capitalization of 45.393 billion yuan, while the company has experienced a year-to-date stock price increase of 4.59% [1] Financial Performance - For the period from January to September 2025, KedaLi achieved a revenue of 10.603 billion yuan, representing a year-on-year growth of 23.41%, and a net profit attributable to shareholders of 1.185 billion yuan, reflecting a growth of 16.55% [2] Shareholder Information - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period, with an average of 9,210 circulating shares per shareholder, which is an increase of 5.31% [2] - The company has distributed a total of 1.312 billion yuan in dividends since its A-share listing, with 1.022 billion yuan distributed over the past three years [3] Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.7715 million shares, an increase of 1.128 million shares from the previous period [3] - Other notable shareholders include QuanGuo XuYuan Mixed A and HuaXia Energy Innovation Stock A, with varying changes in their holdings [3] Business Overview - KedaLi, established on September 20, 1996, and listed on March 2, 2017, specializes in the research and manufacturing of precision structural components, with lithium battery structural components accounting for 96.52% of its revenue [1]

1月16日，科达利涨4.06%，成交额12.01亿元。两融数据显示，当日科达利获融资买入额9235.62万元， 融资偿还1.05亿元，融资净买入-1256.76万元。截至1月16日，科达利融资融券余额合计6.63亿元。 融资方面，科达利当日融资买入9235.62万元。当前融资余额6.58亿元，占流通市值的1.46%，融资余额 超过近一年90%分位水平，处于高位。 截至9月30日，科达利股东户数2.14万，较上期减少4.91%；人均流通股9210股，较上期增加5.31%。 2025年1月-9月，科达利实现营业收入106.03亿元，同比增长23.41%；归母净利润11.85亿元，同比增长 16.55%。 融券方面，科达利1月16日融券偿还500.00股，融券卖出800.00股，按当日收盘价计算，卖出金额13.13 万元；融券余量2.45万股，融券余额402.05万元，低于近一年20%分位水平，处于低位。 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。 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the power equipment and new energy sectors, including Ningde Times, Kodali, and others [5][6]. Core Insights - The power equipment and new energy sector saw a weekly increase of 0.79%, outperforming the Shanghai Composite Index, with the energy storage index showing the highest growth at 1.81% [1]. - The National Energy Administration projects a total electricity consumption of 10,368.2 billion kWh by 2025, representing a year-on-year growth of 5.0% [4][56]. - TCL Zhonghuan's strategic investment in a new energy company aims to enhance vertical integration in the photovoltaic industry, reducing costs and improving efficiency [3][37]. Summary by Sections 1. New Energy Vehicles - Hive Energy showcased three core technological breakthroughs at its sixth Battery Day, focusing on semi-solid technology, Dragon Scale 3.0 technology, and ion oscillation fast charging technology, all aimed at enhancing safety and performance [2][13][21]. 2. New Energy Generation - TCL Zhonghuan's acquisition of a new energy company is expected to optimize resources and enhance business synergy, facilitating a shift from low-level competition to value co-creation in the photovoltaic sector [3][37]. 3. Power Equipment and Industrial Control - The National Grid's "14th Five-Year Plan" anticipates a fixed asset investment of 4 trillion yuan, a 40% increase from the previous plan, to support the development of a new power system [4][56]. - The report highlights significant growth in electricity consumption across various sectors, with the service industry and residential electricity usage contributing 50% to the overall growth [4][56]. 4. Commercial Aerospace - Trina Solar set a new world record with a 886W per 3.1 m² perovskite/silicon tandem module, reinforcing its leadership in high-efficiency energy technology [5]. 5. Weekly Sector Performance - The energy storage index led the sector with a 1.81% increase, while the nuclear power index experienced the largest decline at 6.39% [1].

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]

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].

Market Overview - The battery sector experienced a decline of 0.38% on the previous trading day, with Huasheng Lithium leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Top Gainers in Battery Sector - Yihuatong (688339) saw a closing price of 32.22, with a significant increase of 12.50% and a trading volume of 265,400 shares, totaling a transaction value of 848 million [1] - Fulim Precision (300432) closed at 20.17, up 7.92%, with a trading volume of 2,140,700 shares [1] - Xianhui Technology (688155) closed at 77.32, increasing by 6.35% with a trading volume of 77,000 shares [1] Top Losers in Battery Sector - Washington Electric (688353) closed at 104.69, down 5.67%, with a trading volume of 119,700 shares and a transaction value of 128 million [2] - Tianji Co. (002759) closed at 42.42, decreasing by 3.83% with a trading volume of 895,600 shares [2] - Daoshi Technology (300409) closed at 33.30, down 3.06%, with a trading volume of 1,703,200 shares [2] Capital Flow Analysis - The battery sector saw a net outflow of 2.89 billion in main funds, while retail investors had a net inflow of 2.93 billion [2] - The main funds showed a net inflow in several companies, including 32.5 million in Xianhui Technology (300450) and 181 million in Penghui Energy (300438) [3] - Retail investors had significant net inflows in companies like Yihuatong (688339) and Fulim Precision (300432), indicating a shift in investor sentiment [3]

Core Insights - The AI industry is experiencing historic development opportunities, with the energy storage sector transforming from a marginal support role to a core engine for stable power supply in the AI era [1] - By 2026, the energy storage industry is expected to enter a historic opportunity period characterized by large-scale and high profitability, driven by policy marketization, technological breakthroughs, and global demand [1] Policy Restructuring - The profound changes in China's energy storage industry by 2025 stem from a systematic upgrade of the policy framework, shifting from "administrative intervention" to "market empowerment" [4] - The introduction of the "Document No. 136" in February 2025 marks the transition of China's energy storage from a "policy task" to a "market profit" model, providing a valuable reference for global energy storage development [5] - Following the policy implementation, domestic energy storage bidding volumes surged to 19.2 GWh from March to May 2025, a year-on-year increase of 210% [4] Market Growth and Demand - The energy storage market is expected to experience explosive demand growth in 2026, driven by multiple scenarios including renewable energy, grid upgrades, and AI data centers, with a market space projected to exceed trillions [6] - In the first nine months of 2025, domestic installed capacity of wind and solar energy reached 102 GW, a year-on-year increase of 45% [6] - The global energy storage installed capacity is predicted to reach 1,200 GW by 2030, a 380% increase from approximately 250 GW in 2025 [7] Diverse Growth Dynamics - The domestic market is characterized by a diversified growth pattern, with energy storage for renewable energy accounting for 31.7% of total new installations in the first nine months of 2025 [9] - User-side energy storage is rapidly growing, with a year-on-year increase of 230% in new installations, driven by cost reduction and peak-valley price differences [9] - The overseas market is becoming a significant growth curve for domestic companies, with new installations reaching 45 GW in the first nine months of 2025, a 112% year-on-year increase [9] Capital Market Performance - The energy storage sector has shown strong performance in the capital market, with the National Renewable Battery Index rising by 55.15% in 2025, significantly outperforming many industries [10] - The energy storage battery ETF (159566) achieved a strong increase of 57.96% in 2025, reflecting the robust growth potential of core companies in the sector [10] Industry Chain Value Release - The value center of the energy storage industry chain is increasingly shifting towards technology-intensive segments, with leading companies benefiting from cost control and profitability [13] - In the system integration sector, the domestic market's CR5 has reached 65%, with leading companies holding a combined market share of 52% [14] - Major companies like Sungrow and CATL have reported significant revenue growth in their energy storage businesses, with CATL's revenue exceeding 20 billion yuan in 2025, a year-on-year increase of 110% [15] Investment Opportunities - The energy storage battery ETF (159566) is an effective tool for investors to share in industry dividends and participate in the green transition, focusing on core segments of the energy storage industry [17] - The ETF's top holdings include leading companies such as CATL and Sungrow, which dominate the market and are well-positioned to capture industry growth [18] - The ETF has shown a 12% annualized return over the past decade, outperforming the China Securities New Energy Index [19]

Core Viewpoint - KedaLi's stock price has shown slight fluctuations, with a recent decline of 2.03%, while the company continues to demonstrate growth in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - As of January 14, KedaLi's stock price was 158.40 CNY per share, with a market capitalization of 43.55 billion CNY [1]. - Year-to-date, KedaLi's stock has increased by 0.34%, with a 2.69% rise over the last five trading days and a 6.10% increase over the last 20 days, although it has decreased by 3.98% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, KedaLi reported a revenue of 10.603 billion CNY, representing a year-on-year growth of 23.41%, and a net profit attributable to shareholders of 1.185 billion CNY, up 16.55% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period, with an average of 9,210 circulating shares per shareholder, an increase of 5.31% [2]. - The company has distributed a total of 1.312 billion CNY in dividends since its A-share listing, with 1.022 billion CNY distributed over the last three years [3]. - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 7.7715 million shares, an increase of 1.128 million shares from the previous period [3].

Group 1 - The company, Keda Li, announced the approval of a proposal to increase the registered capital of its subsidiary in Thailand during the 26th (temporary) meeting of its fifth board of directors [2]