Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Core Viewpoint - The successful production of the lithium battery additive VC by Lianhong New Materials Technology Co., Ltd. marks a significant advancement in the company's product portfolio within the new energy battery materials sector, enhancing its competitive edge and expected positive impact on performance [1] Company Summary - Lianhong's subsidiary, Shandong Huayu Tongfang Electronic Materials Co., Ltd., has successfully launched a 4000 tons/year VC production facility in Jining, Shandong, which began operations on December 22, 2025, producing qualified products [1] - The successful launch of the VC facility follows the successful production of the integrated project for new energy materials and biodegradable materials, further diversifying the company's offerings in the new energy battery materials field [1] - The VC product is the most widely used additive in lithium battery electrolytes, serving as an organic film-forming additive and overcharge protection additive, crucial for enhancing battery capacity and cycle life [1] Industry Summary - The new energy battery materials sector is a key strategic development direction for the company, with the VC product expected to significantly improve the overall performance of lithium batteries [1] - The lithium battery electrolyte industry is experiencing accelerated growth due to the continuous expansion of the electric vehicle market, surging energy storage demand, and the development of emerging sectors such as the low-altitude economy, leading to a high overall market sentiment [1] - Recent trends indicate a rapid increase in market prices for lithium solvents, lithium additives, and related products, reflecting the industry's robust growth [1]

Group 1 - The core viewpoint of the article highlights the successful production launch of a 4000 tons/year lithium battery additive, vinyl carbonate (VC), by Shandong Huayu Tongfang Electronic Materials Co., Ltd., a subsidiary of Lianhong Xinke, on December 22 [2] - The VC product is identified as the most widely used additive in lithium battery electrolytes, significantly enhancing battery capacity and cycle life, which is crucial for improving overall lithium battery performance [2] - The lithium battery electrolyte industry is experiencing accelerated growth due to the continuous expansion of the new energy vehicle market, explosive demand for energy storage, and the development of emerging sectors like the low-altitude economy, leading to a recent rapid increase in market prices for lithium solvents and additives [2]

Group 1 - The core viewpoint of the article highlights the successful production launch of a 4000 tons/year lithium battery additive, vinyl carbonate (VC), by the subsidiary of Lianhong Xinke, which is a significant step in the company's strategic development in the new energy battery materials sector [1] - The VC product is identified as the most widely used additive in lithium battery electrolytes, playing a crucial role in enhancing battery capacity and cycle life, thereby improving overall battery performance [1] - The lithium battery electrolyte industry is experiencing accelerated growth due to the continuous expansion of the new energy vehicle market, explosive demand for energy storage, and the development of emerging sectors like the low-altitude economy, leading to a high overall market sentiment [1]

Group 1 - The core point of the article is that Lianhong Xinke successfully completed the full process of its 1.3 million tons/year MTO facility and 200,000 tons/year EVA facility on December 10, producing qualified products [1] Group 2 - The successful operation of the MTO and EVA facilities indicates a significant milestone for the company, enhancing its production capabilities [1] - The achievement may lead to increased revenue potential and market competitiveness for Lianhong Xinke in the chemical industry [1] - The company engaged with investors through an interactive platform, demonstrating transparency and commitment to stakeholder communication [1]

Core Viewpoint - Lianhong Xinke has successfully launched two major new energy material projects, enhancing its product portfolio and industry chain advantages, which is expected to positively impact the company's performance [1][2]. Group 1: Project Launches - The company’s subsidiary, Shandong Huayu Tongfang Electronic Materials Co., has successfully put into operation a 4,000 tons/year lithium battery additive, vinyl carbonate (VC), on December 22, 2025 [1]. - Another subsidiary, Lianhong Gelun (Shandong) New Materials Co., has also launched its integrated project for new energy materials and biodegradable materials [1]. - The VC product is currently the most widely used additive in lithium battery electrolytes, significantly improving battery capacity and cycle life [2]. Group 2: Market Demand and Future Projections - The lithium battery industry is experiencing increased demand driven by sectors such as power, energy storage, and low-altitude economy, leading to a rapid rise in market prices for lithium solvents and additives [2]. - Industry forecasts predict that the demand for power and energy storage batteries will grow by over 30% by 2026, with energy storage batteries potentially increasing by more than 50% [2]. Group 3: Production Capacity Expansion - The integrated project will add a 300,000 tons/year propylene oxide (PO) facility, a natural gas hydrogen production facility, a 1.3 million tons/year methanol-to-olefins (MTO) facility, a 200,000 tons/year EVA facility, and a 240,000 tons/year polyether polyol (PPG) facility [2]. - With the new facilities, Lianhong Xinke will have two 1.3 million tons/year MTO plants, ensuring stable and sufficient raw material supply [2]. - The total EVA production capacity will exceed 350,000 tons/year, and the PPG facility will utilize industry-leading continuous processing technology [2]. Group 4: Financial Performance - In the first three quarters, the company achieved a revenue of 4.568 billion yuan, a year-on-year decrease of 8.02%, while net profit reached 232 million yuan, a year-on-year increase of 30.32% [3]. - The company benefited from price increases in key products like EVA and UHMWPE, with a significant net profit increase of 90.9% in the third quarter alone, amounting to 71.73 million yuan [3].

（文章来源：证券日报） 证券日报网讯 12月23日，联泓新科在互动平台回答投资者提问时表示，公司4000吨/年锂电添加剂VC装 置已于12月22日顺利投产，并成功产出合格产品。 ...

（文章来源：证券日报） 证券日报网讯 12月23日，联泓新科在互动平台回答投资者提问时表示，公司与卫蓝新能源合资的联泓 卫蓝在持续开展固态、半固态电池等新型电池关键功能材料的开发。 ...

格隆汇12月23日丨联泓新科(003022.SZ)在互动平台表示，公司UHMWPE纤维产品可应用于航空航天、 特种防护、海洋工程等领域。 ...

Core Viewpoint - The successful production of the 4000 tons/year lithium battery additive vinyl carbonate (VC) by the company's subsidiary marks a significant milestone in enhancing its product offerings in the new energy battery materials sector [1][2]. Group 1: Company Developments - The VC production facility was successfully launched on December 22, 2025, and has already produced qualified products [1]. - The production of VC is crucial as it is the most widely used additive in lithium battery electrolytes, significantly improving battery capacity and cycle life [1]. - The company's strategic development phase 2.0 is seeing multiple projects come to fruition, which is expected to strengthen its core competitive advantages and positively impact its performance [2]. Group 2: Industry Trends - The lithium battery electrolyte industry is experiencing accelerated growth due to the continuous expansion of the new energy vehicle market and surging demand for energy storage [1]. - Market prices for lithium solvents and additives have recently risen sharply, reflecting the high overall industry prosperity [1]. - Industry forecasts predict that the demand for power and energy storage batteries will grow by over 30% by 2026, with energy storage batteries expected to see growth rates exceeding 50% [1].