2026年1月以来，锂电板块表现较为活跃，多数环节跑赢沪深300和上证50指数。关联板块中柴发产业链 实现领涨，涨幅达26%，锂矿、负极、三元正极及储能涨幅随后。本月锂电相关板块多数环节月度成交 额出现上涨，其中低空经济涨幅最高达44%。本月过半锂电相关板块的3年历史估值分位处于高位，市 场对锂电板块关注度较高。 本月研究专题：碳酸锂周期反转，产业链通胀及新技术启航 碳酸锂反转主导产业链通胀及钠电等新技术放量。复盘历史，2015～2025年碳酸锂历经两轮完整的产业 周期轮动，前期主要由新能源政策及内生需求爆发等驱动上行，2025年产业链价格及库存均回归历史低 位。2026年国内储能容量补贴政策及新能源车换新政策等落地，叠加全球新能源内生需求爆发等开始驱 动新一轮碳酸锂周期上行。产业链影响看，碳酸锂价格回升有利于产业链整体通胀，此外钠电等新技术 开始具备替代经济性，有望迎接规模放量。 行情回顾： 本月行业重要变化： 1）锂电：1月27日，碳酸锂报价17.0万元/吨，较上月上涨42%；氢氧化锂报价16.5万元/吨，较上月上涨 62%。2）整车：12月国内新能源乘用车批发销量达142万辆，同/环比+3%/-10%； ...

智通财经记者 | 梁宝欣 智通财经编辑 | 林腾 随着全球新能源基建的加速扩张，叠加AI数据中心对电量极大的渴求，储能设备正被全球争相采购。 拥有完善新能源电池产业链的深圳供应链们，正在获得极速增长的庞大订单。 深圳储能激光设备供应商海目星负责人向界面《硬科技头条》记者透露，因为不断涌入的订单，公司一 线生产员工数量几乎翻倍，2025年下半年发货量同比增长约80%，目前订单排产已处于满载状态，仅 2026年1月新增订单金额就有望超过10亿元。 "有一段时间，每天都有1个亿的订单量"，上述人士激动地说。 界面《硬科技头条》记者注意到，近期，海目星在深圳、常州等地同步扩招，重点集中在电气工程、设 备装配和现场调试等岗位。其中，一线制造与厂内/售后现场机电安装调试岗位一次性扩招规模超过500 人。 海目星常州厂 区锂电设备产线现场。 图源：海目星 这种生产节奏的"拉满"，正是订单压力传导至用工端的直接表现。而下游扩产预期的升温，也让2025年 曾面临大额亏损的海目星在财务上迎来了拐点。2025年第四季度，海目星的净利润实现扭亏为盈，结束 了此前的业绩承压状态。 "储能逆变器从2025年一季度开始有需求，年内陆续开始 ...

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a price surge, with lithium carbonate prices rising to 170,000 CNY/ton, a 42% increase from the previous month, and lithium hydroxide prices increasing by 62% to 165,000 CNY/ton [1] - In December, the wholesale sales of domestic new energy passenger vehicles reached 1.42 million units, with a year-on-year increase of 26% for the entire year [1] - The report highlights a reversal in the lithium carbonate cycle, driven by domestic energy storage capacity subsidy policies and the explosive growth of global new energy demand [3][32] Summary by Sections Section 1: Research Insights - The lithium carbonate market is at a cyclical turning point, with prices expected to rise significantly, impacting the entire lithium battery supply chain [14][15] - Sodium batteries are emerging as a cost-effective alternative, with a clear long-term cost advantage over lithium iron phosphate batteries [26][30] Section 2: Industry Tracking and Review - The global new energy vehicle market showed strong growth in December, particularly in China and Europe, while the U.S. market faced challenges [34][36] - In December, domestic energy storage installations reached 63 GWh, a 95% year-on-year increase, indicating a shift towards market-driven growth [40] Section 3: Investment Recommendations - The report recommends focusing on companies involved in lithium carbonate, separators, and solid-state battery technologies, including Ningde Times, Yiwei Lithium Energy, and others [7][32]

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt price has decreased, while the prices of battery cells have increased slightly. As of February 13, the price of lithium carbonate is 144,000 CNY per ton, down by 17,000 CNY from two weeks ago. The prices of ternary cathodes, lithium iron phosphate cathodes, electrolytes, and lithium hexafluorophosphate have also decreased, while the prices of anodes and separators remain stable. The prices for square ternary power cells, lithium iron phosphate power cells, and energy storage cells have increased slightly [2][3] - The solid-state battery industry is accelerating its commercialization, with the first national standard for automotive solid-state batteries expected to be reviewed and approved in April and officially released in July. Companies like Gotion High-Tech and BASF are collaborating to develop solid-state battery technology [3][10][11] - The domestic new energy vehicle sales in January 2026 reached 945,000 units, a slight year-on-year increase, while the penetration rate is 40.3%, up by 1.3 percentage points year-on-year [3][12] Industry Dynamics - The report highlights several leading companies in the lithium battery sector that are undervalued amid improving demand, including CATL, EVE Energy, and others. It also points to companies leading in low-altitude economy and robotics, solid-state and sodium battery materials, and charging pile industries [3] - The U.S. Treasury Department has updated details regarding the OBBBA Act, tightening certification for specific foreign entities and detailing the calculation of material assistance ratios [3][13][14] - The report notes significant investments in battery production projects, including an 80GWh project by Chuangneng in Wuhan and a 33 billion CNY investment by Penghui Energy for new battery production lines [10][18] Price Trends - The report provides a detailed overview of lithium battery material prices as of February 13, 2026, indicating a decrease in lithium carbonate prices by 10.4% compared to two weeks prior, while other materials like nickel sulfate and cobalt sulfate have shown varying price changes [19] - The price of square lithium iron phosphate batteries has increased by 1.5% to 0.336 CNY/Wh, while the price of square ternary power cells remains stable at 0.582 CNY/Wh [19]

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt price has decreased, while cell prices have increased. As of February 13, the price of lithium carbonate is 144,000 yuan/ton, down 17,000 yuan/ton from two weeks ago. The prices of ternary cathodes, lithium iron phosphate cathodes, electrolytes, and lithium hexafluorophosphate have also decreased, while the prices of anodes and separators remain stable. The prices for square ternary power cells, lithium iron phosphate power cells, and energy storage cells have increased slightly [2][3] - The solid-state battery industry is accelerating, with the first national standard for automotive solid-state batteries expected to be reviewed and approved in April and officially released in July. Companies like Gotion High-Tech and BASF are collaborating to develop solid-state battery technology [3][10] - The report suggests focusing on leading companies in the lithium battery industry with low valuations amid improving demand, including CATL, EVE Energy, and others [3] Industry Dynamics - The domestic new energy vehicle sales in January 2026 reached 945,000 units, a slight year-on-year increase but a 45% decrease month-on-month. The penetration rate of new energy vehicles in China is 40.3%, up 1.3 percentage points year-on-year [3] - In January 2026, new energy vehicle sales in nine European countries reached 205,200 units, a 20% year-on-year increase but a 37% month-on-month decrease. The penetration rate in Europe is 30.6%, up 7.1 percentage points year-on-year [3] - The U.S. saw new energy vehicle sales of 77,600 units in January 2026, a 31% year-on-year decrease and a 30% month-on-month decrease, with a penetration rate of 7.0% [3] Company Developments - CATL announced an employee stock ownership plan on February 9, 2026, with a total investment of no more than 743 million yuan, involving approximately 404,680 shares [3][15] - EVE Energy released its seventh stock option and restricted stock incentive plan on February 13, 2026, with a total of 150 million shares to be granted [3][18] - The U.S. Treasury Department updated details on the OBBBA Act on February 12, 2026, tightening certification for specific foreign entities and detailing the calculation of material assistance ratios [3][13][14] Market Performance - Over the past two weeks, the lithium battery sector has increased by 4.1%, while the battery chemicals sector has risen by 4.7%. The lithium-specific equipment sector has decreased by 1.8% [7] - Key stock price changes from February 8 to February 13 include a 1.0% decrease for CATL and a 12.3% increase for Enjie [7]

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：尧望后势 地区结构上来看，外需多元化特征进一步强化，新兴市场的增量有效填补了美国市场的减量。受关税贸 易摩擦影响，2025年中国对美直接出口明显承压，同比下降19.79%，对出口总规模形成2.91%的拖累。 美国在中国出口中的比重进一步下降3.53pct至11.15%。新兴市场则接棒实现快速增长，成为新的出口 压舱石。除中国港澳台地区外，非洲/东盟/中东地区出口增速靠前，分别实现25.9%/13.64%/9.7%的同比 增长，对出口总规模形成1.29%/2.24%/0.64%的拉动。除此以外，中国对欧盟出口也正在稳步修复，同 比增长8.57%对出口总规模形成1.43%的正向拉动。 产品结构上来看，中国外贸商品结构持续向价值链上游攀升，中高端产品表现突出。2025年电机/电气 产品、机械、汽车、船舶等中高端制造业仍是出口主力，分别为出口总规模带来了 44.10%/17.67%/16.05%/6.99%的拉动。而家具、玩具、袜靴等传统轻工业制品出口规模则在关税摩擦和 产业链外迁的双重打击下出现明显下跌。 一、中国外贸走向多元化、高端化 ...

报告举例称，梅赛德斯-奔驰集团正利用英伟达(NVDA.US)的Omniverse平台，对工厂进行"虚拟化改 造"，以尽量减少生产中断；而特斯拉(TSLA.US)在最新财报电话会上，也将机器人业务作为核心关注 点之一。 在产业链上游，分析师重点提及为机器人和物理AI提供底层支撑的软件与硬件厂商，包括台积电 (TSM.US)、三星电子以及英伟达等半导体与基础设施供应商。同时，执行具体物理动作的机器人硬件 与运动控制系统，以及为其提供能源基础的电池环节，也被视为关键组成部分，其中包括亿纬锂能 (300014)和宁德时代(03750)等厂商。 巴克莱还将部分企业归类为"赋能者"，即要么直接制造完整机器人系统，如特斯拉；要么通过技术与平 台塑造更广泛生态体系，如亚马逊(AMZN.US)。 物理AI的应用趋势已在大型物流和零售体系中显现。分析师指出，亚马逊目前在其履约网络中已部署 超过100万台机器人，但这一规模"很可能仍只是长期潜力的一小部分"。类似趋势也正在沃尔玛 (WMT.US)等大型零售商的运营体系中逐步展开，进一步印证机器人与自主机器市场的广阔前景。 巴克莱主题固定收益研究主管Zornitsa Todorova ...

Group 1 - The lithium battery industry is experiencing a dual trend of rapid growth in energy storage while facing challenges in the power battery sector, particularly with the shift towards solid-state technology [2] - Major battery manufacturers are receiving strong orders in energy storage, leading to calls for capacity expansion, while upstream material prices are rebounding sharply, impacting profit growth [2] - The global pace of electrification is slowing, creating a "chilling effect" in the industry, but the strong momentum in energy storage remains a positive factor [2] Group 2 - The lithium battery industry is entering a critical phase of technological breakthroughs and expanding application scenarios, with a focus on innovation and collaboration for sustainable development [14][22] - Companies are emphasizing long-term strategies and technological innovation to adapt to the evolving market landscape, particularly in energy storage and solid-state battery development [28][49] - The industry is witnessing a structural improvement with increasing penetration rates in electric vehicles and rapid deployment of energy storage systems across various sectors [21][22]

以下文章来源于高工产研 ，作者GGII 摘要 2025爆发增长，2026高质量发展。 2025年是中国储能锂电池市场"爆发增长年"，需求大超预期、价格回升、技术迭代、模式创新等特征推动行业实现阶段性跨越；2026年，行业已 进入"高质量发展年"，保交付、扩产能、促创新、创模式将成为贯穿全年的核心关键词。 结合过去一年对储能锂电池产业的跟踪，GGII总结2025年市场主要表现，同时展望2026年发展趋势。 2025年我国储能锂电池行业呈现以下核心表现： 01 出货 量激 增，电力储能主导市场需求 高工产研 . GGII统计，2025年中国储能锂电池市场迎来爆发式增长，全年出货量达630GWh，同比增长85%，增速远超行业预期。2025年国内虽取消强制配 储政策，但独立储能市场实现超预期增长，储能行业已进入有序推进市场化发展的新阶段；海外美国大储连续两年高增，欧洲大储和工商业储能装机 量翻倍增长，及美国数据中心（AIDC）等新场景需求加速释放，有效拉动国内需求增长。 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业主要包括锂电池、储能、氢能与氢燃料电池、新 能源汽车、 ...