Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

来源：市场资讯 （来源：储能与电力市场） 储能与电力市场获悉，1月2日，港交所公开了惠州亿纬锂能股份有限公司的上市申请书。2025年12月30 日，亿纬锂能首次提交的招股书时效，仅过去3日亿纬锂再次向港交所递表。 | | | | 崔至12月31日止年度 | | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | | | | | (人民感于元,百分比震外) | | | | | | | | | | | | | | (未复素計) | | | | | 消费電池 | 8,513,451 | 23.5% | 8,362,121 | 17.1% | 10,322,161 | 21.2% | 7.477.734 | 22.0% | 8,257,656 | 18.3% | | 動力電池 | 18.250,702 | 50.3% | 23.983.868 | 49.2% | 19.16 ...

Group 1: Automotive Exports and Imports - In November 2025, China's automotive exports reached 818,000 units, a year-on-year increase of 49.2%, with an export value of $13.87 billion, reflecting a year-on-year growth of 53% [1] - In November 2025, automotive imports totaled 43,000 units, a year-on-year decrease of 29.1%, with an import value of $1.92 billion, down 41.1% year-on-year [1] Group 2: Company Sales Performance - SAIC Motor Corporation reported total vehicle sales of 4.507 million units in 2025, marking a year-on-year increase of 12.3%, with 1.643 million units being new energy vehicles, up 33.1% year-on-year [1] - BAIC Blue Valley's subsidiary, Beijing Electric Vehicle Co., Ltd., achieved a cumulative vehicle sales increase of 84.06% in 2025, with December sales reaching 35,205 units, a year-on-year increase of 114.56% [3] - Wuling Hongguang MINIEV sold 435,598 units in 2025, maintaining its position as the top seller in the A00 electric vehicle segment for 65 consecutive months [4] Group 3: Corporate Developments - GAC Honda completed the acquisition of Dongfeng Honda Engine Company, which is now wholly owned by GAC Honda, with a registered capital increase from approximately $12 million to about 970 million RMB [5] - CATL announced a share buyback of 15.99 million A-shares, utilizing a total of 4.386 billion RMB, with the buyback price ranging from 231.5 RMB to 317.63 RMB per share [6] - EVE Energy responded to the expiration of its Hong Kong IPO prospectus, stating that it will promptly re-submit the application without significant impact on the overall IPO process [7]

公司在全球拥有8个生产基地和2个在建生产基地，销售公司及办公室覆盖7个国家及地区，售后服务网 络覆盖24个国家及地区。 市场地位（按2024年出货量计），在全球消费电池制造商中名列第三，市场份额为11.7%。在全球储能 电池市场名列第二，市场份额为17.2%。 全球消费电池出货量预计2025—2029年复合年增长率达26.2%。全球电动汽车销量预计2025—2029年复 合年增长率达20.1%。全球储能电池年出货量预计2025—2029年复合年增长率达23.1%。 亿纬锂能向港交所主板递交上市申请，中信证券为其独家保荐人。亿纬锂能是全球少数在消费电池、动 力电池及储能电池领域均全球领先，能够服务社会经济全场景应用的锂电池平台企业，产品广泛应用于 智能生活、绿色交通和能源转型。 （文章来源：证券时报网） ...

Group 1 - The core viewpoint of the article highlights the intensifying competition in the global energy storage market, particularly driven by Chinese companies, which have signed overseas orders totaling approximately 280.35 GWh, significantly surpassing the new installed capacity of 81.5 GWh in 2024 [2][3] - The article discusses the impact of Western countries, led by the US and Europe, implementing trade policies aimed at increasing the costs of "Made in China" products to curb the competitiveness of Chinese energy storage solutions [2] - The historical context of the energy storage industry is provided, noting that it has undergone multiple economic and policy cycles, leading to both the rise and fall of numerous companies [3] Group 2 - The analysis from 24潮产业研究院 (TTIR) suggests that only companies with global layouts, strong market expansion capabilities, financial health, and significant brand influence will thrive in the future [3] - Major technology companies like Tesla, Huawei, BYD, and CRRC are increasingly penetrating the energy storage sector, which is expected to have a profound impact on the future landscape and development trends of the industry [3][4] - Starting in 2025, TTIR plans to release a "Top 10 Most Competitive Global Energy Storage Companies" ranking, evaluating companies based on five primary dimensions and various sub-dimensions to provide insights into their competitive strengths [4][6] Group 3 - The ranking will focus on key players in the energy storage industry, assessing their global influence, sustainability, technological innovation, operational management, and capital control [4][6] - The article includes a detailed breakdown of the evaluation criteria, with global industry influence accounting for 42%, sustainability for 22%, technological innovation for 12%, operational management for 12%, and capital control for 12% [6][7] - The preliminary rankings for the most competitive companies in the energy storage sector include Huawei, Tesla, BYD, and CATL, with Huawei leading at a score of 85.36 [9][19]

港交所1月2日披露，亿纬锂能（300014）(300014.SZ)向港交所主板递交上市申请，中信证券为其独家保荐人。 亿纬锂能的主要产品涵盖消费电池、动力电池和储能电池，出货量均位于全球前列，近两年，这三类电池的平均售价趋向稳定，消费类电池平均售价为 5.1元/只，动力电池为0.6元/Wh，储能电池为0.4元/Wh。 在绝大多数厂商均以方形电池为主的当下，亿纬锂能成为少数长期押注大圆柱动力电池的企业之一，2024年，大圆柱动力电池出货量为12.9GWh。招股书 中预计，预计到2029年将跃升至370.5GWh，年复合增长率高达95.7%。 在动力电池装机增速放缓，储能电池均以方形电池为主的当下，大圆柱动力电池还能否保持如此高的增长，值得考量。 2025年6月30日，亿纬锂能向港交所递交上市申请。由于香港联交所的A1版招股书有效期为6个月，到期后需更新财务数据及其他信息，其后重新递交。 因此，截至12月30日，亿纬锂能港股招股书失效。亿纬锂能在互动易回应称，"重新递交属于正常流程。我们将按照香港联交所上市规则尽快安排重新递 交上市申请文件，对公司整体港股IPO进程无重大影响。" 对于本次资金募资用途，亿纬锂能将 ...

Core Viewpoint - EVE Energy has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the raised funds for the continued construction of its production base in Hungary, which is expected to start production in 2027 with a planned capacity of 30GWh [1][2]. Group 1: Listing and Fundraising - EVE Energy submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, but the application has expired as of December 30, 2025, requiring a resubmission [1]. - The company stated that the resubmission is a normal process and will not significantly impact the overall IPO progress [1]. - The revised fundraising purpose focuses solely on the Hungary production base, with previous plans for the Malaysia project removed [1]. Group 2: Production Capacity and Products - EVE Energy's Malaysia battery production base is set to be completed and operational by 2025, marking its first overseas mass production facility, with a total planned investment of up to 8.654 billion yuan [2]. - The company’s main products include consumer batteries, power batteries, and energy storage batteries, with average selling prices stabilizing at 5.1 yuan per consumer battery, 0.6 yuan per watt-hour for power batteries, and 0.4 yuan per watt-hour for energy storage batteries [2][4]. - EVE Energy is one of the few companies focusing on large cylindrical power batteries, with a projected output of 12.9GWh in 2024, expected to grow to 370.5GWh by 2029, reflecting a compound annual growth rate of 95.7% [2]. Group 3: Financial Performance - For the first three quarters of 2025, EVE Energy achieved revenue of 45 billion yuan, a year-on-year increase of 32.17%, with a net profit attributable to shareholders of 2.816 billion yuan, or 3.675 billion yuan after adjusting for certain expenses, marking an 18.40% increase [4]. - As of December 31, 2025, EVE Energy's A-share market capitalization exceeded 130 billion yuan, with an annual increase of over 40% [4].

Group 1 - The core point of the news is that EVE Energy's initial Hong Kong IPO application has expired, raising concerns about its listing process, although the company claims this is a normal part of the process and plans to re-submit its application [1][15] - EVE Energy has submitted a new IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, highlighting its leading position in consumer, power, and energy storage battery sectors [2][16] - The company has adjusted its fundraising plans, now intending to use the net proceeds solely for the construction of its Hungary production base and working capital, excluding the previously planned Malaysia project [3][17] Group 2 - EVE Energy's power battery segment has seen significant growth, with a total installed capacity of over 27 GWh in China from January to November 2025, ranking fifth in the industry [6][20] - The company has expanded its customer base, supplying batteries to 10 automakers for 49 vehicle models, including the new BMW iX3, which features EVE's Omnicell cylindrical battery [4][18] - In the commercial vehicle market, EVE Energy achieved an installed capacity of 16.43 GWh, holding approximately 13% market share, ranking second only to CATL [7][21] Group 3 - EVE Energy's energy storage segment has also performed well, with total shipments of 48.41 GWh in the first three quarters of 2025, surpassing the power segment and showing a year-on-year growth of 35.51% [9][24] - The company has secured over 69 GWh in energy storage orders, benefiting from a surge in domestic and international demand, particularly in the Middle East, Australia, and Europe [10][25] - EVE Energy is expanding its energy storage battery production capacity, with ongoing projects in China and Malaysia, including a new investment of up to 8.654 billion yuan for a new energy storage battery project in Malaysia [13][27]

2025年6月30日，亿纬锂能向港交所递交上市申请。由于香港联交所的A1版招股书有效期为6个月，到期后需更新财务 数据及其他信息，其后重新递交。 因此，截至12月30日，亿纬锂能港股招股书失效。亿纬锂能在互动易回应称，"重新递交属于正常流程。我们将按照香 港联交所上市规则尽快安排重新递交上市申请文件，对公司整体港股IPO进程无重大影响。" 对于本次资金募资用途，亿纬锂能将其更改为用于匈牙利生产基地的持续建设，主要费用包括与项目相关的工厂建设 和机器设备采购所需的资金。 值得一提的是，亿纬锂能已经取得匈牙利生产基地的土地使用权，且匈牙利项目已开工建设，预计2027年投产，规划 产能为30GWh。计划生产的主要产品为动力电池，主要为46系列大圆柱电池。项目地址战略性位于主要客户的工厂附 近，以便更好满足客户需求。 此前在上一份招股中，涉及的募资款项用途还包括马来西亚基地第三期项目，此次新递交的招股书已经删除。 招股书中提及，马来西亚电池生产基地已于2025年建成投产，这也是亿纬锂能在海外的首个量产工厂，规划消费电 池、动力电池和储能电池等系列。 今年年中，亿纬锂能曾公告，马来西亚二期新型储能电池项目规划总投资不超 ...

Core Viewpoint - The strategic cooperation upgrade between EVE Energy and Hangcha Group marks a significant step in the development of both companies and represents a practical implementation of the transformation of China's manufacturing industry towards "efficient, green, and intelligent" solutions [4][8]. Group 1: Partnership Details - EVE Energy and Hangcha Group held a strategic seminar and signing ceremony for their 2025 cooperation agreement in Hangzhou [5]. - The partnership has evolved beyond a simple supply-demand relationship, with both companies focusing on "technology co-research, capacity co-construction, and scenario co-creation" to deepen their collaboration [3][5]. - EVE Energy's commercial vehicle batteries have been supplied to over 100,000 units of Hangcha's new energy engineering machinery, which are widely used in key scenarios such as ports, mines, and warehouses [3][7]. Group 2: Future Collaboration - The cooperation model will transition from "product matching" to "ecological symbiosis," focusing on deep collaboration in warehousing logistics, technology iteration, overseas expansion, and quality upgrades [3][7]. - The partnership aims to integrate advanced battery technology with intelligent equipment, achieving deep resource integration and collaborative innovation to provide higher value green logistics solutions for global customers [3][7]. Group 3: Strategic Importance - This strategic upgrade is seen as an inevitable choice for both companies to leverage their strengths and create a powerful synergy [4][8]. - The collaboration is aligned with the mission to "reshape the global commercial vehicle capacity value" and aims to outline a global blueprint for the electrification of China's engineering machinery vehicles [4][8].