Group 1 - The core viewpoint of the article highlights the strategic partnership between EVE Energy and Hangcha Group, focusing on deepening cooperation in technology research, capacity building, and scenario creation to achieve mutual benefits and shared development [2][3] - 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 critical scenarios such as ports, mines, and warehouses [2] - The collaboration is evolving from a simple supply relationship to an "ecological symbiosis," emphasizing deep collaboration in warehousing logistics, technological iteration, overseas expansion, and quality upgrades [3] Group 2 - The strategic upgrade of the partnership is seen as a crucial step for both companies, representing a practical example of the transformation of China's manufacturing industry towards efficiency, sustainability, and intelligence [3] - The partnership aims to leverage EVE Energy's open-source battery technology and Hangcha Group's application experience to reshape the global value of commercial vehicle capacity and outline a global blueprint for the electrification of China's engineering machinery vehicles [3]

Core Viewpoint - The establishment of the first batch of national-level zero-carbon parks in China, with 52 projects selected, highlights the significant role of renewable energy manufacturing in driving the development of zero-carbon industrial parks, accounting for at least 40% of the total projects [2][4]. Group 1: Zero-Carbon Parks Overview - The layout of zero-carbon industrial parks closely aligns with China's renewable energy industry map, indicating that leading enterprises' production bases are becoming models for deep decarbonization [4]. - The "Inner Mongolia Ordos Mengsu Economic Development Zone" features the world's first fully carbon-neutral battery factory, showcasing a complete industrial chain that includes lithium battery production and 100% zero-carbon energy supply [4][5]. - AI energy storage systems play a crucial role in ensuring stable power supply and reducing energy costs within zero-carbon parks, acting as a bridge between unstable green electricity and continuous industrial production [5]. Group 2: AI Energy Storage and Global Expansion - The AI energy storage system in the Yincheng Zero-Carbon Industrial Park allows for millisecond-level coordination between renewable energy generation and production loads, maximizing green electricity utilization and reducing electricity costs [5]. - The first batch of zero-carbon parks aims to provide replicable models for low-carbon and zero-carbon transformations globally, with the Yincheng model already being implemented in Europe, indicating international market recognition [5][6]. - Over ten zero-carbon parks in the national list are co-built with Yincheng, covering various challenging types within China's industrial system, demonstrating the potential for significant impact on global industrial decarbonization [6]. Group 3: Strategic Locations and Industry Implications - The national list of zero-carbon parks reveals strategic locations for the renewable energy industry, which has been a pioneer in responding to China's dual carbon goals since its inception [6]. - Key battery production bases associated with major companies like CATL, BYD, and others are included in the zero-carbon parks list, indicating a strong correlation between the renewable energy sector and zero-carbon initiatives [6][7]. - The zero-carbon park initiative not only showcases technological integration and operational capabilities but also offers a commercial pathway for global industrial decarbonization [6].

行 业 及 产 业 电力设备 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 曾子栋 A0230525070007 zengzd@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 联系人 曾子栋 A0230525070007 zengzd@swsresearch.com 2025 年 12 月 31 日 电动车补贴延续，26 年电动车渗透 率有望再提升 看好 ——《关于 26 年实施大规模设备更新和消费品以旧换新 政策的通知》点评 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 事件：25 年 12 月 30 日，国家发展改革委及财政部发布关于 2026 年实施大规模设备更 新和消费品以旧换新政策的通知。关于新能源汽车内容包括：1）支持汽车报废更新。 个人消费者报废登记在本人名下的乘用车，购买符合要求的新能源乘用车补贴车价的 12%（最高不超过 2 万元），购买 2.0 升及以下排量燃油乘用车补贴车价的 10%（最高 不超过 1.5 万元）；2）支 ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 31 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：海外云厂商 资本开支高增长，电力设备需求高企》 2025-12-30 《光储行业跟踪：11 月国内光伏装机同比增 长，双玻组件价格小幅上涨》2025-12-30 《锂电行业跟踪：动力和储能电池需求旺盛， 储能电芯和系统均价上涨》2025-12-30 《2026 年电新行业策略报告：新能源基本业务 向上+国家战略安全资产赋能有望成为最强主 线》2025-12-30 盛，锂电材料价格回升》2025-12-23 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——固态电池行业深度报告 材料和工艺设备体系革新，固态电池产 业化加速 强于大市 投资要点： 固态电池电解质固态化是核心，具有能量密度和安全性优势，体型的硫化物全固态电池是趋 ...

投资要点： 排产：11月份正极材料产量同比增长。2025年1-11月，国内电池和磷酸铁锂正极材料产量显著高于2024 年同期。2025年11月，国内电池产量176.3GWh，同比增长49.66%，环比增长3.34%；2025年11月，国 内磷酸铁锂正极材料产量26.89万吨，同比增长29.43%，环比增长0.75%，产能利用率为62.53%。 价格：1)材料端：碳酸锂涨价明显。截至2025年12月26日，工业级碳酸锂价格上涨至11.60万元/吨，周 涨幅14.85%；12月26日，磷酸铁锂(动力型)价格报4.51万元/吨，较12月19日上涨超15%；六氟磷酸锂价 格从11月底以来维持稳定，12月27日收报18万元/吨，较上周持平。2)电芯端：方型磷酸铁锂储能电池 均价维持稳定，2025年12月22日，100Ah，280Ah，314Ah方型磷酸铁锂储能电芯均价较12月5日分别上 涨2.60%，2.58%，2.58%，报0.395，0.318，0.318元/Wh。三元动力电芯价格在10月中旬从0.42元/Wh提 升至0.43元/Wh并维持稳定；3)储能系统：液冷集装箱储能系统均价保持稳定，2025年12月22日， ...

碳酸锂半年翻倍，价格再度脱离 "共识区间" 进入 12月后，碳酸锂市场再次进入快速拉升阶段。 有口径数据显示， 12月30日电池级碳酸锂基准价超12万元/吨，较月初上涨超过30%，与年内低 点不到6万元/吨相比已翻倍。 摘要 定价重构、减产检修、钠电前移。 年末最后一周，锂电产业链几乎所有敏感环节都出现了动作： 碳酸锂期货在短时间内从 12万元/吨上方急跌，价格指数继续攀新高；锂盐龙头天齐锂业宣布 2026年起更换定价基准；磷酸铁锂头部企业集中安排1月检修，减产规模覆盖行业近半市场；电解 液与六氟磷酸锂募投项目再度延后，宁德时代则一边签下跨国电解液长约，一边把钠电池的大规模 应用时间节点前移到2026年。 表面上看，这是又一轮 "涨价和挺价"的攻防。但在价格之外，定价方式、产能节奏和技术路线，正 在被同时改写。 另一口径报价同日给出的电池级碳酸锂价格区间为 11.4万—12.2万元/吨，均价11.8万元/吨，反 映的是头部企业与核心客户之间的现货成交区间。 期货端波动更为剧烈。 12月29日，广期所碳酸锂主力合约盘中触及跌停，报11.74万元/吨，日内振幅接近一万元；30日 早盘该合约跌幅一度超过7%，随后在 ...

Industry Information - The 2025 Globalization and Sustainable Development Forum for the automotive industry released three key industry consensus points, emphasizing the integration of electric intelligence with ESG responsibilities, the importance of safety and user value in smart vehicles, and the necessity of sustainable development as a core requirement for the automotive industry [7] - Wuhan's 14th Five-Year Plan suggests accelerating the development of emerging industries such as embodied intelligence, high-end chips, quantum technology, and brain-computer interfaces [8] - As of November 2025, the total number of electric vehicle charging infrastructure in China reached 19.322 million, a year-on-year increase of 52.0%, with public charging facilities accounting for 4.625 million [9][10] - The total investment for the EVE Energy headquarters and Jin Yuan Robot AI Center project is approximately 1 billion yuan, focusing on sodium battery products and AI robotics [12] - Guangzhou aims to create a trillion-level smart connected new energy vehicle industry cluster as part of its 14th Five-Year Plan [13] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been officially implemented, streamlining the import process for electric vehicles [14] - The National Energy Administration is promoting the construction of charging piles in rural areas to support the growth of electric vehicles [15] - Huawei's ADS MAX 4.1 upgrade significantly enhances the experience in urban congestion scenarios [16] - The first batch of L3-level autonomous driving vehicle special license plates has been issued in Beijing, marking a milestone in the commercialization of autonomous vehicles [16] - By 2026, over 10,000 charging guns will be built in highway service areas across the country [16] - The National Energy Administration reported a 60.2% year-on-year increase in electricity consumption for charging and swapping services in November 2025 [18] - The first automotive intelligent chassis testing report was released, with BYD's Yangwang U7, NIO ES8, and Zhijie R7 recognized as benchmark models [20] - Hunan's electric vehicle exports exceeded 10 billion yuan for the first time, with a year-on-year growth of 105.3% [22] - Guangzhou's new energy vehicle production increased by 22.6% in the first 11 months of 2025 [22] - A total investment of 7.47 billion yuan was signed at the Ningde lithium battery new energy industry promotion conference, with an expected annual output value of 12.14 billion yuan [27] - The annual export of new energy vehicles from the Xiangyang Comprehensive Bonded Zone exceeded 10,000 units for the first time, marking a 350% year-on-year increase [27] - Inner Mongolia's Chifeng City has built 3,453 charging piles during the 14th Five-Year Plan period [29] Policy Information - The Guizhou Qiannan Prefecture government issued a plan for high-quality energy industry development from 2025 to 2027, focusing on expanding charging infrastructure [30] - The Henan Sanmenxia government released a plan for the construction of charging facilities in residential areas [31] - The Jiangsu province is adjusting its electric vehicle charging fee subsidy policy for 2026 [32] - The National Development and Reform Commission emphasized the need to regulate competition in the new energy vehicle, lithium battery, and photovoltaic industries to avoid "involution" [23][24]

编者按：上市公司是经济高质量发展的重要微观基础。深交所自2024年11月以来，围绕"提高上市公司 质量"核心任务，系统推进上市公司大走访工作，通过建立常态化走访上市公司机制，以"深扎根"式的 服务，直抵企业发展痛点与创新内核，助力新质生产力蓬勃生长。证券时报推出"深走访·提质效"系列 报道，跟随监管部门走进上市公司，探寻资本市场强化功能发挥、更好支持经济高质量发展的新态势， 敬请关注。 近日，广东惠州仲恺高新区，亿纬锂能（300014）惠州总部D区的一块空地上，铲车启动的轰鸣声宣告 了"亿纬钠能总部和金源机器人AI中心"项目的正式动工。在动工仪式上，亿纬锂能董事长刘金成表示， 公司未来将持续深耕智能化制造领域，全力实现"机器人为机器人造电池"的梦想。 深耕新能源领域二十余年，亿纬锂能从全球领先的锂电池供应商，向"氢锂钠电化学储能综合解决方 案"与"工业全场景智能工厂服务商"双重身份跃迁，乃至未来要实现"用机器人制造机器人专用电池"的 闭环，公司的成长轨迹始终镌刻着资本赋能与技术创新的双重印记。 多维助力激活创新动能 2009年10月30日，伴随着创业板开市的钟声，亿纬锂能成为首批登陆创业板的企业之一。十七年来 ...

编者按：上市公司是经济高质量发展的重要微观基础。深交所自2024年11月以来，围绕"提高上市公司 质量"核心任务，系统推进上市公司大走访工作，通过建立常态化走访上市公司机制，以"深扎根"式的 服务，直抵企业发展痛点与创新内核，助力新质生产力蓬勃生长。证券时报推出"深走访·提质效"系列 报道，跟随监管部门走进上市公司，探寻资本市场强化功能发挥、更好支持经济高质量发展的新态势， 敬请关注。 近日，广东惠州仲恺高新区，亿纬锂能惠州总部D区的一块空地上，铲车启动的轰鸣声宣告了"亿纬钠 能总部和金源机器人AI中心"项目的正式动工。在动工仪式上，亿纬锂能董事长刘金成表示，公司未来 将持续深耕智能化制造领域，全力实现"机器人为机器人造电池"的梦想。 深耕新能源领域二十余年，亿纬锂能从全球领先的锂电池供应商，向"氢锂钠电化学储能综合解决方 案"与"工业全场景智能工厂服务商"双重身份跃迁，乃至未来要实现"用机器人制造机器人专用电池"的 闭环，公司的成长轨迹始终镌刻着资本赋能与技术创新的双重印记。 多维助力激活创新动能 2009年10月30日，伴随着创业板开市的钟声，亿纬锂能成为首批登陆创业板的企业之一。十七年来，资 本市场成为 ...

Investment Rating - The industry is rated as "Outperform" compared to the market [3]. Core Insights - The demand for power and energy storage batteries is strong, with an increase in average prices for storage cells and systems [3][4]. - In November 2025, domestic battery production reached 176.3 GWh, a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [3]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [3]. - The price of industrial-grade lithium carbonate rose to 116,000 CNY/ton as of December 26, 2025, with a weekly increase of 14.85% [3]. - The average price of LFP (power type) reached 45,100 CNY/ton, increasing over 15% since December 19, 2025 [3]. - The average price of square LFP energy storage cells remained stable, with slight increases noted in December 2025 [3]. - In November 2025, the monthly loading volume of LFP batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [3]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% [3]. Summary by Sections Production - In November 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [3][4]. Prices - Prices for key materials such as lithium carbonate and LFP have seen substantial increases, indicating a tightening supply [3][4]. Domestic Demand - The domestic demand for batteries is robust, with record loading volumes and increased tender capacities for new energy storage projects [3][4]. Overseas Demand - The export market for Chinese power batteries is expanding, with notable year-on-year growth in November 2025 [3][4].