Group 1 - The company Zhongke Electric has established long-term cooperative relationships with well-known lithium battery manufacturers both domestically and internationally, including CATL, BYD, and LGES [2] - The company's lithium battery anode business is positioned to benefit from these partnerships, indicating a strong market presence and potential for growth in the lithium battery sector [2] - The collaboration with major players in the industry suggests a robust supply chain and increased credibility for Zhongke Electric in the competitive landscape of lithium battery production [2]

（文章来源：证券日报） 证券日报网讯 12月23日，硕贝德在互动平台回答投资者提问时表示，公司为宁德时代、亿纬锂能、阳 光电源部分客户提供逆变器的散热器及动力电池包的液冷板等产品。 ...

Group 1 - The lithium battery industry chain has seen a continuous increase in demand since December, driven by the energy storage sector, leading to price hikes across multiple segments [1] - Prices for lithium hexafluorophosphate, VC additive (ethylene carbonate), and FEC (fluoroethylene carbonate) are on the rise due to an expanding supply-demand gap [1] - Several lithium iron phosphate companies have announced price increases, with Suzhou Dejia Energy Technology Co., Ltd. planning a 15% price hike for its battery products starting December 16 [1] Group 2 - EVE Energy is planning to build a nearly 30GWh cylindrical battery factory near BMW's plant in Hungary, expected to be operational by 2026 [2] - The new generation BMW iX3, equipped with EVE Energy's cylindrical battery, achieved a real-world range of 1007.7 km, surpassing the official WLTP range of 805 km [2] - The lithium iron phosphate market is projected to see significant demand growth, with production expected to rise from 3.9 million tons in 2025 to 5.8 million tons by 2026 [2] Group 3 - As of December 22, 2025, the battery ETF has seen a significant growth of 1.05 billion yuan in scale over the past week [3] - The battery ETF has also experienced a substantial increase in shares, with a growth of 19.46 billion shares over the past three months [3] - The storage battery ETF has surged over 2%, with constituent stocks like Tongfei Co. and Penghui Energy showing notable gains [3] Group 4 - The battery ETF (159755) closely tracks the National Index for New Energy Vehicle Batteries, focusing on the electric vehicle battery industry chain [4] - The storage battery ETF (Guangfa, 159305) tracks the National Index for New Energy Batteries, emphasizing the storage battery sector and selecting 50 stocks with high market capitalization and liquidity [4]

Core Insights - The Chinese lithium battery storage industry is undergoing significant expansion, with 132 new lithium-ion battery manufacturing projects planned to achieve an annual capacity of 1803 GWh by the end of 2025, backed by a total investment of approximately 428.27 billion yuan [1][23][20] Regional Distribution - The geographical distribution of lithium battery production capacity is shifting from a previously concentrated model in the southeast coastal regions to a more collaborative structure involving East China leading, Central China rising, and Southwest China advancing [3][25] - East China remains a cornerstone, with Shandong, Jiangsu, and Zhejiang leveraging their mature chemical industry foundations and supply chain advantages to become core manufacturing hubs [3][25] - Central China, particularly Hubei, is emerging as a significant player with a storage industry cluster generating over 60 billion yuan, achieving over 20% of the national power battery capacity [5][28] - Southwest China, led by Sichuan, is attracting large-scale energy-sensitive storage battery projects due to its abundant hydropower resources and lower electricity costs [8][31] Technological Developments - Phosphate iron lithium (LFP) batteries maintain a dominant position, accounting for 81.2% of the loading volume in power and storage sectors, with a 51.4% year-on-year increase in exports [9][32] - Sodium-ion batteries are transitioning from laboratory to industrial production, presenting a strategic reserve for addressing lithium resource fluctuations [11][34] - Solid-state batteries are making strides in industrialization, with projects in Sichuan and Anhui exceeding 5 billion yuan in total investment [11][34] - The penetration of large cylindrical batteries is accelerating, with projections indicating global production capacity could exceed 300 GWh by 2026 [11][34] Competitive Landscape - Leading companies like CATL are expanding aggressively, with individual project investments exceeding 10 billion yuan and capacity planning reaching 10 GWh [12][35] - The second-tier players are intensifying their positioning battles, with companies like Guoxuan High-Tech and others focusing on niche markets and specific technologies [12][38] - The number of newly registered lithium battery-related companies reached approximately 37,000 in the first 11 months of 2025, indicating strong capital and entrepreneurial interest in the sector [12][38] Project Progress - As of November 2025, 74 projects are in substantial stages of construction, representing nearly 70% of the total planned projects, with 30 newly started, 23 under construction, and 21 already in production [16][39] - There are 28 projects in preliminary stages, with 12 already partially completed, indicating a steady influx of new capacity into the market [19][42] Structural Changes - The expansion of capacity is characterized by a supply-side structural reform, focusing on high-quality replacements rather than low-level repetitive construction [20][43] - New production lines are targeting high-capacity cells of 314 Ah and above, leading to the exit of outdated capacities under price and technological pressures [20][43] - Companies with integrated capabilities from lithium mining to recycling are gaining advantages in cost control and supply chain security [20][43] - Chinese storage enterprises are accelerating localized capacity layouts in Southeast Asia, Europe, and North Africa to navigate complex international trade environments [22][45]

Core Viewpoint - EVE Energy announced the groundbreaking ceremony for the "EVE Sodium Energy Headquarters and Jinyuan Robot AI Center" project, indicating a strategic move to capitalize on the explosive growth of the sodium battery industry and rapid advancements in AI and robotics technology [3][6]. Group 1: Project Overview - The project involves a total investment of approximately 1 billion yuan, with a planned total construction area of about 90,000 square meters, aimed at creating an integrated innovation platform for "R&D - pilot testing - mass production" in the sodium battery sector [6]. - The sodium battery products will feature characteristics such as "non-combustible" and "no trace," utilizing low-carbon materials for self-degradation without the need for recycling, aligning with the goal of achieving "zero-carbon sodium batteries" [6][5]. Group 2: AI and Robotics Integration - The Jinyuan Robot AI Center will cover an area of approximately 50,000 square meters, encompassing the entire process of robot mass production R&D, from "R&D - trial production - pilot testing - final assembly - skills training" [7]. - The project aims to leverage a "robot + generative AI" dual-engine approach to break down collaboration barriers between robots, equipment, and personnel, creating a comprehensive intelligent solution model [7]. Group 3: Future Directions - The company plans to focus on developing comprehensive energy storage solutions that integrate hydrogen, lithium, and sodium, which are key elements in the periodic table and crucial for the future of renewable energy [5]. - EVE Energy aims to achieve a highly automated and intelligent lithium battery manufacturing system, with the vision of "robots manufacturing batteries for robots," providing strong industrial support for the implementation of comprehensive energy storage solutions [6].

如何做好出海业务？多位与会嘉宾均提到"长期主义"。 亿纬储能总裁陈翔表示，回想5年前甚至更早的时候，储能用的电芯都是淘汰下来的动力电池。如今， 企业认真研发500Ah以上的电芯，开始定义下一代储能电芯，储能行业已经有了巨大的飞跃，行业开始 认真思考储能行业未来如何发展。长期主义不仅是做锂电企业的基础，也是出海的基础，不管业务规模 是大是小。 易辉琼也认为，出海的长期主义包含产品创新，以及全球产业链布局。瑞浦兰钧的出海，不仅仅是电池 产能布局。她指出，从瑞浦兰钧成立开始，青山集团就一直致力于布局整个新能源产业链，从矿产到原 材料，到电池，再到终端和客户。青山集团在不锈钢和镍两个产业都做到全球最大，而且市占率超过 30%。 "世界的储能是中国的，中国的储能也是世界的。"12月11日，在深圳举办的2025高工储能年会上，这句 话反复被宁德时代（300750）、亿纬锂能（300014）等企业的发言嘉宾提及。前半句意为，中国储能电 池和储能系统在全球市场的份额分别达90%和70%，已形成主导之势；后半句则是指，海外储能市场目 前占据一半体量且利润更为丰厚，成为中国储能企业必须去的远方。 会上，储能头部企业分享了征战海外 ...

Core Viewpoint - The report highlights a significant growth potential in the lithium iron phosphate (LFP) market, predicting a demand surge in 2026, with production expected to reach 5.8 million tons, up from 3.9 million tons in 2025. The supply of fourth-generation LFP remains tight, with only a few stable suppliers available [1][2]. Industry Strategy - The overall strategy emphasizes the importance of repositioning at the bottom of the market, driven by the continuous implementation of new technologies and favorable supply-demand dynamics in the upstream sector. There is a focus on enhancing pricing power in the mid and upstream segments, suggesting that current market conditions present a good opportunity for investment in leading companies and upstream flexibility [1]. New Energy Vehicle Industry Insights - The new cycle in the new energy vehicle (NEV) industry has begun, with innovations in battery technology such as large cylindrical and solid-state batteries benefiting companies like CATL, EVE Energy, and Putailai. For instance, the new generation BMW iX3, equipped with EVE Energy's large cylindrical battery, achieved a real-world range of 1007.7 km, surpassing its official WLTP range of 805 km. EVE Energy is also planning a new 30 GWh cylindrical battery factory in Hungary, expected to be operational by 2026 [1][2]. Lithium Battery Cathode Supply Chain - The lithium battery cathode supply chain is expected to remain strong, with companies like Hunan Youneng, Rongbai Technology, and Tianci Materials poised to benefit. The cost of lithium iron phosphate has been rising, with November costs reported between 16,798.2 and 17,216.3 yuan per ton, an increase of 89.6 yuan per ton from October. The average market price also rose by 279.3 yuan per ton to 14,704.8 yuan [2]. Solar Energy Storage Industry Insights - The solar energy sector is witnessing a gradual uplift in the mid-term bottom, with ongoing efforts to combat "internal competition" among leading companies like Longi, Aiko, and GCL-Poly. A self-regulatory initiative has been formed, focusing on eliminating export tax rebates and controlling silicon material supply to stabilize the market. The Ministry of Industry and Information Technology has outlined six key tasks for the solar industry by 2026, emphasizing capacity regulation and innovation [2]. AI and New Energy Integration - The integration of AI in the new energy sector is gaining traction, with companies like Ningde Times and Keda Li benefiting from the application of humanoid robots in manufacturing. Ningde Times has launched the world's first production line for humanoid robots in battery pack production, marking a significant advancement in smart manufacturing [3]. Wind Power Industry Insights - The global wind power market is performing better than expected, with significant project bids reported. From January to November 2025, state-owned enterprises have opened bids for 117.97 GW of wind power projects, with onshore wind accounting for 91.33% of the total. Companies like Goldwind, Envision Energy, and others dominate the market, holding a combined share of 68.02% [4].

中经记者 李哲 惠州报道 12月22日，亿纬锂能（300014.SZ）"亿纬钠能总部和金源机器人AI中心"项目正式动工。 亿纬锂能方面表示，项目建成后将成为国内领先的钠电产业化以及AI和机器人创新应用融合基地。其 中，2GWh钠离子电池产能将有效填补市场供需缺口，推动储能、AIDC等场景规模化应用。 "这是一个新的时代，AI的时代，不是制造的时代。今年年底我们的销售额能够超过600亿元，2026年预 计将达到800亿元，我们的奋斗目标是1000亿元。"亿纬锂能董事长刘金成表示，面对AI时代全面到来的 产业变革，亿纬锂能顺势布局，一方面借助AI全面推动锂电池制造智能化升级，全力实现"机器人为机 器人造电池"的梦想；另一方面通过建设超大规模锂电池生产工厂，反向赋能AI技术产品迭代，二者相 辅相成。 钠电项目预计2027年试生产 根据亿纬锂能方面披露，在钠电板块，项目总投资约10亿元，规划总建筑面积约9万平方米，规划年产 能2GWh。 亿纬锂能中央研究院院长赵瑞瑞介绍，该项目生产的钠离子电池具备宽温域、高倍率、长寿命、高安全 性等优势，能提供安全绿色的电力供应，快速响应AIDC负荷变化，为场景运行提供稳定高效的储能 ...

Core Insights - The current surge in China's energy sector, particularly in the energy storage industry, is described as one of the biggest surprises of the year, with leading companies experiencing high demand and full order books [1][8] - The demand surge is attributed to domestic market reforms and international factors such as AI data centers, aging European grids, and the expansion of renewable energy, which have collectively boosted international demand for energy storage [1][8] Domestic Market Dynamics - As of October this year, China has exported over $65 billion worth of energy storage and electric vehicle batteries, with a projected 75% year-on-year increase in global shipments of lithium-ion battery cells from Chinese companies [1][8] - Domestic demand is primarily driven by data centers and renewable energy projects, supported by market reforms and government subsidies [1][8] International Market Trends - UBS has raised its forecast for global battery storage installations by 25% for 2026, while the International Energy Agency expects a 16% year-on-year increase in global battery storage investment this year, reaching $66 billion [2][9] - Chinese companies dominate the core battery cell manufacturing segment, with major suppliers like CATL, Hicharge, and BYD leading the global rankings [2][9] Future Projections - Analysts predict a 40% year-on-year growth in global storage demand by 2026, driven by the increasing needs of data centers in the U.S. due to cloud computing and AI [3][10] - The U.S. market is seen as a key area for Chinese storage manufacturers, currently holding a 20% market share, although there are policy risks for Chinese firms in this market [3][10] Policy and Regulatory Changes - Recent reforms in China's electricity market are changing the economic viability of energy storage, allowing for more competitive pricing models that enhance profitability [5][12] - The Chinese government has set ambitious targets for energy storage capacity, aiming for over 180 GW by 2027, with significant investments expected [6][13]

Core Viewpoint - The project "EVE Sodium Energy Headquarters and Jinyuan Robot AI Center" has officially commenced construction, indicating a significant investment in sodium battery technology and AI robotics by EVE Energy [1] Group 1: Project Overview - The total investment for the sodium battery segment of the project is approximately 1 billion yuan [1] - The planned total construction area for the project is around 90,000 square meters [1] - The sodium battery segment will focus on the development of "trace-free" and "non-combustible" sodium battery products [1] Group 2: AI and Robotics Development - The AI and robotics segment includes the construction of the Jinyuan Robot AI Center, which will cover an area of about 50,000 square meters [1] - The center will encompass the entire process of robot mass production research and development, including "R&D - trial production - pilot testing - final assembly - skills training" [1]