爱建证券近日发布锂电行业跟踪：2025年1-12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12月，国内电池产量201.7GWh，同比增长约62%，环比增长约14%；2025年12月，国内磷 酸铁锂正极材料产量26.93万吨，同比增长32.48%，环比增长0.16%，产能利用率为59.85%。 以下为研究报告摘要： 投资要点： 投资建议：1)2025年1-12月，国内电池和磷酸铁锂正极材料产量高于2024年同期，碳酸锂和储能电芯价 格呈现波动上涨态势，国内电池月度装车量和新型储能招标容量环比增长，关注动力电池与储能协同布 局、海外布局领先的电芯核心企业；2)锂电需求提升，关注锂电材料相关企业；3)建议关注宁德时代 （300750）(300750.SZ)、亿纬锂能（300014）(300014.SZ)、欣旺达（300207）(300207.SZ)、湖南裕能 （301358）(301358.SZ)、天赐材料（002709）(002709.SZ)、多氟多（002407）(002407.SZ)。 风险提示：1)原材料价格波动；2)全球需求不及预期；3)行业竞争加剧。(爱建证券朱攀,陆嘉怡) ...

太阳能路灯是采用晶体硅太阳能电池供电，免维护阀控式密封蓄电池（胶体电池）储存电能，超高亮 LED灯具作为光源，并由智能化充放电控制器控制，用于代替传统公用电力照明的路灯。太阳能路灯主 要由太阳能电池板、蓄电池、LED光源、智能控制器和灯杆五部分组成。太阳能电池板采用单晶硅或多 晶硅材料，负责光能转换；蓄电池通常为锂电池或胶体电池，存储电能并支持连续阴雨天使用；LED光 源具有高亮度、低能耗特点；智能控制器可调节充电、放电及光照模式，延长设备寿命；灯杆则根据场 景需求设计高度与材质，常见为铝合金喷塑处理，兼顾耐腐蚀性与美观性。 内容概况：我国太阳能路灯市场在近年来展现出显著的增长潜力。尽管当前总体建设规模尚处于发展阶 段，但其产业历程已历经从技术探索与初步应用，到市场推广与普及，并正加速迈向规模化扩张与智能 化升级的新阶段。在持续的技术进步与不断扩大的应用需求双重驱动下，行业规模稳步拓展，前景可 观，正逐步在照明领域崭露头角并占据愈发重要的地位。数据显示，中国太阳能路灯行业市场规模从 2019年的2.91亿元增长至2024年的3.85亿元，年复合增长率为5.76%。太阳能路灯作为一种绿色、环 保、节能的照明设备 ...

Group 1 - The Chinese humanoid robot industry is accelerating its development, with the Ministry of Industry and Information Technology (MIIT) emphasizing ongoing support for technological innovation and ecosystem enhancement [2][3] - By 2025, the number of domestic humanoid robot manufacturers is expected to exceed 140, with over 330 humanoid robot products launched [2] - China is projected to lead the global market in humanoid robot shipments by 2025, with an estimated 5,168 units shipped, capturing 39% of the global market share [3] Group 2 - The number of patents related to humanoid robots in China has surpassed 2,000, with 1,620 applications filed since 2021, marking a 30.7% year-on-year increase in 2025 [3] - The humanoid robot sector is anticipated to unlock a trillion-yuan market across various applications, including industrial, medical, commercial, and domestic settings [4] - Companies like Ningde Times and Northern Rare Earth are significantly investing in humanoid robotics, with Ningde Times establishing a self-research team focused on robotic arms and AGVs [5] Group 3 - Shenghong Technology expects a net profit growth of 260.35% to 295% in 2025, having established partnerships with leading companies in the humanoid robot sector [6] - Jinli Permanent Magnet anticipates a net profit increase of 127% to 161% in 2025, with products for humanoid robots already in small-scale delivery [6]

亿纬锂能1月21日大宗交易平台出现一笔成交，成交量5.83万股，成交金额389.68万元，大宗交易成交价 为66.84元。该笔交易的买方营业部为机构专用，卖方营业部为中国中金财富证券有限公司福州五四路 证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为1882.80万元。 证券时报·数据宝统计显示，亿纬锂能今日收盘价为66.84元，上涨1.24%，日换手率为2.42%，成交额为 32.54亿元，全天主力资金净流入3190.75万元，近5日该股累计下跌0.48%，近5日资金合计净流出3.68亿 元。 两融数据显示，该股最新融资余额为54.01亿元，近5日增加7266.69万元，增幅为1.36%。（数据宝） 1月21日亿纬锂能大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 5.83 | 389.68 | 66.84 | 0.00 | 机构专 | 中国中金财富证券有限公司福州五 | ...

| 权益类证券大宗交易(协议交易) | | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | | 2026-01-21 | 300014 | 亿纬锂能 | 66.84 | 5.83 | 389.68 机构专用 | | 中国中金财富证券 有限公司福州五四 路近券量不部 | | 1月21日，亿纬锂能大宗交易成交5.83万股，成交额389.68万元，占当日总成交额的0.12%，成交价66.84 元，较市场收盘价66.84元持平。 ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，1月19日德国政府宣布，联邦政府气候与转型基金拨款30亿欧元，对新购入电动汽车的 家庭提供最高6000欧元的补贴，以推动其电动汽车产业发展，这是德国在2023年底终止原有电动汽车购 车补贴政策后，再次提供类似补贴。 展望后市，华泰证券指出，预计政策可带动电动车新增需求在0~80万辆之间，按照单车带电量 60kWh计算，对应电池新增需求0~48GWh，占26年全球电池需求约0~1.7%。看好锂电需求上修带来业 绩增量，欧洲产业链相关标的弹性更大，看好欧洲敞口大的相关环节标的，首选电池环节宁德时代、亿 纬锂能，当升科技，此外其余锂电产业链也有望受益于需求上修，推荐磷酸铁锂环节湖南裕能。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新 能源指数主要涵盖新能源和新能源汽 ...

证券研究报告 电力设备与新能源 德国电动车补贴利好锂电产业链 华泰研究 2026 年 1 月 20 日│中国内地 动态点评 锂电需求有望上修，欧洲产业链相关标的弹性更大 我们预计政策可带动电动车新增需求在 0~80 万辆之间，按照单车带电量 60kWh 计算，对应电池新增需求 0~48GWh，占 26 年全球电池需求约 0~1.7%。看好锂电需求上修带来业绩增量，欧洲产业链相关标的弹性更大， 看好欧洲敞口大的相关环节标的，首选电池环节宁德时代、亿纬锂能，三元 正极当升科技，此外其余锂电产业链也有望受益于需求上修，推荐磷酸铁锂 环节湖南裕能、负极环节尚太科技、电解液环节天赐材料。 德国政府 1 月 19 日宣布，联邦政府气候与转型基金拨款 30 亿欧元，对新 购入电动汽车的家庭提供最高 6000 欧元的补贴，以推动其电动汽车产业发 展，这是德国在 2023 年底终止原有电动汽车购车补贴政策后，再次提供类 似补贴。我们认为政策意在扶持电动车产业发展，补贴倾向纯电汽车+中低 收入人群，看好锂电需求上修带来锂电产业链公司业绩增量，推荐宁德时代、 亿纬锂能、当升科技、湖南裕能、尚太科技、天赐材料。 政策意在扶持电动车产 ...

Group 1: Overview of Guangdong's Manufacturing Industry - Guangdong's manufacturing industry is supported by trillion-level industrial clusters, with nine major clusters established, including new-generation electronic information and new energy vehicles [2] - In 2022, the automotive industry in Guangdong achieved revenue exceeding 1 trillion yuan, marking it as the eighth trillion-level industry, with the new energy industry expected to follow in 2024 [2] - The ultra-high-definition video display industry is projected to surpass 900 billion yuan in revenue by 2024, positioning it as a potential candidate for the next trillion-level industry [2] Group 2: Strategic Importance of Trillion-Level Clusters - The development of trillion-level industrial clusters is a strategic focus for Guangdong to adapt to global economic changes and technological revolutions, aiming to build a modern industrial system [3] - The existing trillion-level clusters are predominantly traditional industries, indicating a need for increased representation of strategic emerging industries [3] - Trillion-level clusters are characterized by significant scale effects, strong innovation capabilities, and resilient supply chains, serving as key drivers for economic growth [3] Group 3: Policy Support and Development Plans - The success of the new energy industry in Guangdong is attributed to strategic policies and frameworks established since 2020, aiming to develop it into a strategic emerging industry cluster [5] - The "Guangdong Province Action Plan for the Development of Ultra-High-Definition Video Industry" aims for the industry to achieve over 1 trillion yuan in revenue by 2025 [8] - The semiconductor and integrated circuit industry is a focus area, with plans to enhance its scale and capabilities, targeting over 4 trillion yuan in revenue by 2025 [10][12] Group 4: Emerging Industries and Growth Projections - The new energy storage industry is expected to reach 600 billion yuan in revenue by 2025, with an annual growth rate exceeding 50% [13] - The low-altitude economy is projected to become a trillion-level industry, with significant market potential and a comprehensive policy framework to support its development [18] - The ultra-high-definition video industry has shown remarkable growth, with a revenue of 900 billion yuan in 2024 and a significant increase in 4K program production [9] Group 5: Infrastructure and Market Development - Guangdong has established a robust infrastructure for the low-altitude economy, including numerous general airports and drone flight routes, facilitating industry growth [21][22] - The new energy storage sector has seen rapid advancements, with major projects being launched and significant increases in installed capacity [17] - The semiconductor industry in Guangdong is experiencing rapid growth, with a projected revenue of over 320 billion yuan in 2024 and a clear path towards achieving 400 billion yuan by 2025 [11]

Core Viewpoint - The sodium battery industry in China is entering a commercialization phase, with annual shipments expected to exceed 3.7 GWh by 2025, marking a significant milestone despite being far behind lithium battery giants [1][2]. Industry Overview - The sodium battery industry is poised for growth, driven by rising lithium carbonate prices, which have surged to as high as 179,000 yuan/ton, prompting interest in sodium batteries as a cost-effective alternative [3][5]. - The industry is characterized by a dual structure, with established lithium battery leaders like CATL and BYD alongside emerging sodium battery companies such as Zhongke Haina and Sodium Innovation Energy [3][7]. Market Dynamics - The year 2026 is being marked as the "year of sodium battery industrialization," with companies ramping up production lines and securing orders in response to market demand [3][5]. - The sodium battery's advantages include abundant raw materials, stable pricing of sodium carbonate, and superior low-temperature performance and safety features compared to lithium batteries [1][3]. Challenges and Pressures - The sodium battery industry faces significant challenges, including capacity bottlenecks, performance gaps compared to lithium batteries, and an immature supply chain [3][9]. - Current sodium battery energy densities range from 100 to 160 Wh/kg, while lithium iron phosphate batteries achieve 160 to 200 Wh/kg, indicating a need for technological advancements [9]. Standardization Efforts - The establishment of a comprehensive standardization framework is underway, with the Ministry of Industry and Information Technology guiding the development of national and industry standards for sodium batteries [4][15]. - Existing standards are insufficient, particularly in areas such as safety, performance requirements, and testing methods for specific sodium battery applications [14][16]. Future Outlook - The sodium battery industry is expected to see increased investment and development, with major players like CATL and BYD committing to large-scale applications in various sectors [7][8]. - The industry's growth will depend on overcoming current challenges, including production capacity, cost competitiveness, and the establishment of a robust standardization system [9][12].

2025-2026年磷酸铁锂新扩产落地的产能将超过200万吨，届时全球磷酸铁锂产能将逼近900万吨，磷酸 铁锂行业仍难摆脱供过于求格局，过剩主要集中在二、三代材料，而四代高端材料依旧短缺。在企业抢 出口、新能源汽车及储能政策利好的共同驱动下，乐观估计2026年中国磷酸铁锂正极材料总产量将达 580万吨，同比增长约53%。 2026年国内磷酸铁锂材料新扩产的产线大多做的是更高端的产品，而非低端产品的简单复制，行业竞争 格局正呈现"头部集中、中小出清"的态势。湖南裕能、德方纳米、龙蟠科技等龙头企业纷纷加码高压 实、长循环等高端产品布局。 当前，国内磷酸铁锂行业面临结构性过剩，但高性能产品需求旺盛。未来企业能否在磷酸铁锂行业立 足，关键取决于两大核心能力：一是高端差异化产品的研发与生产能力，二是大规模生产下的产品一致 性控制能力。 图2 2025年我国磷酸铁锂材料主要企业产量占比 图3 我国磷酸铁锂正极材料出口量(吨) 近一年来，国内磷酸铁锂行业出现了一轮总额超2400亿元的巨额订单锁定潮，涉及宁德时代、楚能新能 源、亿纬锂能、欣旺达、比亚迪等多个头部电池厂商，其中宁德时代是最大买家，其采购金额占总额的 绝大部分。 ...