Core Viewpoint - The company, Changsheng Technology, is actively monitoring policy developments and is taking measures to ensure stable business operations, with all production and business activities currently proceeding normally [1]. Group 1 - The company is closely watching relevant policy dynamics [1] - The company is taking proactive measures to maintain stable business development [1] - All business operations are progressing steadily [1]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In December 2025, the production and sales of new energy vehicles (NEVs) and batteries showed year-on-year growth but a month-on-month decline, primarily due to consumer hesitation during a subsidy policy gap [4]. - The penetration rate of NEVs reached 52.3% in December, a decrease of 0.9 percentage points month-on-month, while the annual penetration rate for 2025 was 47.9%, an increase of 7 percentage points year-on-year [4]. - The battery production and sales in December 2025 saw significant growth, with production at 201.7 GWh (up 14.4% month-on-month, 62.1% year-on-year) and sales at 199.3 GWh (up 11.1% month-on-month, 57.5% year-on-year) [4]. - The demand for power batteries is expected to weaken in the short term due to the traditional off-season for the NEV market and adjustments in the vehicle purchase tax [4]. - The solid-state battery industry is progressing towards commercialization, which will create incremental demand for materials and equipment in the industry chain [4]. Summary by Sections New Energy Vehicle Market - December 2025 saw NEV production and sales of 171.8 million and 171 million units, respectively, with year-on-year growth of 12.3% and 7.2%, but month-on-month declines of 8.6% and 6.2% [4]. - For the entire year of 2025, NEV production and sales reached 16.626 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [4]. Battery Production and Sales - In December 2025, the production of power and energy storage batteries was 201.7 GWh, with a year-on-year increase of 62.1% [4]. - The sales of power batteries accounted for 72.1% of total sales, with a month-on-month increase of 7.3% and a year-on-year increase of 49.2% [4]. Export and Market Dynamics - Battery exports in December 2025 reached 32.6 GWh, with a year-on-year increase of 49.2% [4]. - The report anticipates stable demand in the energy storage market and potential short-term support for demand due to adjustments in export tax policies [4]. Investment Recommendations - The report suggests focusing on the recovery pace of the industry chain and prioritizing sectors benefiting from solid-state battery advancements, including core materials and equipment [4]. - Key stocks to watch include CATL, EVE Energy, and others listed in the report [4].

Core Viewpoint - The company did not conduct stock buybacks last month, raising concerns among investors about its confidence in the market, especially after competitors secured significant contracts [1] Group 1: Company Response - The company expressed gratitude for investor inquiries and emphasized its commitment to comply with legal and regulatory disclosure obligations [1]

Core Viewpoint - The company, Dingsheng Technology, has confirmed that it currently has no partnership with Finland's Donut Lab, while maintaining a focus on the development of global solid-state battery technology [1] Group 1: Company Developments - The company is in close communication and collaboration with several leading solid-state battery enterprises both domestically and internationally [1] - The construction of the company's factory in Finland is progressing steadily, with an expected completion and production start date in the second half of 2026 [1]

Core Viewpoint - The signing of the solid electrolyte material project by Changsheng Technology marks a strategic move to capitalize on the global solid-state battery industry opportunities and enhance its industrial layout [1] Group 1: Project Details - Changsheng Technology has signed an agreement to establish a solid electrolyte material project in Jintan, Changzhou [1] - The project will involve the construction of a production line with an annual capacity of 3,000 tons of solid electrolyte materials [1] - Upon full completion and reaching production capacity, the project is expected to generate an annual output value of approximately 5 billion yuan [1]

Core Viewpoint - Solid-state batteries are highly compatible with satellite applications due to their lack of liquid electrolytes, low gas evolution risk, radiation resistance, and temperature tolerance, making them a promising investment direction for the industry [1][6]. Group 1: Performance and Compatibility - Solid-state batteries exhibit superior performance characteristics suitable for satellite environments, where traditional liquid lithium-ion batteries face significant risks such as electrolyte evaporation and thermal runaway [2]. - The inherent safety of solid-state electrolytes, which do not contain flammable or volatile components, enhances their stability in vacuum conditions, making them more suitable for long-term space missions [2]. Group 2: Industry Development and Testing - Solid-state batteries have progressed from laboratory validation to engineering and in-orbit verification stages in the satellite sector, with successful tests conducted by JAXA and Hitachi Shipbuilding [4]. - A solid-state lithium-ion battery was launched to the International Space Station in February 2022, demonstrating successful charge and discharge operations over 434 days with no significant capacity degradation [4]. Group 3: Policy Support and Market Outlook - The solid-state battery industry is receiving significant policy support, with multiple initiatives introduced since 2025 to promote its development [5]. - As pilot tests advance, the mass production timeline for solid-state batteries is expected to accelerate, indicating a strong growth trajectory for this technology [5]. Group 4: Investment Recommendations - Companies such as CATL, EVE Energy, and others are recommended for investment due to their involvement in solid-state battery technology, which is anticipated to see increased penetration in the aerospace sector [6].

Investment Rating - The industry investment rating is "Outperform" [11] Core Viewpoints - Solid-state batteries are expected to become a key energy storage technology in the aerospace sector due to their lack of liquid electrolytes, low gas release risk, radiation resistance, and temperature tolerance, making them highly compatible with satellite applications [1][3] - The penetration rate of solid-state batteries in the aerospace field is anticipated to increase as industrialization progresses, with ongoing engineering and in-orbit validation [1][3] - The report maintains a strong outlook for solid-state battery production acceleration, highlighting it as a high-certainty investment direction [3] Summary by Sections Industry Overview - Solid-state batteries have transitioned from laboratory validation to engineering and in-orbit verification in the satellite sector, with successful demonstrations of charging and discharging capabilities in space [5] - NASA is advancing solid-state battery projects aimed at developing technologies suitable for space exploration and manned missions, indicating strong institutional support for this technology [5] Market Potential - The report emphasizes that solid-state batteries offer advantages in energy density and safety, positioning them as a significant upgrade direction for lithium-ion battery technology, supported by multiple national policies since 2025 [5] - The report recommends specific companies such as CATL, Yiwei Lithium Energy, and others as key players in the solid-state battery market, suggesting a focus on companies that are initiating small-scale production and advancing solid-state technology [3]

证券代码：300073 证券简称：当升科技 公告编号：2026-001 北京当升材料科技股份有限公司 关于 2025 年管理层与核心骨干股权增持计划 实施进展的公告 北京当升材料科技股份有限公司 关于 2025 年管理层与核心骨干股权增持计划实施进展的公告 北京当升材料科技股份有限公司（以下称"当升科技"或"公司"）2025 年第三次临时股东大会于 2025 年 8 月 12 日审议通过了《<2025 年管理层与核心 骨干股权增持计划（草案）>及摘要》（以下称"股权增持计划"）。根据中国 证券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》的相 关要求，现将公司本次股权增持计划实施进展情况公告如下： 截至本公告披露日，公司股权增持计划已通过"云南国际信托有限公司－云 南信托－与奋斗者同行当升科技员工持股第六期管理服务信托"从二级市场以 市价累计买入了公司股票合计 283,200 股，占公司总股本的 0.05%，成交均价为 55.83 元/股，成交总金额为 15,810,291.36 元。 公司将根据股权增持计划的实施进展 ...

Core Insights - The core viewpoint of the article is the significant growth forecast for the global sodium-ion battery industry, particularly in the production and shipment of cathode materials by 2025, as detailed in the "2026 Global Sodium Battery Industry White Paper" published by Qidian Research Institute SPIR [2]. Group 1: Industry Overview - By 2025, the global shipment of sodium-ion battery cathode materials is expected to reach approximately 20,000 tons, representing a year-on-year growth of 122.2% [2]. - Among the cathode materials, the shipment of polyanionic cathode materials is projected to exceed that of layered oxides, with an estimated shipment of 14,000 tons, marking a staggering year-on-year increase of 366.6%. In contrast, the shipment of layered oxide cathode materials is expected to be 5,000 tons, reflecting a year-on-year decline of 16.6% [2]. Group 2: Price Trends - The average price of layered oxide cathode materials in 2025 is forecasted to be 38,000 yuan per ton, which is a decrease of 26.3% compared to the previous year [3]. - The average price for polyanionic cathode materials is expected to be 28,000 yuan per ton, showing a decline of 22.2% year-on-year [3]. Group 3: Leading Companies - The top 10 companies in the global sodium-ion battery cathode materials shipment for 2025 include: 1. Qiana Energy 2. Rongbai Technology 3. Sodium Innovation Energy 4. Yingna New Energy 5. Wanrun New Energy 6. Sodium Science Energy 7. Dangseng Technology 8. Jiangsu Xiangying 9. Sodium Far New Materials 10. Jinguang Energy [7]. - The next tier, companies ranked 11-20, includes: 11. Ruiyang New Energy 12. Green Beauty 13. Zhenhua New Materials 14. Yangguang Technology 15. Tongxing Haosheng 16. Taihe Technology 17. Better Energy 18. Shengna Energy 19. Chaona New Energy 20. Xinna New Materials [7]. Group 4: Market Segmentation - The top 10 companies in the shipment of polyanionic cathode materials include: 1. Qiana Energy 2. Rongbai Technology 3. Yingna New Energy 4. Wanrun New Energy 5. Jinguang Energy 6. Sodium Science Energy 7. Sodium Far New Materials 8. Ruiyang New Energy 9. Tongxing Haosheng 10. Taihe Technology [9]. - The top 10 companies in the shipment of layered oxide cathode materials include: 1. Sodium Innovation Energy 2. Rongbai Technology 3. Dangseng Technology 4. Jiangsu Xiangying 5. Zhenhua New Materials 6. Sodium Science Energy 7. Green Beauty 8. Better Energy 9. Yangguang Technology 10. Changyuan Lithium Technology [9].

Core Viewpoint - The company has established a comprehensive foreign exchange risk management system to monitor risk exposure and mitigate adverse impacts from currency fluctuations on its operations [2] Group 1: Foreign Exchange Risk Management - The company conducts daily monitoring of its foreign exchange risk exposure [2] - It closely observes macroeconomic conditions and changes in international monetary policies [2] - The company dynamically adjusts the use of forward foreign exchange instruments based on professional market analysis reports and its actual situation [2]