Group 1 - The core point of the article highlights the recent performance of Penghui Energy, with a stock price increase of 5.23% to 53.35 CNY per share, a trading volume of 740 million CNY, and a market capitalization of 26.853 billion CNY [1] - Penghui Energy, established on January 18, 2001, and listed on April 24, 2015, specializes in the research, production, and sales of lithium-ion batteries and primary batteries, with lithium-ion batteries accounting for 98.89% of its main business revenue [1] Group 2 - From the perspective of major fund holdings, one fund under Rongtong Fund has a significant position in Penghui Energy, with 6,800 shares held, representing 1.75% of the fund's net value, making it the eighth-largest holding [2] - The Rongtong Cross-Border Growth Flexible Allocation Mixed Fund (001830) has a total scale of 15.8629 million CNY and has experienced a year-to-date loss of 1.31%, ranking 8677 out of 8838 in its category, while achieving a one-year return of 20.64%, ranking 5506 out of 8089 [2] - The fund manager, He Long, has a tenure of 10 years and 142 days, with a total asset scale of 2.511 billion CNY, achieving the best fund return of 128.31% during his tenure [2]

消息面上，商务部发布公告2026年第3号，公布对原产于美国和韩国的进口太阳能级多晶硅所适用反倾 销措施的期终复审裁定：自2026年1月14日起，对原产于美国和韩国的进口太阳能级多晶硅继续征收反 倾销税，实施期限为5年。 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车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）高弹性，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至2025 年12月30日，规模达6.76亿元；成交额最大，近一月日均成交7075万元。其储能+固态电池占比近 90%，契合当下市场热点。 展望后市，中信证券指出，过去光伏行业凭借低价无序竞争造成的"内卷"状况有望缓解，技术创新迭代 及品牌建设有望成为主要方向，落后产能出清速度将会加快，龙头企业市占率继续提升，光伏行业有望 迈入高质量发展的新阶段，推荐光伏及储能投资机会。 2026年1月14日，A股三大指数高开，创业板新能源ETF华夏（159368）开盘后直线拉升，最大涨幅达 1.19%。盘面上，富临精工上涨1 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2026-010 目前，公司生产经营有关的原材料碳酸锂期货价格出现波动，公司利用自有资金开 展商品期货套期保值业务，业务规模与自有资金、经营情况和实际需求相匹配，不会影 响公司日常经营业务。 三、风险提示 关于开展商品期货套期保值业务的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、商品期货套期保值业务情况概述 广州鹏辉能源科技股份有限公司（以下简称"公司"） 公司分别于2025年4月22日 召开第五届董事会第十三次会议及第五届监事会第十一次会议，于2025年5月16日召开 2024年度股东大会，审议通过了《关于开展商品期货套期保值业务的议案》，同意公司 开展最高保证金额度不超过人民币5,000万元的商品期货套期保值业务，商品期货套期 保值品种仅限于与公司生产经营有关的碳酸锂期货品种。随着公司经营规模的逐步扩大， 现有场内市场的期货期权交易品种不能满足公司经营发展需要，为进一步有效控制原材 料价格波动对公司生产经营成本的不利影响，公司于2025年10月28日召开第五届董事会 第十七次会议及第五 ...

Core Viewpoint - Penghui Energy has shown a mixed performance in terms of financing activities and stockholder dynamics, with significant growth in revenue and net profit year-on-year, indicating a strong operational performance despite fluctuations in stock trading activities [1][2]. Group 1: Financing Activities - On January 9, Penghui Energy's stock price increased by 0.38%, with a trading volume of 1.191 billion yuan [1]. - The financing buy-in amount for Penghui Energy on the same day was 131 million yuan, while the financing repayment was 132 million yuan, resulting in a net financing outflow of 413,800 yuan [1]. - As of January 9, the total balance of margin trading for Penghui Energy was 704 million yuan, with the financing balance accounting for 2.61% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Stockholder Dynamics - As of December 19, the number of shareholders for Penghui Energy was 52,200, a decrease of 3.32% from the previous period, while the average number of circulating shares per person increased by 3.43% to 7,746 shares [2]. - For the period from January to September 2025, Penghui Energy reported a revenue of 7.581 billion yuan, representing a year-on-year growth of 34.23%, and a net profit attributable to shareholders of 115 million yuan, which is an increase of 89.33% year-on-year [2]. - Since its A-share listing, Penghui Energy has distributed a total of 252 million yuan in dividends, with 99.247 million yuan distributed over the past three years [2].

Group 1 - The era of "large capacity" lithium batteries is emerging, with the global energy storage lithium battery market evolving from 280Ah to capacities above 500Ah between 2021 and 2025, making 280Ah and above products the market mainstream [2] - In 2023, the demand for cost reduction and efficiency improvement in energy storage is highlighted, with the 280Ah cell leading the market due to its size, energy density (approximately 395Wh/L), and cycle life (approximately 8000 cycles) [2] - By 2025, large capacity cells will dominate the market, shifting the focus from "whether to adopt large cells" to "which capacity specification to adopt," with 314Ah cells expected to replace 280Ah as the most prevalent specification [3] Group 2 - According to data from Qidian Research Institute (SPIR), the shipment volume of large capacity (280Ah+) energy storage lithium batteries is projected to reach 509.6GWh in 2025, representing a year-on-year growth of 109.3% [4] - The top 10 companies in terms of shipment volume for large capacity (280Ah+) energy storage lithium batteries in 2025 include CATL, Yiwei Lithium Energy, Haicheng Energy Storage, Chuangneng New Energy, Zhongchuang Innovation, BYD, Ruipu Lanjun, Penghui Energy, Ganfeng Lithium, and Rongjie Energy [6]

同日，据智通财经报道，其自知情人士处获悉，本次会议召集了16家企业，包括13家动力电池与储能电 池企业：宁德时代（300750）、比亚迪（002594）、中创新航、国轩高科（002074）、亿纬锂能 （300014）、欣旺达（300207）、蜂巢能源、瑞浦兰钧、鹏辉能源（300438）、海辰储能、正力新能、 浙江吉曜通行能源科技、楚能新能源。另有3家系统集成商：中车株洲所、海博思创、天合储能。 1月8日，据"工信微报"消息，工信部、国家发展改革委、市场监管总局、国家能源局于1月7日联合召开 动力和储能电池行业座谈会，研究部署进一步规范动力和储能电池产业竞争秩序工作。 ...

Market Overview - On January 8, 2026, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3888.60 points, up 0.34%, and the Shenzhen Component Index at 12984.08 points, up 0.85% [1] - The Hong Kong stock market declined, with the Hang Seng Index falling 1.17% to 26149.31 points, and the Hang Seng Tech Index down 1.05% to 5678.34 points [1] - In the U.S. stock market, the Dow Jones Industrial Average rose by 270.03 points, or 0.55%, closing at 49266.11 points, while the Nasdaq Composite fell by 104.26 points, or 0.44% [1] Corporate News - On January 8, 2026, the State-owned Assets Supervision and Administration Commission announced the restructuring of China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group [2] - China Aviation Fuel is recognized as Asia's largest provider of aviation fuel services, while Sinopec is the world's largest refining company and China's top aviation fuel producer [2] Industry Developments - On January 8, 2026, the Ministry of Industry and Information Technology (MIIT) led a meeting to address irrational competition in the lithium battery industry, involving 16 major companies including CATL and BYD [3] - The meeting aimed to promote self-regulation within the industry, with participation from industry associations [3] Regional Initiatives - Guangzhou has issued a plan to accelerate the construction of advanced manufacturing, supporting market-driven intelligent computing infrastructure and telecom companies in building smart computing centers [4] - The plan aims to integrate artificial intelligence across various sectors by 2035, fostering over 1000 AI industry models and creating numerous application scenarios in fields such as manufacturing and healthcare [4]

2026年开年，A股公司"南下"热潮持续涌动，多家公司向H股发起冲刺。 ◎记者 孔令仪 2026年开年这一波冲刺H股的A股公司，大多为科技企业。例如：聚辰股份是一家全球化的芯片设计高 新技术企业；景旺电子是全球领先的印制电路板及高端电子材料企业；鹏辉能源以科技创新驱动发展， 聚焦于电池产品及储能系统领域；德赛西威则是国际领先的移动出行科技公司之一，致力于实现智慧出 行的全球共享。 生物医药行业A股公司赴港上市意愿也颇为强烈。益方生物聚焦于肿瘤、自身免疫性疾病及代谢类疾病 等重大疾病领域，所有产品均为自主研发。资料显示，公司已成功推动两款创新药获批上市，并有三个 候选药物处于临床试验阶段。 据上海证券报记者初步梳理，2026年1月1日至1月8日，已有聚辰股份、鹏辉能源、正泰电器、德赛西 威、兴业银锡、华盛锂电等6家A股公司发布了筹划H股上市公告；景旺电子、益方生物、亿纬锂能、天 下秀等4家A股公司已向港交所递交招股书；先导智能申请发行H股并在港交所主板挂牌上市获得证监会 备案。 此外，道通科技于1月2日在港交所发布公告，新增海通国际证券为公司委任的整体协调人，澜起科技于 1月5日在港交所披露聆讯后资料集，距离" ...

Industry Background - The market for large cylindrical batteries and all-tab batteries is expected to explode by 2025, with China's cylindrical battery shipments projected to grow by over 15%, and large cylindrical batteries expected to exceed 40% growth [3] - Major companies such as EVE Energy, Molicel, and others are facing supply shortages due to high demand, with continued rapid growth anticipated in 2026 [3] - New growth points and market spaces are emerging from the combination of all-tab, high nickel, silicon-carbon, and sodium batteries with cylindrical batteries [3] Event Overview - The 2026 (Second) Qidian Lithium Battery Cylindrical Battery Technology Forum and the release of the Top 20 Rankings for Cylindrical Batteries will take place on April 10, 2026, in Shenzhen [6] - The event will feature discussions on cutting-edge technologies, processes, and materials related to cylindrical batteries, providing a platform for industry leaders to share insights [3][6] Agenda Highlights - The forum will include sessions on high-power cylindrical battery technology, innovations in household and portable energy storage, and the development of next-generation large cylindrical batteries [7][8] - Roundtable discussions will focus on overcoming barriers to overseas market entry and identifying emerging application markets for rapidly growing cylindrical batteries [7][8] Participating Companies - Notable cylindrical battery companies include EVE Energy, Molicel, BYD, and LG Energy, among others, with a wide range of downstream application companies also participating [10] - The event will also attract companies from the cylindrical battery equipment sector and various testing and certification institutions [10] Registration Information - Different registration options are available, including SVIP and VIP tickets, with early bird discounts offered [11][12] - Free registration is also available with conditions, emphasizing the importance of pre-registration for attendance [13]

Core Viewpoint - The trend of A+H listings is expected to continue in 2026, with multiple A-share companies planning to issue H-shares and list on the Hong Kong Stock Exchange, indicating a significant increase in internationalization efforts among Chinese firms [1][2][3]. Group 1: Company Developments - Guangzhou Penghui Energy Technology Co., Ltd. and Huizhou Desay SV Automotive Electronics Co., Ltd. are among the A-share companies planning to issue H-shares to enhance their international presence and competitiveness [2][3]. - Desay SV aims to improve its brand influence and accelerate overseas business expansion through the issuance of H-shares [2]. - Penghui Energy's product matrix includes energy storage batteries, consumer batteries, and power batteries, with sales in over 50 countries, highlighting its global reach [3]. Group 2: Market Trends - In 2025, 19 A-share companies, including CATL and others, are expected to raise approximately HKD 139.99 billion through H-share listings, a 533% increase from 2024 [1]. - The A+H listing trend is driven by policy support and the increasing number of companies opting for this model, which enhances the interconnectivity between mainland and Hong Kong capital markets [4]. - The liquidity of the Hong Kong market is expected to improve significantly in 2025, attracting international funds and reducing valuation discount concerns for companies [4]. Group 3: Strategic Insights - The A+H model is seen as a long-term strategy that requires companies to align with international governance and disclosure standards, facilitating cross-border mergers and global equity incentives [5]. - The Hong Kong platform serves as a core for offshore financing, allowing companies to utilize raised funds for overseas expansion and technology acquisition [4]. - Companies are encouraged to adopt a long-term perspective, focusing on enhancing competitiveness through technology upgrades and market expansion rather than short-term speculative gains [5].