Core Viewpoint - The lithium battery industry is expected to reach a performance turning point in 2025, with many companies reporting improved earnings due to rising prices of key lithium materials and sustained demand from the electric vehicle and energy storage sectors [2][3]. Group 1: Industry Performance - Among 28 lithium battery companies that disclosed earnings forecasts, 11 are expected to see profit increases, and 6 are projected to turn losses into profits, indicating a recovery in the lithium battery materials sector [2]. - Key players in lithium materials, such as lithium carbonate and hexafluorophosphate, have reported significant quarter-on-quarter earnings growth, driven by price increases and ongoing demand from the electric vehicle and energy storage markets [2][3]. Group 2: Price Trends - The price of battery-grade lithium carbonate has shown a "V-shaped" recovery, rising from 73,000 yuan/ton to approximately 120,000 yuan/ton, with peaks reaching around 134,000 yuan/ton by the end of 2025 [4]. - The increase in lithium carbonate prices has significantly improved the profitability of lithium salt companies, with major firms like Ganfeng Lithium and Yahua Group reporting substantial profit increases [4][5]. Group 3: Company-Specific Insights - Ganfeng Lithium is expected to turn a profit in 2025, with projected net profits ranging from 1.1 billion to 1.65 billion yuan, compared to a loss of 2.074 billion yuan in the previous year [4]. - Yahua Group anticipates a net profit of 600 million to 680 million yuan in 2025, representing a year-on-year growth of 133.36% to 164.47% [4]. - Tianqi Lithium and other suppliers are also expected to report significant profit increases due to rising prices of hexafluorophosphate and lithium carbonate [5]. Group 4: Market Demand and Future Outlook - The demand for energy storage and electric vehicles remains strong, with global energy storage battery shipments expected to reach 640 GWh in 2025, a year-on-year increase of 82.9% [6]. - The continuation of domestic vehicle replacement policies and the resumption of electric vehicle purchase subsidies in Germany are expected to further boost demand [6]. - Analysts suggest that as long as the demand for new energy remains strong, the prices of key upstream products like lithium carbonate are likely to continue rising, leading to a new cycle of prosperity in the industry [7].

锂电新周期来了？ 具体来看，龙头股盐湖股份（000792.SZ）、雅化集团（002497.SZ）业绩预增，赣锋锂业 （002460.SZ）预计实现扭亏。盐湖股份预告归母净利润82.9亿元至88.9亿元，同比大增77.78%至 90.65%，其业绩增长的核心驱动力均指向两大主要产品氯化钾和碳酸锂的价格上升。 锂盐龙头赣锋锂业预计2025年实现扭亏，归母净利润达11亿元至16.5亿元，上年同期为亏损20.74亿元。 雅化集团业绩预喜，公司预计2025年归母净利润为6亿元至6.80亿元，同比增长133.36%~164.47%。华友 钴业（603799.SH）预计实现归母净利润58.5亿元至64.5亿元，同比增长40.8%至55.24%。 2025年锂电产业链迎来业绩拐点。据第一财经记者不完全统计，28家已披露业绩预告的锂电企业中，11 家预增，6家扭亏，其余为续亏和首亏。锂盐、碳酸锂、六氟磷酸锂等关键锂电材料环节的龙头企业， 普遍在去年第四季度实现业绩环比大增，主要系核心产品价格上涨叠加新能源汽车与储能需求保持增 长。 过去几年，锂电材料行业经历了跌价去库存的周期底部，企业盈利能力大幅回暖，表明锂电周期已步入 复苏 ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Insights - The UK has launched the "Warm Homes Plan" (WHP), which aims to upgrade housing facilities and reduce energy costs, with a public investment of £15 billion (over 140 billion RMB) to retrofit 5 million homes by 2030. This is the largest home energy retrofit project in the UK to date, targeting significant improvements in residential energy efficiency and promoting the widespread adoption of rooftop photovoltaics, energy storage, and heat pumps [4][5] - The Boiler Upgrade Scheme (BUS) will provide £7,500 subsidies for eligible applicants to install liquid circulation heat pumps, with an additional £2,500 for those choosing air-source heat pumps or other new products. The plan also includes £5 billion for low-income household support and £2 billion for consumer loans, which will cover heat pump installations [5] - The plan anticipates the installation of 3 million new home solar systems by 2030, tripling the number of households with solar power. It allocates at least £7 billion to support investments in solar + storage + heat pumps, with £5 billion designated for low-income households and £2 billion for consumer loans [7] - The UK aims to achieve an annual installation of over 450,000 heat pumps by 2030, supported by a £2.7 billion fund (approximately 26 billion RMB). The market for heat pumps is expected to grow rapidly, with sales projected to reach 84,000 units in 2024 [7][8] Summary by Sections Warm Homes Plan - The WHP is a significant initiative with a £15 billion investment to retrofit 5 million homes by 2030, enhancing energy efficiency and promoting renewable energy technologies [4][5] Boiler Upgrade Scheme - The BUS provides substantial subsidies for heat pump installations, encouraging the adoption of energy-efficient heating solutions [5] Solar and Energy Storage - The plan aims for 3 million new home solar installations by 2030, with significant funding allocated to support this growth, particularly for low-income households [7] Heat Pump Market - The UK government is committed to increasing heat pump installations, with a target of over 450,000 units annually by 2030, backed by a dedicated funding scheme [7][8]

Core Insights - The "street vendor economy" sector experienced a decline of 1.02% on January 27, with Shanghai Jiubai leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Market Performance - The following stocks in the street vendor economy sector showed significant price movements: - Zhuhai Zhongfu (000659) closed at 4.93, up 10.04% with a trading volume of 770,900 shares and a turnover of 357 million yuan [1] - Jihong Co. (002803) closed at 20.15, up 3.39% with a trading volume of 159,500 shares and a turnover of 316 million yuan [1] - Jiangling Motors (000550) remained unchanged at 18.41 with a trading volume of 73,600 shares and a turnover of 135 million yuan [1] Capital Flow - The street vendor economy sector saw a net outflow of 775 million yuan from institutional investors, while retail investors contributed a net inflow of 605 million yuan [2] - The following stocks had notable capital flows: - Zhuhai Zhongfu (000659) had a net inflow of 73.81 million yuan from institutional investors, but a net outflow of 49.64 million yuan from retail investors [3] - Xiaoshangpin City (600415) experienced a net inflow of 21.03 million yuan from institutional investors, with a net outflow of 36.95 million yuan from retail investors [3]

2026.01. 26 本文字数：2633，阅读时长大约4分钟 作者 | 第一财经 魏中原 近期A股春季行情中，化工板块表现亮眼，成为市场焦点。万华化学（600309.SH）、恒力石化（600346.SH）、华鲁恒升（600426.SH）等龙头股迭创 阶段新高，环氧丙烷等化工品价格持续上涨，带动相关个股表现强劲。数据显示，1月19日至23日，基础化工板块上涨7.29%，在申万31个行业中排名第 四，该行业1月以来累计涨逾13%，跑赢电子与通信。 在以科技为主线的本轮牛市行情中，资金开始拥抱化工现象背后，是化工行业从2021年高点后经过四年低迷，正逐步走出周期底部，迎来景气度反转。 随着上市公司2025年度业绩预告密集披露，化工板块的"春意"渐浓，多家龙头化工企业的"扭亏""预增"公告，如同预告着行业基本面的回暖，行业盈利回 升趋势明显，为板块估值修复提供了坚实支撑，市场正对化工板块进行重新定价。 除了上述龙头，一批公司在报告期内实现了惊人的增长弹性或彻底的困境反转。例如，农药行业的利民股份、利尔化学等公司均预计去年净利润增幅超过 100%。更有多家公司成功"扭亏为盈"，如康达新材（002669.SZ）、万凯新 ...

Core Viewpoint - The successful commissioning of the largest user-side energy storage project in China by Penghui Energy and Sichuan Zhongfu marks a significant step towards reducing electricity costs and enhancing power supply reliability for high-energy-consuming industries, setting a benchmark for green low-carbon transformation in the region [1][5]. Group 1: Project Overview - The energy storage project has a scale of 107.12MW/428.48MWh and is the first large-scale user-side energy storage project in the electrolytic aluminum industry [1][5]. - The project aims to significantly lower electricity costs, with an expected reduction of approximately 140 yuan per ton of electrolytic aluminum, leading to annual savings of over 60 million yuan [5]. Group 2: Technological Innovations - Penghui Energy developed a reliable and efficient energy storage solution, including the GreatCom liquid-cooled energy storage system and the GreatE intelligent operation system [3]. - The project utilizes a pioneering technology in the electrolytic aluminum sector—direct current access for energy storage—which, when combined with photovoltaic systems, reduces energy loss and enhances economic benefits [3]. Group 3: Environmental Impact - The project is expected to save approximately 19,700 tons of standard coal annually and reduce carbon dioxide emissions by about 52,000 tons [5]. - This initiative supports the strategic goal of establishing "China's Green Aluminum Capital" and reinforces the foundation for low-carbon, high-quality development in the region [5]. Group 4: Future Outlook - Penghui Energy plans to continue focusing on technological innovation in energy storage to contribute to the green transformation of various industries and the construction of a new power system, aiding in the steady achievement of carbon neutrality goals [5].

Core Viewpoint - The lithium battery industry is entering a new golden cycle, with significant performance increases reported by leading companies, driven by surging demand in end-user markets and rising prices of lithium battery materials, indicating a strong recovery in the market [3][14]. Group 1: Performance Forecasts of Leading Lithium Battery Companies - Nine leading lithium battery companies are expected to report substantial profit increases for 2025, with many achieving turnaround from losses to profits or experiencing significant growth [4][12]. - Penghui Energy forecasts a net profit of 170 million to 230 million yuan for 2025, marking a return to profitability [5]. - Pylon Technologies anticipates a net profit of 62 million to 86 million yuan, representing a year-on-year growth of 50.82% to 109.21% [7]. - Hunan Youneng expects a net profit of 1.15 billion to 1.4 billion yuan, with a growth rate of 93.75% to 135.87% [8]. - Putailai projects a net profit of 2.3 billion to 2.4 billion yuan, reflecting a growth of 93.18% to 101.58% [9]. - Tianci Materials predicts a net profit of 1.1 billion to 1.6 billion yuan, with an increase of 127.31% to 230.63% [10]. - Tianji Co. expects a net profit of 7 million to 10.5 million yuan, returning to profitability after a loss of 1.361 billion yuan in the previous year [10]. - Zhongcai Technology forecasts a net profit of 1.55 billion to 1.95 billion yuan, a growth of 73.79% to 118.64% [11]. - Xianlead Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan, with a staggering growth of 424.29% to 529.15% [11]. Group 2: Factors Driving Performance Growth - The explosive growth in terminal demand, particularly in the global electric vehicle and energy storage markets, is a fundamental driver of performance increases [15]. - The recovery of the industry cycle and improved cost management have enhanced profitability across the supply chain, with core material prices stabilizing and recovering [16]. - Companies are focusing on technological iterations and precise capacity planning to align with industry trends, such as the production of silicon-carbon anodes and the expansion of phosphate manganese lithium projects [17]. - The expansion into overseas markets and diversification of application scenarios are emerging as new growth drivers for companies like Penghui Energy and Pylon Technologies [17].

Core Viewpoint - The lithium battery industry is expected to see significant growth in 2025, driven by strong demand from downstream markets such as electric vehicles, energy storage, and consumer electronics [1] Group 1: Company Performance Forecasts - XianDao Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year increase of 424.29% to 529.15% due to a recovering global power battery market and strong demand in the energy storage sector [2] - PuTaiLai expects a net profit of 2.3 billion to 2.4 billion yuan in 2025, reflecting a year-on-year increase of 93.18% to 101.58%, driven by the ongoing trend of electrification in the automotive market and recovery in the consumer electronics sector [4] - TianCi Materials forecasts a net profit of 1.1 billion to 1.6 billion yuan in 2025, with a year-on-year growth of 127.31% to 230.63%, attributed to increased sales of lithium-ion battery materials and effective cost control [5] - Hunan YuNeng projects a net profit of 1.15 billion to 1.4 billion yuan in 2025, marking a year-on-year increase of 93.75% to 135.87%, driven by rapid growth in the demand for lithium battery cathode materials [6] Group 2: Industry Trends and Developments - The overall market for lithium battery materials is expected to improve, with many companies in the lithium battery supply chain predicting significant performance growth in 2025 [5] - The global household energy storage system shipment is projected to reach approximately 35 GWh in 2025, a nearly 50% year-on-year increase, indicating a new demand release cycle following inventory adjustments [9] - The effective production capacity for lithium hexafluorophosphate is expected to reach 40,000 tons in 2026, with an annual operating rate exceeding 90%, suggesting sustained high prices for lithium hexafluorophosphate [9]

鹏辉电源电芯装配自动线正高速运转。 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态、钠离子电 ...

鹏辉电源电芯装配自动线正高速运转。王永良 摄 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态 ...