在数字基建的赛道上，枢纽效应持续释放。中国移动（600941）鲁南算力网络中心正式投产，辐射济宁、枣庄等四地市的算力版图，为新质生产力注入核 心动能；全市累计实施500万元以上工业新上和技改项目5543个，规上工业企业数字化深度转型率达到50%，实数融合效能全面释放。全市1.8万个5G基站 织就的通信网络，如同绵延舒展的"数字动脉"，持续为城市数字化迭代扩容。 产业集群的聚合效应愈发显著。珞石机器人作为链主企业，不仅成为首个挺进小米YU7焊装车间的国产工业机器人品牌，更吸引苏州明池、天达航科等20 余家上下游企业落户，推动核心零部件国产化率大幅提升。山东时代新能源基地的首批产品扬帆出海，山东时代新能源科技有限公司ISD经理郭孟超表 示："待整个项目全面建成后，济宁有望成为宁德时代（300750）北方产能最大、工艺最先进的储能电池与动力电池生产基地。"2025年，全市数字经济核 心产业营收突破700亿元，较2021年实现翻番，曲阜汽车电子、高新区数字终端等集群已成为省级标杆。 齐鲁晚报.齐鲁壹点孔茜 当鼓乐声与机械臂的运转韵律共振，光影秀中机器人精准勾勒出儒家文化符号。2026山东省机器人春节晚会的节目单上，济 ...

Market Overview - The Shanghai Composite Index fell by 0.01% to close at 4113.65 points, with a daily high of 4128.93 points [1] - The Shenzhen Component Index decreased by 0.97% to 14155.63 points, reaching a high of 14337.12 points [1] - The ChiNext Index dropped by 1.79% to 3277.98 points, with a peak of 3347.94 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 27003.83 billion yuan, with a financing balance of 26830.44 billion yuan and a securities lending balance of 173.39 billion yuan [2] - The margin trading and securities lending balance decreased by 136.8 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 13644.95 billion yuan, down by 76.94 billion yuan from the previous day, while the Shenzhen market's balance was 13358.87 billion yuan, a decrease of 59.87 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - TBEA Co., Ltd. (特变电工) with 29.12 billion yuan [3] - Zhongji Xuchuang (中际旭创) with 23.59 billion yuan [3] - Xinyisheng (新易盛) with 20.75 billion yuan [3] Fund Issuance - Two new funds were issued yesterday: Wanjiayuanli Bond C (万家元利债券C) and Wanjiayuanli Bond A (万家元利债券A) [4][5] Top Net Buying on Dragon and Tiger List - The top ten net buying amounts on the Dragon and Tiger list were: - Hunan Silver (湖南白银) with 12554.74 million yuan [6] - Jiayun Technology (佳云科技) with 12306.17 million yuan [6] - Jiangtian Chemical (江天化学) with 12254.26 million yuan [6]

作为面向商用营运用户开发的车型，东风睿立达V8E明窗版通过强化续航、补能、承载等实用性能，致力于为用 户提供高效可靠的运输解决方案。 全新版本东风睿立达V8E采用的是宁德53.58kw·h电池，CLTC工况续航达355公里，可满足城市配送日常需求。 针对用户对充电速度的广泛焦虑，其在极寒条件下可实现24.1分钟完成20%-80%充电，有效缓解续航焦虑。 基于后驱动力系统，东风睿立达V8E明窗版展现出良好承载与爬坡能力。车辆在满载1.2吨货物状态下，可以通 过15°雪地坡道，体现其稳健牵引力与行驶稳定性。此外，该车拥有8m³载物空间，配合270度尾门设计与低地台，装 卸货物更为便捷。 在竞争日趋激烈的多功能VAN车市场，产品力成为竞争关键。东风睿立达V8E自2025年10月上市以来，凭借综合 性能获得市场认可。为进一步完善产品矩阵，近期推出全新动力版本——搭载宁德时代2C液冷超充电池的睿立达 V8E，实现了动力系统的全面升级。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the lithium battery supply chain, including Ningde Times, Yiwei Lithium Energy, and others, while recommending "Overweight" for companies like Dongsheng Technology [8][11]. Core Insights - The German government announced a €3 billion subsidy program for electric vehicle purchases, providing up to €6,000 per household to stimulate the electric vehicle industry, particularly benefiting pure electric vehicles and low-income families [1][2]. - The policy is expected to drive new electric vehicle demand between 0 to 800,000 units, translating to an additional battery demand of 0 to 48 GWh, which represents approximately 0 to 1.7% of the global battery demand in 2026 [3]. - The report highlights the potential for increased lithium battery demand, particularly benefiting companies with significant exposure to the European market, such as Ningde Times and Yiwei Lithium Energy [3]. Summary by Sections Policy Objectives - The policy emphasizes the environmental benefits and economic viability of electric vehicles, aiming to promote their adoption and support the automotive industry in Germany and Europe [10]. - Households with an annual income below €90,000 can apply for subsidies, which vary based on income and number of children, with higher subsidies for pure electric vehicles [10]. Expected Impact - The subsidy program is anticipated to enhance the penetration rate of pure electric vehicles, with the government expecting to allocate funds for the purchase of 800,000 vehicles [10]. - The report forecasts that the demand for lithium batteries will increase, leading to performance growth for companies in the lithium battery supply chain [3][10]. Company Recommendations - **Ningde Times (300750 CH)**: Target price of 566.18, rated "Buy" due to strong performance and market demand [11]. - **Yiwei Lithium Energy (300014 CH)**: Target price of 96.96, rated "Buy" based on expected volume and profit growth [11]. - **Dongsheng Technology (300073 CH)**: Target price of 75.57, rated "Overweight" due to positive developments in product lines [11]. - **Hunan Youneng (301358 CH)**: Target price of 112.98, rated "Buy" due to strong earnings forecast [11]. - **Shangtai Technology (001301 CH)**: Target price of 130.32, rated "Buy" based on anticipated demand growth [11].

个股方面，1月20日，有1630股获融资净买入，净买入金额在5000万元以上的有70股。其中，30股获融 资净买入额超1亿元。宁德时代获融资净买入额居首，净买入8.11亿元；融资净买入金额居前的还有海 格通信、世纪华通、浙文互联、通富微电、人民网、紫金矿业、视觉中国、贵州茅台等股。 Wind统计显示，1月20日，申万31个一级行业中有4个行业获融资净买入，其中，电力设备行业获融资 净买入额居首，当日净买入8.05亿元；获融资净买入居前的行业还有传媒、食品饮料等。 ...

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。 ...

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to showcase innovations in new materials, positioning China as a leader in global new material innovation and development, with a focus on future industries and technological advancements [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [12][34]. - The expo will include more than 300 strategic and cutting-edge technology reports, covering applications in various industries such as AI, aerospace, smart vehicles, and renewable energy [2][20]. Group 2: Focus Areas - The event will emphasize five common needs of future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be set up, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new material technology innovation, and future smart terminals [12][15]. Group 3: Participation and Audience - The expo is expected to attract over 100,000 professional visitors, including industry leaders and investors, facilitating connections between startups and industry resources [34][35]. - A targeted invitation will be extended to over 5,000 industry investors to support quality startups and enhance resource accumulation [10][35]. Group 4: Supporting Organizations - The event is organized by DT New Materials, in collaboration with various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [4][5]. - The organizing body has a decade of experience in the new materials sector, with extensive connections across industries such as semiconductors, robotics, and renewable energy [10][44]. Group 5: Historical Context and Expectations - The previous editions of the expo, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, achieved record attendance and participation, indicating strong interest and growth in the sector [7][34]. - FINE 2026 is positioned as a significant opportunity for businesses to engage in technology transfer and innovation, aligning with China's strategic focus on high-tech industries [2][10].

Core Insights - The lithium iron phosphate (LFP) market is experiencing significant growth, with major battery manufacturers aggressively purchasing LFP materials [1] - The total procurement of LFP materials by companies such as CATL, BYD, EVE Energy, Sunwoda, and Chuangneng New Energy has reached 6 million tons, with an order value exceeding 240 billion yuan [1] - There is a high demand for mid-to-high-end LFP products, leading to full-capacity operations at various companies including Longpan Technology, Wanrun New Energy, Fulian Precision, Fengyuan Co., and Rongbai Technology [1]

Industry Information - The EU-China Chamber of Commerce welcomes the soft landing of the electric vehicle agreement between China and the EU, which is expected to boost market confidence and foster cooperation in the electric vehicle industry [7][9] - The second Intelligent Driving Competition concluded in Wenzhou, with the Star Epoch ES winning first place, followed by Momenta's solution-equipped vehicles [8] - Gotion High-Tech's Ganzhou base was recognized as an innovative small and medium-sized enterprise in Jiangxi, contributing to the upgrade of the new energy industry [9] - Honeycomb Energy launched the world's largest 80 kWh plug-in hybrid battery, featuring a 6% increase in energy density and rapid charging capabilities [10] - China aims to accelerate breakthroughs in solid-state batteries and advanced autonomous driving technologies in 2026 [11] - Shenzhen successfully implemented the first billing for electric vehicle discharging to the grid, with a user earning approximately 15 yuan for discharging 20 kWh [12] - A new sodium-sulfur battery developed by a Chinese research team achieved an energy density of 2021 Wh/kg, significantly surpassing existing lithium-ion batteries [14] - The Trump administration approved the export of NVIDIA's H200 chips to China, which may enhance AI capabilities in the region [15] - A meeting was held by three departments to address the issue of chaotic price wars in the electric vehicle industry, emphasizing the need for fair competition [19] - Honeycomb Energy introduced a new 3.5 generation pulse charging technology that reduces charging time by 25% without additional costs [20] - The State Council reported a 25.4% increase in exports of direct current charging piles and energy storage batteries to the EU by 2025 [21] - The city of Qingyuan in Guangdong will issue 1.8172 million yuan in charging subsidies by 2025 [22] - In December 2025, electric vehicle sales in Australia surpassed those of fuel vehicles for the first time, with a total of 35,058 electric vehicles sold [23] - The General Administration of Customs reported a 26.2% increase in lithium battery exports in 2025 [24] - The China Automobile Association released a report indicating that nearly 80% of the market share for self-developed NOA solutions in passenger vehicles is held by domestic manufacturers [25] - The Market Supervision Administration is establishing a national standardization committee for the recycling and utilization of power batteries [26] - The domestic power battery installation volume is projected to reach 769.7 GWh in 2025, a year-on-year increase of 40.4% [27] - The coverage rate of charging and swapping stations in Hanzhong County increased from 35% to 82% [28] - By the end of 2025, Guizhou Province plans to build over 250,000 charging facilities and 59 swapping stations [29] - Canada has reduced tariffs on electric vehicles imported from China to 6.1%, significantly benefiting Chinese manufacturers [30] - The first cross-province iron-sea intermodal transport of new energy vehicles through Xiamen Port took place in 2026 [31] - Huawei announced upgrades to its ADS 4.1 system, enhancing safety and user experience features [32] Policy Information - The Guangxi Energy Bureau issued guidelines for the construction and operation management of electric vehicle charging infrastructure [33] - Zhengzhou's Commerce Bureau announced a subsidy program for replacing old vehicles and appliances in 2026 [34] - The National Development and Reform Commission plans to introduce a comprehensive management approach for the recycling of power batteries [35]