Market Overview - The A-share market experienced a "good start" on the first trading day of the Year of the Horse, with a total trading volume of 2.22 trillion yuan, and over 4,000 stocks rising, indicating a positive market atmosphere [1][4] - The Shanghai Composite Index rose by 0.87% to 4,117.41 points, while the ChiNext Index increased by 0.99% to 3,308.26 points, and the Shenzhen Component Index saw a rise of 1.36% [4] Sector Performance - Resource stocks, including oil, petrochemicals, chemicals, non-ferrous metals, and coal, led the market with significant gains, while the media and consumer sectors showed relative weakness [1][8] - The oil and petrochemical sector saw an increase of 5.53%, with 13 stocks hitting the daily limit up, driven by international oil prices surpassing $80 per barrel [9][15] - The construction materials sector rose by 3.71%, with several stocks also reaching their daily limit up [11] - The basic chemicals sector increased by 3.45%, with multiple stocks experiencing significant gains [12] - The non-ferrous metals sector rose by 3.31%, with several stocks also hitting the daily limit up [13] Individual Stock Highlights - Notable individual stock performances included Zhongji Xuchuang (300308) rising by 4.33% to 554 yuan per share, and Tianfu Communication (300394) increasing by 12.65% to 351.01 yuan per share [5][14] - The CPO concept stocks, particularly the "Yizhongtian" combination, showed strong performance, with Runze Technology (300442) rising over 13% [5][14] Market Sentiment and Future Outlook - Analysts suggest that the A-share market is likely to continue a volatile upward trend post-holiday, with the nature and driving forces of the market expected to shift [3][17] - The upcoming National People's Congress is anticipated to influence market dynamics, with a focus on policy hotspots and rapid sector rotation [3][17] - Investors are advised to maintain moderate positions and focus on structural opportunities, particularly in resource and "anti-involution" sectors [19][20]

徐强 国泰海通分析师: 好的，各位投资者大家下午好，欢迎参加我们国泰海通电新团队春节不打烊的系列电话会 议。我是国泰海通的环保电新首席徐翔，今天我和我们孙潇浩孙老师一起给各位领导做去 做一些 AIDC 方面的汇报。明天就是这个第一个交易日了，那在此，我们国泰海通电新团 队祝大家开市大吉，业绩长虹。这个假期期间，我们围绕了 AIDC、太空算力、太阳翼、 锂电供应链，然后开展了一系列的这个电话会议和专家的这个交流。那这今天下午的电话 会议主要是汇报 A I D C 硬件端的这些投资机会。 然后同时，今天晚上我们还安排了这个卫星载荷的专家，然后来交流一下太空算力以及太 阳翼的这一方面的一个，这个投资内容。今晚 8 点，也欢迎大家这个就是按时接入。首先 我们一直从这个去年开始吧，去去年，24 年底，前年开始，就一直在推荐 AIGC 的这些投 资机会。市场，其实对于 IPC 的这些投资的持续性，持，一直是存，一直在质疑当中，这 个不断的这个提升预期的。那包括像现在。大家对于这个北美地区，像 Oracle 他们的一 个投资的持续性，以及北美这些算力是否存在泡沫，一直有比较大的一个争议。 但是，近期我们在在使用，包括像 O ...

Investment Rating - The report maintains a "Buy" rating for the energy storage sector [6] Core Insights - The investment in energy storage projects is returning to fundamental principles, focusing on capital IRR as a key metric for evaluating project value, with a threshold of 6.5% for good investment value [1][16] - The release of Document No. 114 has accelerated the alignment of profitability models for energy storage plants, shifting from a "strong allocation" to a market-driven economic model [14][15] Summary by Sections 1. Capital IRR Measurement - The capital IRR for energy storage projects is influenced by four core indicators: capacity price level, market arbitrage price difference, EPC costs, and lifespan of the storage station [2][17] - The basic scenario estimates a capital IRR of 5.5% under conservative assumptions, with potential increases based on variations in capacity pricing and market conditions [22][46] 2. Sensitivity Analysis - If the coal power capacity price is set at 330 CNY/kW·year, the capital IRR could reach 15.4% [23] - A 0.01 CNY/kWh increase in market arbitrage price can raise the project IRR by 1.4 percentage points, while a 0.1 increase in daily charge and discharge cycles can increase IRR by 4.4 percentage points [36][27] 3. Provincial Analysis - In 2025, provinces like Shanxi, Inner Mongolia, Shandong, and Gansu are projected to have capital IRR above 6.5% due to favorable market conditions [4][49] - The report emphasizes the need to monitor monthly changes in electricity market price differences and the pricing of coal power capacity in various provinces [4][49] 4. Investment Recommendations - The report suggests that the installed capacity of large-scale energy storage in 2026/2027 is a critical variable for lithium battery demand, with ongoing observation needed on capacity pricing, project lists, and market price changes [4][5] - The domestic energy storage industry is entering a healthy development phase, benefiting leading companies such as CATL, Sungrow, EVE Energy, and Haibo [4][5]

在境外上市备案管理制度深化落地、港股回暖及境内企业境外融资需求释放的大背景下，制造业A股上市公司赴H股发 行上市（A to H模式）成为拓宽融资渠道、实现全球化布局的重要路径。2025年中国证监会针对A to H境外上市备案， 重点聚焦跨境合规管理、行业特殊监管要求等核心领域，备案审核呈现鲜明特征。本文基于2025年全年制造业A股上 市公司H股备案审核实践，结合近期证监会备案反馈，从实务操作角度论证分析境外上市备案审核中普遍性及高端先 进制造业特殊性法律问题，提出相关核查建议，供办理制造业A to H上市相关业务时参考。 作者｜杨海 陈鑫睿 顾海涛 张霞 来源｜锦之翼公众号 一、2025年制造业A股上市公司H股发行上市证监会备案情况概况 2025年，受益于境外上市备案制优化、港股回暖及境内企业境外融资需求释放，A to H上市迎来爆发式增长，全年备 案呈现"提交数量激增、审核效率提升、行业集中度高"的特点。制造业A股上市公司作为A to H模式上市的主要参与群 体，其备案提交、审核时长及备案通过情况亦呈现鲜明行业特征。 注1：上述企业均为2025年提交H股备案并取得证监会备案通知书的制造业A股公司，信息来源于 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

智通财经APP获悉，香港联交所最新数据显示，2月17日，摩根大通减持宁德时代(03750)3.5096万股， 每股作价531.5港元，总金额约为1865.35万港元。减持后最新持股数目约为1401.92万股，持股比例为 8.99%。 ...

香港联交所最新数据显示，2月17日，摩根大通减持宁德时代（300750）(03750)3.5096万股，每股作价 531.5港元，总金额约为1865.35万港元。减持后最新持股数目约为1401.92万股，持股比例为8.99%。 ...

| | 沪股通( | 2月24日 D | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601899 | 紫金矿业 | 20.45 | | 2 | 603986 | 兆易创新 | 20.35 | | 3 | 600519 | 贵州茅台 | 17.66 | | 4 | 688256 | 寒武纪 | 15.79 | | 5 | 601318 | 中国平安 | 15.10 | | 6 | 688008 | 澜起科技 | 14.80 | | 7 | 688041 | 海米信息 | 14.23 | | 8 | 601138 | 工业富联 | 14.01 | | 9 | 600036 | 招商银行 | 12.23 | | 10 | 688012 | 中微公司 | 11.23 | | | 深胺道( | 2月24日 | | | 招 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 300750 | 宁德时代 | 48.38 | | 2 | 300308 | 中标旭创 | 46.31 | | 3 | 300394 | 天孚通信 ...

（文章来源：证券日报） 证券日报网讯 2月24日，道氏技术在互动平台回答投资者提问时表示，公司碳材料板块的产品凭借卓越 的产品质量和良好的市场口碑，得到业内主流客户的广泛认可，主要客户覆盖了比亚迪股份有限公司、 宁德时代新能源科技股份有限公司等众多锂电行业知名公司。 ...

Investment Rating - The report indicates a positive outlook for the solid-state battery industry, projecting GWh-level mass production by 2027, driven by collaborative innovation across the entire supply chain [2][6][12]. Core Insights - The solid-state battery industry is rapidly forming a collaborative innovation pattern across "materials, equipment, manufacturing, and applications," with significant advancements expected in materials and processes [6][20]. - Major players like CATL and BYD are expected to dominate the market, focusing on high-end applications in electric vehicles and energy storage [20][21]. - The demand for high-performance batteries is increasing due to the rapid growth of the global electric vehicle market, with solid-state batteries emerging as a strong competitor [20][21]. Summary by Sections Development - Global solid-state batteries are expected to achieve GWh-level mass production by 2027, with a focus on material innovation and process optimization [6][9]. - The supply chain is anticipated to mature over the next 3-5 years, with commercial viability expected around 2030 [9][10]. Process - The electrolyte film formation process is critical, influencing the thickness and ionic conductivity of solid electrolyte membranes [22][23]. - Two main technical routes for semi-solid batteries are identified: one focuses on reducing electrolyte liquid usage, while the other emphasizes in-situ curing processes [22][23]. Equipment - The global solid-state battery equipment market is projected to reach 12 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [31][32]. - The value share of equipment in the front and middle stages of solid-state battery production is expected to increase significantly compared to traditional liquid batteries, with a combined share of around 80% [32][36]. Key Company Updates - Naconor has successfully delivered high-speed wide-format dry electrode equipment to leading domestic manufacturers, marking a significant milestone in solid-state battery production [4.1][21]. - Lingge Technology has secured contracts for solid-state sulfide systems and is advancing its solid electrolyte pilot line [4.2][26]. - Litong Technology is developing isostatic pressing equipment to enhance the interface density between solid electrodes and solid electrolytes [4.3][41]. - Wuhan Blue Electric is focusing on high-precision testing equipment for solid-state batteries, capable of stable testing under low currents [4.4][30].