智通财经APP获悉，摩根士丹利发布研报称，汽车行业分析预期电动车需求疲弱，意味着电池销量增长 将放缓。不过，材料行业分析则预期储能系统市场将推动强劲需求，从而支持电池原材料价格维持高 位。该行认为这种分歧对宁德时代(03750)的市场定位构成压力，令市场忧虑其成本转嫁能力及利润率 受压。 该行预计，随着基本面趋向正常化，市场预期很可能趋于一致。而宁德时代在高端市场的风险敞口、定 价能力及其在储能系统市场的战略布局，应能在市场情绪重新校准后，使其表现优于同业；将宁德时代 (300750.SZ)A股列为首选，予目标价490元人民币及"增持"评级。 该行则认为以上分歧看法并不合理。若需求真的疲弱，宁德时代理应削减订单，而材料价格亦不可能维 持目前强势。同样地，若宁德时代无法转嫁成本上涨压力，其很可能减少订单，最终将导致材料价格出 现修正。 ...

Industry Information - The world's first commercially viable solid-state battery has been introduced, featuring an energy density of 400 Wh/kg and the ability to charge in just 5 minutes, with a cycle life of up to 100,000 times [11] - The Ministry of Commerce predicts that over 11.5 million vehicles will be replaced under the vehicle trade-in policy by 2025, with a total sales value exceeding 2.6 trillion yuan [11] - At CES 2026, autonomous driving technology and artificial intelligence are highlighted as key themes, with significant interest in how AI can address safety challenges in autonomous vehicles [12][13] - Contemporary Amperex Technology Co., Ltd. (CATL) has signed a five-year strategic agreement with NIO to deepen collaboration on battery swapping technology [10] - The first half-solid-state lithium battery energy storage project in Inner Mongolia has been connected to the grid, marking a significant advancement in energy storage technology [14] Policy Information - The State Council is accelerating the introduction of comprehensive management measures for the recycling of new energy vehicle batteries [22] - Various local governments are implementing policies to promote the development of electric vehicle charging infrastructure, including the construction of charging stations and the integration of charging facilities in urban planning [20][25][37] - The Guangdong provincial government is optimizing insurance services for new energy vehicles and exploring the development of smart driving liability insurance products [27] - The Ministry of Industry and Information Technology is soliciting opinions on national standards related to automatic parking and safety event data for smart connected vehicles [35] Company Information - NIO has launched 36 new power swap stations, bringing the total to 3,680 stations [8] - GAC Group has signed a contract with Huawei to deepen cooperation in the HarmonyOS ecosystem and AI technology [8] - Leap Motor has achieved a record delivery of over 160,000 units of its B series vehicles [8] - Huawei's partnership with Qian Kun has resulted in over 900,000 units sold in 2025, with a market share of 27.8% in urban navigation assistance [16]

Overall Development Trend - The demand for power batteries is weakening towards the end of the year, with no significant "rush to install" observed as subsidy funds are nearly exhausted and consumer sentiment is in a "wait-and-see" mode [1] - In November, the total installed capacity of power batteries reached 74.03 GWh, with a month-on-month growth of only 9.5%. LFP batteries accounted for 79.0% of the total installed capacity, while NCM batteries made up 21% [1] - The cost of battery cells is expected to increase by 15-20% due to rising prices of raw materials, posing challenges for both second-tier battery manufacturers and automakers [1] Segmented Market - The demand for batteries in the new energy commercial vehicle market has surged, with a year-on-year growth of 136.6% from January to November 2025, significantly boosting the growth of power battery companies [5] Battery Cell Installation Rankings - CATL and BYD remain the leading companies, together accounting for over 65% of the market share. The customer structure of CATL has changed significantly, with new energy vehicle manufacturers surpassing traditional automakers as its main clients [8] - LG has seen a substantial increase in installation data, growing by 100% year-on-year, largely due to the strong sales of Tesla vehicles [8] Future Outlook - The development of China's power battery industry has reached historical highs in terms of cell performance and industry scale, with the next step being to address international expansion, which could alleviate industry competition and drive demand [9]

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Conference Overview - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit aims to address the supply-demand dynamics in the lithium battery sector, focusing on the critical materials needed for battery production and the expected supply shortages [5]. Group 2: Key Topics of Discussion - The conference will feature three main topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand [5]. 2. Announcement of the "Top Ten Lithium Battery Material Brands of 2025," evaluated based on shipment volume, market share, and customer reputation [6]. 3. B2B procurement matchmaking to connect top battery manufacturers and material suppliers, enhancing resource matching and reducing procurement costs [7]. Group 3: Proposed Discussion Topics - Proposed topics for the main forum include: - Outlook on lithium ore resource supply for 2026 [9]. - Market environment discussions on lithium carbonate operations [9]. - Research and application of high-energy density power battery technology [9]. - Additional topics will cover trends in the global new energy vehicle market and the impact of policies on the lithium market [10][11]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [17].

Core Viewpoint - Shandong Province is focusing on building a high-quality development hub for the textile and apparel industry through the implementation of the "Action Plan for High-Quality Development of the Workwear Industry (2026-2028)" aiming to cultivate over five leading workwear enterprises with annual revenues exceeding 3 billion yuan by 2028 [2] Group 1: Industry Development - The textile and apparel industry in Shandong has been optimizing and upgrading, achieving simultaneous growth in quantity and quality, with a focus on the entire industrial chain from fiber raw materials to brand operation [4] - Shandong has over 50,000 production enterprises and 22 national-level industrial clusters, with significant revenue growth of 6.1% annually among large-scale enterprises during the 14th Five-Year Plan, surpassing the national average by 4 percentage points [6] - The province ranks first and second in the production of yarn and fabric respectively, with six companies in the top ten of China's cotton textile industry and four in the top ten of China's dyeing and finishing industry [6] Group 2: Technological Innovation - The industry is experiencing breakthroughs in technological innovation, with a focus on material innovation that supports sectors such as automotive, healthcare, deep-sea exploration, and military equipment [7] - Shandong has established a comprehensive industrial ecosystem covering various categories, including shirts, suits, down jackets, and home textiles, meeting broad market demands [7] Group 3: Workwear Industry Focus - The workwear industry in Shandong is a key focus area, with over 5,500 related enterprises generating approximately 45 billion yuan in annual revenue, and the establishment of the first national and third global arc-resistant fabric testing laboratory [7] - Future actions will focus on innovation and quality improvement in workwear, upgrading the workwear industry chain, enhancing product quality, and integrating AI technology into design and production processes [8]

Core Viewpoint - The A-share market showed mixed performance on January 13, with the Battery 50 ETF (159796) experiencing a slight increase of 0.3% amid fluctuations in trading [1] Group 1: Market Performance - The Battery 50 ETF (159796) recorded a trading volume of 4.94 billion CNY, with a price range between 0.990 and 1.012 CNY [1] - The ETF's net asset value was reported at 1.0038 CNY, with a premium rate of 0.42% [1] - The ETF's five-day net inflow was noted at 2.65% [1] Group 2: Component Stocks - Major component stocks of the Battery 50 ETF included Sanhua Intelligent Controls, which rose by 1.05%, and multiple fluorine, which increased by 1.26% [2] - Notable declines were observed in XINWANDA, which fell by 2.40%, and other key players like Yangguang Electric and Ningde Times also experienced slight declines [2] Group 3: Policy Impact - The recent adjustment in export tax rebates for battery products is expected to lead to a surge in exports in 2026, tightening supply and demand in the lithium battery industry [4] - The tax rebate for battery products will decrease from 9% to 6% starting April 1, 2026, and will be eliminated entirely by January 1, 2027 [5] Group 4: Industry Outlook - The battery sector is anticipated to benefit from increased demand driven by both domestic and international markets, with projections indicating a significant rise in global demand for power batteries from 1,253.4 GWh in 2025 to 1,834.2 GWh by 2027 [5] - The storage demand is also expected to grow substantially, with domestic installations projected to reach 265 GWh in 2026, reflecting a 60% increase [5] Group 5: Investment Strategy - The Battery 50 ETF (159796) is highlighted as a leading option for investors due to its significant exposure to the storage sector, which accounts for 18.7% of its index, and a high proportion of solid-state battery technology at 45% [6][8] - The ETF's management fee is noted to be the lowest in its category at 0.15% per year, making it an attractive investment vehicle for capturing opportunities in the battery sector [11]

中化新网讯 近日，宁德时代与思源电气签署为期三年的储能合作备忘录，目标合作电量50吉瓦时。双 方将基于各自传统优势领域，推广储能市场化双采模式，共同提升产业链协同效率，助力储能行业高质 量发展。 图为签约现场。(企业供图) 据了解，思源电气专注于电力领域的技术研发、设备制造及工程服务，积极推动能源行业的数字化转 型。此次宁德时代与思源电气签署合作备忘录，是双方继2022年建立合作以来的一次战略性深化与全新 探索，进一步强化了双方在储能产业链中的协同深度。 未来三年，双方将围绕储能系统、输配电等配套设备，实现产业链上下游的双向协同。在此基础上，双 方还将加强技术交流与项目合作，持续优化整体解决方案能力，提升项目交付效率与可靠性，加速储能 系统在新型电力网络中的规模化应用。 ...

Group 1 - The core viewpoint of the article indicates that the automotive industry anticipates weak demand for electric vehicles, leading to a slowdown in battery sales growth [1] - The materials sector expects strong demand driven by the energy storage systems market, which will support high prices for battery raw materials [1] - Morgan Stanley predicts that as the fundamentals normalize, market expectations are likely to converge [1] Group 2 - CATL's exposure in the high-end market, pricing power, and strategic positioning in the energy storage systems market are expected to enable it to outperform peers once market sentiment recalibrates [1] - CATL's A-shares are listed as a top pick with a target price of 490 yuan and an "overweight" rating [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].

Global Energy Storage Market Size - The global energy storage system integration shipment volume is expected to reach 510 GWh by 2025, representing a year-on-year growth of 50%. The newly installed capacity for large-scale energy storage is projected to be 456 GWh, with a year-on-year increase of 51.39% [2][4]. Key Drivers of Growth - The significant growth in global energy storage demand is driven by three main application scenarios: - On the generation side, the transition to a cleaner energy structure is accelerating, with increasing shares of renewable energy sources like solar and wind. This necessitates energy storage systems to mitigate the intermittency and volatility of renewable energy output, leading to a strong demand for storage batteries. - On the grid side, the integration of a high proportion of renewable energy into the power system raises the requirements for stability and flexibility. Energy storage on the grid can quickly respond to system demands, effectively participating in frequency regulation, peak shaving, and backup services, thereby enhancing grid resilience and security. - On the user side, the penetration of energy storage applications continues to grow, with increasing demand from commercial and industrial storage, AI data center backup power, and home energy storage. The need for electricity cost management, reliable power supply, and energy self-sufficiency drives significant growth potential in user-side storage, making it an important source of incremental demand in the energy storage market [4]. Future Market Projections - Following the recent implementation of mandatory energy storage policies in major global economies, there is an explosion in demand across various scenarios such as commercial, data centers, edge computing, and emergency power supply. The global energy storage system shipment volume is expected to reach 2,260 GWh by 2030 and 6,650 GWh by 2035. The newly installed capacity for large-scale energy storage is projected to reach 1,995 GWh by 2030 and 6,091 GWh by 2035 [5]. Competitive Landscape in 2025 - The global energy storage market in 2025 is characterized by "explosive growth" and "intense reshuffling." The competition among leading companies is heating up, with Tesla regaining its position as the top global shipper of energy storage systems due to strong recovery in the North American market and capacity release from its Asian factories. The top five companies in global energy storage system shipments are Tesla, Sungrow Power, CRRC Zhuzhou, CATL, and HIBOR [6].