Core Viewpoint - The article discusses the shifting dynamics in the electric vehicle (EV) industry, particularly the changing power balance between battery manufacturers and automakers, with a focus on the growing trend of automakers developing their own batteries to gain more control over costs and supply chains [3][4]. Group 1: Industry Dynamics - The power dynamics in the EV industry are changing, with automakers increasingly moving away from reliance on major battery suppliers like CATL (Contemporary Amperex Technology Co., Limited) [3]. - The traditional model where automakers had to "kneel" to battery suppliers for production capacity is being replaced by a more balanced approach, where automakers are looking to self-manufacture batteries or choose from multiple suppliers [3][4]. - The shift is driven by rising costs and the need for supply chain security, which has become a new key performance indicator (KPI) for executives [3]. Group 2: Self-Manufacturing Benefits - Developing in-house batteries can lead to clearer cost structures, often resulting in savings of 10-20% compared to purchasing from external suppliers, while also allowing for better performance specifications [4]. - Automakers are exploring different strategies for battery production, with companies like BYD opting for a fully integrated approach, while others like Xiaomi and Changan are taking a more hybrid route [4]. Group 3: CATL's Response - In response to the changing landscape, CATL is also adapting its strategies by focusing on technological advancements, tighter partnerships with automakers, and shifting its business model from merely selling batteries to providing "battery services" [4]. - The competitive landscape is evolving, with consumers now having the option to choose between vehicles with CATL's technology or those with transparent, self-manufactured batteries that promise cost efficiency and reliability [4].

Group 1 - The Hang Seng Index rose by 0.86%, gaining 224 points to close at 26,456 points, while the Hang Seng Tech Index increased by 2.08%. The morning trading volume reached HKD 168.4 billion [1] - Companies involved in AI large models saw significant gains, with MINIMAX-WP (00100) up over 31%, and Zhiyun (02513) rising by 30% after a strategic partnership with Didi to explore mobility agent scenarios [1] - The AI pharmaceutical sector also benefited from the surge in AI large models, with companies like Yingshi Intelligent (03696) up 12%, and Yidu Tech (02158) increasing by over 8% [1] Group 2 - Kuaishou-W (01024) increased by 5.62%, with its AI initiatives expected to significantly boost revenue for the fiscal year 2026 [2] - Kingdee International (00268) rose by 10.71%, driven by accelerated full-process empowerment through industrial large models and the implementation of multi-agent collaboration in its AI Starry Sky suite [3] - New stock Haowei Group (603501) (00501) debuted with a 15% increase, recognized as a leading Fabless semiconductor design company [4] Group 3 - LFG Investment Holdings (03938) resumed trading and surged over 120% following a cash offer from Chen Shaoyang at a discount of approximately 59.46% [5] - Contemporary Amperex Technology Co., Ltd. (300750) (03750) fell by 2.94% due to the introduction of a new battery export tax rebate policy, while lithium carbonate prices continued to rise [6] - Smoore International (06969) declined by 1.87% as the export tax rebate for electronic cigarettes is set to be canceled, potentially impacting the profits of related companies [7]

Core Viewpoint - The energy storage industry is transitioning from a focus on "paper parameters" to practical applications, with large capacity battery cells achieving mass production and delivery, indicating a significant shift towards commercial viability and cost efficiency in energy storage systems [2]. Group 1: Mass Production of Large Capacity Battery Cells - Since 2025, several battery companies have reported significant progress in the mass production of 500Ah+ battery cells, with production capacity and delivery rates accelerating [4]. - CATL has initiated mass production of its 587Ah energy storage battery in June, with a production capacity exceeding 22,000 units per day, aiming for 3GWh of shipments by the end of the year [4]. - EVE Energy plans to start mass production of its 628Ah battery by the end of 2024, with a target of 750,000 units in 2025, and has successfully applied it in a 200MW/400MWh independent energy storage project [4]. - Envision AESC has achieved mass production of its 500+Ah battery cells, with plans for next-generation 700Ah+ products [4]. - Hicharge Energy has launched the world's first 1175Ah battery cell and has completed deliveries of its 587Ah battery [4]. - A number of other companies, including Chuang Neng New Energy and Penghui Energy, are also announcing timelines for the mass production of 500Ah+ and 600Ah+ products, indicating a competitive landscape by 2026 [5]. Group 2: Strategic Collaborations and Supply Chain Dynamics - The relationship between system integrators and battery manufacturers is evolving towards long-term, large-scale, and deeply integrated collaborations [7]. - By the end of 2025, significant orders of over 100GWh highlight the importance of supply chain stability and cost control in market competition [7]. - CATL has signed a procurement agreement for no less than 200GWh with a partner, with its 587Ah battery already applied in a 400MW/2400MWh energy storage project [7]. - EVE Energy has established a three-year collaboration for 20GWh with a partner, including 10GWh of large battery cells [7]. - These long-term agreements not only secure production capacity but also indicate a trend towards early collaborative development between systems and battery cells, enhancing overall product performance and safety [7]. Group 3: Global Market Expansion - The competitiveness of China's energy storage industry is being tested globally, with significant progress in the export of 500Ah+ battery cells [9]. - CATL delivered its 587Ah battery for a project in Abu Dhabi, while EVE Energy secured orders in Australia and signed a project agreement for 1GWh [9]. - Hicharge Energy has partnered with a Saudi power company for a 1GW/4GWh energy storage project, utilizing its 1175Ah battery cell [9]. - The export of large battery cells represents not only product output but also the extension of system solutions and standards, opening new opportunities for Chinese energy storage companies in the global long-duration energy storage market [9]. Group 4: Industry Trends and Future Directions - The 500Ah+ battery cells are still in a rapid development phase characterized by diverse sizes and specifications, but there is a consensus that 6MWh+ energy storage systems will accelerate the replacement of previous 5MWh+ solutions, driving down energy storage costs [10]. - The year 2025 is positioned as a pivotal year for large battery cells transitioning from laboratory settings to practical applications in energy storage systems [10].

Group 1 - Xiaomi's used car prices have significantly dropped, with the SU7 model now priced as low as 150,000 yuan, experiencing a depreciation of 50,000 yuan over six months [2] - The SU7 Ultra has seen the largest decline, with a current average price of 412,000 yuan, down over 100,000 yuan from its original price of 530,000 yuan [2] - The YU7 model has a relatively smaller depreciation, with used cars generally dropping by less than 10,000 yuan [2] Group 2 - CATL's NING Service has opened the largest new energy after-market service center in the Middle East, located in Riyadh, Saudi Arabia, offering comprehensive services including battery diagnostics and recycling [2] - BAIC New Energy and Pony.ai have announced a strategic partnership entering phase 2.0, with the launch of the L3 version of the ARCFOX Alpha S for trial operations [2] - Infosys faces a potential annual revenue loss of 150 million USD due to Daimler's search for new suppliers, as it risks losing over one-third of its 400 million USD revenue from the automaker [2]

格隆汇1月12日｜宁德时代成交额达100亿元，现跌4.07%。 ...

Group 1 - The core viewpoint of the article highlights the significant drop in the stock price of CATL (宁德时代), which fell over 4% to 477.2 HKD, with a trading volume of 675 million HKD [1] - Lithium carbonate prices have surged dramatically since early December, breaking through multiple price thresholds, reaching 156,060 RMB per ton, reflecting a rebound of over 150% from the low in June of the previous year [1] - The Ministry of Finance and the State Taxation Administration announced a reduction in the export tax rebate rate for battery products from 9% to 6% starting April 1, 2026, and the complete cancellation of the rebate from January 1, 2027 [1] Group 2 - Huatai Securities views the adjustment of the export tax rebate as a staggered reduction, providing a buffer period for the lithium battery industry, anticipating two rounds of export rush before the rebate changes take effect [1] - The reduction in export tax rebate rates is expected to elevate the overseas prices of corresponding products, benefiting companies with existing overseas production capacity and potentially enhancing their profitability [1] - The article emphasizes a positive outlook for leading battery manufacturers with established overseas production capabilities in light of the anticipated price increases [1]

每经AI快讯，1月12日，宁德时代成交额达100亿元，现跌4.07%。 每经AI快讯，1月12日，宁德时代成交额达100亿元，现跌4.07%。 ...

宁德时代成交额达100亿元，现跌4.07%。 ...

Core Viewpoint - The recent surge in lithium carbonate prices and changes in export tax policies for battery products are impacting the battery industry, particularly companies with established overseas production capacity [1] Group 1: Lithium Carbonate Price Surge - Lithium carbonate prices have rapidly increased, breaking through multiple thresholds, reaching 156,060 yuan/ton, a rise of over 150% from the low in June of the previous year [1] - The main futures contract for lithium carbonate has hit the upper limit, reflecting strong market demand [1] Group 2: Export Tax Policy Changes - The Ministry of Finance and the State Taxation Administration announced a reduction in the export tax rebate rate for battery products from 9% to 6% starting April 1, 2026, and the complete cancellation of the rebate from January 1, 2027 [1] - This adjustment is viewed as a staggered reduction, providing a buffer period for the lithium battery industry, with expectations of increased export activity before the changes take effect [1] Group 3: Market Outlook - Huatai Securities anticipates that the reduction in export tax rates will likely elevate overseas prices for corresponding products, benefiting companies with existing overseas production capacity [1] - The firm is optimistic about leading battery manufacturers that have established overseas operations, expecting them to enhance profitability due to the anticipated price increases [1]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...