锂钴研究：2026Q1 正极排产解析，全年需求展望 20260107 摘要 2025 年全球新能源汽车销量达 2,110 万辆，同比增长超 20%，中国市 场受益于新能源商用车和购置税减免政策，增幅接近 30%。预计 2026 年中国新能源汽车销量同比增长约 17%，全球动力电池装机容量预计同 比增长约 30%。 2025 年储能电池出货量超 620GWh，同比增长超 70%。预计 2026 年全球储能电池出货量将超过 1TWh，并于 2027 年维持强劲装机状态。 整体电池需求预计同比增长 25.5%，达 2,900GWh 左右。 锂材料价格显著上涨，碳酸锂均价约 7.2 万元/吨，预计 2026 年均价将 超 10 万元/吨，一季度有望达 15 万元/吨，若复工节奏超预期，或冲击 20 万元/吨。锂矿供应虽有非洲、南美增量预期，但政策和政局不稳定 因素可能影响实际投放量。 三元材料产能过剩，有效产能超 300 万吨，实际需求仅百万吨级别。铁 锂方案逐渐被下游认可，海外企业也开始提升铁锂产品出货，这一趋势 将在未来几年继续增强。 Q&A 2026 年锂电池市场的整体预期如何？ 根据初步统计，2025 年全球 ...

Summary of Solid-State Battery Industry and Key Companies Industry Overview - The solid-state battery industry is at a critical inflection point, with significant advancements in technology and product offerings expected by 2026. The global lithium industry is projected to see a 30% increase in shipment volume, reaching 2,600 GWh by 2026, and potentially 5,000 GWh by 2030, necessitating a capacity expansion of over 1.5 times the current levels [1][4][7]. Key Developments - Verge showcased the TS Pro model equipped with a solid-state battery at CES, featuring a battery capacity of approximately 30 kWh, an energy density of 400 Wh/kg, and a city range exceeding 600 km. The model can achieve 80% charge in just 10 minutes and is aimed at the high-end overseas market [1][2][3]. - The first global solid-state electric scooter was launched by Chizhi Electric, demonstrating the advantages of solid-state batteries in energy density, range, and safety, with commercial and mass production potential [1][3]. Market Expectations - By 2030, solid-state batteries are expected to achieve a penetration rate of around 2%, with an estimated production of 100 GWh, and a unit value 2.5 times that of current liquid battery production lines [1][7]. - The solid-state battery sector is anticipated to catalyze growth in related equipment manufacturing, with companies like Xian Dao Intelligent and Lian Win Laser expected to see significant order increases in the coming years [2][4][8]. Company Insights - **Xian Dao Intelligent**: Anticipated to secure new orders of 250 billion yuan in 2025, with a growth forecast of 30%-40% in 2026, potentially reaching a minimum of 320 billion yuan. The company is expected to see improved profitability and stock price catalysts from its Hong Kong listing and solid-state battery equipment tours [2][8]. - **Lian Win Laser**: Holds a leading market share of 60%-70% in the Ningde Times sector, with new orders revised upwards to 50 billion yuan for 2025 and projected to reach 70-80 billion yuan in 2026, reflecting a year-on-year growth of 40%-50% [2][9]. - **Rongqi Technology**: Dominates over 70% of the AI quality inspection market for Ningde Times, with expected revenue from this segment reaching around 300 million yuan in 2026. The company is also expanding its business with Meta and other new orders, which could lead to a revenue increase of 60%-70% [2][12]. Investment Recommendations - Investors are advised to focus on companies that can adapt to the expanding production demands and have significant flexibility in the solid-state battery sector. Xian Dao Intelligent is highlighted as a top pick due to its substantial market capitalization and growth potential [8]. Additional Considerations - The solid-state battery industry is expected to undergo significant technological advancements, with new products demonstrating high energy density, long range, and rapid charging capabilities, which will positively impact the overall market [6][7]. - Companies like Rongqi Technology are making strides in solid-state battery production equipment and materials, which could enhance their competitive edge in the market [14]. This summary encapsulates the key points from the conference call regarding the solid-state battery industry and the companies involved, highlighting the optimistic outlook and potential investment opportunities.

申港证券近日发布电力设备行业研究周报：近期，全国标准信息公共服务平台上，国家标准计划《电动 汽车用固态电池第1部分：术语和分类》已经从起草进入到了征求意见阶段。同时，《电动汽车固态电 池用固体电解质技术规范》也已启动起草。 以下为研究报告摘要： 投资摘要： 每周一谈：固态电池国标体系加速制定产业驶入规范化"快车道" 近期，全国标准信息公共服务平台上，国家标准计划《电动汽车用固态电池第1部分：术语和分类》已 经从起草进入到了征求意见阶段。同时，《电动汽车固态电池用固体电解质技术规范》也已启动起草。 《电动汽车用固态电池》系列标准拟分为4个部分进行编制。 第1部分：术语和分类。目的在于确立固态电池的术语、分类。 第2部分：性能规范。目的在于确立固态电池的性能类要求及对应的测试方法。 第3部分：安全规范。目的在于确立固态电池的安全类要求及对应的测试方法。 二是推动技术研发的规范化和产业化进程。通过建立统一的测试方法，为固态电池判定提供明确依据， 从而提升研发效率，加速技术从实验室走向规模化生产的步伐。 近年来，随着固态电池产业化进程加速，行业对于车用固态电池国家标准需求日益提升。基于以上背 景，全国汽标委电动车辆分 ...

最新公告列表 《H股公告（截止2025年12月31日止股份发行人的证券变动月报表）》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 截至2026年1月7日收盘，宁德时代（300750）报收于371.01元，较前一交易日下跌0.8%，最新总市值为16931.5亿元。该股当日开盘372.95元，最 高375.48元，最低368.49元，成交额达97.31亿元，换手率为0.62%。 公司近日发布公告称，宁德时代新能源科技股份有限公司于2026年1月7日提交截至2025年12月31日的证券变动月报表。A股普通股法定注册资本 增加195,465股，总注册资本达人民币4,563,803,488元。已发行A股股份增加195,465股，库存股数量不变。变动原因为员工行使股票期权，涉及 2021年及2022年股权激励计划，合计发行新股195,465股，募集资金63,558,484.7元人民币。H股股本无变动。 ...

证券日报网讯1月7日，宁德时代（300750）在互动平台回答投资者提问时表示，中型电池方面，公司与 ATL双方优势互补，成立由公司控股的合资公司新能安(Ampace)，全面推进电动二轮车、家储、无人 机、机器人等应用场景电动化。 ...

Core Viewpoint - Ningde Times (300750) is set to scale up the application of sodium-ion batteries across multiple sectors including passenger vehicles, commercial vehicles, battery swapping, and energy storage [1] Group 1 - The company's sodium-ion battery for passenger vehicles boasts excellent low-temperature energy retention and safety performance [1] - It is the world's first sodium-ion battery to pass the new national standard certification [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寧德時代新能源科技股份有限公司（「本公司」） 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03750 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 155,915,300 | RMB | | | 1 RMB | | 155,915,300 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 155,915,300 | RMB | | | 1 RMB | | 155,915,300 | | ...

Core Viewpoint - The collaboration between CATL and NIO has been renewed for another five years, focusing on technology, ecology, and market development in the battery swapping sector [2][3]. Group 1: Technical Collaboration - The partnership aims to jointly develop long-life batteries and battery swapping adaptation technologies [2]. - NIO's requirement for long-life batteries is a lifespan of 15 years, with a health status of no less than 85% at the end of life [3]. Group 2: Ecological and Market Development - The two companies will work together to establish battery swapping technology standards and share network resources, enhancing battery leasing collaboration [2]. - They plan to strengthen brand promotion both domestically and internationally to increase market share [2]. Group 3: Strategic Importance - NIO's focus on long-life batteries is driven by the need to reduce battery replacement costs, which are expected to peak between 2025 and 2032 [4]. - The collaboration is seen as a strategic move to create the world's largest battery swapping network, with a unified battery standard [5]. Group 4: Financial and Operational Synergies - NIO's partnership with CATL is crucial for alleviating financial pressures, as CATL's investment can support NIO's rapid expansion of battery swapping stations [5]. - The dual-network model for battery swapping is expected to enhance user experience and operational efficiency [5][6].

Core Viewpoint - The article suggests that 2026 is expected to mark the beginning of a new healthy and orderly development cycle for China's lithium battery new energy industry [3][19]. Investment Overview - In 2025, over 282 public investment projects related to the lithium battery industry chain in China are anticipated, with a total investment exceeding 820 billion yuan, representing a year-on-year growth of over 74% [4]. - The investment projects are primarily concentrated in East and Central China, with regions like Fujian, Shandong, and Jiangsu leading in lithium battery and material manufacturing due to their rich chemical resources and strategic enterprise layouts [6]. Regional Distribution - The Southwest region, particularly Sichuan, is expected to dominate the investment in lithium battery positive materials, accounting for 59% of the projects, with a significant production capacity of over 350 GWh [11]. - Negative materials investment is more evenly distributed, with North and Northwest China favored due to lower electricity costs [11]. - The electrolyte projects are mainly concentrated in East China, benefiting from a robust industrial chain and proximity to downstream markets [11]. Overseas Expansion - Chinese lithium battery companies are increasingly focusing on overseas markets, with significant investments in Thailand, Spain, and Portugal, driven by favorable geopolitical conditions and local demand [7]. - Notable projects include the establishment of a zero-carbon AI super factory in Portugal and a joint venture factory in Spain by CATL and Stellantis [7]. Solid-State and Sodium Battery Development - In 2025, solid-state battery projects are expected to be concentrated in East China, with planned capacities of 74 GWh and total investments of 28 billion yuan [15]. - The sodium battery sector is projected to see significant growth, with planned capacities of 81 GWh and total investments of 32.2 billion yuan, primarily in the Southwest region [15]. Market Outlook - The lithium new energy industry is emerging from a challenging period characterized by supply-demand imbalances and declining prices, with positive signals indicating a recovery starting in 2025 [18]. - The demand for solid-state batteries and sodium batteries is expected to accelerate, with the latter projected to achieve a 100% increase in shipments by 2026 [19].

瑞银预测，2026年港股IPO数量将达150家至200家，募资额将超3000亿港元。 中资企业蜂拥赴港上市，IPO大单频现，走过火热的2025年，港股IPO在2026年能否延续强劲势头？ "我们认为，港股IPO的热度在今年能够得以延续，基础支撑是存在的。"瑞银集团中国区总裁及瑞银证 券董事长胡知鸷对第一财经表示，中国香港的全球领先国际金融中心地位、港股IPO排队企业数量充足 等，将共同支撑港股IPO继续走热。 瑞银预测，2026年全年，港股上市企业数量将达到150家至200家，募资额有望超过3000亿港元。 从基石投资者参与热度来看，港股IPO项目仍备受追捧。就在本周，MiniMax（稀宇科技）将于1月9日 登录港交所，其吸引了14名基石投资者，包括Aspex、Eastspring、阿里巴巴、易方达等，认购总额约 27.23亿港元，占到募资总额的六成以上。 胡知鸷观察到，此前，部分海外项目发行难度较高，因此需要有一定比例的基石投资者，以增加发行确 定性。"现在这种情况反过来了，是投资人要去争当基石，或者锚定（投资者），核心原因只有一个， 怕抢不到单。" "抢着要做基石" 就在几天前，2025年收官之际，港交所 ...