[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 锂电行业 2026 年投资策略 储能需求驱动周期反转，电池和材料迎来新机遇 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-15 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]陈子坤 SAC 执证号：S0260513080001 010-59136690 chenzikun@gf.com.cn 分析师： 陈昕 SAC 执证号：S0260522080008 SFC CE No. BWV823 010-59136699 gfchenxin@gf.com.cn 分析师： 黄思悦 SAC 执证号：S0260525070002 0755-23608197 huangsiyue@gf.com.cn -20% -6% 8% 22% 36% 50% 12/24 02/25 05/25 07/25 09/25 12/25 电力设备 沪深300 请注意，陈子坤,黄思悦并非香港证券及期货事务监察委员 会的注册持牌人，不可 ...

电动中国核心逻辑在于：以绿色能源为源头，重塑动力基础；以交通电动化为载体，构建移动能源网 络；以设备智能化为归宿，实现全社会的智慧跃迁 从被视为电池终极形态的全固态电池，到与锂离子电池体系形成互补的钠离子电池，再到高效灵活的钙 钛矿电池，这些技术路径的突破，共同推动"电动中国"愿景加速落地 人类文明的演进史，本质上是一部能源利用的进化史。在全球新一轮科技革命与产业变革浪潮中，中国 以前瞻性的战略眼光，通过一系列连贯且强有力的政策，擘画一幅以新能源科技为核心的国家发展新蓝 图——电动中国。 中国已展现出显著优势。从人才储备与模型生态看，中国拥有全球最大的STEM毕业生群体和全球近半 数AI科研人才，坐拥庞大的工程师红利；DeepSeek与阿里千问等模型在全球开源模型下载量中占比达 17.1%，首次超越美国企业，在全球开发者生态中获得越来越大的影响力。在AI竞赛中，中国有望凭借 能源成本优势占据先机。英伟达的创始人黄仁勋近期在接受媒体采访时，直言"中国将赢得这场AI竞 赛"，其核心论据之一便是中国拥有显著的能源成本优势。凭借西部地区低成本的清洁能源，中国大幅 降低大型数据中心的电力成本，这种能源优势构成了中国AI ...

据香港交易所披露，贝莱德(BlackRock)对宁德时代新能源科技股份有限公司-H股的多头持仓比例于 2025年12月9日从4.99%增至5.23%。 ...

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

新京报贝壳财经讯 12月15日，据传化集团微信公众号消息，近日，传化集团与宁德时代签署战略合作 协议，双方合作重点将聚焦推动新能源材料联合创新、共建重卡换电能源枢纽运营体系、探索机器人产 业链创新载体、打造零碳场景与综合能源生态四大领域。 ...

Core Insights - The report from Guotai Junan indicates a strong performance in the new energy vehicle (NEV) sector for November, with production and sales showing significant year-on-year growth [1][2]. Production and Sales - In November, NEV production reached 1.88 million units, marking a 20% increase year-on-year, while the cumulative production from January to November totaled 14.907 million units, up 31.4% [1]. - NEV sales in November were 1.823 million units, reflecting a 20.6% year-on-year increase, with a penetration rate of 53.2%. The cumulative sales for the first eleven months reached 14.78 million units, a 31.2% increase, with a cumulative penetration rate of 47.5% [1]. Exports - NEV exports in November amounted to 300,000 units, representing a year-on-year increase of approximately 2.6 times and a month-on-month increase of 17.3%. Cumulatively, from January to November, NEV exports reached 2.315 million units, doubling year-on-year [2]. Battery Production and Sales - In November, the total production of power and other batteries was 176.3 GWh, a 49.2% year-on-year increase and a 3.3% month-on-month increase. Cumulatively, from January to November, the total production reached 1,468.8 GWh, up 51.1% [3]. - Battery sales in November were 179.4 GWh, a 52.2% year-on-year increase and an 8.1% month-on-month increase. Cumulatively, from January to November, total sales reached 1,412.5 GWh, a 54.7% increase [3]. Battery Installation - The domestic power battery installation volume in November was 93.5 GWh, showing a year-on-year increase of 39.2% and a month-on-month increase of 11.2%. Cumulatively, from January to November, the total installation volume reached 671.5 GWh, a 42.0% increase [4]. Investment Recommendations - With the rapid growth in demand for lithium batteries, companies in the power battery and related key materials sectors are expected to benefit. Recommended stocks include CATL (300750.SZ), BYD (002594.SZ), Guoxuan High-Tech (002074.SZ), Yiwei Lithium Energy (300014.SZ), Zhongchuangxin Hang (03931), Hunan Youneng (301358.SZ), and Tianci Materials. Related stocks include Dingsheng New Materials (603876.SH) and Tianji Shares (002759.SZ) [5].

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2026锂电关键材料及应用市场高峰论坛 会议背景 2026年，锂电行业正以磅礴之势开启新一轮周期性增长浪潮，其特征表现为需求端的强势复苏、全球 化版图的加速扩张、技术路线的颠覆性迭代，形成"量价齐升+技术跃迁"的螺旋式上升格局。 会议主办： 鑫椤资讯 会议时间： 2026年3月19-20日 会议地点： 江苏·常州 会议咨询： 13248122922（微信同） 据鑫椤资讯的预测，2025年全球锂电池产量将达到2250Gwh，2026年的增长率将达到30%，其中储能 领域增速更是有望达到48.3%，呈现出"海内外需求双轮驱动、上下游产业链协同爆发"的盛况。如此爆 发式的市场需求，对电芯及上游四大主材的需求产生了巨大的拉动作用。 然而，从当前有效产能情况来看，电芯及各种材料的远期供应存在着一定的缺口。面对明确的供应缺 口，如何保障稳定、高效的供应链，将成为抓住这轮确定性增长的关键。 三：上下游采购对接 启动B to B定向采购对接，汇聚宁德时代、比亚迪、LGES等全球TOP10电池企业，以及贝特瑞、杉杉 科技、尚太 ...

Group 1 - The report discusses the high volatility of Japanese government bonds (JGBs) due to a shift in monetary policy and concerns over long-term debt sustainability, leading to a rapid increase in JGB yields since early 2024 [3][4] - The report highlights the divergence between the rising JGB yields and the depreciation of the Japanese yen, attributing this to market concerns over fiscal health and capital outflows driven by trade agreements [3][4] - The outlook suggests continued upward pressure on JGB yields, while the divergence between the yen and interest rate differentials may not persist long-term, potentially leading to yen appreciation as market concerns ease [4] Group 2 - The Central Economic Work Conference emphasized the importance of a proactive fiscal policy, maintaining a fiscal deficit around 4% for 2025, which is higher than previous years, to support economic stability [5][8][9] - The report indicates that China's government debt ratio remains significantly lower than that of major economies, providing ample fiscal space for expansionary policies [8][9] - The focus on optimizing fiscal expenditure structure aims to transition from production-oriented to welfare-oriented spending, with significant allocations for education, social security, and healthcare [10] Group 3 - The report outlines the commitment to expanding domestic demand as a primary driver of economic growth, with a focus on increasing consumption and investment to stabilize the economy [13][14] - It highlights the need to boost consumer spending, noting that the contribution of final consumption to GDP growth was 53.5% in the first three quarters of 2025 [14][15] - The investment strategy includes increasing central budget investments and optimizing local government special bond usage to stimulate effective investment [15][26] Group 4 - The report discusses the establishment of a unified national market to combat "involution" in competition, emphasizing the need for standardized regulations and improved resource allocation [16][17] - It notes the progress in reducing logistics costs and increasing inter-provincial trade, indicating a move towards a more integrated market [16][17] - The focus on creating a competitive market order aims to enhance efficiency and support high-quality development across various industries [17] Group 5 - The chemical industry is identified as entering a favorable phase driven by global supply dynamics and increasing demand for AI technologies [30][31] - The report lists key players in various segments of the chemical industry, including gas turbines, refrigerants, and energy storage, highlighting potential investment opportunities [31][32] - It emphasizes the importance of value-driven strategies in the chemical sector, with a focus on enhancing dividend yields and addressing supply-side challenges [32] Group 6 - The report on credit bonds indicates a need for strategies that focus on attracting incremental funds and adapting to market conditions, with a recommendation for short-term and mid-to-long-term strategies [34][35] - It highlights the ongoing challenges in the municipal bond market, suggesting a cautious approach to investment in lower-rated bonds while seeking opportunities in higher-quality assets [36] - The financial bond market is expected to face limited supply pressures, with a focus on maintaining asset quality amid changing market dynamics [37] Group 7 - The report on social financing data indicates a stable growth rate in loans, primarily driven by corporate lending, while consumer borrowing remains cautious [38][39] - It notes a significant increase in direct financing, reflecting a positive trend in market development, despite a decline in household leverage [39][40] - The overall financial environment suggests continued support for fiscal and monetary policies to sustain economic growth [39]

Core Insights - Chinese energy storage companies continue to expand their overseas presence, with 22 companies signing approximately 34 contracts totaling around 44.88 GWh in November [1][3]. Group 1: Market Overview - The overseas expansion of Chinese energy storage companies is characterized by a dual strategy of deepening traditional markets (Europe, North America, Australia) while penetrating emerging markets (Latin America, Asia) [3][5]. - Europe remains the primary battleground for Chinese energy storage firms, with over 15 contracts signed in November, totaling approximately 6.1 GWh [3][4]. Group 2: Regional Performance - Latin America showed significant growth, with two contracts focused on Chile, amounting to 9.6 GWh, making it the largest regional contract size in November [5]. - The Asian market also saw activity, with seven contracts totaling 6.3 GWh, including notable orders from CATL in Japan and projects in Israel and India [5][7]. Group 3: Company Performance - Among 21 companies, Haicheng Energy, Trina Storage, and Far East Energy performed exceptionally well in November, with signed contracts of 11.5 GWh, 7.86 GWh, and 7.59 GWh respectively [7][8]. - Other companies like CATL, EVE Energy, and Sungrow also secured overseas orders exceeding 2 GWh in November [8][9]. Group 4: Notable Contracts - A strategic collaboration among Haicheng Energy, Boda New Energy, and Aton Energy aims to advance no less than 10 GWh of energy storage projects across key markets in the next three years [8][12]. - Significant contracts include a 1.6 GWh project in Germany between Haibo Energy and LEAG Clean Power GmbH, and a 5 GWh memorandum of understanding between Trina Storage and Pacific Green in Australia [4][10].

证券时报记者获悉，近日，传化集团与宁德时代（300750）签署战略合作协议。双方将立足各自产业优 势，深化协同创新，共同构建绿色、智能、可持续的产业生态。 此次战略合作协议，双方高层出席人员的规格颇高。传化集团董事长徐冠巨，集团董事、副总裁徐迅， 传化智联（002010）董事长周家海，新安股份（600596）董事长吴严明，宁德时代董事长曾毓群，监事 会主席兼区域管理总裁吴映明，时代骐骥副总经理朱正良，零碳生态发展部华中区域总经理乔鹏飞等双 方高层见证签约。 在签约仪式上，传化集团董事长徐冠巨表示，此次合作是双方着眼未来发展作出的战略选择，宁德时代 的技术创新将为传化转型变革提供重要支撑，传化的丰富产业场景也为宁德时代提供了广阔应用空间。 未来双方将携手推动重卡换电能源枢纽打造、新能源材料研发、具身智能机器人场景应用及零碳场景建 设等合作深化落地，共同探索更多创新可能。 宁德时代董事长曾毓群表示，传化在公路港、产业园区等方面拥有独特场景优势，双方合作恰逢其时、 大有可为，期待双方不断深化务实合作，共同推动新能源产业高质量发展。 基于共同愿景，双方合作将重点聚焦四大领域： 一是推动新能源材料联合创新。双方将携手开 ...