Investment Agreements - Longpan Technology plans to invest 2 billion yuan to establish a high-performance lithium battery cathode material project [2] - Yanjing Co. intends to acquire control of high-frequency carrier board manufacturer Yongqiang Technology, with stock suspension [2] - Zhongjian Technology has approved a project for the collaborative development of intelligent robots [2] - Mengwang Technology signed a cooperation agreement worth 60 million yuan with Shenzhou Liuhe for the R&D and production of heavy-lift drones [3] - Jiu Ding New Materials plans to invest 246 million yuan to build a large-scale wind turbine blade production line [4] - Jincai Hulin intends to acquire 51% of Wuxi Sanli for 63.43 million yuan [5] - Changyuan Power plans to invest in a 100MW wind farm project in Hubei Province with a total investment of 562 million yuan [7] - Shengyang Co. plans to acquire 51% of Shenzhen Daren High-Tech for 74.47 million yuan [8] Shareholding Changes - *ST Zhongzhuang announced a change in actual control to Long Jisheng due to the execution of a restructuring plan [9] - Hunan Baiyin's major shareholder reduced its stake to below 5% [10] Stock Buybacks - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan [11] - Dongcheng Pharmaceutical intends to repurchase shares for 100 million to 200 million yuan [12] - Ningde Times has repurchased a total of 15.99 million A-shares for 4.386 billion yuan [13] Business Operations and Performance - Bailong Oriental expects a net profit increase of 46.34% to 70.73% in 2025 [13] - Longjian Co. anticipates a net profit of 405 million yuan in 2025, a decrease of 2.05% [13] - BYD reported cumulative sales of 4.602 million new energy vehicles in 2025, a 7.73% increase year-on-year [14] Financing and Capital Increases - Zhenhua Co. plans to issue convertible bonds to raise no more than 878 million yuan for projects [15] - Huashu Holdings intends to raise up to 600 million yuan through a private placement to Hongtai Group [15] Other Developments - Xinxing Chemical has resumed production of biomass cellulose filament products after equipment upgrades [24] - Guoguang Electric announced the resumption of the general manager's duties after the lifting of restrictions [25]

来源：环球网 1月4日，"零碳科普校园行"走进新疆博尔塔拉蒙古自治州博乐市第八小学。这是项目第500所合作学 校，该校也成为全国首个全场景零碳科普示范校。中国环境科学学会、博州教育局、博州科技协会、博 乐市人民政府、市教育局、市科技协会、市第九中学教育集团以及宁德时代相关负责人出席项目启动仪 式。活动现场，科普"顶流"夏振东开讲《零碳科普魔法课》，带领师生开启零碳探索之旅。 零碳科普500校里程碑项目启动仪式 在宁德时代支持下，博乐市第八小学全校2500余名师生全部参与了零碳课程，学校还创新性地开设两 个"零碳科技重点班"。在硬件建设上，双方将共建全国首个零碳科普实验室，集教学、展示、科普、互 动四大功能于一体，学校还配套建设零碳科普长廊、科普楼、手工微展厅、图书角、互动墙等沉浸式科 普空间。同时，在课程资源上，项目为学校提供系统化教案和课程包，解决一线教师"缺教材、难备 课"的痛点。 夏振东《零碳科普魔法课》首秀 在启动仪式现场，中国环境科学学会副理事长兼秘书长夏祖义指出，此次活动为师生们打开了一扇通往 绿色世界的大门。"零碳科普校园行"把难懂的零碳知识，变成了小朋友们能听懂、能学会的小游戏、小 课程。博州 ...

Major Announcements - BYD's cumulative sales of new energy vehicles reached 4.6 million units in 2025, representing a year-on-year growth of 7.73% [15][16] - Longpan Technology plans to invest no more than 2 billion yuan to construct a high-performance lithium battery cathode material project [4] - Ningde Times has repurchased 15.99 million shares, with a total transaction amount of 4.386 billion yuan [10] Company Collaborations - Dream Network Technology signed a cooperation agreement worth 60 million yuan with Shenzhou Liuhe to jointly develop and produce heavy-lift drone products [1] - Jincai Huilian intends to acquire 51% of Wuxi Sanli Robot Technology Co., Ltd. for 63.43 million yuan, making it a subsidiary [2] Project Developments - Longpan Technology's project for high-performance lithium battery cathode materials will have a total investment of no more than 2 billion yuan, with a planned capacity of 120,000 tons per year [4] - Shengyi Technology signed an investment intention agreement for a 4.5 billion yuan high-performance copper-clad laminate project [6] - Zhongmin Resources' annual production of 30,000 tons of high-purity lithium salt project has commenced trial production [8] Financial Performance - BYD's total sales of new energy vehicles in 2025 were 4.602 million units, with a significant increase in commercial vehicle sales by 161.83% [16] - Bailong Oriental expects a net profit increase of 46.34% to 70.73% for 2025, driven by strong orders and increased production capacity [17] - Longjian Co. reported a net profit of 405 million yuan for 2025, a decrease of 2.05% year-on-year [18] Share Buybacks - Ningde Times has repurchased a total of 15.99 million shares, accounting for 0.3628% of its total A-share capital [10] - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan for employee stock ownership plans [11] - Guizhou Moutai has repurchased shares worth 120 million yuan, representing 0.007% of its total share capital [12]

Group 1 - Guizhou Moutai repurchased 87,059 shares of its own stock [2] - Dongcheng Pharmaceutical plans to repurchase shares worth between 100 million to 200 million yuan [2] - Industrial Fulian has cumulatively repurchased 9.3199 million shares, accounting for 0.05% of total share capital [2] - CATL has cumulatively repurchased 15.99 million A-shares, with a total transaction amount of 4.386 billion yuan [2] - Century Huatong plans to repurchase shares worth between 300 million to 600 million yuan [2] Group 2 - Hunan Baiyin disclosed a reduction in holdings by Great Wall Asset to below 5% [1]

据统计，1月4日，贵州茅台、东诚药业、工业富联、宁德时代、世纪华通（维权）披露增持情况。湖南 白银披露减持情况。 | | | 1.4上市公司盘后增持情况 | | --- | --- | --- | | 1 | 贵州茅台 | 回购公司股份87 059股 | | 2 | 东诚药业 | 拟以1亿-2亿元回购公司股份 | | 3 | 「业富联 | 已累计回购931.99万股股份 占总股本0.05% | | র্ব | 宁德时代 | 累计回购公司A股股份1599万股 成交总金额为43.86亿元 | | 5 | 世纪委颁 | 拟以3亿元-6亿元回购公司股份 | | | | 1.4上市公司盘后减得情况 | | 1 | 湖南白银 | 长城资产减持至5%以下 | 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据统计，1月4日，贵州茅台、东诚药业、工业富联、宁德时代、世纪华通（维权）披露增持情况。湖南 白银披露减持情况。 | | | 1.4上市公司盘后增持情况 | | --- | --- | --- | | 1 | 贵州茅台 | ...

电力设备及新能源 2026 年 1 月 4 日 行业周报 宁德时代宣布规模应用钠电池，政策支持光伏知识产权保护 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.12.29-2025.12.31）新能源细分板块行情回顾。风电指数 （866044.WI）下跌 1.40%，跑输沪深 300 指数 0.82 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.62 倍。本周申万光伏设备指数 （801735.SI）下跌 3.29%，其中，申万光伏电池组件指数下跌 3.50%， 申万光伏加工设备指数上涨 2.15%，申万光伏辅材指数下跌 2.46% ...

Investment Rating - Industry rating: Recommended [3] Core Views - The report anticipates a strong fluctuation in lithium prices in the short term, supported by a backdrop of price reassessment across key metals [1] - The Indonesian government plans to reduce nickel and coal production in 2026, which, combined with Vale's suspension of nickel mining, is expected to tighten supply and support nickel prices [1] - The cobalt market is expected to remain structurally tight, with prices likely to rise further due to ongoing supply constraints [2][5] - The antimony market is showing signs of recovery in exports, which may lead to domestic prices converging with higher international prices [6][18] - The lithium market is experiencing a continuous destocking trend, with prices expected to remain strong due to stable demand from the electric vehicle and energy storage sectors [8][19] - The rare earth market is tightening due to new export restrictions from Vietnam, which may further support prices [20] - The tin market faces uncertainties in supply due to ongoing issues in the Democratic Republic of Congo and Indonesia's export controls [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's government plans to cut nickel production by approximately 34% in 2026, reducing the target to 250 million tons from 379 million tons in 2025 [1] - Vale's Indonesian operations have halted nickel mining, contributing to supply tightness [1] - The cobalt market is expected to face structural supply constraints, with prices projected to rise due to a decrease in available export quotas from the Democratic Republic of Congo [2][5] Antimony Industry Update - Domestic antimony prices are expected to rise as supply remains tight, particularly with winter mining activities slowing down [6][18] - The Chinese government has implemented export controls that may further tighten supply and support higher domestic prices [6][18] Lithium Industry Update - The average price of battery-grade lithium carbonate has increased to 118,600 CNY/ton, reflecting a 16.76% rise [8] - Continuous destocking in the lithium market is expected to support prices, with demand from the electric vehicle sector remaining robust [8][19] Rare Earth Industry Update - New export restrictions from Vietnam are expected to tighten global rare earth supply, supporting prices [20] - China continues to dominate the rare earth supply chain, with significant production capacity compared to other countries [20] Tin Industry Update - The tin market is facing uncertainties due to supply issues in the Democratic Republic of Congo and Indonesia's export controls [21] - Recent increases in tin imports from Myanmar may help alleviate some supply concerns, but overall uncertainty remains [21]

Investment Rating - The report does not provide a specific investment rating for the industry [5] Core Insights - The report highlights the continuation of policies for the replacement of old electric vehicles in the new energy vehicle sector until 2026, with a focus on the need for 230GWh of energy storage in India by 2030 to support its non-fossil energy goals [1][20] - The report emphasizes the significant growth in energy storage projects in Shanxi Province, with a record increase in the number of projects and total capacity [21] - The report notes the introduction of a compensation mechanism for energy storage capacity in Gansu Province, which will support the development of new energy storage technologies [23] - The report discusses the anticipated large-scale application of sodium batteries by CATL starting in 2026, aimed at reducing reliance on lithium resources [13] Summary by Sections Lithium Battery Sector - CATL plans to apply sodium batteries in various fields from 2026 to reduce dependence on lithium [7][13] - The report forecasts a potential increase in performance and valuation for lithium battery companies over the next two years, recommending companies like CATL and EVE Energy [7] - The report tracks the performance of the battery industry index, noting a decline of 2.58% [11] Energy Storage Sector - India requires 230GWh of energy storage by 2030 to support its 500GW non-fossil energy target [20] - In November, Shanxi Province recorded a significant increase in energy storage project approvals, with 118 projects totaling over 50GWh [21] - Gansu Province has established a compensation mechanism for energy storage capacity, set at 330 RMB/kW per year [23] Power Equipment Sector - The report indicates support from government agencies for distributed independent storage and grid-replacement storage [25] - The report mentions the introduction of a single capacity pricing system for new energy consumption [25] Photovoltaic Sector - The report notes stable prices for silicon materials and an increase in silicon wafer prices, with expectations of limited market transactions due to high costs [29] - The report highlights the impact of rising silver prices on battery production costs, which may affect the pricing of photovoltaic components [29] Wind Power Sector - The report discusses ongoing projects in offshore wind power, indicating a robust growth outlook for domestic offshore wind installations [29]

刚了解到。宁德时代为1-6职级蓝领员工上调基本工资150元/月，其他薪资结构不变，加班费计算基数同步提高。 若以单休制产线员工为例，月综合收入约7500元，含加班收益，实际增收约300-500元。 | | 月综合收入(元/月) | | | | --- | --- | --- | --- | | 职级 | JG1 | JG2 | JG3 | | 月综合收入 (税前) | 约6700 | 约7300 | 约8200 | | | 月收入组成(元/月) | | | | 基本工资 | 2750 | 2850 | 3200 | | 工作津贴 | 200 | 200 | 200 | | 地区津贴 | 400 | 400 | 400 | | 绩效奖 | - | 0-500 | 0-600 | | 全勤奖 | 150 | 150 | 150 | | 夜班津贴 (*元/天) | 20 | 20 | 20 | | 加班费 | | 根据法律规定: 以基本工资为基数， 时1.5倍，周末2倍，法定节假日3倍。 | ने | | CATL-FN/CATL-JC的直接生产员工; | | | | | 备注: | 1、此薪资方案适用于劳动关系在 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.18% in the last week, underperforming compared to the Shanghai Composite Index [1]. - The report highlights significant sales achievements in the new energy vehicle sector, with multiple companies reporting record monthly deliveries in December 2025 [2][14]. - The photovoltaic industry is facing a mixed scenario with rising upstream prices but weak downstream demand, leading to a "price without market" situation [3][38]. Summary by Sections New Energy Vehicles - In December 2025, several new energy vehicle manufacturers reported record sales, including Li Auto with 44,246 units delivered, a year-on-year decrease of 24.4% [15][21]. - Leap Motor achieved a delivery of 60,423 units, up 42% year-on-year, while BYD delivered 420,398 units, reflecting a year-on-year decrease of 17.5% [2][21]. New Energy Generation - The main industry chain prices are on the rise, with silicon material prices testing above 65 yuan/kg, although actual transactions are still based on previous orders [38]. - The report notes a significant reduction in demand, with a 78% decrease in procurement for domestic centralized projects [39]. Electric Equipment and Automation - The report indicates that the sixth batch of State Grid's bidding for power transmission and transformation equipment reached 13.205 billion yuan, with a total of 495 packages awarded [54]. - The largest single package was valued at 399.66 million yuan, with various categories such as switchgear and transformers receiving substantial funding [54]. Commercial Aerospace - Domestic policies are accelerating the industrialization of the commercial aerospace sector, with the National Space Administration incorporating commercial aerospace into the national development framework [4]. Market Trends - The report emphasizes the importance of technological advancements and market dynamics in shaping the future of the electric equipment and new energy sectors, suggesting a focus on companies that can leverage these changes for competitive advantage [40][41].