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].

【#深市上市公司回购增持活跃# 2025年披露计划超400单】#去年深市披露回购增持计划超400单# 近年来，在政策推动、企业积极向市场传递发展信心等因素下，深市上市公司回购股份、重要股东增持 等行为持续常态化。 据统计，2025年全年深市共披露回购与增持计划424单，其中回购计划288单，回购金额上限达827.25亿 元；增持计划136单，增持金额上限达315.21亿元。 自回购增持专项贷款落地以来，383家公司及主要股东取得股票回购增持专项贷贷款承诺函，贷款额度 共计829.81亿元。 从行业分布看，电子、生物医药、机械设备、电力设备领域公司成为回购主力军，合计占比达 40.97%，生物医药、机械设备、基础化工、家用电器领域公司成为增持先锋队，合计占比达37.78%， 充分体现了相关实体产业对发展前景的乐观预期。 各行业龙头企业充分发挥"压舱石"作用，以大额回购、持续增持的实际行动引领市场风向。 家用电器龙头企业美的集团基于对公司未来发展前景的信心和公司价值的认可，先后推出二期回购计 划，用于注销减少注册资本、实施股权激励或员工持股计划，截至目前，公司累计回购超100亿元，既 提升股东权益，又绑定核心团队 ...

Summary of Conference Call on China Battery Materials Industry Overview - The focus of the conference call is on the **China Battery Materials** industry, particularly the production pipeline of major battery manufacturers for January 2026. Key Points Production Pipeline Estimates - **ZE Consulting** estimates that the production pipeline of the top five battery makers may decline by **7% month-over-month (MoM)** in January 2026, with **CATL's production** expected to decrease by **10%** [1][2] - This decline is more significant than the market's expectation of a low single-digit decline for January, indicating a weaker production plan than anticipated [1] Factors Influencing Production Decline - The reduction in production is attributed to ongoing negotiations between battery manufacturers and upstream suppliers rather than a significant drop in actual demand [1] - Maintenance plans announced by cathode manufacturers are likely a response to rising lithium carbonate futures prices, as noted by **Tianqi Lithium**, which has adjusted its spot prices to align with futures [1] Cathode Production Insights - Major LFP cathode manufacturers, including **Hunan Yuneng**, **Shenzhen Dynanonic**, and **Jiangsu Lopal**, have announced offline maintenance plans for January 2026 due to rising raw material costs and low processing fees [2] - The cathode production pipeline is projected to decrease by **10% MoM**, with LFP cathodes expected to drop by **13% MoM** and NCM cathodes by **1% MoM** [2] Company Valuation and Risks - **CATL** is valued at **HK$621/share** based on a target multiple of **17.3x 2025E EV/EBITDA**, which is **0.15 standard deviations above** its historical average [5] - The target price implies a **36.5x 2025E P/E** and **27.7x 2026E P/E** [5] - Risks to achieving the target price include lower-than-expected EV demand, increased competition in the EV battery market, and higher raw material costs [6][7] Conclusion - The overall sentiment remains defensive regarding the battery supply chain due to uncertainties in production and tepid demand for electric vehicles (EVs) [1] - CATL is identified as a top pick within the industry, despite the challenges ahead [1]

Core Viewpoint - The active share buyback and increase in holdings by listed companies since 2025 reflect their recognition of intrinsic value and confidence in long-term development, sending positive signals to the market and enhancing investor confidence, thus injecting strong momentum into the healthy development of the capital market [1][2]. Group 1: Share Buyback and Increase in Holdings - In 2022, a total of 424 share buyback and increase plans were disclosed by listed companies in the Shenzhen market, including 288 buyback plans with a maximum amount of 82.725 billion yuan and 136 increase plans with a maximum amount of 31.521 billion yuan [2]. - Major companies such as CATL, Midea Group, Weichai Power, and Lens Technology have announced their buyback progress, with CATL repurchasing 15.9908 million shares for a total of 4.386 billion yuan, Midea Group repurchasing 20.5646 million shares for 1.51 billion yuan, Weichai Power repurchasing 50.2525 million shares for 0.761 billion yuan, and Lens Technology repurchasing 740.96 million shares for 0.215 billion yuan [1]. Group 2: Industry Trends and Insights - The buyback and increase plans are concentrated in key industries, with electronics, biomedicine, machinery, and power equipment companies accounting for 40.97% of the total, while biomedicine, machinery, basic chemicals, and home appliances account for 37.78% of the increase plans, indicating optimistic expectations for future development in these sectors [2]. - Leading companies in various industries are playing a stabilizing role in the market, with significant buybacks and continuous increases guiding market trends [2][3]. - Cross-border buybacks have emerged as a new highlight, as demonstrated by China International Marine Containers Group's simultaneous buyback of A-shares and H-shares, reflecting recognition of company value [3].

Core Viewpoint - Leading players in the lithium iron phosphate (LFP) materials sector are intensifying their capacity expansion efforts, indicating a shift in competition from merely having capacity to mastering high-performance and systematic supply capabilities [3][6]. Group 1: Capacity Expansion Initiatives - CATL has launched a 450,000 tons/year LFP project in Yichang, Hubei, which is described as the "world's largest single LFP base," with a total investment of 5.6 billion yuan [3]. - Longpan Technology plans to invest up to 2 billion yuan in a new high-performance lithium battery cathode materials project in Jintan, Jiangsu, with an initial capacity of 120,000 tons of LFP [4][5]. - Longpan Technology is also increasing the planned capacity of its third phase in Suining, Sichuan, from 62,500 tons/year to 100,000 tons/year, raising total capacity to 187,500 tons/year [5]. Group 2: Quality and Performance Focus - The expansion efforts are not just about increasing volume but also emphasize the quality of production, with a focus on higher density and performance of new generation LFP products [6]. - The narrative has shifted from merely increasing tonnage to enhancing performance iteration, manufacturing capabilities, and supply stability as core reasons for expansion [6]. Group 3: Market Dynamics and Pricing - As of late 2025, several LFP companies are signaling an increase in processing fees, with a typical adjustment of 3,000 yuan/ton (excluding tax) starting January 1, 2026 [6]. - This indicates that the industry is preparing for long-term demand and product upgrades while also recalibrating short-term cost transmission and profit recovery [6]. Group 4: Competitive Landscape - The competition is evolving to focus on who can consistently produce higher density and more replicable products at scale, and who can integrate cathode material capabilities deeper into battery systems, customer systems, and park systems [7].

Group 1 - Zhongmin Resources has completed the construction of a 30,000-ton high-purity lithium salt project, which began trial production on January 2, 2026, with a total investment of 121 million yuan [2] - Shaoyang Hydraulic's acquisition of 100% of Chongqing Xincheng Hangrui Technology has been accepted by the Shenzhen Stock Exchange [3] - Xingqi Eye Medicine received approval for the supplementary application of atropine sulfate eye drops, aimed at delaying myopia progression in children aged 6 to 12 [4] Group 2 - Bailong Oriental expects a net profit of 600 million to 700 million yuan for 2025, representing a year-on-year increase of 46.34% to 70.73% [5] - Magmite's application for a private placement has been approved by the China Securities Regulatory Commission [6] - *ST Aowei's stock may face delisting risk due to a market capitalization below 500 million yuan [7] Group 3 - Changyuan Power plans to invest 572 million yuan in a wind power project in Hubei Province, with a planned capacity of 100 MW [8] - Haizheng Pharmaceutical's shareholder intends to transfer 6.06% of the company's shares [9] - Fusheng Technology has received approval for a share issuance to acquire assets and raise matching funds [10] Group 4 - Tenglong Co. plans to establish a joint venture for a liquid cooling company with an investment of 30 million yuan [11] - *ST Tianshan reported sales of live livestock amounting to 24.6 million yuan in December 2025, with significant year-on-year growth [12] - Hengxin Oriental's controlling shareholder has released a pledge of 0.91% of shares [13] Group 5 - Peking University Pharmaceutical plans to distribute a cash dividend of 1.68 yuan per 10 shares, totaling 100 million yuan [14] - Tianlong Co. intends to acquire a 54.87% stake in Suzhou Haomi Bo for 232 million yuan [15] - Jinggong Technology's first carbon fiber production line has successfully commenced trial production [16] Group 6 - Shanfeng Cement has terminated its investment and asset acquisition plans due to disagreements on asset valuation [17] - Shengyang Co. plans to acquire 51% of Shenzhen Daren High-tech for approximately 74.47 million yuan [18] - Xinxiang Chemical has resumed production of biomass cellulose filament after equipment upgrades [19] Group 7 - Jiuding New Materials plans to invest 246 million yuan in a wind turbine blade production line project [20] - Hunan Baiyin's shareholder has reduced its stake to below 5% [21] - Century Huatong intends to repurchase shares worth 300 million to 600 million yuan [22] Group 8 - Jincai Hulin plans to acquire 51% of Wuxi Sanli for 63.43 million yuan [23] - Jiamei Packaging's stock has experienced abnormal trading fluctuations, but no significant undisclosed information has been found [25] - Guoguang Electric's general manager has resumed duties after the lifting of restrictions [26] Group 9 - Shengxing Co. is planning a private placement for 2025, with no significant changes in its operational situation [27] - *ST Meigu has applied to lift the delisting risk warning after completing its restructuring plan [28] - CATL has repurchased 15.99 million A-shares for a total of 4.386 billion yuan [29] Group 10 - Phoenix Shipping's actual controller has been released from mandatory measures [30] - Guoxin Technology's new neural network processor has successfully passed internal testing [31] - Yanjing Co. plans to acquire control of Ningbo Yongqiang Technology, leading to a stock suspension [32]

证券研究报告 | 行业周报 gszqdatemark 2026 01 04 年 月 日 电力设备 -10% 6% 22% 38% 54% 70% 2025-01 2025-05 2025-08 2025-12 电力设备 沪深300 硅片电池价格持续走高，两部委发布 2026 年消费品以旧换新通知 光伏：硅片电池价格持续走高，组件涨价预期增强。据 InfoLink Consulting，延续 上周偏强的价格走势，硅片厂于上周四陆续上调报价，整体市场仍维持挺价基调。 从各尺寸表现来看，183N 硅片新一轮报价普遍上调至每片 1.40 元人民币，210RN 主流报价同步调整至每片 1.50 元人民币，210N 上周四起报价上移至每片 1.70 元 人民币，相较上周三以前出现明显抬升，且已有零星成交陆续释出。继上周各尺寸 报价持续上涨，本周一线电池厂家基本能达到每瓦 0.38 元以上价格，报价每瓦 0.39-0.40 元以上则有少量成交。近期头部组件企业普遍响应行业自律行为，陆续 上调组件报价。在涨价讯号逐步明确的背景下，分布式分销渠道率先出现成交上 行。组件端开始反映银价成本的抬升上调报价，在上周调涨 TOPCon ...

（文章来源：北京商报） 宁德时代表示，公司后续将根据市场情况在回购期限内继续实施本次回购计划，并根据相关规定及时履 行信息披露义务。 北京商报讯1月4日，宁德时代（300750）披露公告称，截至2025年12月31日，公司通过深交所股票交易 系统以集中竞价交易方式累计回购公司A股股份1599.08万股，占公司同日A股总股本的0.3628%，最高 成交价为317.63元/股，最低成交价为231.5元/股，成交总金额为43.86亿元（不含交易费用）。 据悉，宁德时代于2025年4月7日召开第四届董事会第三次会议和第四届监事会第三次会议，审议通过了 《关于回购公司股份方案的议案》，同意公司使用不低于40亿元（含本数）且不超过80亿元（含本数） 自有或自筹资金以集中竞价交易方式回购公司部分人民币普通股A股股份，用于实施股权激励计划或员 工持股计划，回购期限为自公司董事会审议通过回购股份方案之日起12个月内。 ...

当前，厦门正积极践行国家"双碳"战略，着力构建清洁低碳的能源体系与产业格局，加速打造绿色发展 示范城市。根据协议，双方将聚焦三大重点：建设全球零碳技术研发中心、壮大零碳技术服务产业、以 零碳科技城为核心载体，集聚零碳产业上下游资源，构建协同共生的产业生态。依托厦门时代、新能 安、时代电服、实证储能等在厦现有产业根基，宁德时代将全面拓展零碳生态业务布局。 未来，零碳科技城将成为厦门"十五五"时期城市转型升级与产业高质量发展的重要支撑，同时助力宁德 时代培育第二增长曲线。双方将合力把零碳科技城打造为技术领先、产业集聚、生态和谐的标杆项目， 为厦门建设新发展格局重要节点城市、全国绿色发展样板城市及新能源产业创新之城注入强劲动力。 2025年12月31日，宁德时代与厦门市人民政府在厦签署战略合作协议，宣布共建零碳科技城，携手探索 零碳城市与零碳产业协同发展新路径。厦门市委常委、副市长庄荣良与厦门时代总经理陈伟峰代表双方 签约，福建省委常委、厦门市委书记崔永辉，厦门市委副书记、市长伍斌，宁德时代董事长兼CEO曾毓 群，宁德时代董事、区域管理总裁吴映明共同出席并见证签约。 ...

新京报贝壳财经讯 1月4日，宁德时代公告，截至2025年12月31日，公司通过深圳证券交易所股票交易 系统以集中竞价交易方式累计回购公司A股股份1599万股，占公司同日A股总股本的0.3628%，最高成 交价为317.63元/股，最低成交价为231.50元/股，成交总金额为人民币43.86亿元(不含交易费用)。公司后 续将根据市场情况在回购期限内继续实施本次回购计划。 编辑 王进雨 ...