Group 1: Fixed Income and Macro Insights - The report discusses the rapid rise in Japanese government bond yields since early 2024, attributed to the end of negative interest rates and the abandonment of the Yield Curve Control (YCC) policy, alongside concerns over long-term debt sustainability and structural demand shrinkage [3][4] - The Central Economic Work Conference highlighted the need for a more proactive fiscal policy, maintaining a fiscal deficit around 4% for 2025, which is higher than previous years, indicating a focus on constructive fiscal expansion [5][8][9] - The report emphasizes the importance of expanding domestic demand as a key driver for economic growth, with consumer spending contributing significantly to GDP growth [13][14][15] Group 2: Industry and Sector Analysis - The chemical industry is entering a favorable phase, driven by global supply dynamics and increasing demand for AI technologies, with specific companies identified as key players in various segments such as gas turbines and refrigerants [30][31] - The report outlines the ongoing transformation in the real estate sector, focusing on controlling supply, reducing inventory, and improving the quality of housing, with a significant emphasis on affordable housing initiatives [20][21][27] - The robotics sector is experiencing accelerated financing and innovation, with several companies completing significant funding rounds to enhance R&D and commercialize advanced robotic solutions [41][42][44]

China (PRC) | Alternative Energy Equity Research Expert Call Key Takeaways: Overseas ESS Outlook We hosted an expert call with Mr. Echo Che from Envision AESC (Unlisted) and discussed the outlook on the overseas ESS market. Key takeaways follow. Demand outlook. The expert expects global ESS installation to be around 360 GWh (125 GWh) in 2026, or +35% YoY. The main drivers of this expansion would be the United States, Australia, and the Middle East, while Europe is projected to grow at a much slower pace, li ...

Summary of Key Points from the Conference Call Industry Overview - The focus of discussions was on the lithium battery supply chain, renewable energy (solar, wind, and power grid), and Internet Data Center (IDC) development in China, indicating a growing interest in Energy Storage Systems (ESS) batteries and grid equipment [1][2] Core Insights - **ESS Demand Outlook**: Investors are optimistic about the demand for ESS, particularly for 2026, but express concerns regarding the sustainability of this growth in the mid- to long-term, especially in China where provincial subsidies play a significant role [2] - **CATL's Market Position**: Contemporary Amperex Technology Co., Ltd. (CATL) is viewed as a key beneficiary in the battery supply chain due to its dominant market share in ESS battery cell shipments. Investors are interested in CATL's competition with Korean manufacturers in the US market and the implications of the One Big Beautiful Bill Act (OBBBA) [3] - **Lithium Price Concerns**: There is a rising concern among investors regarding the outlook for lithium prices, especially following recent price increases for lithium carbonate and other battery materials. This has raised worries about potential margin pressures for battery cell manufacturers if they cannot pass on higher costs [3] Company-Specific Insights - **Wuxi Lead Intelligent**: There is heightened interest in battery equipment manufacturers like Wuxi Lead Intelligent, with investors inquiring about capital expenditure plans and trends in unit capex [4] - **Power Grid Equipment**: The power grid equipment sector in China is preferred over renewable energy, driven by strong domestic grid investment growth and overseas expansion opportunities. Investors are cautious about current valuations and are particularly interested in companies with significant overseas exposure [5] - **China IDC Market**: While there is long-term interest in the China IDC market, investors recognize that chip access is a near-term bottleneck for AI spending by Chinese Cloud Service Providers (CSPs). The demand for faster data center delivery has resulted in lower order visibility for third-party IDC operators [6] Additional Considerations - **Investor Queries**: Investors are curious about the order book, customer mix, and future equity financing timelines for DayOne, an unlisted entity in which GDS Holdings holds a 35.6% stake [8] - **Valuation Methodologies**: Target prices for various companies are based on different methodologies, including P/E ratios and market cap assessments, reflecting the analysts' expectations for future earnings growth [14][20][23][27] Risks Highlighted - **General Risks**: Potential risks affecting target prices include oversupply in the EV battery market, intensified competition, and regulatory changes impacting the e-cigarette market in China [15][20][23] - **Specific Risks for GDS Holdings**: Risks include lower-than-expected data center demand related to AI, slower overseas expansion, and supply chain disruptions due to geopolitical tensions [27] This summary encapsulates the key points discussed in the conference call, highlighting the current landscape and future outlook for the battery and energy sectors, as well as specific company insights and associated risks.

长江商报消息 ●长江商报记者 沈右荣 "宁王"的小伙伴纳百川新能源股份有限公司（以下简称"纳百川"）完成IPO上市，只差临门一脚。 12月12日，纳百川披露了发行结果，网上发行中签率为0.0148966532%。 纳百川出现了增收不增利现象。公司预计，2025年全年实现营业收入17.37亿元，较2022年增长近 70%，但归母净利润约为1.05亿元，不及2022年。 募资扩产，纳百川受到了市场质疑。2025年一季度，公司产能利用率提升至88%左右，但还有提升空 间。如果公司备案的产能顺利建设达产，公司将面临产能消纳风险。 增收不增利毛利率连降 纳百川的经营业绩低于市场预期。 纳百川专注从事新能源汽车动力电池热管理、燃油汽车动力系统热管理及储能电池热管理相关产品的研 发、生产和销售，主要产品包括电池液冷板、电池集成箱体、燃油汽车发动机散热器、加热器暖风等。 纳百川称，公司是行业内最早布局新能源汽车业务领域的企业之一，奠定了在新能源汽车动力电池热管 理领域的先发优势。 客户方面，2022年，纳百川在电池液冷板领域独家与宁德时代签订了战略合作协议。 虽然纳百川上市在即，但其存在的一些问题，恐怕借上市难以解决，需要面 ...

近期，磷酸铁锂行业正掀起一波密集的提价浪潮，头部厂商已开始向客户发出明确的涨价通知。据了 解，一家主要厂商已明确2026年起全系列磷酸铁锂产品加工费将统一上调。另有行业人士透露，前期已 经对客户落地提价。也有企业仍在与客户进行紧锣密鼓地谈判，但也表示"涨价已成为大势所趋"，这有 望修复行业企业利润水平。 据《卫报》报道，美国国防部正通过国家国防储备计划大规模囤积关键矿产，被纳入囤积范围的至少包 括38种矿物和金属，其中涵盖锂、钴、石墨以及稀土元素，这些正是能源转型所依赖的基础材料。 中国汽车动力电池产业创新联盟发布2025年11月动力电池月度信息。11月，国内动力电池装车量 93.5GWh，环比增长11.2%，同比增长39.2%。其中三元电池装车量18.2GWh，占总装车量19.4%，环比 增长9.9%，同比增长33.7%；磷酸铁锂电池装车量75.3GWh，占总装车量80.5%，环比增长11.6%，同比 增长40.7%。1-11月，国内动力电池累计装车量671.5GWh，累计同比增长42.0%。其中三元电池累计装 车量125.9GWh，占总装车量18.8%，累计同比增长1.0%；磷酸铁锂电池累计装车量545. ...

电力设备及新能源周报 20251214 全球动力装机持续高增，光伏组件价格现企稳信号 glmszqdatemark 本周（20251208-20251212）板块行情 电力设备与新能源板块：本周上涨 1.19%，涨跌幅排名第 5，强于上证指数。本周核 电指数涨幅最大，太阳能指数跌幅最大。核电指数上涨 1.34%，工控自动化上涨 1.25%， 锂电池指数上涨 0.43%，新能源汽车指数上涨 0.22%，风力发电指数上涨 0.11%，储 能指数上涨 0.05%，太阳能指数下跌 0.59%。 新能源车：2025 年 1-10 月全球动力电池总装车量同比增长 34.7% 根据 SNE Research 最新数据，2025 年 1-10 月全球动力电池装车量达 933.5GWh， 同比增长 34.7%。从装机量来看，宁德时代以 355.2GWh 持续领先，比亚迪以 157.9GWh 保持第二，LG 新能源以 86.5GWh 位列第三。其中蜂巢能源表现亮眼，装 机量达 23.7GWh，同比增长 86.6%；亿纬锂能和国轩高科分别实现 73.3%和 80.8% 的高速增长；中创新航 10 月装机量首次超越 LG 新能源，跃 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

福州大学张久俊院士同样看好其前景。他表示，智能电池是能源革命与人工智能交叉的产物，凭借自诊 断、自修复等能力，将为交通、电力、航空航天等领域提供全新解决方案，推动电池产业向高端化、系 统化升级，为我国抢占全球储能竞争制高点带来战略机遇。 作为论坛承办方，北京理工大学（珠海）展现了其在领域内的前沿布局。该校先进能源材料与智能电池 创新中心，已在全固态电池、AI材料筛选等关键方向取得系列进展，并与多家高新技术企业协同推进 技术孵化。同期举办的研究生论坛，则着眼于未来，致力于为产业培养和储备跨学科创新的"智力活 水"。 南都讯 记者陈栋 当人工智能"闯入"新能源赛场，能源存储的未来正被重新定义。12月13日至14日，第 一届智能电池战略发展论坛暨大湾区AI驱动能源材料研究生论坛在珠海举行，国内外院士、产业领袖 与青年科研力量齐聚，共同探寻"AI+能源"的融合新路径，为粤港澳大湾区抢占下一代储能技术高地凝 聚智慧。 论坛落地珠海，绝非偶然，其背后是坚实的产业底盘与清晰的前瞻布局。 何为智能电池？北京理工大学（珠海）陈人杰教授指出，其不仅是具备高比能、高安全等性能的储能单 元，更是能"感知自身状态、理解外部环境并自主调 ...

锂电产业链双周评（12月第1期） 电池价格小幅上扬，锂电产业链大单不断 证券研究报告 | 2025年12月14日 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 5000 10000 15000 20000 25000 30000 35000 23-01 23-02 23-03 23-04 23-05 23-06 23-07 23-08 23-09 23-10 23-11 23-12 24-01 24-02 24-03 24-04 24-05 24-06 24-07 24-08 24 ...

Event Overview - The 2025 (10th) Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, focusing on new cycles, technologies, and ecosystems [2] Company Developments - CATL signed a framework supply agreement with Vena Energy to provide 4GWh of EnerX battery energy storage systems, utilizing 530Ah cells with a capacity of 5.6MWh per 20-foot container [5] - XINWANDA established a new subsidiary in Zaozhuang with a registered capital of 300 million RMB, focusing on energy technology R&D, battery manufacturing, and electric vehicle charging infrastructure [6] - DEYI Energy launched a 20GWh power battery project in Dagang Economic Development Zone, with a fixed asset investment of approximately 4 billion RMB [7] - FULIN Technology announced price increases for some products due to rising raw material costs and expanding market demand [8] - DEGA Energy will raise battery prices by 15% starting December 16, 2025, in response to increased production costs [9] - Beijing Weilan New Energy submitted an IPO application to the Beijing Securities Regulatory Bureau [10] - Samsung SDI secured a contract to supply lithium iron phosphate batteries worth over 2 trillion KRW (approximately 9.6 billion RMB) for an energy facility in the U.S. [12] - LG Energy signed a battery supply agreement with Mercedes-Benz valued at 2.06 trillion KRW (approximately 988.6 million RMB) [14] - Tianqi Materials announced a second delay for its lithium-ion battery materials project, extending the completion date to July 31, 2026 [16] - ENJIE signed a memorandum of understanding with Arkema to jointly develop next-generation battery separators [17] - FOSU Technology's acquisition of JINLI Co., Ltd. was approved, with a total transaction value of 5.08 billion RMB [18] - XINZHOUBANG plans to list on the Hong Kong Stock Exchange to enhance its global competitiveness [19] - GUOCHENG Technology intends to acquire FUYUE Technology for 241 million RMB [21] Industry Trends - In November, China's automotive production exceeded 3.5 million units for the first time, with a year-on-year growth of over 10% [31] - NEV exports reached 2.315 million units, doubling year-on-year [31] - The second-generation solid-state electrolyte from XINYUREN has entered battery-level testing [24] - New battery recycling projects are being initiated in Shandong and Anhui, indicating a growing focus on battery recycling and resource recovery [28][29]