Event Overview - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, marking the 10th anniversary of Qidian Lithium Battery and Qidian Research [1][4] - The theme of the event is "New Cycle, New Technology, New Ecology," focusing on discussions around new materials, processes, technologies, and the evolving industry landscape [1][4] Event Structure - The event includes a main conference and a user-side energy storage and battery technology forum, featuring various specialized sessions [1][4][6] - Key topics include advancements in cylindrical battery technology, battery innovation, new materials, and applications in energy storage [4][6][8] Key Participants - The event will host numerous industry leaders and experts, including representatives from major companies such as CATL, BYD, and BASF, among others [3][10] - Sponsorship and speaking opportunities are provided by various companies, indicating strong industry support and engagement [1][3] Awards and Recognition - The Lithium Battery Golden Ding Award aims to recognize outstanding brands and contributions to the new energy battery industry, promoting innovation and sustainable development [17] - The award ceremony will take place on December 19, 2025, during the evening banquet [18] Registration and Participation - Registration for the event is priced at 2888 RMB per person, which includes access to the conference, meals, and industry white papers [18]

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [5] Core Insights - The establishment of a polysilicon capacity integration acquisition platform is seen as a key measure to address the "involution" competition in the photovoltaic industry, aiming to enhance market efficiency through a dual-track model of "debt acquisition + flexible capacity utilization" [1][14] - The report highlights three main investment directions: 1) Opportunities for price increases in the supply chain under supply-side reforms, focusing on companies like Tongwei Co., Xiexin Technology, Longi Green Energy, and others; 2) Long-term growth opportunities driven by new technologies, with a focus on Maiwei Co., Aiko Solar, and others; 3) Industrialization opportunities from perovskite GW-level layouts, focusing on companies like Jinjing Technology and others [1][15] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The polysilicon capacity integration acquisition platform has officially launched, aimed at resolving severe competition within the industry [1][14] - Longi Green Energy has announced an employee stock ownership plan, indicating expectations for industry recovery by 2026 [15] 1.2 Wind Power & Grid - The Zhejiang UHV AC ring network project has been approved, with a total investment of 29.3 billion yuan, marking it as the largest UHV AC project in China [2][17] - Goldwind Technology won the "China IDC Industry Green Solution Award," showcasing the integration of green power solutions in data centers [2][16] 1.3 Hydrogen & Energy Storage - A milestone was reached with the delivery of 500 hydrogen fuel trucks, marking significant progress in the hydrogen corridor construction in Northwest China [3][19] - The report suggests focusing on high-growth energy storage companies, with average bidding prices for energy storage systems ranging from 0.5397 to 0.5854 yuan/Wh [3][20][28] 2. New Energy Vehicles - Samsung SDI signed a nearly 10 billion yuan order for lithium iron phosphate energy storage batteries, indicating a shift in production lines to meet local demand in the U.S. [4][29] - The report recommends focusing on leading battery manufacturers such as CATL and others, as well as material and equipment manufacturers [30]

证券研究报告·行业研究·电力设备与新能源行业 需求强劲，价格弹性可期，开启新周期 --电动车2026年年度策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年12月14日 请务必阅读正文之后的免责声明部分 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 1 摘要： 2 ◆ 26年国内预计销量同增15%，欧洲销量持续高增，全球有望14%增长，考虑带电量提升，预计动力电池维持20%增长。25年国内 汽车消费政策持续+购置税退坡前抢装+出口强劲，全年预期30%增长至1676万辆，26年购置税退坡，预计Q1需求短期承压，且 我们预计26年"两会后"以旧换新补贴续力释放，有望托底26年销量，叠加重卡+出口强势高增，预计2026年新能源车销量1925 万辆，同增15%。欧洲补贴退坡消化完毕，叠加25H2起新车周期，预计全年34%增长至394万辆，26年英国、意大利等市场政策 加码，叠加新车刺激，预计维持30%增长。美国不确定性增加，短期需求放缓，新车型延期，预计25年销量增速放缓至4% ...

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

11 月新能源汽车表现强劲，动力电池产销同环比保持增长 [Table_Industry] 动力锂电 动力锂电《碳酸锂迎来上涨，钠电产业加速落 地》2025.11.20 动力锂电《电动重卡市场驶入增长快车道》 2025.10.22 动力锂电《再读固态电池投资机会》2025.09.11 动力锂电《再读固态电池投资机会》2025.08.29 动力锂电《固态电池正负极&集流体发展方向》 2025.08.26 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 余玫翰(分析师) | 021-23185617 | yumeihan@gtht.com | S0880525040090 | | 李依雯(研究助理) | 021-231 ...

Group 1 - Since 2025, a total of 1,468 A-share listed companies have implemented share buybacks, with a cumulative buyback amount of 137.5 billion yuan [1] - Among these companies, 14 have repurchased more than 1 billion yuan, including Midea Group, Kweichow Moutai, CATL, XCMG, Muyuan Foods, COSCO Shipping Holdings, WuXi AppTec, Hikvision, BOE Technology Group, SF Holding, Sanan Optoelectronics, Sany Heavy Industry, Guotai Junan, and Haier Smart Home [1] - Midea Group leads in buyback amount, with a total of 11.545 billion yuan [1]

具体到各细分领域，2025年11月， A股迎来回落调整期，国内主要传统整车及经销商上市公司进入蛰伏；国内部分零部件企业市值环比普遍下调，整体呈 现"规模稳中有调、结构分化明显"的发展态势；国际主流汽车公司，通用市值实现攀升，德系巨头双涨；部分汽车新创公司市值继续展现出活力与波动 性。 国内主要传统整车及经销商上市公司市值： 同环比涨落现差异 | | | | 2025年11月全球汽车类上市公司市值TOP20 | | | | --- | --- | --- | --- | --- | --- | | 排序 | 公司名称 | 11月市值 (单位:亿元) | 环比 | 同比 | 较上月排位变化 | | 1 | 特斯拉 | 101191.09 | -6.36% | 25.79% | 持平 | | 2 | 幸田 | 22500.51 | 0.32% | 14.24% | 持平 | | 3 | 宁德时代 | 17017.92 | -4.07% | 47.95% | 持平 | | 4 | 小米集团 | 9537.15 | -7.85% | 47.93% | 持平 | | 5 | 比亚迪 | 8676.84 | -5.58% ...

内容概要：电芯外壳作为电池的"贴身铠甲"，是包裹并保护内部电化学材料的核心封装结构，承担着物 理防护、密封防泄漏、散热及抵抗内部膨胀等多重关键安全职能。其产业链条紧密联动：上游原材料以 铝材、钢材及新兴复合材料为主，中游由科达利、震裕科技等头部制造商主导，通过精密工艺生产方 形、圆柱、软包三大主流类型外壳；下游需求呈现"动力电池主导、储能加速崛起、消费电子稳定支 撑"的格局。外壳作为电芯结构件价值占比高达75%-80%的核心部件，技术路线直接决定电池包性能， 2024年市场规模约281亿元，预计2025年有望达到374亿元。从细分市场看，方形凭借"稳、广、廉"主导 主流市场，圆柱依托标准化与大圆柱技术快速崛起，软包则以高能量密度聚焦高端领域，形成差异化竞 争。未来发展趋势将紧密围绕极致安全、材料创新（如复合材料）及与电池系统更高程度的集成设计 （如适配CTC技术）展开，竞争核心正从精密制造升维至提供一体化解决方案的能力。 上市企业：科达利（002850.SZ）、震裕科技（300953.SZ）、斯莱克（300382.SZ）、凌云股份 （600480.SH）、宁德时代（300750.SZ）、和胜股份（002824 ...

Market Overview - A-shares experienced a significant increase on December 12, with trading volume exceeding 2 trillion yuan, reaching 2.12 trillion yuan, a rise of 233.7 billion yuan from the previous day [2][9] - The Shanghai Composite Index rose by 0.41% to 3889.35 points, while the ChiNext Index increased by 0.97% to 3194.36 points [2] Sector Performance - The power equipment sector saw a surge, with 19 stocks hitting the daily limit, including Zhongneng Electric and Tongguang Cable, which both rose by nearly 20% [6][7] - Technology stocks, particularly in controllable nuclear fusion, high-bandwidth memory, superconductors, and fourth-generation semiconductors, performed strongly, while consumer sectors lagged due to a lack of performance inflection points [4][9] - Among 31 first-level industries, 21 sectors recorded gains, with notable increases in non-ferrous metals, electronics, power equipment, machinery, communication, and defense industries, all exceeding 1% [5] Investment Sentiment - The central economic work conference has positively influenced market sentiment, signaling supportive macro policies that bolster investor confidence [9][10] - The adjustment of the CSI 300 index components has led to increased passive investment in technology and communication sectors, further enhancing market sentiment [10] Future Outlook - Analysts suggest that the A-share market may continue its upward trend, supported by ongoing positive policy signals and active performance in technology sectors [11][12] - Structural opportunities are expected to arise, particularly in technology, new energy, and communication sectors, as well as in areas benefiting from policy support and domestic substitution [12]

东南亚是中国清洁能源投资的主要目的地。在印尼，宁德时代正在建设投资约60亿美元的电动汽车电池 生态系统项目，建成后可创造大量就业岗位。在马来西亚和泰国，也有类似项目。中国还通过税收减免 和快速许可加快项目进展。这些举措推动了该地区对华贸易额翻番并快速升级区域能源网络。 中国支持中东和非洲国家逐步摆脱化石燃料。在沙特、摩洛哥、阿曼、尼日利亚和埃及，中国企业投 资、参与当地清洁能源项目。这些投资不仅降低能源成本、创造就业机会，还支持该地区各国雄心勃勃 的国家能源计划。 中国企业也将视线投向欧洲能源需求，尤其是电池领域。得益于宁德时代在德布勒森建设的巨大工厂， 匈牙利成为欧洲的新能源枢纽之一。在西班牙，宁德时代和斯泰兰蒂斯集团共同投资建设磷酸铁锂电池 工厂，该项目总投资41亿欧元，规划年产能可达50吉瓦时。 来源：环球时报 美国"CarbonCredits"网站12月11日文章，原题：中国1800亿美元清洁技术投资如何影响全球南方澳大利 亚智库气候能源金融发布的一份报告显示，自2023年初以来，中国企业在海外绿色技术领域的直接投资 总额已超过1800亿美元。这些中国企业正在生产全世界的大部分光伏板、电池和电动汽车。 ...