点 击 蓝 字 关 注 我 们 本文全文共 4066 字，阅读全文约需 13 分钟 目录 国内新闻 3.湖南电动汽车年出口额破百亿元 4.广州前11个月新能源车累计产量增长22.6% 1.国家发改委:培育邮轮游艇、汽车营地等体验经济 2.无锡市追加1亿元购车补贴:不限购车人户籍 1.韩国将乘用车消费税减免政策再延长6个月 2.福特将推迟在欧洲推出全新电动平台 5.深蓝汽车首批L3级自动驾驶车辆将于明日正式上牌及上路 6.火山引擎:与比亚迪在智能座舱领域达成深度合作 7.理想超充站累计上线数突破3700座 超充桩达20505根 8.宁德时代与思源电气签署储能合作备忘录 国外新闻 3.VinFast印尼纯电动汽车新工厂落成 4.博世联合英伟达、微软在CES 2026发布AI驾驶舱平台 商用车 1. 我国超25万辆老旧货车淘汰 2. 汉马科技"醇氢+电动"方案亮相江苏物流大会 3. 速豹eTOPAS600首批下线并通过德国标准单车认证 4. 比亚迪与德国联邦铁路签电动大巴框架协议 国内新闻 1 国家发改委:培育邮轮游艇、汽车营地等体验经济 时间:2025.12.25 来源:财联社 12月25日电，国家发展改革委基础 ...

据媒体报道，宁德时代与韩国锂电池电解液制造商Enchem签订为期五年的电解液供应合同，共计35万 吨，年均7万吨的供应量。Enchem同时披露，该合同规模约达1.5万亿韩元，约合72.68亿元人民币，相 当于Enchem2024年销售额4倍以上，成为该公司成立以来最大规模的单一客户订单。 (北极星储能网) ...

思源电气专注于电力领域的技术研发、设备制造及工程服务，积极推动能源行业的数字化转型。 此次宁德时代与思源电气签署合作备忘录，是双方继2022年建立合作以来的一次战略性深化与 全新探索，进一步强化了双方在储能产业链中的协同深度，同时也为行业探索出一条更稳健、更 高效、更可持续的生态合作新模式，以实际行动助力国家"双碳"目标达成与新型能源体系建设。 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~ 本文来源：宁德时代 近日，宁德时代与思源电气签署为期三年的储能合作备忘录，目标合作电量50GWh。双方将基 于各自传统优势领域，推广储能市场化双采模式，共同提升产业链协同效率，助力储能行业高质 量发展。宁德时代零碳能源事业部中国区副总经理李越、思源清能副总经理李小兵代表双方签署 协议，宁德时代董事长兼CEO曾毓群与思源电气董事长董增平共同见证签约。 未来三年，双方将围绕储能系统、输配电等配套设备，实现产业链上下游的双向协同。 在此基础 上，双方还将加强技术交流与项目合作，持续优化整体解决方案能力，提升项目交付效率与可靠 性，加速储能系统在新型电力网络中的规模化应用。 预订电话： ...

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - By 2025, global lithium battery production is expected to reach 2250 GWh, with a growth rate of 30% in 2026. The energy storage sector is projected to grow even faster at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in battery cells and various materials, necessitating a focus on ensuring a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand dynamics [5]. 2. Announcement and award ceremony for the "Top 10 Lithium Material Brands of 2025," evaluated based on shipment volume, market share, and customer reputation [6]. 3. B2B procurement matching to connect top battery manufacturers and material suppliers, enhancing resource matching and reducing procurement costs [7]. Group 3: Conference Agenda - The agenda includes various topics such as the analysis of lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery key electrolyte materials, and developments in high-performance electrolytes and composite materials [9][10].

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~ 本文来源：综合整理、 封面：图虫创意 据外媒报道： 韩国锂离子电池电解液解决方案制造商Enchem已与全球最大电池制造商CATL签署为期五年的供应协议，计划在2026年至2030年间交付总计35万吨电 解液。 该合同于6月23日获得Enchem董事会批准，正式签署仪式定于6月24日举行。 该交易涵盖了宁德的中国业务，按当前价格估值约为1.5万亿韩元，相当于Enchem 2024年合并销售额的四倍以上。年供应量7万吨超过了Enchem 2023年的电解液总 出货量，更成为该公司成立以来最大规模的单一客户订单。 尽管韩国电池公司难以进入中国市场，Enchem为宁德尔国内中国生产供应电解液的合同意义重大。Enchem称，其计划在供应中国业务的基础上，进一步将供应范 围扩大至宁德时代在欧洲、美国、东南亚等全球新增产基地。 Enchem预计该合同将在2026年第二季度带来超过3000亿韩元的额外年收入，同时欧洲、北美和东南亚仍有进一步的增长机会。公司目标是在2030年前成为全球电解 质市场的领导者，得益于扩大的产能和先进的高性能 ...

Core Viewpoint - The lithium battery industry is experiencing a surge in long-term contracts, driven by high demand and supply chain stability, but there are concerns about potential overcapacity similar to the solar industry in previous years [6][8][21]. Group 1: Long-term Contracts - Major companies in the lithium battery sector are signing significant long-term contracts, with examples including Longpan Technology's agreement to purchase 1.3 million tons of cathode materials worth approximately 45 billion yuan from Chuangneng New Energy [6]. - Other industry leaders like CATL and Yiwei Lithium Energy have also disclosed large procurement agreements, indicating a trend of securing supply for critical materials over multi-year periods [6][8]. - The trend of long-term contracts is seen as a response to the tight supply chain and high demand in the lithium battery market, with many contracts spanning 3 to 5 years [7][9]. Group 2: Market Demand and Growth - The global lithium battery storage market has seen explosive growth, with a reported 68% year-on-year increase in installed capacity, reaching 170 GWh in the first three quarters of 2025 [8]. - The demand for power batteries has also surged, with global installed capacity reaching 811.7 GWh, a 34.7% increase compared to the previous year [8]. - The industry is currently experiencing high operational rates, with companies like CATL and Yiwei Lithium Energy reporting utilization rates above 90% [10][11]. Group 3: Supply Chain and Material Costs - The high demand for raw materials has led to significant price increases across various components, including lithium carbonate and electrolytes, with lithium carbonate prices rising by 31.8% in two months [13]. - Companies are increasingly locking in long-term contracts for raw materials to mitigate production costs and ensure supply chain security [13]. - The current supply chain challenges are characterized by structural mismatches, particularly in high-capacity battery cells, leading to delivery difficulties for many companies [15]. Group 4: Capacity Expansion - The industry is entering a new phase of capacity expansion, with major players planning to increase production significantly, totaling over 510 GWh of new capacity and an investment of 176.2 billion yuan [17]. - This expansion is primarily driven by leading companies like CATL and Guoxuan High-Tech, which are ramping up production to meet the growing demand [18]. - However, there are concerns that this rapid expansion could lead to overcapacity, reminiscent of the solar industry's past experiences [21][22]. Group 5: Industry Outlook and Risks - Despite the optimistic outlook for growth in the lithium battery sector, there are warnings about the potential for overcapacity and the need for companies to avoid a race to expand production without careful consideration [20][21]. - The lessons learned from the solar industry highlight the risks associated with aggressive capacity expansion driven by order backlogs, which can lead to significant financial distress if market conditions change [22].

Core Viewpoint - The A-share market is experiencing a strong upward trend, with the Battery 50 ETF (159796) showing significant gains and a notable increase in trading volume, indicating positive investor sentiment in the battery sector [1][3]. Market Performance - As of December 25, the Battery 50 ETF (159796) surged by 0.83%, with a trading volume exceeding 200 million yuan, marking a potential five-day winning streak [1]. - The index's constituent stocks exhibited mixed performance, with Sanhua Intelligent Control rising over 5% and leading other stocks, while companies like CATL and Yiwei Lithium Energy experienced slight declines [3][4]. Lithium Carbonate Market - Lithium carbonate futures saw a significant increase, rising nearly 6% on December 24, approaching 130,000 yuan, and reaching a new high for the year [6]. - The main contract for lithium carbonate experienced a short-term surge, with a daily decline narrowing to 0.6% after initially dropping nearly 6% [6]. Industry Trends - The lithium battery materials sector is witnessing multiple positive changes, driven by unexpected demand in energy storage, leading to a recovery in the industry’s overall health [6][7]. - The electrolyte supply chain is expected to see a significant upward shift, with lithium hexafluorophosphate prices rising rapidly, indicating a tight balance in the industry by 2026 [6][7]. Supply and Demand Forecast - Projections for lithium battery demand show an increase from 1,502 GWh in 2024 to 2,603 GWh by 2026, while supply is expected to grow from 2,271 GWh to 3,558 GWh in the same period, resulting in a decreasing surplus rate [8]. - The supply-demand balance for various components, including electrolytes and separators, is expected to improve significantly, with supply growth lagging behind demand [8]. Investment Strategy - The Battery 50 ETF (159796) is highlighted as a strategic investment option, focusing on sectors with high growth potential, such as energy storage and solid-state batteries, which are expected to benefit from technological advancements [9][11]. - The ETF's index has a high concentration of energy storage components (27%) and solid-state battery components (42%), positioning it favorably for future growth opportunities [9][11]. Conclusion - The Battery 50 ETF (159796) is positioned as a leading investment vehicle in the battery sector, with a low management fee and significant market presence, making it an attractive option for investors looking to capitalize on the sector's growth [14].

Core Viewpoint - The logistics sector is accelerating its transition to electric vehicles, driven by the need for green and low-carbon solutions, with significant involvement from leading battery manufacturers like CATL and EVE Energy [1][2]. Group 1: Strategic Collaborations - Multiple battery manufacturers have engaged in strategic partnerships within the logistics sector this year, such as the collaboration between Dola Haoyun and BYD's Fudi Battery to enhance electric commercial vehicle solutions [2]. - JD Group has signed a strategic cooperation agreement with CATL to explore high-quality development paths in the logistics industry, focusing on the electrification of urban distribution vehicles [2]. - EVE Energy and SF Express have also formed a strategic partnership to promote the integration of new energy technologies with modern logistics systems [3]. Group 2: Battery Performance Requirements - The demand for power batteries in logistics vehicles is increasing, driven by the need for zero emissions and lower operational costs [4]. - Logistics companies are increasingly incorporating electric vehicles into their fleets, with significant interest in electric heavy-duty trucks for high-energy, fixed-route transport scenarios [4]. - The logistics sector's unique operational demands require batteries with higher performance standards, including longer range, faster charging, and lighter weight [5][7]. Group 3: Charging Infrastructure Development - The development of a robust charging network is essential for the efficient operation of electric logistics vehicles, with calls for improved infrastructure at logistics parks and distribution centers [7][8]. - The National Development and Reform Commission has emphasized the need for planning and constructing high-power charging facilities for logistics and heavy-duty freight [8]. - Industry experts believe that the green transition in logistics will require collaborative efforts across the entire supply chain to address challenges such as charging convenience and range anxiety [8].

Group 1 - The core viewpoint of the article highlights the growing interest of Chinese companies in investing in Germany, particularly in sectors like electric vehicles and digitalization, as evidenced by the recent agreement between Deutsche Bahn and BYD for 200 electric buses [1][2] - Deutsche Bahn's decision to partner with BYD is driven by cost-effectiveness and the aim to support Germany's green transition and carbon reduction goals, coinciding with the EU's relaxation of the "fuel vehicle ban" [1][2] - The German economy has shown signs of stagnation, with zero growth in Q3 compared to Q2, and a forecasted growth of only 0.1% for 2025, prompting discussions on economic restructuring [2][3] Group 2 - Foreign investment in Germany is primarily motivated by the need for supply chain integration and access to the EU market rather than short-term high returns, with 1,724 foreign investment projects recorded in 2024, a slight decrease of 2% year-on-year [2][3] - The German government is actively seeking to attract more foreign investment through tax incentives and structural reforms, as outlined in the "Growth Opportunities Act" [2][3] - Recent changes in investment patterns show a shift from mergers and acquisitions to greenfield investments by Chinese companies, with a notable example being CATL's factory investment in Thuringia [3][4] Group 3 - Chinese companies are increasingly focusing on rational investment strategies, moving away from opportunistic investments, with key areas of interest including digitalization (51%), energy (48%), and electric vehicles (35%) [4][5] - Challenges for Chinese enterprises in Germany include site selection for factories or stores, accessing local government subsidies, and finding suitable labor [5][6] - The tightening of foreign investment regulations in Germany has created uncertainties for Chinese companies, with increased scrutiny on foreign acquisitions and data protection [6][7] Group 4 - German companies emphasize the importance of the Chinese market, with a notable trend of relocating operations to China, as seen with major firms like Volkswagen and BMW [7] - The dependency of the German economy on China remains significant, with a lack of clear structural de-risking trends observed [7]

Investment Rating - The report rates the electric equipment industry as "Positive" [3] Core Insights - The lithium battery sector is expected to experience a new demand cycle and material iteration upgrade in 2026, driven by the growth in new energy vehicle demand and advancements in battery technology [2] - Key focus areas for 2026 include the outlook for lithium battery demand, the potential intensification of supply-demand balance, supply-side expansion conditions, and the limits of price increases under tight supply-demand conditions [2] Summary by Sections 2025 Review: Industry Bottom Confirmed, Energy Storage Battery Demand Exceeds Expectations - The lithium battery industry confirmed its bottom in 2025, with energy storage demand driving global battery shipments to approximately 2.26 TWh, a year-on-year increase of about 49% [13][16] - The supply side experienced a negative feedback loop in both quantity and price, leading to a tightening of supply and price increases in certain lithium materials [13][15] 2026 Supply and Demand Outlook: Tight Balance Continues, Four Key Issues - Demand for lithium batteries is expected to grow, particularly in commercial vehicles, which will enhance battery capacity per vehicle [20][23] - The supply-demand balance is likely to tighten further, with a projected battery shipment of over 2.7 TWh in 2026, reflecting a year-on-year growth of 22% [25][26] - Supply-side expansion is constrained due to general profitability and cash flow issues within the lithium battery industry, limiting aggressive capacity increases [37][41] 2026 Material Iteration Outlook: New Technologies Gradually Realizing - High-pressure lithium iron phosphate (LiFePO4) is expected to see increased industrialization in 2026, driven by the demand for fast-charging capabilities in electric vehicles [55] - Silicon-based anodes are anticipated to gain market share, with production expected to rise significantly in consumer applications [58] Investment Recommendations - The report suggests focusing on solid-state batteries, high-pressure LiFePO4, silicon-based anodes, and sodium batteries as key areas for investment in the evolving lithium battery landscape [2]