格隆汇12月12日｜中央最新部署！明年经济工作抓好8大重点任务。港股三大指数应声高开，恒指涨 0.9%，国指涨0.88%，恒生科技指数涨1.02%。大型科技股普遍上涨，腾讯、阿里巴巴、小米皆有涨 幅，锂电池龙头宁德时代涨超3%，黄金股再度活跃，紫金矿业、灵宝黄金、中国黄金国际皆涨超3%。 另外，昨日大跌13%的中兴通讯继续跌约2%。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 25761.41 | +230.90 | 0.90% | | 800100 | 国企指数 | 9013.06 | +78.78 | 0.88% | | 800700 | 恒生科技指数 | 5591.15 | +56.56 | 1.02% | ...

Group 1 - The Hong Kong stock market opened with the Hang Seng Index rising by 0.9% and the Hang Seng Tech Index increasing by 1.02% [1] - Contemporary Amperex Technology Co., Ltd. (宁德时代) saw its stock price increase by nearly 3% [1] - JD Health (京东健康) experienced a stock price rise of over 3% [1]

Core Insights - The article discusses the global expansion of Chinese lithium battery manufacturers, particularly focusing on their investments in Europe and North America to adapt to changing market dynamics and regulatory environments [1][2][3]. Group 1: Market Dynamics - Domestic battery production capacity utilization in China has dropped to a warning level, while overseas markets, particularly Europe and North America, show increasing demand for electric vehicles and energy storage [1][2]. - The average selling price of key battery products in China has decreased by over 35% in the past two years, while raw material costs have fluctuated significantly, squeezing profit margins [8][9]. Group 2: Strategic Investments - CATL's investment in a joint battery factory in Zaragoza, Spain, exceeds 30 billion RMB, with a planned capacity of 50GWh, focusing on cost-effective lithium iron phosphate batteries for Stellantis [3][4]. - EVE Energy's factory in Hungary is in the critical phase of mechanical and electrical installation, with a planned capacity of 28GWh, while Guoxuan High-Tech's factory in Slovakia has completed initial construction with a capacity of 20GWh [5][6][7]. Group 3: Regulatory Challenges - The U.S. Inflation Reduction Act (IRA) and the EU's new battery law impose significant barriers, requiring local production and stringent carbon footprint regulations, which compel Chinese companies to establish manufacturing bases abroad [2][10][11]. - The EU's new battery law necessitates a comprehensive tracking system for the carbon footprint of battery components, increasing the operational complexity for Chinese manufacturers in Europe [14]. Group 4: Operational Challenges - Chinese companies face significant challenges in adapting to local supply chains and regulatory environments when establishing factories abroad, including longer approval processes and the need for local compliance [13][14]. - The transition from exporting battery products to building factories and hiring local workers represents a substantial shift in operational strategy for Chinese lithium battery firms [8][12]. Group 5: Future Outlook - The strategic decision to expand overseas is seen as essential for survival, with companies aiming for 40% of their production capacity to be located internationally by 2030 [12][17]. - The focus is shifting from merely being a cost-effective manufacturer in China to becoming a recognized provider of high-tech solutions in global markets [12][17].

2025年新签海外储能订单分布情况 数据来源：高工产业研究院 郭晨凯 制图 ◎李子健 记者 王玉晴 "世界的储能是中国的，中国的储能也是世界的。"12月11日，在2025高工储能年会上，这句话反复被宁 德时代、亿纬锂能等企业的发言嘉宾提到。前半句意为，中国储能电池和储能系统在全球市场的份额分 别达90%和70%，已形成主导之势；后半句则是指，海外储能市场目前占据一半体量且利润更为丰厚， 成为中国储能企业必须去的远方。 会上，储能头部企业分享了征战海外市场的要点。宁德时代储能解决方案大客户总监苏航称，高价值是 宁德时代储能产品畅销全球的关键点。瑞浦兰钧储能事业部总经理易辉琼表示，新能源板块是青山集团 目前发展速度最快、也是最关注的行业，青山集团在不锈钢和镍等领域取得成绩依托的是性价比，瑞浦 兰钧也会沿用青山集团的先天优势布局产业链。 龙头企业"走遍"世界 2025高工储能年会现场 陈翔认为，长期主义不仅是做锂电企业的基础，也是出海的基础，不管业务规模是大是小。"如果没有 长期主义的想法，出海就出去旅游一下就行了。" 易辉琼认为，出海的长期主义包含产品的创新，以及全球产业链的布局。"瑞浦兰钧的出海，不仅仅是 电池 ...

Core Insights - The 2026 "National Subsidy" policy will continue the "old-for-new" consumption initiative with an increased budget of 500 billion yuan, aimed at stimulating consumption and stabilizing economic growth [1][3][16] Group 1: Policy Overview - The "National Subsidy" policy has shown significant results since its launch in 2024, generating over 2.5 trillion yuan in sales and benefiting 360 million people [3] - The policy will focus on three main upgrades: increasing the subsidy amount, expanding coverage to new sectors, and optimizing the distribution process [4][10] Group 2: Sectoral Impacts - Traditional consumption sectors like home appliances and automobiles are expected to see a second wave of growth, with home appliance subsidies potentially increasing from 12.84 million units to 15 million units [6][8] - The service consumption sector, particularly in tourism and health, is anticipated to become a new focal point, with over 100 billion yuan in tourism vouchers expected to be issued [6][10] - Digital and green consumption will be enhanced, with subsidies for smartphones and energy-efficient appliances, benefiting companies like Apple and Huawei [8][10] Group 3: Economic Implications - The policy aims to boost domestic demand and counter economic pressures, with expectations for retail sales growth to rebound to 5%-6% in 2026 [10] - It promotes industrial upgrades by leading consumption upgrades, encouraging innovation in sectors like electric vehicles and smart home appliances [10][14] Group 4: Investment Opportunities - Key investment targets include essential consumer goods like dairy products and condiments, as well as discretionary items like home appliances and new energy vehicles [15] - The policy is seen as a long-term opportunity for investors, with potential for valuation recovery and growth in the consumer sector [16]

12月11日，港股IPO的第100次钟声敲响。伴随着京东工业（07618.HK）上市，港股年内新股上市数量 破百。站在这一关键节点回望，今年全年，港股市场的集结号持续吹响。放在全球视角看，港交所全年 募资总额无悬念登顶全球。其中，18家"A+H"上市新股成为港交所年内筹资增长的重要增量。而在市场 结构方面，在政策东风推动下，新消费、硬科技正成为本轮热潮背后的有力引擎。不过，在全球第一的 募资规模背后，港股IPO市场也面临隐忧，11月之后新股破发回潮、上市质量下滑、投行人才短缺致服 务能力不足以及超300家排队企业未来可能面临的发行难题……开始摆上台面。 募资全球"断层"第一 12月11日，京东工业登陆港交所上市，成为港股年内第100只上市新股。上市首日，公司股价低开 7.8%，开盘后跌幅震荡收窄，当日最终平盘收盘，报14.1港元/股，总市值378.9亿港元。 从2025年全年来看，港股IPO市场迎来强势复苏。伴随京东工业鸣锣上市，经同花顺iFinD统计，年内港 股上市新股数量破百；相较于上年同期的64股出现明显增长。而从筹资额来看，经统计，100只年内新 股合计募资额超2700.86亿港元。值得一提的是，这也 ...

Core Viewpoint - The global shipping industry is undergoing a significant green energy transformation, with China leading the way in the new energy ship market, which is projected to reach a scale of 367.5 billion yuan by 2026 [6][10]. Group 1: Electric Vessels in Inland Waterways - The world's first 10,000-ton pure electric cargo ship, "Gezhouba," was launched in October 2025, featuring a battery capacity equivalent to 400 electric cars, enabling a range of 500 kilometers [2][5]. - As of the end of 2024, there are 485 pure electric vessels in China, primarily inland passenger ships, with over 1,000 new energy inland vessels in total, leading globally in application scale [2][5]. - The Ministry of Transport has issued guidelines to promote high-quality development in inland shipping, emphasizing the application of battery power, LNG, and methanol technologies [2][5]. Group 2: Methanol as a Sustainable Fuel for Ocean Shipping - In deep-sea shipping, methanol is considered an ideal sustainable fuel due to its ease of refueling and lower environmental impact compared to traditional fuels [3][12]. - The global fleet of methanol-fueled vessels is expanding, with 414 ships confirmed to use methanol, including 93 already in operation [12][13]. - The demand for methanol as a marine fuel is expected to increase significantly, with projections indicating a potential annual demand of 1,050,500 tons, driven by a surge in new orders [14]. Group 3: Challenges and Solutions in Electric Shipping - The transition to electric vessels faces three main challenges: energy supply anxiety, cost anxiety, and safety anxiety, with high initial investment and infrastructure costs being significant barriers [8][9]. - The "battery swap" model is being adopted to enhance operational efficiency, allowing for quick battery replacements that significantly reduce dock time [6][7]. - Government subsidies and local policies are being implemented to support the development of electric vessels and related infrastructure, with substantial financial backing for new energy ship construction [10][18]. Group 4: Industry Transformation and Policy Support - The green transition in shipping is prompting a broader industrial revolution, with a focus on integrating technology and sustainable practices in shipbuilding [15][16]. - China's domestic battery manufacturers, such as CATL, are gaining a significant share of the global market, providing power for approximately 900 vessels [16]. - Policies at both national and local levels are being established to encourage the adoption of new energy vessels, including technical standards and operational incentives [18][19].

Core Viewpoint - Chinese lithium battery giants are expanding globally to seek new growth opportunities and navigate through market cycles, with a focus on establishing manufacturing capabilities in Europe and Southeast Asia [2][4][12]. Group 1: Global Expansion Initiatives - CATL and Stellantis have initiated a joint battery factory in Zaragoza, Spain, with a planned capacity of 50 GWh, aiming for production by the end of 2026 [6]. - EVE Energy is advancing its factory construction in Debrecen, Hungary, with a planned capacity of 28 GWh, while Guoxuan High-Tech is establishing a 20 GWh battery factory in Slovakia [9]. - Aiming for a localized supply chain, companies like Xinwanda are also expanding in Thailand, with over 17.4 GWh of planned battery capacity [10]. Group 2: Market Dynamics and Challenges - Domestic battery utilization rates are declining, leading to price wars that erode profits, while overseas markets, particularly in Europe and North America, show increasing demand for electric vehicles and energy storage [3][12]. - The Inflation Reduction Act (IRA) in the U.S. and the EU's new battery regulations impose significant barriers, necessitating local production to meet supply chain localization requirements [3][14]. Group 3: Profitability and Strategic Shifts - Despite domestic pressures, overseas operations for companies like CATL and EVE Energy show profit margins 5 to 10 percentage points higher than domestic margins [4][13]. - The shift from being "Chinese suppliers" to "global manufacturers" is crucial for survival, as companies aim to establish a competitive edge in international markets [4][12][15]. Group 4: Operational Challenges in Foreign Markets - Chinese companies face significant operational challenges in adapting to local conditions, including supply chain issues and regulatory compliance in Europe and the U.S. [18][20]. - The EU's stringent environmental regulations require companies to trace the carbon footprint of all battery components, adding complexity to operations [20]. Group 5: Future Outlook - The strategic focus for many Chinese lithium battery companies is to increase overseas production capacity to over 40% by 2030, aiming to become recognized as reliable high-tech solution providers in global markets [15][21]. - Despite the challenges, companies are committed to overcoming obstacles to establish themselves as global players in the lithium battery industry [21][22].

Core Viewpoint - The article highlights the strategic shift of Chinese lithium battery companies, such as CATL and EVE Energy, towards establishing manufacturing facilities overseas in response to domestic market saturation and increasing competition, aiming to become global manufacturers rather than just suppliers from China [2][11]. Group 1: Investment and Expansion - CATL is investing over 30 billion RMB in a joint battery factory with Stellantis in Zaragoza, Spain, with a planned capacity of 50 GWh, targeting production by the end of 2026 [3][6]. - EVE Energy's factory in Debrecen, Hungary, is in the critical phase of mechanical and electrical installation, with a planned capacity of 28 GWh [4][5]. - Guoxuan High-Tech is constructing a battery super factory in Slovakia with an initial capacity of 20 GWh, strategically located near major automotive clients [5][6]. Group 2: Market Dynamics - Domestic battery capacity utilization has dropped to alarming levels, while overseas markets, particularly in Europe and North America, show strong demand for electric vehicles and energy storage [2][8]. - The gross profit margins for overseas operations of companies like CATL and EVE Energy are reportedly 5 to 10 percentage points higher than domestic margins, indicating a lucrative opportunity in international markets [2][8]. Group 3: Regulatory Environment - The U.S. Inflation Reduction Act (IRA) and the EU's new battery regulations impose strict localization requirements, pushing Chinese companies to establish local production to remain competitive [9][10]. - The EU's regulations require comprehensive tracking of carbon footprints and recycling ratios for battery components, necessitating significant adjustments in supply chain management for Chinese firms [10][13]. Group 4: Challenges and Adaptation - Chinese companies face significant challenges in adapting to local regulations, labor laws, and supply chain logistics when establishing overseas factories [12][13]. - Despite these challenges, companies are committed to overcoming obstacles to become global players, indicating a long-term strategic vision [14][15].

摘要 共同指向"下一轮需求曲线的信心程度"。 12月进入第二周，锂电产业链的节奏再次出现加速切换。 同时，行业媒体和机构在过去两个月的调研中已多次提到"储能电芯悄然涨价"： 在国内外需求叠加、"一芯难求"的背景下，主流厂商储能电芯价格环比上涨0.02–0.03元/Wh，部分企业甚至暂停接单，优先保障既有长单。 电池端开始"敢涨价"，而产业龙头在资本层面加了一道杠杆。 12月10日晚，宁德时代公告称，为满足生产经营和业务发展需求、优化债务结构、降低融资成本，公司拟注册发行不超过100亿元、期限不超过5年的公司 债，可一次或分次在银行间或交易所市场公开发行，由承销机构余额包销。 几乎同一时间，固态电池企业北京卫蓝新能源科技股份有限公司出现在证监会辅导备案名单中。 卫蓝已于12月10日正式启动首次公开发行股票并上市辅导，中信建投证券担任辅导机构。 三件事落在一条时间线上的含义，或许比各自单看更值得琢磨： 在一个可能重启的周期入口，锂电行业正在同时动用价格权、债务杠杆和股权融资三种工具，重新排布未来几年的筹码。 12月9日，苏州德加能源通过公告通知客户，自12月16日起，其电池系列产品售价将在现行目录价基础上统一上调 ...