宁德时代2月10日晚间公告，2026年2月6日，公司成功发行了2026年度第一期绿色科技创新债券，发行 总额为人民币50亿元，募集资金已于2026年2月9日到账。公告显示，该笔债券期限为3+2年，发行利率 为1.7%，利息按年支付，到期一次性还本。 ...

Core Viewpoint - Changan Automobile and CATL have launched a global sodium battery strategy, introducing the world's first mass-produced sodium battery passenger vehicle, set to be released in mid-2026, marking a significant step towards the commercialization of sodium batteries [1] Group 1: Sodium Battery Development - Sodium batteries utilize sodium ions as charge carriers and offer advantages over lithium batteries, including abundant resources, lower extraction costs, wider temperature ranges, fast charging capabilities, and lower thermal runaway risks [1] - By 2025, China's sodium-ion battery production is expected to reach 3.45 GWh, a 96% year-on-year increase, with total production of sodium battery cathodes projected to be 11,000 tons, up 101% [1] - CATL plans to apply sodium batteries on a large scale in various sectors, including battery swapping, passenger vehicles, commercial vehicles, and energy storage by 2026 [1] Group 2: Industry Insights - EVE Energy has successfully transitioned its first large-capacity sodium-ion battery energy storage system into commercial operation, marking a key breakthrough in new energy storage technology [1] - EVE Energy's sodium battery headquarters project is set to commence in December 2025, aiming to become a leading sodium battery industrialization base in China, with a 2 GWh production capacity to address market supply gaps [2] - The sodium battery industry is currently in the late stage of commercialization, moving towards growth, with completed technical validations and rapid capacity expansion [2][3] Group 3: Market Dynamics - The rising prices of lithium battery materials are a core driver for the development of sodium batteries, with expectations that sodium battery costs could drop below 0.40 yuan/Wh by 2026, nearing the price level of lithium iron phosphate cells [3] - Sodium batteries are expected to find significant applications in energy storage due to their wide temperature range, high safety, and low cost advantages, particularly in low-end applications where energy density requirements are not high [3] - Despite entering the commercialization phase, the sodium battery industry faces challenges related to technology, costs, supply chains, and market recognition, including high costs of core materials and a lack of unified manufacturing standards [3]

Company Focus - Ge Weidong subscribed for 1 billion yuan of Jianghuai Automobile's private placement shares [2] - Semiconductor Manufacturing International Corporation (SMIC) reported a net profit of 1.223 billion yuan for Q4 2025, a year-on-year increase of 23.2% [2] - Hengdian Film's box office for three Spring Festival films, including "Fast and Furious Life 3," remains uncertain, and the company may apply for a trading suspension if stock prices rise significantly [3] - China Tungsten High-Tech plans to invest 145 million yuan in a new PCB drill needle project with an annual capacity of 30 million units [3] Investment & Contracts - Yiyi Co. terminated the acquisition of 100% equity in Hangzhou Gao Ye Jia You Hao Duo Mao Pet Food Co., Ltd. due to changes in the target company's business conditions [9] - Jiangsu New Energy plans to issue convertible bonds to raise no more than 1.24 billion yuan [18] Shareholding Changes & Buybacks - Wang Jianfeng, a shareholder of Runbei Aerospace, plans to reduce holdings by up to 3% [13] - Liu Chengyan, a director of Wangsu Technology, intends to reduce holdings by no more than 1.07% [14] Operations & Performance - Huichuan Technology expects a net profit increase of 16%-26% in 2025, with good growth in the electric vehicle business [15] - China Railway Construction recently won major contracts totaling 451.42 billion yuan [16] - The company "Ningde Times" successfully issued 5 billion yuan in green technology innovation bonds [20]

Core Viewpoint - Changji Guotou Xin Energy Development Co., Ltd. has announced a tender for four shared energy storage projects with a total scale of 800MW/3.2GWh, focusing on advanced battery technologies comparable to leading companies in the industry [2][3]. Group 1: Project Overview - The total scale of the energy storage projects is 800MW/3.2GWh, with specific projects including: - Changji Guotou Hutu Bih County: 200MW/800MWh - Changji Guotou Mulei County: 300MW/1200MWh - Changji Guotou Jimusaer County: 100MW/400MWh - Changji Guotou Qitai County: 200MW/800MWh [3][18][30]. - The tender includes a comprehensive range of equipment such as lithium iron phosphate battery storage, battery management systems (BMS), power conversion systems (PCS), energy management systems (EMS), and associated fire protection systems [3][18][30]. Group 2: Technical Requirements - The technical requirements for the battery cells are to be comparable to those of leading companies such as CATL, Hicharge Energy, Yiwei Lithium Energy, and others [2][9][21]. - The delivery period for the equipment is set to be completed within 90 calendar days from the issuance of the supply notice after the contract is signed [3][18][30]. Group 3: Tendering Process - The tender is open to independent legal entities registered in the People's Republic of China, with specific qualifications required for bidders, including experience in energy storage systems [7][20][30]. - A bid security of 500,000 yuan is required, and the tender documents can be downloaded from the Changji Public Resources Trading Network [23][31].

2月9日，宁德时代（上海）智能科技有限公司（简称"时代智能"）与地平线机器人（简称"地平线"）签署战略合作协议。双方将围绕新能源汽车智能化升 级展开合作，整合底盘硬件与智能驾驶软件能力，为整车企业提供集成化解决方案。 根据协议，时代智能将提供其"磐石底盘"系列产品，一种高度集成电池、电驱、热管理及底盘域控制器的一体化滑板底盘平台；地平线则贡献其全场景辅 助驾驶系统，包括最新量产的端到端智驾方案HSD（Horizon Super Drive™）及车规级域控制器。双方计划通过软硬协同，打通从底盘控制到底层感知、 决策与执行的全链路，支持上车身与智能驾驶系统的并行开发。 时代智能是宁德时代控股子公司，专注于滑板底盘研发，其磐石底盘采用"电池到底盘一体化"（Cell-to-Chassis）设计，可实现与上车身解耦，缩短整车 开发周期。地平线是国内智驾芯片与算法头部企业，截至2026年初，其智驾解决方案已搭载于全球27家车企的42个品牌车型，累计出货量突破1000万套。 值得注意的是，此次签约恰逢地平线管理层调整：原宁德时代高管朱威近日出任地平线总裁，进一步强化了双方在战略与执行层面的协同可能。分析认 为，此次合作不仅 ...

公告显示，债券期限为3+2年，发行利率为1.7%，付息频率为按年支付，到期一次性还本。 北京商报讯（记者 马换换 李佳雪）2月10日晚间，宁德时代（300750）披露公告称，2月6日，公司发行 了2026年度第一期绿色科技创新债券，发行总额为50亿元，募集资金已于2月9日到账。 ...

格隆汇2月10日｜宁德时代(300750.SZ)公告称，公司于2026年2月6日成功发行了2026年度第一期绿色科 技创新债券，发行总额为人民币50亿元。债券期限为3+2年，票面利率为1.70%，付息频率为按年支 付，到期一次性还本。募集资金已于2026年2月9日到账。 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In 2025, the number and scale of existing public - funds increased, and the ETF market was much more popular. The new - issuance quantity and share of ETFs increased significantly, with annual growth rates of 114.79% and 119.10% respectively, far exceeding the 37.00% increase in the total number and - 0.69% change in the total share of public funds [2][17]. - In Q4 2025, stock - type, bond - type, and hybrid - type funds generally showed a decrease in stock positions and an increase in bond positions. Public funds shifted from Hong Kong stocks and the Science and Technology Innovation Board to the Growth Enterprise Market [3]. - In Q4 2025, the industries with a relatively large increase in the active position - adjustment ratio were non - banking finance, non - ferrous metals, and communications, while those with a relatively large decrease were electronics, media, and biomedicine. There was an obvious shift from growth and consumption styles to the cyclical style [4]. - Since 2025, the scale of FOF funds has increased against the trend, and the proportion of bond - type funds in the top - five heavy - position funds of FOF in the Q4 2025 report is relatively high [6]. 3. Summary by Directory 3.1 Public Fund Market Overview 3.1.1 Fund Market Composition and Issuance - As of the end of Q4 2025, there were 13,618 public funds in the market, with an increase of 1,259 this year. In terms of quantity, they were mainly composed of hybrid, bond, and stock - type funds, accounting for 35.33%, 29.32%, and 25.33% respectively. The total scale was 37.67 trillion yuan, an increase of 4.84 trillion yuan compared to the end of 2024, with a 12.85% increase in Q4 2025. In terms of scale, they were mainly composed of money - market, bond, and stock - type funds, accounting for 39.84%, 29.50%, and 16.06% respectively [14]. - From 2021 to 2025, the number and share of newly - issued public funds showed a downward trend, but they increased in 2025. In Q4 2025, 406 public funds were newly issued, with a total issuance share of 280.081 billion shares. In terms of quantity, stock - type funds accounted for 47.29%, and in terms of share, stock - type and bond - type funds accounted for 31.70% and 31.24% respectively [15]. - In 2025, the new - issuance volume and share of ETFs increased significantly. In Q4 2025, the quarterly growth rates of the cumulative number and share of ETFs were 5.81% and 12.17% respectively, exceeding the 2.38% and 3.15% growth rates of public funds. The annual growth rates of the new - issuance quantity and share of ETFs in 2025 were 114.79% and 119.10% respectively, far higher than those of public funds [17]. 3.1.2 Investor Structure - According to the semi - annual report of public funds in 2025, the proportion of institutional holders changed little compared to 2024. The increase in the proportion of institutional investors was mainly reflected in QDII funds and hybrid - type funds, while the proportion of institutional investors in bond - type and hybrid funds increased slightly. The proportion of individual investors increased mainly in alternative investment funds and FOF funds, and also increased in money - market funds [20]. - As of mid - 2025, the holding net values of institutional and individual investors were 16.51 trillion yuan and 17.71 trillion yuan respectively, accounting for 48.25% and 51.75%. Since H2 2017, the proportion held by individual investors has been slightly higher than that by institutional investors [23]. 3.2 Stock - type Funds 3.2.1 Q4 Position Changes - In Q4 2025, compared with Q3, stock - type, bond - type, and hybrid - type funds generally showed a decrease in stock positions and an increase in bond positions, while FOF funds increased their stock positions, mainly in stock - type FOF funds, with an increase of 1.83 pct [25]. - The stock positions of four types of active funds (partial - stock hybrid, flexible allocation, common stock, and balanced hybrid) decreased, and their positions in Hong Kong stocks also decreased, but their bond positions increased [27][28]. 3.2.2 Sector Allocation - In Q4 2025, public funds shifted from Hong Kong stocks and the Science and Technology Innovation Board to the Growth Enterprise Market. The allocation market value of the Growth Enterprise Market increased by 2.65%, and the allocation ratio increased by 1.98%, reaching 18.61% at the end of Q4, second only to the main board [37]. 3.2.3 Industry and Style Allocation - In Q4 2025, 16 Shenwan primary industries had an increase in the active position - adjustment ratio, and 15 had a decrease. The industries with a relatively large increase were non - banking finance, non - ferrous metals, and communications, while those with a relatively large decrease were electronics, media, and biomedicine [43]. - There was an obvious shift from growth and consumption styles to the cyclical style in Q4 2025. The cyclical style had the largest increase in market - value proportion after removing the passive increase caused by the increase in Q4, with an active position - adjustment ratio increase of 2.06% [48]. 3.2.4 Individual Stock Allocation - As of the end of Q4 2025, the top 3 stocks in terms of market value of shares held were Zhongji Innolight, Xinyisheng, and Contemporary Amperex Technology, and the top 3 in terms of the proportion of market value of shares held to the floating market value were BeiGene - U, Reagent Biotech, and Ninebot Inc. - WD [4][49]. - In Q4 2025, the top 3 stocks with active position - increases were Ping An Insurance (Group) Company of China, Shandong Precision, and Tianhua New Energy, and the top 3 with active position - decreases were Foxconn Industrial Internet, Alibaba Group Holding Limited, and Semiconductor Manufacturing International Corporation [4]. 3.3 Bond - type Funds - As of the end of Q4 2025, there were 3,993 bond - type funds, an increase of 57 compared to the previous quarter, with a total scale of 11.11 trillion yuan, an increase of 373.431 billion yuan compared to the previous quarter. The increase in the scale was mainly due to the increase in the scale of passive index - type bond funds and hybrid bond - type secondary funds [63]. - In Q4 2025, except for convertible bond - type funds and enhanced index - type bond funds, the durations of other types of bond - type funds changed little. The durations of mixed - level - 1 bonds, mixed - level - 2 bonds, medium - and long - term pure - bond funds, and partial - bond hybrid funds showed a downward trend in the second half of 2025 after reaching a historical high at the end of Q2 2025 [5]. 3.4 FOF Funds - Since 2025, the scale of FOF funds has increased against the trend. In Q4 2025, the total scale of FOF funds increased by 50.699 billion yuan, with a faster growth rate than in Q3. The top 3 FOF funds in terms of scale proportion were partial - bond hybrid, partial - stock hybrid, and target - date FOF funds, accounting for 60.92%, 14.50%, and 11.01% respectively [70]. - Among the 43 FOF funds issued in Q4 2025, 41 were hybrid - type FOF funds. E Fund Ruyi Ying'an 6 - month Holding A had the largest issuance share of 3.164 billion shares [71]. - According to the top - ten heavy - position funds of FOF funds in the Q4 2025 report, the top - five heavy - position funds were all bond - type funds, and most of the FOF heavy - position funds were bond - type funds, with Haifutong CSI Short - term Financing Bond ETF having the highest total holding market value of 5.976 billion yuan [76].

证券代码：300750 证券简称：宁德时代 公告编号：2026-008 宁德时代新能源科技股份有限公司 | 债券名称 | 宁德时代新能源科技股份有限公司 年度第一期绿色科技创新债券 2026 | | --- | --- | | 债券简称 | 26 宁德时代 MTN001(科创债) | | 债券代码 | 102680526 | | 发行总额 | 人民币 亿元 50 | | 发行价格 | 100 元/百元面值 | | 债券期限 | 年，附第 年末发行人调整票面利率选择权和投资人回售选择权 3+2 3 | | 发行利率 | 1.70% | | 付息频率 | 利息按年支付，到期一次性还本 | | 起息日 | 年 月 日 2026 2 9 | | 兑付日 | 2031 年 2 月 9 日 | | 信用评级 | 主体/债项：AAA/无 | | 信用评级机构 | 联合资信评估股份有限公司 | 1 | 簿记管理人 | 招商银行股份有限公司 | | --- | --- | | 主承销商 | 招商银行股份有限公司 | | 联席主承销商 | 中国银行股份有限公司、中信银行股份有限公司、中国建设银行股份有限 | | 公司 | | 公 ...

Core Viewpoint - Ningde Times is increasing its stake in the lithium battery supply chain by acquiring a 25% stake in Yongtai High-tech through Yongtai Technology, which will lead to a 100% ownership of Yongtai High-tech by Yongtai Technology and make Ningde Times a shareholder of Yongtai Technology [2][3]. Group 1: Transaction Details - Yongtai Technology plans to purchase the 25% stake in Yongtai High-tech held by Ningde Times through a share issuance and raise matching funds [2][3]. - Ningde Times previously invested 500 million yuan to acquire the 25% stake in Yongtai High-tech in 2021, valuing Yongtai High-tech at approximately 2 billion yuan [3]. - After the transaction, Yongtai Technology will fully control Yongtai High-tech, which specializes in lithium battery materials, including lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide [3][4]. Group 2: Business Expansion and Performance - Yongtai Technology's business encompasses various sectors, with a focus on new energy lithium batteries and fluorinated liquid materials [4]. - The company reported a significant increase in revenue and net profit, with revenue and net profit growing by 131.19% and 389.45% year-on-year, respectively [4]. - Yongtai Technology has an existing production capacity of 15,000 tons/year for electrolyte and is expanding its production capabilities for lithium salts [4]. Group 3: Industry Context and Strategic Moves - Ningde Times is actively securing raw materials in the lithium battery sector, evidenced by a recent five-year contract with Enchem for 350,000 tons of electrolyte, valued at approximately 7.268 billion yuan [7]. - The global lithium-ion battery shipment is projected to reach 2,280.5 GWh in 2025, a 47.6% increase year-on-year, driven by the growing demand for energy storage batteries [9]. - Ningde Times aims to enhance its market position by expanding its A-share holdings, which will include additional stakes in companies like Tianhua New Energy and Hunan Youneng [10][11].