随着市场对汽车智能化的需求日益强烈，时代智能与地平线机器人此次合作，将成为汽车"智能载 体"与"智能大脑"深度耦合的重要探索。 地平线机器人与宁德时代渊源深厚，是彼此长期信赖的伙伴。早在2021年1月份，宁德时代便与 BaillieGifford、云锋基金联合领投了地平线机器人的C2轮融资，一路见证并支持地平线机器人的成长。 此次地平线机器人与时代智能的战略合作，标志着双方关系实现了从资本合作到技术共研、产品共创的 跨越，携手迈入了共同创造价值的新阶段。 秉持"全维利他，开放共赢"的生态理念，地平线机器人始终坚持以用户价值为核心，为产业提供智能化 关键技术。公司已与超过200家产业链伙伴建立开放共赢的合作关系，并与博世、电装、采埃孚等全球 顶尖Tier-1达成战略合作，共同构建成熟的规模化量产交付体系与全球产业生态。此次与时代智能的携 手，是地平线机器人作为智能驾驶计算方案引领者，拓展技术边界、深化商业场景的又一重要实践。 本报讯(记者袁传玺)2026年2月9日，地平线机器人与宁德时代（300750）旗下子公司——宁德时代(上 海)智能科技有限公司(简称"时代智能")签署战略合作协议。双方将聚焦新能源汽车智能 ...

Core Viewpoint - The article discusses the procurement of energy storage system equipment for four shared energy storage projects by Changji Guotou Xin Energy Development Co., Ltd., with a total scale of 800 MW/3.2 GWh [2]. Group 1: Project Overview - The total scale of the shared energy storage projects is 800 MW/3.2 GWh, with specific projects including: - Changji Guotou Hutu Bih County: 200 MW/800 MWh - Changji Guotou Mulei County: 300 MW/1200 MWh - Changji Guotou Jimusaer County: 100 MW/400 MWh - Changji Guotou Qitai County: 200 MW/800 MWh [3][20][31]. Group 2: Technical Requirements - The technical requirements for the battery technology reference or are equivalent to major manufacturers such as CATL, Hicharge Energy, Yiwei Lithium Energy, and others [2][11]. - The procurement includes complete sets of equipment such as energy storage battery cabins (lithium iron phosphate batteries), battery management systems (BMS), energy management systems (EMS), and associated fire protection systems [3][20][31]. Group 3: Procurement and Delivery - The delivery period is set to be completed within 90 calendar days from the issuance of the supply notice after the contract is signed [4][20][31]. - The procurement is funded by a combination of self-raised funds (30%) and bank loans (70%) [20][31]. Group 4: Bidder Qualifications - Bidders must be independent legal entities registered in the People's Republic of China and must have the capability to manufacture at least one core component of the energy storage system [9][22][33]. - Bidders are required to have experience in at least two projects involving energy storage systems with a single capacity of no less than 400 MWh over the past three years [9][22][33]. Group 5: Bid Submission and Requirements - The bidding process is conducted electronically, and bidders must register on the Changji Public Resource Trading Network to participate [27][28]. - A bid security of 500,000 yuan is required, and it must be paid before the bid submission deadline [25][34].

Summary of Key Points Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and some growth stocks experiencing high-level corrections [1][2]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding despite a 5.76% reduction in shares, accounting for 6.80% of the portfolio [3]. - Mercado Libre saw a 4.95% increase in holdings, raising its share to 5.83%, solidifying its position as a cornerstone of the portfolio [3]. - The top five holdings also include Amazon, Shopify, and Sea Ltd, with the top ten holdings comprising 43.4% of the total portfolio [4]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [5][6]. - Baillie Gifford's investment in Google is valued at approximately $1.7 billion post-increase [6]. Group 3: Investment Philosophy and Trends - The investment team emphasizes the importance of adapting to the AI wave, suggesting that companies must pivot quickly to meet new market demands [9][10][12]. - The transition to AI is viewed as a new paradigm shift, with potential for significant growth opportunities as new companies emerge [14][15]. - The focus is on both "AI core" companies and those using AI as a tool to enhance existing services [21][24]. Group 4: Insights on China and Platform Companies - The sentiment in China has shifted, with a recognition of the country's potential to foster visionary entrepreneurs, particularly in the battery sector where CATL holds a significant market share [25][26]. - Platform companies are highlighted for their ability to create value through network effects and adaptability, requiring a long-term investment perspective [28]. Group 5: Non-Public Company Investments - Baillie Gifford has committed over £6 billion to non-public companies since 2012, recognizing the increasing duration of private company ownership before IPOs [31][32]. - The firm holds significant stakes in companies like SpaceX and ByteDance, which have shown substantial revenue growth compared to public market indices [33]. Group 6: Portfolio Construction Approach - The investment strategy is bottom-up, focusing on global transformations rather than specific trends or technologies [34]. - The portfolio includes a diverse range of companies across various sectors, with ongoing adjustments to capitalize on emerging growth opportunities [38].

文|天峰 来源|财富独角兽 2025年至今，沪深股指持续上涨，主要源于政策支持、产业转型、资金面改善与市场信心修复等多重因素共振。人工智能、半导体、新能源等高景气赛道 轮番表现，反映出市场对"新质生产力"的高度认可。资金结构也发生深刻变化，外资回流加速，北向资金单月净买入创历史新高。 沪深股指大幅上涨，公募基金加仓高端制造与数字经济，尤其是权益类基金业绩因此受益。陶灿作为建信基金权益投资部总经理，深耕行业十余年，其管 理的基金以长期稳健著称。核心策略是"3+3"框架：自上而下优选行业，聚焦商业模式、竞争格局与景气趋势；自下而上精选个股，考察企业家格局、管 理层执行力与研发效率。 这种双维度方法显著提升了组合的抗风险能力。例如，在新能源行业波动中，陶灿通过动态调仓，规避产能过剩风险，同时锁定高成长赛道，使基金在行 业轮动中保持超额收益。其代表产品建信改革红利股票基金，凭借均衡配置和严格止盈止损机制，长期跑赢基准，成为同类产品中的标杆。 01 陶灿旗下基金收益率高达473.70% 精准把握改革红利宏观策略布局 据天天基金网显示，陶灿于2007年7月加入建信基金管理公司,历任研究员、基金经理助理、基金经理、资深基金 ...

Summary of Key Points from Conference Call Records Industry Overview: Lithium Battery Sector Key Insights 1. **Retail Penetration and Demand Resilience**: In January, the retail penetration rate of new energy passenger vehicles increased by over 5% year-on-year, despite the impact of the Spring Festival and promotional activities by automakers. Policies promoting trade-ins and financial incentives from car manufacturers contributed to a rebound in orders towards the end of the month, indicating demand resilience [1][2]. 2. **Production Trends**: In February, lithium battery production decreased month-on-month, but year-on-year growth remained robust at 30-40%. The production of energy storage batteries was saturated, with companies actively stocking up to meet second-quarter demand. The adjustment in lithium carbonate futures prices alleviated pressure on end-users [1][3]. 3. **Growth Projections**: The lithium battery sector is expected to grow by at least 30% in 2026, with power batteries projected to grow by 20-25% and energy storage by 40-50%. The demand for electric heavy trucks and mining vehicles is anticipated to bring structural growth, particularly in the European market, where policies and new model cycles may exceed expectations [1][4]. 4. **Capacity and Pricing Dynamics**: National capacity pricing policies have increased the tolerance of energy storage projects to raw material price increases. As local policies are implemented, domestic bidding demand is expected to be released. The first quarter is anticipated to see a natural recovery in power storage, driven by trade-in policies, new model launches, and export tax rebates [1][4][5]. Market Performance and Expectations 1. **First Quarter Performance**: The lithium battery sector experienced adjustments in Q1 2026, but recent data from the industry chain and end-users showed positive signals. January saw approximately 800,000 units of new energy passenger vehicles sold, a year-on-year increase of 7-8%. The overall retail penetration rate increased by over 5 percentage points, reflecting strong domestic demand [2]. 2. **Profitability of Leading Companies**: Companies like CATL are expected to maintain strong profitability despite rising raw material costs, with projected profits exceeding 18 billion yuan in Q1 and an annual forecast potentially revised up to 100 billion yuan [2][10]. 3. **Investment Opportunities**: Second-tier battery companies such as Yiwei and Zhonghang are noted for their low valuations and higher profit elasticity, making them attractive investment targets [2][11]. Key Materials and Components 1. **Electrolyte and Separator Materials**: The market for lithium hexafluorophosphate is experiencing a clear supply-demand tightness, with prices expected to rise in March due to increased demand and supply constraints from maintenance activities. The separator materials market is also seeing significant price increases, with industry-wide production halts and agreements not to lower prices [17][19]. 2. **Copper Foil Industry**: The copper foil sector is expected to face supply shortages in the second half of the year, with potential price increases. Current operating rates are high, and profitability is improving for companies like Jiayuan and Defu [25]. Emerging Technologies 1. **Solid-State Battery Developments**: The solid-state battery sector is witnessing rapid advancements, with companies like Tesla overcoming manufacturing challenges. The market is optimistic about the potential for solid-state batteries, particularly in applications like space photovoltaics [26]. 2. **Sodium-Ion Battery Commercialization**: 2026 is projected to be a pivotal year for sodium-ion batteries, with significant commercial potential due to their performance and cost advantages. Companies involved in this sector are expected to see rapid growth in the coming years [30]. Investment Strategies 1. **Short-Term Strategies**: Despite a challenging market environment, the current position is seen as a good entry point for investors. Recommendations include focusing on material segments that are likely to benefit from price increases and supply constraints [7]. 2. **Long-Term Outlook**: The lithium battery sector is expected to continue its growth trajectory, with strong demand from both passenger and commercial vehicles, as well as energy storage applications. The overall market sentiment remains positive, with expectations of sustained profitability across the industry [4][6]. This summary encapsulates the key points from the conference call records, highlighting the current state and future outlook of the lithium battery sector, along with investment opportunities and emerging technologies.

分析师 1: 各位投资者大家早上好，感谢大家一早来收听我们这个电话会。然后我是国海电信研究员 谢培峰。今天由我来向各位投资者汇报一下我们这个策略报告。主题其实就是景气持续 。 2025 年整个产业链其实在一季度经历了一个淡季不淡的比较强劲的开局之后，其实在二 季度的时候也有一定的波折和纠结，但是基本上随着国内储能以及是海外储能为代表。以 及国内商用车为代表的这么一个需求牵引下，在三季度的一个进一步景气的持续证明之后 在整个 8 月底 9 月初开始，在三季度末、四季度初这个阶段。 其实不管是产业链的基本面，还是股票，都迎来了一波比较强劲的、向上的这么一个过程 然后二，展望 26 年，我们认为仍然景气是最重要以及是最核心的一个主线，然后对应需 求驱动下，我们认为产业链以及是产业链的标的也有望去，往上迎来一个新的空间。我们 这个报告主要是分成三个部分，首先是展望了一下对 2026 年在一些结构性的支撑因素和 拉动市场的驱动下。对需求的一个展望。然后第二个部分是我们对于在需求会有比较高增 长的这个背景下，相应的供需关系进一步改善，会有这样一个推论。 在这个推论下，我们会分析一些重点环节、重点推荐环节的相关情况。然后最 ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 地平线机器人-W（09660）盘中涨近4%，截至发稿，股价上涨3.27%，报8.53港元，成交额3.21亿港 元。 2月9日，地平线机器人-W与宁德时代旗下子公司——宁德时代（上海）智能科技有限公司（简称"时代 智能"）签署战略合作协议。根据协议，时代智能将提供其磐石底盘系列化产品与技术，地平线机器人- W则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通过软硬协同、跨域融 合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供更具竞争力与多样化 的产品选择与服务支持。 2月9日，地平线机器人-W与宁德时代旗下子公司——宁德时代（上海）智能科技有限公司（简称"时代 智能"）签署战略合作协议。根据协议，时代智能将提供其磐石底盘系列化产品与技术，地平线机器人- W则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通过软硬协同、跨域融 合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供更具竞争力与多样化 的产品选择与服务支持。 责任编辑：卢昱君 热点栏目 自选股 数据 ...

公开资料显示，地平线机器人是一家主要提供乘用车高级辅助驾驶(ADAS)和高阶自动驾驶(AD)解决方 案的投资控股公司。财务数据显示，2025年上半年地平线机器人收入15.67亿元，同比大涨67.6%；毛利 润达10.24亿元，综合毛利率65.4%，现金储备161亿元。 2月9日，地平线宣布与宁德时代子公司——宁德时代（上海）智能科技有限公司（简称"时代智能"）签 署战略合作协议。双方将聚焦新能源汽车智能化升级需求，以"高智能、高安全的智能出行体验"为目 标，为全球整车企业与终端用户提供卓越的智能化出行体验。根据协议，时代智能将提供其磐石底盘系 列化产品与技术，地平线则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通 过软硬协同、跨域融合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供 更具竞争力与多样化的产品选择与服务支持。 地平线机器人早盘涨超4%，截至发稿，股价上涨3.75%，现报8.57港元，成交额2.06亿港元，市值1253 亿港元。 ...

目前，地平线机器人-W已成为国内首个突破千万级出货量的智驾科技品牌，产品解决方案已获得全球 27家车企(42个车企品牌)的广泛采用。其最新推出的行业首个量产的一段式端到端全场景辅助驾驶系统 ——地平线HSD (Horizon SuperDrive ) 正在助力行业进入智驾普惠新纪元。 地平线机器人-W(09660)涨近4%，截至发稿，涨3.63%，报8.56港元，成交额2.35亿港元。 消息面上，2月9日，地平线机器人-W与宁德时代（300750）旗下子公司——宁德时代(上海)智能科技有 限公司(简称"时代智能")签署战略合作协议。根据协议，时代智能将提供其磐石底盘系列化产品与技 术，地平线机器人-W则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通过 软硬协同、跨域融合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供更 具竞争力与多样化的产品选择与服务支持。 ...

中化新网讯 2月5日，长安汽车携手宁德时代在牙克石举办"长安汽车天枢智能新安全成果发布暨钠电战 略全球发布会"，长安汽车正式发布全球钠电战略，全球首款钠电量产乘用车也正式亮相。同时，长安 汽车旗下阿维塔、深蓝、启源、引力等多品牌，未来都将搭载宁德时代钠新电池。 图为发布会现场。（企业供图） 该乘用车在-30℃条件下，整车放电功率比同电量常规铁锂车型提升近3倍，-40℃极寒下容量保持率超 90%，甚至在-50℃的极端环境下还能稳定放电。该电池还具备远超国标的安全性能。 早在2016年，宁德时代便启动了钠离子电池技术的研发，截至2025年，累计投入近百亿元，研发测试电 芯近30万颗，超过300名研发人员及20名以上博士参与研发。 目前，全球首款钠电量产乘用车已经在牙克石通过冬季标定，其续航、低温性、安全性、放电性能等均 已完全满足用户使用需求。根据实测数据，宁德时代钠电池搭配其第三代CTP系统成组技术，纯电续航 可达400千米以上，再通过宁德时代BMS智能管理策略的精准控制，可以实现"表显即所得"，而电芯的 最高能量密度达175瓦时/千克，为行业最高水平。未来随着钠电产业链的高速发展，纯电续航可以升级 到500千 ...