长江商报消息 ●长江商报记者 张璐 宁德时代（300750.SZ）正以技术创新为内核、全球化布局为支撑，在新能源产业转型浪潮中持续领 跑。 1月22日，宁德时代在轻商电池解决方案发布会上，正式推出搭载行业首款量产钠电池的天行Ⅱ系列产 品，其低温性能与安全优势再度夯实技术壁垒。 作为全球动力电池龙头，宁德时代的业绩表现同样亮眼。2025年前三季度，公司实现营收2831亿元，归 母净利润490.3亿元，盈利增速大幅跑赢营收增速，盈利质量持续优化，折算下来日均净赚约1.8亿元。 2025年5月20日，宁德时代以约356.57亿港元的IPO募资总额登陆港交所主板，创下近年来港股最大IPO 纪录，且从启动到完成上市仅用了128天。至此，宁德时代成功跻身"A+H"股行列，成为全国首家同时 在A股和H股上市的动力电池公司。 长江商报记者注意到，持续高强度的研发投入，为技术创新注入不竭动力。财报显示，2023年—2025年 前三季度，公司累计研发费用达520.31亿元，研发人员规模超2.1万名。 作为行业龙头，宁德时代在锂电池出口市场占据绝对主导地位，2025年前三季度以116GWh的出口量占 据全国58.3%的市场份额，包 ...

Group 1 - The core point of the article is that Yongtai Technology plans to acquire a 25% stake in Yongtai High-tech held by CATL through a share issuance, which will make CATL a shareholder of the company [2][4] - The transaction is expected to be disclosed within 10 trading days, with a deadline set for March 3, 2023, for the company to hold a board meeting and disclose the transaction plan [4] - Yongtai Technology's stock price surged to the daily limit of 10.02% on February 6, 2023, closing at 28.77 yuan per share, with a market capitalization of 26.6 billion yuan, marking the first limit-up since 2026 [4][5] Group 2 - CATL has held a 25% stake in Yongtai High-tech since January 12, 2022, and Yongtai High-tech was established on June 30, 2016, with a registered capital of 300 million yuan [5] - The business scope of Yongtai High-tech includes research and development of new materials technology, manufacturing of basic chemical raw materials, and production of chemical products [5] - Recently, CATL has been actively investing in new energy material manufacturers, including a recent investment in Jiangxi Shenghua, increasing its stake from 18.7387% to 33% [5]

New Car Launches - The new BMW i5 was launched with a price range of 368,000 to 458,000 yuan, featuring upgrades in comfort and battery optimization for improved range [3][8] - The all-new Li Auto L9 was revealed, with the top version "Li L9 Livis" priced at 559,800 yuan, showcasing significant design and technology enhancements [9][11][13] - Chery's new QQ3 has opened for blind orders, featuring a compact design and advanced driver assistance systems [14][17][21] Company Developments - NIO achieved its first quarterly profit, projecting an operating profit of approximately 290 million to 1 billion yuan for Q4 2025, and reached a milestone of 100 million battery swaps [51][54] - BYD announced its fifth sub-brand "Linghui Auto," targeting the B-end market with customized vehicles [55][57] - SAIC-GM-Wuling reported global sales of 105,792 units in January [58] Battery Market Insights - CATL maintained a dominant market share of 39.2% in the global battery market, with a projected global installation volume of 464.7 GWh for 2025 [61][62] - Changan announced the upcoming mass production of the world's first sodium battery passenger vehicle, indicating advancements in battery technology [64][67] International News - Canada announced a significant reduction in import tariffs on Chinese electric vehicles from 106.1% to 6.1%, facilitating easier market access for Chinese automakers [68][71]

Core Viewpoint - Yongtai Technology plans to acquire a 25% stake in Yongtai High-tech from CATL through a share issuance, which will make CATL a shareholder in Yongtai Technology after the transaction is completed [1]. Group 1: Company Overview - Yongtai High-tech was established on June 30, 2016, with a registered capital of 300 million yuan, and is recognized as a national "specialized, refined, characteristic, and innovative" small giant enterprise by 2024 [1]. - The main products of Yongtai High-tech include lithium battery materials such as lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide [1][2]. Group 2: Financial Performance - In the first half of 2025, Yongtai Technology expects a net profit loss of 25.6 million to 48.6 million yuan, which represents a reduction in losses compared to the previous year's loss of 478.35 million yuan [3]. - The anticipated growth in demand for new energy vehicles and energy storage is expected to significantly boost the sales and prices of core products like lithium hexafluorophosphate, leading to a notable increase in gross profit from main business operations [3]. Group 3: Industry Position - Yongtai Technology has established a vertically integrated industrial chain from lithium salt raw materials to lithium salts, additives, and electrolytes, with production capacities of 18,000 tons/year for solid lithium hexafluorophosphate and 67,000 tons/year for liquid lithium bis(fluorosulfonyl)imide [3]. - The company is positioned among key players in the lithium battery materials sector, with significant production capacities compared to competitors [3].

(本文来自第一财经) 按申万一级行业来看，本周（2月2日至2月6日）五个交易日内，煤炭、综合板块获得主力资金青睐。电 子、有色金属、通信、传媒、计算机、机械设备、国防军工等板块遭净流出额居前。其中电子板块遭抛 售近360亿元。 个股方面，本周宁德时代获净流入16.23亿元居首，周涨幅达5.46%。美的集团、中超控股主力净流入分 别为14.66亿元、9.76亿元。净流出方面，中际旭创、新易盛、蓝色光标分别遭抛售108.44亿元、79.41亿 元、67.17亿元。 ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [6] Core Insights - The report highlights significant developments in the lithium battery sector, including Elon Musk's announcement of the large-scale production of dry electrodes and CATL securing a 10GWh energy storage project [8][14][15] - The energy storage market shows strong demand, with January's procurement reaching 36.3GWh and a 42% increase in the average price of 4-hour storage systems over the past six months [25][26] - The report emphasizes the potential for performance and valuation improvements in the lithium battery and energy storage sectors, suggesting a favorable medium-term investment outlook [8] Summary by Sections Lithium Battery Sector - The battery industry index rose by 3.24%, outperforming the CSI 300 by 4.57 percentage points, with key stocks like Enjie and Wanrun New Energy showing significant gains [12] - Major events include the announcement of dry electrode mass production by Tesla and strategic partnerships in solid-state battery technology [14][16][18] Energy Storage Sector - January saw a procurement of 36.3GWh in energy storage, with a notable 42% increase in the average price of 4-hour systems [25][26] - The report notes strong demand in regions like Ningxia, which completed a procurement scale of 7.76GWh, the highest in the country [25] - The report identifies key companies in the energy storage sector, including Haibo Sichuang and Sungrow Power [8] Electric Power Equipment Sector - The report discusses the approval of significant high-voltage projects, including the "Mont Electricity into Shanghai" project, marking the start of substantial construction [29][30] - It highlights the ambitious "six AC and six DC" plan in Inner Mongolia, which aims to add 48 million kilowatts of high-voltage transmission capacity [30] Photovoltaic Sector - The report tracks the stability in silicon material prices and the decline in silicon wafer prices, indicating a cautious market outlook [33][36] - It notes the recent interest from Musk's team in Chinese photovoltaic companies, focusing on potential collaborations in solar technology [39] Wind Power Sector - The report outlines progress in offshore wind projects across various regions, with significant approvals and tenders being announced [42][44] - It emphasizes the expected growth in offshore wind capacity and the importance of supply chain developments in the sector [51][52]

编辑|程鹏杜恒峰校对|陈柯名 2月8日(周日)晚间，永太科技（002326）公告称，公司拟以发行股份方式购买宁德时代（300750）持有的永太高新25%股权并募集配套资金。本次交易完 成后，宁德时代将成为公司股东。公司股票自2月9日开市起开始停牌。 宁德时代入股永太高新已超4年。资料显示，2022年1月12日，永太高新的股东新增宁德时代，持股比例为25%。 永太高新成立于2016年6月30日，法定代表人为严永刚，注册资本为3亿元，公司经营范围包括新材料技术研发、基础化学原料制造(不含危险化学品等许 可类化学品的制造)、化工产品生产(不含许可类化工产品)等。 近期，宁德时代频繁入股新能源材料制造商。2月3日，富临精工（300432）发布公告称，公司与宁德时代拟共同对江西升华增资扩股，其中宁德时代完成 交易后，所持江西升华的股权比例由18.7387%增至33%。 永太科技表示，本次交易标的为宁德时代持有的标的公司永太高新25%股权，公司现持有该标的公司75%股权。公司与宁德时代已签署了《股权收购意向 书》，初步达成购买资产的意向。最终股权收购数量、比例、交易价格、支付方式、股份锁定安排、违约条款等由交易各方另行签 ...

南华期货碳酸锂产业周报 1.1 核心矛盾 本周碳酸锂期货价格呈现大幅减仓下降态势。展望后市，春节前夕碳酸锂期货价格的驱动逻辑将暂无，整体 以降低波动率为主；而节后则将聚焦以下因素：国内外锂资源释放进度、供需两端的检修排产情况、终端新 能源汽车的产销情况，上述因素将共同主导后续市场价格走势。 锂矿端，当前国内可售锂精矿库存暂时平稳。国内江西锂矿事件的进展，建议市场参与者通过政府官网关注 安评和环许的公示和进展，规避不实信息误导下的非理性决策行为。供给端，部分锂盐厂停产检修时间安排 在春节前后，后面需关注春节后复产情况；需求端，当前春节前下游补库已经结束，市场主要焦点在于新能 源汽车的产销情况，建议后续持续关注。 技术面，碳酸锂期货的历史波动率再创历史新高，隐含波动率处于下降态势，预计后续波动率大幅回落可能 性持续存在；下方关注12万左右的支撑位。 综合研判，春节前下游补库备货情况已结束，而春节长假期间不确定性因素较多，因此建议在春节前夕逐步 降低仓位，以轻仓或空仓状态过节，规避长假持仓风险。同时，当前碳酸锂期货市场波动率处于历史高位， 波动率进一步上行空间有限，建议关注卖波动率策略的布局机会。 中长期维度，储能 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The space photovoltaic industry is progressing, with significant capital expenditures from major CSP manufacturers exceeding expectations [1] - The demand for energy storage is driven by ongoing electricity shortages in the U.S., highlighting the cost-effectiveness of leading companies [14] - The report emphasizes the importance of new directions such as space photovoltaics, AIDC, and robotics, which are catalyzing investment opportunities [14] Summary by Sections Photovoltaics - The space photovoltaic sector is gaining traction, with SpaceX's application for 1 million satellites accepted by the FCC, indicating a robust future for space-based data centers [20] - The China Photovoltaic Industry Association released cost analysis, indicating that the average full cost of mainstream photovoltaic products is expected to stabilize, providing support for price recovery [21] - The report highlights the potential for significant growth in global photovoltaic installations, with annual additions projected between 725-870 GW during the 14th Five-Year Plan [22] Energy Storage - Sunshine Power announced plans to establish a production base in Poland, aiming for 20 GW of inverter capacity and 12.5 GWh of energy storage systems [39] - The report notes a 45% year-on-year increase in EU battery storage capacity, with large-scale storage systems becoming the main growth driver [39] - January saw a significant increase in independent storage projects, with a total of 12.3 GW/36 GWh of bids, despite a year-on-year decline due to procurement timing [40] Lithium Batteries - The demand for lithium batteries continues to strengthen, with all segments showing a willingness to maintain prices, indicating ongoing profitability improvements [14] - The report recommends focusing on battery segments, particularly companies like CATL and EVE Energy, which are expected to perform well in the medium term [14] Wind Power - The report emphasizes the start of a new wind power cycle during the 14th Five-Year Plan, with significant opportunities in commercial aerospace and offshore wind projects [14] - Companies involved in wind turbine manufacturing and components are highlighted as key investment opportunities [14] Power Equipment - The domestic power grid's investment plan is projected at 5 trillion yuan, with significant improvements in pricing and demand driven by electricity shortages in the U.S. [14] - The report suggests focusing on opportunities in AI for power management and virtual power plants [14] New Directions - The report highlights the importance of developments in humanoid robotics and AIDC technology, with specific companies recommended for investment based on their potential in these sectors [14]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [11]. Core Insights - The introduction of the capacity price mechanism by the National Development and Reform Commission and the National Energy Administration marks a significant shift in the new energy storage sector from a policy-driven approach to a market-driven demand approach [3][4]. - The capacity price mechanism is expected to enhance the revenue streams for new energy storage, with a projected capacity price of 165 RMB/k·year leading to compensation income of approximately 17 million RMB for a 100MW/4h independent storage station [4]. - The current market conditions show a recovery in investment willingness as lithium carbonate futures prices have returned to below 150,000 RMB, indicating a stabilization in the supply chain and production rates among leading storage battery manufacturers [5]. Summary by Sections Policy Background and Purpose - The policy aims to promote the full market entry of renewable energy and establish a capacity price mechanism for new energy storage alongside coal and pumped storage [3]. - The experience from mature markets suggests that long-term capacity contracts are crucial for ensuring reasonable internal rate of return (IRR) for new energy storage [3]. Capacity Price Mechanism - The expected capacity price will allow coal power plants to recover fixed costs, with a target of at least 50% recovery [4]. - The reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods, with a reliability coefficient example of 67% for a 4h storage system [4]. Current Status of Energy Storage - The rise in lithium carbonate prices has negatively impacted the investment sentiment, but the situation is improving as prices stabilize [5]. - Leading companies in the energy storage sector are expected to benefit from the surge in overseas demand, which will help mitigate fluctuations in domestic demand [5].