Core Viewpoint - The trading volumes of the Shanghai and Shenzhen Stock Connects indicate significant investor activity, with notable inflows and outflows in various sectors and stocks, reflecting market sentiment and investment trends. Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 134.14 billion, while the Shenzhen Stock Connect reached 153.30 billion [1]. Top Stocks by Trading Volume Shanghai Stock Connect - The top traded stocks included: - Kweichow Moutai (28.75 billion) - Zijin Mining (26.79 billion) - Industrial Fulian (20.01 billion) [2]. Shenzhen Stock Connect - The leading stocks were: - CATL (59.16 billion) - Tianfu Communication (43.66 billion) - Zhongji Xuchuang (36.11 billion) [3]. Sector Performance - Sectors such as oil and gas, batteries, and chemicals showed strong performance, while consumer sectors experienced declines [4]. Major Fund Inflows and Outflows Fund Inflows - The top sectors with net inflows included: - New Energy (51.65 billion, 1.97%) - Basic Chemicals (37.74 billion, 3.09%) [5]. Fund Outflows - The sectors with the highest net outflows were: - Defense and Military (50.28 billion, -5.27%) - Cultural Media (42.94 billion, -4.62%) [6]. Individual Stock Fund Monitoring Net Inflows - The stocks with the highest net inflows included: - Wuzhou Xinchun (11.85 billion, 30.31%) - Daji Shares (10.68 billion, 35.91%) [7]. Net Outflows - The stocks with the highest net outflows included: - Xinyi Sheng (29.11 billion, -17.14%) - Zhongbiao Xuchuang (15.56 billion, -8.69%) [8]. ETF Trading Summary Top ETFs by Trading Volume - The leading ETFs by trading amount included: - Gold ETF (19.03 billion, -5.10%) - A500 ETF Fund (14.96 billion, -4.58%) [9]. ETFs with Highest Growth in Trading Volume - The ETFs with the highest growth in trading volume included: - Brazil ETF (19.82 billion, 298.93%) - Hang Seng Dividend Low Volatility ETF (4.25 billion, 178.74%) [10]. Futures Positioning - Among the four major futures contracts, both long and short positions were reduced, with the IM futures contract seeing a significant increase in short positions, indicating heightened bearish sentiment [11]. Institutional Activity Buying Activity - Notable institutional buying included: - Enjie Shares (10.00%, 180 million) - Red Treasure (1.94%, 113 million) [12]. Selling Activity - Significant selling activity was observed in: - Jieli Suojun (2.79 billion) [13]. Retail and Quantitative Fund Activity Retail Activity - Retail investors showed reduced activity, with notable purchases in: - Jieli Suojun (1.63 billion) [14]. Quantitative Fund Activity - Quantitative funds were active, with significant purchases in: - Enjie Shares (1.07 billion) [15].

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for investment in the sector [1]. Core Insights - The lithium battery sector is expected to see a significant increase in both volume and price in Q4 2025, with production levels rising across various components, including a 15% increase in ternary cathodes and a 24% increase in lithium batteries [1]. - The photovoltaic industry is experiencing a reduction in losses, but Q4 is anticipated to be under pressure due to rising costs in silver paste and silicon materials, leading to expected losses for major companies [1]. - The wind power sector is witnessing a substantial recovery in profits driven by demand, with a 50.4% year-on-year increase in installed capacity in 2025, although Q4 performance may fall short of expectations due to reduced shipment volumes [1]. - The energy storage market is projected to maintain high growth rates, with independent storage becoming a key growth driver, supported by increasing demand in emerging markets and improved profitability models [1]. Summary by Sections Lithium Batteries - Q4 2025 is expected to see a significant increase in production across various lithium battery components, with production figures reaching 250,000 tons for ternary cathodes and 600 GWh for lithium batteries, reflecting a robust demand [1]. - Price increases in key materials such as lithium hexafluorophosphate and lithium iron phosphate are anticipated, contributing to stable profitability in the battery segment [1]. Photovoltaics - The industry faced substantial losses in the first three quarters of 2025, but there is a marginal improvement. Q4 is expected to be challenging due to rising costs and asset impairment [1]. - The cash flow in the silicon material segment is showing signs of recovery, with financing inflows increasing, although the overall industry remains under pressure [1]. Wind Power - The installed capacity for wind power in China reached 119.33 GW in 2025, marking a 50.4% increase year-on-year, leading to a significant recovery in profits for the sector [1]. - Despite a strong demand outlook, Q4 performance may be impacted by reduced shipment volumes and impairment factors [1]. Energy Storage - The energy storage sector is expected to continue its rapid growth, with independent storage becoming a core growth driver through capacity leasing and market transactions [1]. - The outlook for 2026 is positive, with anticipated demand growth in overseas markets and improved utilization rates in domestic large-scale storage [1]. Investment Recommendations - The report suggests focusing on four main investment lines: 1. Cyclical growth companies such as CATL and EVE Energy 2. Technological innovation firms like Rongbai Technology and Dingsheng Technology 3. Supply-side optimization companies including Tongwei and LONGi Green Energy 4. Companies expanding into AIDC as a secondary business [1].

Core Viewpoint - The article emphasizes the critical role of sodium batteries in the future of electric vehicles, particularly in cold climates, and highlights the collaboration between CATL and Changan Automobile to validate sodium battery performance in extreme conditions [3][4][5]. Group 1: Market Trends and Projections - By 2025, the penetration rate of new energy vehicles in China's total auto sales is expected to exceed 50%, reaching 50.8%, with some months last year seeing nearly 60% penetration [3]. - CATL's sodium batteries are positioned as essential for the second half of the electrification process, particularly in northern markets where low-temperature performance is crucial [4][5]. Group 2: Product Development and Performance - CATL has developed various sodium battery products, including those for heavy-duty trucks and passenger vehicles, showcasing significant performance improvements in low-temperature conditions [7][9]. - In tests, sodium batteries demonstrated nearly three times the discharge power compared to conventional lithium iron phosphate models at -30°C, with over 90% capacity retention at -40°C [4][9]. Group 3: Commercialization and Strategic Partnerships - CATL has been actively delivering sodium battery products and has a clear commercialization strategy, moving from commercial vehicles to passenger cars and conducting winter tests to validate performance [5][6]. - The collaboration with Changan Automobile aims to produce models with over 400 km range, with future upgrades targeting 500 km to 600 km [10]. Group 4: Supply Chain and Industry Impact - The entry of CATL into the sodium battery market is expected to drive significant changes in the supply chain, leveraging similarities between lithium and sodium supply systems [13][14]. - CATL's partnership with Rongbai Technology for sodium battery materials is set to expand production capacity significantly, with a projected 101% year-on-year increase in sodium battery cathode material production by 2025 [15][16]. Group 5: Future Applications and Market Expansion - CATL plans to apply sodium batteries extensively in the energy storage sector by 2026, aligning with market reforms that enhance investment returns in storage solutions [17][18]. - The introduction of a new capacity pricing mechanism for independent storage stations is expected to reduce investment uncertainties in sodium battery storage [18]. Group 6: Technological Innovations - CATL has introduced the "sodium-iron" dual-core battery, combining sodium and lithium technologies, which offers a total energy capacity of 75 kWh and a range of 700 km [19].

Core Viewpoint - The Chinese energy storage lithium battery market is expected to experience significant growth in 2025, with a shipment volume of 630 GWh, representing an 85% year-on-year increase, and maintaining over 90% of the global market share [1][4]. Group 1: Market Growth Drivers - The growth is driven by three main factors: the gradual exit of mandatory storage policies and the acceleration of independent storage projects in the domestic market, transitioning the industry from "passive configuration" to "active investment" [4]. - The overseas market is boosted by the U.S. installation surge, demand release in emerging markets, and the end of inventory depletion in overseas household storage, leading to strong order growth [4]. - New application scenarios, such as data centers, are contributing to the continuous increase in demand for energy storage cells [4]. Group 2: Competitive Landscape - The top 10 companies in China's energy storage lithium battery shipments for 2025 include CATL, BYD, Hicharge, EVE Energy, and others, which also rank among the top globally [1][2]. - The competition in the household storage lithium battery market in 2025 will focus on specialized production capacity and large-scale delivery capabilities, solidifying the market share and industry position of leading companies [5]. Group 3: Future Trends - In 2026, the household storage lithium battery market is expected to see a relaxation of capacity constraints, with the establishment of a dual mainline product matrix as 100Ah and 314Ah cells become standard options [4][5]. - The global supply chain layout is accelerating, with localized production becoming a key strategy to address trade barriers and raw material sourcing requirements in overseas markets [5]. - The penetration rate of large capacity cells (500+ Ah) is projected to exceed 20% in 2026, with most manufacturers expected to achieve mass production by the second half of the year [9]. Group 4: Market Projections - The energy storage battery market is anticipated to maintain a high growth trend into 2026, with an expected shipment of over 850 GWh, although capacity pressure will remain significant in the first half of the year [8][11]. - The price of energy storage cells is projected to increase by approximately 3-6 cents per Wh due to rising costs of key raw materials, which will be passed down to downstream procurement costs [12].

过去一年，国内动力电池厂商在钠电池商用化领域加速布局，头部企业通过技术突破、产能扩张及场景 落地，推动钠电池从实验室走向规模化应用。行业内最新的重磅则是，长安汽车和宁德时代两家巨头2 月5日在极寒汽车测试地牙克石举办了一场发布会，长安汽车正式发布全球钠电战略，同时宣布旗下阿 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。（智通财经） ...

Core Insights - The global lithium-ion energy storage battery shipment reached 550 GWh in 2025, marking a 79% year-on-year increase, indicating rapid expansion in the energy storage industry [1][6][11] Group 1: Market Overview - China, North America, and Europe remain the primary target markets, with China accounting for 352 GWh (64% of global shipments) and a growth rate of 117%, highlighting its role as the core driver of global energy storage supply growth [1][6][11] - North America and Europe are experiencing growth, but their global market share is declining due to faster growth in China and emerging markets, which saw a growth rate of 108% [1][6][11] Group 2: Regional Dynamics - The slowdown in North America's growth rate and its declining global share is linked to U.S. policies, particularly high tariffs on Chinese products, which have impacted the supply of lithium iron phosphate batteries [7][10] Group 3: Company Rankings - The top nine companies in lithium-ion energy storage battery shipments are dominated by Chinese firms, with CATL leading at 167 GWh, holding a 30% market share, while the last two Korean companies account for only 4% [4][9][11] - The dominance of Chinese companies is attributed to the suitability of lithium iron phosphate batteries for energy storage needs, emphasizing safety and cost over energy density [4][9][10] Group 4: Future Outlook - Korean companies are adapting by modifying existing U.S. production lines and focusing on lithium iron phosphate technology to regain market share in North America, with expectations of a gradual recovery in their market presence [10]

近日市场热议的"宁德时代收购华为数字能源"传闻，有了最新进展！ 知情人士透露，双方此前确实有过洽谈，但因整体收购成本过高，收购方案并未推进，取而代之的是宁 德时代拟参股华为数字能源约20%股份。 不过反转来得迅速——2月6日，多位华为数字能源员工证实，2月5日晚公司内部已逐级通知，明确不再 出售相关业务及股份。 来源：锂电派 近日市场热议的"宁德时代收购华为数字能源"传闻，有了最新进展！ 知情人士透露，双方此前确实有过洽谈，但因整体收购成本过高，收购方案并未推进，取而代之的是宁 德时代拟参股华为数字能源约20%股份。 不过反转来得迅速——2月6日，多位华为数字能源员工证实，2月5日晚公司内部已逐级通知，明确不再 出售相关业务及股份。 据悉，华为数字能源成立于2021年6月，是华为100%全资子公司，注册资本30亿元，核心聚焦清洁能源 与能源数字化领域，也是华为在该赛道的核心业务载体。 目前，双方均未就此次参股传闻及后续合作作出官方回应，后续动态我们将持续关注。 来源：锂电派 据悉，华为数字能源成立于2021年6月，是华为100%全资子公司，注册资本30亿元，核心聚焦清洁能源 与能源数字化领域，也是华为在该赛道 ...

预测营业收入5007.06~5794.02亿元；预测净利润773.53~915.00亿元。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 | | | | | 预测净利润 | 同比 | | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 实万预测区 | | 5007.06~5794.02 | | 773.53~915.00 | -- | | | | 平均数 | | 5424.70 | - | 867.84 | | -- | -- | | 中位数 | | 5387.09 | -- | 873.06 | -- | -- | -- | | 国海证券 | 2026-02-05 | | F | 873.06 | -- | -- | -- | | Morgan Stanley | 2026-02-03 | 5007.06 | -- | 858.21 | -- | -- | -- | | Morgan Stanley | 2026-02-02 | 5007.06 | -- | 858.21 | | -- | -- | ...

Group 1 - The core point of the article is the announcement of a new project by Fulin Precision Engineering, which involves a joint investment with Guizhou Dalong Huicheng to establish a joint venture for a "50,000 tons per year ferrous oxalate project" to meet the demand for high-pressure dense lithium iron phosphate precursors [2] - The total investment for the project is expected to be 1.5 billion yuan, utilizing copper smelting waste to produce ferrous oxalate, with a completion and production target set for September 30, 2026 [2] - Fulin Precision Engineering also announced a capital increase and share expansion with CATL, raising CATL's stake in Jiangxi Shenghua New Materials from approximately 18.74% to 33.00%, while Fulin's stake will decrease to about 64.37% [2][3] Group 2 - The strategic importance of high-end lithium iron phosphate is highlighted, as CATL continues to seek deeper collaboration with Jiangxi Shenghua [3] - The capital structure and asset-liability optimization are being pursued to enhance Jiangxi Shenghua's capital strength and financing capabilities [3]

Group 1 - The total value of the top 500 companies in China increased by 21 trillion yuan (38%), reaching 77 trillion yuan, with an average value growth of 41.5 billion yuan, now at 1.53 trillion yuan [1][2] - The entry threshold for the list rose to 34 billion yuan, an increase of 7.5 billion yuan from the previous year, marking a historical high [1][2] - The technology sector continues to be a growth engine, with significant increases in the number and market value of companies in semiconductor, biomedicine, artificial intelligence, and new energy sectors [1][2] Group 2 - Nearly 40% of this year's listed companies were not on the list four years ago, with new entrants primarily from consumer electronics, AI computing, and new energy sectors [2] - The semiconductor industry surpassed the life sciences sector to become the second-largest industry in the list, with TSMC leading the growth [3] - Notable semiconductor companies include TSMC, which saw a value increase of 3.5 trillion yuan, and Cambrian, which grew by 370 billion yuan [3] Group 3 - The new energy sector also performed well, with CATL's value increasing by 690 billion yuan, and other companies like Sungrow and EVE Energy showing significant growth [4] - The Shanghai region had 57 companies on the list, an increase of 7 from the previous year, making it the city with the fastest growth in the number of listed companies [10] - Shanghai is a key research and development hub, with 101 companies establishing their main R&D bases there, reflecting its strong innovation capabilities [10][11] Group 4 - The STAR Market (科创板) has a strong presence in the list, with 45 companies, showcasing the focus on hard technology sectors like semiconductors and biomedicine [6][7] - The semiconductor sector is particularly prominent among STAR Market companies, with many of the highest-valued startups in this field [8] - The overall trend indicates that STAR Market companies are in a high-growth phase, aligning with the broader trend of nearly 40% of this year's companies being new entrants [9]