寒武纪-U是一家AI芯片公司，专注于云端和边缘计算的人工智能芯片研发。作为国内AI芯片领域 的领先企业，其股价此前曾一举超过贵州茅台成为A股"股王"。早在2024年四季度，寒武纪-U就跻身基 金重仓股第8位，之后除了在2025年三季度掉出前20名外，一直在10名左右徘徊。在AI应用的快速发展 带动下，寒武纪-U在2025年四季度一举升至基金重仓股第5位。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成 为"重点关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现 在整体的持仓变化上。Wind数据显示，公募基金2025年四季度对科技行业上市公司的持仓已经从2024 年一季度的25%上升到40%。与此同时，新能源、消费、金融行业的占比有所下降。这一变化反映了市 场对科技行业特别是AI行业发展的高度关注。 近期披露完毕的2025年公募基金四季报显示，中际旭创、宁德时代、新易盛、紫金矿业、寒武纪- U、立讯精密、贵州茅台、东山精密、美的集团、中国平安成为主动基金的前十大重仓股。 在人工智能（AI）产业的投资浪潮下，科技成长风格成为主导。其中，中际 ...

从获买入评级个股所属Wind行业来看，资本货物、技术硬件与设备、半导体与半导体生产设备买入评 级个股数量最多，分别有6只、3只、2只。 Wind数据显示，1月29日，共有15只个股获券商买入评级，其中2只个股公布了目标价格。按最高目标 价计算，宁德时代、鼎胜新材目标涨幅排名居前，涨幅分别达75.79%、39.29%。 从评级调整方向来看，12只个股评级维持不变，2只个股评级获调高，1只个股为首次评级。 ...

Core Insights - The battery industry is entering a phase of "de-involution" as government policies aim to optimize capacity planning and regulate market competition, signaling an end to the era of disorderly growth in battery production [1][2]. Group 1: Policy Changes - A joint meeting by four government departments emphasized the need to optimize capacity planning and avoid overcapacity risks in the battery sector [1]. - The Ministry of Finance and the State Taxation Administration announced a phased reduction of the export VAT rebate for battery products, decreasing from 9% to 6% from April 1, 2026, and completely eliminating it by January 1, 2027 [1][2]. - The phased approach to the export VAT rebate aims to provide a transition period for the industry, allowing for the orderly exit of low-quality production capacities [3][4]. Group 2: Industry Challenges - The reduction in export rebates is expected to increase export costs for companies, particularly affecting small and medium-sized enterprises that rely on low-price strategies [2][6]. - Current production capacity in China's battery sector exceeds 3000 GWh, while actual demand is projected to be around 1500 GWh by 2025, leading to low utilization rates [2][3]. - The price of storage systems has dropped by 80% over three years, with some battery export prices falling below production costs, resulting in negative profit margins for certain companies [2]. Group 3: Market Dynamics - Despite challenges, the demand for electric and storage batteries remains strong, with expectations for the share of storage batteries to increase from one-quarter to potentially one-half of the market [3][4]. - The new policies are expected to accelerate industry consolidation, pushing companies to focus on technological innovation and brand strength rather than price competition [2][3]. - The upcoming changes may lead to a surge in exports as companies rush to ship products before the rebate reduction takes effect, potentially causing supply chain strains [5][6]. Group 4: Globalization and Competitive Landscape - The shift away from subsidy dependence is anticipated to enhance the competitive edge of Chinese battery companies in the global market, focusing on technology, branding, and supply chain integration [9][10]. - Companies are expected to adapt by strengthening international collaborations and optimizing production strategies to mitigate the impact of rising costs due to the rebate changes [10][11]. - The long-term outlook suggests that the balance of supply and demand will increasingly depend on global market needs and technological advancements rather than just domestic production capacity [4][10].

但最近一段时间，欧洲、加拿大等地开始频频施放善意与诚意，对国产新能车敞开了大门，特别是欧盟甚至主动要求涨价销售。这 让在国内卷的欲仙欲死的新能车品牌们，几乎是一瞬间卸下了脖子上的绞索。 当然也有人提出过异议，认为像加拿大这类高纬度地区往往冬季漫长、较为寒冷，所以国产新能车的电池难以达到理想水平，不能 过度乐观。 先别急，看第二个消息——1月22号，宁德时代官宣发布"天行II"轻商低温版电池。 除了是全球首款轻型商用车领域内实现量产的钠离子电池外，"天行II"还有个最大的特点就是，该电池在零下40°的极寒环境中可以 保持90%的可用电量，零下30°的状态下也可以即插即充，零下15°的情况下也可以在30分钟完成从20%至80%的快充。 对新能车行业来说，最近简直有种"天命在我"的感觉。 先是地缘关系上突然的转向。此前新能车出海一直存在关税和政策壁垒，国外一些消费能力较强的市场为了保护本土汽车业，往往 对国产新能车施加重税甚至一禁了之。 有这些针对性的特点，"天行II"简直是针对高纬地区冬天极端环境下续航衰减和充电困难等问题的大杀器。 合理猜测，宁德时代这个新产品发布会，是在国外政策转向这个节骨眼上，为了这碟醋特意 ...

1月30日，可申购上交所的林平发展（603284.SH）和科创板的电科蓝天（688818.SH），另有一只新股 上市，为北交所的美德乐（920119.BJ）。 两只新股申购 林平发展主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售，是一家具有自主研发及创新能力的 高新技术企业。 | 今日申购 | | | | | --- | --- | --- | --- | | 603284.SH 林平发展 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 37.88 | 38.21 | 21.43 | 造纸和纸制品业 | | 发行市盈率 | 行业市盈率 | 可以公司 | 可比公司动态市盈率 | | 山鹰国际 | | | 亏损 | | 18.69 | 26.36 | 置兴纸不 | 130.64 | | 荣晟环保 | | | 18.74 | | 业绩情况 | | | | | 35.0 | | | 50% | | 30.0 | | | 40% | | 25.0 | | | 30% | | | | | 20% | | 20.0 | | | 10% | | 15.0 | | | ...

Core Viewpoint - The article emphasizes that 2025 will be a pivotal year for China's new energy vehicle (NEV) market, with significant growth in both passenger and commercial vehicle segments, highlighting the need for advancements in electric commercial vehicles to match the success of passenger vehicles [2][3][4]. Passenger Vehicle Segment - By 2025, the retail penetration rate of new energy passenger vehicles is projected to reach 54%, a 6.4 percentage point increase from 47.6% in 2024, marking a historic high [3]. - This indicates that new energy vehicles have become the preferred choice for consumers in the passenger vehicle market, relegating fuel vehicles to a minority status [4]. Commercial Vehicle Segment - In 2025, the sales of new energy commercial vehicles in China are expected to reach 871,000 units, accounting for 26.9% of total commercial vehicle sales [5]. - Despite a noticeable increase in penetration rates for new energy commercial vehicles starting from Q4 of the previous year, the electrification progress remains significantly behind that of passenger vehicles [5]. Challenges in Commercial Vehicle Electrification - The slow adoption of electric commercial vehicles is attributed to insufficient product capabilities, including issues such as short range, slow charging speeds, low energy efficiency, battery degradation in cold temperatures, and low resale value [10][11]. Innovations by CATL - On January 22, CATL launched the "Tiankang II Light Commercial Series" battery solutions, which include sodium batteries, long-range options, high/low-temperature fast charging, and battery swapping solutions tailored for new energy light commercial vehicles [13][14]. - The focus on light commercial vehicles is due to their potential for electrification, with recent months showing penetration rates above 30%, significantly higher than the overall industry [16]. Key Battery Technologies - The new "Tiankang II Light Commercial Series" includes several battery versions, such as ultra-fast charging, long-range, high-temperature, low-temperature, and battery swapping versions, each addressing specific pain points in the light commercial vehicle sector [18][19]. - The low-temperature version utilizes sodium-ion technology, which performs significantly better than lithium-ion batteries in cold conditions, maintaining over 92% capacity at -20°C and functioning at -30°C [30][32]. Safety and Performance - Sodium batteries exhibit superior safety, remaining functional even when punctured or cut, which allows for reduced protective measures and more efficient use of vehicle space [36][39]. - While sodium batteries currently have lower energy density compared to lithium batteries, ongoing engineering efforts aim to close this gap [40][42]. Market Impact - The introduction of the "Tiankang II Light Commercial Series" is expected to usher in a "no barriers" era for electrification in the light commercial vehicle market, enhancing product capabilities and attracting more users to adopt electric commercial vehicles [68]. - The operational cost savings from switching to electric vehicles are substantial, with electric light trucks potentially saving up to 32,000 yuan annually compared to fuel vehicles, not including maintenance cost reductions [86][87]. Broader Implications - The reduction in logistics operational costs will ultimately benefit consumers through lower delivery fees, reflecting a more efficient use of resources across various industries [90][91].

Core Viewpoint - Kandi Technologies Group announced a three-year strategic cooperation agreement between its wholly-owned subsidiary, Zhonghuan Electric (Zhejiang) Technology Co., Ltd., and Times Kijiji Green Energy Technology (Shenzhen) Co., Ltd. to focus on the mass production of heavy-duty electric vehicle battery swap stations [1] Group 1 - The partnership will involve comprehensive collaboration across the entire supply chain, including production, delivery, commissioning, and after-sales maintenance [1] - The collaboration aims to promote the large-scale development of the new energy vehicle charging market [1]

Core Viewpoint - There are rumors regarding Huawei's digital energy business being sold, potentially to CATL and local state-owned enterprises, but no official confirmation has been provided [1][3][4] Group 1: Huawei's Digital Energy Business - Huawei's digital energy business is considered a key growth area, with projected revenue of 68.68 billion yuan in 2024, reflecting a 24.4% year-on-year increase [3] - The business has shown resilience against sanctions, maintaining a leading position in the global market for smart photovoltaic inverters for ten consecutive years [4] - Huawei has made significant investments in digital energy projects, including a 4 billion yuan investment in a headquarters for digital energy technology [4] Group 2: CATL's Strategic Needs - The rumors of CATL acquiring Huawei's digital energy business stem from its need to address competitive pressures in the energy storage industry and to fill gaps in its business model [7][9] - CATL holds a dominant position in the battery and energy cell market, with a 25% market share, but lacks a strong presence in the energy system integration sector [7] - The trend of "integrated solar and storage" is becoming crucial, and CATL risks falling behind if it does not enhance its system integration capabilities [8][9] Group 3: Market Dynamics - The energy storage market is experiencing rapid growth, with global energy storage cell shipments reaching 410.45 GWh in the first three quarters of 2025, a 98.5% increase [7] - Companies like Trina Solar and JinkoSolar are rapidly expanding their energy storage businesses, posing a challenge to current market leaders [8] - Huawei's digital energy business could provide CATL with the necessary technology and market access to enhance its competitive position in the integrated energy solutions market [9]

据宁德时代消息，近日，宿迁市城市公共交通有限公司与宁德时代正式签署战略合作框架协议。双方将 围绕"宁家服务"落地、车网互动（V2G）技术应用及车辆后市场服务等领域展开深度合作，共同探 索"交通+能源"融合发展新模式。 ...

本报告导读： 2025 年 Q4 新股首日涨幅达 176%，并且未盈利新股对 A1 类账户贡献明显，打新基 金中位数 Q4 收益 0.45%，重仓行业为电子、有色金属和电力设备。 投资要点： | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 | S0880524080007 | 新股研究 /[Table_Date] 2026.01.29 未盈利新股显著增厚打新收益 ——2025Q4 打新基金持仓和收益分析 [Table_Report] 相关报告 新股精要—国内汽车制造机器视觉设备龙头易思 维 2026.01.27 北证日均成交金额有 ...