26 January 2026 Global Energy Storage Global Energy Storage: Inside the gigafactory arms race Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Hengliang Zhang +852 2123 2629 hengliang.zhang@bernsteinsg.com Li-battery demand growth outpaced battery supply growth in 2025. Annual capacity additions Tier 1 companies increased by 28% (509GWh) and by 24% for all battery makers (769GWh). At the same time, stronger-than-expected ESS demand, co ...

摩根士丹利发布研报称，预期宁德时代（300750）(03750)股价将在未来15天内相对于行业平均水平上 涨，机率约70%至80%。对该股评级"增持"，目标价490港元。大摩指，宁德时代近期股价已出现回 调，使短期估值更具吸引力。该行认为市场过度担忧成本通胀对公司利润率的压力，而这些成本终将转 嫁出去。宁德时代在前次锂价上行周期中已证明其成本转嫁能力，并预期其锂矿将于短期内恢复生产。 同时，公司2026年第一季仍保有充足的低成本库存。 ...

Market Overview - The battery sector experienced a decline of 0.92% compared to the previous trading day, with Jiao Cheng Ultrasonic leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the battery sector included: - Zhongwei New Materials: closed at 59.49, up 5.22% with a trading volume of 393,200 shares [1] - Nord Shares: closed at 7.04, up 3.07% with a trading volume of 1,005,500 shares [1] - Wanrun New Energy: closed at 75.34, up 2.90% with a trading volume of 75,100 shares [1] - Major decliners included: - Jiao Cheng Ultrasonic: closed at 141.00, down 7.54% with a trading volume of 30,300 shares [2] - Jin Yinhe: closed at 51.40, down 6.82% with a trading volume of 154,300 shares [2] - Daoshi Technology: closed at 29.91, down 5.94% with a trading volume of 758,300 shares [2] Capital Flow - The battery sector saw a net outflow of 3.927 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.931 billion yuan [2][3] - Key stocks with significant capital flow included: - Ningde Times: net inflow of 16.9 million yuan from institutional investors, but a net outflow of 1.57 billion yuan from retail investors [3] - Nord Shares: net inflow of 1 billion yuan from institutional investors, with a net outflow of 46.646 million yuan from retail investors [3] - Wukuang New Energy: net inflow of 79.102 million yuan from institutional investors, with a net outflow of 1.2041 million yuan from retail investors [3]

【#康迪科技与宁德时代旗下换电公司合作#】记者今日获悉，康迪科技与宁德时代旗下换电公司达成为 期三年的战略合作，将共同推进重卡换电站的量产。根据协议，康迪科技旗下全资子公司中换电（浙 江）科技有限公司，将与宁德时代旗下换电公司时代骐骥绿能科技（深圳）有限公司开展深度合作。双 方的合作覆盖生产制造、交付落地、调试运营到售后运维的全链条。此前，宁德时代提出了"万站计 划"，该计划旨在建设覆盖全国的标准化换电服务网络，其中重卡底盘换电解决方案计划到2026年建成 900座换电站。（第一财经） ...

Core Viewpoint - The lithium battery industry is experiencing a strong recovery driven by explosive downstream demand, with a significant focus on long-term contracts between battery manufacturers and lithium iron phosphate (LFP) suppliers, indicating a shift towards value competition in the industry [3][5]. Group 1: Market Dynamics - The total disclosed sales contracts for lithium iron phosphate have reached 9.3694 million tons since last year, with many contracts extending to 2030 or beyond [3][6]. - Major contracts include a 305,000-ton agreement between CATL and Rongbai Technology, estimated at 120 billion yuan, highlighting the trend of long-term supply agreements [8]. - The industry is witnessing a structural imbalance, with severe overcapacity in low-end products while high-end products remain in short supply [4][18]. Group 2: Competitive Landscape - CATL has emerged as the largest buyer, signing contracts for over 7.5306 million tons of lithium iron phosphate since 2025, indicating a strong market position [8]. - Chuangneng New Energy has also made significant strides, securing a 130,000-ton order from Longpan Technology, making it the second-largest buyer after CATL [9]. - Hunan Youneng, previously a leading player, has not disclosed any long-term contracts recently, raising questions about its competitive strategy amidst the ongoing contract frenzy [10][12]. Group 3: Product Development and Innovation - The focus of long-term contracts is shifting towards high-pressure dense lithium iron phosphate products, which offer advantages in energy density and cycle life [15][16]. - The fourth-generation high-pressure dense lithium iron phosphate is expected to enhance battery performance significantly, with a projected energy density increase of 15%-20% compared to third-generation products [16]. - Companies like CATL and BYD are actively developing high-pressure dense lithium iron phosphate technologies to maintain competitive advantages in the market [17][19]. Group 4: Future Outlook - The global demand for lithium batteries is projected to grow significantly, with an expected increase in output from 186 GWh in 2020 to 3,540 GWh by 2030, indicating robust market growth [9]. - The industry is entering a new phase of expansion, with multiple companies announcing plans to increase production capacity for high-end lithium iron phosphate products [19]. - The competition for high-end lithium iron phosphate is intensifying, with companies needing to keep pace with rapid product iterations from battery manufacturers to avoid being left behind [19].

记者今日获悉，康迪科技（KNDI.US）与宁德时代旗下换电公司达成为期三年的战略合作，将共同推 进重卡换电站的量产。根据协议，康迪科技旗下全资子公司中换电（浙江）科技有限公司，将与宁德时 代旗下换电公司时代骐骥绿能科技（深圳）有限公司开展深度合作。双方的合作覆盖生产制造、交付落 地、调试运营到售后运维的全链条。此前，宁德时代提出了"万站计划"，该计划旨在建设覆盖全国的标 准化换电服务网络，其中重卡底盘换电解决方案计划到2026年建成900座换电站。（第一财经记者 肖逸 思） ...

Core Viewpoint - Kandi Technologies Group, Inc. has entered a three-year strategic cooperation agreement with Times Qiji Green Energy Technology to enhance the deployment of heavy-truck battery swap infrastructure, marking a significant step in the company's battery swapping business [1][4]. Group 1: Strategic Cooperation - China Battery Exchange will act as a strategic supplier to Qiji Energy, focusing on the layout, equipment selection, and manufacturing of mechanical and control systems for heavy-truck battery swap stations [2]. - The agreement includes integrated delivery and after-sales services, such as spare parts support, maintenance, servicing, training, and trial operations [2][6]. - This cooperation reinforces China Battery Exchange's position within CATL's global supplier ecosystem, showcasing its technical strength and mass-production capabilities [2]. Group 2: Battery Swap Network Development - Qiji Energy aims to deploy approximately 900 battery swap stations by 2026 as part of CATL's "Ten Thousand Station Plan," with China Battery Exchange playing a crucial role in this initiative [3]. - The collaboration combines CATL's brand recognition and battery technology with China Battery Exchange's R&D and manufacturing expertise, promoting efficient and large-scale implementation of battery swap infrastructure [3]. Group 3: Company Vision and Market Position - The CEO of Kandi Technologies emphasized that this strategic cooperation is a milestone for the battery swapping business, aiming for greater standardization, scalability, and sustainable operations [4]. - Kandi Technologies has consistently viewed battery swapping as a key component of its long-term strategy, focusing on innovation and practical applications for electric vehicles [4]. - The company expects to enhance its service capabilities in new energy infrastructure and support the commercialization of its battery swapping initiatives through this cooperation [6].

会议背景 -广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2026锂电关键材料及应用市场高峰论坛 2026年，锂电行业正以磅礴之势开启新一轮周期性增长浪潮，其特征表现为需求端的强势复苏、全球 化版图的加速扩张、技术路线的颠覆性迭代，形成"量价齐升+技术跃迁"的螺旋式上升格局。 会议主办： 鑫椤资讯 会议时间： 2026年3月19-20日 会议地点： 江苏·常州 会议咨询： 13248122922（微信同） 据鑫椤资讯的预测，2025年全球锂电池产量将达到2250Gwh，2026年的增长率将达到30%，其中储能 领域增速更是有望达到48.3%，呈现出"海内外需求双轮驱动、上下游产业链协同爆发"的盛况。如此爆 发式的市场需求，对电芯及上游四大主材的需求产生了巨大的拉动作用。 然而，从当前有效产能情况来看，电芯及各种材料的远期供应存在着一定的缺口。面对明确的供应缺 口，如何保障稳定、高效的供应链，将成为抓住这轮确定性增长的关键。 为把握锂电行业这一轮发展机遇，鑫椤资讯将于 2026年3月19日-20日 (19日报到)举办 2026锂电关键 材料及应用市场高峰论坛 ...

Core Viewpoint - The article discusses a strategic cooperation agreement signed between the Kunming Municipal Government, the Yunnan Dianzhong New District Management Committee, and Contemporary Amperex Technology Co., Limited (CATL) to enhance collaboration in the fields of new energy batteries, green energy, green transportation, and low-altitude economy [2][4]. Group 1: Strategic Cooperation - The agreement focuses on the development of a lithium battery green manufacturing base in the Yunnan Dianzhong New District, with construction expected to commence in the first quarter of 2026 [4]. - CATL has established a subsidiary, Yunnan Times New Energy Technology Co., Ltd., in Kunming with a registered capital of 1 billion yuan [5]. Group 2: Market Insights - The article outlines various market segments related to lithium batteries, including lithium carbonate, electrolytes, copper foil, lithium cobalt oxide, ternary materials, lithium iron phosphate, and more, indicating a comprehensive analysis of the lithium battery market trends expected by 2025 [3].

Core Viewpoint - Brazil is actively seeking collaboration with Chinese companies in the fields of battery storage, critical mineral development, and green hydrogen to transform its energy structure and promote sustainable industrial development [3][12]. Group 1: Meetings with Chinese Companies - On January 19, Brazilian Minister Silveira visited SANY Group to discuss investment plans for an industrial center in Brazil focused on heavy machinery, mining, oil and gas, energy, and power storage [4]. - During a meeting with Envision Energy on January 20, Silveira highlighted Brazil's strategic investment opportunities in sustainable aviation fuel, green hydrogen and ammonia, large-scale wind power, and battery storage, emphasizing Brazil's renewable energy potential and stable policy framework [6]. - In discussions with CATL on January 21, the focus was on the upcoming battery storage auction in Brazil scheduled for April 2026, with an emphasis on sustainable development and value enhancement of key minerals like lithium [8]. - On January 23, Silveira met with Huawei to explore battery storage systems and encourage broader participation of Chinese companies in the upcoming battery auction [10]. Group 2: Policy and Market Developments - Brazil's Law No. 15,269, effective November 2025, eliminates import tariffs on battery storage systems and key components, providing direct incentives for investment and collaboration [12]. - The series of visits aims to attract global attention to Brazil's battery storage auction in 2026 and signals Brazil's shift from a traditional resource-exporting country to an active participant in global green technology and industry cooperation [12]. - The 14th International Energy Storage Summit and Exhibition (ESIE 2026) will be held from March 31 to April 3, 2026, in Beijing, focusing on technological innovation, market trends, and global opportunities in the energy storage sector [13].