Group 1 - The interest of mutual funds in the Hong Kong market slightly decreased in Q4 of last year, with strong capital inflows into the metals and financial sectors [1] - By the end of 2025, the structure of stock holdings in equity and mixed mutual funds diversified, with the top 50 holdings' share of total stock investments dropping from 25.8% to 25.1% [1] - The proportion of Hong Kong stocks in mutual fund heavyweights decreased from a peak of 17.8% to 16.3% [1] Group 2 - Driven by global metal market trends, Chinese mutual funds significantly increased their investments in metal stocks in Q4, with a quarterly rise of 1.7 percentage points [2] - Fund managers showed optimism towards banks and diversified financials, with notable inflows into Industrial Bank and ICBC [2] - For Q1 2026, mutual funds are expected to have a higher risk tolerance post profit-taking, with AI and metals remaining key investment themes [2]

证券研究报告·公司点评报告·电池 宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） ◼ 风险提示：政策不确定，需求低于预期。 证券分析师 曾朵红 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 ...

宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 | 30.58 | 22.16 | 16.98 | 13.65 | [Table_Tag] [T ...

摩根士丹利发表报告，预期宁德时代股价将在未来15天内相对于行业平均水平上涨，机率约70%至 80%，评级"增持"，目标价为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。 ...

摩根士丹利发表报告，预期宁德时代股价将在未来15天内相对于行业平均水平上涨，机率约70%至 80%，评级"增持"，目标价为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。 ...

Core Viewpoint - Ford is deepening its collaboration with CATL to produce energy storage batteries in the U.S., amidst political scrutiny and competition concerns from other American automakers [1][3][5]. Group 1: Collaboration Details - Ford is the first partner of CATL to establish a factory in the U.S. for low-cost lithium iron phosphate electric vehicle batteries, with production expected to start in Michigan [3]. - A new subsidiary, Ford Energy, has been established to focus on battery storage, leveraging CATL's technology [3][6]. - Ford plans to convert a battery factory in Kentucky to produce storage batteries, aiming to supply large AI data centers and offset losses from its electric vehicle transition [3][5]. Group 2: Political and Competitive Landscape - The U.S. House's "China Committee" is pressuring Ford for more details on its collaboration with CATL, citing concerns over national security and supply chain independence [4][5]. - Some U.S. lawmakers and competitors are worried that Ford's existing agreements with CATL may provide it with an unfair competitive advantage due to federal tax credits [5][6]. - The "Big and Beautiful Act," promoted by Trump, allows Ford to continue receiving federal subsidies for existing agreements with "restricted foreign entities" until July 2025, despite new restrictions on future agreements [5][6]. Group 3: Industry Reactions - Ford's CEO, Jim Farley, has expressed intentions to reduce reliance on Chinese components to mitigate supply chain risks while acknowledging the competitive landscape posed by Chinese automakers [7]. - The American automotive industry, represented by the Automotive Innovation Alliance, has raised alarms about the perceived threat from Chinese automakers and urged the government to prevent their establishment in the U.S. [7][8].

公开信息显示，福特是宁德时代以技术授权方式合作建厂的首个合作对象，双方于2023年达成首次合 作，计划在美国密歇根州马歇尔市的一家工厂生产低成本磷酸铁锂电动汽车电池，该工厂预计于今年正 式投产。 【文/观察者网 阮佳琪】 对此，福特方面回应表示，"在美国扩大磷酸铁锂电池生产，不仅是对能源安全的投资，也是对美国工 人的投资。每一座新工厂都意味着新增数千个高技能制造业岗位，以及更强劲的地方经济。" 已经远远落后于人的美国老牌汽车制造商，就指望着搭上中国合作伙伴的便车，挤入电动汽车赛道，偏 偏老被自家人拖后腿。 据《金融时报》29日报道，美国汽车三巨头之一的福特汽车决定深化与全球最大电池制造商宁德时代 （CATL）的合作，依据双方现有合作协议，利用此前已获授权的宁德时代技术新建设施，专门生产储 能电池。 消息一出，众议院臭名昭著的"美中战略竞争特别委员会"（下称"中国委员会"）又坐不住了，翻炒所 谓"中国威胁论"，施压福特披露更多合作细节。 月13日，特朗普在福特首席执行官吉姆·法利等人陪同下，视察福特生产中心。视频截图 以这项合作为基础，当地时间周二，福特宣布成立全新电池储能子公司"福特能源"（Ford Ener ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

Core Insights - The lithium battery manufacturing equipment industry in China has established a complete industrial chain, with upstream components and materials, midstream equipment R&D and manufacturing, and downstream battery production and applications [1][6] - The industry has experienced rapid growth since 2020, with expected shipments reaching 1888.6 GWh by 2025, accounting for 82.8% of global shipments [1][8] - Domestic investment in the lithium battery industry is projected to exceed 820 billion yuan by 2025, with over 282 investment projects [1][9] - The overseas market is emerging as a new growth area, with the overseas lithium battery equipment market expected to reach 1266.5 billion yuan by 2030 [1][12] Industry Overview - Lithium battery manufacturing equipment is essential for producing lithium-ion battery cells and includes various specialized machinery for different production processes [1][3] - The equipment can be categorized based on production processes (front-end, mid-end, back-end), functionality, automation level, and battery type [3][4] Industrial Chain - The industrial chain consists of upstream core components and materials (40-60% of total equipment cost), midstream equipment R&D and manufacturing, and downstream battery production [6] - Key downstream customers include major battery manufacturers like CATL and BYD, with demand driven by the rapid growth of electric vehicles and energy storage [6][8] Market Dynamics - The domestic lithium battery equipment market has shown phase fluctuations, with a projected market size of 660 billion yuan in 2024 and a rebound to 850 billion yuan by 2027 [11] - The export value of lithium batteries from China reached 69.2 billion USD in the first 11 months of 2025, with an expected total of over 76 billion USD for the year [9][10] Development Trends - The industry is expected to focus on technological iteration, supply chain localization, and global expansion, leading to high-quality development [12][13] - Equipment will evolve to accommodate new battery technologies, integrating advanced technologies like AI and digital twins for improved production efficiency [12][13] - The localization of core components is crucial for enhancing supply chain resilience and reducing costs [13] - The global market competition is shifting towards technology and service capabilities, with leading companies enhancing their market positions through overseas expansions [14]

最近看了新华社对泡泡玛特王宁的采访，很有感触，想写点什么，但又不知道从哪个角度来讲，毕竟盲 盒对我来说，从来都不是一个感兴趣的话题。 直到无意去翻看中国企业出海的榜单时，才发现一个挺有意思的重合。 在消费品和年轻人社交圈，大家谈论的王宁，是泡泡玛特创始人，那个把一个小公仔卖到卢浮宫旁边的 年轻人。在能源和重工业圈子，大家提起宁王，指的是宁德时代，那个在福建宁德起家，现在统治着全 球电动车电池供应链的曾毓群。 这两家公司，一个做的是几十克重的塑料玩具，一个做的是重量级的电池包，生意模式相差了十万八千 里。 但我观察了很久，发现一件值得讨论的事情。本质上，他们都在为这个时代提供一种动力，只不过曾毓 群提供的是让车跑起来的物理动力，王宁提供的是让年轻人觉得生活还没那么枯燥的情感动力。 两股力量，一个掌控着电动汽车的心脏，一个攥紧了年轻人的心跳，在这个时代巧妙地撞在了一起。 1、起点，往往没有人看好 先说曾毓群。在宁德时代的办公室里，曾经挂着一幅字，叫赌性坚强。这四个字后来被传得很广。曾毓 群这辈子做的最大的决定，就是认定动力电池这个赛道一定能跑出巨头。那时候大家还在怀疑电动车是 不是骗局，他已经带着团队死磕锂电池的 ...