首先，南北气候差异造成的鸿沟尤为棘手。新能源轻卡的上牌量呈现出极端不均衡的区域集中性， 在2025年全国上牌量排名前15的省 级行政区中，约80%集中在广东、浙江、江苏等沿海省市。 而在广阔的北方大地，尤其是东北、西北等冬季高寒区域，新能源轻商市 场几乎仍是一片空白，部分省份渗透率甚至不足5%，形成了鲜明的"南北割据"格局。 正是瞄准新能源轻商市场的核心痛点，宁德时代全新发布的天行 II 系列产品，以针对性的技术升级与解决方案，试图重新帮物流人们算好运营 与收益的"三本账"。 高渗透率下的"折叠繁荣"：三大困局制约真实增长 2025年，新能源轻商渗透率首破30%，表面繁荣下，一线物流司机却有三个硬核问题：低温环境下能不能稳定跑、城际物流的里程边界能否打 破、车辆残值有保障卖不卖得出去。这三道现实关卡若无法突破，物流电动化终将是"纸面繁荣"。 "电车不过山海关。"这句流传于卡友间的调侃，最终沦为冰冷的商业现实。低温环境是传统锂电池的"天然克星"，在-20℃时，磷酸铁 锂电池容量保持率仅约70%，性能大幅"腰斩"；到了-30℃，电池几乎无法正常放电，直接导致车辆启动困难、续航骤减、爬坡无力， 出勤率大幅下滑。对靠 ...

花旗发布研报称，对宁德时代（300750）(03750)H股展开30日下行催化剂观察。该行关注锂、铜、电解 液等成本上升，令电池企业的利润面临下行压力;加上电动车销售疲弱引发的忧虑，以及资金流动导致 的沽压，可能触发宁德时代等电池企业股价表现逊色。该行现予宁德时代目标价621港元及"买入"评 级。 ...

36氪获悉，爱企查App显示，近日，内蒙古蒙宁时代储能科技有限公司成立，法定代表人为姚天明，经 营范围包括储能技术服务、电池零配件销售、人工智能基础软件开发、网络与信息安全软件开发、人工 智能应用软件开发等。股权穿透图显示，该公司由宁德时代新能源科技股份有限公司间接全资持股。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric new energy sector, including CATL, Xiamen Tungsten, and others [2][3]. Core Insights - The electric new energy sector's overall fund holding ratio has decreased, with a notable decline in the holdings of new energy vehicle and power equipment sectors, while the industrial control sector saw a slight increase [6][18]. - The report emphasizes the importance of policy, technology, and demand factors influencing the various sub-sectors within the electric new energy industry, leading to different performance expectations [6][29]. Summary by Sections 1. Overall Fund Holdings in Electric New Energy Sector - As of Q4 2025, the fund holding ratio for the electric new energy sector is 8.73%, down by 0.93 percentage points quarter-on-quarter and 1.83 percentage points year-on-year [9][14]. - The market capitalization of the electric new energy sector accounts for 5.92% of the total market capitalization, with a slight decrease of 0.28 percentage points quarter-on-quarter but an increase of 0.81 percentage points year-on-year [9][14]. 2. Sub-sector Fund Holdings Analysis - The fund holding ratio for the new energy vehicle sector is 7.24%, down by 1.06 percentage points quarter-on-quarter and 1.30 percentage points year-on-year [18][21]. - The new energy power generation sector has a fund holding ratio of 2.19%, with a minor decrease of 0.05 percentage points quarter-on-quarter and a decrease of 0.30 percentage points year-on-year [18][24]. - The power equipment and industrial control sector's fund holding ratio is 1.28%, showing a slight increase of 0.14 percentage points quarter-on-quarter [18][26]. 3. Investment Recommendations 3.1 New Energy Vehicles - The report suggests focusing on companies with clear competitive advantages and improving profitability in the battery segment, such as CATL and A123 Systems [28]. - It also highlights the importance of materials and components in the supply chain, recommending companies like Keda and others [28]. 3.2 New Energy Power Generation - The report indicates a shift from policy-driven to market-driven demand for energy storage, recommending companies involved in energy storage integration and battery production [29]. - It emphasizes the growth potential in wind energy, particularly offshore wind, and suggests monitoring companies like Mingyang Smart Energy and Goldwind [30][32]. 3.3 Power Equipment and Industrial Control - The report identifies AIDC as a growth driver for power equipment demand, recommending companies with strong fundamentals and competitive pricing [34]. - It also notes the increasing importance of high-voltage construction in domestic demand, suggesting companies like XJ Electric and others [34][35].

大摩分析师Jack Lu认为，近期宁德时代的股价回调已使其短期估值具备更强吸引力，市场对于成本通 胀下利润率承压的担忧存在过度反应。报告强调，宁德时代在过往锂价上行周期中已展现出成熟的成本 传导能力。 摩根士丹利1月28日上午最新发布的研究观点报告指出，未来15日内，港股上市的宁德时代（300750） (03750)股价表现将优于行业平均水平。 长期来看，宁德时代已通过子公司直接或间接收购钴、磷、铜及锂矿资源的战略布局，已建立起抵御原 材料通胀的坚实壁垒。大摩预计，凭借2026年一季度充足的低成本库存，宁德时代盈利将在当前原材料 通胀环境下保持稳定，并认为公司A股估值更具吸引力。 ...

智通财经APP获悉，摩根士丹利1月28日上午最新发布的研究观点报告指出，未来15日内，港股上市的 宁德时代（03750）股价表现将优于行业平均水平。 长期来看，宁德时代已通过子公司直接或间接收购钴、磷、铜及锂矿资源的战略布局，已建立起抵御原 材料通胀的坚实壁垒。大摩预计，凭借2026年一季度充足的低成本库存，宁德时代盈利将在当前原材料 通胀环境下保持稳定，并认为公司A股估值更具吸引力。 大摩分析师Jack Lu认为，近期宁德时代的股价回调已使其短期估值具备更强吸引力，市场对于成本通 胀下利润率承压的担忧存在过度反应。报告强调，宁德时代在过往锂价上行周期中已展现出成熟的成本 传导能力。 ...

January 27, 2026 02:41 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Material Inflation is Hurting Real Demand Key Takeaways Exhibit 1: LFP cell material BOM cost Other materials Electrolyte Copper foil Aluminum foil Rmb/kWh LFP cathode Anode Separators End 3Q25 Now 350 300 250 200 150 100 50 - 29.00 30.00 30.25 28.10 72.48 56.82 25.30 15.40 18.70 17.00 22.00 19.00 138.23 80.50 framework * = GAAP or approximated based on GAAP Source: Wind, SMM, Morgan Stanley Research | M | | | | --- | --- ...

Summary of Key Points from the Conference Call on China Battery Materials Industry Overview - The focus is on the battery materials industry, particularly related to lithium iron phosphate (LFP) batteries and the broader electric vehicle (EV) market - The analysis includes the impact of rising costs on battery manufacturers and the implications for downstream demand, especially in energy storage systems (ESS) [1][2][9] Core Insights and Arguments - **Price Trends**: LFP battery cell prices have increased by 8%, while battery costs have surged by 30%, leading to a squeeze in battery margins [1] - **Cost Inflation**: Lithium prices have risen by 46% year-to-date, contributing to an estimated cost inflation of Rmb32/kWh for batteries. The total LFP battery cost has increased by Rmb80/kWh, which may test demand in the coming months [2][11] - **Demand Forecasts**: Battery production guidance from major manufacturers like CATL suggests a growth of 50-70% by 2026, which has raised expectations for raw material demand [3][21] - **Market Dynamics**: The recent surge in costs has shifted the market from a demand-pull to a cost-push scenario, with concerns about EV sales weakness impacting performance [1][9] - **Cost Pass-Through Mechanisms**: Battery manufacturers have mechanisms to pass on metal-linked cost increases to downstream customers, but non-metal cost increases may not be fully passed through [20] Important but Overlooked Aspects - **Investment in Upstream**: Companies like CATL and Gotion are investing in upstream lithium resources to mitigate the impact of rising raw material costs. CATL's self-sufficiency ratio for lithium is expected to be 18% by 2025 [17][18] - **Profit Distribution**: The profit distribution along the battery supply chain is shifting, with downstream manufacturers currently capturing more profit. However, this may change as the market matures and supply chain efficiencies improve [35] - **Policy Impacts**: Changes in Chinese government policy, including export controls and a focus on price recovery, may influence the battery market dynamics and cost structures in 2026 [36] Financial Metrics and Projections - **Battery Demand Growth**: The forecast for total battery demand is projected to grow significantly, with EV battery demand expected to reach 2,096 GWh by 2026, reflecting a 30% year-over-year growth [23] - **ESS Demand**: ESS battery demand is also expected to grow, with projections of 894.5 GWh by 2026, indicating a robust market for energy storage solutions [26] Conclusion - The battery materials industry is facing significant challenges due to rising costs and potential demand weaknesses. However, strategic investments in upstream resources and favorable production guidance from major manufacturers present opportunities for growth. The evolving landscape of profit distribution and policy impacts will be critical to monitor as the market develops.

1月27日，市场监管总局发布了2025年综合整治"内卷式"竞争十大重大案件： 一是查处"莆田来啦"连锁企业侵犯注册商标专用权案。通过组织全国性、跨区域集中执法行动，成功摧 毁隐蔽性强、规模庞大的体系化制售假网络，有效遏制相关行业通过侵权假冒进行低价恶性竞争的"内 卷"问题，推动建立以尊重知识产权和鼓励创新为基础的良性竞争生态。 五是查处山西老葛商贸有限公司虚假宣传、价格欺诈系列案。依法查处当事人通过直播平台为合作方不 当推广营销商品等违法行为，累计罚款560万元，有力遏制利用直播营销进行不正当竞争的行业乱象。 六是查处苗古金贴（厦门）大药房有限公司发布违法广告案。依法查处当事人利用AI技术虚构"非遗传 承人"形象进行虚假宣传，并伴有"刷单炒信"等违法行为，有力打击了技术手段新、社会危害面广的新 型违法广告，遏制了利用违法广告进行"内卷式"竞争的市场乱象。 七是查处海南环城电线电缆有限公司销售不符合国家标准的电力电缆产品案。依法查处企业销售不合格 产品的违法行为，严厉打击通过降低质量、以次充好换取市场份额的恶性竞争，严守重点工业产品质量 安全底线。 八是查处何某某虚假宣传案。依法对当事人通过私域营销实施食品违法 ...

高焕介绍，相比锂电池，钠电池优劣势都较为明显，优势包括钠资源与锂资源相比更容易获得、低温性能更好、安全性高、高倍率充电时 温度升高不明显等，而劣势则是当下的工业化成本、产业链成熟度和能量密度仍不及锂电池。 但他认为，钠电池当下仍处于发展的初期阶段，但发展路径会和锂电池一样，甚至发展的曲线和斜率会更快。所以宁德时代规划未来三年 内，钠电池不管是经济性还是能量密度都要做到和锂电池相当。 "钠电池在一定领域形成规模来替代锂电池，是整个能源重构的一个起点。要做到资源或者能源的自由，我们的目标是大量推广钠电 池。"近日，宁德时代首席技术官高焕在接受媒体采访时表示。 钠电池成为了近期电池圈的一个热门话题，起因是宁德时代发布了天行II轻商（轻型商用车）系列解决方案，其中的低温版是轻商领域首款 量产的钠电池。 此前，宁德时代已于去年4月发布了钠电池品牌"钠新电池"，但此次在轻商领域的应用，才是其钠电池的首次真正量产落地。这也被业内认 为是钠电池加速进入商业化应用阶段的标志。 资本市场层面，在宁德时代宣布钠电池正式上车的第二个交易日，钠电池板块（BK0988）指数大涨3.32%，收盘时创下自2021年5月以 来的新高。自宁德时 ...