手握技术、订单与巨头背书，站在了一个更具确定性的新起点上。 | 作者 | | 木鱼 | | --- | --- | --- | | 编辑 | | 小白 | 一家曾经的传统汽车零部件企业，如何搭上磷酸铁锂材料赛道？又是什么让全球动力电池龙头宁德时 代（300750.SZ）愿意砸下31.75亿元全额认购其定增？ 富临精工（300432.SZ）的故事，或许能成为一个制造业转型升级的正面案例。 宁德31亿入股，供应商变大股东 2026年1月，富临精工发布公告，宁德拟以13.62元/股的价格，认购公司2.3亿股股份，募集资金31.75 亿元。发行后宁德将持有公司12%的股份，成为仅次于实控人安治富的第二大股东。 从产业链层面，这次合作更像是上下游的深度绑定。 根据协议，双方将在磷酸铁锂材料、新能源汽车智能电控、储能热管理以及机器人等多个领域展开合 作，双方将共享研发资源。宁德将加强对富临精工高压实密度磷酸铁锂产品的采购力度，并将其导入 更多终端动力及储能电池项目。 （来源：富临精工公告） 此次募资将用于年产50万吨高端储能用磷酸铁锂项目、新能源汽车电驱动系统关键零部件项目、机器 人集成电关节项目等。 （来源：富临精工公 ...

Core Insights - The article highlights the latest developments in energy storage projects from leading companies such as CATL, BYD, EVE Energy, Haibo Sichuang, Trina Storage, and Jinko Solar, with a total scale exceeding 2.4 GWh [2] Group 1: CATL - CATL's Sivrihisar project in Turkey, with a capacity of 49.2 MWp solar and 34.1 MWh storage, is the first hybrid asset approved under the DGES framework in Turkey [4][6] - The project utilizes CATL's EnerC series liquid-cooled battery system, enhancing safety and cycle life while maintaining stable charging and discharging efficiency in Turkey's arid climate [6] Group 2: BYD - BYD has successfully implemented a 100 MW/200 MWh energy storage station in Hezhou, marking the city's first centralized shared energy storage facility [7] - Additionally, BYD partnered with ContourGlobal to establish a 500 MWh standalone battery energy storage system in Bulgaria, which is one of the largest independent storage projects in Eastern Europe [9] - BYD has delivered over 500 energy storage projects globally, covering more than 110 countries and regions [9] Group 3: EVE Energy - EVE Energy has launched a 628 Ah energy storage battery technology at the Guangzhou Baiyun comprehensive energy storage demonstration project [10] - The 628 Ah battery, named "Mr. Big," features a capacity of 2 kWh and a cycle life exceeding 12,000 times, with a strategic collaboration with the National New Energy Storage Innovation Center [12] Group 4: Haibo Sichuang - Haibo Sichuang's 343 MWh emergency power storage project for coal mines utilizes advanced liquid-cooled storage systems designed for harsh environments [13][14] - The project aims to ensure stable operation under extreme conditions and provide emergency power to critical loads in coal mines [14] Group 5: Trina Storage - Trina Storage has successfully delivered a 1.7 GWh energy storage project in the Asia-Pacific region, which is the company's largest overseas project to date [17] - The project employs Trina's Elementa 2 storage system, featuring AI bionic liquid cooling technology for stable operation across a wide temperature range [17] Group 6: Jinko Solar - Jinko Solar has completed a 10 MWh energy storage project in Handan, Hebei, utilizing two Blue Whale SunTera G2 liquid-cooled storage systems [19][21] - The project aims to reduce operational costs through peak-valley electricity price arbitrage and improve the reliability of power supply for local merchants [21] - Despite reporting significant losses, Jinko Solar emphasizes rapid growth in its energy storage business and the effectiveness of its solar-storage synergy [21]

Report Industry Investment Rating No information provided in the report. Core Views - Scale: The growth of passive index funds has slowed down. As of the end of Q4 2025, there were 7,583 equity funds (excluding ETF-linked funds and FOF funds) in the market, an increase of 294 from Q3 2025. The total scale of all equity funds was RMB 9,457.212 billion, a decrease of RMB 27.704 billion from the previous quarter. Passive index funds had the largest increase in both quantity and scale [3]. - Position: The positions of active equity funds decreased slightly. In terms of arithmetic average and stock market value weighted average position levels, the positions of active equity funds decreased by 1.13 pct. and 0.91 pct. respectively. Specifically, the funds with the largest position decreases were partial equity hybrid funds and flexible allocation funds [3]. - Sector distribution and allocation: There was a significant reduction in the allocation to the Hong Kong Stock Exchange and an increase in the allocation to the Main Board. In Q4 2025, the total scale of all top ten heavy - held stocks decreased by RMB 67.305 billion compared with the previous quarter. Among them, the scale of the Main Board increased, while the scales of the other sectors decreased. Compared with the allocation ratio of the total A - share floating market value among sectors, active equity funds continued to under - allocate the Main Board and over - allocate the Science and Technology Innovation Board and the Growth Enterprise Market in Q4. Specifically, the under - allocation ratio of the Main Board was - 20.51%, and the over - allocation ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 13.50% and 7.00% respectively. The under - allocation ratio of the Main Board and the over - allocation ratio of the Science and Technology Innovation Board both narrowed slightly quarter - on - quarter [3]. - Industry allocation: In Q4, the top five industries with an increase in the proportion of holding market value were non - ferrous metals, communication, household appliances, environmental protection, and non - bank finance; the top five industries with a decrease in the proportion of holding market value were electronics, pharmaceutical biology, media, banking, and machinery [3]. - Heavy - held individual stocks: The total market value of active equity funds' holdings of CATL was RMB 181.5 billion, ranking first. The top five stocks in terms of holding market value were CATL, Zhongji Innolight, New Fiber Optic, Kweichow Moutai, and Zijin Mining. Compared with the previous quarter, Tencent Holdings dropped out of the top 5, and Zijin Mining entered the top 5 [3]. - Total shareholding: Stocks such as Foxconn Industrial Internet were reduced, while stocks such as Industrial Bank were increased. In Q4, Industrial Bank, Ping An of China, Meituan - W, Tuojing Technology, and Dongshan Precision had the highest increase in total shareholding. In contrast, Foxconn Industrial Internet, East Money, Alibaba - W, EVE Energy, and CATL had the highest reduction in total shareholding [3]. - Central Huijin ETF holdings: According to the holder data disclosed in the Q4 2025 public fund regular reports, as of the end of Q4 2025, the shareholdings of Central Huijin Investment Co., Ltd. and Central Huijin Asset Management Co., Ltd. in most broad - based and industry - specific ETFs remained stable. Only in some industry - themed ETFs were there small redemption actions observed: the special plan managed by Huijin Asset Management redeemed 16 million shares of the automobile ETF and 338 million shares of the electronics ETF under China Asset Management in Q4 [3]. Summary by Directory 1. Equity Fund Scale, Position, and Sector Distribution - **1.1 Passive index fund quantity and scale growth slow down, active equity fund positions decrease slightly**: As of the end of Q4 2025, there were 7,583 equity funds (excluding ETF - linked funds and FOF funds) in the market, an increase of 294 from Q3 2025. The total scale of all equity funds was RMB 9,457.212 billion, a decrease of RMB 27.704 billion from the previous quarter. Passive index funds had the largest increase in both quantity and scale. In Q4 2025, the positions of active equity funds decreased slightly. The arithmetic average and stock market value weighted average position levels decreased by 1.13 pct. and 0.91 pct. respectively. The funds with the largest position decreases were partial equity hybrid funds and flexible allocation funds [10][12]. - **1.2 Significant reduction in the allocation to the Hong Kong Stock Exchange and an increase in the allocation to the Main Board**: In Q4 2025, the total scale of all top ten heavy - held stocks decreased by RMB 67.305 billion compared with the previous quarter. Among them, the scale of the Main Board increased, while the scales of the other sectors decreased. The allocation ratio of the Main Board increased by 2.14 pct. quarter - on - quarter, and the allocation ratio of the Hong Kong Stock Exchange decreased by 1.54 pct. quarter - on - quarter. Compared with the allocation ratio of the total A - share floating market value among sectors, active equity funds continued to under - allocate the Main Board and over - allocate the Science and Technology Innovation Board and the Growth Enterprise Market in Q4. The under - allocation ratio of the Main Board was - 20.51%, and the over - allocation ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 13.50% and 7.00% respectively. The under - allocation ratio of the Main Board and the over - allocation ratio of the Science and Technology Innovation Board both narrowed slightly quarter - on - quarter [15][16]. 2. Industry Allocation - **2.1 Heavy - held A - share industry distribution**: In Q4 2025, the top ten heavy - held industries of active equity funds were electronics, non - ferrous metals, power equipment, communication, computer, machinery, automobile, non - bank finance, pharmaceutical biology, and household appliances. Compared with Q3 2025, the rankings of non - ferrous metals and other industries increased significantly, while the ranking of pharmaceutical biology decreased significantly. In Q4, the top five industries with an increase in the proportion of holding market value were non - ferrous metals, communication, household appliances, environmental protection, and non - bank finance; the top five industries with a decrease in the proportion of holding market value were electronics, pharmaceutical biology, media, banking, and machinery [22][24]. - **2.2 Heavy - held A - share active allocation**: Compared with the weights of CSI 300 constituent stocks, in Q4, active equity funds' heavy - held A - shares maintained a relatively high over - allocation ratio in industries such as electronics, non - ferrous metals, and power equipment. The over - allocation ratio of electronics was 7.31%, that of non - ferrous metals was 4.10%, and that of power equipment was 2.05%. Industries such as banking, non - bank finance, and food and beverage were still under - allocated. The under - allocation ratio of banking was - 9.62%, that of non - bank finance was - 6.44%, and that of food and beverage was - 4.12%. Compared with Q3, the over - allocation ratio of non - ferrous metals increased significantly, while the over - allocation ratio of electronics decreased significantly [28]. 3. Heavy - Held Stock Situation - **3.1 Tencent Holdings drops out of the top 5, Zijin Mining enters the top 5**: Among the top 20 heavy - held stocks by market value, the total market value of active equity funds' holdings of CATL was RMB 181.5 billion, ranking first. The top five stocks in terms of holding market value were CATL, Zhongji Innolight, New Fiber Optic, Kweichow Moutai, and Zijin Mining. Compared with the previous quarter, Tencent Holdings dropped out of the top 5, and Zijin Mining entered the top 5. In terms of the number of funds with positions, the top five stocks with the most positions in Q4 were CATL, Zhongji Innolight, Zijin Mining, New Fiber Optic, and Tencent Holdings. Among them, 2,043 active equity funds held positions in CATL. Compared with the previous quarter, Zhongji Innolight's ranking rose by 2 places, and Tencent Holdings' ranking dropped by 2 places [31][33]. - **3.2 Stocks such as Foxconn Industrial Internet are reduced, while Industrial Bank is increased**: From the perspective of the change in the total amount of heavy - held stocks held by active equity funds, in Q4, Industrial Bank, Ping An of China, Meituan - W, Tuojing Technology, and Dongshan Precision had the highest increase in total shareholding. In contrast, Foxconn Industrial Internet, East Money, Alibaba - W, EVE Energy, and CATL had the highest reduction in total shareholding [35]. 4. Central Huijin ETF Holdings As of the end of Q4 2025, the shareholdings of Central Huijin Investment Co., Ltd. and Central Huijin Asset Management Co., Ltd. in most broad - based and industry - specific ETFs remained stable. Only in some industry - themed ETFs were there small redemption actions observed: the special plan managed by Huijin Asset Management redeemed 16 million shares of the automobile ETF and 338 million shares of the electronics ETF under China Asset Management in Q4 [37].

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~ 本文来源：储能前沿 | ICC 鑫椤资讯年终盘点： | | --- | | 2025年碳酸锂市场盘点： | | 2025年电解液市场盘点： | | 2025年铜箔市场盘点： | | 2025年钴酸锂市场盘点： | | 2025年三元材料市场盘点： | | 2025年磷酸铁锂市场盘点： | | 2025年三元前驱体市场盘点： | | 2025年六氟磷酸锂市场盘点： | | 2025年磷酸铁市场盘点： | | 2025年添加剂VC市场盘点： | | 2025年钠离子电池市场盘点： | | 2025年新型锂盐LIFSI市场盘点： | | 2025年隔膜市场盘点： | | 2025年锂电池市场盘点： | | 2025年铝箔市场盘点： | | 2025年储能电池市场盘点： | | 2025年储能系统市场盘点： | | 2025年磷酸锰铁锂市场盘点： | 1月26日，时代智能消息显示，近日， 时代智能与印度尼西亚电池公司（Indonesia Battery Corporation，简称IBC）等合作伙伴 ，于雅加达签署了具有里 程 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) is intensifying efforts to combat "involution" in competition by announcing ten major cases that highlight its commitment to maintaining fair market order and addressing various forms of unfair competition [2][4]. Group 1: Overview of Major Cases - The ten major cases cover a wide range of sectors, from traditional manufacturing to platform economies, and involve various stages from product manufacturing to certification services [4]. - The cases aim to demonstrate the effectiveness of enforcement actions and to guide industries towards healthy and sustainable development [4]. Group 2: Specific Cases - Case 1: "Putian Comes" chain enterprise was penalized for infringing trademark rights, dismantling a large-scale counterfeit network to curb low-price malicious competition [5]. - Case 2: Shenzhen Romoss Technology Co., Ltd. was fined for violating mandatory product certification regulations and false advertising, sending a clear regulatory signal for industry health [5]. - Case 3: A monopoly agreement involving four companies in the sodium dexamethasone raw material market resulted in a total fine of 362 million yuan, enhancing antitrust enforcement [5]. - Case 4: The merger between China Petroleum Group and CATL was approved to promote innovation and escape homogeneous competition [5]. - Case 5: Shanxi Laoge Trading Co., Ltd. faced penalties for false advertising and price fraud through live streaming, with fines totaling 5.6 million yuan [5]. Group 3: Regulatory Focus and Future Actions - The SAMR emphasizes a "zero tolerance" approach towards infringement, quality violations, and monopoly agreements, showcasing strong regulatory constraints [7]. - Future actions will focus on maintaining high-pressure enforcement, improving long-term regulatory mechanisms, and promoting a market order characterized by quality and fair pricing [7][29]. - The SAMR will continue to address the complexities of "involution" in various industries, aiming for targeted governance and effective law enforcement [7].

Core Insights - The year 2025 marks the beginning of large-scale development in the electric vehicle battery swapping industry, although challenges such as non-standard battery specifications and model compatibility hinder growth [1][6] - CATL's "Chocolate" battery swapping business aims to establish 1,020 swapping stations within a year, setting a record for infrastructure development speed in the industry [1][3] Group 1: Industry Development - By December 30, 2025, a total of 1,020 battery swapping stations will be built across key economic regions in China, including Beijing-Tianjin-Hebei, Yangtze River Delta, Sichuan-Chongqing, and the Guangdong-Hong Kong-Macao Greater Bay Area [3] - CATL plans to expand its network to 3,000 stations by 2026, covering over 140 cities and initiating the construction of highway swapping stations to address long-distance travel energy needs [3][9] Group 2: Standardization and Technology - Standardization is identified as the cornerstone for the large-scale development of battery swapping models, with CATL promoting standardized battery blocks that enable a 99-second battery swap compatible with multiple brands and models [1][6] - In 2026, CATL plans to introduce sodium-ion batteries, which can operate effectively in extreme temperatures, further enhancing the battery swapping technology [7] Group 3: Business Model and Ecosystem - The "separation of vehicle and battery" business model is being promoted to lower the initial purchase cost for consumers, allowing for a more extensive adoption of battery swapping [8] - CATL is collaborating with various stakeholders, including automakers and e-commerce platforms, to implement this model in private and commercial vehicle markets [8][9]

Market Overview - On January 27, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.18%, the Shenzhen Component Index up by 0.09%, and the ChiNext Index up by 0.71%. The Sci-Tech Innovation Board Index increased by 1.72% [1][2]. Sector Performance - The gold sector experienced gains, while the semiconductor and AI computing industry chains showed strength, particularly in memory and CPO directions [4]. - The semiconductor sector saw significant increases, with stocks such as Dongxin Co., Shengke Communication-U, and Kangqiang Electronics hitting the daily limit [5]. Notable Stock Movements - Specific stocks that performed well include: - Dongxin Co. (688110) +20.00% at 153.23 - Shengke Communication-U (688702) +20.00% at 162.53 - Mingwei Electronics (688699) +16.67% at 63.68 - Nongsun Co. (688766) +14.85% at 255.23 - Hengle Co. (688416) +14.37% at 93.60 [6]. Declines in Other Sectors - The pharmaceutical retail sector faced adjustments, with stocks such as Shuyupingmin down over 8%, Dajia Weikang down over 8%, and Huaren Health down over 8% [7]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets was 2.89 trillion yuan, a decrease of 353.3 billion yuan from the previous trading day, with over 3,400 stocks declining [8]. Capital Flow - Main capital inflows were observed in sectors such as electronics, communications, machinery equipment, national defense, and non-ferrous metals, while there were outflows from power equipment, non-bank financials, pharmaceutical biology, food and beverage, and public utilities [9]. - Notable net inflows included: - Zhongji Xuchuang +3.413 billion yuan - Tianfu Communication +2.088 billion yuan - Dongxin Co. +2.005 billion yuan [10]. Analyst Insights - Huaxi Securities suggests that the "slow bull" trend in A-shares is likely to continue - CITIC Securities maintains a positive outlook on the AI industry trend, particularly in the optical communication sector - Huatai Securities indicates that oil prices may have entered a bottoming phase [11].

Core Insights - The State Administration for Market Regulation (SAMR) has highlighted the positive role of merger reviews in addressing "involution" competition, with a focus on key sectors like automotive, photovoltaic, and lithium batteries [1] Group 1: Regulatory Actions - In 2025, SAMR concluded 129 cases related to merger reviews in sectors facing "involution" competition, supporting companies in revitalizing idle assets and enhancing operational efficiency [1] - The review process emphasized "fast review without quality reduction, strict review without increased burden," ensuring effective oversight while facilitating corporate mergers and acquisitions [1] Group 2: Case Study - A notable case involved the establishment of a joint venture between China National Petroleum Corporation's Jichai Power and Contemporary Amperex Technology Co., Ltd., focusing on lithium battery energy storage systems [2] - The joint venture aims to meet specific energy storage needs within the oilfield sector, promoting a collaborative approach to innovation and technology based on demand [2] - SAMR approved the merger unconditionally in July 2025, recognizing its potential to enhance industry chain collaboration and serve as a model for escaping homogeneous competition [2]

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.89 trillion yuan, a decrease of 353.3 billion yuan compared to the previous trading day [4]. - On January 27, all three major A-share indices closed higher, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index by 0.09%, and the ChiNext Index by 0.71% [1]. Sector Performance - The semiconductor sector showed significant strength, with stocks like Dongxin Technology and Shengke Communication hitting the daily limit, both up by 20% [3]. - The AI computing industry chain also performed well, alongside gains in the storage and CPO sectors [2]. - Conversely, the coal, pharmaceutical retail, and commercial sectors experienced notable declines [2]. Individual Stock Movements - Notable gainers included Dongxin Technology (+20.00% to 153.23 yuan) and Shengke Communication (+20.00% to 162.53 yuan) [3]. - In the pharmaceutical sector, stocks such as Shuyuan Pingmin and Dajia Weikang saw declines exceeding 8% [4]. Fund Flow - Main funds saw a net inflow into sectors such as electronics, communications, machinery, defense, and non-ferrous metals, while experiencing net outflows from power equipment, non-bank financials, pharmaceuticals, food and beverage, and public utilities [6]. - Specific stocks with significant net inflows included Zhongji Xuchuang (34.13 billion yuan), Tianfu Communication (20.88 billion yuan), and Dongxin Technology (20.05 billion yuan) [7]. - Conversely, stocks like Ningde Times, Kweichow Moutai, and Cambrian Technologies faced net outflows of 10.11 billion yuan, 9.65 billion yuan, and 8.95 billion yuan, respectively [8]. Analyst Insights - Huaxi Securities suggests that the "slow bull" trend in A-shares is likely to continue [10]. - CITIC Securities expresses a clear outlook on the AI industry trend, maintaining a positive view on the optical communication sector [10]. - Huatai Securities indicates that oil prices may have entered a phase of bottoming and rebound [10].

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different sectors, particularly in the electric equipment and battery industries [1][2][3]. Group 1: Major Stocks with Capital Outflows - TBEA Co., Ltd. experienced a capital outflow of 1.452 billion yuan, with a decline in stock price of 4.09% [2]. - Zhejiang Wenlian reported a capital outflow of 992 million yuan, with a stock price decrease of 1.28% [2]. - Hunan Silver saw a capital outflow of 900 million yuan, with a stock price increase of 2.82% [2]. - Tongling Nonferrous Metals had a capital outflow of 873 million yuan, with a stock price increase of 2.91% [2]. - Dongfang Fortune experienced a capital outflow of 817 million yuan, with a stock price decrease of 1.63% [2]. Group 2: Additional Stocks with Notable Outflows - Leading Intelligent reported a capital outflow of 733 million yuan, with a stock price decrease of 2.7% [2]. - Tianji Co., Ltd. faced a capital outflow of 666 million yuan, with a significant stock price drop of 9.09% [2]. - Xinyi Communication had a capital outflow of 613 million yuan, with a stock price increase of 0.73% [2]. - Tianci Materials saw a capital outflow of 570 million yuan, with a stock price decrease of 5.28% [2]. - Wangsu Science & Technology experienced a capital outflow of 558 million yuan, with a stock price decrease of 3.56% [2]. Group 3: Other Companies with Capital Outflows - Longi Green Energy reported a capital outflow of 547 million yuan, with a stock price decrease of 0.93% [3]. - Dufeng Co., Ltd. faced a capital outflow of 533 million yuan, with a stock price decrease of 7.35% [3]. - China Satellite had a capital outflow of 515 million yuan, with a stock price decrease of 1.62% [3]. - Contemporary Amperex Technology experienced a capital outflow of 458 million yuan, with a stock price decrease of 0.89% [3]. - Salt Lake Potash reported a capital outflow of 437 million yuan, with a stock price decrease of 2.67% [3].