截至2025年12月1日 11:30，创业板50指数(399673)强势上涨，成分股北京君正(300223)上涨11.78%，润 泽科技(300442)上涨8.09%，中际旭创(300308)上涨5.47%，蓝思科技(300433)，中科创达(300496)等个股 跟涨。创50ETF(159681)上涨0.92%，最新价报1.43元。 AI产业链再度走强，消息面上，受全球AI算力需求激增影响，全球内存半导体出现严重供不应求态 势，内存芯片价格正在飞速提升。其中16G+512G内存到今年年底的价格上涨幅度近500元人民币。 数据显示，截至2025年11月28日，创业板50指数(399673)前十大权重股分别为宁德时代(300750)、中际 旭创(300308)、新易盛(300502)、东方财富(300059)、阳光电源(300274)、胜宏科技(300476)、汇川技术 (300124)、迈瑞医疗(300760)、亿纬锂能(300014)、天孚通信(300394)，前十大权重股合计占比71.14%。 创50ETF(159681)，场外联接(A：018482；C：018483；I：023024)。 中信证券研报指 ...

摩根大通发表报告指出，基于最新数据点及对2026年全球ESS电池需求前景转趋乐观，加上自动化、信 息化、数据化驱动的长期需求，该行将宁德时代2026年盈利预测再调升10%至940亿元，较市场预测高 出约10%。基于25倍市盈率，该行将宁德时代A股目标价由480元上调至520元，为全球最具估值吸引力 的电池股。摩通将宁德时代H股评级上调至"增持"，目标价由575港元升至650港元，采用29倍市盈率， 较A股溢价15%。 ...

Core Viewpoint - Morgan Stanley has raised its profit forecast for CATL in 2026 by 10% to 94 billion yuan, reflecting an optimistic outlook on global ESS battery demand and long-term growth driven by automation and data [1] Group 1: Profit Forecast and Valuation - The updated profit forecast of 94 billion yuan is approximately 10% higher than market expectations [1] - Based on a price-to-earnings ratio of 25 times, the target price for CATL's A-shares has been increased from 480 yuan to 520 yuan, making it the most attractive battery stock globally in terms of valuation [1] Group 2: Stock Ratings and Target Prices - Morgan Stanley has upgraded CATL's H-shares rating to "Overweight," with the target price raised from 575 HKD to 650 HKD, applying a 29 times price-to-earnings ratio, which is a 15% premium over A-shares [1]

December 1, 2025 02:15 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific China ESS Winning Bids Key Takeaways Exhibit 1: China ESS YTD cumulative winning bids 2025 2024 2023 GWh 1 2 3 4 5 6 7 8 9 10 11 12 350 300 250 200 150 100 50 - Source: Beijixing, Morgan Stanley Research Exhibit 2: Monthly China ESS winning bids 2025 2024 2023 GWh 1 2 3 4 5 6 7 8 9 10 11 12 80 60 40 20 - Morgan Stanley appreciates your support in the 2026 Extel (ex-Institutional Investor) Asia Research Survey. Request your ...

Core Insights - The report highlights strong growth in China's new energy vehicle (NEV) production and sales, with October figures showing a year-on-year increase of 21.1% in production and 20% in sales. Cumulatively, from January to October, production and sales reached 13.015 million and 12.943 million units, reflecting growth of 33.1% and 32.7% respectively [1][2]. Industry Overview - The supply side is characterized by continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive. Government policies are also increasingly supportive [2]. - The industry has experienced significant price declines, but the supply-demand balance is improving, with companies actively optimizing capacity and supply to stabilize prices and protect profitability [2]. - Overall, the industry is at a price bottom, with signs of stabilization and recovery. Certain segments, such as lithium carbonate and lithium hexafluorophosphate, are seeing strong demand and tight supply, leading to price increases [2]. Investment Strategy - The report maintains a "recommended" rating for the NEV industry, emphasizing the continued support from policies and marginal improvements in supply-demand structure. It anticipates a price recovery in the industry chain by 2025 [2]. - The focus is on selecting high-quality companies that are expected to deliver excess returns, particularly in areas such as robotics, solid-state batteries, battery materials, and liquid cooling technologies [2]. Key Companies and Directions - Key materials include companies like CATL, Shangtai Technology, and Hunan Youneng [3]. - New directions for investment include robotics (Zhejiang Rongtai), liquid cooling (Qiangrui Technology, Shenling Environment, Feirongda, Jieban Technology), solid-state batteries (Shenzhen Xinxing, Haopeng Technology, Nakanor, Liyuanheng), and autonomous driving (Ruiming Technology) [3]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index saw weekly changes of +3.31%, +5.18%, +4.41%, +4.80%, and +4.79% respectively [4]. - Notable company performances include Haike New Energy, Penghui Energy, and Jinyinhai, which saw increases of 48.6%, 23.0%, and 22.1% respectively. Conversely, companies like Shen Zhonghua A and Haimeixing experienced declines of 16.5% and 6.5% [4]. Price Dynamics - Lithium prices have shown upward trends, with lithium carbonate priced at 93,800 CNY/ton (up 1.5%), lithium hydroxide at 82,100 CNY/ton (up 1.0%), and LME nickel at $14,700/ton (up 2.7%) [5]. - Other materials such as lithium iron phosphate and various battery components have also seen price increases, indicating a tightening supply situation [5]. Industry Developments - A significant development includes GAC's establishment of China's first large-capacity all-solid-state battery production line, marking a milestone in the industry [6].

Core Insights - Times Qiji New Energy Technology (Huzhou) Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on emerging energy technology research and development, sales of new energy vehicle battery swap facilities, and online energy metering technology [1][2] Company Information - The legal representative of the company is Xiong Minzhe, and it is wholly owned by Times Qiji New Energy Technology (Ningbo) Co., Ltd., a subsidiary of CATL [1][2] - The company is registered in Huzhou, Zhejiang Province, and its business scope includes energy management contracts and battery sales [1][2] Business Scope - The company’s operations encompass various areas such as emerging energy technology R&D, sales of new energy vehicle battery swap facilities, online energy metering technology, and battery sales [1][2] - Additional services include software development, technical services, and the sale of electric vehicle charging equipment and accessories [2]

与碳酸锂价格由于政策、监管等带来供给侧扰动而驱动的涨价传导不同，本次产业链价格上涨主要系下 游动储需求持续向好：1）动力方面，25年前三季度中国新能源汽车销量1123万辆，同比高增35%，Q3 增速平稳，电动化率持续提升至49.7%，相应动力电池装车同比高增43%：2）储能方面，136号文后储 能表现超预期，25H2各地容量电价政策出台、套利空间增厚等因素下国内储能经济性显现，海外市场 爆发同频共振，储能成为需求重要支撑，电芯供应出现阶段性紧张局面。 排产持续提升，产能利用率高位带动龙头盈利回升 据则言咨询，样本企业中11月电芯排产环比+7%，材料环节排产环比+2~3%，需求景气度驱动涨价同时 带动排产持续提升。当前电芯、电解液等环节龙头企业产能利用率维持高位，25Q3业绩表现亮眼，盈 利能力企稳回升，25Q3电芯/正极材料/负极材料/电解液/隔膜/集流体/结构件净利率环比 +1.9/+0.4/1.1/+0.8/+2.0/+0.1/+0.6pcts。展望后续，该行认为行业将加速回归平衡，部分环节已经历较长 时间调整，随需求启动有望实现量利齐升，业绩放量可期。 电芯价格持续上涨 则言咨询统计25H1、Q3、Q4 ...

NO.1长安汽车拟参与设立长安机器人公司 11月28日电，长安汽车发布公告称，公司董事会审议通过了《关于投资设立机器人公司的议案》。长安 天枢智能机器人科技有限公司由中国长安汽车集团有限公司、重庆长安汽车股份有限公司、辰致汽车科 技集团有限公司、重庆长安科技有限责任公司（以下简称长安科技）共同投资设立，注册资本4.5亿 元。其中，公司拟以自有资金出资2.25亿元，持股50%；公司全资子公司长安科技拟以自有资金出资 0.45亿元，持股10%。 点评：长安汽车拟设立新机器人公司，进一步推动其向智能制造和自动化领域的扩展。这一战略性投资 不仅标志着长安积极融入机器人产业的决心，也展现了其在创新产品与业务方案上的潜力。此举也为整 个汽车行业的转型升级提供了参考，激励其他企业加速探索新技术与新业态，推动行业整体的变革。 点评：大众汽车集团任命Ludwig Fazel为新战略负责人，凸显其加速电动化与智能化转型的决心。此举 或提振市场对传统车企转型预期的信心，相关零部件及新能源产业链公司估值有望获得重估。整体来 看，该人事变动强化了行业变革信号，或引导市场进一步聚焦汽车产业升级机遇。 NO.4雷军：小米汽车跨年购置税补贴 ...

China (PRC) | Alternative Energy Equity Research 2026 lithium battery outlook: Growth Narrative Shifting to BESS The lithium battery industry looks set for strong growth in 2026 with improved supply-demand balance and rising profits. EV battery demand may rise 20%, with ESS shipments up >40% on our forecasts. Mkt consolidation should stem from regulations, while sodium-ion and solid- state advances shape strategies. Equipment makers will benefit from overseas expansion and battery technology upgrades. CATL ...

Summary of Key Points from the Conference Call Industry Overview - The lithium battery industry has experienced significant price increases from 2020 to 2022, driven by a surge in electric vehicle (EV) sales, with the electrification rate expected to exceed 8% by the end of 2021 [1][2] - The industry is characterized by different price elasticity across various segments, with lithium hexafluorophosphate showing the highest elasticity, while lithium carbonate's price changes are influenced by supply-demand dynamics and longer industry cycles [1][5] Core Insights and Arguments - The rapid growth in EV demand, particularly from brands like NIO, Xpeng, Li Auto, BYD, and Tesla, has led to a doubling of EV sales growth rates since September 2020, with optimistic production guidance for 2021 indicating a 50% growth expectation [2][10] - Material costs have surged, causing battery costs to nearly double, with upstream and midstream companies seeing significant profit increases while battery and vehicle manufacturers face compressed margins [3][22] - The current lithium battery cycle is similar to the previous one (2020-2022) but with a larger industry scale and slower growth rates; demand remains the primary driver, albeit with slightly reduced intensity compared to the last cycle [4][27] Price Trends and Material Performance - Lithium hexafluorophosphate and electrolyte materials have shown the most significant price elasticity, while lithium iron phosphate (LFP) has benefited from rising lithium carbonate prices [5][6] - The battery segment has demonstrated strong performance, with expectations for increased profitability driven by rising demand and supply constraints [6][8] - The price of lithium carbonate has fluctuated significantly, with a rise from approximately 40,000 CNY to over 500,000 CNY per ton during the peak periods [11][14] Future Outlook and Investment Recommendations - The outlook for 2026 indicates a potential 30% growth in industry demand, with leading companies like CATL expected to exceed 50% production guidance [24][30] - Investment recommendations include leading companies such as CATL, Yiwei Lithium Energy, and upstream resources like lithium carbonate, as well as midstream materials with high elasticity [9][30] - Current valuations for leading companies are conservative, averaging around 20 times earnings, suggesting potential for upward adjustment as the market stabilizes [29][30] Additional Important Insights - The expansion of production capacity is primarily led by major companies, with a cautious approach to avoid oversupply, and the expectation of sustained profitability as demand continues to grow [8][28] - The supply chain dynamics have shifted, with upstream and midstream companies capturing a larger share of profits, while battery and vehicle manufacturers have seen their profit margins decline [23][26] - The market for separators has improved in 2022, but prices have not significantly increased due to high market share held by leading companies [19]