Core Viewpoint - CATL has launched the "Tianxing II Light Commercial All-Scenario Customization Solution" along with the "Battery Manager" Tianxing version, featuring the first light commercial super-mixed chemical system battery, which integrates ternary lithium and lithium iron phosphate materials [2][3]. Group 1: Product Features - The Tianxing II Light Commercial Long-Endurance Battery has a single pack capacity of 253 kWh, the largest in the light commercial sector, enabling a real-world range of 800 kilometers [5]. - The battery's warranty has been extended to 10 years or 1 million kilometers, incorporating self-healing lithium anode materials and self-repairing electrolyte technology to enhance battery lifespan [5]. - The super-mixed battery technology aims to overcome the energy density limitations of lithium iron phosphate while avoiding the high costs associated with pure ternary lithium batteries [3][4]. Group 2: Market Context and Strategy - The demand for longer range in electric vehicles is increasing, with projections indicating that by 2025, some extended-range models will feature batteries exceeding 60 kWh, and by 2026, several models, including the Leap D series, will reach around 80 kWh [3]. - CATL plans to first introduce the super-mixed battery in the commercial vehicle sector, as longer distances in intercity delivery require more economical solutions [4]. - The large-scale commercialization of the super-mixed battery is expected to begin in April 2026, marking a significant milestone for the technology [4][6]. Group 3: Technological Innovation - The development of the super-mixed battery involves complex technical challenges, including interface issues between ternary and lithium iron phosphate materials, voltage platform concerns, and electrolyte oxidation-reduction problems [3]. - This innovation complements CATL's previous "dual-core battery" approach, which focuses on the strategic arrangement of different chemical systems to achieve performance synergy [3][4]. - The emergence of super-mixed batteries provides a new developmental perspective for the power battery industry, allowing for the collaborative use of ternary lithium and lithium iron phosphate within the same cell [5].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

[Table_Page] 投资策略|专题报告 2026 年 1 月 25 日 证券研究报告 [Table_Title] 公募基金四季报是否会影响我们对 市场和板块的判断？ ——公募基金 25 年 Q4 配置分析 [Table_Summary] 报告摘要： | [分析师： Table_Author]刘晨明 | | --- | | SAC 执证号：S0260524020001 | | SFC CE No. BVH021 | | 010-59136616 | | liuchenming@gf.com.cn | | 分析师： 郑恺 | | SAC 执证号：S0260515090004 | | SFC CE No. BUU989 | | 021-38003559 | | zhengkai@gf.com.cn | | 分析师： 杨清源 | | SAC 执证号：S0260525080001 | | yangqingyuan@gf.com.cn | | 请注意，杨清源并非香港证券及期货事务监察委员会的注 | | 册持牌人，不可在香港从事受监管活动。 | [联系人： Table_Contac毕露露 ts] 1860044269 ...

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt prices have risen, with lithium carbonate priced at 171,000 yuan/ton, an increase of 31,000 yuan/ton compared to two weeks ago [2] - The report highlights the acceleration of solid-state battery industrialization, with various companies announcing significant projects and collaborations [4] - Demand for lithium batteries is expected to remain strong, with several leading companies identified as potential investment opportunities [2] Industry Dynamics - Lithium salt prices have increased, with the current price of lithium carbonate at 171,000 yuan/ton, up 31,000 yuan/ton from two weeks ago [2] - The prices of ternary cathodes and lithium iron phosphate cathodes have also risen, while the prices of anodes, separators, and electrolytes remain stable [2] - The report notes that the price of square ternary power cells has increased by 0.057 yuan/Wh compared to two weeks ago [2] Investment Recommendations - The report suggests focusing on leading companies in the lithium battery industry with low valuations amid strong demand, including CATL, Yiwei Lithium Energy, and others [2] - It also highlights companies leading in the low-altitude economy and robotics sectors, as well as those involved in solid-state and sodium battery materials [2] Solid-State Battery Developments - The solid-state battery industry is advancing, with several companies announcing new projects and collaborations [4] - CATL has released a sodium battery solution for light commercial vehicles, capable of operating at -30°C [4] - Various companies are entering partnerships to enhance solid-state battery technology and production capabilities [10] Market Performance - The lithium battery sector has seen a decline of 4.4% in the past two weeks, while the battery chemicals sector increased by 4.1% [8] - Key individual stocks have shown varied performance, with CATL down 1.5% and Hunan Youneng up 11.2% [8] New Energy Vehicle Data - In December 2025, domestic new energy vehicle sales reached 1.71 million units, a year-on-year increase of 7% [4] - The penetration rate of new energy vehicles in the domestic market reached 52.3%, up 6.5 percentage points year-on-year [4] Charging Infrastructure - As of December 2025, the total number of public charging piles in China reached 4.717 million, with a total power of approximately 17,967 MW [24] - The utilization rate of public charging piles was approximately 6.96%, showing a slight decrease year-on-year [24]

Group 1 - The core viewpoint of the articles indicates that foreign public funds are optimistic about the Chinese stock market, particularly in the technology sector, which is expected to undergo a historical value reassessment by 2026, potentially generating excess returns [1][7][10] - Since 2025, the A-share market has shown resilience, with the Shanghai Composite Index stabilizing around 4100 points, and several foreign public fund products have reported significant performance, with net value increases exceeding 50% for multiple funds [3][8] - Foreign public funds have focused their investments on high-quality technology assets, with notable holdings in leading Chinese tech companies such as Tencent, Zhongji Xuchuang, and Han's Laser [3][4][5] Group 2 - Fund managers from various foreign public funds have expressed a commitment to maintaining a high equity position, focusing on growth-oriented investment opportunities in sectors like high-end manufacturing, electric vehicles, and AI technology [5][6] - The outlook for the A-share market in 2026 is positive, with fund managers highlighting the significant allocation value of Chinese stocks compared to RMB bonds, suggesting a continued overweight in equities [8][10] - There is a consensus among fund managers that high-quality technology assets are likely to continue yielding excess returns, with a focus on sectors benefiting from innovation and structural changes in the economy [9][10]

Group 1 - The core viewpoint of the articles revolves around CATL's commitment to sustainability and innovation in the battery industry, as highlighted by its collaboration with the Ellen MacArthur Foundation [1][2] - CATL aims to achieve significant advancements in battery technology and sustainability by 2035, focusing on circular economy principles [2] - The company has reported a remarkable 99.6% recycling rate for its batteries, showcasing its dedication to environmental responsibility [1] Group 2 - CATL's partnerships with major companies such as DHL and Volvo JLR are aimed at enhancing its market position and expanding its influence in the electric vehicle sector [1] - The company is set to increase its production capacity significantly, with plans to produce 1,000 GWh of batteries by 2030, reflecting its growth strategy [1] - CATL's market share in the battery industry has seen a substantial increase, with a reported growth from 96.5% to 270,000 units, indicating strong demand for its products [1]

Core Insights - The article discusses a white paper released by the Ellen MacArthur Foundation during the World Economic Forum 2026, which presents an integrated and actionable plan for a circular economy in electric vehicle (EV) batteries and critical minerals, marking a significant milestone in collaboration between CATL and the foundation [1][2]. Group 1: Circular Economy Framework - The report outlines a clear, industry-backed direction for designing, using, recycling, and reusing EV batteries to maximize their value and reduce systemic risks across the value chain [2]. - CATL, as a founding strategic partner of the Critical Minerals Mission, has closely collaborated with the foundation and other industry stakeholders to translate circular economy principles into practical, actionable measures based on real operational experiences [2][3]. - The roadmap supports CATL's global commitment to circular energy, aiming to decouple battery production growth from the extraction of new raw materials [2][3]. Group 2: Environmental and Economic Benefits - The circular battery system for EVs is expected to bring opportunities in environmental sustainability, economic growth, product innovation, and broader value creation [2]. - By keeping batteries and their critical minerals in use for multiple life cycles, the demand for newly mined materials decreases, emissions are reduced, and the integration of renewable energy sources is supported [2][3]. - Economic value is enhanced through improved material efficiency, reduced waste, and operational costs, while new revenue sources are created [2][3]. Group 3: Implementation and Practices - CATL has already implemented these systemic practices across all its operations, managing batteries as centrally managed assets to increase utilization, enable planned maintenance, and ensure predictable returns at the end of their life cycle [4]. - The company operates over 1,000 battery swapping stations for passenger vehicles and more than 300 for commercial vehicles, supported by a growing ecosystem of over 100 partners [4][5]. - CATL's recycling operations achieve a recycling rate of 99.6% for nickel, cobalt, and manganese, and 96.5% for lithium, with processing capacity expanding to 270,000 tons per year [5]. Group 4: Strategic Recommendations - The white paper identifies five interconnected measures necessary for maintaining high material value in batteries and enhancing system resilience [3][7]. - These measures include designing batteries with a focus on circular economy principles, reassessing battery service within optimized energy mobility systems, expanding circular business models treating batteries as long-term assets, building and co-financing regional circular infrastructure, and enabling circular operational systems through data, standards, and policies [7]. Group 5: Future Directions - CATL emphasizes the need to expand circular battery systems across regions, industries, and applications, adapting to various market conditions [8]. - The agenda is a foundational aspect of CATL's journey towards carbon neutrality, following its achievement of carbon neutrality in all battery manufacturing plants and aiming for carbon neutrality across the entire value chain by 2035 [8].

DAVOS, Schweiz, 25. Januar 2026 /PRNewswire/ -- Leading The Charge - Turning risk into reward with a circular economy for EV batteries and critical minerals, (Vorreiterrolle – Risiken in Chancen verwandeln mit einer Kreislaufwirtschaft für EV-Batterien und kritische Mineralien), ein Whitepaper, das von der Ellen MacArthur Foundation während des Weltwirtschaftsforums 2026 veröffentlicht wurde, ist die erste integrierte, umsetzbare Roadmap für eine Kreislauf-Wertschöpfungskette für EV-Batterien, die auf der r ...

Core Viewpoint - The launch of the white paper by the Ellen MacArthur Foundation at the 2026 World Economic Forum outlines a comprehensive roadmap for a circular economy in electric vehicle (EV) batteries and critical minerals, emphasizing the collaboration between CATL and the Foundation [1][10]. Group 1: Industry Collaboration and Contributions - The report was developed with input from over 30 leading organizations in the EV battery ecosystem, including CATL, DHL, Volvo, and JLR, as well as research institutes and NGOs, providing a clear industry-based direction for battery design, usage, recovery, and reintegration [2]. - CATL, as a founding strategic partner of the Foundation's Critical Minerals Mission, has worked closely with the Foundation and industry peers to translate circular economy principles into practical, deployable actions based on operational experience [3]. Group 2: Environmental and Economic Benefits - A circular battery system for EVs can offer significant opportunities in environmental, economic, product, and value creation areas by maintaining the use of batteries and their essential minerals throughout their lifecycle, thereby reducing the demand for newly extracted materials and emissions [4]. - The circular approach enhances economic value by improving material efficiency, reducing waste and operating costs, and creating new revenue streams while strengthening supply chain resilience and distributing economic benefits more equitably across regions [4]. Group 3: Key Actions for Circular Battery Systems - The white paper identifies five interdependent actions necessary to maintain high-value battery material usage and enhance system resilience, including designing batteries for circularity, rethinking battery maintenance, scaling circular business models, investing in regional circular infrastructure, and enabling circular operations through data and policies [5][7]. - CATL is already implementing these measures at a system-wide scale, managing batteries as centralized assets to increase usage and ensure predictable returns at the end of their lifecycle, operating over 1,000 passenger vehicle battery swap stations and more than 300 commercial vehicle swap stations [5][6]. Group 4: Future Directions and Goals - The report marks a significant step towards a global circular economy for batteries, with a call for scaling circular battery systems across regions, industries, and applications, from electric vehicles to energy storage [9]. - CATL aims to achieve carbon neutrality across all its battery factories and the entire value chain by 2035, aligning its agenda with the broader energy transition goals [9].

Group 1 - Foreign public funds are focusing on China's technology sector, with several products achieving over 50% net value growth in 2025, indicating significant investment opportunities in high-end manufacturing and AI [2] - The U.S. Treasury bonds are facing sell-offs from multiple countries, including India, which has reduced its holdings to a five-year low, raising concerns about the U.S. fiscal situation and investor confidence in dollar assets [2] - Zhongji Xuchuang has become the top holding stock for public funds, indicating a shift in industry allocation towards non-ferrous metals and communications, while reducing exposure to electronics and pharmaceuticals [2] Group 2 - Silver prices have surpassed $100 per ounce, and gold is nearing $5000 per ounce, driven by geopolitical uncertainties and expectations of interest rate cuts by the Federal Reserve, leading to increased demand for precious metals [3] - The investment in power grids is expected to boost the electricity sector, with a significant investment plan of 4 trillion yuan by the State Grid, benefiting companies like China Xidian, which has seen its stock price rise over 75% this year [3] - Several A-share companies, including Xinqianglian and Yongchuang Intelligent, have announced substantial profit increases, with Xinqianglian projecting a net profit growth of 1093.07% - 1307.21% due to a recovery in the wind power sector [3] Group 3 - Public funds have adjusted their holdings in response to market conditions, with a preference for technology stocks and increased allocations in sectors like non-ferrous metals and chemicals [4] - Elon Musk introduced the concept of a "prosperity" era at the Davos Forum, predicting that robots and AI will drive explosive economic growth, while highlighting electricity as a key development constraint [5] - The probability of Rick Riedel being elected as the new Federal Reserve Chairman has risen to 54%, with his focus on labor markets and interest rate cuts attracting attention [5] - Jing Sheng Co. plans to acquire 100% of Zhun Intelligent for 857 million yuan to enhance its semiconductor industry chain, indicating strategic growth through acquisitions [5]