Core Viewpoint - CATL has announced its participation in an investment fund, marking a significant step in its investment strategy and compliance with regulatory requirements [1] Group 1: Fund Details - The investment fund "Boyu New Intelligence New Industry (Ningbo) Equity Investment Partnership (Limited Partnership)" has completed its private fund registration with the Asset Management Association of China on January 23, 2026 [1] - The fund's registration code is SBLV67, managed by Boyu Taoran (Shanghai) Equity Investment Management Co., Ltd., and custodied by Shanghai Pudong Development Bank Co., Ltd. [1] Group 2: Investment Commitment - CATL, as a limited partner, has committed to invest RMB 500 million, which represents 12.497% of the fund's total subscribed capital of RMB 4.001 billion after the first closing [1] - The completion of the fund's registration indicates that it is officially established and can begin compliant operations [1] Group 3: Future Disclosure - CATL will continue to disclose subsequent developments of the fund in accordance with relevant regulatory requirements [1]

Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 28.387 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0407 yuan. The fund's net value growth rate was 6.86%, and its total size reached 448 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the unit net value of the fund was 0.659 yuan. The fund manager, Chen Xiaoqiong, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 105.95% for Huashang High-end Equipment Manufacturing Stock A, while the lowest was 56.95% for Huashang New Energy Vehicle Mixed A [2][3]. Market Overview - In Q4 2025, the A-share market experienced fluctuations, with the Shanghai Composite Index oscillating between 3,800 and 4,030 points, briefly surpassing the 4,000-point mark in October. The Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index saw respective changes of 2.22%, -0.23%, -1.08%, and 10.1% [3]. Investment Strategy - The fund's investment strategy focuses on two main themes: growth and quality. Growth investments are centered around sectors such as lithium batteries, energy storage, solid-state batteries, and AIDC power equipment, with an emphasis on tracking industry developments and selective stock picking. The quality investments are directed towards assets with strong competitive advantages and sustainable profitability [3]. Fund Rankings - As of January 22, the fund's performance over various time frames ranked as follows among comparable funds: 20.14% growth over the last three months (40/621), 51.01% over the last six months (54/621), 56.95% over the last year (141/613), and -24.00% over the last three years (524/535) [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.0231, ranking 495 out of 526 comparable funds. The maximum drawdown during this period was 60.46%, with the largest single-quarter drawdown occurring in Q1 2024 at 32.7% [9][11]. Portfolio Composition - The average stock position of the fund over the last three years was 87.3%, slightly above the comparable average of 85.83%. The fund reached its highest stock position of 92.85% at the end of Q3 2025 and its lowest of 74.26% at the end of H1 2024 [14]. Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Ningde Times, Sunshine Power, Tianci Materials, Duofluor, Huasheng Lithium, Huayou Cobalt, Guocheng Mining, Xian Dao Intelligent, Penghui Energy, and Nord Shares [18].

Core Viewpoint - The article discusses the launch of CATL's Tianxing II light commercial vehicle battery solutions, emphasizing the importance of tailored battery configurations to enhance operational efficiency and profitability in various usage scenarios [2][5][16]. Group 1: Market Trends and User Needs - As the penetration of new energy increases, light commercial vehicles are shifting towards large-scale operations, leading to a change in user focus towards the compatibility of battery configurations with specific operational scenarios [2][3]. - Different transportation tasks require different battery capabilities, such as daily attendance stability for urban distribution, endurance for intercity transport, and efficiency for last-mile delivery [3]. Group 2: Product Features and Innovations - The Tianxing II series offers four customized battery solutions designed to convert performance into attendance rates and revenue [7]. - The Tianxing II light commercial supercharging version features significant upgrades in cold resistance, power output, and lifespan, allowing for faster charging and improved operational efficiency [7][10]. - The long-range version of the Tianxing II battery boasts a capacity of 253 kWh, enabling a range of 800 kilometers, making it suitable for major intercity routes without the need for mid-route charging [8][10]. - The high-temperature supercharging version addresses the challenges of last-mile logistics by allowing rapid charging and reducing energy consumption [10]. - The low-temperature version is the first mass-produced sodium-ion battery for light commercial vehicles, maintaining high performance even in extreme cold conditions [11]. Group 3: Smart Management Solutions - CATL introduced the "Battery Steward" Tianxing App, which allows users to monitor battery lifecycle, optimize revenue, and manage risks effectively [13][14]. - The app provides real-time data analysis, proactive alerts for potential risks, and direct connections to CATL's service platform for quick support [14]. Group 4: Future Directions and Industry Impact - CATL aims to redefine the ecosystem of the light commercial vehicle industry by focusing on user needs and innovative solutions, promoting sustainable and predictable long-term value [16][18]. - The company emphasizes collaboration with industry partners to drive the electrification of light commercial vehicles towards higher efficiency and stronger certainty [18].

二、投资产业投资基金的进展情况 近日，公司收到基金管理人的通知，基金已根据《中华人民共和国证券投资 基金法》和《私募投资基金监督管理暂行办法》等法律法规的要求完成中国证券 投资基金业协会的私募投资基金备案手续，取得《私募投资基金备案证明》，具 体登记信息如下： 基金名称：博裕新智新产（宁波）股权投资合伙企业（有限合伙） 管理人名称：博裕陶然（上海）股权投资管理有限责任公司 证券代码：300750 证券简称：宁德时代 公告编号：2026-005 宁德时代新能源科技股份有限公司 关于参与投资的基金完成私募投资基金备案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、参与投资产业投资基金概述 宁德时代新能源科技股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日 与博裕天枢（宁波）自有资金投资有限责任公司、宁波市甬元投资基金有限公司 等合作方签署了《博裕新智新产（宁波）股权投资合伙企业（有限合伙）有限合 伙合同》，公司作为有限合伙人之一参与投资"博裕新智新产（宁波）股权投资 合伙企业（有限合伙）"（以下简称"基金"），于基金完成首次交割后，基 ...

Core Viewpoint - The AI Fund Puyin Ansheng Environmental New Energy Class A (007163) reported a profit of 2.4783 million yuan for Q4 2025, with a net value growth rate of 4.02% during the reporting period [3]. Fund Performance - The fund's scale reached 62.5804 million yuan by the end of Q4 2025 [16]. - As of January 22, the unit net value was 2.397 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 8.87%, ranking 73 out of 100 among comparable funds [3]. - 6-month net value growth rate: 46.35%, ranking 21 out of 100 [3]. - 1-year net value growth rate: 45.39%, ranking 49 out of 92 [3]. - 3-year net value growth rate: -11.96%, ranking 55 out of 68 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.0855, ranking 55 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years is 52.94%, with a ranking of 54 out of 66 [11]. - The highest quarterly maximum drawdown occurred in Q1 2020, at 29.78% [11]. Investment Strategy - The fund focuses on advanced manufacturing stocks, particularly in the tight supply chain segments of large storage, solid-state, and lithium batteries [3]. - The management is also monitoring opportunities in the photovoltaic industry and the expansion of new scenarios in wind power enterprises to enhance returns for investors [3]. Portfolio Concentration - The fund has a high concentration of holdings, with the top ten stocks including: - CATL (宁德时代) - Cambricon (寒武纪) - Industrial Fulian (工业富联) - Zhejiang Rongtai (浙江荣泰) - Shenzhen South Circuit (深南电路) - Yangtze Power (长江电力) - Shenghong Technology (胜宏科技) - Sungrow Power (阳光电源) - Topband (拓普集团) - Luoyang Molybdenum (洛阳钼业) [19]. Stock Positioning - The average stock position over the past three years is 81.04%, compared to a comparable average of 87.15% [14]. - The fund reached its highest stock position of 92.74% by the end of 2025, with a lowest position of 62.61% at the end of 2019 [14].

Core Viewpoint - The article discusses the rising global recognition of China's renewable energy sector as a vital contributor to energy transition, countering criticisms from the U.S. regarding unfair competition and overcapacity [1][2]. Group 1: China's Renewable Energy Position - Zhang Lei, Chairman of Envision Group, asserts that Chinese renewable energy represents a "civilizational output," akin to the steam engine during the Industrial Revolution, establishing a new energy infrastructure globally [1]. - Al Gore supports this view, highlighting that by 2025, the total value of green technology exported by China will exceed that of all fossil fuels exported by the U.S. by 50% [1]. - Countries like Nigeria, Kenya, and Zambia are experiencing a surge in solar installations, indicating a global shift towards renewable energy solutions [1]. Group 2: Canada-China Energy Cooperation - Canadian Prime Minister's recent visit to China marks a significant thaw in relations, focusing on cooperation in key areas such as energy and agriculture, which is crucial for both nations [2]. - Meetings between Canadian officials and major Chinese energy companies, including China National Petroleum Corporation, Envision Group, and CATL, are pivotal for reshaping the global energy landscape [2][5]. - The collaboration is seen as a strategic response to Canada's energy transition challenges, showcasing China's renewable energy capabilities [2][11]. Group 3: Challenges in Canada's Energy Sector - Canada faces a dilemma with over 95% of its oil and most natural gas reliant on the U.S. market, posing strategic security risks amid politicized U.S. energy policies [9]. - The aging electrical grid in Canada struggles to integrate renewable energy, falling short of the 2030 and 2035 renewable energy targets [10]. - A weak green industrial base and incomplete supply chains hinder Canada's ability to leverage its resource advantages, necessitating external technological support [11]. Group 4: Technological and Systemic Advantages of China - China's renewable energy industry has developed a comprehensive "scale-technology-system" model, providing a robust foundation for international cooperation [12]. - Envision Group's AI-powered energy systems exemplify this systemic advantage, addressing the complexities of renewable energy management and enhancing operational efficiency [13][15]. - The AI energy system's capabilities align with Canada's long-term energy system upgrade plans, indicating a deepening of technological collaboration [14][19]. Group 5: Future Implications of Cooperation - The partnership between Canada and China transcends mere product trade, evolving into a collaborative model for technology standards and industrial practices [14][20]. - This cooperation is expected to reshape global energy collaboration, allowing Chinese renewable technology standards to influence international markets and contribute to global carbon neutrality efforts [20].

Core Insights - The World Economic Forum's 2026 Annual Meeting highlighted AI as a significant topic, with Chinese companies exemplifying successful AI applications [1] Group 1: AI Application Cases - A report by the World Economic Forum and Accenture identified 32 "AI application stars," with 15 cases from China, surpassing other countries [2] - The sectors represented by the Chinese cases include energy management (4), battery manufacturing (3), global health and medical (2), financial services (1), retail and consumer goods (1), chemical and scientific discovery (1), engineering and infrastructure (1), and advanced manufacturing (2) [2][4] Group 2: Energy Management Sector - In energy management, notable cases include: - Hongzhi Data Science and Dadi Quantum's AI weather prediction system, enhancing market prediction efficiency by 50,000 times [4] - Beijing Low Carbon Clean Energy Research Institute's integration of large models and time series forecasting, achieving a 95% reduction in energy consumption [4] - China Huaneng Group's AI monitoring system, improving defect detection accuracy by 90% [4] - State Grid Corporation's real-time AI coordination platform, enabling sub-minute control for over 15,000 users [4] Group 3: Battery Manufacturing Sector - In battery manufacturing, key contributions from CATL include: - A mixed AI system developed with Amperex Technology, reducing quality fluctuations by 50% and halving operator workload [5] - An automated design process for battery cells that shortens prototype development time by nearly half [5] - Tsinghua University and E-Lai Kede's use of physical-level AI simulation, compressing battery development cycles from years to weeks and reducing waste by 40% [5] Group 4: Healthcare and Financial Services - In healthcare, Ant Group's multi-modal AI health platform has been implemented in over 5,000 institutions, achieving over 90% diagnostic accuracy and an 80% increase in clinical research efficiency [6] - In financial services, Industrial and Commercial Bank of China deployed a financial model with 100 billion parameters, resulting in a profit increase of 500 million yuan and automating millions of daily decisions [6] Group 5: Retail, Chemical, and Infrastructure - In retail, Wumart Group and Duodian Smart integrated AI to optimize pricing and reduce product loss [6] - In chemical and scientific discovery, Deep Principles automated over half of material simulation processes, lowering experimental costs and shortening R&D cycles [6] - In engineering and infrastructure, Lenovo's AI coordination improved logistics accuracy by 30% and provided up to two weeks of advance warning for potential disruptions [6] Group 6: Advanced Manufacturing Sector - In advanced manufacturing, Foxconn and Boston Consulting deployed an AI ecosystem that automated 80% of decision-making processes, generating approximately $800 million in value [7] - Black Lake Technology established an AI-scheduled manufacturing platform, increasing factory utilization to 83% and reducing energy consumption by 18% [7]

锂电池产业链 超配（维持） 锂电池产业链双周报(2026/01/09-2026/01/22) 行 业 2025 年全球储能电池出货同比增长超 80% 2026 年 1 月 23 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 行情回顾：截至2026年1月22日，锂电池指数近两周下跌5.75%，跑输沪 深300指数5.46个百分点；锂电池指数本月至今累计下跌4.84%，跑输沪 深300指数6.87个百分点；锂电池指数年初至今下跌4.84%，跑输沪深300 指数6.87个百分点。 周 报 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链近两周价格变动： 锂电池指数走势 资料来源：iFinD，东莞证券研究所 锂盐：截至2026年1月22日，电池级碳酸锂均价16.61万元/吨，近两周上 涨19.84%；氢氧化锂(LiOH 56.5%)报价16.02万元/吨，近两周上涨17.19%。 正极材料：动力型磷酸铁锂报价5.48万元/吨，储能型磷酸铁锂报价5.39 万元/吨，近两周分别上涨16.60%和18.46%；NCM523、NCM622、NCM8 ...

Core Viewpoint - The company, Huihan Co., has developed a digital energy management solution that integrates "end and cloud" technology, enhancing battery information capabilities and supporting a high-performance cloud platform for the entire battery lifecycle management [1] Group 1: Digital Energy Management Solution - The solution enables traceability, controllability, and optimization of batteries throughout their lifecycle [1] - It has been applied in key scenarios such as vehicle-battery separation management, battery leasing and sharing, digital operation of charging and swapping stations, V2G (Vehicle-to-Grid) bidirectional energy interaction, and energy digital trading [1] - The product configuration ratio is approximately 2.2 to 2.5 times the number of vehicles [1] Group 2: Market Penetration and Clientele - The company has deeply penetrated sectors including automotive power batteries, battery swapping systems, and grid energy storage systems [1] - It is also extending its reach into emerging scenarios such as electric shipping [1] - Core clients include leading battery manufacturers such as CATL (Contemporary Amperex Technology Co., Limited) and EVE Energy Co., Ltd. [1]

这些蓄电所大多数有着统一的规格：1.99MW/8.128MWh。 在日本出海圈，它们被简称为"28系统"，是日本储能界供应量最大，最为主流的"硬通货"。 展位现场，金钱流动的声音清晰可见。 一边是有人在计算器上飞快地按着汇率，有人正对着手机那头的合伙人焦急地喊道："路条价格又涨了！现在一张开发许可（路条）的售价基本都过亿了" 半年就回本，现在去日本还来得及吗 在今年东京国际智慧能源周（Smart Energy Week）上，出现了一个非常反差的画面。 本应是科技含量十足的展商化身新宿街头的房产推介，在展板上密密麻地贴出彩色的小传单，上面印着地块的卫星图、复杂的单线图，一大半还盖上了的 鲜红色印章："商谈中"或"售完" 这些传单指向的是同一个主角："蓄电所"。这是一个非常有日本风格的称呼，实际上就是国内的储能电站。 这让日本这个在大储领域毫无存在感的国家，忽然成为了海外资本和中国设备商的淘金地。 另一边则是海外来的投资商试图深入询问东电（TEPCO）或关电（KEPCO）的并网检讨细节。 这一切都来自于一个"全球最高收益"的神话。圈内疯传：2024-2025年，第一批"蓄电所"做到了半年多回本，IRR冲到了45% ...