装备制造行业周报（1月第3周）：固态电池产业持续推进

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests continued attention to investment opportunities in core equipment and materials segments related to solid-state batteries and inverters [1]. Core Insights - The solid-state battery industry is advancing, with companies like Geely and FAW making significant progress in developing and testing solid-state battery technologies, indicating a strong potential for commercialization [2]. - The inverter export from China is on the rise, with a total export value of approximately $839 million in December 2025, reflecting a 26% year-on-year increase, driven by strong overseas demand [2]. - The passenger car market in China experienced a decline in retail sales in early January 2026, but the market is expected to recover gradually due to new subsidy policies [2]. Summary by Sections Market Overview - In the past week, the indices for mechanical equipment, electric power equipment, and automotive sectors increased by 2.56%, 3.57%, and 2.51% respectively, ranking 13th, 11th, and 14th among 31 primary industries [7][9]. Industry News - The solid-state battery sector is seeing advancements, with Geely's self-developed solid-state battery expected to complete its first pack by 2026, and FAW's Hongqi solid-state battery prototype successfully launched [2]. - China's inverter exports reached a total of 48,607,423 units in 2025, with a total export value of about $9.022 billion, indicating robust growth in overseas markets [2]. - The passenger car market faced a decline in sales, with a 22% year-on-year drop in daily retail sales during the second week of January 2026, but is anticipated to recover as new subsidy details are implemented [2]. Company Announcements - Notable companies in the industry are making strategic moves, such as Yujing Intelligent completing a Pre-IPO financing round to enhance its capabilities in robotics and AI [17]. - JinkoSolar announced a projected net loss for 2025, attributed to industry fluctuations and pricing pressures, while also launching a new generation of high-efficiency solar modules [18].