证券研究报告 工业/能源 储能需求向好，低价内卷转向 华泰研究 2026 年 2 月 11 日│中国内地 动态点评 刘俊 研究员 SAC No. S0570523110003 SFC No. AVM464 徐嘉欣* 联系人 SAC No. S0570125070136 xujiaxin@htsc.com 行业走势图 karlliu@htsc.com +(852) 3658 6000 边文姣 研究员 SAC No. S0570518110004 SFC No. BSJ399 王嵩 研究员 SAC No. S0570525110001 SFC No. BLE051 苗雨菲 研究员 miaoyufei@htsc.com +(86) 21 2897 2228 戚腾元 研究员 SAC No. S0570524080002 SFC No. BVU938 +(86) 21 2897 2228 李科毅* 联系人 +(86) 10 6321 1166 SAC No. S0570125030018 likeyi@htsc.com (11) 3 16 30 43 Feb-25 Jun-25 Oct-25 Jan-26 (%) 电力 ...

Core Viewpoint - The successful listing of Xian Dao Intelligent Equipment Co., Ltd. on the Hong Kong Stock Exchange reflects strong recognition and interest from international investors, reinforcing its position as a global leader in the new energy equipment sector [1][3]. Group 1: H-Share Listing and Market Response - The H-share issuance was met with unprecedented market enthusiasm, with significant subscriptions from top global asset management firms and sovereign funds, resulting in a final issuance size of HKD 5.68 billion [3]. - The final pricing for the H-shares was set at HKD 45.8 per share, with a full exercise of the 15% over-allotment option [3]. - The listing is seen not just as a financing opportunity but as a reaffirmation of the company's leading position in the global new energy equipment market [3]. Group 2: Industry Position and Performance - Xian Dao is the largest supplier of lithium battery intelligent equipment globally, with a market share of 15.5%, significantly ahead of its closest competitor [3]. - The company is expected to achieve a net profit of RMB 1.5 billion to 1.8 billion in 2025, representing a year-on-year increase of 424.29% to 529.15% [4]. - The recovery in the downstream demand and improved operational efficiency are driving the company's performance, with a notable increase in order volume and delivery pace [5]. Group 3: Strategic Partnerships and Global Expansion - The introduction of top-tier strategic investors during the H-share offering signals international capital's recognition of the company's global value [5]. - The company has established a diverse customer base, including major global automotive and battery manufacturers, enhancing its market presence and stability [7]. - Xian Dao's overseas revenue saw a significant increase of 159.56% in the first half of 2025, indicating strong growth potential in international markets [7]. Group 4: Technological Advancements and Competitive Edge - The company has positioned itself as a leader in next-generation technologies, particularly in solid-state batteries and photovoltaic sectors, creating a strong technological moat [8][9]. - Xian Dao has achieved full-process technology integration in solid-state battery production, with a projected market growth rate of 151% from 2026 to 2030 [9]. - The company's commitment to R&D is evident, with a significant investment of RMB 12.31 billion in R&D and a robust patent portfolio, ensuring its competitive advantage [9]. Group 5: ESG Commitment and Long-term Value - The company's commitment to ESG practices, including carbon neutrality goals and certifications, enhances its attractiveness to international investors [10]. - Xian Dao's current valuation is approximately RMB 90.8 billion, with potential for further appreciation as it expands its high-margin overseas business and solid-state battery production [10]. - The company is expected to replicate the post-listing value re-evaluation path of its peer, Ningde Times, driven by its strong fundamentals and market positioning [11].

【文/观察者网 潘昱辰 编辑/高莘】据《日本经济新闻》报道，福特汽车首席执行官（CEO）吉姆·法利 在2月10日举行的财报电话会议上表示，中国汽车制造商改变了全球的"游戏规则"，并对传统汽车制造 商构成威胁。 法利表示，福特汽车面临的真正问题，是中国车企主导了电气化转型，并改变了汽车的定价权。他强 调，每家传统车企都面临着这一挑战；如果该现象持续下去，福特将不得不根据现实成本来定价。 福特汽车CEO吉姆·法利 日本经济新闻 根据福特最新披露的财报，因确认了与取消电动汽车项目相关的159亿美元（约合人民币1100亿元）减 记，2025年公司净亏损达81.8亿美元（约合人民币565.4亿元），而上年尚且盈利58.7亿美元（约合人民 币405.7亿元）。 无独有偶，今年1月，通用汽车CEO玛丽·博拉也在财报电话会议上表示，公司面临来自中国车企"激烈 的竞争"。博拉表示，在通用汽车与上汽集团的合资企业进行重大重组并大幅转向电气化后，她对通用 汽车在中国的业务充满信心，并表示将继续在中国保持"有意义的存在"。然而她也承认，让通用汽车中 国恢复到"五到六年前那样"的状态很难。 法利表示，福特将在中国"投机取巧"，利用其位 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 831.03%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 288.17% [1] - The bottom three companies with the lowest AH premium rates are Contemporary Amperex Technology (03750) at -12.59%, WuXi AppTec (02359) at -4.58%, and China Merchants Bank (03968) at -4.48% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Beijing Jingcheng Machinery Electric (00187) at 27.77%, Jinju Group (02009) at 19.35%, and Kai Sheng New Energy (01108) at 16.80% [1] - The bottom three companies with the most negative deviation values are Junda Co., Ltd. (02865) at -60.53%, Chenming Paper (01812) at -32.02%, and CNOOC Services (02883) at -31.42% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

博时港股通领先趋势混合C基金经理变动一览 | 起始期 | 截止期 | 基金经理 | 任职期间 | 任职回报 ? | | --- | --- | --- | --- | --- | | 2022-07-09 | ਦੇ ਹੋ | 赵宪成 | 3年又217天 | -17.34% | | 2021-02-09 | 2022-07-08 | 曾鹏 牟星海 | 1年又149天 | -35.01% | 2025年4季度，博时港股通领先趋势混合的前十大重仓股为腾讯控股、东山精密、美团、宁德时代、英 诺赛科、华虹半导体、中芯国际、中国石油股份、中国太保、南芯科技。 (责任编辑：康博) | 博时港股通领先趋势混合A(011162) | | | | --- | --- | --- | | 单位净值(2026-02-10) | 累计净值 | | | 0.5654 1.07% | 0.5654 | | | 沂1月: - 1.55% | 沂3月: -4.81% | 近6月: -0.33% | | 近1年:7.90% | 近3年: - 1.14% | 成立来:-43.46% | | 博时港股通领先趋势混合C(011163) | | | | ...

Group 1 - Chemical ETF rose by 2.10%, outperforming the Shanghai Composite Index by 2.01 percentage points [1] - PTA production cut confirmed by Xin Feng Ming, with 2.5 million tons of PTA capacity being taken offline, indicating a tightening supply which supports the recovery of PTA profit margins [1] - Gotion High-Tech signed a strategic cooperation memorandum with BASF to focus on next-generation solid-state battery technology, with expectations for small-scale production of all-solid-state batteries by CATL in 2027 [1] - Zhejiang Longsheng raised the price of disperse dyes by 2000 yuan/ton, marking a potential turning point in the industry due to supply discipline and cost anchoring [1] Group 2 - The 14th Five-Year Plan will promote carbon peak measures, with restrictions on high-energy-consuming products expected to be implemented, indicating a clearer turning point for the chemical industry [2] - The real estate sector is showing signs of stabilization, particularly in first-tier cities, which may lead to a gradual recovery in the industry, highlighting investment opportunities in the chemical real estate chain [2] - The CSI sub-industry chemical theme index (000813) rose by 2.32%, with significant gains in stocks such as Xinzhou Bang (up 8.16%) and Tongkun Co. (up 7.82%) [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-industry chemical theme index (000813) accounted for 44.82% of the index, including Wanhua Chemical and Yilong Co. [3]

Core Viewpoint - The article highlights the competitive landscape and cost benchmarks in the lithium iron phosphate energy storage market, particularly focusing on the recent procurement project by China Huadian Group for a 12GWh energy storage system [3][4]. Group 1: Procurement Project Details - China Huadian Group officially opened bids for a 12GWh lithium iron phosphate energy storage system framework procurement project, marking a significant event in the energy storage market for 2026 [3]. - The project specifies that the battery cell capacity must be ≥314Ah, indicating a focus on high-capacity energy storage solutions [3]. Group 2: Competitive Pricing Analysis - The bidding process revealed intense competition, with the lowest bid at 0.49225 yuan/Wh, and four companies bidding below 0.5 yuan/Wh (ranging from 0.492 to 0.499 yuan/Wh) [6]. - The arithmetic mean bid from the 59 participating companies was approximately 0.548 yuan/Wh, while the median bid was around 0.540 yuan/Wh [6]. - A significant number of companies (about 32) had bids concentrated in the 0.52-0.56 yuan/Wh range, indicating a consensus on the current cost baseline within the industry [6]. Group 3: Bidder Requirements - The tender explicitly requires bidders to have operational performance of at least one project with a capacity of ≥200MWh or a cumulative contract performance of no less than 2000MWh [7].

杭州曦诺未来科技有限公司成立于2024年12月，法定代表人为夏宇轩，经营范围包括智能机器人的研 发、智能机器人销售、工业机器人制造等。股东信息显示，该公司现由夏长亮、夏宇轩及上述新增股东 等共同持股。官网显示，该公司是一家人形机器人领域的核心零部件供应商。 天眼查App显示，近日，杭州曦诺未来科技有限公司发生工商变更，新增小米旗下瀚星创业投资有限公 司、宁德时代（300750）参投的福建时代泽远股权投资基金合伙企业（有限合伙）等为股东，同时，注 册资本由500万人民币增至约598.8万人民币。 ...

摘要 灵鸽科技攻克硫化物固态电解质量产难题，中标百吨级整线项目，多项技术创新筑牢固态电 池产业化设备根基。 当前，全固态电池产业化进程已步入加速落地的关键阶段，硫化物路线凭借核心性能优势成为全固态电池的主流技术方向，而设备端的技术突破与工 程化落地，正成为破解其规模化量产难题的核心抓手。 在此背景下， 灵鸽科技 凭借三十余年物料精准处理领域的技术积淀与系统集成能力，与 四川赛科动力科技有限公司合作成功中标首条百吨级硫化 物固态电解质连续化整线项目 。 实现该材料从实验室小批量制备到工业化百吨级量产的跨越式突破，为全固态电池商业化落地筑牢装备根基，也为固态电池设备板块的发展提供了关 键实践方案。 产业提速在即 硫化物固态电解质量产遇多重行业卡点 固态电池的产业化发展已形成清晰路线图，成为全球新能源产业竞争的核心赛道。 据高工产研（GGII）预测， 2035年全球锂电池总出货量将达10TWh级别，其中固态电池渗透率有望达5%—10%，2027年更是成为硫化物车规级 全固态电池小批量装车的核心节点。 企业端布局持续提速，广汽集团已建成国内首条大容量全固态电池产线并启动小批量测试，宁德时代、弗迪电池等头部企业也同步推 ...

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has announced a new employee stock ownership plan aimed at incentivizing nearly 5,000 core employees, aligning their interests with those of the company and shareholders [1][46]. Group 1: Purpose and Participants - The plan aims to retain talent and foster development by incentivizing mid-level and key employees through stock ownership, thereby aligning their interests with the company's long-term goals [1][46]. - Participants include approximately 5,000 core employees, primarily mid-level managers and key personnel, including foreign employees. Exclusions apply to directors, senior management, shareholders holding more than 5%, and their immediate family members [2][48][63]. Group 2: Stock Details and Pricing - The shares will be sourced from previously repurchased A-shares by the company [3][50]. - The purchase price is set at 183.64 yuan per share, which is approximately 50% of the higher of the average trading price from the previous day or the average over the last 20 days [4][51][70]. Group 3: Lock-up Period and Conditions - The total lock-up period is 36 months, with shares unlocking in three phases: 30% after one year, another 30% after two years, and the remaining 40% after three years [4][52][73]. - The unlocking of shares is contingent upon individual performance evaluations, with grades determining the percentage of shares that can be unlocked each year [4][52][75]. Group 4: Financial and Management Aspects - The total funding cap for the plan is approximately 74.32 billion yuan, with a maximum of about 404.68 million shares, representing 0.09% of the company's total equity. About 12.36% of the shares are reserved for future talent acquisition [6][53][65]. - The plan will be managed internally by the company, with a management committee elected by the participants overseeing daily operations [7][54][76]. Group 5: Duration and Transfer Restrictions - The effective duration of the employee stock ownership plan is set for five years (60 months) [8][55]. - During the plan's duration, participants cannot transfer, pledge, or use their shares for debt repayment [9][30]. Group 6: Next Steps - The plan has been approved by the board of directors but requires shareholder approval at a forthcoming meeting to be officially implemented [10][60][79].