1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The photovoltaic sector may experience a significant rush - to - export market in the first quarter, which will marginally benefit the demand for related products. The lithium - battery sector, including batteries and ternary materials, has short - term rush - to - export drivers. The "rush - to - export" in the photovoltaic sector will have a certain impact on the container shipping index (European line) [4][18][36]. 3. Summary by Directory 3.1 Photovoltaic Sector - **Export Tax Rebate System**: The export tax rebate system for photovoltaic products dates back to 2013. It has been adjusted several times, and from April 1, 2026, the export tax rebate for photovoltaic cells and modules will be cancelled. The expected cancellation of the tax rebate in 2025 Q3 led to a 10% quarter - on - quarter increase in component exports [7]. - **Impact on the Industry**: China's photovoltaic exports are mainly components, with about 40% going to Europe. After the cancellation of the tax rebate in April, the export cost per watt of components is expected to increase by $0.008 (equivalent to RMB 0.06 per watt), and the export profit per watt will drop to -$0.012, leading to potential losses in component exports [10]. - **European Market Situation**: The overall economic weakness in Europe, subsidy reduction, and limited grid capacity will lead to a 3% year - on - year decline in new photovoltaic installations in 2026. However, there is a clear peak - off - peak cycle. Before the policy adjustment on April 1, there will be a significant rush - to - export market, and component exports in Q1 2026 are expected to increase by 8 - 10GW compared to previous expectations [14]. - **Demand for Related Products**: In the first quarter, domestic installation demand is weak, but the rush - to - export of components will improve overall demand. It is expected to bring about 8 - 10GW of component demand increment, which will marginally benefit the demand for main and auxiliary materials of photovoltaic components [17]. 3.2 Lithium - Battery Sector - **Export Tax Rebate Policy**: The export tax rebate for lithium - ion batteries will be reduced to 9%, 6%, and 0% in December 2024, April 2026, and January 2027 respectively. The first reduction had no obvious impact, and in November 2025, the cumulative year - on - year exports of power and energy - storage batteries increased by 47% and 74% respectively [20]. - **Impact on Leading Enterprises**: The export tax rebate cancellation may reduce the policy support for enterprises by $1.8 billion. However, enterprises with a stable overseas market and strong bargaining power can better withstand the impact [21]. - **Export Demand of Power Batteries**: Power and energy - storage lithium - ion batteries rely on the export market by about 16% and 24% respectively. The core export area for power batteries is Europe. Although affected by US tariffs, the demand has strong resilience, and there will be a moderate "rush - to - export" demand [24]. - **Energy - Storage Batteries**: The domestic energy - storage battery market is highly competitive. With the cancellation of the 9% export tax rebate, there will be a strong "rush - to - export" demand in the Middle East, Chile and other regions. However, the current production capacity of battery factories is nearly saturated, so short - term export increments are limited [28]. - **Ternary Materials**: The export tax rebate for ternary materials and precursors will be reduced from 13% to 0%, with a greater impact on profits. NCM and NCM precursor materials mainly rely on exports to Japan and South Korea. The export tax rebate cancellation will have a greater impact on the upstream of the ternary lithium - battery industry chain and may stimulate a "rush - to - export" demand [31][35]. 3.3 Container Shipping Sector - **Transport Demand**: In 2025, the export of photovoltaic components to 12 European countries decreased by 6% compared to the same period in 2024. It is estimated that the "rush - to - export" of components may lead to the pre - shifting of 20,000 - 50,000 TEU of transport demand on the European line from Q2 to Q1, and the total transport demand on the European - Mediterranean route may increase by 40,000 - 70,000 TEU [39]. - **Impact on Container Shipping European Line**: The concentrated "rush - to - export" may occur from late February to March. The 20,000 - 50,000 TEU transport increment in the photovoltaic industry is difficult to change the monthly - level over - capacity situation. It will have a marginal positive impact on the loading rate from February to March but is negative for the transport demand after April. For the futures market, EC2602 is basically unaffected, and EC2604 has a downward - driving force, but it may not show an overly pessimistic discount [42].

Group 1 - The lithium battery electrolyte index experienced a strong surge, increasing by over 4% [1] - Among the constituent stocks, Tianji Co. saw a significant rise of 8%, while Haike New Energy increased by 5% [1] - Other companies such as Duofluorid, Dangseng Technology, and Jiangsu Guotai also reported gains exceeding 4% [1]

Core Viewpoint - The sodium-ion battery and materials industry is expected to experience rapid growth in 2025, driven by global energy transition and lithium resource price fluctuations, transitioning from the R&D phase to industrialization [1] Production and Market Overview - In 2025, China's sodium-ion battery production is projected to reach 3.45 GWh, nearly doubling from 1.76 GWh in 2024 [1] - The energy storage sector will dominate downstream applications, accounting for 52%, followed by light-duty power (20%) and start-stop applications (17%), with the power sector representing less than 10% [1] Technical Route and Pricing - By 2025, the polyanion (NFPP) route will establish a dominant position, comprising about 70%, while the layered oxide route will drop from 72% in 2024 to 28% [3] - Sodium battery prices are expected to trend downward, with layered oxide products priced higher than polyanion products. The average price for layered oxide cells is between 0.55-0.6 yuan/Wh, while NFPP cells range from 0.45-0.55 yuan/Wh [5] Market Segmentation Energy Storage Market - Major sodium-ion energy storage system projects are concentrated in regions like Hubei, Yunnan, Guangdong, Guangxi, and Shanghai, with prices dropping from approximately 1.3 yuan/Wh at the beginning of the year to below 0.7 yuan/Wh by Q4 [8] - Sodium-ion batteries are expected to gradually replace lead-acid batteries in data centers and communication base stations, with higher acceptance in overseas markets, particularly Europe [8] Light-Duty Power Market - The light-duty power sector will account for 20% of the downstream market in 2025, with sodium-ion batteries being adopted by several electric two-wheeler manufacturers [10] - The penetration rate of sodium-ion batteries in the small power market is expected to reach 30%-40% due to their low cost and long cycle life advantages [10] Start-Stop Battery Market - Sodium-ion batteries are rapidly emerging in the start-stop battery market for vehicles, with nearly 30 battery companies launching sodium-ion start-stop power products [11] - The market size for start-stop batteries is estimated to approach 100 billion yuan [11] Power Market - Progress in the passenger vehicle sector is slow due to low energy density, while commercial vehicles are actively exploring applications [13] - Sodium-ion batteries are expected to find breakthroughs in range-extended and hybrid models where high cycle counts are required [13] Competitive Landscape - The market is dominated by polyanion and layered oxide routes, with leading companies like Vico Technology, Haifida, and Pioneering Technology focusing on polyanion applications [15] - Major players include CATL and BYD in lithium batteries, and new entrants like Zhongke Haina and Qingna Technology in sodium batteries [15] Future Outlook - The sodium-ion battery industry is anticipated to enter a phase of large-scale application in 2026, supported by technological advancements, cost reductions, and policy backing [22] - Energy density and cycle life are expected to improve, with mainstream sodium batteries achieving energy densities of 170-180 Wh/kg and polyanion batteries reaching 110-120 Wh/kg [23] - The cost of sodium batteries is projected to fall below 0.40 yuan/Wh by 2026, enhancing their competitiveness in energy storage and low-speed electric vehicle applications [23]

Core Viewpoint - Solid-state batteries are highly compatible with satellite applications due to their lack of liquid electrolytes, low gas evolution risk, radiation resistance, and temperature tolerance, making them a promising investment direction for the industry [1][6]. Group 1: Performance and Compatibility - Solid-state batteries exhibit superior performance characteristics suitable for satellite environments, where traditional liquid lithium-ion batteries face significant risks such as electrolyte evaporation and thermal runaway [2]. - The inherent safety of solid-state electrolytes, which do not contain flammable or volatile components, enhances their stability in vacuum conditions, making them more suitable for long-term space missions [2]. Group 2: Industry Development and Testing - Solid-state batteries have progressed from laboratory validation to engineering and in-orbit verification stages in the satellite sector, with successful tests conducted by JAXA and Hitachi Shipbuilding [4]. - A solid-state lithium-ion battery was launched to the International Space Station in February 2022, demonstrating successful charge and discharge operations over 434 days with no significant capacity degradation [4]. Group 3: Policy Support and Market Outlook - The solid-state battery industry is receiving significant policy support, with multiple initiatives introduced since 2025 to promote its development [5]. - As pilot tests advance, the mass production timeline for solid-state batteries is expected to accelerate, indicating a strong growth trajectory for this technology [5]. Group 4: Investment Recommendations - Companies such as CATL, EVE Energy, and others are recommended for investment due to their involvement in solid-state battery technology, which is anticipated to see increased penetration in the aerospace sector [6].

Investment Rating - The industry investment rating is "Outperform" [11] Core Viewpoints - Solid-state batteries are expected to become a key energy storage technology in the aerospace sector due to their lack of liquid electrolytes, low gas release risk, radiation resistance, and temperature tolerance, making them highly compatible with satellite applications [1][3] - The penetration rate of solid-state batteries in the aerospace field is anticipated to increase as industrialization progresses, with ongoing engineering and in-orbit validation [1][3] - The report maintains a strong outlook for solid-state battery production acceleration, highlighting it as a high-certainty investment direction [3] Summary by Sections Industry Overview - Solid-state batteries have transitioned from laboratory validation to engineering and in-orbit verification in the satellite sector, with successful demonstrations of charging and discharging capabilities in space [5] - NASA is advancing solid-state battery projects aimed at developing technologies suitable for space exploration and manned missions, indicating strong institutional support for this technology [5] Market Potential - The report emphasizes that solid-state batteries offer advantages in energy density and safety, positioning them as a significant upgrade direction for lithium-ion battery technology, supported by multiple national policies since 2025 [5] - The report recommends specific companies such as CATL, Yiwei Lithium Energy, and others as key players in the solid-state battery market, suggesting a focus on companies that are initiating small-scale production and advancing solid-state technology [3]

证券代码：300073 证券简称：当升科技 公告编号：2026-001 北京当升材料科技股份有限公司 关于 2025 年管理层与核心骨干股权增持计划 实施进展的公告 北京当升材料科技股份有限公司 关于 2025 年管理层与核心骨干股权增持计划实施进展的公告 北京当升材料科技股份有限公司（以下称"当升科技"或"公司"）2025 年第三次临时股东大会于 2025 年 8 月 12 日审议通过了《<2025 年管理层与核心 骨干股权增持计划（草案）>及摘要》（以下称"股权增持计划"）。根据中国 证券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》的相 关要求，现将公司本次股权增持计划实施进展情况公告如下： 截至本公告披露日，公司股权增持计划已通过"云南国际信托有限公司－云 南信托－与奋斗者同行当升科技员工持股第六期管理服务信托"从二级市场以 市价累计买入了公司股票合计 283,200 股，占公司总股本的 0.05%，成交均价为 55.83 元/股，成交总金额为 15,810,291.36 元。 公司将根据股权增持计划的实施进展 ...

Core Insights - The core viewpoint of the article is the significant growth forecast for the global sodium-ion battery industry, particularly in the production and shipment of cathode materials by 2025, as detailed in the "2026 Global Sodium Battery Industry White Paper" published by Qidian Research Institute SPIR [2]. Group 1: Industry Overview - By 2025, the global shipment of sodium-ion battery cathode materials is expected to reach approximately 20,000 tons, representing a year-on-year growth of 122.2% [2]. - Among the cathode materials, the shipment of polyanionic cathode materials is projected to exceed that of layered oxides, with an estimated shipment of 14,000 tons, marking a staggering year-on-year increase of 366.6%. In contrast, the shipment of layered oxide cathode materials is expected to be 5,000 tons, reflecting a year-on-year decline of 16.6% [2]. Group 2: Price Trends - The average price of layered oxide cathode materials in 2025 is forecasted to be 38,000 yuan per ton, which is a decrease of 26.3% compared to the previous year [3]. - The average price for polyanionic cathode materials is expected to be 28,000 yuan per ton, showing a decline of 22.2% year-on-year [3]. Group 3: Leading Companies - The top 10 companies in the global sodium-ion battery cathode materials shipment for 2025 include: 1. Qiana Energy 2. Rongbai Technology 3. Sodium Innovation Energy 4. Yingna New Energy 5. Wanrun New Energy 6. Sodium Science Energy 7. Dangseng Technology 8. Jiangsu Xiangying 9. Sodium Far New Materials 10. Jinguang Energy [7]. - The next tier, companies ranked 11-20, includes: 11. Ruiyang New Energy 12. Green Beauty 13. Zhenhua New Materials 14. Yangguang Technology 15. Tongxing Haosheng 16. Taihe Technology 17. Better Energy 18. Shengna Energy 19. Chaona New Energy 20. Xinna New Materials [7]. Group 4: Market Segmentation - The top 10 companies in the shipment of polyanionic cathode materials include: 1. Qiana Energy 2. Rongbai Technology 3. Yingna New Energy 4. Wanrun New Energy 5. Jinguang Energy 6. Sodium Science Energy 7. Sodium Far New Materials 8. Ruiyang New Energy 9. Tongxing Haosheng 10. Taihe Technology [9]. - The top 10 companies in the shipment of layered oxide cathode materials include: 1. Sodium Innovation Energy 2. Rongbai Technology 3. Dangseng Technology 4. Jiangsu Xiangying 5. Zhenhua New Materials 6. Sodium Science Energy 7. Green Beauty 8. Better Energy 9. Yangguang Technology 10. Changyuan Lithium Technology [9].

Core Viewpoint - The company has established a comprehensive foreign exchange risk management system to monitor risk exposure and mitigate adverse impacts from currency fluctuations on its operations [2] Group 1: Foreign Exchange Risk Management - The company conducts daily monitoring of its foreign exchange risk exposure [2] - It closely observes macroeconomic conditions and changes in international monetary policies [2] - The company dynamically adjusts the use of forward foreign exchange instruments based on professional market analysis reports and its actual situation [2]

Group 1 - The core viewpoint of the article is that the company, Dangsheng Technology, is experiencing rapid growth in its lithium iron phosphate (LiFePO4) business, which has become a new growth driver for its performance [1] - The company reported that both production and sales of its products are thriving and have achieved profitability [1] - The pricing of the company's products takes into account factors such as raw material costs, market supply and demand, and the competitive landscape of the industry [1]

Group 1 - The core viewpoint of the article is that the company, Changsheng Technology, is operating its production activities as planned and efficiently [1] - The company's lithium iron phosphate production line is running at full capacity [1]