Group 1 - The People's Bank of China will have a total of 622.7 billion yuan in reverse repos maturing next week, with significant amounts maturing on specific days [1] - On December 30, 34 companies will have their restricted shares unlocked, totaling 3.697 billion shares with a market value of approximately 58.895 billion yuan based on the closing price on December 26 [4] - The highest unlock value on December 30 will come from 13 companies, totaling 27.645 billion yuan, which accounts for 46.94% of the total unlock scale for the week [4] Group 2 - The Hong Kong IPO price range for Wallrun Technology is set between 17.00 and 19.60 HKD per share, with plans to list on January 2 [8] - The first listing of "Physical AI" company 51WORLD is expected on December 30, with a global offering of 23.975 million shares priced at 30.5 HKD each [8] - Lin Qingxuan plans to issue H-shares at a price of 77.77 HKD per share, also expected to list on December 30 [8]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with an estimated total reduction exceeding 1.9 billion yuan, benefiting stocks, funds, and bonds across all trading stages [2] - The Ministry of Finance emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, and enhancing the effectiveness of transfer payments [3][4][5] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a healthy cycle between capital markets and the real economy [6] Group 2 - The establishment of the humanoid robot and embodied intelligence standardization committee by the Ministry of Industry and Information Technology aims to enhance high-quality standard supply and promote the application of these technologies [7] - Wall Street saw a decline in commercial aerospace concept stocks, while international silver prices surged over 10%, indicating market volatility [10] - The upcoming IPO of Wall Street's first GPU company, Birran Technology, is set for January 2, 2026, with an expected price range of 17.00 to 19.60 HKD per share [8]

重点关注 全国财政工作会议12月27日至28日在北京召开。会议指出，2026年继续实施更加积极的财政政策。一是 扩大财政支出盘子，确保必要支出力度。二是优化政府债券工具组合，更好发挥债券效益。三是提高转 移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政 金融协同，放大政策效能。 财政部：明年继续安排资金支持消费品以旧换新 财政部部长蓝佛安表示，明年财政将大力提振消费。深入实施提振消费专项行动，继续安排资金支持消 费品以旧换新，调整优化补贴范围和标准。 中国人民银行发布《中国金融稳定报告(2025)》。报告提出，着力健全有利于"长钱长投"的制度政策环 境，显著提高各类中长期资金实际投资A股的规模和比例，努力实现中长期资金保值增值、资本市场平 稳健康运行与实体经济高质量发展的良性循环。 中国ETF正式迈入6万亿时刻。 上交所推出2026年系列降费让利措施，免收沪市上市公司上市费，减免交易单元使用费，免收可转债以 外的债券交易经手费等。 宏观要闻 2026年全国两会召开时间来了 十四届全国人大常委会第十九次会议12月27日上午表决通过了关于召开十四届全国人大四次会议的决 定 ...

Key Points - The Ministry of Finance will significantly boost consumption in 2026 by implementing special actions and providing funds for consumer goods replacement programs [2][8] - The People's Bank of China aims to enhance the policy environment for long-term investments, increasing the scale and proportion of various long-term funds invested in A-shares [10][11] - China's ETF market has reached a record high of 6.03 trillion yuan, with a year-to-date increase of over 60% [9] - The Shanghai Stock Exchange has introduced a series of fee reduction measures for 2026, expecting a total reduction of approximately 1.113 billion yuan [13] - The establishment of a standardization committee for humanoid robots and embodied intelligence is a significant step towards promoting high-quality standards in the industry [15] - Several lithium iron phosphate manufacturers have announced production cuts due to high upstream raw material prices, indicating cost pressures in the sector [16] - The total box office for the 2025 Chinese film New Year season has surpassed 5 billion yuan, marking a new high for the same period in eight years [17] - A total of 32 companies will have 36.83 billion shares unlocked this week, with a total market value of 58.097 billion yuan, reflecting a decrease from the previous week [19][20][21] - The investment strategy suggests focusing on high-end industries and related raw material sectors supported by policy, as they remain key areas of growth [23]

债 券 周 评 相关研究 证 券 研 究 报 告 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 2025 年 12 月 27 日 主题风格活跃，高价券领涨 ——转债周度跟踪 20251226 ⚫ 1. 周观点及展望 ⚫ 本周中证 2000 领涨，微盘股延续修复，转债风格适配、明显跟涨，商业航天概念持续火 热带动军工板块表现亮眼，金融、消费等临期大盘转债依旧承压，加之强赎风险阶段性回 落，偏股转债受益于平价和估值双击，涨幅明显好于大盘偏债转债。在经历强势修复后， 转债重回前期高点，主要表现为百元溢价率、转债价格中位数等均距离前期高点"一步之 遥"。但与 11 月上旬的修复行情相比，本轮表现较强的主要是偏股型高价转债，而 11 月 上旬则是偏债型低价转债较强，因此本轮强势修复后转债弹性要强于前期，虽然回撤会同 步放大， ...

Group 1 - During the period from December 29 to December 31, 19 stocks will have a lock-up release value exceeding 100 million yuan, with a total lock-up release market value of 953.6 billion yuan across 34 stocks [4][5] - *ST XinYuan announced that it received a cash asset donation and debt waiver to mitigate delisting risks, maintaining its status as a listed company. The donation amounts to no more than 330 million yuan, and the debt waiver is up to 50 million yuan [1][2] - *ST XinYuan has been in a state of insolvency, with a net asset of 55.02 million yuan and has reported losses for five consecutive years, including a loss of 81.72 million yuan in the first three quarters of this year [2] Group 2 - The stock price of *ST XinYuan has dropped over 70% from its historical peak in 2021, but has rebounded by over 170% since hitting a low in May this year [2] - The highest lock-up release value among the 19 stocks is from GuoHuoHang, with a release of 6.433 billion shares, accounting for 52.69% of its total share capital, valued at 39.754 billion yuan [5] - Baiwei Storage and YingShi Network also have significant lock-up releases, with values of 12.886 billion yuan and 11.321 billion yuan respectively, and both companies are recognized leaders in their respective sectors [5][6] Group 3 - Ten stocks have a lock-up release ratio exceeding 10% of their total share capital, including QingYue Technology, ZhongLi Group, and others [7] - QingYue Technology has a lock-up release of 2.12 billion shares, representing over 47% of its total share capital, with the release date on December 28 [7] - QingYue Technology is a leading manufacturer of electronic paper modules and related products [7]

12月26日晚间，*ST新元(300472)公告，公司获赠现金资产和债务豁免以化解退市风险，维持上市公司地位。 （原标题：1.65万户股东沸腾，300472，获赠巨额现金！下周存储龙头解禁市值超百亿元） 12月29日至12月31日期间，有19股解禁市值超亿元。 公告表示，产业投资人北京随锐新元创新科技中心（有限合伙）及随锐科技集团股份有限公司拟协调关联方向公司无偿赠与不超过3.3亿元的现金 资产。本次赠与以现金资产的形式直接投入公司，为无附义务、不可变更、不可撤销的赠与行为，公司无需支付对价，无任何附加条件，不附有 任何义务，不会被追索赔偿。 公司还同时公告称，于近日收到实控人朱业胜先生出具的《债务豁免承诺函》，朱业胜决定豁免公司债务金额不超过0.5亿元，本次债务豁免为债 权人作出的单方面、不附带任何条件、不可变更、不可撤销的豁免行为。 本月稍早前，*ST新元公告与产业投资人签署重整投资协议，公司将按每10股转增15股实施资本公积金转增股本，共计转增3.97亿股股票。其中北 京随锐新元创新科技中心（有限合伙）将以3.5元/股认购1亿股转增股票，支付对价款3.5亿元。 今年三季报显示，*ST新元已处于资不抵债状 ...

Group 1: Overall Investment Trends - In 2025, China's lithium battery industry chain is expected to have over 282 publicly announced investment projects with a total investment exceeding 820 billion yuan, representing a year-on-year growth of over 74% [1] - Lithium batteries and their main materials will remain the primary focus of investment, accounting for over 80% of the total investment [1] Group 2: Lithium Battery Sector - Approximately 64 new lithium battery projects are planned in China for 2025, with a total planned capacity exceeding 1100 GWh, marking a year-on-year increase of 105% [1] - The total planned investment for lithium batteries in 2025 is projected to reach 348.5 billion yuan, a year-on-year increase of 92% [1] - Major companies like CATL, EVE Energy, and others have announced new capacity expansion plans, signaling positive industry growth [1] Group 3: Lithium Battery Materials - Investment in lithium battery materials, including cathodes, anodes, electrolytes, separators, and copper foils, is expected to reach 308.5 billion yuan in 2025, a year-on-year increase of 127% [1] - The demand for high-pressure density and long-cycle life products in cathode materials is driving rapid capacity expansion [1] - The electrolyte sector is experiencing growth due to supply-demand adjustments and rising production costs from raw material price increases [1] Group 4: Solid-State Battery Sector - In 2025, around 60 new solid-state battery projects are planned, with a total capacity of 189 GWh and a total investment of approximately 67.7 billion yuan, reflecting a year-on-year decrease of 9% in investment [2] - Despite the decrease in investment, capacity planning has increased by 23% due to breakthroughs in key processes and cost reductions [2] Group 5: Sodium Battery Sector - The sodium battery sector is set to see 42 new projects in 2025, with a planned capacity exceeding 290 GWh and total investment exceeding 100 billion yuan, all showing significant year-on-year growth [3] - Key drivers for the rapid development of sodium batteries include continuous technological breakthroughs and cost advantages over lithium batteries [3] Group 6: Regional Investment Distribution - In 2025, lithium battery investment projects are primarily concentrated in East and Central China, with regions like Fujian, Shandong, and Jiangsu leading the way [6] - The Southwest region, particularly Sichuan, is becoming a hub for lithium battery materials, accounting for 59% of investment in cathode materials [7] - The overseas expansion of Chinese lithium battery companies is focused on regions like Thailand and Europe, driven by favorable local conditions and demand [6][8] Group 7: Future Outlook - The lithium battery industry is expected to emerge from a two-year period of supply-demand imbalance and price declines, with a healthy growth cycle anticipated starting in 2026 [13] - The demand for solid-state batteries and sodium batteries is expected to accelerate, with significant growth projected in their respective markets [13]

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2026锂电关键材料及应用市场高峰论坛 会议背景 会议主办： 鑫椤资讯 会议时间： 2026年3月19-20日 会议地点： 江苏·常州 会议咨询： 13248122922（微信同） 据鑫椤资讯的预测，2025年全球锂电池产量将达到2250Gwh，2026年的增长率将达到30%，其中储能 领域增速更是有望达到48.3%，呈现出"海内外需求双轮驱动、上下游产业链协同爆发"的盛况。如此爆 发式的市场需求，对电芯及上游四大主材的需求产生了巨大的拉动作用。 然而，从当前有效产能情况来看，电芯及各种材料的远期供应存在着一定的缺口。面对明确的供应缺 口，如何保障稳定、高效的供应链，将成为抓住这轮确定性增长的关键。 为把握锂电行业这一轮发展机遇，鑫椤资讯将于 2026年3月19日-20日 (19日报到)举办 2026锂电关键 材料及应用市场高峰论坛 。本届论坛将聚焦三大核心议题： 一：前沿技术及市场供需深度研讨 会议设置"锂电关键材料主论坛"、"动力电池用关键材料分论坛"和"储能电池用关键材料分论坛"三大专 题论坛，邀请专家 ...

Group 1 - The lithium battery sector is regaining market attention, driven by strong supply and demand dynamics, with a significant increase in global energy storage market demand [1][2] - The total demand for lithium batteries is projected to reach 2495 GWh by 2026, reflecting a 28% year-on-year growth from 1944 GWh in 2025, indicating a critical balance point in supply and demand [1] - The supply side shows that leading companies are currently hesitant to expand production, with a 30% growth rate identified as the threshold for potential supply shortages [1] Group 2 - Energy storage is becoming a key variable in reshaping industry growth, with expectations of over 60% growth in global energy storage installation demand by 2026 [2] - The average energy capacity per electric vehicle is expected to continue increasing, contributing to a total growth rate of over 15% in power batteries driven by the adoption of electric vehicles [2] - Solid-state battery technology is advancing from the verification phase to mass production preparation, with significant developments expected in the second half of 2025 [2] Group 3 - The midstream materials segment of the lithium battery industry is anticipated to see profitability improvements in 2026, benefiting from high demand for energy storage [3] - Key beneficiaries of the growth include leading battery manufacturers such as CATL, EVE Energy, and Guoxuan High-Tech, which are well-positioned to capitalize on global energy storage demand [3] - The materials chain is expected to experience significant profitability due to supply-side reforms and high-end product penetration, with companies like Tianqi Lithium and Hunan Youneng highlighted as potential investment opportunities [3]