Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and high valuations of growth stocks [2][3]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding at 6.80%, despite a 5.76% reduction in shares for the second consecutive quarter [4]. - Mercado Libre saw a 4.95% increase in holdings, raising its portfolio share to 5.83%, solidifying its position as a key asset [4]. - The top five holdings include Amazon, Shopify, and Sea Ltd, with the top ten holdings accounting for 43.4% of the portfolio [5]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [6]. - Baillie Gifford's investment in Google is estimated at around $1.7 billion post-increase, indicating a focus on AI custom chips and cost advantages in large-scale computing [7]. Group 3: AI Investment Insights - The investment team emphasizes the importance of early engagement in AI trends, suggesting that companies must pivot quickly to new business models once product-market fit is established [10][12]. - The transition to an "intelligent paradigm" is viewed as the next major shift in technology, with AI expected to create new growth opportunities and large companies [13][14]. - Current AI applications are primarily in personal assistant chatbots and programming tools, with companies like Anthropic experiencing rapid growth [15][16]. Group 4: Chinese Market Perspectives - The sentiment in the Chinese market has shifted, with a recognition of the potential for visionary entrepreneurs and rapid technological advancements [24]. - Baillie Gifford holds a significant stake in CATL, which commands 40% of the global battery market, indicating confidence in the future of battery technology beyond electric vehicles [25]. - Despite geopolitical risks, the firm sees potential in select Chinese companies that remain undervalued [27]. Group 5: Non-Public Company Investments - Since 2012, Baillie Gifford has committed over £6 billion to non-public companies, recognizing the increasing time companies remain private before IPO [30]. - The non-public market has expanded significantly, with over 1,500 companies valued at over $1 billion, representing a total market cap exceeding $5 trillion [32]. - Investments in non-public companies like SpaceX and ByteDance are seen as essential for capturing growth opportunities that may be missed in public markets [33]. Group 6: Portfolio Construction Strategy - The portfolio is constructed from the bottom up, avoiding single bets on specific countries or trends, focusing instead on global transformations [36][37]. - The firm is actively reallocating capital towards disruptive growth opportunities, including increased investments in companies like CATL and Chinese consumer platforms [42].

文|天峰 来源|财富独角兽 2025年至今，沪深股指持续上涨，主要源于政策支持、产业转型、资金面改善与市场信心修复等多重因素共振。人工智能、半导体、新能源等高景气赛道 轮番表现，反映出市场对"新质生产力"的高度认可。资金结构也发生深刻变化，外资回流加速，北向资金单月净买入创历史新高。 沪深股指大幅上涨，公募基金加仓高端制造与数字经济，尤其是权益类基金业绩因此受益。陶灿作为建信基金权益投资部总经理，深耕行业十余年，其管 理的基金以长期稳健著称。核心策略是"3+3"框架：自上而下优选行业，聚焦商业模式、竞争格局与景气趋势；自下而上精选个股，考察企业家格局、管 理层执行力与研发效率。 这种双维度方法显著提升了组合的抗风险能力。例如，在新能源行业波动中，陶灿通过动态调仓，规避产能过剩风险，同时锁定高成长赛道，使基金在行 业轮动中保持超额收益。其代表产品建信改革红利股票基金，凭借均衡配置和严格止盈止损机制，长期跑赢基准，成为同类产品中的标杆。 01 陶灿旗下基金收益率高达473.70% 精准把握改革红利宏观策略布局 据天天基金网显示，陶灿于2007年7月加入建信基金管理公司,历任研究员、基金经理助理、基金经理、资深基金 ...

Summary of Key Points from Conference Call Records Industry Overview: Lithium Battery Sector Key Insights 1. **Retail Penetration and Demand Resilience**: In January, the retail penetration rate of new energy passenger vehicles increased by over 5% year-on-year, despite the impact of the Spring Festival and promotional activities by automakers. Policies promoting trade-ins and financial incentives from car manufacturers contributed to a rebound in orders towards the end of the month, indicating demand resilience [1][2]. 2. **Production Trends**: In February, lithium battery production decreased month-on-month, but year-on-year growth remained robust at 30-40%. The production of energy storage batteries was saturated, with companies actively stocking up to meet second-quarter demand. The adjustment in lithium carbonate futures prices alleviated pressure on end-users [1][3]. 3. **Growth Projections**: The lithium battery sector is expected to grow by at least 30% in 2026, with power batteries projected to grow by 20-25% and energy storage by 40-50%. The demand for electric heavy trucks and mining vehicles is anticipated to bring structural growth, particularly in the European market, where policies and new model cycles may exceed expectations [1][4]. 4. **Capacity and Pricing Dynamics**: National capacity pricing policies have increased the tolerance of energy storage projects to raw material price increases. As local policies are implemented, domestic bidding demand is expected to be released. The first quarter is anticipated to see a natural recovery in power storage, driven by trade-in policies, new model launches, and export tax rebates [1][4][5]. Market Performance and Expectations 1. **First Quarter Performance**: The lithium battery sector experienced adjustments in Q1 2026, but recent data from the industry chain and end-users showed positive signals. January saw approximately 800,000 units of new energy passenger vehicles sold, a year-on-year increase of 7-8%. The overall retail penetration rate increased by over 5 percentage points, reflecting strong domestic demand [2]. 2. **Profitability of Leading Companies**: Companies like CATL are expected to maintain strong profitability despite rising raw material costs, with projected profits exceeding 18 billion yuan in Q1 and an annual forecast potentially revised up to 100 billion yuan [2][10]. 3. **Investment Opportunities**: Second-tier battery companies such as Yiwei and Zhonghang are noted for their low valuations and higher profit elasticity, making them attractive investment targets [2][11]. Key Materials and Components 1. **Electrolyte and Separator Materials**: The market for lithium hexafluorophosphate is experiencing a clear supply-demand tightness, with prices expected to rise in March due to increased demand and supply constraints from maintenance activities. The separator materials market is also seeing significant price increases, with industry-wide production halts and agreements not to lower prices [17][19]. 2. **Copper Foil Industry**: The copper foil sector is expected to face supply shortages in the second half of the year, with potential price increases. Current operating rates are high, and profitability is improving for companies like Jiayuan and Defu [25]. Emerging Technologies 1. **Solid-State Battery Developments**: The solid-state battery sector is witnessing rapid advancements, with companies like Tesla overcoming manufacturing challenges. The market is optimistic about the potential for solid-state batteries, particularly in applications like space photovoltaics [26]. 2. **Sodium-Ion Battery Commercialization**: 2026 is projected to be a pivotal year for sodium-ion batteries, with significant commercial potential due to their performance and cost advantages. Companies involved in this sector are expected to see rapid growth in the coming years [30]. Investment Strategies 1. **Short-Term Strategies**: Despite a challenging market environment, the current position is seen as a good entry point for investors. Recommendations include focusing on material segments that are likely to benefit from price increases and supply constraints [7]. 2. **Long-Term Outlook**: The lithium battery sector is expected to continue its growth trajectory, with strong demand from both passenger and commercial vehicles, as well as energy storage applications. The overall market sentiment remains positive, with expectations of sustained profitability across the industry [4][6]. This summary encapsulates the key points from the conference call records, highlighting the current state and future outlook of the lithium battery sector, along with investment opportunities and emerging technologies.

Summary of Key Points from the Conference Call on Battery Industry Industry Overview - The conference call focused on the battery industry, particularly the U.S. Electric Vehicle (EV) and Energy Storage System (ESS) markets, with insights from SNE Research [1][3]. Core Insights U.S. ESS Market Dynamics - The U.S. ESS market is expected to face near-term supply constraints, transitioning to Lithium Iron Phosphate (LFP) prismatic batteries, with localized ESS costs becoming competitive from 2026 [4][7]. - SNE Research projects robust demand for North America's ESS, driven by grid-scale deployments and increasing power needs from AI data centers. However, supply constraints may lead to a temporary market contraction from 2025 to 2027 due to regulatory restrictions and supply limitations affecting Chinese battery imports [4][7]. - In 2024, Chinese imports are projected to supply approximately 65 GWh to North America, but delays or cancellations of projects are anticipated from 2025 due to these constraints [4][7]. - Korean battery manufacturers are expected to increase their market share in North America to about 87% by 2027 as localized production capacity grows [4][16]. U.S. EV Battery Demand - U.S. EV battery demand is expected to remain weak through 2028, attributed to slower EV adoption, easing environmental regulations, and increased support for fossil fuels [7]. - Despite the anticipated cost parity of U.S. onshore LFP cell production with Chinese imports by 2026, a significant oversupply in the overall battery market is projected due to front-loaded capacity additions [7]. Technological Developments - Korean cell manufacturers are focusing on cost differentiation through incremental technological advancements rather than niche market opportunities. Key areas of development include silicon-based anodes, lithium-metal anodes, and cobalt-free cathode materials [8]. - LMR cathodes are highlighted as a promising mid-to-low-cost option with higher energy density than LFP at comparable costs. Sodium-ion batteries are viewed as a long-term alternative for ESS, while solid-state batteries are expected to see initial commercialization between 2027 and 2030 [8]. Additional Important Insights - The transition to LFP chemistry and prismatic form factors for ESS is expected to be gradual as Korean manufacturers adapt their existing EV production lines [4]. - Cost advantages for locally produced ESS container systems are projected to widen after 2026, making them more competitive against imports [4][11]. - The overall supply-demand imbalance for batteries in North America is expected to worsen through 2028, despite strong ESS demand [7]. Conclusion - The battery industry is undergoing significant changes, with supply constraints and technological advancements shaping the market landscape. The focus on cost-effectiveness and local production capabilities will be crucial for companies operating in this space.

邓永康 民生证券电新首席: 好的，各位投资者大家早上好，我是国联民生电信的邓永康。那在线还有我们组的李孝鹏 和席子义。那今天，就是我们花一点时间，给大家汇报的就有三个，一个就是关于这个固 态电池产学研年会的一些干货。那第二个，就是给大家汇报一下，就是关于中极评审二， 第二次测评的一些情况。那么第三部分，就是给大家汇报一些观点和主要推荐的标的。那 年会是 7 号、8 号，就是周末的这个时间。我觉得周末就是这个年会，是一个很重要的一 个转折点，其实就是代表着就是我们全固态电池，就是从实验室走向产线的一个转折信号。 那当然有一些核心结论，我们大概整理了一下，就是一个就是硫化物，在这个会议上，就 是明确成为主流。第二个就是关于时间点，就是因为很多电池厂和车厂都在。那么最后整 理下来，大家是时间节点差不多，就是 27 年就示范性装车，30 年就是大规模量产。然后 第三个就是大家在过去做的一任一年过程中发现，就是在工艺成本，还有包括产业链协同 方面，其实还是有很多问题需要去突破。然后再一个就是锂金属负极，还有包括复合正极 可能有一些比较明确的进展。 那这是第一个，第二个就是二测，那么二测就是目前反馈的效果，还是非常不错， ...

分析师 1: 各位投资者大家早上好，感谢大家一早来收听我们这个电话会。然后我是国海电信研究员 谢培峰。今天由我来向各位投资者汇报一下我们这个策略报告。主题其实就是景气持续 。 2025 年整个产业链其实在一季度经历了一个淡季不淡的比较强劲的开局之后，其实在二 季度的时候也有一定的波折和纠结，但是基本上随着国内储能以及是海外储能为代表。以 及国内商用车为代表的这么一个需求牵引下，在三季度的一个进一步景气的持续证明之后 在整个 8 月底 9 月初开始，在三季度末、四季度初这个阶段。 其实不管是产业链的基本面，还是股票，都迎来了一波比较强劲的、向上的这么一个过程 然后二，展望 26 年，我们认为仍然景气是最重要以及是最核心的一个主线，然后对应需 求驱动下，我们认为产业链以及是产业链的标的也有望去，往上迎来一个新的空间。我们 这个报告主要是分成三个部分，首先是展望了一下对 2026 年在一些结构性的支撑因素和 拉动市场的驱动下。对需求的一个展望。然后第二个部分是我们对于在需求会有比较高增 长的这个背景下，相应的供需关系进一步改善，会有这样一个推论。 在这个推论下，我们会分析一些重点环节、重点推荐环节的相关情况。然后最 ...

Summary of Conference Call Industry Overview - The conference call primarily focused on the telecommunications and renewable energy sectors, particularly in the areas of space photovoltaics and energy storage [1][2][4][10]. Key Points and Arguments Telecommunications and Renewable Energy - The overall performance of the telecommunications sector has shown significant differences in recent weeks, particularly in space photovoltaics [1]. - The energy storage sector is currently at a relatively cost-effective position, presenting a good opportunity for investment after recent adjustments [2]. - Catalysts for growth in the space sector include news related to SpaceX and Elon Musk's Twitter activity, which have positively influenced market sentiment [2][4]. - The price fluctuations of lithium carbonate have raised concerns about future demand, but there is optimism regarding the energy storage and lithium battery markets [3]. Space Photovoltaics - Recent developments in space photovoltaics have been notable, with significant actions from SpaceX, including the approval of 1 million satellites and mergers involving SPAC and XAI [4]. - Companies like Foxconn and Junda are actively engaging in partnerships and acquisitions to strengthen their positions in the space photovoltaics market [4][10]. - The traditional photovoltaic market has not seen significant changes in demand, but it still supports the space photovoltaics sector [5][6]. Energy Storage - The energy storage market remains robust, with substantial monthly data indicating strong bidding activity despite some fluctuations in January [12]. - The pricing of energy storage systems is gradually stabilizing, which is expected to positively impact downstream demand [12][13]. - Companies like Yangguang and CATL are highlighted as key players in the energy storage sector, with favorable valuations and growth prospects [14][15]. Market Trends and Recommendations - The focus on space photovoltaics and energy storage is expected to continue, with recommendations for companies like Junda, Mingyang, and Jinko as key investment targets [11]. - The energy storage sector is viewed as a value discovery opportunity, with attractive price-to-earnings ratios [12]. - The overall sentiment in the energy storage market is optimistic, with expectations for demand recovery and improved profitability [19][20]. Future Outlook - The conference emphasized the importance of monitoring catalysts in the space and energy sectors, particularly in relation to production schedules and order confirmations from major companies [8][9]. - The anticipated growth in the AI and electric power sectors, particularly in North America, is expected to drive demand for related electrical equipment [33][34]. Additional Important Content - The call also touched on the broader implications of macroeconomic trends on the telecommunications and renewable energy sectors, highlighting the need for strategic positioning in light of evolving market dynamics [18][22]. - The discussion included insights into the competitive landscape of the battery and materials sectors, with a focus on companies that are well-positioned to benefit from upcoming technological advancements [24][25]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current state and future outlook of the telecommunications and renewable energy sectors.

雄韬股份 20260205 摘要 请详细介绍公司的铅酸蓄电池业务。 铅酸蓄电池是公司的传统业务，目前公司专注于免维护、高功率铅酸蓄电池， 为算力中心和数据中心提供稳定可靠的后备电源。通过自有研发，公司开发出 体积能量比更高的铅酸蓄电池，以提供更优解决方案。预计该业务营收增长约 为 10%，毛利率在 15%左右，净利率在 4-6%之间。 锂离子电池业务的发展情况如何？ 锂离子电池是公司最核心的业务，主要聚焦于数据中心用锂离子 UPS 电源。自 2017 年起，公司开始布局该领域，并取得先发优势。目前，公司在东南亚市 场占有 50%-60%的份额，并且全球范围内增速接近 40%。2025 年，该项业 务收入约为 4 亿元，今年预计增长超过 40%。截至今年三季度，公司已完成高 增长目标，并全面接触所有下游大客户。 燃料电池方面的发展情况如何？ 燃料电池曾是公司的重点布局方向，但由于国家对氢能支持政策收缩，目前发 展较缓慢。尽管公司在制氢、电极、电堆等方面进行了布局，并投了一些下游 氢能企业，但整体利润贡献较少，每年仍有一定亏损。不过随着政策支持力度 增加，该领域未来可能会有更好的发展前景。 雄韬股份上半年算力/数 ...

年终回顾。 作者/杨继云 报道/投资界PEdaily 符绩勋现身北京交流会。 这位在中国市场的投资经历超过2 0多年的资深投资人，过去一年时间大多奔走于东南亚和中东、欧洲、美国等地。他娓娓总结纪源 资本的2 0 2 5年： 出手近3 0亿人民币，相较2 0 2 4年提升了2 . 5倍；回笼了超过2 0亿元现金，同比增长5 0%；其中4家被投企业成功上 市，如极智嘉、京东工业，而排队中的则有2 0多家。 坐在符绩勋旁边的，还有两位纪源资本骨干力量——管理合伙人吴陈尧和管理合伙人李浩军。他们首次披露了纪源资本的AI投资版 图：团队大约十年前布局AI大方向，至今累计投资了5 0多家AI和8家具身相关公司，例如银河通用、群核科技、极智嘉、F e l l o u等， 他们以更长期的视角耕耘开来。 （左起：李浩军、符绩勋、吴陈尧） 以十年为尺 深耕中国具身智能 还是从当下最火爆的具身智能聊起。 2 0 2 5年6月，银河通用完成一轮超11亿元规模的融资，纪源资本与宁德时代上市公司战投、溥泉资本、国家开发银行国开科创、北京 机器人产业基金等一同出现在投资方名单。 实际上，具身智能一直是纪源资本重点投资的赛道。纪源资本管理合 ...

资讯汇总 [table_Header]2026.02.09 【ESG 投资周报】本月新发绿色债券 24 只，流 动性环比宽松 2026.02.02 【行业 ESG 周报】沪深北交易所修订可持续发展 报告编制指南，三部门联合发文促工业园区绿色 发展 2026.02.02 【ESG 投资周报】本月新发绿色债券 80 只，银 行理财稳步发行 2026.01.26 【行业 ESG 周报】五部门印发指导意见支撑零碳 工厂建设，我国新型自然保护地体系初步建成 2026.01.26 【ESG 投资周报】本月新发 ESG基金 1 只，绿色 债券稳步发行 2026.01.19 【ESG 投资周报】本月新发 ESG 基金 2 只，流动性环比收窄 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编 ...