Core Viewpoint - Horizon Robotics-W (09660) has signed a strategic cooperation agreement with CATL's subsidiary, aiming to enhance automotive intelligence through collaborative product development and technology integration [5]. Group 1: Company Performance - Horizon Robotics-W's stock price increased by 3.27%, reaching HKD 8.53, with a trading volume of HKD 321 million [5]. Group 2: Strategic Partnership - The agreement involves CATL's subsidiary providing its Rock Solid chassis series products and technology, while Horizon Robotics-W will contribute its full-scene assisted driving products and solutions [5]. - The collaboration aims to explore a complete intelligent system from foundational architecture to top-level applications, offering more competitive and diverse product choices and service support for domestic and international OEM customers [5].

1. 汇报核心背景与整体结论 本次汇报聚焦固态电池产学研年会（2 月 7-8 日）、中期评审二测结果、投资观点与标的三大核心。 年会被认定为。 团队梳理出固态电池领域四大核心结论：。 行业时间节点明确为。 工艺成本、产业链协同仍存诸多待突破问题。 锂金属 1. 汇报核心背景与整体结论 本次汇报聚焦固态电池产学研年会（2 月 7-8 日）、中期评审二测结果、投资观点与标的三大核心。 年会被认定为。 团队梳理出固态电池领域四大核心结论：。 行业时间节点明确为。 工艺成本、产业链协同仍存诸多待突破问题。 锂金属负极、复合正极技术取得明确进展。 同时确定固态电池相关标的推荐顺序为。 2. 中期评审第二次测评核心成果 固态电池中期评审第一轮送样（2025 年 10 月下旬）各厂商表现不佳。 第二次送样如期完成且结果，头部厂商性能指标。 循环寿命上，中期目标为 300 圈及以上，头部厂商在衰减≤10% 时循环寿命已接近 300 圈。 其通过微调配方、适当降低内部能量密度标准，顺利达到。 能量密度方面，头部厂商在指标微调后仍达，为所有送检企业中最高。 倍率性能上，快充可达 1C、峰值 2C，放电倍率与现行三元动力电池接近。 ...

2026年2月11日，常州龙鑫智能装备股份有限公司（下称"龙鑫智能"）IPO申请将迎北交所上市委审议。 公司拟募资4.58亿元投向智能装备扩建及研发项目。在上会前夕，龙鑫智能陷入多重困境，净利润连续 两年下滑、核心高管借实控人资金入股、收入确认存在重大财务瑕疵，多项问题遭北交所问询。 光鲜营收背后，龙鑫智能经营疲态尽显，增收不增利问题突出。招股材料及最新审阅数据显示，2022年 至2024年，公司营收从3.36亿元增至6.04亿元，但净利润出现波动，分别为8,716.03万元、1.43亿元、1.2 亿元。2025年颓势进一步加剧，公司营收仅微增4.96%，净利润却逆势下滑1.42%，营收与净利润反向 背离持续扩大，盈利能力显著承压。 业绩承压的同时，龙鑫智能客户集中度常年居高不下，2022年至2025年上半年，公司对前五大客户销售 占比分别为48.68%、64.83%、66.95%、69.32%，呈逐年攀升态势。与此同时，龙鑫智能客户结构引发 关注。招股书显示，报告期内，公司前五客户频繁更换：2022年前五客户仅两家留存至2023年；2023年 五大核心客户2024年集体"消失"、全部跌出前五；2025年上半 ...

北交所官网显示，常州市龙鑫智能装备股份有限公司（以下简称"龙鑫智能"）将于2月11日迎来IPO上会 审议。公开资料显示，公司主要从事超细粉体尤其是微纳米高端复合材料的制备装备及自动化生产线的 研发、生产、销售和服务，下游覆盖为新能源、精细化工、食品医药、资源再生利用等行业。 近年来，随着下游客户对工程进度、工艺衔接、设备升级及售后服务的要求日益提高，提供一站式整体 解决方案成为行业趋势。客户不再满足于单一设备采购，而是倾向于选择能提供从产线规划、设备选型 到自动化集成的供应商。 以磷酸铁锂行业为例，客户为求快速投产，对项目工期要求极为严格。往往在厂房规划阶段就选定设备 供应商，要求其深度参与整体产线设计、工艺路线制定及设备规格选型。 为此，龙鑫智能积极整合自身在研磨、干燥等环节的设备优势，率先为客户提供一站式物料自动化处理 整体解决方案。这一转型不仅赢得了下游客户的广泛认可，也成功塑造了公司的品牌形象，使其在高端 装备领域牢牢站稳脚跟，为后续拓展头部客户、抢占市场份额奠定了坚实基础。 双赛道深耕，硬科技铸就高端底气 龙鑫智能创立于2001年，早期专注于为油墨涂料等传统行业提供研磨设备。2012年前后，面对新能 ...

公开资料显示，地平线机器人是一家主要提供乘用车高级辅助驾驶(ADAS)和高阶自动驾驶(AD)解决方 案的投资控股公司。财务数据显示，2025年上半年地平线机器人收入15.67亿元，同比大涨67.6%；毛利 润达10.24亿元，综合毛利率65.4%，现金储备161亿元。 2月9日，地平线宣布与宁德时代子公司——宁德时代（上海）智能科技有限公司（简称"时代智能"）签 署战略合作协议。双方将聚焦新能源汽车智能化升级需求，以"高智能、高安全的智能出行体验"为目 标，为全球整车企业与终端用户提供卓越的智能化出行体验。根据协议，时代智能将提供其磐石底盘系 列化产品与技术，地平线则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通 过软硬协同、跨域融合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供 更具竞争力与多样化的产品选择与服务支持。 地平线机器人早盘涨超4%，截至发稿，股价上涨3.75%，现报8.57港元，成交额2.06亿港元，市值1253 亿港元。 ...

目前，地平线机器人-W已成为国内首个突破千万级出货量的智驾科技品牌，产品解决方案已获得全球 27家车企(42个车企品牌)的广泛采用。其最新推出的行业首个量产的一段式端到端全场景辅助驾驶系统 ——地平线HSD (Horizon SuperDrive ) 正在助力行业进入智驾普惠新纪元。 地平线机器人-W(09660)涨近4%，截至发稿，涨3.63%，报8.56港元，成交额2.35亿港元。 消息面上，2月9日，地平线机器人-W与宁德时代（300750）旗下子公司——宁德时代(上海)智能科技有 限公司(简称"时代智能")签署战略合作协议。根据协议，时代智能将提供其磐石底盘系列化产品与技 术，地平线机器人-W则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通过 软硬协同、跨域融合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供更 具竞争力与多样化的产品选择与服务支持。 ...

Group 1 - The core viewpoint of the article highlights that Hubei Rongtong High-tech Advanced Materials Group Co., Ltd. has successfully completed a 250 million yuan Series F financing round, with the funds primarily allocated for the construction of a 28,000-ton NFPP sodium battery production line and the upgrade of a 40,000-ton fourth-generation high-density lithium iron phosphate production line [1] - The company, established in 2016, is a leading domestic manufacturer of lithium battery cathode materials, with its lithium iron phosphate production and sales ranking among the top three in the industry [1] - The company focuses on nanotechnology and has developed a diverse product matrix, with its core product being high-pressure, high-capacity lithium iron phosphate materials, widely used in new energy vehicle power batteries and energy storage systems [1] Group 2 - The company is also exploring cutting-edge areas such as lithium manganese iron phosphate and sodium-ion battery cathode materials, with sodium battery materials offering high density and good low-temperature performance, suitable for special scenarios like energy storage [1] - Currently, the company has established close industrial chain partnerships with leading battery enterprises such as CATL and Pylontech [1]

中化新网讯 2月5日，长安汽车携手宁德时代在牙克石举办"长安汽车天枢智能新安全成果发布暨钠电战 略全球发布会"，长安汽车正式发布全球钠电战略，全球首款钠电量产乘用车也正式亮相。同时，长安 汽车旗下阿维塔、深蓝、启源、引力等多品牌，未来都将搭载宁德时代钠新电池。 图为发布会现场。（企业供图） 该乘用车在-30℃条件下，整车放电功率比同电量常规铁锂车型提升近3倍，-40℃极寒下容量保持率超 90%，甚至在-50℃的极端环境下还能稳定放电。该电池还具备远超国标的安全性能。 早在2016年，宁德时代便启动了钠离子电池技术的研发，截至2025年，累计投入近百亿元，研发测试电 芯近30万颗，超过300名研发人员及20名以上博士参与研发。 目前，全球首款钠电量产乘用车已经在牙克石通过冬季标定，其续航、低温性、安全性、放电性能等均 已完全满足用户使用需求。根据实测数据，宁德时代钠电池搭配其第三代CTP系统成组技术，纯电续航 可达400千米以上，再通过宁德时代BMS智能管理策略的精准控制，可以实现"表显即所得"，而电芯的 最高能量密度达175瓦时/千克，为行业最高水平。未来随着钠电产业链的高速发展，纯电续航可以升级 到500千 ...

目前，地平线机器人-W已成为国内首个突破千万级出货量的智驾科技品牌，产品解决方案已获得全球 27家车企(42个车企品牌)的广泛采用。其最新推出的行业首个量产的一段式端到端全场景辅助驾驶系统 ——地平线HSD (Horizon SuperDrive™) 正在助力行业进入智驾普惠新纪元。 消息面上，2月9日，地平线机器人-W与宁德时代旗下子公司——宁德时代(上海)智能科技有限公司(简 称"时代智能")签署战略合作协议。根据协议，时代智能将提供其磐石底盘系列化产品与技术，地平线 机器人-W则将贡献其全场景辅助驾驶产品以及解决方案等汽车智能化核心能力。双方通过软硬协同、 跨域融合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提供更具竞争力与 多样化的产品选择与服务支持。 智通财经APP获悉，地平线机器人-W(09660)涨近4%，截至发稿，涨3.63%，报8.56港元，成交额2.35亿 港元。 ...

Summary of ZJ Company Lithium Battery Sector Update Industry Overview - The lithium battery sector has undergone adjustments since November 2025, with the first quarter of 2026 experiencing a seasonal downturn, rising raw material prices, and demand contradictions. Recent data from the supply chain and end markets are beginning to show positive signals [1][1]. Key Insights 1. **Demand Resilience**: In January 2026, domestic retail sales of new energy passenger vehicles demonstrated resilience. The implementation of vehicle trade-in policies and the gradual reopening of subsidy channels, along with financial promotions from car manufacturers, led to a stabilization of orders by late January [1][1]. 2. **Production Adjustments**: In February 2026, the supply chain's production decreased by 12-13% month-on-month, which is seen as a strong bottom confirmation signal. Year-on-year, production across various supply chain segments increased by 30-40%, indicating a robust performance [1][1]. 3. **Price Stabilization**: Recent adjustments in lithium carbonate futures have alleviated some pressure on end users. Prices of previously high-inflation auxiliary materials, such as 6F and VC, have stabilized or slightly declined [2][2]. 4. **Catalysts for Recovery**: Three catalysts are expected to drive recovery post-Spring Festival: - **Catalyst One**: A natural recovery in demand for power and energy storage in March, supported by trade-in policies and new vehicle launches, could lead to a significant increase in production, with expectations of a 20-30% month-on-month rise in battery production [2][2]. - **Catalyst Two**: Progress in solid-state battery tenders and the initiation of traditional equipment tenders in early 2026 may create a positive feedback loop [2][2]. - **Catalyst Three**: A mild inflation in the supply chain is anticipated, which could lead to a fundamental improvement in the sector [2][2]. Investment Strategy - **Material Segment Focus**: Prioritize recommendations in the material segment, where price increases are expected to accelerate fundamental recovery. Key materials with significant elasticity include 6F, VC, and lithium carbonate. If demand rises quickly in March, further price increases are likely [5][5]. - **Mid-term Recommendations**: For mid-term investments, focus on separators and copper-aluminum foils, which have favorable market conditions. The capital expenditure of leading manufacturers is cautious, suggesting a potential supply-demand turning point in the second half of 2026 to 2027 [5][5]. - **Battery Segment Outlook**: The battery segment may face short-term mismatches in raw material price increases and price transmission. However, after the first quarter of 2026, profitability is expected to rebound. The leading battery manufacturer, CATL, is recommended due to its strong bargaining power and integrated upstream resource layout, which may mitigate the impact of raw material price increases [5][5]. Additional Insights - **New Capacity and Order Growth**: The new capacity expected in the first quarter of 2026 is likely to support high growth in shipment volumes. Companies with high battery reserves, such as Yiwei Lithium Energy and Zhongxin Innovation, are also worth monitoring [6][6]. - **Component Recommendations**: In the general components segment, recommend leading companies in fuses and integrated busbars, which are expected to benefit from high growth in energy storage and new product releases [6][6]. - **Solid-State Battery Sector**: The solid-state battery sector is anticipated to resonate positively, with long-term demand increases expected from space applications [7][8]. - **Core Components for Solid-State Batteries**: Key components in the solid-state battery supply chain, including dry process electrodes and laser equipment, are expected to benefit from ongoing industrialization efforts [9][9]. This comprehensive analysis highlights the positive outlook for the lithium battery sector, driven by demand recovery, production adjustments, and strategic investment opportunities.