为保证公司股权激励计划的顺利进行，现根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办 理》等有关法律、法规和规范性文件、以及《公司章程》、公司股权激励计划的 相关规定，并结合公司的实际情况，特制定本办法。 一、总则 惠州亿纬锂能股份有限公司 第七期股票期权与限制性股票激励计划实施考核管理办法 惠州亿纬锂能股份有限公司（以下简称"公司"）为进一步完善公司法人治 理结构，健全公司的激励约束机制，增强公司董事、高级管理人员、中层管理人 员及核心骨干团队对实现公司持续、快速、健康发展目标的责任感、使命感，充 分调动其积极性，使其更诚信勤勉地开展工作，以保证公司业绩稳步提升，确保 公司发展战略和经营目标的实现，公司拟实施第七期股票期权与限制性股票激励 计划（以下称"股权激励计划"）。 1.1 考核评价必须坚持公正、公平、公开的原则，严格按照本办法和考核对 象的工作业绩进行评价，实现股权激励奖励与本人工作业绩、工作态度紧密结合。 1.2 本办法适用于股权激励计划的激励对象，包括本公司（含控 ...

Core Insights - The report highlights the expected recovery in the semiconductor industry, with specific companies poised to benefit from this trend, particularly in the IC substrate market driven by AI demand [7][9][10]. Company Summaries - **兴森科技 (Xingsen Technology)**: The company is projected to achieve a net profit of between 132 million to 140 million yuan in 2025, marking a significant turnaround from previous losses. This improvement is attributed to stable revenue growth and the recovery of its main business segments [8]. - **江丰电子 (Jiangfeng Electronics)**: The company is noted for its strategic positioning in both BT and ABF substrates, which are critical for AI applications. The demand for IC substrates is expected to surge, with the global market projected to grow from 16.69 billion USD in 2025 to 18.44 billion USD in 2026, and further to 45.34 billion USD by 2035, indicating a robust CAGR of 10.51% from 2026 to 2035 [10][11]. Industry Insights - The IC substrate market is experiencing a significant demand increase due to the rise of AI applications, with supply constraints leading to price increases. The supply-demand gap for ABF substrates is particularly pronounced, with a reported shortfall of 21% and prices rising by 38% over the past year [9][10]. - The report emphasizes the critical role of IC substrates in supporting AI computing power upgrades, with the technology's evolution being driven by the increasing density and performance requirements of AI chips [10].

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].

2月13日，A股市场震荡回调，沪指跌超1%，电池板块调整。截至14:45，同类规模领先的电池ETF汇添富（159796）跌近1%，呈现十字星，成交额近2亿 元，交投活跃，资金大举涌入，电池ETF汇添富（159796）昨日吸金超1亿元。 消息面上，2025年全球动力电池出货量达1495.1GWh，同比增长42.2%，增速较此前提升20.7个百分点，中国7家电池企业位列全球动力电池出货量前十。 【出口强劲：2025年海外市场延续高增长态势，中资厂商市占率进一步抬升】 交银国际表示，2025年海外动力电池市场延续高增长态势，中资厂商市占率进一步抬升。SNE Research数据显示，2025年全球动力电池装车量同比增长 31.7%至1,187GWh，中国以外市场装车量同比增长26.0%至463.3GWh。竞争格局方面，韩国三大厂（LG Energy Solution、Samsung SDI、SK On）合计市占 率同比下滑7.4ppts至36.3%，其中三星SDI装机量同比下降6.7%。相比之下，中国企业依托LFP技术路线持续放大成本优势，全球出货量前十厂商中中企占 比同比提升9.6ppts至47.2%。其中宁德时 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including CATL (宁德时代), EVE Energy (亿纬锂能), Guoxuan High-Tech (国轩高科), and others, indicating a positive outlook for their stock performance [3][4]. Core Insights - In January 2026, the installed capacity of power batteries in China experienced a seasonal decline, with a total of 42.0 GWh, reflecting an 8.4% year-on-year increase but a 57.2% month-on-month decrease due to the Spring Festival [4]. - Exports of batteries remained robust, with a total export of 24.1 GWh in January, marking a 38.3% year-on-year increase, although it was down 26.0% month-on-month [4]. - The global power battery market is expected to continue its high growth trajectory in 2025, with a projected increase of 31.7% to 1,187 GWh, and Chinese manufacturers are expected to gain market share [4]. - The performance of leading companies in the lithium battery supply chain is showing signs of recovery, with significant profit increases forecasted for several key players [4]. Summary by Sections Installed Capacity and Exports - In January 2026, the installed capacity of power batteries was 42.0 GWh, with a year-on-year increase of 8.4% and a month-on-month decrease of 57.2% [4]. - The export volume for batteries was 24.1 GWh, with a year-on-year increase of 38.3% and a month-on-month decrease of 26.0% [4]. Market Trends - The global power battery market is projected to grow by 31.7% in 2025, reaching 1,187 GWh, with Chinese manufacturers increasing their market share [4]. - CATL and BYD's global market shares are expected to rise to 30% and 7.9%, respectively, reflecting a year-on-year increase of 3.0 and 3.8 percentage points [4]. Company Performance - Key companies in the lithium battery sector are expected to report significant profit increases, with Guoxuan High-Tech forecasting a net profit growth of 107% to 149% [4]. - The overall performance of the lithium battery supply chain is entering a recovery phase, with leading companies showing early signs of performance elasticity [4].

Group 1: Fund Positioning - In Q4 2025, the overall equity position of actively managed equity funds decreased to 86.45%, down by 0.97 percentage points from Q3 2025[4] - The main board's position decreased by 0.2 percentage points to 58.4%, while the Sci-Tech Innovation Board's position fell by 1.0 percentage points to 16.4%; the ChiNext Board's position increased by 1.2 percentage points to 24.8%[5] - The cyclical sector saw the largest increase in position, rising from 18.2% to 21.5%, an increase of 3.3 percentage points[10] Group 2: Sector Adjustments - Actively managed equity funds increased their positions in non-ferrous metals and communications while reducing their holdings in pharmaceuticals and electronics[10] - The top five sectors by position in Q4 2025 were electronics (23.7%), electric power equipment (11.4%), communications (11.1%), pharmaceuticals (8.1%), and non-ferrous metals (8.0%)[13] - The growth sector's position decreased by 2.5 percentage points to 57.6%, while the consumer sector fell by 1.6 percentage points to 14.7%[10] Group 3: Concentration of Holdings - The concentration of holdings in the top 20 stocks increased, with the top 5, 10, 30, and 50 stocks' holdings rising by 1.3, 0.8, 0.6, and 0.2 percentage points respectively[20] - The top stocks with increased holdings included those in the electric power equipment and non-ferrous metals sectors, while reductions were primarily in electronics and media[23] Group 4: Future Expectations - It is anticipated that holdings in the growth, certain cyclical, and consumer sectors may rebound or remain high in Q1 2026 due to policy support and market conditions[27] - The TMT (Technology, Media, Telecommunications), electric new energy, pharmaceuticals, and certain consumer sectors are expected to attract attention for potential investment[28]

继电芯后储能系统集采价格传导亦超出预期地顺利，华电12GWh集采均价达0.55元/Wh【中信建投电新·储能】 ➡事件： 近日华电12GWh储能系统开标，平均报价达到0.55元/Wh，较此前明显上涨，反映储能系统成本传导也较为顺利。 ➡报价较为集中，"自杀式"报价不成为主流 本次招标共59家企业参与投标，平均报价0.55元/Wh，中位数0.54元/Wh，其中32家企业报价集中在 继电芯后储能系统集采价格传导亦超出预期地顺利，华电12GWh集采均价达0.55元/Wh【中信建投电新·储能】 ➡事件： 近日华电12GWh储能系统开标，平均报价达到0.55元/Wh，较此前明显上涨，反映储能系统成本传导也较为顺利。 ➡报价较为集中，"自杀式"报价不成为主流 本次招标共59家企业参与投标，平均报价0.55元/Wh，中位数0.54元/Wh，其中32家企业报价集中在0.52-0.56元/Wh 之间，仅有一家低于0.5元/Wh，反映各家企业对成本的认识趋于一致，自杀式内卷不成为主流。 ➡较此前储能系统集采价格有明显上涨 25年8月中能建25GWh储能系统集采中，2h储能系统平均入围报价0.45元/Wh，4h储能系统平均入围报价0 ...

Summary of Low Altitude Economy and Drone Industry Conference Call Industry Overview - The low altitude economy is expected to enter the implementation phase in 2026, with new national plans anticipated to be released, and the National Development and Reform Commission (NDRC) will oversee funding and subsidies [2][4][11] - The low altitude economy has seen slow progress over the past 25 years, with significant policies only being released in 2025 [3] Key Points and Arguments Policy and Funding - A new 15th Five-Year Plan is expected to be published, which will likely include increased funding and subsidies from the national level, contrasting with 2025 when funding was limited [2][4] - The NDRC will be responsible for reviewing and issuing national-level funds and subsidies [5] Infrastructure Development - A national air traffic management system is projected to be launched in 2026, with a focus on safety measures, particularly anti-drone construction [2][6] - Local governments are preparing to implement standards released by 10 departments and the NDRC [6] Manufacturing and Certification - 2026 and 2027 are critical years for certification in the drone industry, with U.S. companies like Jovi and Archer expected to receive FAA certification, while Chinese companies like XPeng and Zero Gravity are anticipated to obtain their second and third manned aircraft certificates [2][7] Investment Opportunities - Companies that can benefit from the low altitude industry, such as Zongheng Co. for industrial drones and Fulim Logistics for delivery services in mountainous areas, are highlighted as potential investment opportunities [4][15] - The investment environment in 2026 is expected to be more optimistic due to accelerated implementation and increased funding support [4][15] Additional Important Insights - The Hefei special bond project serves as a model for other cities, focusing on core infrastructure development and inviting social capital participation [8] - The low altitude economy is projected to become a trillion-dollar market, with the potential to replace 10% of ground traffic demand, leading to a market size of several million aircraft [10] - The commercial viability of drone applications in agriculture and inspection has already been established, independent of policy support [13] - The cargo drone transportation sector is still in the pilot phase, with significant potential for growth, supported by government subsidies [14] - EHang has received an operational qualification certificate but is awaiting further regulatory guidance before launching operations [12]

先进电池与能源材料展 2026年6月10-12日 上海新国际博览中心 主 办单 位： DT先进电池 DT新材料 DT未来产业 联合主办： 铜陵得瑞新能新材料科技有限公司 参展 联系 章群群 15314597971（微信同号） 曾 瑶 18958254586（微信同号） 扫码参展 一、 展会介 绍 高安全、长续航、低成本的电池技术是智能汽车、机器人、低空经济、人工智能、消费电子、通信 ......等新兴和未来产业发展最重要的需求之一，是各国竞相发展的下 一代电池技术，也是全球科学研究和投资热点。 2026未来产业新材料博览会 （ FINE2026） 特设 先进电池与能源材料展区 ，以终端应用需求引领，重点聚焦 "人形机器人电池" 、 "智能汽车电池" 、 "低空飞行器电 池" 、 "商业航天电池" 、 "AI数据中心储能" 、 " 通信储能储能 "等核心场景，展示最先进的电池系统、固态电池、钠电池、正负极、干法电极、电解质、隔膜、集流 体、3D打印以及电池制造技术与材料。 同期， 第十届国际碳材料产业展览会 (Carbontech 2026) ，进一步强化国内少有的 "酚醛树脂—多孔材料—硅基负极"、 " 石墨 ...

Core Viewpoint - Penghui Energy plans to invest a total of 3.3 billion yuan in two major battery production projects in Henan Province, focusing on the production of 587Ah and 120Ah batteries, driven by strong market demand and capacity constraints [1][2]. Group 1: Investment Plans - The company will invest 1.2 billion yuan in a project in Zhumadian City to build one production line for 587Ah batteries and one for 120Ah batteries [2]. - A further investment of 2.1 billion yuan will be made in Zhengyang County to establish four production lines for 120Ah battery cells [2]. - These investments are expected to increase capital expenditure and cash outflow but are projected to positively impact the company's long-term business development and market expansion [2]. Group 2: Market Context and Demand - The industry is witnessing a significant trend towards larger capacity energy storage cells, with a competitive race for mass production of 500Ah+ cells intensifying [1][4]. - Major players like CATL and EVE Energy are also entering the market with large capacity cells, indicating a shift towards large-scale commercial applications in 2025 [4][5]. - Penghui Energy anticipates domestic demand for the 587Ah product, with expectations for overseas demand to materialize by 2027 [2]. Group 3: Financial Performance - The company forecasts a net profit of 170 million to 230 million yuan for 2025, a turnaround from a loss of 252 million yuan in 2024 [3]. - The company reported that its main energy storage products are operating at full capacity, indicating strong production and sales performance [3].