Core Insights - The solid-state battery industry in China is characterized by strong vertical integration among manufacturers, with a diverse range of companies involved in various stages of the supply chain, including raw materials, battery production, and automotive applications [3][6]. Industry Overview - The solid-state battery supply chain is similar to that of liquid lithium batteries, with upstream components including raw materials, machinery, and basic materials. The main differences lie in the types of anode materials and electrolytes used, while the cathode materials are largely consistent [6]. - The downstream applications for solid-state batteries encompass electric vehicles, energy storage systems, and consumer electronics [6]. Market Players - Key listed companies in the solid-state battery sector include BYD, SAIC Motor, NIO, CATL, Aulton Technology, and Guoxuan High-Tech [1]. - BYD leads the market with a revenue of 566.27 billion yuan and a gross margin of 17.87%, leveraging its vertical integration to advance solid-state battery technology [11]. - CATL, a major player in battery manufacturing, reported a revenue of 283.07 billion yuan with a gross margin of 25.31%, highlighting its leadership position in the industry [11]. Investment Landscape - BYD is investing over 20 billion yuan to establish a 100GWh solid-state battery production base in Chongqing, with the first phase of 20GWh expected to be operational by 2026 [12][15]. - SAIC Motor is collaborating with Qingtao Energy to develop a solid-state battery production line, aiming for mass production in the near future [12][15]. - CATL has launched a 5GWh solid-state battery pilot line in Hefei, with plans to scale up to 100GWh by 2027 [12][15]. Barriers to Entry - The solid-state battery industry faces significant entry barriers, including customer resource barriers, technical and process barriers, talent barriers, and administrative licensing barriers [8][10]. - Establishing customer relationships requires lengthy processes involving identification, testing, and certification, making it difficult for new entrants to gain traction [10]. - The complexity of production processes and the need for specialized technical expertise further complicate entry for new companies [10].

#宁德时代受冲击较小、单位盈利可维持、继续强推。 宁德电池更多应用高收益率项目和海外市场。 动力端，宁德在高端车型中占比更高，成本敏感性低，因此需求冲击有限，我们仍预期公司今年排产1.1TWh，同 比增50%，出货量900GWh。 盈利端，最新电池报价已调整至接近0.4元/wh，已完全反应成本上涨。 【东吴电新】锂电：3月排产旺季将至，碳酸锂上涨影响可控，继续强推！ 观点重申： #锂价预计阶段性冲高、但上限相对可控。 津巴布韦政府宣布立即暂停所有原矿及锂精矿出口，26日碳酸锂主力期货高开18.8万，收盘17.3万，锂价阶段性冲 高，但我们预计津巴占总锂矿产能10%左右，不具备控盘能力，主要系想加工产能本土化，因为禁止出口为暂时 策略，影响短期运输，后续本土硫酸锂产能投产将稳定供给，且考虑下游储能成本 【东吴电新】锂电：3月排产旺季将至，碳酸锂上涨影响可控，继续强推！ 观点重申： #锂价预计阶段性冲高、但上限相对可控。 津巴布韦政府宣布立即暂停所有原矿及锂精矿出口，26日碳酸锂主力期货高开18.8万，收盘17.3万，锂价阶段性冲 高，但我们预计津巴占总锂矿产能10%左右，不具备控盘能力，主要系想加工产能本土化， ...

海外电池企业25Q4经营跟踪——25Q4整体利润下滑，积极转向储能业务 25Q4海外电池企业经营回顾：收入增长但盈利承压。 四家海外电池企业25Q4合计收入663亿元（按照25Q4末汇率均换算成人民币口径，下同），同比+0.4%，环比 +9.8%，尽管北美电动车补贴于2025年9月底取消影响动力电池销售，但储能业务的快速增长带动整体收入实现环 比提升。 从盈利端来看，四家海外电池企业25Q4 海外电池企业25Q4经营跟踪——25Q4整体利润下滑，积极转向储能业务 25Q4海外电池企业经营回顾：收入增长但盈利承压。 四家海外电池企业25Q4合计收入663亿元（按照25Q4末汇率均换算成人民币口径，下同），同比+0.4%，环比 +9.8%，尽管北美电动车补贴于2025年9月底取消影响动力电池销售，但储能业务的快速增长带动整体收入实现环 比提升。 从盈利端来看，四家海外电池企业25Q4合计营业利润约-25.7亿元，同环比亏损均有所扩大，主要系北美动力业务 承压及储能前期较高的运营成本所致。 竞争格局：动力份额下滑明显，储能仍处于起步阶段。 根据SNEResearch数据，四家海外电池企业25Q4合计动力电池装机量约 ...

2月27日，深交所发布"十四五"、启航"十五五"概述。 概述指出，"十四五"时期，深交所深入贯彻党中央、国务院决策部署，认真落实中国证监会和驻证监会 纪检监察组工作要求，一体推进防风险、强监管、促高质量发展，突出强本强基、严监严管，增强制度 包容性、适应性，实现市场功能"六大提升"，助力中国式现代化新征程迈出稳健步伐。 亮点数据方面，截至"十四五"末，深市ETF产品规模合计1.79万亿元，较"十四五"初期增长8倍。其 中，"创业板系列"ETF总规模2823亿元，债券ETF规模2266亿元，分别增长3倍和36倍。 深港通迎来9周年，保持平稳运行，"十四五"累计成交110万亿元，较"十三五"增长3.5倍，深股通、港股 通标的数量分别达到1825只和588只，标的市值占比均接近90%，可交易标的越来越多，可交易时间越 来越长，跨境交易便利度越来越高。 高水平开放是资本市场高质量发展的必由之路。"十四五"时期，深交所稳步扩大高水平制度型对外开 放，助力畅通国内国际双循环。互联互通让投资更便捷。深港通迎来9周年，保持平稳运行，"十四 五"累计成交110万亿元，较"十三五"增长3.5倍，深股通、港股通标的数量分别达到18 ...

转自：前瞻产业研究院 1、合肥市新能源汽车产业政策环境 ——合肥市新能源汽车产业重点政策梳理 合肥市已成为全国新能源汽车产业发展高地，2024年产销规模位居全国前列，产业集群加速向万亿级目标迈 进。其地方产业政策以《智能网联汽车应用促进条例》为产业发展提供法律支撑，以研发创新、产业链培 育、市场推广、基础设施、智能网联等支持领域全覆盖政策体系持续优化产业发展环境。总体而言，合肥市 新能源汽车产业政策从系统化的顶层设计到持续加码的财政支持，通过政策组合拳推动打造具有全球影响力 的新能源汽车之都。 ——合肥市新能源汽车产业各市区域政策 截至2025年11月，合肥市各区县新能源汽车产业政策呈现"产业扶持"与"消费促进"双轮驱动格局，通过差异 化定位和精准支持，构建了全国领先的新能源汽车产业集群，为合肥打造"具有国际影响力的新能源汽车之 都"提供了强有力支撑。下一步政策将更聚焦产业链协同、创新能力提升和应用场景拓展三大方向，推动产 业向全球价值链中高端攀升。 2、合肥市新能源汽车产业链图谱 ——合肥市新能源汽车产业链图谱 近年来，合肥市聚焦新能源汽车"首位产业"，积极构建最优产业生态、保障产业发展，一体化布局新能源汽 ...

证券研究报告 | 2026年02月27日 2026年02月28日 香港交易所（00388.HK） 优于大市 香港市场景气延续，盈利持续高增 2025 年业绩概览：市场景气驱动高增长，盈利质量突出。公司 2025 年实现 营业收入 291.61 亿港元，同比增长 30.3%；实现归母净利润 177.54 亿港元， 同比增长 36.0%。业绩增长的核心驱动力来自于港股市场交易活跃度的大幅 提升。2025 年现货市场日均成交额（ADT）达到 2,315 亿港元，同比大幅增 长 92.9%。公司 EBITDA 利润率攀升至 78.2%的历史新高，年化净资产收益率 （ROE）达到 31.7%，超越 2015 年高点，凸显其轻资产运营模式下的强大规 模效应与高盈利质量。 核心驱动分析：南向资金主导，业务结构稳健。从收入结构看，交易费及交 易系统使用费、结算及交收费是公司最主要的收入来源，2025 年合计占比达 73.2%，与市场交易量高度相关。南向资金是驱动港股日均成交额增长的主 力。2025 年，港股通日均成交额为 1,211 亿港元，占港股整体日均成交额的 比重达到 26.2%。截至 2026 年 2 月末，南向资金 ...

Group 1 - The core message of the articles highlights the strengthening of long-term cooperation between German automotive companies and China, as evidenced by the recent visit of German Chancellor Merz, who was accompanied by major car manufacturers like Volkswagen, Mercedes-Benz, and BMW [1] - Mercedes-Benz has signed a strategic cooperation memorandum with a Chinese tech company to enhance their partnership, showcasing the integration of Chinese technology in their new S-Class model [1] - BMW has also signed a memorandum with China's CATL to promote carbon reduction in the electric vehicle supply chain, indicating a commitment to sustainability [1] Group 2 - The Chinese automotive industry is expected to export over 7 million vehicles by 2025, demonstrating resilience in foreign trade and marking a new milestone in export scale [2] - The Chinese automotive sector is poised for new opportunities in 2026, with companies like Momenta reporting an annual business growth rate of over 80% and advancements in autonomous driving technology [3] - The reduction of tariffs on Chinese electric vehicles in Canada from 106.1% to 6.1% is seen as a positive signal for Chinese automotive exports, enhancing market accessibility [3] Group 3 - China has established the most complete and advanced new energy vehicle industry chain globally, with capabilities spanning from raw materials to intelligent driving software [4] - The Chinese automotive industry aims not only to export products but also to internationalize its entire value chain, including technology standards and brand value [4]

Core Insights - The visit of German Chancellor Merz, accompanied by executives from 30 leading German companies, aims to strengthen high-level communication and practical cooperation between China and Germany amidst complex international circumstances [1][2] - The stability and development of Sino-German relations are crucial not only for the two countries but also for maintaining the global multilateral trade system and supply chain security [1][2] Political Trust Enhancement - Understanding Sino-German economic relations requires a political perspective, with Merz's visit reaffirming the cooperative tone of the comprehensive strategic partnership [2] - Despite existing differences, the primary focus remains on maintaining multilateralism and international order, with the visit solidifying this political foundation [2] Economic Cooperation - The delegation included executives from major German companies such as Volkswagen, BMW, Siemens, and Bayer, indicating significant economic discussions and potential outcomes [2] - The bilateral trade volume between China and Germany is projected to reach €251.8 billion by 2025, with China surpassing the U.S. as Germany's largest trading partner [3] Industry Collaboration - Sino-German industrial cooperation has evolved into a deep integration phase, characterized by mutual dependency and collaboration across various sectors, including automotive, chemicals, and machinery [3][4] - German companies like Merck have established R&D centers in China, contributing to a robust global supply chain and enhancing the interconnectedness of both countries' industries [4] Practical Cooperation Pathways - There is a strong cooperative atmosphere, with local leaders showing respect and willingness to collaborate with German enterprises [4] - Suggestions for enhancing service to German companies include dedicated project tracking and support mechanisms, as demonstrated by successful practices in Anhui province [4] Global Governance and Multilateral Cooperation - The cooperation between China and Germany extends to global governance, emphasizing the importance of supporting the multilateral trade system centered around the WTO [5][6] - There is significant potential for collaboration in climate change and green transition, as well as in the digital economy, where both countries can jointly establish international rules [6][7] Conclusion - Merz's visit represents a significant diplomatic action amidst rising protectionism, highlighting the deepening and broadening of Sino-German cooperation across multiple dimensions, including political trust, economic integration, and global governance [7]

步入2026年的全球宏观经济与地缘政治格局中，新能源产业链的核心矛盾已从早期的"技术路线之争"全面演化为底层资源端的"战略控制权博弈"。 关键矿产不再仅仅是标准化的工业大宗商品，而是被各个主权国家赋予了极强的地缘政治属性与国家安全权重。 在这种历史语境下，昨天津巴布韦矿业部突发宣布了锂精矿全面出口禁令。 明眼人都看得出，这是非洲资源国对全球利润分配格局的一次"掀桌子"。 津巴布韦作为全球第四大锂生产国，原本官方的内部口径是计划在2027年才实行全面精矿出口禁令，如今硬生生把时间表提前了一整年。 虽然有着极为丰富的关键矿产储量，但在国际分工体系里，非洲国家单纯依靠出口未经加工的原矿换取微薄的初级收益，而产业链中下游的高附加值环节 （如冶炼、前驱体制造、电池组装）则完全被亚洲和西方国家拿走了。 津巴布韦政府近年来一直在推行矿产资源本地增值战略，目的是让跨国矿企将资本、技术与产能沉淀在本土。 2022-2023年，津巴布韦政府便已初步试水，宣布禁止锂矿石的直接出口，并对品位稍高的锂精矿征收5%的出口税。之后又下达最后通牒，要求所有在本 国运营的锂生产商必须在2024年3月31日之前向监管部门提交详尽的本地选矿计划。 ...

动力电池被誉为电动新能源汽车的心脏，在船舶、工程机械、低空经济、分布式储能等领域应用广 泛。根据中国汽车动力电池产业创新联盟的统计数据，2025年，我国动力和储能电池累计产量达到 1755.6GWh，同比增长60.1%；其中，动力电池国内销量为1200.9GWh，同比增长51.8%。相关研究显 示，我国动力电池产量已占全球六成以上，在市场份额和技术水平上均处于世界领先地位。 我国动力电池产业呈现出鲜明的集群式发展特征，其背后的驱动因素有三方面。其一，产业链条 长，对协同性要求高。从上游的锂、钴、镍等矿产资源开采和提炼，到中游的正负极材料、电解液、隔 膜、电芯等组建制造以及模组和电池管理系统开发，再到下游的整车应用、充电设备、电池回收再利用 等环节，各环节环环相扣，构成复杂产业网络，对全链条协同效率提出了极高要求。 其二，技术迭代快，市场竞争激烈。无论是在电化学体系上，还是在结构封装形式上，技术均处于 快速演进之中。这种持续迭代为产业发展不断注入新活力，推动动力电池产业向更高水平迈进，同时也 令企业始终面临巨大的技术创新压力和市场竞争压力。 其三，投资强度高，周期波动大。动力电池产业是典型的资金密集型产业，初期 ...