每经记者｜黄辛旭 刘曦 李星 每经编辑｜范文清 裴健如 零下20摄氏度的极寒测试场，寒风裹挟着冰粒抽打在测试车辆上。上汽通用五菱的工程师们紧盯着数据终端，屏幕上跳动的参数关乎着一项关键技术的落 地——搭载半固态电池的测试车，正接受低温续航与充放电稳定性的终极考验。 当车辆顺利完成全流程测试，现场响起短暂的欢呼，这份成绩单不仅为该企业三个月后的半固态电池战略发布会提供了数据基础，更印证着一个行业趋 势：曾被视作"过渡路线"的半固态电池，已进入量产前夜。 截至目前，多家企业已披露半固态电池上车和交付进展，2026年成关键节点。半固态电池凭借高安全性、强环境适应性、产线兼容性及成本控制能力率先 落地，但也面临技术争议。半固态电池的加速落地正引发供应链的深度变革，电池行业将迈入全方位、深层次的变革周期。 竞速量产：从极寒测试到万套装车的突破 "极寒环境中，我们最担心的就是电池在低温下掉链子。"上汽通用五菱副总经理赵奕凡谈到冬标测试时仍心有余悸。这场测试的核心目标，是验证半固态 电池对"新能源车冬季续航焦虑"的破解能力。最终，测试车展现出的稳定充放电性能与超出预期的续航表现，让研发团队吃下了定心丸。 这场极寒中的突破， ...

Core Insights - The article highlights the significant progress in the commercialization of semi-solid batteries, which are now seen as a viable alternative to traditional liquid batteries, with a focus on their performance in extreme cold conditions [1][2][3] - The industry is moving towards mass production, with several companies, including SAIC-GM-Wuling and Foton, reporting successful tests and production milestones, aiming for a key rollout by 2026 [2][3][5] - The semi-solid battery technology is gaining traction due to its safety, environmental adaptability, and cost control capabilities, leading to a transformative period in the battery supply chain [1][14][18] Group 1: Commercialization Progress - SAIC-GM-Wuling's engineers successfully tested semi-solid battery vehicles in extreme cold, validating their performance and paving the way for a strategic release in three months [1][2] - Foton has already assembled over 10,000 units of vehicles equipped with customized semi-solid batteries, with plans for a production capacity of 60,000 units per year [2][3] - Multiple automakers, including SAIC Group and NIO, have disclosed their progress in integrating semi-solid batteries, with most targeting 2026 for significant deployment [2][3] Group 2: Technical Advantages - Semi-solid batteries offer enhanced safety and environmental adaptability compared to traditional lithium-ion batteries, significantly reducing the risk of thermal runaway [6][9] - The energy density of semi-solid batteries ranges from 300-450 Wh/kg, outperforming traditional lithium batteries [7][8] - The production compatibility of semi-solid batteries with existing manufacturing lines allows for faster scaling without significant capital investment [9][10] Group 3: Industry Dynamics - The supply chain is undergoing a transformation, with a shift towards new materials and processes, particularly in the electrolyte sector, as companies compete for dominance in the semi-solid and solid-state battery markets [14][15] - Key materials such as lithium sulfide are becoming focal points for companies like Tianqi Lithium and Haitian Pharmaceutical, which are ramping up production capabilities [15][16] - The semi-solid battery technology is expected to play a crucial role in various applications, including eVTOLs and high-end consumer electronics, as it meets specific safety and performance requirements [13][14] Group 4: Future Outlook - The industry anticipates that the semi-solid battery will not be the final form of battery technology but will serve as a practical step forward given current technological and market conditions [17][18] - The next few years are expected to see semi-solid batteries occupy a significant position in the power battery sector, potentially driving a wave of technological innovation across the industry [17][18]

化工板块今日（1月27日）深度回调，反映化工板块整体走势的化工ETF（516020）开盘后迅速走弱， 而后持续低位震荡，盘中场内价格一度跌超2%，截至收盘，跌1.62%。 成份股方面，氟化工、锂电、氮肥等板块部分个股跌幅居前。截至收盘，多氟多、藏格矿业双双大跌超 5%，天赐材料跌4.17%，恩捷股份、星源材质、华鲁恒升等多股跌超3%，拖累板块走势。 值得注意的是，化工板块近期持续受资金青睐。交易所数据显示，截至昨日，化工ETF（516020）近5 日获资金净申购额超过13亿元；近10日获资金净申购额更是接近20亿元。 消息面上，1月27日，碳酸锂期货盘初延续颓势，主力合约跌幅一度超过7%。有分析指出，短期由于前 期锂价预期交易过于充分，价格上涨过快，监管不断加强后，或有回调的风险。由于供应端国内供应面 临合规风险，海外供应仍旧面临资源民族主义与地缘政治的风险，为在锂电需求高增长带动碳酸锂供需 反转的叙事证伪前，碳酸锂价格中枢或仍旧维持上升趋势。 就化工板块整体而言，有分析认为，最近一阵化工板块表现亮丽，反映了市场对后续景气的期待。基本 面没有大的变化。个别公司受到国外负面情绪影响，实际并不会有直接影响，未来也 ...

Core Viewpoint - The partnership between Haike Xinyuan and BYD marks a significant step in the electrolyte supply chain, with a total procurement volume expected to exceed 300,000 tons over three years, indicating strong growth potential for both companies in the lithium battery sector [3][4]. Group 1: Partnership Details - On January 23, Haike Xinyuan signed a long-term cooperation agreement with BYD Lithium Battery Co., Ltd., committing to supply at least 100,000 tons of electrolyte products annually through pipeline transportation [3]. - The agreement includes the procurement of four types of solvents: Dimethyl Carbonate (DMC), Ethylene Carbonate (EC), Ethyl Methyl Carbonate (EMC), and Diethyl Carbonate (DEC) [3]. - Haike Xinyuan is one of the few domestic companies capable of supplying five types of lithium battery carbonate solvents and additives, already collaborating with major players in the electrolyte supply chain [3]. Group 2: Market Context - Since the second half of 2025, Haike Xinyuan has been actively securing contracts, with total supply expected to exceed 1.36 million tons, indicating a robust demand in the electrolyte market [4]. - The lithium battery electrolyte shipments in China are projected to reach 211,000 tons in 2025, reflecting a year-on-year growth of 45.3%, with leading companies like Kunlun New Materials and Fanelite ranked third and eighth in shipment volume [4]. Group 3: BYD's Expansion - BYD is a key player in the energy storage market, and its demand for lithium materials is expected to rise as the market grows [4]. - BYD's battery production capacity is projected to reach 650 GWh, with expectations of further increases to over 800 GWh in the next 1-2 years [6]. - The collaboration with Haike Xinyuan is closely tied to BYD's electrolyte project in Yichang, Hubei, which is part of a broader strategy to enhance its industrial layout in the region [7]. Group 4: Synergy and Efficiency - The proximity of Haike Xinyuan and BYD's operations in Yichang allows for efficient collaboration, leveraging the local lithium battery industry ecosystem to reduce costs and enhance production efficiency [8]. - This partnership is expected to foster technological advancements and scale production capabilities in the lithium battery sector, benefiting both companies [8].

Investment Rating - The report rates the lithium battery industry as "stronger than the market" [3]. Core Insights - The demand for power batteries and energy storage batteries remains robust, with significant increases in average prices for energy storage cells and systems [3]. - In December 2025, domestic battery production reached 201.7 GWh, marking a year-on-year increase of approximately 62% and a month-on-month increase of about 14% [3]. - The average price of industrial-grade lithium carbonate surged to 168,000 CNY/ton as of January 23, 2026, reflecting a weekly increase of 9.80% [3]. - The monthly installation volume of lithium iron phosphate batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [3]. - The report highlights the importance of focusing on core enterprises in battery cells that lead in overseas layouts and the synergy between power batteries and energy storage [3]. Summary by Sections Production - In December 2025, the production of lithium iron phosphate cathode materials was 26,930 tons, a year-on-year increase of 32.48% [3]. Prices - The average price of lithium iron phosphate (power type) was reported at 47,100 CNY/ton on January 9, 2026, with a 4.43% increase from January 4 [3]. - The average price of three-dimensional power cells rose to 0.47 CNY/Wh and remained stable [3]. Domestic Demand - The report indicates that the monthly installation volume of three-dimensional power batteries was 18.2 GWh, showing a year-on-year growth of 27.27% [3]. - The new energy storage application projects' monthly bidding capacity reached a record high of 21.8 GW/64 GWh in December 2025, with a month-on-month increase of 65% [3]. Overseas Demand - In December 2025, China's power battery exports amounted to 19.0 GWh, reflecting a year-on-year increase of 47.29% [3]. - Global new energy vehicle sales in November 2025 reached 2 million units, a year-on-year increase of 8.53% [3].

Core Viewpoint - The article highlights the strong performance of Xian Dao Intelligent in 2025, driven by both industry recovery and internal operational improvements, with significant profit growth expected compared to the previous year [1][3]. Group 1: Financial Performance - Xian Dao Intelligent forecasts a net profit attributable to shareholders of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year increase of 424.29% to 529.15% [2]. - The expected net profit after deducting non-recurring gains is projected to be 1.48 billion to 1.78 billion yuan, showing a growth of 310.83% to 394.11% compared to the previous year [2]. - For Q4 2025, the company anticipates a net profit of 314 million to 614 million yuan, a significant turnaround from a loss of 322 million yuan in the same period last year [2]. Group 2: Industry Context - The global power battery market is experiencing a recovery in 2025, with strong growth in the energy storage sector and increased operating rates among leading domestic battery companies, contributing to a rebound in the lithium battery industry chain [3]. - Key upstream material companies such as Hunan YN, Putailai, and Tianci Materials are also expected to report significant growth in their 2025 performance [3]. Group 3: Company Strategy - Xian Dao Intelligent is enhancing its operational quality through various measures, including increased investment in R&D for new technologies, products, and processes, particularly in solid-state batteries, sodium-ion batteries, and other advanced battery technologies [3]. - The company is also focusing on digital transformation and cost reduction across its operations, leading to a recovery in gross margins in Q4 [3].

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - By 2025, global lithium battery production is expected to reach 2250 GWh, with a growth rate of 30% in 2026. The energy storage sector is projected to grow even faster at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in battery cells and various materials, highlighting the need for stable and efficient supply chains to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, B2B procurement matching, and strategic insights for high-quality development in the lithium battery industry [6]. Group 3: Key Topics and Invited Speakers - The conference will feature discussions on lithium carbonate futures and options, market volatility responses from lithium battery companies, and the potential of global lithium resources in 2026 [7][8]. - Other topics include the development opportunities presented by solid-state batteries, the current state and trends of high-energy-density lithium iron phosphate batteries, and the market dynamics of electrolytes and separators [8][9].

1月27日，三大指数探底回升，截至收盘，上证指数涨0.18%，深证成指涨0.09%，创业板指涨0.71%，科创50涨1.51%。两市超过1800只股票飘红，两市成交 额约2.89万亿元。 CPO、算力概念表现不俗，源杰科技（688498.SH）涨超11%创历史新高，新易盛（300502.SZ）、剑桥科技（603083.SH）、中际旭创（300308.SZ）、光迅 科技（002281.SZ）上涨。 中信证券研报指出，AI算力需求爆发推动光通信产业升级，海外云厂商及台积电资本开支持续扩张，印证AI基础设施需求强劲，带来旺盛的高速率光模块 需求。尽管高速光芯片等物料短期供给存在缺口，但上游厂商积极扩产，叠加硅光方案渗透率提升，供应链瓶颈有望缓解。 跌幅榜上，煤炭、医药商业、白酒板块走弱，山西焦化（600740.SH）、华人健康（301408.SZ）、五粮液（000858.SZ）、洋河股份（002304.SZ）下挫。锂 电、有色板块亦走弱，天赐材料（002709.SZ）跌超4%，中国稀土（000831.SZ）跌3.97%。 作者：飞鱼 半导体、存储芯片板块走强，东芯股份（688110.SH）涨20%，恒烁股份（688 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different sectors, particularly in the electric equipment and battery industries [1][2][3]. Group 1: Major Stocks with Capital Outflows - TBEA Co., Ltd. experienced a capital outflow of 1.452 billion yuan, with a decline in stock price of 4.09% [2]. - Zhejiang Wenlian reported a capital outflow of 992 million yuan, with a stock price decrease of 1.28% [2]. - Hunan Silver saw a capital outflow of 900 million yuan, with a stock price increase of 2.82% [2]. - Tongling Nonferrous Metals had a capital outflow of 873 million yuan, with a stock price increase of 2.91% [2]. - Dongfang Fortune experienced a capital outflow of 817 million yuan, with a stock price decrease of 1.63% [2]. Group 2: Additional Stocks with Notable Outflows - Leading Intelligent reported a capital outflow of 733 million yuan, with a stock price decrease of 2.7% [2]. - Tianji Co., Ltd. faced a capital outflow of 666 million yuan, with a significant stock price drop of 9.09% [2]. - Xinyi Communication had a capital outflow of 613 million yuan, with a stock price increase of 0.73% [2]. - Tianci Materials saw a capital outflow of 570 million yuan, with a stock price decrease of 5.28% [2]. - Wangsu Science & Technology experienced a capital outflow of 558 million yuan, with a stock price decrease of 3.56% [2]. Group 3: Other Companies with Capital Outflows - Longi Green Energy reported a capital outflow of 547 million yuan, with a stock price decrease of 0.93% [3]. - Dufeng Co., Ltd. faced a capital outflow of 533 million yuan, with a stock price decrease of 7.35% [3]. - China Satellite had a capital outflow of 515 million yuan, with a stock price decrease of 1.62% [3]. - Contemporary Amperex Technology experienced a capital outflow of 458 million yuan, with a stock price decrease of 0.89% [3]. - Salt Lake Potash reported a capital outflow of 437 million yuan, with a stock price decrease of 2.67% [3].

数据显示，截至2025年12月31日，中证细分化工产业主题指数前十大权重股分别为万华化学、盐湖股 份、藏格矿业、天赐材料、巨化股份、恒力石化、华鲁恒升、宝丰能源、云天化、金发科技，前十大权 重股合计占比45.31%。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业主题指数，聚焦行业"反内卷"背景下新一轮景气周 期。 场外投资者还可以通过化工ETF联接基金（013527）关注化工板块投资机遇。 截至2026年1月27日午间收盘，中证细分化工产业主题指数下跌1.87%。成分股方面涨跌互现，中简科 技领涨4.59%，光威复材上涨2.31%，巨化股份上涨1.77%；多氟多领跌，星源材质、鲁西化工跟跌。 近期，基础化工行业呈现价格偏强运行态势，多类化工品价格显著上涨。银河证券指出，本周在重点跟 踪的170个化工产品中，45.3%实现价格上涨，其中碳酸锂、纯苯、苯乙烯、R125等涨幅居前；纯苯华 东价格周环比上涨7.96%至5965元/吨，苯乙烯上涨7.92%至7900元/吨，工业级碳酸锂四川报价周涨15% 至13800元/吨。当前化工品价格走强主要受下游需求预期回暖、部分厂商检修导致供应阶段性收紧，以 及出口退 ...