考虑到储能电池业务稳健的增长前景，以及新电池技术有助其保持健康利润率，并扩大市场份额，令其 可维持强劲的海外出货增长展望，该行重申对宁德时代的"买入"评级，港股目标价615港元。 该行指出，数据显示，津巴布韦在2025年约占全球锂供应量的11%，预料新措施将可能在短期内推升锂 价，引发锂价短期波动，但相信对宁德时代长远影响有限。该行解释称，矿商可透过与政府协商重新获 得出口许可，应可缓解供应紧张的问题，相信宁德时代有能力将大部份上游成本压力，转嫁予客户，特 别是储能企业。 美银证券发表研报指，津巴布韦矿业部近日宣布实时暂停所有原矿及锂精矿出口，旨在加强对采矿行业 的监督及问责，未来仅持有效采矿权及核准选矿厂的企业具备出口资格，代理及第三方贸易商出口遭到 禁止。 ...

欢迎订购2026年月度电池装机数据库、中国汽车上险数据库、月度锂电排产数据 联系方式：13220160736（同微信） 电池：6家企业排产145.5GWh，同比+37%、环比+22%。 正极：6家企业排产19.5万吨，同比+50%、环比+23%；其中LFP排产环比+24%，三元正极排产环比+28%、 钴酸锂正极排产环比+2%。 负极：4家企业排产16.3万吨，同比+42%、环比+16%。 隔膜：3家企业排产20.6亿平，同比+50%、环比+9%。 电解液：2家企业排产10.8万吨，同比+51%、环比+19%。 数说新能源 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 往期推荐 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货 报告和精准人脉。 CATL ： 储能市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 ...

2026年1月海外纯电品牌销量排行榜(万辆) TESLA BYD 4.0 VOLKSWAGEN 2.0 RENAULT 1.6 SKODA 1.4 BMW 1.3 KIA 1.2 TOYOTA 1.2 MERCEDES 1.1 HYUNDAI 1.1 JAECOO 1.1 AUDI 1.0 FORD 1.0 VOLVO 1.0 MG 0.9 PEUGEOT 0.9 CITROEN 0.8 AION 0.6 MINI 0.5 CUPRA 0.5 2026年1月海外插混品牌销量排行榜(万辆) BYD 2.17 VOLKSWAGEN 1.13 BMW 1.04 MERCEDES 0.95 AUDI 0.95 JAECOO 0.94 FORD 0.72 | 0.65 VOLVO CHERY 0.56 TOYOTA 0.53 CUPRA 0.37 SKODA 0.35 HYUNDAI 0.31 LAND ROVER 0.31 GWM 0.24 OMODA 0.24 PEUGEOT 0.23 LEXUS 0.21 MITSUBISHI 0.20 KIA 0.19 往期推荐 数说新能源 欢迎订购2026年月度电池装机数据库 ...

美银证券发表研报指，津巴布韦矿业部近日宣布实时暂停所有原矿及锂精矿出口，旨在加强对采矿行业 的监督及问责，未来仅持有效采矿权及核准选矿厂的企业具备出口资格，代理及第三方贸易商出口遭到 禁止。 该行指出，数据显示，津巴布韦在2025年约占全球锂供应量的11%，预料新措施将可能在短期 内推升锂价，引发锂价短期波动，但相信对宁德时代长远影响有限。该行解释称，矿商可透过与政府协 商重新获得出口许可，应可缓解供应紧张的问题，相信宁德时代有能力将大部份上游成本压力，转嫁予 客户，特别是储能企业。 考虑到储能电池业务稳健的增长前景，以及新电池技术有助其保持健康利润 率，并扩大市场份额，令其可维持强劲的海外出货增长展望，该行重申对宁德时代的"买入"评级，港股 目标价615港元。 ...

Core Viewpoint - BMW Group and CATL signed a memorandum of understanding to enhance collaboration on battery passport cross-border data trials and supply chain carbon footprint reduction [1] Group 1: Collaboration Details - The signing took place during German Chancellor Merz's visit to China, aiming to promote compliance and smoothness in the power battery data chain and collaborative carbon reduction [1] - The memorandum outlines plans to explore applications of battery passport scenarios to improve digital management and data interaction capabilities within the global supply chain [1] - The partnership aims to strengthen the ability to respond to global regulations and enhance the sustainable development of low-carbon products [1] Group 2: Historical Context and Future Plans - CATL and BMW's strategic cooperation began in 2012, establishing deep trust in battery production, joint research, and technological innovation [1] - CATL will continue to uphold an open cooperation philosophy, partnering with international entities to drive global green transformation through technological innovation [1] - The collaboration seeks to shape a sustainable future for the automotive industry [1]

Core Viewpoint - BMW Group and CATL signed a memorandum of understanding to collaborate on battery passport cross-border data trials and supply chain carbon footprint reduction, aiming for sustainable development in the automotive industry [1] Group 1: Collaboration Details - The partnership focuses on enhancing digital management and data interaction capabilities within the global supply chain context [1] - The collaboration aims to improve compliance and responsiveness to global regulations regarding battery data [1] - Both companies will work together to promote low-carbon and sustainable development in their products [1] Group 2: Historical Context - The strategic partnership between CATL and BMW Group began in 2012, establishing a foundation of trust in battery production, joint research, and technological innovation [1] - CATL emphasizes an open cooperation philosophy, aiming to drive global green transformation through technological innovation [1]

Group 1 - Yibin is transforming its economy from traditional industries like liquor and coal to new engines represented by digital economy and green energy, specifically in the battery industry [6] - The battery industry in Yibin has become a significant sector, with the city hosting major companies like CATL and Kaiyi Auto, contributing to the local economy's upgrade [6] - Yibin is recognized globally for its battery production, with one in ten batteries worldwide produced in the city, highlighting its importance in the global supply chain [6][7] Group 2 - The logistics infrastructure in Yibin has improved significantly, with highways, high-speed rail, and expanded airport routes facilitating the distribution of local agricultural products [4] - The local economy is benefiting from increased visibility and business opportunities, particularly in the new energy vehicle sector, which has seen a surge in demand and investment [6] - The rise of the battery industry in Yibin reflects broader trends in China's economic development, showcasing the integration of inland cities into the global economy [7]

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [1][81]. Core Insights - The report highlights a confirmed cyclical turning point in the lithium battery industry, with expectations for demand recovery after the holiday season. The lithium battery index has shown signs of recovery since February 2026, with a month-to-date increase of 3.86%, outperforming the CSI 300 index by 3.23 percentage points [5][13][18]. - Global demand for lithium batteries is projected to grow significantly, with a forecasted shipment volume of 2,280.5 GWh in 2025, representing a year-on-year increase of 47.6%. The growth is driven by both energy storage and power battery sectors, with energy storage batteries expected to account for 29% of total shipments [5][20][22]. - The report indicates that the lithium battery industry is experiencing a recovery in profitability, with over 70% of companies in the supply chain expected to report profit increases for 2025. The supply-demand balance is improving, leading to price stabilization and potential further price increases in the future [5][70][75]. Summary by Sections Recent Review of the Lithium Battery Sector - The lithium battery index has shown a recovery trend after a decline from its peak in November 2025, primarily due to seasonal demand impacts. The index is now on an upward trajectory as of February 2026 [13][14]. - As of February 25, 2026, the overall PE ratio for the lithium battery sector is 28.67, with some leading companies valued at less than 20 times [14]. Optimistic Global Demand Outlook - The global lithium battery shipment volume is expected to reach 3,016 GWh in 2026, with a year-on-year growth rate of 32.3%. China's lithium battery shipments are projected to account for 82.8% of the global total [18][20]. - The energy storage battery sector is experiencing rapid growth, with a forecasted shipment volume of 1,090 GWh in 2026, reflecting a year-on-year increase of approximately 70% [22][29]. Confirmed Cyclical Turning Point and Profit Recovery - The lithium battery supply chain has seen significant profit recovery, with 70% of companies reporting profit increases for 2025. The supply-demand dynamics are improving, leading to a potential continuation of price increases [70][75]. - Capital expenditures in the lithium battery sector have shifted towards growth, while material suppliers remain cautious about expansion due to previous overcapacity [71][75]. Investment Recommendations - The report suggests that demand for lithium batteries is expected to rebound post-holiday, with production in March 2026 anticipated to increase significantly. The introduction of vehicle replacement policies and upcoming major auto exhibitions are expected to stimulate demand [78]. - Investors are advised to focus on leading companies in the lithium battery supply chain, particularly in segments experiencing supply constraints, such as lithium carbonate and lithium iron phosphate [78].

主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 春节假期后市场成交 主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 宁德时代下挫近 5%，市场部分担忧锂原料成本压力。 另一方面，房地产板块在昨日上海购房政策松绑刺激上涨后今日回调。 此外，算力租赁业务重获市场信心推动 AIDC 板块强势上行。 而消费与保险板块今日表现逊于其他行业。 资金流向 春节假期后市场成交量持续呈上升趋势。 受英伟达业绩超预期提振，人工智能产业链全线走强，核心受益标的普遍录得可观涨幅。 PCB 板块连续第三日上攻，东山精密（002463 ...

Summary of Key Points from Conference Call Industry Overview - A-shares experienced a pullback after two consecutive days of gains, indicating market volatility in the Chinese stock market [1] - The AI industry chain saw significant strength driven by Nvidia's better-than-expected earnings report, leading to notable increases in core stocks [2][3] Key Companies and Performance - **PCB Sector**: - Huadian Co., Ltd. (002463.SZ) hit the daily limit up - Shenghong Technology (300476.SZ) increased by 9.23% [2][3] - **Lithium Mining**: - Ganfeng Lithium (002460.SZ) rose by 2.61% - Tianqi Lithium (002466.SZ) increased by 4.79% - Companies with asset exposure in Zimbabwe, such as Shengxin Lithium Energy (002240.SZ) and Zhongkuang Resources (002738.SZ), faced declines of 5.2% and 3.33% respectively [3] - **Contemporary Amperex Technology Co., Limited (CATL)**: - Experienced a nearly 5% drop due to concerns over lithium raw material cost pressures [3] Sector Performance - The real estate sector saw a pullback following a rise due to relaxed home purchase policies in Shanghai [4] - The artificial intelligence data center sector showed strong performance due to expectations of a recovery in computing power leasing business [5] Investment Recommendations - A preference for selling in the consumer and insurance sectors, while maintaining a buy stance on consumer electronics, electrical equipment, and printed circuit boards [5] - The battery sector presents two viewpoints, but the overall sentiment leans towards buying [6]