本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、募集资金基本情况和使用情况 证券代码：920522 证券简称：纳科诺尔 公告编号：2026-004 邢台纳科诺尔精轧科技股份有限公司 关于变更募集资金用途公告 （一）募集资金基本情况 2023 年 11 月 16 日，邢台纳科诺尔精轧科技股份有限公司发行普通股 20,000,000 股，发行方式为向战略投资者定向配售和网上向开通北交所交易权 限的合格投资者定价发行相结合的方式进行，发行价格为 15 元/股，募集资金总 额为 300,000,000 元，实际募集资金净额为 275,611,037.74 元，到账时间为 2023 年 11 月 3 日。公司因行使超额配售取得的募集资金净额为 44,999,700.00 元， 到账时间为 2023 年 12 月 19 日。 （二）募集资金使用情况和存储情况 截至 2025 年 12 月 31 日，公司上述发行股份的募集资金使用情况具体如下： 单位：元 | 序 | 募集资 | | 募集资金计划 | 累计投入募集 ...

证券代码：920522 证券简称：纳科诺尔 公告编号：2026-005 邢台纳科诺尔精轧科技股份有限公司 关于召开 2026 年第一次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东会届次 本次会议为 2026 年第一次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 公司于 2026 年 2 月 11 日召开了第四届董事会第十七次会议，审议通过了《关 于提请召开公司 2026 年第一次临时股东会的议案》，公司董事会根据本次会议决 议召集股东会。 （三）会议召开的合法合规性 本次股东会会议召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的相关规定。本次会议的召开无需其他相关部门批准或履行其 他必要程序。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东只能选择现场投票、网络投票中的一种方式，如果同一表决 权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时 ...

证券代码：920522 证券简称：纳科诺尔 公告编号：2026-003 邢台纳科诺尔精轧科技股份有限公司 第四届董事会第十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 2 月 11 日 2.会议召开地点：公司多媒体会议室 3.会议召开方式：现场与通讯方式 4.发出董事会会议通知的时间和方式：2026 年 2 月 4 日以书面方式发出 5.会议主持人：董事长付建新先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合有关法律、行政法规、 部门规章、规范性文件及《公司章程》的规定。 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的 《关于变更募集资金用途公告》（公告编号：2026-004）。 2.议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案已经公司审计委员会、独立董事专门会议审议通过。 3.回避表决情况： （二 ...

Investment Rating - The report suggests a focus on sectors such as AI applications and commercial aerospace, indicating a positive outlook for these areas [4]. Core Insights - The A-share market on February 10 saw a trading volume of 19.33 billion yuan, a decrease of 1.56 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1532.17, down 0.61% [2][8]. - The report highlights that AI applications have become a dominant theme in the market, with significant gains in related sectors such as media and technology [4]. - The report anticipates that the North Exchange, as a hub for innovative small and medium enterprises, will benefit from a dual drive of technology and policy improvements, particularly in AI applications and high-end manufacturing [4]. Summary by Sections Market Review - On February 10, the North Exchange A-share trading volume reached 19.33 billion yuan, down 1.56 billion yuan from the previous day, with the North Exchange 50 Index closing at 1532.17, a decline of 0.61% [2][8]. - Among 293 companies listed on the North Exchange, 43 saw gains, 6 remained flat, and 244 experienced declines [19]. Important News - Five departments are enhancing the integration of low-altitude equipment and information communication, promoting the adaptation of 5G/5G RedCap modules with low-altitude aircraft [3][22]. - The central bank will continue to implement a moderately loose monetary policy, aiming to maintain financial market stability [23]. Key Company Announcements - Tongxin Transmission reported a revenue of 150.81 million yuan for 2025, a year-on-year increase of 13.19%, with a net profit of 27.43 million yuan, up 19.73% [24]. - Huami New Materials announced a revenue of 43.69 million yuan, a 6.44% increase year-on-year, with a net profit of 4.29 million yuan, up 10.86% [26].

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

Summary of Solid-State Battery Conference and Mid-Term Review Industry Overview - Focus on the solid-state battery industry, particularly the outcomes of the solid-state battery academic and industrial conference held on February 7-8, 2026, and the results of the second mid-term review [1][2] Key Conclusions from the Conference - The conference is seen as a turning point for solid-state batteries transitioning from laboratory to production lines - Four main conclusions were drawn: - Sulfide materials are becoming the mainstream technology - Key industry timelines are set for 2027 for demonstration vehicles and 2030 for mass production - Significant challenges remain in process costs and industry chain collaboration - Clear advancements in lithium metal anodes and composite cathode technologies [1][2] Mid-Term Review Results - The second round of mid-term evaluations showed significant improvements over the first round, with leading manufacturers nearing commercialization thresholds - Key performance metrics include: - Cycle life target of 300 cycles or more, with leading manufacturers achieving close to this threshold with a decay rate of ≤10% - Energy density metrics reached 350-360 Wh/kg, the highest among all tested companies - Fast charging capabilities of 1C and peak performance of 2C, comparable to current ternary power batteries - The "no anode" (self-generating anode) approach is highlighted as a core innovation, offering significant improvements in energy density and potentially extending cycle life [3] Key Information from the Conference - High-profile attendees included the Minister of Industry and Information Technology and various battery and automotive companies - The overall industry pace is set for 2026 to be the year of solid-state batteries, with a ramp-up phase from 2028 to 2030 - The preference for sulfide electrolytes is confirmed, with leading manufacturers opting for the no-anode solution while others choose silicon-based or artificial graphite anodes [4] Catalysts and Industry Progress - The positive results from the mid-term review, combined with manufacturers' goals for near-term production, are boosting confidence in the industry - Rapid advancements in the construction of solid-state battery production lines are underway, with equipment tenders for various processes already initiated - Upcoming tenders for dry dispersion and dry film processes are expected to commence shortly, with further equipment tenders planned for early 2026 [5] Investment Recommendations - Recommendations focus on three main areas: materials, equipment, and electrolytes, aligning with mainstream technologies such as no anode, sulfide electrolytes, and dry processing - Specific investment targets include: - **No Anode Materials**: Top recommendation is Zhongyi Technology, a key supplier benefiting from lithium battery expansion, with expected revenues exceeding 250 million in 2026 - **Equipment**: Recommended companies include Lingge Technology and Huazi Technology, which are positioned to benefit from the expansion of solid-state electrolyte production - **Electrolytes**: Strong recommendation for Xiamen Tungsten New Energy, a core supplier for leading electronic manufacturers, with potential to dominate in the lithium sulfide sector [6][7]

每经AI快讯，2月10日，北证50日内跌幅达1.01%。成分股中，纳科诺尔跌4.38%，星图测控跌3.71%， 一诺威跌3.28%，天力复合跌3.15%。 ...

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。 ...

Core Viewpoint - The lithium battery supply chain has experienced significant price increases from 2020 to 2022, driven by strong demand and a smooth transmission of price hikes across the industry [2][3]. Group 1: Price Trends - Electrolyte prices started at 70,000 CNY/ton in September 2020, rising to 100,000 CNY/ton by the end of the year, and reaching a peak of 580,000 CNY/ton in February 2022, with long-term contract prices stabilizing between 200,000 to 300,000 CNY/ton [2][3]. - Iron lithium cathode prices, including phosphoric acid iron and processing fees, doubled in 2021, peaking at over 40,000 CNY/ton by the end of that year [2][3]. - Anode prices began to rise in Q3 2021 due to graphite production constraints, increasing from 12,000 CNY/ton to a high of 25,000 to 28,000 CNY/ton by Q2 2022 [2][3]. Group 2: Supply Chain Dynamics - Lithium carbonate prices rebounded from a low of 40,000 CNY/ton at the end of 2020 to 50,000 CNY/ton in early 2021, and surged to 300,000 CNY/ton by the end of 2021, eventually reaching 520,000 CNY/ton by February 2022 [2][3]. - The battery sector has effectively transmitted raw material price increases, with battery prices rising by 1 cent/wh in Q1 2021 and accelerating to 2-3 cents/wh in Q1 and Q2 of 2022, reaching over 1 CNY/wh [2][3]. Group 3: Future Outlook - Current market conditions resemble Q4 2020, with expectations for continued price increases due to strong demand and low profitability levels compared to previous years [3]. - The industry's expansion willingness is significantly lower than in 2021, with limited new supply expected by 2026, suggesting a more stable price environment [3]. - The anticipated price increases are not expected to be as dramatic as in 2021, with supply-demand tightness projected to be lower, particularly for hexafluorophosphate and lithium carbonate [3]. Group 4: Investment Recommendations - The current valuation of leading companies is considered reasonable, with expected industry growth of 20% in 2027, suggesting potential for investment in the battery sector, including companies like CATL, Yiwei Lithium Energy, and others [4]. - Material leaders such as Keda Lithium and others are also highlighted as strong investment opportunities, alongside companies in the lithium carbonate sector [4]. - The solid-state battery sector is recommended for investment, particularly with catalysts expected to materialize in Q4 2025 [4].

Group 1 - The report indicates that the overseas technology stocks have experienced significant adjustments, which may release risks and suggests a potential recovery in market sentiment before the holiday [1][6][7] - The North Exchange 50 index fell by 0.7%, with trading volume decreasing by 28.7%. The market showed considerable volatility, particularly influenced by the "Wosh trading" on Monday, leading to a notable decline [6][10] - Certain sectors such as food and beverage, beauty care, transportation, and banking performed relatively well due to their low valuation and growth rates, while the power equipment sector was more volatile due to themes related to space photovoltaic [6][10] Group 2 - The report highlights that the North Exchange's PE (TTM) average is 82.05 times, with a median of 39.37 times, indicating a decline in valuation metrics [10][12] - The trading volume for the North Exchange was 4.218 billion shares, a decrease of 29.24% week-on-week, and the total trading amount was 102.42 billion yuan, down 28.70% [10][17] - The report notes that 63 stocks rose while 224 stocks fell, resulting in a rise-to-fall ratio of 0.28, with *ST Yunchuang and Optec leading the gains [26][28] Group 3 - The report mentions that the upcoming week will see the listing of Aide Technology, with no new stocks listed this week. As of February 6, 2026, there are 292 companies listed on the North Exchange [19][39] - The report identifies specific stocks to watch due to potential mispricing from reduced risk appetite, including Liancheng CNC, Gebijia, Kaide Quartz, and others [7][26][39]