近日，世界经济论坛公布最新一批灯塔工厂名单，23家新晋灯塔工厂中，中国占据16席，占比接近 70%，而这其中，轻工行业又占据8席。至此，全球灯塔工厂总数达224家，我国以101家的总量占据近 半壁江山；轻工行业灯塔工厂达到36家，占我国灯塔工厂比例超三分之一。 中国人民大学产业经济研究所教授刘向东告诉记者，我国轻工业"灯塔集群"的崛起并非偶然，而是政策 引导、市场需求、技术积累三者共振的结果。 评选标准升级适配新赛道 轻工企业精准应答 "灯塔工厂"作为世界经济论坛与麦肯锡联合认证的智能制造最高标杆，其评选体系于2025年9月完成重 大升级，从原先的三类拓展为"客户至上、生产效率、供应链韧性、可持续、人才"五类，评价维度从单 一生产环节延伸至全价值链的综合能力，凸显全球制造业向系统化、人性化、生态化转型的趋势。 此次新增的8家轻工行业灯塔工厂覆盖家电、电池、塑料、眼镜等多个细分领域，包括卡尔蔡司光学 （广州）、海信视像科技（青岛）、亿纬锂能（荆门）、美的厨卫电器（芜湖）等知名企业。这些企业 的共同特征是实现了智能化与绿色化深度融合，供应链数字化程度高，且通过工业互联网平台带动产业 链协同升级。其中，美的厨热芜湖 ...

Core Insights - The Hong Kong capital market has started 2026 with a vibrant listing wave, continuing the momentum from Q4 2025, with 17 companies submitting applications on January 30 alone [1] - A total of 139 companies submitted listing applications in January 2026, with 2 companies passing the listing hearing and 13 companies successfully listing on the exchange [1][2] Group 1: Market Trends - The listing activities reflect a strategic choice by companies towards the Hong Kong Stock Exchange, indicating global capital's confidence in China's new economic sectors [2] - The sectors represented in the applications include renewable energy, semiconductors, AI, robotics, consumer goods, and biomedicine, showcasing a diverse range of industries [4] Group 2: Notable Companies - XINWANGDA, a leading global consumer lithium battery manufacturer, submitted its application to the Hong Kong Stock Exchange, aiming to raise funds for its overseas production capacity expansion [4][5] - EVE Energy also submitted its application, with plans to use the raised funds for the construction of its production base in Hungary [5] - ATOOM, known as the "king of parallel robots" in China, has also applied for listing, demonstrating significant revenue growth and market leadership in various sectors [5][6] Group 3: Financial Performance - XINWANGDA reported a revenue of 13.89 billion yuan for its consumer battery business in the first half of 2025, with a 5.2% year-on-year growth and a gross margin of 19.63% [4] - ATOOM's revenue grew from 93.5 million yuan in 2023 to 135 million yuan in 2024, with a further increase to 157 million yuan in the first nine months of 2025 [6] Group 4: Future Projections - Predictions indicate that around 160 new stocks will be listed on the Hong Kong Stock Exchange in 2026, with a total fundraising target of at least 300 billion HKD (approximately 38 billion USD) [9][10] - The recent regulatory reforms at the Hong Kong Stock Exchange have facilitated the listing of companies in emerging sectors, enhancing the attractiveness of the market for international investors [9][10]

Core Viewpoint - The Hong Kong capital market has kicked off 2026 with a vibrant listing wave, reflecting strong confidence in China's new economy sectors from global capital [2][9]. Group 1: Listing Activity - In January 2026, a total of 139 companies submitted listing applications to the Hong Kong Stock Exchange, with 17 companies applying on January 30 alone [1][4]. - Two companies, Aixin Yuanzhi and Guo'en Technology, successfully passed the listing hearing in January [1]. - Thirteen companies, including Mingming Hen Mang and Longqi Technology, completed their listings on the Hong Kong Stock Exchange in January [1][7]. Group 2: Sector Highlights - The listing applications cover various sectors, including new energy, semiconductors, AI, robotics, consumer goods, and biomedicine [4][9]. - Notably, Xinwangda, a leading global consumer lithium battery manufacturer, submitted its application on January 30, aiming to accelerate its global expansion [4]. - EVE Energy, another new energy leader, also submitted its application, with plans to use the raised funds for its overseas production base in Hungary [5]. Group 3: Financial Performance - Xinwangda reported a revenue of 13.89 billion yuan for its consumer battery business in the first half of 2025, with a year-on-year growth of 5.2% and a gross margin of 19.63% [4]. - EVE Energy's planned investment for its new energy storage battery project in Malaysia is capped at 8.654 billion yuan, with an expected annual production capacity of 48 GWh [5]. Group 4: Market Trends - The AI sector is also active, with Aixin Yuanzhi, a unicorn in edge AI chips, set to list on February 10, 2026, and is expected to be a significant IPO in the AI wave [6][9]. - The market has shown strong performance from newly listed companies, with significant first-day gains, such as MiniMax's 109% increase on its debut [7]. Group 5: Future Outlook - Predictions indicate that around 160 new stocks will be listed on the Hong Kong Stock Exchange in 2026, with a total fundraising target of at least 300 billion HKD (approximately 38 billion USD) [8][11]. - The recent reforms in the Hong Kong Stock Exchange have facilitated the listing of companies in high-tech sectors, enhancing the attractiveness of the market to international investors [10][11].

基金分析专题报告(深度) 证券研究报告 数说公募主动权益基金四季报 ——规模/份额双降、周期/金融配置权重上升 王子薇 分析师SAC执业编号：S1130524010001 王聃聃 分析师SAC执业编号：S1130521100001 2026/2/2 主动权益基金2025年四季报总结 ◼ 基金市场概况：2025年四季度A股在经历了近一年的上涨趋势后开始横盘震荡，宽基指数涨跌互现。风格上，大、中盘价值指数均显著跑赢成长，小 盘成长与价值收益差距不大，大盘价值领跑，反映机构资金在进攻与防守之间切换、风险暴露选择性收敛的同步推进；行业指数方面，四季度申万31 个行业除医药生物、美容护理等9个行业外，其余各行业指数均取得正收益，其中，资源和军工表现较好，医药整体偏弱。主动权益基金规模和份额 下降，发行数量和发行规模小幅提升。 ◼ 基金持仓情况：权益基金平均股票仓位小幅收缩，为88.05%；港股仓位也有所下降。重仓股板块配置方面，权益基金集中增持周期品方向，主要为 稳增长政策托底下宏观预期边际改善、顺周期盈利弹性重新获得资金定价，以及年末时点资金对组合确定性与波动控制要求提升的合力结果，机构在 周期与金融板块抬升配比，同 ...

1 月，超50 家锂电产业链上市公司密集披露 2025 年业绩预告。多家企业表现亮眼，净利暴增， " 周期回暖 "" 锂电翻身 " 的判断迅速在市场中 扩散。 | 公司简称 | 预计归母净利润(亿元) | 同比变动 | | --- | --- | --- | | 国轩高科 | 25.00 ~ 30.00 | +107.16% ~ +148.59% | | 瑞浦兰钧 | 6.30 ~ 7.30 | 押亏 | | 孚能科技 | -8.30 ~ -5.80 | 续亏 | | 鹏辉能源 >> > | 1.70 ~ 2.30 | | 结合电池供需运行，动力和储能电池市场维持高位运行，订单集中释放，储能产线甚至已基本拉满，代工随之兴起。可产业链内，比起订单红火带来 的轻松愉悦，更多的是交付压力与博弈焦灼。 越是景气的需求，越掩盖结构性问题。产能过剩、利润率下降，仍在潜伏。反内卷的讨论再兴起。 在 2025 年的高工锂电年会上，一位龙头企业老大罕见直言： " 大家去看整个行业以及终端上市公司的净利率，除了个别头部勉强说得过去，大部 分是不能看的。 " 如果说此前反内卷，关注的是供给失序、目标是扭转供需；如今的反内卷，高声呼 ...

Core Viewpoint - The Hong Kong capital market has experienced a vibrant start in 2026, with a significant number of companies submitting listing applications, reflecting strong confidence in China's new economy sectors [1][2]. Group 1: Listing Activity - A total of 139 companies submitted listing applications to the Hong Kong Stock Exchange in January 2026, with 17 companies applying on January 30 alone [1]. - Notable companies that completed their listings include Mingming Hen Mang, Longqi Technology, and Zhaoyi Innovation, among others, with various sectors represented [1][5]. - The listing activity is characterized by a diverse range of sectors, including new energy, semiconductors, AI, robotics, consumer goods, and biomedicine [2][7]. Group 2: Sector Highlights - The new energy sector has shown particularly strong performance, with companies like Xinnengda and Yiwei Lithium Energy planning to raise funds for overseas market expansion [2][3]. - Xinnengda reported a revenue of 13.89 billion yuan for its consumer battery business in the first half of 2025, with a year-on-year growth of 5.2% and a gross margin of 19.63% [2]. - Yiwei Lithium Energy is focusing its fundraising on the construction of its production base in Hungary, with a total investment of up to 8.654 billion yuan for its new energy storage battery project [3]. Group 3: AI and Robotics Developments - AI chip company Aixin Yuanzhi is set to launch its IPO on February 10, 2026, and is recognized as a key player in the edge AI chip market, holding a 6.8% market share [4]. - The robotics sector is represented by companies like Atonmo Robot, which has seen rapid revenue growth, reaching 157 million yuan in the first nine months of 2025 [3]. - The AI large model sector has also generated market enthusiasm, with companies like Zhipu and MiniMax experiencing significant stock price increases upon their listings [4]. Group 4: Market Dynamics and Policy Support - The surge in listings is attributed to multiple factors, including companies' long-term capital needs and the supportive policies from the Hong Kong Stock Exchange [7][8]. - Recent reforms, such as the 18A and 18C listing rules, have facilitated the entry of biotech and tech companies into the market, allowing for greater flexibility in fundraising [7][8]. - Deloitte predicts that around 160 new stocks will be listed on the Hong Kong Stock Exchange in 2026, raising at least 300 billion HKD (approximately 38 billion USD), indicating a continued trend of high fundraising [8].

巡访标杆企业，洞见产业未来 —— 2026 起点圆柱电池全国行持续进行！ 在全球新能源产业加速迭代的浪潮中，圆柱电池凭借高倍率、长寿命的核心优势，正从消费电子、轻型电动车等传统领域，向储能、低空 无人 机、 eVTOL 等新兴场景快速渗透。 1 月 21 日，起点锂电 总经理 邱嘉胜带领起点圆柱电池巡访调研团走进 圆柱电池老兵 —— 南京中比新能源科技有限公司 （ 以下简称：中 比新能源） ，与公司 副总经理 、研究院院长 尚随军 就 圆柱 核心产品 、 市场、产能以及 未来发展规划进行了深度交流。 圆柱电池的大型化、高倍率化已成为行业共识。起点研究院 SPIR 统计 2025 年全球圆柱电池出货量达到 168.3 亿只 ， 同比增幅超过 15.1% ， 中国圆柱电池出货 103.6 亿只 ， 同比增长 25.3% 。 其中 32/40/46/60 等大圆柱型号电池 增势强劲，是圆柱电池市场增长核 心驱动力 。在此背景下 及趋势下 ，中比新能源以产能扩容为基石，以细分市场深耕为抓手，实现了规模与质量的同步提升。 2 025 年，中比新能源三大基地合计出货量预计将达到 2GWh ， 对应电芯出货量超 6000 ...

Summary of Key Points Core Viewpoint - The A-share market saw a total of 41 stocks engaged in block trading today, with a total transaction value of 897 million yuan, indicating active trading activity in the market [1] Trading Activity - The top three stocks by transaction value were Zijin Mining at 264 million yuan, Longxin Technology at 55.37 million yuan, and Wanshili at 47.83 million yuan [1] - Among the stocks, 9 were traded at par, 1 at a premium, and 31 at a discount; ST Mingcheng was the only stock that traded at a premium with a premium rate of 0.58% [1] - The stocks with the highest discount rates included Tianhong Lithium at 28.75%, Tianyin Electric at 26.57%, and Bid Medical at 17.64% [1] Institutional Trading - The ranking of institutional buy amounts was led by Longxin Technology at 55.37 million yuan, followed by Zotye Auto at 19.99 million yuan, and Wankai New Materials at 19.99 million yuan [1] - Other notable institutional buys included Laplace at 17.61 million yuan, Yiwei Lithium Energy at 15.32 million yuan, and Chenfeng Technology at 10.30 million yuan [1] - The top institutional sell amounts were led by Yiwei Lithium Energy at 15.32 million yuan and Wolong Nuclear Materials at 4.44 million yuan [1]

Group 1 - SINEXCEL is supporting the implementation of a battery energy storage project with a capacity of 6.02 MW and 16.72 MWh in Loket-Nadlesa, representing a significant step in providing high-performance energy transition technologies to the Czech Republic and the European energy market [1][5] - The project is designed for price arbitrage, utilizing market price differences in electricity and providing key grid services, thereby enhancing the economic efficiency and stability of local energy infrastructure [2][3] - The project employs SINEXCEL's energy storage systems (PCS) with a capacity of 1725 kW, achieving peak efficiency of up to 98.5%, and complies with major regulatory and grid standards in North America, Europe, Australia, Japan, and China [3][4] Group 2 - The project, developed by Energo Synergy Group s.r.o., received non-recourse financing from Raiffeisen Leasing a.s. and is scheduled to be fully operational by April 30, 2026 [4] - SINEXCEL has completed over 5,000 projects globally, with an installed capacity of 15 GW/40 GWh, making it a preferred partner for developers seeking reliable and efficient energy storage solutions [5][6] - SINEXCEL, founded in 2007, is a pioneer in energy storage, electric vehicle charging, and power quality solutions, collaborating with leading companies like EVE Energy and Schneider Electric to enhance energy independence [6]

Group 1 - SINEXCEL has successfully launched a 10 MW/33.86 MWh battery energy storage project in Bulgaria, expanding its presence in the European market and reinforcing its commitment to a smarter and more resilient energy infrastructure globally [1][4] - The project is designed for price arbitrage and grid optimization, enhancing energy trading efficiency while providing fast-response balancing services to strengthen local grid stability [2] - The project has received non-recourse financing from DSK Bank and is set to be fully operational by March 30, 2026, reflecting strong market confidence in SINEXCEL's ability to deliver reliable energy storage solutions [3] Group 2 - SINEXCEL operates in over 40 countries with an installed capacity of 15 GW/40 GWh and has more than 5,000 successful implementations, maintaining a leading position in the energy storage sector [4][5] - The company collaborates with industry leaders such as EVE Energy and Schneider Electric to enhance energy independence, showcasing its pioneering role in energy storage solutions, electric vehicle charging, and power quality [5] - Advanced Multi-String technology increases battery protection and supports flexible configurations, ensuring rapid response times of 10 ms for real-time grid balancing [6]