Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is working to regulate competition in the power and energy storage battery industry, which is likely to improve profitability across the supply chain [1]. - Sodium batteries are anticipated to enter large-scale applications, while solid-state battery industrialization is progressing, highlighting the importance of related materials and equipment companies [1]. - The photovoltaic sector is focusing on "anti-involution" as a key investment theme, with regulatory discussions aimed at controlling upstream silicon material prices and enhancing profitability in downstream battery components [1]. - The demand for wind power is expected to continue growing, supported by government initiatives for new photovoltaic and wind power projects [1]. - The energy storage sector remains robust, with recommendations to focus on energy cell and large-scale integration manufacturers [1]. - Hydrogen energy is projected to open new demand avenues, particularly in green hydrogen applications, with a focus on equipment and operational segments [1]. - Nuclear fusion is identified as a long-term energy development direction, with recommendations to monitor core suppliers in this area [1]. Summary by Sections New Energy Vehicles - Expected sales in 2025 for new energy passenger vehicles in China are projected at 12.809 million units, a year-on-year increase of 17.6% [2]. Battery Technology - CATL announced plans for large-scale sodium battery applications in 2026, while solid-state battery prototypes are entering real vehicle testing [2]. Photovoltaic Industry - The cancellation of VAT export rebates for photovoltaic products is set to take effect from April 1, 2026, impacting market dynamics [2]. - The photovoltaic industry is experiencing price adjustments, with silicon material prices rising and a focus on maintaining profitability in the supply chain [15][19]. Wind Power - The wind power sector saw significant growth, with a 22.06% increase in stock prices for wind energy companies [10][13]. Energy Storage - The price of lithium carbonate has risen significantly, with current prices around 115,000-119,000 RMB per ton, reflecting a 19.1% increase [27]. - Energy cell prices for various models have also increased, with the average price for 100 Ah cells at 0.403 RMB per watt-hour, up from previous levels [28]. Market Trends - The overall power equipment and new energy sector saw a 5.02% increase in stock prices, outperforming the broader market indices [10][13].

Group 1 - Nearly 90 A-share listed companies have released their 2025 annual performance forecasts, with 17 companies expecting a year-on-year net profit increase of over 100% [12] - The Ministry of Finance and the State Administration of Taxation announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026, and a reduction in the VAT export tax rebate rate for battery products from 9% to 6% until the end of 2026 [4][5] - The China Securities Regulatory Commission has significantly increased the rewards for whistleblowers reporting securities and futures violations, with the maximum reward raised to 1 million yuan [6] Group 2 - The national business work conference emphasized the need to accelerate the cultivation of new growth points in service consumption and optimize the implementation of the old-for-new consumption policy [3] - The Guangzhou real estate market has shown signs of stabilization, with both transaction volume and prices increasing for eight consecutive weeks [10] - The "Tianma-1000" unmanned transport aircraft successfully completed its first flight, showcasing its capabilities for logistics, emergency rescue, and material delivery [7] Group 3 - Tongfu Microelectronics plans to raise no more than 4.4 billion yuan through a private placement to enhance packaging capacity for storage chips and other emerging applications [19] - Aerospace Chuangxin expects a net loss of approximately 220 million yuan for 2025, primarily due to insufficient revenue to cover costs and restructuring expenses [17] - Visual China reported a fair value change of 67.35 million yuan from its holdings in MiniMax, which represents about 56.53% of its 2024 net profit [16]

Core Viewpoint - The article discusses the announcement by Huasheng Lithium Battery regarding its plan to issue H-shares and list on the Hong Kong Stock Exchange, aimed at enhancing its international presence and financing capabilities. Group 1: Company Overview - Huasheng Lithium Battery has been a key supplier in the electrolyte additive sector since 2003, serving major companies like Mitsubishi Chemical, BYD, and Tianqi Materials, with a market presence in Asia, Europe, and America [1]. - The company operates four production bases, including Zhangjiagang Phase I, II, III, and its wholly-owned subsidiary Taixing Huasheng, with an annual production capacity of 14,000 tons for VC and FEC products following the completion of its third-phase project [1]. Group 2: Product Development - In addition to its traditional business, Huasheng Lithium Battery is proactively investing in new battery materials, including solid-state batteries, and has completed laboratory trials for various materials suitable for solid and semi-solid batteries [1]. - The company has established a pilot production line for lithium sulfide with an annual capacity of 2 tons, primarily to support technical validation for downstream electrolyte and battery enterprises, although it has not yet achieved commercialization or sales revenue [1].

Core Viewpoint - A-share listed companies are showing a positive growth trend in their 2025 performance forecasts, with 60 out of 108 companies predicting favorable results, indicating a pre-joy ratio of approximately 55.56% [1] Group 1: Performance Forecasts - Among the companies that disclosed their 2025 performance forecasts, 18 companies expect their net profit to increase by over 100% year-on-year, excluding those that turned losses into profits [2] - Notable companies with significant profit increases include Zhongke Lanyun, Chuanhua Zhili, Kangchen Pharmaceutical, Bai'ao Saitou, and Tianci Materials [2] Group 2: Individual Company Highlights - Zhongke Lanyun anticipates a net profit of 1.4 billion to 1.43 billion yuan, representing a year-on-year increase of 366.51% to 376.51%. The company attributes this growth to strategic investments in high-growth areas such as GPU and advanced packaging testing [3] - Chuanhua Zhili expects a net profit of 540 million to 700 million yuan, with a year-on-year increase of 256.07% to 361.57%. The growth is driven by optimized marketing strategies and improved asset structures in its chemical and logistics businesses [4] - China Shipbuilding Defense forecasts a net profit of 940 million to 1.12 billion yuan, reflecting a year-on-year increase of 149.61% to 196.88%, attributed to improved production efficiency and increased investment income [4] Group 3: Industry Trends - Industries such as semiconductors, biomedicine, chemicals, machinery, and non-ferrous metals are experiencing notable performance recoveries among listed companies [4] - Companies like Chifeng Gold and Zijin Mining are seeing significant profit growth due to rising gold prices, with Chifeng Gold expecting a net profit of 3 billion to 3.2 billion yuan, a year-on-year increase of 70% to 81% [5] Group 4: International Market Expansion - Companies are actively expanding their overseas businesses, contributing to rapid growth in performance. For instance, Bai'ao Saitou expects a revenue of approximately 1.351 billion yuan, a year-on-year increase of 37.75%, driven by strong R&D capabilities and brand influence [5] - Aibisen anticipates a net profit of 240 million to 290 million yuan, with a year-on-year increase of 105.32% to 148.09%, supported by a well-established global channel network and local operations [6][7] - Huace Navigation expects a net profit of 670 million to 690 million yuan, with a year-on-year increase of 14.84% to 18.27%, driven by a focus on global expansion and rapid growth in overseas markets [7]

会议同时审议通过《关于使用部分闲置募集资金进行现金管理的议案》，同意在不影响募投项目正常进 行的前提下，使用不超过6亿元的闲置募集资金购买安全性高、流动性好、保本型的理财产品或存款类 产品，资金可滚动使用，期限不超过12个月。 因控股股东徐金富先生提议，董事会决定将《关于增加商品期货套期保值业务额度的议案》作为临时提 案提交2026年第一次临时股东会审议，会议将于2026年1月21日以现场与网络投票相结合方式召开。 截至2026年1月9日收盘，天赐材料(002709)报收于44.44元，上涨0.09%，换手率4.98%，成交量74.87万 手，成交额33.44亿元。 当日关注点 交易信息汇总 1月9日主力资金净流出5278.92万元；游资资金净流出1237.24万元；散户资金净流入6516.16万元。 公司公告汇总 2026年1月7日，天赐材料召开第六届董事会第四十一次会议，审议通过《关于增加商品期货套期保值业 务额度的议案》，同意将公司及子公司商品期货套期保值业务的最高保证金额度由不超过1.5亿元提高 至不超过3亿元，任一交易日持有的最高合约价值由不超过15亿元提高至不超过30亿元，额度在有效期 内可循环使 ...

盖；④在个股机构关注度排行中，盐湖股份首次上榜，前五名依次为中国巨石>贵州茅台>比亚迪>盐湖股 份>天赐材料。 前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ①沪指16连阳后如何应对；②国内互联网大厂IDC招投标活动重启，分析师看好当前芯片供给边际改善 +国产AI应用需求爆发，算力落地需求将带动IDC订单修复与业绩兑现；③今日全市场机构研报共发布302 篇，大地海洋评级得到上调，12家公司获得首度覆盖，其中凌云股份、青木科技获新财富分析师深度覆 ...

Group 1 - The current market rally, referred to as "开门红," is supported by improving macroeconomic data and ample liquidity, which enhances market risk appetite and attracts new capital inflows [1][9][40] - Various types of trading funds have shown accelerated entry into the market, including a net inflow of 78.9 billion yuan in margin financing since the beginning of the year and an average daily net inflow of retail funds returning to around 30 billion yuan [1][9][40] - The structural consensus among different types of funds is strong, focusing on sectors such as TMT (storage, AI applications), military (commercial aerospace), non-ferrous metals, new energy (controlled nuclear fusion), machinery (robots), and pharmaceuticals (innovative drugs, brain-machine interfaces) [2][35][38] Group 2 - The global stock market is experiencing a strong start in 2026, driven by expectations of loose liquidity, geopolitical changes, and emerging industrial trends, with A-shares reflecting this global narrative [5][38] - Key events such as the International Consumer Electronics Show (CES) and geopolitical developments are catalyzing themes in the market, enhancing the strategic value of resource products and driving structural similarities across global markets [5][38] - The market is currently in a favorable position with limited downside risk and significant potential for upward movement, supported by improved PMI and price data, as well as a high percentage of stocks still below their previous highs [11][44] Group 3 - The recent surge in the commercial aerospace sector has raised concerns about its current crowding and sustainability, with trading volume indicating a potential for further upward movement [16][51] - As the earnings forecast disclosure period approaches, the correlation between stock prices and earnings will increase, necessitating a focus on structural adjustments based on performance [21][57] - Industries with significant upward revisions in profit forecasts since November include technology (consumer electronics, computing), advanced manufacturing (new energy, military), and cyclical sectors (building materials, non-ferrous metals) [26][58]

Group 1 - EVE Energy has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [4] - The fundraising purpose for EVE Energy has changed; the company now plans to use the net proceeds solely for the continued construction of its Hungarian production base and for working capital, excluding the previously planned Malaysian project [5] - New Energy's "Snow Leopard Battery" has been mass-produced and delivered in tens of thousands of units, featuring a range of over 100 kilometers on a single charge and high discharge capabilities [6][7] Group 2 - Reports indicate that the shortage of power batteries has eased, but energy storage batteries remain scarce, leading to price increases across the lithium battery industry [8] - Far East Battery announced a significant increase in contract orders, with a 556% year-on-year growth in December for contracts over 10 million yuan [9] - EVE Energy has signed a strategic cooperation framework agreement for a 20GWh energy storage battery project with Shanghai Shinyi Luoxi Energy Technology [10] Group 3 - Penghui Energy is advancing its listing on the Hong Kong Stock Exchange to enhance its global strategy and financing capabilities [12][13] - Russia has launched its first GWh-level battery factory, with a planned total capacity of 4GWh, aimed at various applications including energy storage [14][15][16] - Haopeng Technology plans to raise up to 800 million yuan for energy storage and AI projects, focusing on high-growth applications [17] Group 4 - Shanghai Haixi Communications has signed a strategic cooperation agreement for a 60GWh energy storage project, aiming to enhance industry chain efficiency [18] - The Anhui 20GWh power battery project has commenced construction, with an investment of approximately 4.85 billion yuan [19] - BYD's new energy battery production base has completed the joint line ceremony for its second and third phases, with a total investment of about 110 billion yuan [20] Group 5 - A second meeting on the regulation of the power and energy storage battery industry was held, addressing issues of blind construction and price competition [21][22] - LG Energy's two battery factories have suspended production for six months, resulting in significant economic losses [23] - Ningfu New Energy reported a significant increase in shipments of large cylindrical batteries, exceeding 10GWh in 2025 [24] Group 6 - Guoxuan High-Tech has started two material projects, including a 200,000-ton lithium iron phosphate project, to enhance its production capabilities [25][26] - Chuangneng New Energy achieved a record shipment of over 90GWh in 2025, marking a 350% increase from the previous year [27][28] - A 4GWh energy storage battery project is being established in Hebei, with a total investment of 50 million yuan [29] Group 7 - Yijiatong is rapidly advancing its 4GWh industrial power lithium battery project, with significant progress reported [30][31] - A new lithium iron phosphate production line has been launched in Hubei, aimed at meeting high standards for material quality [33][34] - Longpan Technology is investing 2 billion yuan in a high-performance lithium battery project, with a planned capacity of 120,000 tons [35] Group 8 - ST Pava has terminated part of its fundraising projects, optimizing resource allocation in response to industry developments [36] - Lithium carbonate prices have surged, nearing 150,000 yuan per ton, with a year-to-date increase of over 21% [37][38] - Tianci Materials plans to conduct maintenance on its lithium hexafluorophosphate production line, expected to last 20 to 30 days [39][40] Group 9 - The State Council has issued a comprehensive solid waste management action plan, aiming for significant recycling targets by 2030 [41] - Tianci Materials has forecasted a substantial increase in net profit for 2025, driven by growth in the new energy vehicle and energy storage markets [43] - The lithium battery recycling project in Henan has been signed, with an expected annual output value of approximately 400 million yuan [54] Group 10 - BYD has surpassed Tesla in global electric vehicle sales for the first time, with a total of over 4.6 million new car sales in 2025 [57] - CATL and NIO have renewed a five-year cooperation agreement, focusing on technology and market collaboration [58][59] - Toyota and Lexus sold approximately 2.5 million vehicles in the U.S. in 2025, with nearly half being electrified models [60]

转自：中国商报 本周（1月5日至9日）是2026年的第一个交易周，A股市场量价齐升，收获了实打实的2026年"开门红"。 上证指数延续去年末连阳走势，频创新高。深证成指突破14000点，创业板指、上证50、沪深300等也均创多年新高。超4700家股票周度累计上涨，为近期 表现最好的一周。 （来源：中国商报） 业内人士提醒，对于投资者而言，业绩预告仅为初步核算结果，具体数据需以正式年报为准。随着年报披露季的推进，业绩分化格局或进一步显现，资本 市场的价值发现功能将持续发挥作用。 中国上市公司协会近期发布的《2025年A股上市公司市值表现报告》显示，截至2025年年底，A股上市公司共5469家，总市值123万亿元。其中，2025年新 增上市公司116家，2025年1月1日前上市的存量公司5353家，2025年存量上市公司总市值同比增长22.5%。从总体来看，过去一年，A股上市公司市值持续 修复，资本市场稳健上涨。 | ↓日期 | 内地 | | | | --- | --- | --- | --- | | | 上涨家数 | 亚盘宝数 | Nist 2 3 7 | | 2026-01-09 | 4.749 | 40 | ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 电力设备 光伏产品取消出口退税，江苏超 800MW 海上风电项目获核准 光伏：两部门宣布取消光伏等产品增值税出口退税，硅料电池组件价格上涨。近 日财政部、税务总局发布关于调整光伏等产品出口退税政策的公告：自 2026 年 4 月 1 日起，取消光伏等产品增值税出口退税。自 2026 年 4 月 1 日起至 2026 年 12 月 31 日，将电池产品的增值税出口退税率由 9%下调至 6%；2027 年 1 月 1 日 起，取消电池产品增值税出口退税。适时降低或取消光伏产品的出口退税，有助于 推动国外市场价格理性回归，降低我国面临的贸易摩擦的风险。据安泰科统计，本 周多晶硅 n 型复投料成交价格区间为 5.0-6.3 万元/吨，成交均价为 5.92 万元/吨， 周环比上涨 9.83%。n 型颗粒硅成交价格区间为 5.0-6.4 万元/吨，成交均价为 5.58 万元/吨，环比涨幅为 10.5%。据 Infolink，本周 N 型电池片价格如下：183N、 210RN 与 210N 均价再度上调，本周上升至每瓦 0.39 元人民 ...