瑞财经 刘治颖 2月25日，江苏朗信电气股份有限公司（以下简称：朗信电气）披露第二轮问询的回复， 保荐机构为中信建投，保荐代表人为黄建飞、姜志堂，会计师事务所为立信。 朗信电气成立于2009年11月，主营业务为热管理系统电驱动零部件产品的研发、生产及销售。经过10多 年发展积累，公司在电机高效率、轻量化、低噪音、低电磁干扰等方面形成了自主解决方案，拥有智能 化、数字化工厂及完整质量检测体系。 本次问询中，信息披露准确性、充分性引关注。根据申请文件及问询回复，部分问题未按要求回答或未 发表明确核查意见。 对此，北交所要求朗信电气：补充披露实际控制人及其一致行动人相关信息并说明其亲属（如李俊峰） 在公司处任职、持股具体情况，列表简要说明公司主要股东之间的关联关系、直接及间接持股情况、限 售具体安排及合规性。 朗信电气表示，2026年2月2日，公司控股股东银轮股份披露《浙江银轮机械股份有限公司关于追溯认定 徐铮铮先生为公司共同实际控制人的提示性公告》：银轮股份自2020年8月徐铮铮担任银轮股份副董事 长起，将徐小敏之子徐铮铮追溯认定为银轮股份共同实际控制人。 公司自2018年4月被银轮股份收购至今，银轮股份均为公司 ...

消息面上，津巴布韦收紧锂精矿出口，碳酸锂期货今早一度涨超11%，最高见187700元/吨。中信证券认为，该国的锂矿出口禁令将导致中国碳酸锂 短期供应愈发紧缺，有望推动锂价大幅上涨。（来源于中信证券20260226《津巴布韦暂停锂矿出口，板块有望大涨》） 此外，我国锂电池核心技术获首创性突破，续航有望成倍提升。近日，由南开大学和上海空间电源研究所等单位科研人员组成的团队，取得了一项 首创性的突破。通过全新的电解液技术，有望使现有锂电池在同等大小和重量的情况下，实现续航力的成倍提升，耐低温性能也明显增强。这一成 果26号凌晨在国际学术期刊《自然》上发表。 | 序号 | 代码 | 名不 | 申万一级行业 | 涨跌幅 | 估直枚車 | | --- | --- | --- | --- | --- | --- | | 1 | 002050 | 三花智控 | 家用电器 | -0.40% | 8.01% | | 2 | 300274 | 阳光电源 | 电力设备 | -5.48% | 7.89% | | 3 | 300750 | 宁德时代 | 电力设备 | -4.47% | 7.42% | | 4 | 300014 | 亿纬锂 ...

内容概况：当前，中国电池液冷板行业正伴随新能源汽车产业的爆发，同步进入一个高增长、高竞争、 技术密集驱动的"快车道"。2024年，中国电池液冷板行业市场规模为124.33亿元，同比增长8.73%。增 长的核心驱动力直接来源于下游应用，尤其是新能源汽车。2025年中国新能源汽车产销同比增速近 30%，且市场正从高端车型向全系普及液冷技术。同时，储能系统是另一个重要的增量市场，随着风 电、光伏装机量提升，其对规模化、标准化的冷却板需求正快速释放。此外，工程机械等其他领域的电 动化转型也在为行业提供新的增长曲线。 相关上市企业：三花智控（002050）、银轮股份（002126）、纳百川（301667）、科创新源 （300731）、精研科技（300709）、飞荣达（300602）、英维克（002837） 相关企业：中国铝业集团有限公司、江西铜业集团有限公司、山东南山铝业股份有限公司、明泰铝业股 份有限公司、云南铜业股份有限公司、铜陵有色金属集团股份有限公司、比亚迪股份有限公司、宁德时 代新能源科技股份有限公司、阳光电源股份有限公司、浪潮电子信息产业股份有限公司、中科曙光信息 产业股份有限公司 关键词：电池液冷板、电池 ...

Investment Rating - The industry investment rating is "Hold" [2] Core Insights - NIO achieved its first quarterly profit in 11 years, with the automotive trade-in sales exceeding 50 billion yuan in 2026 [3] - Tesla's third-generation robot is set to debut, with preliminary statistics indicating over 11.5 million vehicles for trade-in in 2025 [3] - In January, automotive sales reached 2.346 million units, with a year-on-year decrease of 3.2% [5] Market Review - The automotive sector saw a growth of 1.56%, with commercial vehicles performing the best at +3.59% [3] - The top five companies in terms of stock performance were Jingduan Technology (+28.98%), Changyuan Donggu (+28.81%), and others, while the bottom five included Dae Oriental (-10.26%) and others [4] Monthly Production and Sales - In January, automotive production and sales were 2.45 million and 2.346 million units respectively, with year-on-year changes of +0.01% and -3.2% [5] - Exports reached 681,000 units, showing a year-on-year increase of 44.9% [5] Investment Recommendations - Focus on vehicle manufacturers related to smart technology and those with potential overseas sales [6] - Recommended vehicle manufacturers include BAIC Blue Valley [6] - Recommended parts manufacturers include Bertley, Silver Wheel, and others [6] - Small and mid-cap stocks to watch include Baihehua and Kejie Intelligent [6]

| [行Ta业ble_Industry] 汽车 : | | | --- | --- | | 日期: | 2026年02月25日 shzqdatemark | | [T分ab析le师_Author] 仇百良 : | | | E-mail: | qiubailiang@shzq.com | | 编号: SAC | S0870523100003 | | 分析师: 李煦阳 | | | E-mail: | lixuyang@shzq.com | | SAC 编号: | 行 S0870523100001 业 | | [最Ta近bl一e_年Qu行o业teP指ic数] | 周 与沪深 比较 300 | | 报 | | [T相ab关le报_R告e：portInfo] 证 券 研 究 报 告 [Table增_R持at（ing维] 持） 《蔚来成立 11 年首次实现单季盈利，2026 年汽车以旧换新销售额突破 500 亿元》 《特斯拉第三代机器人即将亮相，2025 年 汽车以旧换新初步统计超过 1150 万辆》 《特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台样车下线》 1 月汽车销量 234.6 万 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

Core Viewpoint - The A-share market continues its strong performance with the Shanghai Composite Index rising over 1%, and the battery ETF Huatai (159796) experiencing a surge of over 2% as it aims for consecutive gains [1] Group 1: Battery ETF Performance - The battery ETF Huatai (159796) sees most of its constituent stocks rising, with Greeenmei up over 4%, and other companies like Sungrow Power, EVE Energy, and Tianci Materials increasing by over 2% [3] - The top ten constituent stocks of the battery ETF include significant players such as Sanhua Intelligent Control, Sungrow Power, and CATL, with varying performance and estimated weights in the index [4] Group 2: Lithium Carbonate Market - Lithium carbonate futures contracts have surged over 5%, reaching a peak of over 170,000.00 yuan, driven by market sentiment and supply-demand dynamics [5] - Recent rumors regarding the suspension of lithium ore exports from Zimbabwe have raised market concerns, although the actual impact remains to be verified [7] Group 3: Battery Production and Sales - In January, China's production and sales of power and energy storage batteries saw significant year-on-year growth, with total production reaching 168.0 GWh, a 55.9% increase year-on-year [8] - The sales volume for power batteries was 102.7 GWh, accounting for 69.0% of total sales, while energy storage batteries reached 46.1 GWh, showing a remarkable 164.0% year-on-year increase [8] Group 4: Solid-State Battery Developments - BYD has announced advancements in sulfide solid-state batteries, which are expected to achieve breakthroughs in battery life and fast charging, with small-scale production anticipated by 2027 [8] - The solid-state battery sector is gaining momentum, with optimistic statements from major companies indicating positive progress in technology [8] Group 5: Energy Storage Market Outlook - The energy storage market is expected to see significant growth, with projections indicating over 60% growth in 2026, driven by strong demand and supportive policies [9] - The domestic energy storage market has completed substantial orders, indicating robust demand despite concerns over rising lithium carbonate prices [9] Group 6: Investment Strategy in Battery Sector - The battery sector's fundamentals and technological catalysts are expected to support strong stock performance, suggesting that investors may consider index investments to capture opportunities [10] - The battery ETF Huatai (159796) is highlighted for its significant exposure to the energy storage segment and solid-state battery technology, making it a favorable choice for investors [10][12]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][8]. - In the medium to long term, gas generator sets are expected to be a superior choice for small to medium-sized data centers due to their advantages in mid-speed parallel operation and lower redundancy costs [6][52]. - Domestic companies like Weichai Power and Yinlun Co. are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][8]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [5][22]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a significant demand for approximately 9 GW of gas engines in North America by 2026 [6][49]. - The medium to long-term outlook indicates that gas generator sets will become the preferred choice for data centers, particularly those in the 100 MW range, due to their operational efficiency and cost advantages [52]. Supply - There is a notable shortage of gas generator capacity from overseas suppliers, while domestic companies like Weichai Power can deliver quickly and meet the growing demand [7][63]. - The current market leaders in gas engines include Caterpillar and Yanmar, with Caterpillar holding a significant market share [55][58]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the transition from gas turbines to gas generator sets as the primary power source [8][49].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][9]. - In the medium to long term, gas generator sets are expected to become a preferred choice for small to medium-sized data centers due to their advantages in speed of delivery and operational efficiency [3][9]. - Domestic companies, such as Weichai Power and Yinlun Co., are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][9]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [6][27]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a projected demand of about 9 GW for gas generator sets in North America by 2026 [7][56]. - The medium to long-term outlook indicates that gas generator sets will be favored for their modularity and lower redundancy costs, particularly for data centers with capacities around 100 MW [8][58]. Supply - There is a significant supply shortage of gas generator sets from overseas manufacturers, while domestic companies like Weichai Power can deliver quickly due to their ample production capacity [8][73]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the limited supply of gas turbines [9][3].

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...