行业周报 | 电力设备 SpaceX 申请部署百万颗卫星，发电侧容量电价机制出台 证券研究报告 2026 年 02 月 01 日 电新行业周报 20260126-20260201 核心结论 SpaceX 申请部署百万颗卫星，产业链有望持续受益。根据财联社，FCC 一份新文件显示 SpaceX 正在申请发射并运营一个由至多 100 万颗卫星组成的星座，这些卫星具较好计算 能力（轨道数据中心），以支持先进的人工智能。太空算力方兴未艾，有望提振配套太空 光伏设备及产品需求增长。推荐迈为股份、福斯特、明阳智能，建议关注华菱线缆、琏 升科技、东方日升、泰胜风能、钧达股份、海优新材、宇晶股份、永贵电器。 发电侧容量电价机制出台，"十五五"能源规划落地。本周，两部委完善发电侧容量电价 机制，煤电补偿比例提升至不低于 50%，并确立电网侧独立储能容量电价与"可靠容量" 补偿体系。能源局明确"十五五"风光年均新增 2 亿千瓦目标；电网侧，国家电网部署配网 网架建设，聚焦城网承载、民生保障及防灾抗灾三大能力提升。电力设备推荐国能日新、 平高电气、神马电力，建议关注特变电工。储能推荐：阳光电源，建议关注海博思创、 通润装备、阿特斯 ...

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries in China and worldwide [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [12][18]. - The expo will include more than 300 strategic and cutting-edge technology reports, showcasing innovations applicable to various industries such as AI, aerospace, smart vehicles, and renewable energy [2][22]. Group 2: Focus Areas - The event will concentrate on five common demands of future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be established, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new materials technology innovation, and future smart terminals [12][19]. Group 3: Participation and Audience - FINE 2026 is expected to attract over 100,000 professional visitors, including industry leaders and investors, facilitating precise connections between enterprises and industry resources [36][37]. - The event will invite over 5,000 industry investors to support quality startups and enhance collaboration opportunities [10][37]. Group 4: Supporting Organizations - The expo is organized by DT New Materials, in collaboration with various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [4][5]. Group 5: Historical Context - The previous editions of the expo, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, achieved record attendance and participation, indicating a strong foundation for FINE 2026 [7][36].

Investment Rating - The report recommends an "Overweight" rating for the energy storage sector [2][3]. Core Insights - The introduction of the first national capacity price policy for energy storage is expected to enhance economic viability across the country, leading to significant growth in the domestic energy storage market over the next few years [3][5]. - The capacity price mechanism is crucial for the economic feasibility of energy storage projects, with examples such as Gansu province providing a capacity price of 330 RMB/kW·year, which supports a capital IRR of 11% [5]. - The impact of the capacity price on end-user electricity prices is minimal, maintaining current pricing structures for residential and agricultural users while balancing costs for commercial users [5]. Summary by Sections - **Investment Recommendations**: The report suggests that the establishment of a national capacity price will accelerate the development of a new energy system, with expected high growth in domestic energy storage. Key companies mentioned include Haibo Shichuang, Sunshine Power, and CATL among others [5]. - **Policy Impact**: The national capacity price policy, announced on January 30, aims to create a unified pricing mechanism for energy storage, which previously lacked a national standard. This policy lays a solid foundation for the nationwide promotion of capacity pricing [5]. - **Economic Viability**: The report emphasizes that the capacity price is essential for making energy storage economically viable, with projections indicating that as the share of renewable energy in the grid increases, the utilization and configuration duration of energy storage will improve [5].

Company Overview - Shenzhen Xingyuan Material Technology Co., Ltd. (Xingyuan Material) is a lithium-ion battery separator manufacturer established in 2003, with over 20 years of industry experience in R&D, production, and sales of separators, which are critical components affecting battery quality, safety, and production costs [4]. - The company is the first in China to master the dry-process unidirectional stretching technology for lithium-ion battery separators, with a significant portion of its revenue generated from the Chinese market [4]. - The company has established six production bases in China, with overseas bases in Europe, Southeast Asia, and the United States under construction, and R&D centers in China, Japan, and Sweden, with plans for more in Southeast Asia and the U.S. [5]. Financial Performance - The company reported revenues of approximately RMB 2.867 billion, RMB 2.982 billion, RMB 3.506 billion, and RMB 2.932 billion for the years ending December 31, 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [6]. - The net profit for the same periods was approximately RMB 748 million, RMB 594 million, RMB 371 million, and RMB 141 million [8]. - The gross profit margins for the years were 44.8%, 43.3%, 28.1%, and 21.3% respectively [10]. Market Position - The company ranked second globally in lithium-ion battery separator shipments over the past five years, with a market share increasing from 11.0% in 2020 to 14.4% in 2024 [4]. - In 2024, the company is expected to hold approximately 17.1% of the Chinese battery separator market, ranking second [22]. - The company is a key supplier to leading global lithium-ion battery manufacturers, including LG Energy, Samsung SDI, and CATL [4]. Industry Overview - The global lithium-ion battery industry is projected to grow from 323.2 GWh in 2020 to 1,519.6 GWh in 2024, with a compound annual growth rate (CAGR) of 47.3% [12]. - China remains the largest market, with lithium-ion battery shipments expected to grow from 142.5 GWh in 2020 to 1,133.0 GWh in 2024, reflecting a CAGR of 67.9% [12]. - The global battery separator market is expected to expand from 6.4 billion square meters in 2020 to 27.7 billion square meters in 2024, with a CAGR of 44.5% [14].

•中英签署多项经贸成果文件 进一步深化中英经贸关系 •证监会：将深化创业板改革，持续推动科创板改革落实落地 •证监会拟扩大战略投资者类型并明确最低持股比例要求 登录新浪财经APP 搜索【信披】查看更多考评等级 •英国首相斯塔默1月28日至31日访华期间，中英签署经贸领域多份合作文件。商务部新闻发言人30日具体介绍说，1月29日，中英共同签署了四项经贸成果 文件，从货物贸易、服务贸易和经贸机制建设三方面同时发力，进一步深化中英经贸关系。（新华社） •商务部新闻发言人30日表示，日内瓦当地时间1月30日，世贸组织公布中国诉美《通胀削减法》世贸争端案专家组裁决。本案专家组裁定，美涉案清洁能源 补贴措施违反世贸组织规则，驳回美所谓涉案措施是为保护美"公共道德"进行的抗辩，要求美取消涉案补贴措施。（新华社） •近日，国家发展改革委、国家能源局联合印发《关于完善发电侧容量电价机制的通知》。通知明确，各地电力现货市场连续运行后，有序建立发电侧可靠 容量补偿机制，对各类机组根据可提供的顶峰能力按统一原则进行补偿，并结合电力市场建设和电价市场化改革等情况逐步扩展补偿范围，公平反映不同机 组对电力系统顶峰贡献。（新华社） •国家 ...

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

证券之星消息，根据企查查数据显示亿纬锂能（300014）公布了一项国际专利申请，专利名为"一种基于振动载荷仿真的部件失效风险计算方法及 装置"，专利申请号为PCT/CN2024/126027，国际公布日为2026年1月29日。 专利详情如下： | 作条约所公布的国际申请 | (12) 按照专利合 | (19) 世界知识产权组织 | ! | | | | --- | --- | --- | --- | --- | --- | | 天 家 日 | (10)国际公布号 | (43) 国际公布日 | | | | | WO 2026/020606 A1 | 2026年1月29日(29.01.2026) | | | | | | (51) 国际专利分类号: | (81)指定国(除另有指明,要求每一种可提供的国家 | G06F 30/20 (2020.01) | 保护): AE, AG, AL, AM, AO, AT, AU, AZ, BA, BB, BG, | | | | BH, BN, BR, BW, BY, BZ, CA, CH, CL, CN, CO, CR, CU, | (21) 国际申请号: | PCT/CN202 ...

Group 1 - The core point of the announcement is that Zhejiang Huayou Cobalt Co., Ltd. has signed a framework agreement with PT Aneka Tambang Tbk and PT Industri Baterai Indonesia to collaborate on an integrated battery industry project in Indonesia, focusing on the entire supply chain for electric vehicle batteries [3][7][13] - The framework agreement is a preliminary agreement that outlines the intent for cooperation, with specific investment amounts and collaboration methods still under negotiation [2][14] - The agreement aims to establish Indonesia as a production base for electric vehicle batteries and related products, contributing positively to the sustainable economic development of Indonesia [7][13] Group 2 - The agreement includes multiple sub-projects such as mining, smelting, refining, precursor and cathode materials, battery production, and battery recycling, with specific production capacities outlined for each sub-project [8][9] - The expected production capacities include 100,000 tons of nickel products from pyrometallurgical smelting, 50,000 tons from hydrometallurgical smelting, 105,000 tons of precursors, 30,000 tons of cathode materials, and 20 GWh of nickel-based batteries [9][10] - The collaboration will involve forming joint ventures for each sub-project, with specific equity structures to be determined after feasibility studies [10][11] Group 3 - The signing of the framework agreement is seen as a strategic move for the company to deepen its global layout and promote high-quality development, enhancing its core competitiveness [13] - The agreement is not expected to have a significant impact on the company's current year operating performance, with future impacts dependent on the progress of specific projects [2][13] - The agreement's effectiveness is contingent upon meeting several preconditions, and it may be terminated under certain circumstances, such as failure to meet conditions within specified timeframes [11][12]

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

Core Viewpoint - XINWANGDA's IPO application in Hong Kong has expired, but the company plans to resubmit the application, which is crucial for its funding and growth strategy in the competitive lithium battery market [1][2] Group 1: IPO and Financial Performance - XINWANGDA's IPO prospectus automatically expired on January 30, 2026, after six months of validity, but the company intends to resubmit the prospectus [1] - The company reported a total revenue of 43.534 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.73%, and a net profit of 1.405 billion yuan, up 15.94% year-on-year [2] - The company is currently facing a lawsuit from Geely's subsidiary, claiming damages of 2.314 billion yuan due to quality issues with battery cells delivered from June 2021 to December 2023 [2] Group 2: Competitive Position and Profitability - XINWANGDA ranks sixth in the domestic market for power batteries, with a market share of approximately 3.17%, which increased by 0.28 percentage points from 2024 [1] - The gross profit margin for XINWANGDA's electric vehicle batteries was 8.8% in 2024, a decrease of 0.37 percentage points year-on-year, significantly lower than competitors like CATL [3] - The average selling price of power batteries dropped to 0.6 yuan/Wh in 2024, a decline of 40% year-on-year, further decreasing to 0.5 yuan/Wh in the first quarter of 2025, down 37.5% year-on-year [3] Group 3: Financial Challenges and Funding Needs - XINWANGDA has faced difficulties in financing, including a failed 4.8 billion yuan private placement and a halted plan to spin off its power battery segment due to regulatory changes [4] - The company reported a cumulative loss of 6.859 billion yuan from 2021 to the first half of 2025, with a debt ratio of 67.6% and total liabilities of 67.9 billion yuan as of September 2025 [4] - The upcoming IPO is critical for XINWANGDA to fund its international growth strategy, enhance R&D capabilities, and upgrade digital operations [4] Group 4: Strategic Initiatives - XINWANGDA is focusing on the energy storage sector, which has higher profit margins, and has announced a 100 million yuan investment to establish a partnership for energy storage investments [5]