Core Viewpoint - The electric motorcycle (e-motorcycle) market is experiencing a dual increase in inventory and exports for 2025, influenced by new national standards and the ban on fuel motorcycles, leading to a complex market dynamic [1][2]. Market Overview - In 2025, the total sales of fuel and electric motorcycles are projected to be approximately 21.97 million units, with exports accounting for about 13.37 million units and domestic sales around 8.6 million units, indicating that exports represent 60% of total sales, surpassing domestic sales [2]. - Domestic sales of motorcycles are expected to decline by 3.45% year-on-year, while exports are anticipated to grow by 21%, highlighting the significance of overseas markets amid domestic restrictions [3]. Electric Motorcycle Performance - The sales of electric motorcycles in 2025 are estimated at 3.5062 million units, reflecting a modest year-on-year growth of only 1.14%, with a penetration rate of approximately 16% for new energy vehicles [4]. - Despite the sluggish growth in sales, production of electric motorcycles reached 3.6118 million units in 2025, marking a year-on-year increase of 6.03%, with December alone seeing a production of 339,100 units, a month-on-month increase of 7% [4]. Inventory and Production Dynamics - The production of electric motorcycles exceeding sales is attributed to manufacturers' strategies to stockpile inventory in response to uncertainties brought by new national standards [5][6]. - The implementation of the new standards has led to a resurgence of lead-acid motorcycles, with market share rebounding to 77% in Q3 and exceeding 90% in Q4 [12]. Export Trends - The export growth of electric motorcycles is notable, with an increase of 18.1% in 2025, indicating a trend where domestic brands are thriving in international markets [4][18]. - Southeast Asia is identified as a significant market for electric motorcycles, driven by a large "oil-to-electric" transition potential, although initial purchase costs remain a barrier compared to fuel motorcycles [19]. Competitive Landscape - The electric motorcycle market is characterized by a diverse range of players, including established brands and new entrants, with a focus on high-performance lithium batteries that meet the demands for power and range [14][15]. - Companies like Yadea, Aima, and Niu are actively expanding their presence in the European market, targeting both budget-conscious consumers and high-end segments [23]. Future Outlook - The evolving landscape of electric motorcycles, influenced by regulatory changes and market dynamics, suggests that manufacturers will need to adapt strategies to maintain competitiveness and capitalize on export opportunities [20][22].

Core Viewpoint - The battery industry chain is experiencing a concentrated wave of IPO activities, with several companies making significant progress in their listings, particularly in the lithium battery equipment sector [4][5]. Group 1: IPO Developments - Four companies have recently disclosed their IPO progress, with three focusing on lithium battery equipment [4]. - XianDao Intelligent passed the main board listing hearing on January 25, 2024, and is the largest player in lithium battery intelligent equipment. The company is facing significant pressure due to a decline in revenue and profit in 2024, but is expected to see a recovery in 2025 with a projected net profit of 1.5 billion to 1.8 billion yuan, representing a year-on-year growth of 424.29% to 529.15% [5][6]. - Liqi Intelligent passed the Shenzhen Stock Exchange's Growth Enterprise Market review on January 20, 2024, aiming to raise 1.008 billion yuan. The company focuses on material automation systems for lithium battery manufacturing, with over 90% of its revenue coming from lithium battery-related products [6]. - Shanghai Junyi submitted its prospectus to the Hong Kong Stock Exchange on January 23, 2024, and is primarily engaged in industrial automation systems for the automotive and new energy battery industries. The company reported revenues of 511 million yuan and 614 million yuan for 2023 and 2024, respectively, with a 26.7% year-on-year growth in the first nine months of 2025 [7]. Group 2: Market Trends and Projections - Investment in lithium battery equipment typically leads changes in production capacity and end-demand. Equipment orders reflect battery manufacturers' judgments on future manufacturing rhythms and technology routes [8]. - The demand for lithium battery manufacturing equipment is expected to grow over the next two to three years, driven by increasing demand for electric vehicles and energy storage, as well as the need for upgrades to existing production lines. The global market for lithium battery intelligent equipment is projected to grow from 59.3 billion yuan in 2024 to 235.9 billion yuan in 2029, with a compound annual growth rate of 31.8% [8]. - Since the beginning of 2025, there has been a surge in listings from the lithium battery industry chain in Hong Kong, marking a significant trend towards globalization for Chinese lithium battery companies [9].

Core Viewpoint - Sodium-ion batteries are emerging as a new investment hotspot amid fluctuations in lithium carbonate prices and companies seeking supply chain security, with significant stock price increases observed in related companies [1]. Group 1: Market Performance - Companies involved in sodium battery development, such as Qicai Chemical, Limin Co., and Wumart New Energy, have seen stock price increases exceeding 20% this year, with Qicai Chemical's stock rising by 58.4% [1]. - CATL has achieved breakthroughs in mass production of sodium batteries, launching the "Ningde Times Tianxing II Light Commercial All-Scenario Customization Series Solution," which is the first mass-produced sodium battery for the light commercial sector [1]. Group 2: Product Features - The newly launched sodium battery has a capacity of 45 degrees and is compatible with various models, including small vans and micro trucks, suitable for new energy commercial vehicles [3]. - The battery retains over 92% usable power at -20°C and can be fully charged even when frozen at -30°C, demonstrating significant advantages in extreme cold environments [3]. Group 3: Competitive Landscape - Compared to lithium batteries, sodium batteries have advantages such as easier resource availability, better low-temperature performance, higher safety, and less temperature increase during high-rate charging, although they currently lag behind in industrial cost, maturity of the supply chain, and energy density [3][4]. - CATL's CTO has indicated that while sodium batteries may not reach the efficiency of lithium batteries this year, the goal is to make them more economical than lithium-ion batteries within the next two to three years [4]. Group 4: Industry Developments - The sodium battery sector is witnessing a surge in activity, with companies like Jiangsu Zhongna Energy Technology establishing a production base for sodium iron sulfate cathode materials, aiming for an annual output of 30,000 tons and a 5GWh sodium-ion battery pack system [5]. - The application scope of sodium batteries is expanding into two-wheeled vehicles and energy storage, with plans to eventually introduce them into passenger cars, commercial vehicles, and even construction machinery [5]. - A collaboration between JD.com, GAC Group, and CATL is set to launch a sodium battery version of the Aion UT Super, with mass production expected in the second quarter of 2026 [5].

Industry Background - The market for large cylindrical batteries and all-tab batteries is expected to explode by 2025, with China's cylindrical battery shipments projected to grow by over 15%, and large cylindrical batteries expected to exceed 40% growth. Major companies like EVE Energy, Molicel, and others are facing supply shortages [3] - The 32, 40, 46, and 60 series large cylindrical products are rapidly expanding in various sectors including lightweight power, electric two- and three-wheelers, portable and home energy storage, and automotive power [3] - New growth points and market spaces are emerging from the integration of technologies such as all-tab, high nickel, silicon-carbon, and sodium batteries with cylindrical batteries [3] Event Overview - The 2026 (Second) Qidian Lithium Battery Cylindrical Battery Technology Forum and the release of the Top 20 Rankings for Cylindrical Batteries will take place on April 10, 2026, in Shenzhen [6] - The event will feature discussions on cutting-edge technologies, processes, and materials related to cylindrical batteries, providing a platform for industry leaders to share insights [3][6] Conference Agenda - The forum will include sessions on high-power cylindrical battery technology, innovations in household and portable energy storage, and the development trends of automotive-grade large cylindrical batteries [7][8] - Roundtable discussions will focus on overcoming barriers to overseas market entry and identifying emerging application markets for rapidly growing cylindrical batteries [7][8] Participating Companies - Notable cylindrical battery companies expected to attend include EVE Energy, CATL, BYD, and LG Energy, among others. The event will also attract downstream application companies and equipment manufacturers [10]

Investment Rating - The report rates the electric power equipment industry as "Outperforming the Market" [3] Core Insights - In Q4 2025, the electric power equipment industry saw a decrease in the proportion of shares held by active management funds, declining by 0.36 percentage points. This contrasts with 15 other industries that experienced an increase in shareholding [6][18] - The top five industries with increased shareholding were transportation, non-ferrous metals, basic chemicals, oil and petrochemicals, and non-bank financials, while the industries with decreased shareholding included media, real estate, computers, defense, and telecommunications [6] - Notable increases in holdings were observed in companies such as Tianhua New Energy, Tianci Materials, and Sany Heavy Energy, while significant reductions were seen in companies like Yiwei Lithium Energy, Goldwind Technology, and Longi Green Energy [10][13] Summary by Sections 1. Overall Industry Situation - The electric power equipment industry, which includes 398 stocks, experienced a decrease in the proportion of shares held by active management funds in Q4 2025, with a decline of 0.36 percentage points [6][7] 2. Individual Stocks - Tianhua New Energy saw the largest increase in holdings, with a staggering 34,198.66% increase in market value and a 15,595.36% increase in the number of shares held [11] - Other companies with significant increases included Tianci Materials (87.72% increase in market value) and Sany Heavy Energy (946.94% increase in market value) [11] 3. Institutional Holding Changes - Major fund companies such as GF Fund and Huatai-PineBridge significantly reduced their holdings in the electric power equipment sector, with GF Fund's holdings decreasing by 37.51% [15][16] - The top five fund companies by market value in the electric power equipment sector were GF Fund, Huatai Fund, HSBC Jintrust, Huitianfu Fund, and China Europe Fund, with respective holdings of 128.07 billion, 121.79 billion, 88.12 billion, 84.72 billion, and 82.48 billion [15] 4. Active Management Fund Holdings in Electric Power Equipment - The total number of shares held by the top 20 public funds in the electric power equipment sector decreased by 12.89% to 1.516 billion shares, with a corresponding market value of 989.10 billion [18][19]

会议时间：2026年4月22-24日 会议地点：马来西亚·吉隆坡 会议主办：鑫椤资讯 会议协办：厦门大学、LIRA 0 2 会议背景 在全球能源转型加速推进的浪潮下，电池产业作为新能源汽车、储能系统等战略性新兴产业的核心支 撑，正迎来需求激增与技术革新并存的黄金发展周期。据ICC鑫椤资讯预测，2026年的增长率将达到 34.6%，其中储能领域增速更是有望达到70%，呈现出"海内外需求双轮驱动、上下游产业链协同爆 发"的盛况。与此同时，全球电池产业格局正经历深刻重构，原材料供应链韧性、国际贸易壁垒应对、 绿色低碳生产等成为行业共同面临的关键课题。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2026国际电池产业大会 2026国际电池产业大会 会议议题 0 1 | | 议题 | 拟邀发言单位 | | --- | --- | --- | | 上午 | 中国电池企业出海"破局战"：地缘博弈、 | 亿年锂能 | | | 成本困局与本土化 | | | | 东南亚新能源市场政策与投资机遇 | 马来西亚投资发展局 | | | 待定 | 贝特瑞 | | | 东南亚储能项目"抗环境 ...

Core Viewpoint - The continuous net inflow into the E Fund Energy Storage Battery ETF (159566) reflects optimism regarding the dual resonance of energy transition and technological revolution, alongside a value reassessment cycle driven by improved supply-demand dynamics [2] Demand Side - The industry benefits from a dual drive of power batteries and energy storage batteries, with the global penetration rate of new energy vehicles expected to exceed 46% in China by 2025, and commercial vehicle electrification becoming a new growth point [2] - Despite entering a traditional off-season for the new energy vehicle market, the introduction of a vehicle replacement subsidy policy in 2026 is expected to stabilize consumer expectations, while the energy storage market continues to grow rapidly [2] - The demand growth rate for energy storage batteries has surpassed that of power batteries, with global energy storage battery shipments projected to reach approximately 650 GWh in 2025 and 874 GWh in 2026, representing a year-on-year growth of over 40% [2] Supply Side - Following a previous period of capacity oversupply, the willingness to expand production has weakened, leading to increased market share for leading companies and supply-demand tightness in certain segments [3] - The average price of battery-grade lithium carbonate reached 166,100 yuan/ton, with a recent increase of 19.84%, while lithium hydroxide (LiOH 56.5%) is priced at 160,200 yuan/ton, up 17.19% [3] - The battery industry is entering a period of technological iteration, particularly with solid-state and sodium-ion batteries, with 2026 being a critical year for solid-state battery commercialization [3] ETF Characteristics - The E Fund Energy Storage Battery ETF (159566) tracks the Guozheng New Energy Battery Index, focusing on core stocks related to the energy storage battery industry, including leading companies like CATL and Sungrow [4] - The ETF has a high purity of energy storage-related stocks, with a weight of 64.77% in the energy storage sector, covering key components of the energy storage industry chain [4] - The index also includes stocks benefiting from increased electricity demand from data centers, with a close to 25% exposure to AIDC-related companies, and a weight of 27.82% in solid-state battery-related companies [4]

数字动能锻造制造升级硬支撑 上个月底，工业和信息化部办公厅等部门公布了2025年度领航级智能工厂培育名单，全国仅有15个。其中，成都飞机工业（集团）有限责任公司的先进航空 装备柔性敏捷智能工厂成功入选。 值得注意的是，领航级智能工厂融合了新一代信息技术、先进制造技术、精益管理理念等，是我国制造业智能化最高标准的代表。 亮眼成绩背后，是37个工业大类行业中25个全线飘红的多点迸发，是新能源汽车181.0%、锂离子电池33.9%、集成电路23.3%的爆发式产量增长，更是国 有、外资、民营经济分别以4.7%、16.5%、10.4%增速同向发力的协同奋进。 从智改数转的全域深耕到新兴未来产业的强势崛起，从"立园满园"的集群聚变到营商环境的持续升级，成都正以工业立市、制造强市为战略根基，以新质生 产力为核心动能，在建设全国先进制造业基地赛道上全速奔跑。 ▲成都 摄影：伏若辰 攻坚"智改数转" 对于成都而言，加快制造业数字化转型不是"选答题"，而是关乎未来高质量发展的"必答题""加分题"。2025年，成都以10余项国家级试点为契机，举全市之 力推动"智改数转"向纵深突破。 2025年，成都工业经济交出高光答卷——全市规上 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric new energy sector, including CATL, Xiamen Tungsten, and others [2][3]. Core Insights - The electric new energy sector's overall fund holding ratio has decreased, with a notable decline in the holdings of new energy vehicle and power equipment sectors, while the industrial control sector saw a slight increase [6][18]. - The report emphasizes the importance of policy, technology, and demand factors influencing the various sub-sectors within the electric new energy industry, leading to different performance expectations [6][29]. Summary by Sections 1. Overall Fund Holdings in Electric New Energy Sector - As of Q4 2025, the fund holding ratio for the electric new energy sector is 8.73%, down by 0.93 percentage points quarter-on-quarter and 1.83 percentage points year-on-year [9][14]. - The market capitalization of the electric new energy sector accounts for 5.92% of the total market capitalization, with a slight decrease of 0.28 percentage points quarter-on-quarter but an increase of 0.81 percentage points year-on-year [9][14]. 2. Sub-sector Fund Holdings Analysis - The fund holding ratio for the new energy vehicle sector is 7.24%, down by 1.06 percentage points quarter-on-quarter and 1.30 percentage points year-on-year [18][21]. - The new energy power generation sector has a fund holding ratio of 2.19%, with a minor decrease of 0.05 percentage points quarter-on-quarter and a decrease of 0.30 percentage points year-on-year [18][24]. - The power equipment and industrial control sector's fund holding ratio is 1.28%, showing a slight increase of 0.14 percentage points quarter-on-quarter [18][26]. 3. Investment Recommendations 3.1 New Energy Vehicles - The report suggests focusing on companies with clear competitive advantages and improving profitability in the battery segment, such as CATL and A123 Systems [28]. - It also highlights the importance of materials and components in the supply chain, recommending companies like Keda and others [28]. 3.2 New Energy Power Generation - The report indicates a shift from policy-driven to market-driven demand for energy storage, recommending companies involved in energy storage integration and battery production [29]. - It emphasizes the growth potential in wind energy, particularly offshore wind, and suggests monitoring companies like Mingyang Smart Energy and Goldwind [30][32]. 3.3 Power Equipment and Industrial Control - The report identifies AIDC as a growth driver for power equipment demand, recommending companies with strong fundamentals and competitive pricing [34]. - It also notes the increasing importance of high-voltage construction in domestic demand, suggesting companies like XJ Electric and others [34][35].

Summary of Key Points from the Conference Call on China Battery Materials Industry Overview - The focus is on the battery materials industry, particularly related to lithium iron phosphate (LFP) batteries and the broader electric vehicle (EV) market - The analysis includes the impact of rising costs on battery manufacturers and the implications for downstream demand, especially in energy storage systems (ESS) [1][2][9] Core Insights and Arguments - **Price Trends**: LFP battery cell prices have increased by 8%, while battery costs have surged by 30%, leading to a squeeze in battery margins [1] - **Cost Inflation**: Lithium prices have risen by 46% year-to-date, contributing to an estimated cost inflation of Rmb32/kWh for batteries. The total LFP battery cost has increased by Rmb80/kWh, which may test demand in the coming months [2][11] - **Demand Forecasts**: Battery production guidance from major manufacturers like CATL suggests a growth of 50-70% by 2026, which has raised expectations for raw material demand [3][21] - **Market Dynamics**: The recent surge in costs has shifted the market from a demand-pull to a cost-push scenario, with concerns about EV sales weakness impacting performance [1][9] - **Cost Pass-Through Mechanisms**: Battery manufacturers have mechanisms to pass on metal-linked cost increases to downstream customers, but non-metal cost increases may not be fully passed through [20] Important but Overlooked Aspects - **Investment in Upstream**: Companies like CATL and Gotion are investing in upstream lithium resources to mitigate the impact of rising raw material costs. CATL's self-sufficiency ratio for lithium is expected to be 18% by 2025 [17][18] - **Profit Distribution**: The profit distribution along the battery supply chain is shifting, with downstream manufacturers currently capturing more profit. However, this may change as the market matures and supply chain efficiencies improve [35] - **Policy Impacts**: Changes in Chinese government policy, including export controls and a focus on price recovery, may influence the battery market dynamics and cost structures in 2026 [36] Financial Metrics and Projections - **Battery Demand Growth**: The forecast for total battery demand is projected to grow significantly, with EV battery demand expected to reach 2,096 GWh by 2026, reflecting a 30% year-over-year growth [23] - **ESS Demand**: ESS battery demand is also expected to grow, with projections of 894.5 GWh by 2026, indicating a robust market for energy storage solutions [26] Conclusion - The battery materials industry is facing significant challenges due to rising costs and potential demand weaknesses. However, strategic investments in upstream resources and favorable production guidance from major manufacturers present opportunities for growth. The evolving landscape of profit distribution and policy impacts will be critical to monitor as the market develops.