2月13日，A股市场震荡回调，沪指跌超1%，电池板块调整。截至14:45，同类规模领先的电池ETF汇添富（159796）跌近1%，呈现十字星，成交额近2亿 元，交投活跃，资金大举涌入，电池ETF汇添富（159796）昨日吸金超1亿元。 消息面上，2025年全球动力电池出货量达1495.1GWh，同比增长42.2%，增速较此前提升20.7个百分点，中国7家电池企业位列全球动力电池出货量前十。 【出口强劲：2025年海外市场延续高增长态势，中资厂商市占率进一步抬升】 交银国际表示，2025年海外动力电池市场延续高增长态势，中资厂商市占率进一步抬升。SNE Research数据显示，2025年全球动力电池装车量同比增长 31.7%至1,187GWh，中国以外市场装车量同比增长26.0%至463.3GWh。竞争格局方面，韩国三大厂（LG Energy Solution、Samsung SDI、SK On）合计市占 率同比下滑7.4ppts至36.3%，其中三星SDI装机量同比下降6.7%。相比之下，中国企业依托LFP技术路线持续放大成本优势，全球出货量前十厂商中中企占 比同比提升9.6ppts至47.2%。其中宁德时 ...

Group 1 - The chemical raw materials sector is experiencing a correction, with the CSI sub-industry index down by 0.82% as of 10:28 on February 13, 2026, despite some stocks like Enjie and Tianci Materials showing gains of 4.65% and 3.10% respectively [1] - Sub-sectors such as dyes, PVA, and vitamins are seeing an upward trend, with leading dye companies raising prices due to tight supply of core intermediates, and PVA prices increasing due to extreme weather affecting overseas facilities [1] - The chemical industry is expected to benefit from a dual opportunity of cyclical recovery and industrial upgrading in 2026, with traditional demand anticipated to recover moderately as domestic growth policies are expected to take effect [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-industry chemical index account for 44.82% of the index, including companies like Wanhua Chemical and Yalv Co [2] - The chemical ETF managed by Harvest (159129) closely tracks the CSI sub-industry chemical index, focusing on the new round of prosperity cycle under the "anti-involution" backdrop [2] - Investors can also consider the chemical ETF linked fund (013527) to explore investment opportunities in the chemical sector [3]

天赐材料（002709） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州天赐高新材料股份有限公司于 2026 年 1 月 5 日召开了第六届董事会第 四十次会议审议通过了《关于变更注册资本并修订<公司章程>的议案》，并于 2026 年 1 月 21 日召开 2026 年第一次临时股东会审议通过了该议案。具体内容 详见公司于 2026 年 1 月 6 日、2026 年 1 月 22 日披露于《证券时报》《中国证券 报》《上海证券报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）的相 关公告。 公司于近日完成了上述内容的工商变更登记和章程备案手续，并取得广州市 市场监督管理局换发的《营业执照》，除了变更注册资本外，其他工商登记信息 未变，公司最新的工商登记信息如下： 公司名称：广州天赐高新材料股份有限公司 统一社会信用代码：91440101723773883M 类型：股份有限公司（上市、自然人投资或控股） 住所：广州市黄埔区云埔工业区东诚片康达路 8 号 法定代表人：徐金富 注册资本：203,389.1587 万元（人民币） 成 ...

Core Viewpoint - The article discusses the strategic significance of the newly commenced lithium electrolyte project in Morocco by Tianqi Materials, highlighting its role in the company's global expansion and operational efficiency in the renewable energy materials sector [1][4]. Group 1: Project Overview - The Morocco project has a total investment of 257.6 million Moroccan Dirhams (approximately 28 million USD) and is expected to achieve an annual production capacity of 150,000 tons of electrolytes and core raw materials [1]. - This project marks a significant step in Tianqi Materials' global strategy, transitioning from initial steps to a more developed phase [1]. Group 2: Strategic Importance - The Morocco project serves as a hub due to its strategic location at the intersection of Europe, Africa, and the Middle East, providing natural conditions for connecting diverse markets [5]. - The industrial park where the project is located has a mature industrial base and a complete supporting system, facilitating large-scale manufacturing and stable operations for renewable energy materials [5]. Group 3: Local Collaboration and Long-term Commitment - Tianqi Materials has established a stable cooperation mechanism with the local Moroccan government, securing policy support to promote project construction and subsequent operations [9]. - The project aims to adhere to international standards in production and management, enhancing delivery stability and service capabilities in overseas markets while contributing positively to local industry development and employment [9]. Group 4: Future Global Layout - The commencement of the Morocco project is seen as a foundational step towards long-term capabilities, with plans to implement global management and quality standards [12]. - The company emphasizes that globalization is a gradual process, focusing on steady and prudent advancement in the international arena, collaborating with industry partners for mutual growth [12].

Group 1: National Power Market Development - The State Council has issued an implementation opinion aiming to establish a unified national electricity market system by 2035, with a market transaction volume steadily increasing [1] - By 2030, the goal is to have about 70% of the total electricity consumption in the country come from market-based transactions, with all types of power sources and non-essential users participating directly in the market [1] - The implementation will include joint transactions across provinces and regions, with a fully operational spot market and a well-established market pricing mechanism by 2030 [1] Group 2: Stock Market Projections - The People's Bank of China projects that the average daily trading volume of the two stock exchanges will reach 17,045.4 billion yuan in 2025, an increase of 61.9% compared to 2024 [2] - By the end of 2025, the Shanghai Composite Index is expected to close at 3,968.8 points, reflecting an 18.4% increase from the end of 2024, while the Shenzhen Component Index is projected to rise by 29.9% to 13,525.0 points [2] Group 3: Solid-State Battery Standards - The first part of the national standard for solid-state batteries for electric vehicles is expected to be released in July 2026, with the draft completed by December 2025 [3] - The standard will include terminology and classification, with testing and validation scheduled for early 2026 [3] Group 4: Lithium Carbonate Futures and Market Activity - Lithium carbonate futures saw a significant increase, with the main contract rising over 9% on February 11 [4] Group 5: Glass Fiber Price Increases - Leading glass fiber companies have raised prices for electronic cloth, resulting in multiple stocks in the sector hitting their daily price limits [5] - Notable companies include International Composites, Changhai Co., and Honghe Technology, with price increases ranging from 10% to over 20% [5][6] Group 6: Tungsten and Rare Earth Market Movements - Zhangyuan Tungsten Industry announced significant price increases for long-term procurement contracts, with black tungsten and white tungsten prices rising by 28.1% and 28.2% respectively [7] - Rare earth product prices have accelerated, with neodymium oxide and metal prices increasing by 7.59% and 6.27% respectively, and a cumulative increase of 34% since the beginning of the year [8] Group 7: Solid-State Battery Technology Collaboration - Guoxuan High-Tech and BASF have signed a strategic cooperation memorandum to jointly develop next-generation solid-state battery technology, focusing on high-performance materials [9] - The collaboration aims to accelerate the commercialization of innovative results in various applications, including electric vehicles and energy storage [9] Group 8: Nickel Price Trends - Nickel prices have continued to rise, with LME nickel reaching $17,780 per ton, and domestic futures increasing over 4% [11] - Indonesia has reaffirmed plans to significantly reduce nickel ore production, with a production quota set between 260 million and 270 million tons for the year [11]

Group 1 - Chemical ETF rose by 2.10%, outperforming the Shanghai Composite Index by 2.01 percentage points [1] - PTA production cut confirmed by Xin Feng Ming, with 2.5 million tons of PTA capacity being taken offline, indicating a tightening supply which supports the recovery of PTA profit margins [1] - Gotion High-Tech signed a strategic cooperation memorandum with BASF to focus on next-generation solid-state battery technology, with expectations for small-scale production of all-solid-state batteries by CATL in 2027 [1] - Zhejiang Longsheng raised the price of disperse dyes by 2000 yuan/ton, marking a potential turning point in the industry due to supply discipline and cost anchoring [1] Group 2 - The 14th Five-Year Plan will promote carbon peak measures, with restrictions on high-energy-consuming products expected to be implemented, indicating a clearer turning point for the chemical industry [2] - The real estate sector is showing signs of stabilization, particularly in first-tier cities, which may lead to a gradual recovery in the industry, highlighting investment opportunities in the chemical real estate chain [2] - The CSI sub-industry chemical theme index (000813) rose by 2.32%, with significant gains in stocks such as Xinzhou Bang (up 8.16%) and Tongkun Co. (up 7.82%) [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-industry chemical theme index (000813) accounted for 44.82% of the index, including Wanhua Chemical and Yilong Co. [3]

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - By 2025, global lithium battery production is expected to reach 2297 GWh, with a growth rate of 34.6% in 2026. The shipment growth rate for energy storage cells is projected to be as high as 70%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production capacity of battery cells and various materials, which poses a challenge for ensuring a stable and efficient supply chain [5]. Group 2: Conference Overview - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on two main topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, and B2B procurement matchmaking to connect top battery manufacturers and material suppliers [6]. Group 3: Key Topics and Participants - The conference will feature specialized sessions on lithium carbonate futures, market volatility responses from lithium battery companies, and the potential of global lithium resources [7][8]. - Notable participants include leading battery companies like CATL and BYD, as well as material suppliers covering the entire supply chain, including cathode materials, anode materials, electrolytes, and separators [6]. Group 4: Strategic Importance - The lithium battery industry is expected to play a crucial role in energy transition and carbon neutrality goals as it enters a new planning phase with the end of the 14th Five-Year Plan and the beginning of the 15th [6]. - The summit aims to provide authoritative data releases, benchmark company rankings, and deep industry connections to help businesses seize growth opportunities and achieve high-quality development [6].

Group 1 - The core viewpoint of the articles highlights a strong performance in the chemical sector, particularly in phosphates, fluorochemicals, and chemical raw materials, with the CSI sub-industry index rising by 2.91% as of February 11, 2026 [1] - The PC market is entering a new price increase cycle driven by a tight supply-demand balance, with domestic PC industry capacity utilization reaching a critical limit of 86% and no clear new capacity expected to come online in 2026 [1] - Major production facilities are undergoing maintenance, leading to a potential supply loss of 100,000 tons in the first half of the year, while upstream bisphenol A prices have risen from 7,500 CNY/ton to 7,950 CNY/ton in January [1] - The chemical industry is characterized as a typical cyclical sector, usually experiencing a five-year cycle of "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement" [1] - The industry outlook is optimistic due to factors such as negative capital expenditure growth, anti-involution trends, overseas interest rate cuts, and domestic demand expansion, indicating a "dawn" phase for the chemical sector [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI sub-industry chemical index include Wanhua Chemical, Salt Lake Shares, and others, accounting for 44.82% of the total index [2] - The chemical ETF managed by Harvest (159129) closely tracks the CSI sub-industry chemical index, focusing on the new economic cycle under the "anti-involution" backdrop [2] - Investors can also consider the chemical ETF linked fund (013527) to explore investment opportunities in the chemical sector [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 78.00 [1][6]. Core Views - The company's Q4 performance slightly exceeded expectations, driven by increased demand for energy storage and battery chemicals, resulting in a revenue of RMB 9.639 billion for 2025, a year-on-year increase of 22.84% [1]. - The company anticipates further growth in the shipment of organic fluorine products and a gradual reduction in losses from Haidefu, with capacitors showing profit elasticity as new products ramp up [1]. - The report highlights the positive outlook for the 6F price recovery during peak seasons in 2026, which is expected to contribute to profitability [3]. - The company plans to pursue a Hong Kong listing to expand overseas production capacity, with significant investments in projects in Poland and Saudi Arabia [4]. Summary by Sections Q4 Performance - In Q4, the company reported revenue of RMB 3.023 billion, a quarter-on-quarter increase of 38.7% and a year-on-year increase of 27.6%, with net profit attributable to the parent company reaching RMB 350 million, up 45.5% year-on-year [2]. - The profitability from electrolyte products was approximately RMB 100 million, with shipments exceeding 90,000 tons and a net profit per ton exceeding RMB 1,000 [2]. Price Trends and Capacity - As of February 10, the price of 6F was RMB 130,000 per ton, down from an average of RMB 180,000 in December, attributed to seasonal inventory increases [3]. - The company has a 36,000-ton capacity for 6F and is expanding its production capabilities for lithium battery materials and semiconductor chemicals [4][5]. Financial Projections - The company has revised its revenue projections for 2025-2027, expecting net profits of RMB 10.98 billion, RMB 23.47 billion, and RMB 28.66 billion respectively, reflecting significant upward adjustments [6][12]. - The report anticipates a gross margin improvement for the electrolyte business, with expected margins of 12.4%, 21.1%, and 21.1% for 2025, 2026, and 2027 respectively [12][13]. Market Position and Valuation - The company is positioned favorably within the market, with a projected PE ratio of 25 times for 2026, reflecting its strong earnings potential compared to peers [6][14]. - The average PE for comparable companies is noted to be 20 times for 2026, indicating a competitive valuation for the company [14].

Group 1 - The solid-state battery concept has seen significant market activity, with companies like Xinzhou Bang rising over 10% and Ju Jie Wei Xian hitting a 20% limit up [1] - Other companies such as China Power, Green Beauty, and Zhongwei New Materials also experienced gains, indicating a broader interest in the solid-state battery sector [1][2] Group 2 - Guoxuan High-Tech and BASF have signed a strategic cooperation memorandum to jointly develop next-generation solid-state battery technology, focusing on high-performance materials [2] - The collaboration aims to accelerate the commercialization of innovative results in various applications, including electric vehicles and energy storage [2] - Century Securities notes that the industrialization of semi-solid and solid-state batteries is progressing steadily, with significant breakthroughs in high-pressure module packaging and system lightweight integration [3] - The demand for high-safety, high-energy-density batteries is increasing across various sectors, including electric motorcycles, drones, and distributed energy storage, providing diverse commercialization paths for solid-state batteries [3]