| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的担保 | | | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | --- | | | | 余额（不含本次担保 | 金额） | | 预计额度内 | 否有反担保 | | 浙江冠宇电池 有限公司 | 万元 25,000.00 | | 171,953.72 | 万元 | 是 | 是 | | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 260,369.30 | | 对外担保总额占上市公司最近一 期经审计净资产的 ...

Core Insights - The Guozheng General Aviation Industry Index (980076) has shown a strong increase, with notable stock performances including Aerospace Nanhu up 18.27%, Aerospace Electronics hitting the daily limit, and Guangwei Composites rising 9.64% [1] - The General Aviation ETF (159230) has experienced a 3.84% increase, with a total net inflow of 139 million yuan over the past week, reaching a new high in both share count and total scale [1] - Southwest Securities reports that national strategies are focusing on the low-altitude economy, with various regions implementing development policies and state-owned enterprises establishing low-altitude economic companies [1] Industry Developments - The application scenarios for low-altitude economy are advancing, particularly in low-altitude logistics and low-altitude tourism, with leading eVTOL manufacturers securing orders and expanding overseas [1] - The General Aviation ETF closely tracks the Guozheng General Aviation Industry Index, with the top ten weighted stocks as of December 31, 2025, including Wan Feng Aowei, Aerospace Rainbow, and China Satellite, collectively accounting for 33.92% of the index [1] Stock Performance - The performance of key stocks within the index includes Wan Feng Aowei at 1.80% weight, Hongdu Aviation at 8.44%, and Aerospace Rainbow at 3.89%, among others [3] - The listed stocks are part of the index components and do not imply specific recommendations [3]

Core Viewpoint - The general aviation ETF fund (159230) has shown significant performance, with a recent 22.08% increase over two weeks, driven by positive developments in the commercial aerospace sector and supportive government policies [1]. Group 1: Market Performance - As of January 6, 2026, the general aviation ETF fund has experienced a net inflow of 53.91 million yuan over the past six days [1]. - The fund's top-performing stock, Beidou Star (北斗星通), rose by 7.35%, while Aerospace Hanyu (航天环宇) fell by 7.28% [1]. - The fund's performance contrasts with sectors like medical insurance payment and large aircraft concepts, which saw declines [1]. Group 2: Industry Developments - Recent successful launches of Long March 8 and Long March 4 rockets on December 26 and 30, respectively, highlight advancements in China's commercial aerospace capabilities [1]. - The Shanghai municipal government has issued measures to accelerate the development of the aerospace industry, focusing on satellite manufacturing and commercial operations [1]. - The national industrial and information technology conference emphasized the importance of nurturing emerging industries, positioning aerospace and low-altitude economy as new pillar industries [1]. Group 3: ETF Composition - As of December 31, 2025, the top ten weighted stocks in the general aviation industry index include Wan Feng Aowei (万丰奥威), Aerospace Rainbow (航天彩虹), and China Satellite (中国卫星), collectively accounting for 33.92% of the index [2]. - The individual weightings of these stocks vary, with Wan Feng Aowei holding a weight of 6.38% and China Satellite at 2.38% [4].

华福证券发布研报称，发展固态电池已成为行业共识、全球竞争赛点：理论上能实现高比能、高安全性 的固态电池体系，是全球公认的颠覆性技术。减少液态电解质含量，提升固态电解质占比，逐步实现固 态化，是行业发展共识。由此带来的对材料体系、装备体系的颠覆，迫使全球企业、研究团队展开新一 轮的创新竞争，避免在新技术方向上的掉队风险。2027年实现小批量生产、工艺定型，基本上是国内外 企业一致预期的重要时间节点。 华福证券主要观点如下： 建议关注 主线1：关键材料：【硫化物电解质】当升科技（300073）、国瓷材料（300285）、容百科技、泰坦股 份（003036）、道氏技术（300409）等;【硫化锂】上海洗霸（603200）、厦钨新能、恩捷股份 （002812）、海辰药业（300584）、华盛锂电、光华科技（002741）等;【锂金属负极】中一科技 （301150）、天铁科技（300587）、道氏技术、英联股份（002846）等;【硅碳负极】璞泰来 （603659）、贝特瑞、杉杉股份（600884）、元力股份（300174）、道氏技术等;【辅材】博苑股份 （301617）、日播时尚（603196）、海辰药业、松井股份、 ...

Core Insights - The General Aviation Industry Index increased by 0.92% as of January 6, 2026, with notable stocks like Beidou Star and Haige Communication hitting the daily limit, and Aerospace Hanyu rising by 9.95% [1] - The General Aviation ETF (159230) also rose by 0.92%, marking a three-day consecutive increase, and has accumulated an 11.88% rise over the past two weeks [1] - The ETF has seen a net inflow of 16.2 million yuan over the past five days, indicating strong investor interest [1] Industry Developments - The National Industrial and Information Technology Work Conference emphasized the cultivation of emerging industries, including new materials, aerospace, and low-altitude economy, as future pillars of the economy [1] - The conference also highlighted the need for orderly development of satellite IoT and the strengthening of 6G technology research [1] - The new guidelines for frequency allocation in low-altitude economic development were introduced, supporting the growth of this sector [1] Market Composition - As of December 31, 2025, the top ten weighted stocks in the General Aviation Industry Index accounted for 33.92% of the index, with notable companies including Wanfeng Aowei, Aerospace Rainbow, and China Satellite [2] - The detailed performance of key stocks includes Wanfeng Aowei at 1.11% increase and Aerospace Rainbow at 1.44% increase, while some stocks like Zhuhai Guanyu and Yingliu Co. experienced declines [4]

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司 关于第二期以集中竞价交易方式回购公司股份的进展 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/15 | | --- | --- | | 回购方案实施期限 | 年 月 日~2026 年 月 日 2025 4 13 4 12 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 363.4391万股 | | 累计已回购股数占总股本比例 | 0.32% | | 累计已回购金额 | 4,488.5154万元 | | 实际回购价格区间 | 11.92元/股~12.89元/股 | 三、其他 ...

未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的"冠宇转债" 金额为人民币 3,088,939,000 元，占"冠宇转债"发行总量的 99.9966%。 | 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2026-002 | | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | 珠海冠宇电池股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：截至 2025 年 12 月 31 日，"冠宇转债"累计已有人民币 104,000 元转换为公司股票，累计转股数量为 4,443 股，占"冠宇转债"转股前 公司已发行股份总额的 0.0004%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 日期间，"冠 宇转债"共有人民币 2,000 元转换为公司股票，转股数量为 86 股。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2022〕2139 号文同意注册，公司 ...

附注 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：深圳燃气（601139）、明阳智能（601615）、禾望电气（603063）、白云电器（603861）、 博力威（688345）、嘉元科技（688388）、珠海冠宇（688772）、德瑞锂电（833523）、雷特科技 （832110）、力王股份（831627） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，广东省发电551.2亿千瓦时，同比下滑4.7%。2025年1-11月，广东省发电6468.3 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights the continuation of electric vehicle (EV) subsidies in 2026, which is expected to enhance the penetration rate of EVs and boost sales, particularly for mid to high-priced models [2]. - The implementation of a large-scale equipment renewal and consumer goods replacement policy reflects the government's commitment to supporting the consumption of new energy vehicles [2]. - The report anticipates a strong demand for lithium batteries in 2026, driven by the sustained growth in electric vehicle sales and the continuation of the old-for-new policy [2]. Summary by Sections Policy Impact - The 2026 policy includes subsidies for scrapping and replacing old vehicles, with personal consumers receiving up to 20,000 yuan for qualifying new energy vehicles [2]. - The policy aims to support the transition to low-emission vehicles, including electric trucks and city buses, thereby alleviating concerns about subsidy reductions for electric heavy trucks [2]. Market Performance - In 2025, the old-for-new policy significantly boosted the sales of new energy vehicles, with production and sales reaching 14.91 million and 14.78 million units respectively, marking a year-on-year growth of 31.4% and 31.2% [2]. - The report notes that the domestic power battery sales reached 1,044.3 GWh in 2025, reflecting a 50.3% year-on-year increase, indicating a robust market for battery manufacturers [2]. Investment Recommendations - The report suggests focusing on leading battery companies such as CATL, Zhongxin Innovation, and Yiwei Lithium Energy, as well as material suppliers like Hunan Youneng and Tianwei Technology, due to their strong market positions and growth potential [2]. - The anticipated increase in electric vehicle penetration and battery demand presents a favorable investment landscape for stakeholders in the new energy sector [2].

Group 1: Target Price Increases - On December 29, 2023, several companies received target price increases from brokers, with notable increases for Jingpin Special Equipment, Huaxu Electronics, and Anker Innovation, showing target price increases of 43.02%, 35.06%, and 30.02% respectively, primarily in the military electronics and consumer electronics sectors [1][2] - The highest target prices and their respective increases are as follows: Jingpin Special Equipment (114.00 CNY, 43.02%), Huaxu Electronics (39.60 CNY, 35.06%), and Anker Innovation (145.00 CNY, 30.02%) [2] Group 2: Broker Recommendations - A total of 27 listed companies received broker recommendations on December 29, with companies like Hailan Home, Huachuang Cloud, and Guiguan Electric receiving one recommendation each [2] - The companies with the highest target price increases also reflect strong broker interest, indicating potential investment opportunities in these sectors [1][2] Group 3: First-Time Coverage - On December 29, brokers initiated coverage on eight companies, including Shangfeng Cement and Aisolar, both receiving "Increase" ratings, while Libat and Zhuhai Guanyu received "Buy" ratings from Guosheng Securities [3][4] - Other companies receiving first-time coverage include Baolong Chuangyuan and Xincheng Technology, indicating a growing interest in sectors such as cement, photovoltaic equipment, and battery technology [3][4]