智通财经APP获悉，中信建投发布研报称，此前对锂电的担忧主要为淡季排产回调、碳酸锂涨价影响储 能IRR;当前随着旺季来临以及储能114号文明确储能容量电价，锂电板块已经到了右侧布局位置。后续 主要催化来自：①春节后新车上市、储能装机启动下季节性走强;②储能国央企基于114号文的稳定收入 预期下入局具备托底;③供需周期下上游材料有望继续涨价;④锂电企业经历三年的业绩下行后迎来同比 走强，25年和26Q1业绩均有望超预期。 中信建投主要观点如下： 本轮锂电新周期主要系储能推动 复盘上一轮新能源车启动的锂电周期，2021年起涨幅领先行业及指数，整体的涨跌周期提前行业产能变 化6-12个月，提前价格反转3-6个月。本轮周期根本逻辑在于新能源发电渗透率提升和储能系统成本下 降的共振，核心驱动在于136号文推动新能源全面入市，峰谷价差拉大，以及114号文出台明确储能容量 电价，给予储能稳定的收入预期。从收益模式来看，容量电价基于项目稳定的保底收益，结合峰谷套 利，独立储能可获得5%-20%全投资IRR。该行预计储能26年新增装机491GWh，同比+62.6%。 潜在需求超预期来自商用车、欧洲乘用车以及出口抢装等 预计20 ...

（来源：淘金ETF） 1. 先导智能（300450） 作为高端智能装备领域的重要企业，公司在精密制造与自动化方案上具备较强竞争力，业务覆盖新能源 装备与电子制造装备。公司为PCB行业提供高精度裁切、成型、检测等自动化生产设备，助力高多层 板、HDI板等高端产品提升生产效率与良率。随着AI服务器与数据中心建设加速，PCB行业对高端制程 装备需求持续提升，公司凭借在运动控制、精密集成方面的技术积累，不断优化适配通信板、汽车板的 装备方案。相关产品可满足头部PCB厂商扩产与技术改造需求，在电子制造装备国产化过程中保持稳定 迭代，与行业高端化、智能化发展方向高度契合，为PCB产业链提供可靠的制程装备支持，在高端制造 环节形成自身独特的行业价值。 2. 方正科技（600601） 公司背景具有国资属性，在电子信息领域拥有长期产业积淀。公司主营印制电路板的研发、生产与销 售，产品覆盖通信基站板、工业控制板、消费电子板等，广泛应用于网络设备、工业终端、智能家居等 场景。企业持续推进PCB产线工艺升级，重点提升高多层板与高频高速板占比，强化产品可靠性与信号 传输性能，以适配5G通信、工业互联网等领域的升级需求。在行业向集中化、 ...

证券日报网讯2月26日，中科电气（300035）在互动平台回答投资者提问时表示，公司与宁德时代 （300750）合资的贵安新区中科星城石墨有限公司年产10万吨锂电池负极材料一体化项目已形成相应负 极材料产品产能规模，相关产品包括快充负极材料产品。 ...

所以就是总结，就这些。这些反映下来就是基本上这个主链在进入紧急周期，我们觉得应 该是确定性确定性比较强的。那么这里面可能接下来我们看到的催化可能包括，比如说像 今天，其实像今天这个碳酸锂的期货是大涨了 10 个点，然后到了 16 万。那个，这个我们 其实节前也一直有在靠相应的一些相应的一些锂矿的一些资源资源，上游资源一些品种， 对，然后那这个其实也是，一方面可能有一些外围的一些扰动 然后另一方面肯定也是去反 映这个下游的需求，后面持续向上的一些预期然后包括像很多库存，其实可能都还没有想 象中那么多吧，包括像宁德这些，他们的一些电池的库存可能都没有那么多。 那先讲一下锂电主链吧，就是今，就是观点明，很明确，就是过了春节，锂电主业应该进 入了这个景气周期的一个赛道。如果我们复盘，从 20 年到现在的每一轮的每一轮的这个， 每一年的这个锂电的一个月度排产的话，我们就会发现，基本上在过年这一个月应该是整 个行业的排产的最低的最低的点。然后过完年之后，然后基本上是呈现一个逐月环比向上 的一个阶，一个过程，然后基本上一直到这个十一、十二月，那么在储能占比还比较小的 少的，比如说可能在 23 年和 22 年之前那么这个趋势 ...

嘉实智能汽车股票（002168）成立日期2016年2月4日，最新规模39.11亿。今年以来收益3.71%，同类排 名3402/5570；近一年收益44.3%，同类排名902/4305；成立以来收益224.1%。 嘉实智能汽车股票（002168）基金经理为姚志鹏。 截至发稿，姚志鹏累计任职时间9年304天，现任基金资产总规模196.57亿元，任职期间最佳基金回报 189.7%， 任职期间最差基金回报-10.04%。 2月25日，中科电气涨5.27%，截至发稿，报22.36元/股，成交4.87亿元，换手率3.79%，总市值153.26亿 元。 资料显示，湖南中科电气股份有限公司位于湖南省岳阳经济技术开发区岳阳大道中科工业园，成立日期 2004年4月6日，上市日期2009年12月25日，公司主营业务涉及主要从事工业磁力应用技术和产品的研 发、生产、销售和服务。主营业务收入构成为：锂电池负极材料分部92.50%，电磁设备分部8.53%，其 他(补充)2.71%。 从中科电气十大流通股东角度 数据显示，嘉实基金旗下1只基金位居中科电气十大流通股东。嘉实智能汽车股票（002168）三季度持 有股数403.54万股，持股数 ...

Core Viewpoint - The lithium battery industry is experiencing a dual trend of rapid growth in energy storage while facing challenges in the power battery sector, particularly with the shift towards solid-state technology [2]. Group 1: Industry Trends - Energy storage orders are booming, leading to calls for expansion among battery manufacturers, while upstream material prices are rebounding sharply, causing profit growth to lag behind shipment volumes [2]. - The global pace of electrification is slowing, which may create a chilling effect in the industry, despite the strong momentum in energy storage [2]. Group 2: Company Insights - Companies like Tianqi Materials and Nord share their commitment to innovation and global expansion, focusing on high-quality products and strategic partnerships to navigate the evolving market landscape [4][12]. - The industry leaders emphasize the importance of technological breakthroughs and quality improvements to enhance competitiveness and meet the growing demand for lithium battery applications [12][16][21]. Group 3: Future Outlook - The year 2026 is anticipated to bring further advancements in lithium battery technology, with companies aiming to leverage new opportunities in the market while addressing challenges in supply chain resilience and production capacity [4][12][68]. - The focus on solid-state batteries and high-performance materials is expected to drive the next phase of growth in the lithium battery sector, with companies positioning themselves to capitalize on these trends [12][72].

Core Viewpoint - The company is working on integrated project construction to improve its relatively low self-sufficiency rate in graphitization, driven by increasing demand in the downstream electric vehicle and energy storage markets [1] Group 1: Company Developments - The company reported that the shipment volume of lithium-ion battery anode materials is expected to continue its growth trend by Q4 2025, supported by rising demand in fast-charging electric vehicles and energy storage [1] - Due to insufficient in-house graphitization capacity, the company has increased outsourcing, which has led to certain cost pressures [1] - The company is implementing measures such as increasing R&D investment, enhancing product innovation, and launching differentiated products to improve cost control and market competitiveness [1] Group 2: Industry Context - The anode materials industry is currently facing a structural and phase imbalance in supply and demand, which has not fundamentally changed, leading to intense market competition and some compression of profit margins [1]

Group 1 - The company, Zhongke Electric (300035.SZ), has been included in the 2026 edition of the "Titanium Enterprise Directory" due to its capabilities in the magnetic electric equipment business [2] - The company's induction heating products are applicable in the smelting of titanium and other non-ferrous metals, indicating its involvement in the titanium industry [2] - Zhongke Electric has established collaborations with titanium alloy enterprises to provide relevant metallurgical solutions [2]

Core Viewpoint - The company anticipates continued growth in the shipment of lithium-ion battery anode materials driven by increasing demand in the downstream electric vehicle market, particularly for fast-charging vehicles, and the energy storage market [1] Group 1: Market Demand and Supply - By Q4 2025, the company expects the shipment volume of lithium-ion battery anode materials to maintain a growth trend due to rising demand in the electric vehicle and energy storage sectors [1] - The anode materials industry is currently facing a structural and phase imbalance in supply and demand, leading to intense market competition and a certain degree of compression in profit margins [1] Group 2: Cost and Production Challenges - The company is experiencing cost pressures due to an increase in outsourced production as its own graphitization capacity is relatively insufficient [1] - The company is working on integrated project construction to improve its self-sufficiency in graphitization, which is currently low [1] Group 3: Strategic Initiatives - The company is increasing its R&D investment to enhance product innovation and is planning to launch differentiated products to further improve cost control and market competitiveness [1]

Core Viewpoint - The company, Zhongke Electric (300035), announced that it and its subsidiaries have no overdue external guarantees and have not provided guarantees for shareholders, actual controllers, or their related parties [1] Group 1 - The company confirmed the absence of overdue external guarantees [1] - There are no guarantees provided for shareholders or actual controllers [1] - The announcement reflects the company's commitment to financial transparency [1]