2026年1月29至30日，江西恒大高新技术股份有限公司董事长朱星河、副总经理兼董事会秘书唐明荣等一行，专程前往湖北宜昌高新区，视 察公司参与投资的湖北匠芯新材料有限公司，深入了解厂区建设及生产筹备情况。 作为恒大高新布局新能源新材料领域的重要载体， 湖北匠芯专注于CVD硅碳负极材料的研发、生产与销售，是宜昌市首家即将实现CVD硅碳 量产的企业。 视察期间，朱星河董事长一行深入湖北匠芯生产车间，实地察看CVD硅碳生产线的建设情况。 湖北匠芯公司总经理 黄雨生表示，目前湖北匠芯已顺利完成一期厂区建设及一期第一条年产千吨级CVD硅碳生产设备的安装工作，并进入系统 联调联试阶段， 预计三、四月份可批量投产。 值得关注的是，企业中试线试产的CVD硅碳样品，已成功通过国内多家头部锂电池生产企业的 送样测试，产品在能量密度、循环寿命等核心性能指标上均获得高度认可。 据了解， CVD硅碳广泛应用于高端新能源汽车动力电池、3C数码、无人机、机器人等领域，也是固态电池的核心材料之一 ，市场前景广阔。 视察期间，朱星河董事长一行与宜昌市高新区领导举行座谈交流会，双方就产业发展、CVD硅碳项目推进、钠电池负极材料及多孔碳项目落地 ...

2月2日，上汽集团发布1月销量数据，继去年全年整车销量实现同比两位数增长后，2026年上汽集团再 迎"开门红"，1月实现整车批售32.7万辆，同比增长23.9%，终端零售36.3万辆，批发、零售销量规模双 双领跑国内汽车行业。 谈及2026年的发展规划，上汽集团方面表示，今年是上汽全面深化改革的攻坚之年，公司将继续秉 持"懂车更懂你"的用户理念，通过AI赋能，创新引领智能驾驶、智能座舱、智能底盘和固态电池等行业 前沿技术的上车应用，致力推动技术向新、产品向上、经营向好，全力进取国内国际两个市场，不断巩 固经营回升势头，实现"十五五"良好开局。 采写：南都N视频记者 朱可轩 新能源车持续向上发力，今年1月，新能源车销量为8.5万辆，同比增长39.7%。其中，智己汽车1月销量 同比增长66%；上汽乘用车销售新能源车2.8万辆，同比增长576.9%；上汽大通销售新能源车0.4万辆， 同比增长24.6%；上汽通用销售新能源车0.6万辆，同比增长316.1%；上汽通用五菱销售新能源车3.6万 辆，新上市的"全能硬派大空间SUV"星光560订单火爆。 海外市场方面，1月销售10.5万辆，同比增长51.7%。据上汽集团方面 ...

2月2日，中证新能源汽车指数（399976.SZ）走势震荡。相关ETF方面，Wind显示，截至当天收盘，新 能源车ETF基金（516660）近120日涨幅超36%；成分股方面，天华新能、特锐德、汇川技术等当日涨 幅居前。 消息面上，据智通财经，马斯克宣布已实现干电极电池的规模化生产，标志着锂电池制造技术的重大突 破。该工艺由马斯克在社交平台披露，称其难度极高，是工程与供应链团队及合作伙伴共同努力的成 果。特斯拉回应称，干电极技术可显著降低生产成本、能源消耗和工厂复杂性，同时提升生产可扩展 性。 东兴证券表示，锂电产业链已走出周期底部，需求持续增长，价格企稳回升，部分环节利润向上，供应 紧张迹象显现，整体景气度持续回升，正迎来基本面反转。电池环节议价能力强，盈利能力最优，材料 环节中供需格局优化、具备提价弹性的环节以及新技术产业化相关领域值得关注。固态电池等新技术产 业化进程提速有望形成持续催化。 中银证券表示，新能源车政策支持加速产业升级，动力电池技术突破推动性能提升，新能源发电装机量 持续增长，卫星与海上风电项目拓展清洁能源应用场景，储能机制完善保障电网稳定性，氢能产能翻番 彰显未来发展潜力，核聚变技术突破 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The company is expected to see significant growth driven by the expansion of solid-state battery equipment and structural components, with a strong outlook for the electric vehicle and energy storage markets [6][7]. - The company is actively developing new structural components and expanding into high-margin overseas markets, which is anticipated to enhance profitability [6][7]. - The report highlights that the company has a leading market share in lithium battery precision structural components and module/PACK equipment, with revenue expected to grow as lithium battery shipments increase [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2,448 million CNY - 2024: 2,464 million CNY - 2025: 3,133 million CNY - 2026: 4,633 million CNY - 2027: 5,537 million CNY - The expected growth rates are 35.6% for 2023, 0.6% for 2024, 27.1% for 2025, 47.9% for 2026, and 19.5% for 2027 [5][6]. - The projected net profit for the company is: - 2023: 40 million CNY - 2024: 223 million CNY - 2025: 350 million CNY - 2026: 525 million CNY - 2027: 610 million CNY - The report anticipates a significant increase in net profit, with a growth rate of -142.3% in 2023, followed by 458.2% in 2024, and steady growth thereafter [5][6]. Industry and Company Situation - The company is focused on the development of solid-state battery production equipment and has successfully delivered dry-pressing equipment in collaboration with Qingtao Energy [6][7]. - The global sales of new energy vehicles are expected to continue rising, with significant growth in overseas markets, which will drive demand for lithium battery equipment [6][7]. - The report notes that the company is well-positioned to benefit from the increasing demand for solid-state battery production equipment as the industry progresses towards commercialization [6][7]. Unique Perspectives - Contrary to market views that the lithium battery structural component industry is highly competitive and profitability is limited, the report suggests that the company can enhance profitability through product diversification, production efficiency optimization, and expanding customer resources [6][7]. - The report argues that the demand for lithium battery equipment will increase due to trends such as overseas automakers producing their own modules/PACK and the acceleration of solid-state battery commercialization [6][7].

以下文章来源于科创日报 ，作者张真 科创日报 . 科创圈都在关注的主流媒体，上海报业集团主管主办，《科创板日报》出品。 当地时间2月1日，马斯克在社交平台表示："实现干电极工艺的规模化生产，这在锂电池生产技术上是一项重大突破，难度极高。祝贺特斯 拉工程、生产和供应链团队以及我们的战略合作伙伴供应商取得的卓越成就。" 随后，特斯拉官方团队转发了这则消息，并回复称："干电极制造工艺可降低成本、能源消耗和工厂复杂性，同时显著提高可扩展性。" 就在日前，特斯拉公布了一项名为"低粘结剂含量干电极膜的组合物和制备方法"的专利。其通过先混合活性材料和导电碳，再添加干粘结剂 的特定顺序，避免了高剪切力对颗粒的损伤。专利规定，导电碳含量不超过8%重量比，粘结剂用量需低于2%。 纳科诺尔投资者关系活动记录表显示，公司将积极配合下游客户对干法电极生产设备进行调整和优化，以加快推进干法电极工艺的 产业化应用速度。 投资方面，广发证券表示，预估2030年全球全固态电池的出货量将达到181GWh。新产业初期，设备厂商将率先受益，尽管目前固态电池 路线尚未完全确认，但相较液态电池， 固态电池设备在前中后道均有变化，工艺的变化势必带来设备的 ...

根据公司2025年三季度报告显示，当期公司实现营业收入435.34亿元，同比增长13.73%；归母净利 润14.05亿元，同比增长15.94%，营收与净利润均实现双位数同比增长，其中，第三季度单季度实现营 业收入165.49亿元，同比增长15.24%，归母净利润5.5亿元，同比增幅达41.51%，毛利率环比提升3.66个 百分点，盈利能力呈现阶段性改善态势。 欣旺达将研发创新作为核心发展战略之一，2025年前三季度，公司研发投入达32.02亿元，同比增 长41.20%，拥有研发人员近一万人，累计授权专利5000余项。公司在固态电池领域积极布局，2025年 下半年推出首款聚合物全固态电池"欣·碧霄"，能量密度突破400wh/kg，第一代半固态电池已实现量 产，第三代全固态电池完成实验室验证。 据悉，根据香港联交所相关监管政策，A1版招股书的有效期为6个月，到期后需更新财务数据及其 他相关信息，方可重新递交申请。欣旺达表示，重提港股招股书申请对公司整体港股IPO进程无重大影 响，公司将稳步推进各项筹备工作。 作为全球锂离子电池领域的重要行业企业之一，欣旺达自1997年成立以来，深耕新能源领域近三十 年，凭借全产业 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [5] Core Insights - The report highlights the introduction of a national capacity pricing policy for energy storage, which recognizes the capacity value of new energy storage systems [7][21] - It forecasts a significant increase in new energy storage installations, with an expected addition of 62.24 GW/183 GWh by 2025, marking an 84% growth compared to the end of 2024 [24] - The report emphasizes the ongoing high demand for energy storage both domestically and internationally, with leading companies expected to accelerate their performance [7][21] Summary by Sections Energy Storage - The national capacity pricing mechanism for energy storage has been established, allowing independent energy storage systems to receive compensation based on their peak capacity contributions [21][22] - The average storage duration is projected to increase to 2.58 hours, with an expected utilization of 1195 hours in 2025, reflecting a significant improvement in efficiency [25] - Key companies in the energy storage sector include Haibo Shichuang, Sunshine Power, and others, which are expected to benefit from the new policies and market conditions [7] Lithium Battery Sector - Xianhui Technology anticipates a net profit of 350 million yuan for 2025, a year-on-year increase of 56.93%, driven by improved operational efficiency and overseas project contributions [13] - Jiayuan Technology expects revenues between 9.5 billion and 9.75 billion yuan for 2025, with a return to profitability, highlighting a recovery in market demand [14] - The report recommends companies such as Ningde Times and Yiwei Lithium Energy for investment, indicating a positive outlook for the lithium battery sector [7] Electric Equipment - The report notes that Hunan Province plans to invest 45.2 billion yuan in 2026 to promote 24 major energy projects, indicating strong regional support for electric infrastructure [26] - The report also highlights the surge in electricity prices in the U.S., which reached unprecedented levels, suggesting potential volatility in energy markets [29] - Companies like Xujie Electric and Pinggao Electric are recommended for their roles in high-voltage projects and equipment exports [7][26] Photovoltaic Sector - The report indicates that new photovoltaic installations in China are expected to reach 315 GW in 2025, with a focus on companies like Longi Green Energy and Trina Solar [7] - The prices of photovoltaic components are experiencing fluctuations, with recent increases in battery and module prices due to market dynamics [31][33] - The report suggests that the photovoltaic sector remains a key area for investment, particularly in light of upcoming policy changes affecting export taxes [7][33]

Investment Rating - The report maintains an "Outperform" rating for the industry [2][3] Core Insights - The global sales of new energy vehicles are expected to continue growing rapidly in 2026, driving demand for batteries and materials [2] - The solid-state battery technology is entering a critical phase of engineering validation, with a focus on related materials and equipment companies [2] - The photovoltaic sector is seeing investment driven by "anti-involution" and "space photovoltaics," with significant projects like Musk's plan for a 100GW photovoltaic supply chain [2] - The wind power sector is projected to grow continuously, with government support for new projects [2] - The energy storage sector remains in high demand, with recommendations to focus on energy cell and large storage integration manufacturers [2] - Hydrogen energy is expected to see increased demand, particularly in green hydrogen applications, with a focus on equipment and operational segments [2] - Nuclear fusion is highlighted as a long-term energy development direction, with recommendations to monitor core suppliers in this area [2] Industry Dynamics - The report notes a 5.10% decline in the electric power equipment and new energy sector this week, which is higher than the Shanghai Composite Index [11] - Key information includes the introduction of subsidies for new energy vehicles in Shanghai, and significant growth in installed capacity for solar and wind energy in 2025 [24] - The report highlights the commercial viability of silicon anode solid-state batteries proposed by SK On [24] - The National Energy Administration projects that by the end of 2025, China's renewable energy hydrogen production capacity will exceed 250,000 tons per year, doubling from the previous year [24] Company Insights - Enjie Co., Ltd. expects a net profit of 109-164 million yuan in 2025, turning profitable [25] - Tianqi Lithium Industries anticipates a net profit of 369-553 million yuan in 2025, also turning profitable [25] - Longpan Technology expects a net loss of 148-180 million yuan in 2025, but a reduction in losses compared to previous years [25] - Greeenme expects a net profit of 1.429-1.735 billion yuan in 2025, representing a year-on-year growth of 40%-70% [25] - Mingyang Smart Energy anticipates a net profit of 800-1,000 million yuan in 2025, with a significant year-on-year growth of 131%-189% [25]

Group 1 - The central bank emphasizes a moderately loose monetary policy for 2026, indicating potential for reserve requirement ratio (RRR) cuts and interest rate reductions to support financing costs and market risk appetite [2] - The Ministry of Commerce and nine other departments encourage mergers and acquisitions in the pharmaceutical retail sector, promoting integration between wholesale and retail, which may benefit leading companies through economies of scale [2] - The State Administration for Market Regulation has prohibited concentration among public utility operators, signaling stricter antitrust enforcement in essential services, which may slow down M&A activity in this sector [2] Group 2 - Gold prices have surged past $4,900, driven by central bank purchases and geopolitical uncertainties, boosting demand for precious metals as a hedge against inflation [3] - The A-share market has shown a mixed performance, with the precious metals sector leading gains, while other sectors like battery and commercial aerospace have seen declines [5] - The upcoming Spring Festival is expected to stimulate tourism, with a report indicating a significant increase in travel bookings, reflecting a trend towards more diverse travel experiences [14][17] Group 3 - AWS and Google Cloud have initiated price increases for their cloud services, indicating rising demand for computing power, particularly in AI infrastructure [20] - The solid-state battery industry is advancing, with several companies announcing strategic partnerships and production plans, suggesting a growing focus on innovative battery technologies [24] - The domestic new energy vehicle market has shown strong growth, with significant year-on-year increases in sales and penetration rates, indicating a robust demand for electric vehicles [29]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [1] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by robust demand in emerging markets and data center storage [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Overview - The energy storage sector is experiencing a surge, with the National Energy Administration reporting an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - The report notes a decline in various sectors, including photovoltaic and lithium batteries, with significant price adjustments observed in raw materials [4] - The report discusses the global energy storage market, predicting a compound annual growth rate of 30-50% over the next three years [4] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong market positions and growth potential, with Ningde Times being a global leader in power and energy storage batteries [7] - The report provides earnings forecasts for various companies, indicating a recovery in profitability for several firms, including Ganfeng Lithium and Enjie [4][7] - Specific companies are recommended for investment based on their growth trajectories and market positions, including Ningde Times, Sunshine Power, and others [7][8] Investment Strategy - The report suggests a strong push for energy storage and lithium battery sectors, with a focus on companies that are expected to benefit from the new capacity pricing policy [4][8] - It also highlights the importance of solid-state battery technology and the anticipated growth in the humanoid robotics sector, with Tesla leading the charge [4][8] - The report recommends a diversified investment approach across various segments, including energy storage, lithium batteries, and robotics, to capitalize on emerging opportunities [4][8]