Core Viewpoint - The battery sector continues to show strong performance, driven by a combination of robust demand, capacity utilization, and profitability recovery, alongside advancements in solid-state battery technology [2][3]. Group 1: Demand Dynamics - Downstream demand has exceeded expectations, with the global electric vehicle (EV) sales projected to reach 23.54 million units by 2025, marking a year-on-year growth of 29.1%, with China accounting for over 70% of this market [4]. - The energy storage sector is expected to see explosive growth, with global energy storage battery shipments projected to reach 640 GWh by 2025, representing a staggering year-on-year increase of 82.9% [4]. - Major Chinese battery manufacturers reported a production increase of over 45% year-on-year in January and February, significantly surpassing previous forecasts of less than 30% growth for the year [4]. Group 2: Supply and Pricing Dynamics - The supply-demand landscape in the lithium battery industry has fundamentally shifted, moving from a phase of oversupply and profit decline to one of recovery and price increases starting June 2025 [5]. - The price of lithium hexafluorophosphate and lithium carbonate has risen since September, driven by strong demand from downstream battery cell manufacturers and improved capacity utilization in the materials sector [5]. - Recent earnings forecasts from several lithium material companies indicate substantial growth in Q4 2025, confirming the industry's transition from a "cyclical bottom" to an "upward performance phase" [5]. Group 3: Technological Advancements - The solid-state battery sector is experiencing accelerated industrialization, with significant developments such as the mass production of dry electrode technology and the first international output of domestic dry process technology [6]. - The battery ETF (561910) closely tracks the battery theme index, which is strategically positioned to benefit from the current industrial cycle, with 56% exposure to energy storage and over 45% to solid-state battery concepts [6]. - The top ten weighted stocks in the index include leading companies across various segments of the battery supply chain, indicating a strong focus on industry leaders [6].

Market Overview - The three major indices showed mixed performance, with the ChiNext and Sci-Tech 50 indices dropping over 1%. The trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan, decreasing by 121.3 billion yuan compared to the previous trading day. Over 3,200 stocks in the market declined [1][7]. Sector Performance - The chemical sector has been active recently, with stocks like Jihua Group and Baichuan Co. experiencing significant gains. The small metals sector also performed well, particularly tungsten-related stocks, with Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit. The computing power leasing concept saw a rise, with Naxing Co. and Dawi Technology reaching the daily limit. Conversely, the film and television sector faced a collective downturn, with Hengdian Film and Huayi Brothers hitting the daily limit down [1][2][5]. Price Trends - According to Huayuan Securities, prices of rare metals such as tungsten and molybdenum have risen since 2026, with black tungsten concentrate prices increasing by 47.15% and ammonium paratungstate by 45.93%. The prices of praseodymium and neodymium oxide and light rare earth minerals have also risen by over 20% [2][3]. Future Outlook - The chemical sector is expected to continue its upward trend due to a recovery in supply and demand, with the Producer Price Index (PPI) anticipated to turn positive between 2026 and 2027. Leading companies in the sector may still have room for recovery [3][5]. Individual Stock Highlights - Notable individual stock performances include Baichuan Co. achieving 8 consecutive gains over 11 days, and Jihua Group with 4 gains over 5 days. Other stocks like North Rare Earth and Shenghe Resources are also nearing previous highs. The upward trend in cyclical stocks is primarily driven by price increases, although their impact on the overall market remains limited [5][6]. Market Dynamics - The market continues to show a divergence in performance, with the Shanghai Composite Index slightly up while the ChiNext Index dropped over 1%. The trading volume has further shrunk, influenced by uncertainties during the long holiday and increased cash withdrawal demands during the Spring Festival. However, post-holiday, capital is expected to flow back into the market, potentially improving risk appetite [7][8].

摘要 灵鸽科技攻克硫化物固态电解质量产难题，中标百吨级整线项目，多项技术创新筑牢固态电 池产业化设备根基。 当前，全固态电池产业化进程已步入加速落地的关键阶段，硫化物路线凭借核心性能优势成为全固态电池的主流技术方向，而设备端的技术突破与工 程化落地，正成为破解其规模化量产难题的核心抓手。 在此背景下， 灵鸽科技 凭借三十余年物料精准处理领域的技术积淀与系统集成能力，与 四川赛科动力科技有限公司合作成功中标首条百吨级硫化 物固态电解质连续化整线项目 。 实现该材料从实验室小批量制备到工业化百吨级量产的跨越式突破，为全固态电池商业化落地筑牢装备根基，也为固态电池设备板块的发展提供了关 键实践方案。 产业提速在即 硫化物固态电解质量产遇多重行业卡点 固态电池的产业化发展已形成清晰路线图，成为全球新能源产业竞争的核心赛道。 据高工产研（GGII）预测， 2035年全球锂电池总出货量将达10TWh级别，其中固态电池渗透率有望达5%—10%，2027年更是成为硫化物车规级 全固态电池小批量装车的核心节点。 企业端布局持续提速，广汽集团已建成国内首条大容量全固态电池产线并启动小批量测试，宁德时代、弗迪电池等头部企业也同步推 ...

Core Viewpoint - The non-ferrous metal sector has attracted over 15.1 billion yuan in main capital inflow, leading among 31 Shenwan first-level industries, with the small metal segment being the most favored, receiving over 6.9 billion yuan in net inflow [1][2]. Group 1: Market Performance - The non-ferrous metal sector saw a net inflow of 15.156 billion yuan, with a price increase of 2.78% [2]. - The small metal sector led the gains, with stocks like Xiamen Tungsten and Guocheng Mining rising over 8% [4]. - The popular ETF, Huabao Non-Ferrous ETF (159876), experienced a peak increase of 3.35% during trading, currently up 2.73% with a trading volume exceeding 66.18 million yuan [2]. Group 2: Stock Highlights - Key stocks in the small metal sector include Xiamen Tungsten, which announced plans to acquire a stake in Jiujiang Dadi, aimed at enhancing tungsten resource security [6]. - Other notable performers include Jinbo Co., which rose by 7.24%, and other small metal stocks like Huayou Cobalt and Yahua Group, which also saw significant gains [4][5]. Group 3: Price Trends - Prices of small metals such as rare earths, tungsten, molybdenum, tin, and antimony have all increased since 2026, with black tungsten concentrate seeing the highest price increase of 47.15% [5]. - The macroeconomic environment, including monetary policy shifts and structural demand from sectors like AI and electric grid upgrades, is expected to drive metal prices higher [7]. Group 4: Investment Tools - The Huabao Non-Ferrous ETF and its linked funds provide comprehensive coverage of various metals, making it an efficient tool for investors looking to capitalize on the non-ferrous metal sector [8].

Group 1 - The price of MMLC battery-grade lithium carbonate increased to 138,850 CNY/ton, up by 2,050 CNY/ton from the previous day, indicating a tightening supply-demand situation in the lithium battery industry [1] - The lithium battery supply chain is experiencing historical low prices, with manufacturers strongly advocating for price increases due to three consecutive years of profit pressure [1] - Key materials like lithium carbonate and hexafluorophosphate are expected to see price elasticity as new supply is limited until 2026 [1] Group 2 - BYD's January export sales reached 100,000 units, a year-on-year increase of 43.3%, driven by deepening local production layouts in overseas markets [2] - The global supply chain for power batteries is evolving from "single-point supply" to "regional collaboration," enhancing the market share of leading battery companies [2] - The demand for next-generation power batteries is shifting towards lightweight, high energy density, fast charging, and adaptability to extreme environments, influenced by the acceleration of humanoid robot industrialization [2] Group 3 - As of February 11, 2026, the Guozheng New Energy Vehicle Battery Index rose by 2.31%, and the Battery ETF increased by 2.34%, reflecting strong market performance [3] - The Battery ETF has seen significant growth, with an increase of 8.811 billion CNY in scale over the past six months and a rise of 64.63 million shares [3] - The Battery ETF focuses on leading A-share companies in the battery manufacturing, materials, management systems, and charging pile sectors, closely tracking the performance of the new energy vehicle battery industry [3]

证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.02.11） 固定收益研究 净融资额继续增加，信用利差整体走阔——信用债周报 行业研究 春节假期临近，关注节后需求——金属行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/02/11） 晨会纪要（2026/02/11） 固定收益研究 净融资额继续增加，信用利差整体走阔——信用债周报 李济安（证券分析师，SAC NO：S1150522060001） 王哲语（证券分析师，SAC NO：S1150524070001） 1、核心观点 本期（2 月 2 日至 2 月 8 日）交易商协会公布的发行指导利率多数上行，整体变化幅度为-1 BP 至 4 BP。本 期信用债发行规模环比增长，企业债保持零发行，公司债、中期票据、定向工具发行金额增加，短期融资 券发行金额减少；信用债净融资额环比增加，短期融资券净融资额减少，其余品种净融资额增加，企业债 净融资额为负，其余品种 ...

Core Viewpoint - The company aims to enhance operational efficiency and reduce costs while ensuring large-scale production and delivery of SPS products, accelerating the industrialization of solid-state batteries, and expanding into overseas markets, eVTOL, and humanoid robots, ultimately improving its operational performance and investment value [2] Group 1 - The company will deepen cost reduction and efficiency enhancement efforts [2] - The company is focused on ensuring large-scale production and delivery of SPS products [2] - The company plans to accelerate the industrialization of solid-state batteries [2] Group 2 - The company is exploring opportunities in overseas markets [2] - The company is expanding into eVTOL and humanoid robot sectors [2] - The company aims to enhance its core competitiveness and investment value [2]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The conference focused on the solid-state battery industry, particularly its development trajectory for 2026 and beyond, emphasizing the necessity of solid-state batteries for future advancements [1] - The global battery research has transitioned from laboratory breakthroughs to engineering and mass production preparations, with significant advancements noted in companies like Solid Power collaborating with major automakers [2] Key Developments and Projections - By 2026, companies like Toyota and Zhenhua will begin mass production of high-durability solid-state batteries, with Zhenhua also establishing the world's first sulfide solid-state electrolyte factory [2] - The industry aims to achieve a solid-state battery with a capacity of 300 Wh/kg by the end of 2027, progressing to 500 Wh/kg by 2030 [3] - The focus remains on sulfide solid-state batteries, with ongoing research into materials such as high-nickel ternary and lithium-rich manganese-based materials to enhance performance [4][5] Material and Manufacturing Innovations - Innovations in electrode materials are crucial, with efforts to improve stability and capacity through interface optimization and advanced material designs [4][5] - The dry electrode process is gaining attention, with companies developing technologies to enhance production efficiency and reduce costs [9][10] - The solid electrolyte segment is primarily focused on sulfide electrolytes, with advancements in production techniques and material properties being reported [7][8] Challenges and Solutions - Key challenges include interface stability and batch consistency in solid-state electrolytes, particularly under varying pressure and temperature conditions [7][8] - Companies are exploring various strategies to enhance the performance and safety of anodes, including silicon-based and lithium metal anodes [6] Investment Opportunities - The conference highlighted potential investment opportunities in both equipment and materials sectors of the solid-state battery industry, suggesting a focus on companies with established technologies and production capabilities [15][16] - Specific companies mentioned for investment consideration include Naco, Xianhui, and leading firms in the solid-state battery equipment sector [16] Conclusion - The solid-state battery industry is experiencing rapid advancements, with significant milestones expected in the near future. The conference underscored the importance of continued investment and innovation in this sector to capitalize on emerging opportunities [14][15]

Group 1 - The core viewpoint of the news is that the solid-state battery industry is accelerating its commercialization process, driven by favorable policies and technological advancements [1][2]. - The Ministry of Industry and Information Technology has identified 2026-2027 as critical years for the commercialization of solid-state batteries, incorporating it into the "14th Five-Year Plan" strategic focus [1]. - Companies like BYD have initiated GWh-level equipment tenders, and Hongqi has successfully trial-produced solid-state battery packs, indicating significant progress in engineering validation [1]. Group 2 - Haimeixing has developed a micro-embossed ultra-thin coating technology that can control coating thickness between 0.5-4 micrometers, significantly thinner than traditional methods, and has achieved international leading parameters in trial lines for sulfide solid-state batteries [1][2]. - The ultra-thin multi-layer coating technology addresses the volume expansion issue of high-silicon anode materials, reducing coating thickness by over 80% compared to traditional processes [2]. - The company has secured the first GWh-level lithium metal solid-state battery mass production equipment order in the industry, positioning itself as a leader in dual technology routes [2]. Group 3 - The solid-state battery equipment market is projected to grow at a compound annual growth rate of 103% from 2024 to 2030, with the market size expected to exceed 59.2 billion yuan by 2030 [2]. - Haimeixing's stock has seen a maximum increase of over 194% in the past year, yet its current market capitalization stands at 14.59 billion yuan, suggesting potential for further value reassessment [3].

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index down by 0.25%, the Shenzhen Component Index down by 0.33%, and the ChiNext Index down by 0.73%. The North Star 50 Index, however, increased by 0.9%. The total trading volume in the Shanghai and Shenzhen markets was 21,635 billion yuan, a decrease of 308 billion yuan from the previous day, with over 2,700 stocks rising [1]. Sector Performance Chemical Sector - The basic chemical sector showed strong performance, with significant increases in fluorine chemicals, phosphorus chemicals, and chemical raw materials, leading to multiple stocks hitting the daily limit. BASF announced a price increase of $200 per ton for TDI products in the Asia-Pacific region (excluding mainland China) due to rising transportation, energy, and regulatory costs. By January 2026, 24% of global TDI production capacity is expected to be offline for maintenance, leading to a continued supply gap in overseas markets [3]. - Huafu Securities reported that the chemical industry is expected to see a recovery in profitability by 2026 after experiencing a downturn in 2025. Supply-side policies are reshaping the competitive landscape, while advancements in AI computing power and humanoid robots are anticipated to drive a new growth cycle [3]. Battery Sector - The battery sector rose by 2.12%, with several constituent stocks reaching their daily limit. Recent advancements in solid-state battery technology were reported by a research team from Qingdao Energy Research Institute, which proposed a "pre-lithiation-bastion" strategy to enhance the performance of silicon anodes in all-solid-state batteries. CITIC Construction Investment indicated that 2026 will be a critical year for the industrialization of solid-state batteries, with multiple automakers and battery companies planning to complete vehicle testing and small-scale production [4]. Pharmaceutical Sector - The pharmaceutical sector was active in the morning but saw a decline in the afternoon. The traditional Chinese medicine sector rose by 1.55%. The Ministry of Industry and Information Technology recently released a development plan for the traditional Chinese medicine industry, aiming for a collaborative development system by 2030, with enhanced supply capabilities and significant technological breakthroughs [5]. - Wanlian Securities noted that since 2025, the traditional Chinese medicine sector has faced performance pressure due to weak sales in pharmacy and hospital channels. The industry is undergoing a transformation period, with a focus on diversified channels, strong brand power, and high clinical value being crucial for future success [6].