国信证券近日发布锂电产业链双周评：电池端，宁德时代与岚图签署十年深化合作协议；宁德时代与思 源电气签署3年50GWh储能合作备忘录。材料端，宁德时代与韩国Enchem签署35万吨电解液订单；华友 钴业与国际知名客户签署7.96万吨三元前驱体订单；海科星源与法恩莱特签署电解液溶剂及添加剂3年 27万吨订单。 固态电池产业化加速推进：材料端，欣旺达动力与中伟股份签署固态电池战略合作框架协议。电池端， 美国QuantumScape与全球前十汽车制造商签署联合开发固态电池协议；美国Factorial宣布，已与CGCT 达成最终业务合并协议，双方合并后Factorial将在纳斯达克挂牌上市；金龙羽拟设15亿元产业并购基 金，聚焦新能源固态电池产业链投资。 锂电产业链大单不断：电池端，宁德时代与岚图签署十年深化合作协议；宁德时代与思源电气签署3年 50GWh储能合作备忘录。材料端，宁德时代与韩国Enchem签署35万吨电解液订单；华友钴业与国际知 名客户签署7.96万吨三元前驱体订单；海科星源与法恩莱特签署电解液溶剂及添加剂3年27万吨订单。 多家磷酸铁锂企业公告进行部分产线检修：12月25日至26日，湖南裕能、万润新能 ...

29日早盘，港股汽车产业链全线走高，整车、汽车零部件表现活跃，中证港股通汽车产业指数领涨超2%。成份股大面积飘红，佑驾创新涨超 16%，浙江世宝涨超8%，小鹏汽车、吉利汽车、比亚迪股份均涨超5%。热门ETF方面，今日上市首秀的港股通汽车ETF华宝（520780）场内 一举飙升超2%，实时成交额近2亿元领跑同类。 | | | 分时 多日 1分 5分 15分 30分 ▼ | | | | | F9 盘前盘后 旁加 九转 画线 工具 Φ ② | > | | N港股通汽车ETF华宝 O | 520780 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 520780[N]巷股通汽车ETF华宝] 10:19 价 1.027 涨跌 0.026(2.60%) 均价 1.014 成交 ... | | | | | | +0.026 +2.60% | | 1.031 | | | | | | | | 2.000% | 1.027 | | | | | Marman | | | | | | | | SSE CNY ...

Group 1 - The Hong Kong automotive industry chain saw a significant rise, with the automotive index leading gains of over 2% [1][6] - Major stocks in the sector performed well, with Youjia Innovation rising over 16%, Zhejiang Shibao up over 8%, and companies like Xpeng Motors, Geely, and BYD all increasing by more than 5% [1][6] - The newly listed Hong Kong Stock Connect Automotive ETF, Huabao (520780), surged over 2% on its debut, with a trading volume of nearly 200 million yuan, leading its category [1][6] Group 2 - The regulatory environment for smart connected vehicles in China is improving, with a notable increase in the penetration rate of advanced driving assistance systems (ADAS) [3][8] - In the first nine months of 2025, sales of L2++ and above models reached 3.643 million units, accounting for 38.65% of total sales, with domestic brands showing the fastest growth in this segment [3][8] - The market for Robotaxi is projected to reach 270 billion yuan by 2030, while the value of the unmanned logistics vehicle industry is expected to increase to 594.8 billion yuan [3][8] Group 3 - The automotive industry is expected to shift towards high-quality development, with passenger vehicle sales projected to reach 31.094 million units by 2026, showing a more stable growth rate [3][8] - The rapid iteration of the robotics industry presents significant opportunities for the automotive parts sector, with Tesla's humanoid robot production expected to start next year [3][8] - The domestic policy support for humanoid robots is increasing, with China leading in the number of startup companies in this field [3][8] Group 4 - The focus on the Hong Kong Stock Connect Automotive ETF, Huabao (520780), is recommended, as it targets the entire automotive value chain, benefiting from high consumer demand and the acceleration of L3-L4 smart driving technologies [4][9] - The ETF is heavily invested in leading smart driving companies such as Xpeng, BYD, Li Auto, and Geely, which are considered rare gems in the Hong Kong market [4][9]

证券研究报告 | 2025年12月28日 锂电产业链双周评（12月第2期） 多家磷酸铁锂企业进行产线检修，碳酸锂价格持续走高 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为11.19万元/吨，较两周前上涨1.74万元/吨。相较两周前，三元正极、磷酸铁锂正极、湿法隔膜报价均上涨，负极报价稳定。本周方形 三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用314Ah电芯报价为0.50 ...

近一周(12月19日至12月25日)机构调研个股有160多只，领益智造调研机构数最多。 6股获超50家机构调研 近一周，6股获超50家机构调研。其中，领益智造(002600)有107家机构调研，其中包括33家基金公司、 9家证券公司、19家私募、9家保险公司等。近日公司发布公告称，将以8.75亿元取得对东莞市立敏达电 子科技有限公司(以下简称"立敏达")的控制权。 公开资料显示，立敏达为英伟达AVL/RVL认证供应商。另外，今年8月，立敏达加入由英特尔牵头的通 用快接头互插互换联盟，与其他品牌的产品实现"互插互换"，为数据中心客户提供了更大的灵活性和选 择空间。 此前，领益智造曾在互动易回复称，公司已成功晋升为AMD核心供应商，以及是谷歌供应商。通过取 得立敏达控制权，领益智造一跃成为覆盖"英伟达+谷歌+英特尔+AMD"散热+电源的公司。 值得一提的是，领益智造还是苹果公司的重要供应商。华安证券近期发布研报称，公司作为苹果多个零 部件的主要供应商之一，有望持续受益于客户创新。 普利特、光庭信息、上汽集团、安孚科技等个股均获超50家机构调研。 普利特在调研中表示，公司持续关注着机器人产业的快速发展，高度重视新材 ...

（文章来源：每日经济新闻） 南山智尚（300918.SZ）12月27日在投资者互动平台表示，公司超高分子量聚乙烯纤维现有产能可充分 满足当前市场需求，产销情况良好，公司对该业务已有远期扩产规划，后续是否落地将结合市场供需变 化、下游应用场景拓展等情况综合研判、审慎决策。公司高度重视新材料业务核心人才建设，今年已针 对机器人产业项目，对包含超高分子量聚乙烯纤维开发应用在内的核心技术及业务人员实施员工持股激 励，充分绑定核心人才与公司发展利益，有效激发团队在材料研发、应用拓展等环节的积极性与创新活 力，为公司新材料业务持续发展提供坚实人才支撑。 每经AI快讯，有投资者在投资者互动平台提问：同益中宣布了投资2个亿新增2400吨的超高分子量聚乙 烯纤维材料的产能。由此来看，该材料市场应用场景广阔，随着应用场景的不断落地，国内该材料产能 供不应求。公司是否有扩产计划？针对该材料的开发应用环节公司是否建立合理的员工激励政策？ ...

中信证券研报指出，氮化镓（GaN）技术正成为驱动下一代机器人性能革命的关键使能力量。其"高 频、高效、高功率密度"的物理特性能直接解决机器人关节"轻量化、高响应、高能效"的三大核心诉 求，具体表现为：采用GaN方案的伺服驱动器可实现体积缩减约50%、损耗降低50%-70%，从而为机器 人带来更紧凑的关节设计、更长的续航时间与更敏捷的运动控制。中信证券建议关注国内头部的可以帮 助海外特斯拉厂商逐步降本的核心供应厂商。 ...

易方达国证机器人产业ETF（159530）基金经理为李树建、李栩。 12月26日，航天智装涨5.34%，截至发稿，报30.98元/股，成交13.40亿元，换手率6.34%，总市值222.36 亿元。 资料显示，北京航天神舟智能装备科技股份有限公司位于北京市海淀区中关村南三街16号院1号楼2层， 成立日期2007年9月4日，上市日期2015年5月15日，公司主营业务涉及铁路车辆运行安全检测及检修系 统、智能测试仿真系统和微系统与控制部组件、核工业及特殊环境自动化装备。主营业务收入构成为： 核工业及特殊环境智能装备系统51.56%，智能测试仿真系统和微系统与控制部组件30.33%，铁路车辆 运行安全检测及检修系统22.84%。 从航天智装十大流通股东角度 数据显示，易方达基金旗下1只基金位居航天智装十大流通股东。易方达国证机器人产业ETF （159530）三季度新进十大流通股东，持有股数1141.52万股，占流通股的比例为1.61%。根据测算，今 日浮盈赚取约1792.18万元。 易方达国证机器人产业ETF（159530）成立日期2024年1月10日，最新规模133.15亿。今年以来收益 29.86%，同类排名1 ...

【市场复盘】 本周四(12月25日)，科创人工智能ETF华夏(589010)上涨0.74%，盘面走出精彩的"探底回升"走势，成功 收复早盘失地并站稳分时均线，显示出较强的韧性。持仓股方面，复旦微电一骑绝尘，飙涨超16%，强 势带动板块人气；中科星图、奥普特等个股涨幅均超7%，成分股赚钱效应显著。流动性方面，全天成 交超6600万元，资金在震荡中完成筹码交换，市场情绪较前期有所回暖。机器人ETF(562500)强势拉 升，全天收涨2.93%，一举修复短期技术面形态。持仓股方面上演"涨停潮"，昊志机电（300503）强势 斩获20CM涨停，埃夫特-U、拓斯达（300607）联袂暴涨超13%，禾川科技、巨轮智能（002031）涨幅 超7%，板块内部呈现极强的进攻性。流动性方面，机器人ETF单日成交额突破19.34亿元，换手率达 7.43%，量能持续放大。结合此前两个交易日连续吸金近3亿元的数据来看，资金正积极布局机器人产 业的结构性修复机会，板块中长期配置价值持续凸显。 【热点要闻】 1.全球首个由绳驱AI机器人自主运营的零售服务店"机器人MART"开启千台级订单批量交付，自圣诞起 在北京、上海、广州顶级商圈售卖热 ...

Industry Updates - The 16th Internet of Things Industry and Smart City Development Annual Conference is scheduled for December 25 [1] - Xiaomi's 17 Ultra launch event is set for December 25 [1] - The "Market Supervision Management Credit Repair Management Measures" will be implemented on December 25 [1] - Lianchuang Electronics will resume trading on December 25, with a change in actual control to Jiangxi State-owned Assets Supervision and Administration Commission [1] - Fenglong Co., Ltd. will also resume trading on December 25, with a change in controlling shareholder to Ubtech [1] Financial and Economic Policies - Eight departments, including the People's Bank of China, issued opinions to promote the construction of the Western Land-Sea New Corridor, focusing on cross-border payment opportunities [2] - The global retail cross-border payment market is projected to reach $64.5 trillion by 2032, with a compound annual growth rate of 6.2% from 2024 to 2032, which is expected to enhance the infrastructure for RMB cross-border payments [2] Real Estate and Urban Development - Beijing's housing policy will be adjusted starting December 24, 2025, easing purchase conditions for non-Beijing residents and supporting multi-child families [3] - The establishment of the Beijing Robotics Industry Association aims to enhance industry policy research and data analysis, promoting collaboration and market expansion [3] Tourism and Investment - Hainan is expected to receive 106 million domestic and international tourists this year, a 9% increase year-on-year, with total tourist spending reaching approximately 224.98 billion yuan, up 10.3% [4] - The National Development and Reform Commission and the Ministry of Commerce released the "Encouraging Foreign Investment Industry Catalog (2025 Edition)," expanding entries in various sectors to enhance supply chain development [4] Technology and Innovation - Hangzhou's "Six Little Dragons," including Yunshenchu, has initiated an IPO process, with a significant market share in the quadruped robot sector [6] - The Tianlong III reusable rocket by Tianbing Technology is set for its maiden flight, marking a significant step in China's commercial space development [7] Company News - Binhua Co. plans to establish a venture capital fund focusing on synthetic biology and new energy sectors [8] - Superjet Co.'s controlling shareholder reduced holdings by 974,400 shares between December 8 and December 24 [9] - Nanshan Aluminum has established a wholly-owned subsidiary in Hainan to enhance regional industrial layout [9] - Heng Rui Medicine's SHR-A1904 injection has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration [9] - Longpan Technology is increasing the planned capacity of its lithium iron phosphate production project from 62,500 tons per year to 100,000 tons per year [9] - Guangyang Co. signed a strategic cooperation agreement with Konghui Automotive to advance its business layout in intelligent driving [9] - Xingyuan Zhuomei has received a supplier designation from a domestic new energy vehicle manufacturer, with mass production expected to start in Q1 2027 [10] Investment Trends - The issuance of stock index funds has surpassed 400 billion yuan this year, with a total of 1,604 new funds launched [11] - Institutional investors have net bought Tianyin Electromechanical shares worth 496 million yuan, indicating strong interest in the company's radar and aerospace electronics business [12] - Institutional investors have also net bought China National Materials shares worth 299 million yuan, reflecting confidence in the company's cost reduction and international expansion strategies [13]