Group 1 - The company has developed technology for the module PACK process in the solid-state battery sector, indicating its capability for technical solutions and delivery for mass production lines [1] - The company has deployed stacking machine equipment for new technology batteries, including solid-state batteries, in customer production lines, demonstrating its mass production capability [1]

Group 1 - The core viewpoint of the article highlights the strategic partnership between Tian Tie Technology and Xinjie Energy, focusing on the supply of lithium metal anode materials and collaboration in solid-state battery development [2] - In July, Tian Tie Technology's subsidiary, Anhui Tian Tie, signed a procurement order with Xinjie Energy's wholly-owned subsidiary, Zhuhai Xinjie, for copper-lithium composite strips, amounting to 400 million yuan [2] - On December 3, Tian Tie Technology announced the establishment of a partnership with a state-owned investment institution, investing 300 million yuan in Xinjie Energy, acquiring a 5.7692% stake in the company [2]

证券研究报告|行业深度报告 有色金属 行业评级 强于大市（维持评级） 2025年12月31日 储能成为锂第二成长曲线加速修复供需平衡表，锂 价底部已至反弹可期 ——锂行业深度报告 证券分析师： 王保庆 执业证书编号：S0210522090001 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 Ø 风险提示：下游需求不及预期、供给端释放超预期、地缘政治冲突加剧等。 2 华福证券 华福证券 Ø 供需角度：2024年：供给136.2万吨，需求122.1万吨，过剩14.1万吨；2025年预计供给165.8万吨，需求161.8万吨，过 剩3.9万吨；2026年储能中性：预计供给200.4万吨，需求197.2万吨，过剩约3.2万吨，呈紧平衡态势；储能乐观：预计供 给200.4万吨，需求208.6万吨，短缺8.2万吨。 Ø 淡季不淡，碳酸锂持续去库。10/11月需求表现强势，我国动力和其他电池合计产量分别为170.6GWh/176.3GWh，环比 分别增长12.9%/3.3%，同比分别增长50.5%/49.2%。虽然碳酸锂供应端在利润修复带动下产量回升，但需求端表现更为 强劲，因此碳酸锂延续去库态势。据SMM数 ...

Core Insights - Chery Automobile achieved historic breakthroughs in revenue, total sales, new energy vehicle sales, and export volume in 2025, becoming the first Chinese brand to exceed 5 million cumulative exports and maintaining the top position in passenger car exports for 23 consecutive years [1] Group 1: 2025 Achievements - In 2025, Chery Group reached record levels in revenue, total sales, new energy vehicle sales, and export volume [1] - The company became the first Chinese brand to surpass 5 million cumulative exports [1] - Chery has held the position of the leading Chinese brand in passenger car exports for 23 years [1] Group 2: 2026 Plans - For 2026, Chery plans to advance its focus on solid-state batteries, chips, AI, humanoid robots, Robotaxi, eVTOL, and green energy [1] - The company aims to create an innovative ecosystem through the Kaiyang Laboratory, described as a "tropical rainforest" style, to continuously develop new technologies [1] - The goal is to empower products to be safer, greener, and smarter [1]

Core Insights - The performance of public funds in 2025 has been strong, with an average return of 31.25% across over 4,600 active equity funds, and more than 80 funds have doubled their net value this year [2][11] - The top-performing fund, Yongying Technology Select Mixed Fund, achieved a remarkable return of 239.78%, securing its position as the likely annual champion [1][12] - The focus on technology growth, particularly in AI-related sectors, remains a key investment theme for fund managers moving into 2026 [7][15] Fund Performance - As of December 30, 2025, 833 funds reported returns exceeding 50%, with over 80 funds achieving net value doubling [2][11] - The top funds with returns over 130% include: - Yongying Technology Select Mixed Fund: 239.78% - AVIC Opportunity Leading Mixed Fund: 176.65% - Hengyue Advantage Selected Mixed Fund: 153.31% - Hongtu Innovation Emerging Industry Mixed Fund: 153.27% [4][12] - The performance gap among the top ten funds is narrow, indicating potential volatility in final rankings [1][10] Investment Focus - Most top-performing funds have heavily invested in AI-related technology stocks, which have driven their net values significantly higher [6][14] - Fund managers express optimism about the technology sector, particularly AI, as a transformative investment opportunity that aligns with societal and economic trends [7][15] - The AI industry is expected to continue its growth, expanding into various sectors such as storage, AI edge computing, and energy storage [8][16] Future Outlook - Fund managers anticipate that the AI infrastructure development cycle will persist into 2026, providing ongoing growth opportunities for related companies [17] - There is a focus on sectors with long-term growth potential, including solid-state batteries, robotics, and innovative pharmaceuticals, as they approach commercialization [8][16]

Core Viewpoint - Foshan Plastics Technology Co., Ltd. has shown significant stock price appreciation in 2023, with a year-to-date increase of 154.70% and notable short-term gains in recent trading days [2] Group 1: Stock Performance - As of December 31, the stock price of Foshan Plastics Technology reached 15.04 CNY per share, with a trading volume of 5.29 billion CNY and a market capitalization of 145.50 billion CNY [1] - The stock has experienced a 2.04% increase on December 31, with a turnover rate of 3.71% [1] - In the last five trading days, the stock rose by 18.33%, and in the last 20 days, it increased by 22.18% [2] Group 2: Financial Performance - For the period from January to September 2025, Foshan Plastics Technology reported a revenue of 1.662 billion CNY, reflecting a year-on-year growth of 1.57%, and a net profit attributable to shareholders of 83.92 million CNY, up by 0.83% [3] - The company has distributed a total of 798 million CNY in dividends since its A-share listing, with 140 million CNY distributed over the last three years [4] Group 3: Shareholder Information - As of December 19, the number of shareholders for Foshan Plastics Technology was 69,800, a decrease of 6.97% from the previous period, while the average number of circulating shares per person increased by 7.49% to 13,868 shares [3] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 11.7494 million shares as a new shareholder [4] Group 4: Business Overview - Foshan Plastics Technology specializes in the production and sales of advanced polymer functional films, with its main revenue sources being: biaxially oriented films (36.69%), protective materials (19.68%), barrier materials (15.66%), and optical films (9.13%) [2] - The company operates within the basic chemical industry, specifically in the plastic film materials sector, and is involved in various concept sectors including antibacterial fabrics, aluminum-plastic films, solid-state batteries, graphene, and energy-saving environmental protection [2]

Company Overview - Ganfeng Lithium Industry Co., Ltd. is located in Xinyu City, Jiangxi Province, and was established on March 2, 2000. The company was listed on August 10, 2010. Its main business involves research, development, production, and sales of various deep-processed lithium products [1] - The revenue composition of Ganfeng Lithium includes lithium series products (56.78%), lithium battery series products (35.52%), and others (7.70%) [1] Financial Performance - For the period from January to September 2025, Ganfeng Lithium achieved an operating income of 14.625 billion yuan, representing a year-on-year growth of 5.02%. The net profit attributable to the parent company was 25.52 million yuan, showing a significant year-on-year increase of 103.99% [2] - Since its A-share listing, Ganfeng Lithium has distributed a total of 6.162 billion yuan in dividends, with 3.933 billion yuan distributed in the last three years [3] Stock Market Activity - On December 31, Ganfeng Lithium's stock price decreased by 2.03%, trading at 62.85 yuan per share, with a total transaction volume of 1.653 billion yuan and a turnover rate of 2.15%. The company's total market capitalization is 131.777 billion yuan [1] - Year-to-date, Ganfeng Lithium's stock price has increased by 80.29%, but it has seen a decline of 5.90% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on October 13, where it recorded a net buy of -165 million yuan [1] Shareholder Information - As of September 30, 2025, Ganfeng Lithium had 372,500 shareholders, an increase of 31.18% from the previous period. The average number of circulating shares per person is 3,243, a decrease of 23.77% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 6.9199 million shares, a decrease of 993,700 shares from the previous period [3]

临近年末，一笔固态电池融资诞生。 产业化实践起点是在2018年，高翔回国创办太蓝新能源，专注于固态电池的技术创新与产业化应用。他曾多次聊起，当前动力电池行业正面临着一个严峻 的挑战，即性能、成本和安全之间的"不可能三角"，而固态电池技术将是打破这一僵局的关键所在。 如今，太蓝新能源在固态电池产业化进程中已取得实质性突破，其基于氧聚复合路线，凭借ISFD等核心自研技术，推出"Safe+"固态电池解决方案及多场 景全系列产品，同步提升电池各项综合性能指标。 投资界获悉，重庆太蓝新能源有限公司（下称"太蓝新能源"）完成超4亿元B+轮融资。本轮融资由两江基金、君安回天、交银投资、潜江零度共同参与， 清科资本持续担任财务顾问。 据悉，本轮资金将用于加快公司车规级固态电池产品产业化进程，加大固态电池关键技术研发投入，推进公司首条全固态电池量产线建设，强化新阶段人 才体系建设，持续巩固公司在多场景、多维度固态电池应用的先发优势。 来自于重庆，太蓝新能源背后的掌舵者是一位海归博后——高翔。他早年曾在日本、美国深造多年，怀揣科技报国的想法，2018年回国创立太蓝新能源， 一路崛起为一匹固态电池黑马。 崛起于重庆，海归博后带队 ...

Core Viewpoint - The company, Jiuqi Co., Ltd. (300994), is strategically expanding its electric bicycle (E-BIKE) production capacity despite current lower profit margins, aiming to capture future growth opportunities and establish a second growth curve [1] Group 1: Electric Bicycle Expansion - The management's decision to expand E-BIKE production is based on deep insights into industry trends and long-term strategic considerations, focusing on future growth rather than current profit margins [1] - The company plans to increase the sales ratio of electric bicycles, which currently accounts for 10% of total sales, although specific future targets were not disclosed [1] - The application of solid-state batteries in E-BIKES is being explored to address safety concerns associated with traditional lithium batteries and enhance user experience [1] Group 2: Financial Performance and Market Conditions - A significant increase in contract liabilities is attributed to the recovery of overseas market demand, capacity expansion to fulfill orders, and enhanced product competitiveness [1] - The company is actively managing foreign exchange risks due to the appreciation of the RMB through various strategies, including optimizing settlement methods and product upgrades [1] - The official opening of Hainan is expected to facilitate trade and optimize the company's international supply chain operations, leveraging local financial and tax environments to enhance overall operations [1] Group 3: Market Sentiment and Trading Information - On December 30, the stock closed at 15.81 yuan, with a slight decrease of 0.13%, and a trading volume of 19,900 shares, amounting to a turnover of 31.47 million yuan [1] - The net inflow of main funds was 1.4073 million yuan, indicating a positive short-term sentiment from major investors [1]

2026未来产业新材料博览会 （FINE），围绕机器人、汽车、无人机、数据中心、航空航天、AI、新能源等未 来产业共性需求特设6大展区， N3 先进电池与能源材料展区 聚焦 固态 电池 、钠电池、钙钛矿 等 ， 欢迎咨询：18957804107 【DT新材料】 获悉， 近日， 上海格派镍钴材料股份有限公司 （以下简称"格派镍钴"）宣布完成F轮融资，获投金额近亿元。 近年来，公司加速向固态电池下游延伸，已建成标准化固态电解质固相反应中试线，具备从材料合成到电芯制备的全流程开发能力。 在固态电解质方面 ，格派镍钴开发了复合固态电解质（SSE）和准固态复合电解质（QSSE）。其准固态电解质在室温下电导率可达10⁻² S/cm，锂离子迁移数高达 0.75，电化学窗口约4.8 V。借助PTFE复合薄膜，该材料在锂金属/ LiFePO₄全电池中实现133 mAh/g的比容量及98.6%的库仑效率。 同时，公司研发的MOF原位聚合复合电解质膜，在室温下离子电导率超过10⁻⁴ S/cm，锂离子迁移数0.77，电化学窗口高达5.67 V，并能有效抑制锂枝晶生长，使 电池在1.0 C倍率下达到124.2 mAh/g的比容量，库仑 ...