储能与锂电 2026 年度策略：能源转型叠加 AI 驱动，周期 反转步入繁荣期 20251225 摘要 AI 算力需求激增与电网扩容滞后导致欧美数据中心储能需求爆发，政策 驱动自建储能或电厂以满足并网，预计 2026 年美国 AI 相关储能需求达 59GWh，表前 46GWh，表后 13GWh。 数据中心储能需求从备用电源转向调峰调频和电网支撑，储能时长需求 至少 2 小时，部分激进方案采用 6-8 小时锂电池供电，自建储能可有效 过滤功率和频率波动，降低 GPU 故障风险，加速并网审批。 能源转型驱动储能需求，风光渗透率提高对输配网络改造提出更高要求， 储能可缓解拥堵问题，购网型储能提供电网支撑，维持电压频率稳定。 预计 2025 年全球储能市场达 438GWh，中国 250GWh，同比增长 67%。 美国《大美丽法案》调整 FOC 标准，引入 PFE 概念，限制中国资本持 股超 25%企业参与补贴项目，推动美国市场寻求中国以外供应链，但 2026 年仍将高度依赖中国供应链。 Q&A 欧洲净零工业法案鼓励使用本土产能，对非欧盟供应链占比过高环节进 行评分，政策倾斜温和，中国头部企业在欧洲设厂是利好。欧洲光伏 ...

Core Viewpoint - The stock of Pylon Technologies has shown a significant increase in price and trading activity, reflecting positive market sentiment and financial performance in the energy storage sector, particularly in lithium iron phosphate batteries [1][2]. Group 1: Stock Performance - As of December 26, Pylon Technologies' stock price rose by 2.12% to 59.63 CNY per share, with a total market capitalization of 14.631 billion CNY [1]. - The stock has increased by 50.54% year-to-date, with a 6.62% rise over the last five trading days and a slight decrease of 0.03% over the past 60 days [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of 1.11 billion CNY on September 30 [1]. Group 2: Financial Performance - For the period from January to September 2025, Pylon Technologies reported a revenue of 2.013 billion CNY, representing a year-on-year growth of 42.52%, and a net profit attributable to shareholders of 47.8515 million CNY, up 28.05% [2]. - Cumulative cash dividends since the company's A-share listing amount to 853 million CNY, with 672 million CNY distributed over the last three years [3]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders increased by 30.29% to 26,500, while the average number of tradable shares per person decreased by 23.25% to 9,272 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.4886 million shares, while some funds exited the top ten list [3].

阜新德尔汽车部件股份有限公司投资者关系活动记录表 证券代码：300473 证券简称：德尔股份 编号：2025-009 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） 民生证券：裴婉晓 海通证券：潘一忻 | | | 国盛证券：林卓欣 信达证券：赵启政 | | | 东方财富证券：朱晋潇 长城证券：金瑞 | | 参与单位名称 | 财通证券：王思宁 国元证券：陈烨尧 | | 及人员姓名 | 南京证券：张儒成 东方证券：何雨蒙 | | | 永唐盛世：吴小超 大筝资管：徐海涛 | | | 兖矿资本：王彦芳、张国梁 熙锦汇投资：刘莹 | | | 允朗投资：查桢伟 弘君基金：周广可 | | 时间 | 2025 年 12 月 25 日 | | 地点 | 德尔股份上海分公司会议室 | | 上市公司接待 人员姓名 | 董事会秘书：张磊 | | 投资者关系活 | Q1、公司 2025 年前三季度经营情况？ | | | 2025 年前三季度，公司实现 ...

Group 1 - Water Well Square clarified that media reports about a potential acquisition by another liquor company are untrue [2] - Samsung Electronics plans to launch an application processor with its own GPU by 2027, marking a significant step in building an end-to-end AI ecosystem [2] - Tianqi Lithium has adjusted its product pricing system, effective January 1, 2026, shifting from SMM prices to prices based on Mysteel battery-grade lithium salt or the main contract price of lithium carbonate futures [2] - Xiaomi announced the price for its Xiaomi 17 Ultra starting at 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [2] Group 2 - Unisoc's subsidiary plans to invest 300 million yuan with partners to establish a new company focused on automotive domain control chips, with an asset valuation increase of 3,723.15% [4] - Zhongwei Co. signed a strategic cooperation framework agreement with Xinwanda for solid-state batteries [4] - Banachian plans to acquire 100% of Zhonglian Century's shares through a combination of stock issuance and cash payment, aiming to enhance its marketing business [4] - Tian Tie Technology reported that its controlling shareholder is under criminal detention, but this matter is unrelated to the company's operations [4] Group 3 - Yundong Technology completed a Pre-IPO financing round of several hundred million yuan, led by the National AI Industry Fund [5] - Sifang Precision submitted an IPO prospectus for a Hong Kong listing, reporting revenues of 664 million yuan in 2022 and projected revenues of 740 million yuan in 2024 [5] - Shiyuan Co. also submitted an IPO prospectus for a Hong Kong listing, with revenues of 20.99 billion yuan in 2022 and projected revenues of 22.40 billion yuan in 2024 [5] Group 4 - First Quantum Minerals agreed to sell its Cobre Las Cruces copper mine in Spain for up to $190 million, with the transaction expected to close in the first half of 2026 [8] - Super Copper's Cordillera Cobre project received approval from the Chilean National Mining Agency, securing 26 mining concessions [8] Group 5 - SoftBank is leading a new AI memory development project with Fujitsu, aiming to create next-generation memory products for AI and supercomputers [10] - LG Electronics will showcase its home robot LG CLOiD at CES 2026, integrating AI and automation features [10] - Mitsubishi Heavy Industries is maintaining a stable partnership with Fuan Co. in the gas turbine sector [10] Group 6 - Mercedes-Benz is accelerating its localization strategy in China, focusing on electrification and smart technology, with over 14 billion yuan planned for investment in 2024 [12] - Volkswagen Group is adjusting its core management at FAW-Volkswagen, with plans for a dual-line strategy for large SUVs by 2026 [12] - Audi plans to launch a pure electric sports car based on the SSP Sport architecture, targeting the high-end electric sports car market [12] - Shimadzu has reached a final agreement to acquire Glass HoldCo s.r.o. for approximately $678 million [12] - Deutsche Bahn signed a framework agreement with BYD for 200 electric buses, promoting green transformation in public transport [12]

要闻速递 1、全国人大外事委员会发言人就美国"2026财年国防授权法案"涉华消极条款发表谈话 针对美方将"2026财年国防授权法案"签署成法，全国人大外事委员会发言人许东发表谈话：近日，美国国会通过的"2026财 年国防授权法案"签署成法，其中包含涉华消极内容。该法案延续一贯遏华基调，渲染"中国威胁"，粗暴干涉中国内政，损 害中方核心利益，我们对此表示强烈不满和坚决反对。我们希望美方客观理性看待中国发展和中美关系，与中方相向而 行，共同落实好中美元首釜山会晤达成的重要共识。我们强烈敦促美方摒弃零和思维与意识形态偏见，不得实施上述法案 中的涉华消极条款。如美方一意孤行，中方将依法采取有力措施，坚决捍卫国家主权安全发展利益。 2、商务部回应是否会放松对美稀土磁体出口的限制：积极促进、便利合规贸易 商务部新闻发言人何咏前12月25日在商务部例行新闻发布会上回答有关稀土磁体出口的有关提问时说，中方积极促进、便 利合规贸易。发布会上，有记者问：在中美已达成贸易协定的前提下，请问商务部是否会放松对美稀土磁体出口的限制？ 何咏前作出上述回应。"正如我此前一再强调的，中方始终致力于维护全球产供链安全稳定，积极促进、便利合规贸 ...

Group 1: Macroeconomic Highlights - The Ministry of Commerce of China firmly opposes the U.S. imposing 301 tariffs on Chinese semiconductor products and has lodged a serious representation through the China-U.S. economic and trade consultation mechanism [1] - The U.S. Trade Representative announced on December 23 that tariffs on certain Chinese semiconductor products will be increased from 0% to a higher rate after 18 months, specifically in June 2027 [1] - The Ministry of Commerce criticized the unilateral tariffs as violations of WTO rules, disrupting global supply chains and harming U.S. businesses and consumers [1] Group 2: Industry Developments - Guangdong has released the "Twelve Measures for Low-altitude Finance" to support the development of the low-altitude economy, encouraging banks and insurance institutions to create targeted financial products covering the entire lifecycle of low-altitude economic activities [1] - The measures aim to support core enterprises and facilitate their listing in domestic and foreign capital markets, as well as promote differentiated investments from private equity and venture capital [1] Group 3: Technological Advancements - During the "14th Five-Year Plan" period, the 5G user penetration rate in China increased from 15% to 83.9%, indicating significant advancements in information infrastructure [3] - The construction of the "Digital Light Source Chip Advanced Packaging and Testing Base Project" has commenced in Lingang, with an initial investment of 300 million yuan, focusing on Micro-LED automotive light source chips [4] - The project aims to produce 1.2 million Micro-LED light source chips and 600,000 sets of automotive lamp modules annually, enhancing domestic production capabilities in high-end automotive lighting [4]

公告称，许吉锭目前未在上市公司担任董事或高级管理人员职务。同时，公司具备完善的法人治理结构 与内部控制体系，各项经营管理工作均有明确的流程保障，公司日常经营管理由高管团队负责，董事及 高级管理人员目前均正常履职。公司董事会运作正常，公司生产经营情况正常，该事项不会对公司日常 经营活动产生重大不利影响。公司将密切关注上述事项的进展情况，并及时履行信息披露义务。 12月25日晚间，天铁科技（300587）突发公告，公司控股股东、实际控制人之一的许吉锭被公安部门采 取刑事拘留的强制措施，正在配合公安机关调查。 被采取刑事拘留的强制措施 根据公告，天铁科技于近日收到公司控股股东、实际控制人之一许吉锭家属的通知，许吉锭已被台州市 公安局采取刑事拘留的强制措施，正在配合公安机关调查。 据其家属所述，调查事项为个人事项，与公司日常生产经营无关。 目前，天铁科技实际控制人为王美雨、许吉锭和许孔斌，一致行动人为许银斌、汤凯、曹张琳。从实际 控制人以及一致行动人关系看，天铁科技一致行动关系的认定基于亲属关系。公开信息显示，王美雨和 许吉锭系夫妻关系；许孔斌、许银斌为兄弟关系，为王美雨和许吉锭之子。 公开资料显示，许吉锭1964年 ...

据悉，在固态电池方面，欣旺达已规划了四代固态电池 。 第一代 为 半固态电池 ， 目前 已完成开发，能量密度 >300Wh/kg ；第二代 同样为 半固态电 池 ， 电芯样品已经开始中试试验 ； 第三代 为 聚合物复合全固态电池 ， 已完成 400Wh/kg 产品方案和工艺验；第四代全固态电池正处于开发中。 此 外，欣旺达已成功试制能量密度达 520Wh/kg 的锂金属电池。 近日， 欣旺达 发布第三代产品聚合物复合全固态电池 "欣·碧霄" 。该电池 能量密度 达 400Wh/kg ， 在＜ 1MPa 的超低外加压力下循环寿命 1200 周，兼顾高能量与长寿命 ； 工作温区覆盖 -30 ℃至 60 ℃，在 - 20 ℃低温环境下仍能保持 80% 以上容量。同时 该 电池通过针刺实验、 200 ℃热箱 测试等严苛安全验证，解决传统锂电池的热失控风险。 此外，欣旺达也已布局 航空电池 ，采用高镍高硅、半固态 / 全固态技术路线，产品命名也是围绕 "欣· " 展开。 欣旺达在低空动力赛道明确制定了五代技术升级路线 ，计划在 2027 年实现全固态电池能量密度突破 500Wh/kg 的目标。其中，第一代航空动力电池 ...

Group 1 - Multiple A500 ETFs have seen significant inflows, with the largest A500 ETF, Huatai-PB (563360), reaching a historical high for 11 consecutive trading days from December 10 to December 24 [3][4] - The A500 ETFs, including Huatai-PB (563360), A500 ETF Fund (512050), and others, have collectively attracted over 100 billion yuan in net inflows this month, with Southern A500 ETF (159352) alone exceeding 200 billion yuan [3][4] - On December 25, two A500 ETFs recorded transaction volumes exceeding 10 billion yuan, indicating active trading in the market [2][8] Group 2 - The satellite-themed ETFs led the market on December 25, reflecting ongoing interest in the commercial aerospace sector [5][6] - The satellite ETF (159206.SZ) rose by 6.93%, while other aerospace-related ETFs also showed significant gains [6] - Conversely, gold-related ETFs experienced declines, with the Gold Stocks ETF (517400.SH) dropping by 1.52% [7] Group 3 - The short-term bond ETF (511360) had the highest transaction volume at 22.737 billion yuan on December 25, followed by A500 ETFs with substantial trading activity [8][9] - The A500 ETFs, including Huatai-PB (563360) and A500 ETF Fund (512050), had transaction amounts exceeding 10 billion yuan, showcasing their popularity among investors [8][9] Group 4 - Looking ahead, the market is expected to present more structural investment opportunities in 2026, particularly in technology, manufacturing, cyclical sectors, and consumption [10] - Investment strategies may include gradual positioning for the spring market, emphasizing patience and long-term opportunities amidst short-term volatility [10]

Group 1 - Multiple A500 ETFs have seen significant inflows, with the largest A500 ETF, Huatai-PB (563360), reaching a historical high for 11 consecutive trading days from December 10 to December 24 [1][3][12] - The A500 ETFs, including Huatai-PB (563360), A500 ETF Fund (512050), and others, have collectively attracted over 100 billion yuan in net inflows this month, with A500 ETF Southern (159352) alone exceeding 200 billion yuan [3][4][12] - On December 25, the trading volume of two A500 ETFs surpassed 10 billion yuan, indicating active market participation [2][11][17] Group 2 - The commercial aerospace concept remains active, with satellite-themed ETFs leading the gains on December 25, while gold stock-themed ETFs experienced notable declines [1][14][16] - The trading volume for short-term bond ETFs (511360) reached 22.737 billion yuan, making it the top ETF in the market on December 25 [18][19] - The market outlook suggests that A-shares may present more structural investment opportunities in 2026, with a focus on technology, manufacturing, cyclical sectors, and consumer goods [19]