（文章来源：第一财经） 中信建投研报表示，经过多年研发，固态电池技术正从实验室和中试阶段走向工程化验证与小规模应 用，今年多家整车厂和电池企业计划完成全固态电池装车测试和小批量量产，各家技术路线和量产产品 将接受集中检验，因此2026年或将成为全固态电池产业化的重点催化节点。近期固态电池中期验收如期 进行，各企业中试线样品受到严苛检验，技术方案进一步收敛，确定性逐步增强，头部电池厂及整车厂 有望开启新一轮订单招标，看好春季行情下固态电池板块的配置价值。 ...

每经AI快讯，中信建投（601066）研报表示，经过多年研发，固态电池技术正从实验室和中试阶段走 向工程化验证与小规模应用，今年多家整车厂和电池企业计划完成全固态电池装车测试和小批量量产， 各家技术路线和量产产品将接受集中检验，因此2026年或将成为全固态电池产业化的重点催化节点。近 期固态电池中期验收如期进行，各企业中试线样品受到严苛检验，技术方案进一步收敛，确定性逐步增 强，头部电池厂及整车厂有望开启新一轮订单招标，看好春季行情下固态电池板块的配置价值。 ...

【CJ电新】"温固知新"固态周报：高峰论坛催化在即，重视行业景气度回升 1、上周（1.26-1.30）固态电池板块短暂回调，受主链需求预期影响，板块表现疲软，其中三祥（+8.96%）、长阳 （+4.07%）、利通（+1.71%）等表现尚可，整体下滑较大。 本周来看，固态电池从原型验证迈向量产前夜，第三届中国全固态电池创新发展高峰论坛（2月7-8日）将研判战 略方向，引领技术创新路径，凝聚高层共识，重视论坛催化 【CJ电新】"温固知新"固态周报：高峰论坛催化在即，重视行业景气度回升 1、上周（1.26-1.30）固态电池板块短暂回调，受主链需求预期影响，板块表现疲软，其中三祥（+8.96%）、长阳 （+4.07%）、利通（+1.71%）等表现尚可，整体下滑较大。 本周来看，固态电池从原型验证迈向量产前夜，第三届中国全固态电池创新发展高峰论坛（2月7-8日）将研判战 略方向，引领技术创新路径，凝聚高层共识，重视论坛催化下的固态板块情绪催动。 行业层面 1、会议：第三届中国全固态电池创新发展高峰论坛作为2月最重要的行业盛会，其议程设置和预期成果对投资决 策具有重要指导意义，重点关注全固态电池战略规划和产业化路径的权 ...

Group 1 - Tesla has achieved large-scale production of dry electrode technology, marking a significant breakthrough in lithium battery production technology [1] - The dry electrode manufacturing process can reduce costs, energy consumption, and factory complexity while significantly improving scalability [1] - Tesla's recent patent details a method for producing low-binder-content dry electrode films, emphasizing the specific order of mixing materials to avoid damage [3] Group 2 - Tesla has positioned dry electrode technology as a core manufacturing process for its 4680 battery, which is expected to reach its final design by 2024 [3] - Domestic companies are actively investing in dry electrode technology, with Sanfu New Materials planning to invest 620 million yuan in a project expected to be completed by the end of 2027 [4] - According to Guangfa Securities, global solid-state battery shipments are projected to reach 181 GWh by 2030, indicating a growing market for equipment manufacturers [4]

Group 1 - The market is currently experiencing a trend of upward movement followed by narrow fluctuations, with volatility initially rising and then declining, indicating a need for digestion of previous gains [1] - The ETF outflows, particularly from the CSI 300, have put pressure on broad indices, with large-cap stocks underperforming compared to small-cap stocks [1] - There is an acceleration in thematic rotation, with some themes experiencing sharp rises and subsequent pullbacks, suggesting a short-term advantage for small-cap and growth stocks, but a need for rebalancing in the future [1] Group 2 - The gold stock recommendation logic for February 2026 includes companies benefiting from AI upgrades, solid growth in nickel powder business, and strong positions in the photovoltaic and alloy powder sectors [17] - Specific companies highlighted include BQX New Materials, which is expected to see rapid growth due to a significant expansion in production capacity and strong demand from major clients [17] - Industrial Fulian is noted for its deep integration with leading clients in the AI server market, with expectations of maintaining high growth rates due to its comprehensive supply chain capabilities [17] Group 3 - Financial data for the recommended stocks shows significant expected growth in earnings per share (EPS) for companies like BQX New Materials and Industrial Fulian, with projected EPS increasing from 0.33 to 2.09 and from 1.17 to 3.27 respectively from 2024 to 2026 [19] - The price-to-earnings (PE) ratios for these companies are also projected to decrease significantly, indicating potential for upward valuation adjustments [19] - Tencent Holdings is expected to see strong growth in advertising revenue and new game releases, contributing to its overall performance in 2026 [18]

Group 1 - The solid-state battery sector is at a critical stage of mass production, with significant increases in procurement demand for lithium battery equipment from leading companies, which will greatly benefit these equipment manufacturers [1] - In the aerospace sector, including satellites and space exploration, the advantages of solid-state batteries are particularly prominent, with companies already engaging in practical applications, research, or joint research on solid-state batteries [1] - The overall penetration rate of solid-state batteries is close to 5%, with the core catalytic effect at the technical level still relying on electrolytes, and these companies have already made strategic layouts [1]

Core Viewpoint - The rare metals sector is experiencing a correction, with the China Rare Metals Theme Index dropping by 8.85% as of January 30, 2026, driven by global inflation expectations and geopolitical tensions that enhance the monetary and security attributes of rare metals [1]. Group 1: Market Performance - The three major A-share indices opened lower, with significant declines in rare metals, particularly led by Zhongke Magnetic and other companies like Zhuhai Group and Xiyang Co. [1]. - The top ten weighted stocks in the China Rare Metals Theme Index account for 59.54%, including companies like Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [1]. Group 2: Supply and Demand Dynamics - The supply side is constrained by resource limitations and tightening policy regulations, while the demand side benefits from the synergy of new energy, high-end manufacturing, and strategic security needs [1]. - Structural demand driven by AI computing infrastructure, grid upgrades, and solid-state battery industrialization is expected to elevate the price center of various rare metals, transitioning them from cyclical commodities to strategic assets [1]. Group 3: Investment Tools - The rare metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investors looking to gain exposure to the rare metals sector [1]. - Investors can also consider the rare metals ETF linked fund (014111) to explore investment opportunities in the rare metals sector [2].

股票频道更多独家策划、专家专栏，免费查阅>> 随着产业化进程推进，预计到2030年全球固态电池（核心股）设备市场规模将飙升至1079.4亿元。中银 证券表示，固态电池产业化加速，有望带动产业链升级。固态电池进入中试与小批量装车验证窗口期， 设备有望率先受益，材料高价值量环节具备高弹性，建议关注可率先实现稳定供货、工艺相对成熟且具 备明确降本路径的厂商以及与产业链龙头合作较早的企业。 根据TrendForce集邦咨询最新固态电池（核心股）调查，随着人形机器人（核心股）发展于2026年来到 商用化的关键点，作为"能量补给"的电池更加受重视。尽管目前人形机器人主要搭载液态锂电池（核心 股），但未来对长续航、高负荷工作的要求增加，或将促使具备高能量密度的固态锂电池接棒，成为主 流解决方案。TrendForce集邦咨询预估，人形机器人对固态电池的需求有望于2035年超过74GWh，较 2026年成长千倍以上。 责任编辑：栎树 ...

Core Viewpoint - The performance of the company is in line with market expectations, with significant profit growth projected for 2025 [1] Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 1.5-1.8 billion yuan in 2025, representing a year-on-year increase of 424.29%-529.15% [1] - The estimated net profit for Q4 2025 is projected to be 464 million yuan, a substantial turnaround from a loss of 300 million yuan in Q4 2024, with a quarter-on-quarter increase of 4% [1] Industry Outlook - The recovery in order scale is attributed to the increased operating rates and orderly expansion of leading domestic battery companies, leading to a rapid rebound in order delivery and project acceptance [1] - The high prosperity of the downstream power and energy storage battery industry is expected to continue, along with the accelerated industrialization of solid-state batteries, which will support growth in both traditional lithium battery equipment and solid-state battery equipment businesses [1] Profit Forecast - The company's net profit forecasts for 2025-2027 have been raised to 1.65 billion, 2.33 billion, and 2.71 billion yuan respectively, up from previous estimates of 1.53 billion, 2.04 billion, and 2.48 billion yuan [1] - The current stock price corresponds to dynamic price-to-earnings ratios of 60, 42, and 36 times for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]

证券研究报告·公司点评报告·电池 先导智能（300450） 2025 年业绩预告点评：业绩符合预期，主业 传统锂电持续增长&固态电池 0-1 受益 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 14,800 | 17,850 | 20,600 | | 同比（%） | 19.35 | (28.71) | 24.84 | 20.61 | 15.41 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,654.03 | 2,327.87 | 2,711.58 | | 同比（%） | (23.45) | (83.88) | 478.13 | 40.74 | 16.48 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 1.06 | 1.49 | 1.73 | | P/E（现价&最新摊薄） | 55.73 | 345.69 | 59.80 | ...