公 司 研 究 业绩大幅增长，锂电景气度提升、平台化成效显著 先导智能(300450) 25 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | 本报告导读： 公司业绩表现亮眼，随着公司锂电行业回暖、国际化&平台化布局稳步推进，叠加 固态电池新技术有望成为新增量，业绩仍有较大改善空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收 ...

Group 1: Investment and Expansion - The company has registered a project in the UAE for an annual production capacity of 500,000 tons of photovoltaic glass, which aligns with its global development strategy and aims to reduce production costs while expanding market share [3][4] - The new production base in Ordos, Inner Mongolia, is part of the company's strategic layout in northern regions, utilizing local resources to lower costs and enhance production efficiency [4][6] Group 2: Technology and Product Development - The company has achieved mass production capability for ITO glass, which offers advantages such as large size, lightweight, high conductivity, and high transparency compared to FTO glass [3][4] - As the first company in the industry to mass-produce 1.6mm photovoltaic glass, it positions itself in the thin glass sector, differentiating from competitors [4][6] Group 3: Market Performance and Future Strategy - The company is currently assessing its financial data for 2025 and will disclose performance forecasts as required by regulations [3][5] - The future strategy focuses on a "dual-wheel drive" development model for photovoltaic glass and consumer electronics glass, optimizing product structure and enhancing market share while managing risks [6]

锐科激光（300747.SZ）1月27日在投资者互动平台表示，尊敬的投资者，您好！公司产品已进入到光伏 市场，可应用于钙钛矿、BC电池、TOPCon 电池等的加工，并以形成稳定的销售，具体经营数据请您 关注公司公告。谢谢！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司脉冲激光器在钙钛矿电池生产中是否有参 与，对钙钛矿电池是否有积极有效的提升效果？ ...

Group 1 - The company has TCO glass technology reserves and is closely monitoring the development trends in the perovskite-related field [1][3] - There is a growing demand for TCO glass in response to the rapid development of domestic perovskite battery technology [3]

智通财经见习记者｜蒋习 1月26日，迈为股份(300751.SZ)股价开盘大涨，市值一度破千亿元。 图片来源：Wind 在2026年1月22日的达沃斯世界经济论坛上，马斯克在与贝莱德CEO拉里·芬克对谈时再次力挺太空光伏，并透露特斯拉与Space X正分别推进在美国的太阳 能制造产能建设，目标为实现每年高达100吉瓦的产能。 马斯克在达沃斯的言论，迅速点燃资本市场对光伏板块的热情。 1月23日，迈为股份、晶科能源(688223.SH)、天合光能(688599.SH)等多家光伏上市公司股价涨停。 此前，有市场传言称，Space X与迈为的HJT设备订单基本敲定，金额约5亿美元，对应约7 GW异质结年产能。 截至1月26日收盘，迈为股份股价报收342.11元/股，涨幅为5.47%，公司市值为955.87亿。 自2025年12月初的114.25元/股起算，其股价在不足两个月内已实现近两倍的增长。 迈为股份是光伏设备商龙头，主营产品为太阳能电池生产设备，系自动化成套生产线。该公司在新一代技术选择上，更偏向于异质结(HJT)。 其股价走强，与特斯拉CEO埃隆·马斯克近期多次高调倡导"太空光伏"，以及披露相关产能规划相关 ...

根据喜娜AI异动分析，钧达股份涨停原因可能如下，太空光伏+钙钛矿电池+海外业务拓展： 1、公司正 大力拓展太空光伏、钙钛矿电池等前沿技术领域，与尚翼光电等企业建立战略合作，实验室效率达 32.08%，具备先发技术优势。招商证券在2026年1月22日发布的深度报告中提及，钧达股份作为N型电 池领先企业，率先战略布局低轨与太空光伏，这一积极的战略布局吸引了市场关注。 2、公司海外销售 占比提升至51%，还规划海外产能本地化。在全球光伏市场需求持续增长的背景下，海外业务的拓展为 公司带来了新的增长空间。近期光伏行业发展态势良好，海外市场对光伏产品的需求旺盛，钧达股份在 海外市场的优异表现契合行业趋势。 3、公司完成H股上市募资12.9亿港元，获150亿综合授信额度，资 金实力增强有助于公司推进技术研发和业务扩张。东方财富数据显示，2026年1月26日光伏板块资金有 一定流入，部分光伏概念股同步上涨，形成板块联动效应。 4、技术形态上，若该股MACD指标在近期 形成金叉，且股价突破关键压力位，会吸引更多技术派投资者关注。同花顺资金监控若显示当日超大单 有净买入情况，说明主力资金对公司未来发展较为看好。 声明：市场有风 ...

Core Insights - The A-share market saw collective gains last Friday, with the Shanghai Composite Index rising by 0.33%, the Shenzhen Component Index by 0.79%, and the ChiNext Index by 0.63%. The total trading volume in the Shanghai and Shenzhen markets reached 30,849.73 billion yuan [1][7] - In terms of industry performance, power equipment, non-ferrous metals, and national defense sectors led the gains, while communication, banking, and coal sectors lagged behind. Concept sectors such as BC batteries, perovskite batteries, and TOPCON battery concepts showed significant increases, while corn, Tonghuashun overseas 50, and soybean concepts experienced declines [1][7] Important News - Beijing has released measures to promote the development and utilization of commercial satellite remote sensing data resources from 2026 to 2030. The measures encourage capable enterprises to engage in mergers and acquisitions within the satellite data industry, aiming to create globally competitive leading enterprises [2][8] Industry Analysis - A joint document from nine government departments encourages horizontal mergers and acquisitions in the pharmaceutical retail sector. This initiative aims to enhance the professional services and health promotion functions of the pharmaceutical retail industry, establishing a better service platform for public health needs [3][9] - The document outlines several key policies, including optimizing the service of designated retail pharmacies, promoting participation in centralized drug procurement, and encouraging the integration of pharmaceutical wholesale and retail businesses. It also supports the development of commercial health insurance products tailored to the pharmaceutical retail sector [10][11] - The policy emphasizes support for prescription outflow, collaboration between retail and commercial insurance, and encourages the consolidation of retail pharmacies. This is expected to benefit leading companies in the pharmacy sector and open a window for industry consolidation [13]

Core Viewpoint - Company is expected to achieve a significant increase in net profit for 2025, with projections of 1.5-1.8 billion yuan, representing a year-on-year growth of 424.29%-529.15% [1] Group 1: Financial Performance - In Q4 2025, the company anticipates a net profit of 314-614 million yuan, a substantial recovery from a loss of 322 million yuan in the same period last year, reflecting a year-on-year growth of 197.52%-290.68% [1] - The overall profitability has improved significantly, with a recovery in gross margin and a notable enhancement in operating cash flow for the entire year of 2025 [1] Group 2: Market Dynamics - The recovery in the lithium battery industry and accelerated expansion by downstream manufacturers have led to a rapid increase in orders, contributing to the company's strong performance [1] - The company has re-entered a growth phase in 2025, with a stock price increase of over 150% during the year, driven by demand in solid-state batteries and energy storage [2] Group 3: Technological Advancements - Company has established a complete technology matrix for solid-state battery production, achieving significant breakthroughs in key manufacturing processes and securing orders from well-known domestic and international enterprises [3] - The successful delivery of customized perovskite solar cell production line equipment demonstrates the company's capability in providing comprehensive solutions in the field of new energy technology [3] Group 4: Industry Outlook - Breakthroughs in solid-state and perovskite battery technologies are reshaping the technical logic of the new energy industry, expanding application boundaries and growth potential [4] - The company's recent completion of the Hong Kong listing process is expected to enhance its global development capabilities and strengthen its competitive position in the industry [4]

Group 1: Events and Forums - The "Dubai Business Forum - China" will take place in Shenzhen on May 14, 2026, focusing on the theme "Working Together for New Economic Growth" to introduce Dubai's economic agenda (D33) and explore new paths for cooperation and strategic investment between Chinese and Dubai businesses [2] Group 2: Company Developments - Over 50 brands, including Honor, Baseus, and Nubia, have signed with AliExpress for the "Super Brand Going Global Plan" to accelerate overseas market expansion, particularly in high-value categories like consumer electronics and smart hardware [3] - Eagle Network's new game "Arknights: Endfield" has launched globally, supported by Alibaba Cloud to handle high concurrency demands during the launch, ensuring smooth operation and real-time player interaction [3] - TikTok Shop in Southeast Asia is projected to double its GMV by 2025, with daily GMV increasing by 90% year-on-year, indicating a significant consumption upgrade in the region [4] - Ninebot has initiated Malaysia's first autonomous vehicle testing project in collaboration with local postal and logistics companies, with over 16,000 autonomous vehicles already operating globally [4] - Jiutian Chuangzhi signed a multi-million dollar order in Oman for autonomous cleaning vehicles, expanding its market reach to Malaysia, Turkey, and Palestine [5] - Cao Cao Mobility plans to deploy 100,000 customized Robotaxis globally by 2030, transitioning towards unmanned operations [5] - Baidu's "Luobo Kuaipao" has launched a fully autonomous driving service in Abu Dhabi, marking its first overseas public service [6] - Cainiao's global overseas warehouse order volume is expected to grow by 32% year-on-year by 2025, with plans for expansion and automation upgrades in key markets [6] - JD Logistics and Honor are collaborating to build overseas warehouses in the Middle East, aiming to support Honor's mobile phone sales in Saudi Arabia [6] - Ant International's Alipay+ has connected with Italy's Tinaba digital wallet, enabling seamless payment solutions for Chinese merchants [7] - UBTECH has partnered with Airbus to deploy humanoid robots in manufacturing processes, with significant order growth expected in the coming years [7] - Longi Green Energy is collaborating with NeoVolta to build an 8GWh battery storage manufacturing plant in Georgia, USA, to meet growing energy storage demands [7] Group 3: Investment and Financing - Zhongke Kelan has completed a multi-million angel round financing to accelerate product development and international expansion of its biodegradable plastics [8] - Yanhua Technology has secured nearly 100 million yuan in A1 round financing to enhance production capacity and global market reach for its perovskite solar cells [8] - Muxin Intelligent has completed a B round financing exceeding 100 million yuan, focusing on product development and global market channel expansion [9] Group 4: Market Trends - The overseas micro-short drama market is expected to exceed $5 billion by 2026, with Chinese apps capturing 90% of the market share [10] - Despite high tariffs, Chinese electric vehicle sales in Europe surged by 127% year-on-year in December 2025, with market share doubling to 9.5% [10]

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3]. Group 1: Top-Performing Funds - The top 10 funds with the highest net value growth as of January 23, 2026, include: 1. 东方阿尔法瑞丰混合发起A with a net value of 1.2635, up by 12.47% 2. 东方阿尔法瑞丰混合发起C with a net value of 1.2502, also up by 12.47% 3. 前海开源沪港深强国产业混合 with a net value of 1.9623, up by 12.39% 4. 广发招利混合A with a net value of 1.3612, up by 12.29% 5. 广发招利混合C with a net value of 1.3394, up by 12.29% 6. 东财景气驱动A with a net value of 1.9655, up by 11.57% 7. 东财景气驱动C with a net value of 1.9415, up by 11.57% 8. 银华成长智选混合A with a net value of 1.3064, up by 10.88% 9. 银华成长智选混合C with a net value of 1.3024, up by 10.88% 10. 平安高端装备混合发起式A with a net value of 1.5559, up by 10.85% [2]. Group 2: Bottom-Performing Funds - The bottom 10 funds with the lowest net value growth as of January 23, 2026, include: 1. 财通景气甄选一年持有期混合C with a net value of 2.5113, down by 4.71% 2. 财通景气甄选一年持有期混合A with a net value of 2.5621, down by 4.71% 3. 财通匠心优选一年持有混合C with a net value of 1.5344, down by 4.69% 4. 财通匠心优选一年持有混合A with a net value of 1.5818, down by 4.68% 5. 财通集成电路产业股票C with a net value of 3.8272, down by 4.62% 6. 财通集成电路产业股票A with a net value of 4.0521, down by 4.62% 7. 财通品质甄选混合C with a net value of 1.0504, down by 4.61% 8. 财通品质甄选混合A with a net value of 1.0514, down by 4.61% 9. 国泰金鑫股票C with a net value of 2.9991, down by 4.58% 10. 国泰金鑫股票A with a net value of 3.0715, down by 4.58% [3]. Group 3: Market Performance - The Shanghai Composite Index opened high and experienced a low after five deliberate sell-offs, closing with a small gain. The ChiNext index showed horizontal fluctuations with a small rebound. The total trading volume reached 3.11 trillion, with 3,941 stocks rising and 1,390 falling, and a涨跌停 ratio of 121:2. Leading sectors included industrial machinery, mineral products, and advertising packaging, with gains exceeding 2%. Notable concepts such as BC batteries and TOPCon batteries saw increases over 7% [5].