12月9日，A股市场震荡回调，电新板块全面回落。截至14:00，同类规模领先、费率最低档的电池50ETF（159796）跌超1%，三连阳后首度回调， 成交额超2.25亿元。盘中资金持续涌入，电池50ETF（159796）获1000万份净申购，逢跌布局趋势明显！ 电池50ETF（159796）标的指数成分股多数回调，阳光电源逆势涨超1%，宁德时代、三花智控、亿纬锂能（维权）等跌超1%，先导智能、天赐材 料等回调。 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | 1.09% | 17.02% | | 2 | 300750 | 宁德时代 | 电力设备 | -1.06% | 8.06% | | 3 | 002050 | 三花智控 | 家用电器 | -1.65% | 6.72% | | 4 | 300014 | 亿纬锂能 | 电力设备 | -1.14% | 5.92% | | 5 | 300450 | 先导智能 | 电力设备 | -0.93% | 3.6 ...

战略部署需克服结构性挑战。 张益国 先生指出，当前新能源基地开发痛点主要集中于源 网荷储各环节在规划建设上不够匹配，以及大型基地叠加生态治理和长距离输电成本的经 济性问题。对此，他提出要推动新能源场站、调节电源和输电通道的同步规划建设，加强 新能源与有关产业集成融合发展，特别要重视提升省区间电力互济平衡能力，加强技术和 机制创新，多措并举推动新能源高质量消纳，提升发展的综合效益。 中国能源研究会常务理事李俊峰先生 指出，随着"136号文"将风光项目开发权由中央逐步 下放至地方，行业正从过去的"抢项目"转向更看重区位、消纳与经济性的"选项目"阶段。 当前装机节奏放缓属于机制切换下的正常磨合过程，短期调整趋势清晰。他判断，2025 年市场大概率呈现"前高后低、波动过渡"的波浪式走势，而随着新机制逐步消化、项目筛 选逻辑稳定，2026年有望实现较为明显的修复与反弹。 近期，彭博新能源财经BNEF上海峰会圆满闭幕。作为一年一度的能源盛会，本次BNEF上海 峰会汇聚了来自全球能源行业的顶尖嘉宾、创新先锋与行业领袖，围绕中国在"双碳"目标下 推动能源结构转型、深化电力市场改革，以及中国清洁技术企业在全球扩张中所面临的机遇 ...

Group 1: Market Analysis - On December 8, 2025, the main lithium carbonate contract 2605 opened at 92,460 yuan/ton and closed at 94,840 yuan/ton, with a closing price change of 1.76% compared to the previous day's settlement price. The trading volume was 599,367 lots, and the open interest was 593,129 lots, compared to 560,676 lots in the previous trading day. The current basis was -610 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 13,120 lots, a change of 2,198 lots from the previous trading day [1]. Group 2: Spot Market - According to SMM data, the price of battery - grade lithium carbonate was quoted at 91,100 - 94,400 yuan/ton, a change of - 500 yuan/ton from the previous trading day. The industrial - grade lithium carbonate was quoted at 89,900 - 90,800 yuan/ton, a change of - 450 yuan/ton. The price of 6% lithium concentrate was 1,173 US dollars/ton, a change of 15 US dollars/ton from the previous day [2]. - Downstream material factories made bargain purchases, but as the futures price gradually increased, their purchasing willingness returned to a cautious and wait - and - see attitude. The annual long - term contract negotiations between upstream and downstream enterprises were still ongoing, with the focus of the game on next year's price coefficient and procurement volume [2]. - With the gradual commissioning of some new production lines and the pull of downstream demand on production, it is expected that the domestic lithium carbonate output in December will continue to grow, with a month - on - month increase of about 3%. In December, new energy vehicle sales are expected to remain strong; the energy storage market will continue the situation of strong supply and demand, and the supply - tight pattern will remain. The production schedules of cells and cathode materials are expected to remain high in December, with a slight month - on - month decline. Overall, in the context of steadily increasing supply and relatively stable overall demand, it is expected that lithium carbonate will continue to be destocked in December, but the magnitude will slow down compared to November [2]. Group 3: Company News - On December 4, 2025, Guoxuan High - Tech (002074) stated on the investor platform that the G - Yuan quasi - solid - state battery had completed relevant testing work and started verification work. The Jinshi all - solid - state battery achieved the landing of the pilot production line and internal vehicle road tests in the first half of this year, and is currently promoting the design work of the 2GWh mass - production line. Guoxuan's first all - solid - state 0.2GWh experimental line was officially connected, and the yield rate of this production line reached 90% through the application of key technologies such as high - precision coating [3]. Group 4: Strategy - The intraday trading was volatile, inventory was continuously destocked, and consumption provided some support. Currently, the resumption of production at the mine end is in progress, and it is expected to resume gradually in the future. There are significant differences in the consumption forecast for the first quarter. It is expected that the power battery segment will decline, while the energy storage segment will remain high. Attention should be paid to the inflection points of consumption and inventory. The short - term strategy is to wait and see for single - side trading. There are no strategies for inter - period, inter - variety, spot - futures, or options trading [4].

Group 1: Market Strategy - Multiple favorable factors have boosted the market, signaling a recovery in the major indices [5][6] - The overall A-share market saw a rise of 1.04%, with the Shanghai Composite Index increasing by 0.54% to close at 3924.08 points [6][7] - The technology sector, particularly the computing hardware and semiconductor industries, showed strong performance, while blue-chip stocks lagged behind [6][9] Group 2: Economic Insights - The Central Political Bureau of the Communist Party of China held a meeting to analyze and study the economic work for 2026, emphasizing a stable and progressive approach to economic governance [15][16] - November exports (in USD) increased by 5.9% year-on-year, exceeding market expectations, while imports grew by 1.9% [20][21] - The People's Bank of China conducted a 122.3 billion yuan reverse repurchase operation, indicating a proactive monetary policy stance [22][23] Group 3: Industry Dynamics - Youku launched a new cooperative model for online story films, allowing content providers to receive 100% of membership viewing revenue during the revenue-sharing period [24][25] - The National Energy Administration reported seven cases of violations in the open access of the power grid, aiming to enhance service levels for power grid access [26][27] Group 4: Company Updates - Xintai (002294.SZ) announced that its drugs, including Xinchao and Fulian, have been included in the National Medical Insurance Directory, which is expected to enhance their market presence [28][29] - Liyuanheng (688499.SH) signed a strategic cooperation agreement with Quintus Technologies to jointly develop core technologies for solid-state batteries, marking a significant step in the new energy equipment sector [31][32]

Core Viewpoint - The article discusses the strategic investment by Industrial Bank's Nanchang branch in Jiangxi Ganfeng Lithium Technology Co., Ltd., highlighting the company's advancements in solid-state battery technology and its financial performance. Group 1: Investment and Financial Performance - Industrial Bank's Nanchang branch, in collaboration with Xinyin Financial Asset Investment Co., Ltd., completed a strategic investment of 1 billion RMB in Jiangxi Ganfeng Lithium Technology Co., Ltd. [1] - Ganfeng Lithium announced plans to raise up to 2.5 billion RMB through capital increase, with a price of 3 RMB per 1 RMB registered capital [1] - As of June 30, 2025, Ganfeng Lithium's total assets were approximately 1.78 billion RMB, with total liabilities of about 1.21 billion RMB, resulting in a net asset value of approximately 570.1 million RMB [2][3] - The company's revenue for the first half of 2025 was approximately 259.99 million RMB, with a total profit of -6.27 million RMB [3] Group 2: Technological Advancements - Ganfeng Lithium is one of the earliest companies in China to focus on solid-state battery technology, with expertise in sulfide, oxide, and polymer technology routes [1] - The company has achieved large-scale production of semi-solid batteries and is actively pursuing breakthroughs in the industrialization of all-solid-state batteries [1] Group 3: Business Operations - Ganfeng Lithium operates across a full industry chain in the lithium battery sector, including consumer batteries, polymer small cells, solid-state lithium batteries, lithium power batteries, and energy storage batteries [3] - The company has established R&D and production bases in multiple locations, including Xinyu, Dongguan, and Ningbo [3]

摘要 公司与中原特钢、昆泰士合作，推广固态电池产线，提供整线解决方案， 包括市场推广、工艺优化和售后服务，旨在提升固态电池装备的整体竞 争力。 公司定位为固态电池装备整线解决方案提供商，涵盖硬件和软件，积极 应对全固态电池行业的技术快速发展，目标是提供快速响应的整线解决 方案，助力客户技术迭代。 公司未放弃硫化物、卤化物、氧化物和聚合物四条固态电池技术路线， 而是研发共通技术平台，并与电子企业、高校合作开发专用设备，提供 整线解决方案。 2025 年新签订单额已超 40 亿元，同比增长近一倍，主要来自消费领域 的 A 公司和动力领域的比亚迪、国轩、新能德等头部客户，其中 A 公司 订单占比约 50%~60%。 公司预计 2026 年新增订单规模将接近百亿，主要来自消费理念扩展、 动力电池头部客户合作以及固态电池产线落地，同时积极拓展南亚、日 本、印度、韩国及欧洲市场。 Q&A 公司近期与全球高压技术领域龙头公司 Printers 签署了战略合作协议，能否 介绍一下此次合作的背景和主要内容？ 此次合作是我们在去年（2024 年）为头部车企提供全固态电池整线设备时就 开始讨论的。由于当时缺乏某些关键设备和安全资质 ...

Core Viewpoint - Shanghai Xiba announced that two executives received administrative penalty notices from the Shanghai Securities Regulatory Commission for suspected short-term trading, with fines of 100,000 yuan and 150,000 yuan respectively [2][4] Group 1: Short-term Trading Violations - The short-term trading activities of the executives spanned a long period and were conducted through "other people's securities accounts" [4] - From July 9, 2024, to August 11, 2025, one executive bought 103,300 shares of Shanghai Xiba, totaling 3,286,228 yuan, and sold 140,500 shares for 6,856,922 yuan [4] - The other executive engaged in similar activities, buying 143,600 shares for 5,721,274 yuan and selling 172,800 shares for 8,381,256 yuan during the same period [4] Group 2: Business Expansion into Advanced Materials - Shanghai Xiba, established in 1994, is expanding from water treatment chemicals into advanced materials for the new energy sector, including solid-state electrolyte powders and silicon-carbon anode materials [6] - The company has completed multiple batches of trial production and received small batch orders from various customers for its new energy materials [6] - Despite the strategic push into advanced materials, the revenue scale from this segment remains small [6] Group 3: Financial Performance - In the first half of 2025, Shanghai Xiba reported a revenue of 224.67 million yuan, a year-on-year decrease of 15.85%, and a net profit of 20.22 million yuan, down 51.27% [8] - For the first three quarters of 2025, revenue declined by 5.52%, and net profit decreased by 29.86% year-on-year [8] - The company is positioned in the solid-state battery materials sector, which has long-term potential but faces high technical barriers and uncertain commercialization timelines [8] Group 4: Stock Performance - Shanghai Xiba's stock price reached a high of 110.50 yuan per share on September 11, but closed at 73.86 yuan per share on December 8 [9]

Core Viewpoint - The successful launch of the "Jiu Xiao · Ling Yun" series semi-solid-state battery production by Husheng Technology Group marks a significant step in the company's full industrial chain layout in the solid-state battery sector, indicating a new phase of industrialization [2][5]. Group 1: Advancements in Technology - Solid-state batteries are recognized as a crucial direction for the transformation of future energy systems, with China increasing its investment in cutting-edge battery technology research and development [5]. - Husheng Technology Group has established a comprehensive service system from product research and trial incubation to large-scale production, with manufacturing bases in Guizhou, Changzhou, and Xuancheng, and R&D centers in Xi'an and Chengdu [5][6]. Group 2: Product Launch and Market Positioning - The newly launched "Jiu Xiao · Ling Yun" series high-energy semi-solid-state batteries feature energy densities of 270Wh/kg, 300Wh/kg, 320Wh/kg, and 350Wh/kg, targeting high-end markets such as industrial drones, smart robots, and high-end electric motorcycles [9]. - The company has already signed contracts with over ten clients, covering key regions including the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei [9]. Group 3: Competitive Advantages - Husheng's core competitiveness lies in its self-controlled technology system, with key processes and equipment developed in-house, ensuring consistency and stability of critical materials [12]. - The self-developed I-Neuron® intelligent control system enhances digital and precise management throughout the production process, contributing to breakthroughs in battery energy density and safety [12]. Group 4: Future Plans - Husheng Technology Group plans to establish a 10GWh annual production line for semi-solid-state batteries by 2026, focusing on larger-scale markets for energy storage and power batteries [14]. - The company aims to become a global leader in solid-state battery technology, contributing to China's energy transition and global energy transformation [14].

证券研究报告 电力设备与新能源/行业深度报告 领先大市（维持） 2026年电新行业年度策略: 反内卷与科技引领，触底反弹启新篇 分析师：贺朝晖 S0910525030003 周涛 S0910523050001 2025年12月8日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 目录 1、行业周期回顾 请仔细阅读在本报告尾部的重要法律声明 2 2、核聚变：政策支持+资本开支驱动，产业进入加速期 3、AIDC电源：算力需求+SST技术革命引领新趋势 4、锂电：需求增长+固态技术迭代，景气周期开启 5、储能：市场化交易提升需求，有望迎来量价齐升 6、风电：量利持续修复， "两海"主线明确 7、投资建议：细分beta+科技alpha机遇共振 8、风险提示 复盘2025：反内卷加速行业触底反弹 -50.0% 0.0% 50.0% 100.0% 150.0% 200.0% 2010年 2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 202 年 2023年 2024年 2025年 2026年 2027年 光 ...

格隆汇12月5日丨拓日新能(002218.SZ)在互动平台表示，公司未涉及固态电池业务领域；公司主要从事 高效太阳能电池、光伏组件、光伏玻璃及太阳能应用消费类产品等的研发与生产、分布式及地面光伏电 站的设计、建设及运维等业务。公司会持续跟踪关注相关新兴技术领域发展情况，结合自身优势，积极 拥抱新兴技术带来的机遇与挑战。 ...