Core Insights - The company, Teruid, is a leading enterprise in domestic power equipment manufacturing and charging network construction, focusing on "smart manufacturing + integrated services" and electric vehicle charging networks as its core businesses [2] - Teruid has achieved significant breakthroughs in internationalization, successfully implementing a high-voltage mobile prefabricated substation project in Saudi Arabia, which meets overseas market demands and promotes Chinese power equipment globally [2] - The company has established a comprehensive integration framework of "charging network + microgrid + energy storage network + data network" during the 14th Five-Year Plan period, enhancing its leading position in the charging pile sector [2] Industry Developments - As of October 2025, Teruid operates 855,000 public charging terminals, with 513,000 being DC charging terminals, holding approximately 24% market share, ranking first in the country [3] - The company has explored new business models such as "charging network + microgrid + virtual power plant," utilizing its self-developed AI prediction system for accurate forecasting of charging volume and photovoltaic output [3] - Looking ahead, Teruid aims to align its development with national and global energy transition goals, focusing on achieving carbon peak targets by 2030 through the integration of industry and capital [3]

天眼查显示，近日，云南绿憬电力有限公司成立，法定代表人为邹斌，注册资本300万人民币，云南能 晔建设有限公司、云南彦易达工程建设有限公司持股。 经营范围含许可项目：发电业务、输电业务、供（配）电业务。（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）新兴能源技术研发；热力 生产和供应；风力发电技术服务；太阳能发电技术服务；风电场相关系统研发；风电场相关装备销售； 新能源原动设备销售；光伏设备及元器件销售；海上风电相关装备销售；发电机及发电机组制造；风动 和电动工具销售；新能源汽车换电设施销售；电池零配件销售；气体压缩机械销售；试验机销售；阀门 和旋塞销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称云南绿憬电力有限公司法定代表人邹斌注册资本300万人民币国标行业电力、热力、燃气及水 生产和供应业>电力、热力生产和供应业>电力生产地址云南省曲靖市麒麟区益宁街道办事处金湘九俊 小区一期50幢第6层2-601号企业类型有限责任公司营业期限2025-12-25至无固定期限登记机关麒麟区市 场监督管理局 序号股东名称持股比例1云南能晔建设有限 ...

国资股东的持续支持，是建艺集团得以喘息的核心支撑。自2021年底正方集团控股以来，建艺集团在股 东的支持下持续推进债务重组和业务转型。通过股东在资金、业务、管理等维度的多重赋能，建艺集团 在稳住经营基本盘的同时积极自救，全面推进资产盘活计划，优化资产配置与结构，提升风险抵御能 力。2023年建艺集团承接的公共建筑项目营收同比增长，逐步摆脱对房企客户的依赖。其间主动调整业 务格局，开展新业务探索，布局新能源、银发经济等新领域，从传统装饰企业向城市建设综合服务商迈 进。截至今年第三季度建艺集团已签约未完工合同金额达22亿元，包含香港市场及新能源相关项目。今 年10月，公司新晋中标深圳市"南方医科大学深圳医院二期工程项目精装修工程Ⅲ标"，总价逾6866万 元，客户整体质量不断提升。 面对退市危机，此次国资股东的大力支持，成为建艺集团破局关键力量。此次债务豁免及捐赠不仅为建 艺集团彻底卸下债务包袱、为实现净资产转正扫清了关键障碍，让其得以轻装上阵，有更多可能聚焦核 心业务升级与新赛道的拓展。随着公共建筑、新能源、香港市场等高质量业务的持续落地，公司客户结 构不断优化，盈利能力与抗风险能力稳步提升，叠加珠海"十五五"规 ...

1. Report's Investment Rating for the Industry No information provided regarding the report's investment rating for the industry. 2. Core Views of the Report - In 2026, with multi - dimensional domestic and international policies, the lithium carbonate industry will see growth in demand from new energy vehicles and energy storage. The supply of lithium resources will increase steadily, but the price of lithium carbonate will be affected by multiple factors, showing a pattern of "bottom support, top constraint, and stage fluctuations dominated by expectations" [1][2][5]. - The new energy vehicle market is transitioning from high - growth to structural adjustment. Domestic policies will focus on increasing the battery capacity per vehicle of plug - in hybrid (including extended - range) models, while overseas policies vary by country. The energy storage industry will develop around the goals of efficient use of renewable energy and energy system security, with significant regional differences in policies [8][12][15]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Viewpoint Summary 3.1.1 Policy End - Domestic policies in 2025, such as the preferential procurement of new energy vehicles by government agencies and the new energy vehicle countryside campaign, helped the industry achieve its annual sales target ahead of schedule. In 2026, the focus will be on plug - in hybrid vehicles, increasing their battery capacity per vehicle. Although the vehicle purchase tax halving policy may suppress short - term growth, the long - term trend is positive. In the energy storage field, after the cancellation of mandatory energy storage allocation, policies focus on new energy consumption [1]. - Internationally, European countries have introduced subsidy and leasing policies to meet carbon emission assessments. The United States, India, and South Korea have different new energy vehicle policies. In the energy storage field, the US focuses on large - scale projects and technological breakthroughs, Europe relies on subsidies and market mechanisms, and African countries like South Africa emphasize the self - controllability of the industrial chain [1]. 3.1.2 Supply End - In 2026, global lithium resource supply will increase by about 471,000 tons of lithium carbonate, showing a pattern of "overseas - led, domestic and international coordinated release". Domestic production will see significant growth, especially in salt - lake lithium extraction. However, high lithium prices may stimulate the resumption of production of suspended mines [2]. - In the second half of 2025, lithium carbonate production remained high. The capacity utilization rate of spodumene - based lithium extraction was relatively high, that of lepidolite - based lithium extraction was low due to production suspension, and the capacity utilization rate of recycled material - based lithium extraction gradually recovered [2]. 3.1.3 Demand End - In the new energy vehicle field, from January to November 2025, domestic production increased by more than 32% year - on - year, with pure - electric vehicles leading and hybrid vehicles collaborating. From 2026 to 2027, the increase in battery capacity per vehicle of plug - in hybrid vehicles will drive the demand for lithium carbonate [2]. - In the energy storage market, from January to November 2025, the tender and winning scale expanded steadily. This was supported by policies and market mechanisms, and the decline in lithium battery costs and the maturity of large - capacity battery cell technology further enhanced the economy of energy storage systems. The consumer battery cell market also performed well, with demand surging in the fourth quarter of 2025 and expected high - speed growth in 2026 [2]. 3.1.4 Future Outlook - In 2026, the explosive growth of the energy storage field will push up the cost curve of lithium resources and the price center of lithium carbonate. However, the upper price limit will be restricted by factors such as the resumption of production of mines at high prices, profit pressure in the battery cell link, and the price comparison effect of alternative batteries. The lower price limit will be anchored to the cash cost. The price will fluctuate based on the verification of "expectations and reality" [5]. - Futures prices are more affected by market sentiment, with stronger short - term upward elasticity than spot prices [5]. 3.2 Chapter 2: Market Review - In the first quarter of 2025, the market expected post - holiday demand to pick up, but after the Spring Festival, the unexpected resumption of production of the Jianxiawo mine increased supply, while downstream demand was overdrawn, causing the futures price of lithium carbonate to fall from its high [6]. - In the second quarter, the demand for lithium carbonate was weak during the peak season, and the Trump administration's tariff policy on China led to a general decline in the commodity market, further depressing the futures price [6]. - In the third quarter, the market sentiment improved. Supply concerns due to issues such as mine certificates and production suspension pushed up the lithium price. However, the expected resumption of production of the Jianxiawo mine later reversed the supply expectation and led to price fluctuations [6]. - In the fourth quarter, the release of energy storage demand led to a "strong supply and demand" situation, and the price center of lithium carbonate continued to rise [6]. 3.3 Chapter 3: Core Focus Points 3.3.1 New Energy Policies 3.3.1.1 New Energy Vehicle Policies - In 2025, domestic new energy vehicle policies, such as the preferential procurement of government agencies and the new energy vehicle countryside campaign, helped the industry achieve its annual sales target. By November 2025, the cumulative sales of domestic new energy vehicles reached 15.5 million [8]. - In 2026, domestic policies will focus on increasing the battery capacity per vehicle of plug - in hybrid vehicles, which will drive the growth of the power battery market. However, the vehicle purchase tax halving policy may suppress short - term market growth [8]. - Internationally, European countries will face stricter carbon emission assessments and have introduced subsidy policies. Other countries have different policies: India has set a low electric vehicle penetration target, the US is ending its subsidy policy, and South Korea is increasing subsidies [10]. 3.3.1.2 Energy Storage Policies - Domestically, after the cancellation of mandatory energy storage allocation, policies focus on new energy consumption, promoting the coupling of energy storage with terminal energy demand through scenario - based projects and activating the "peak - shaving and valley - filling" function of energy storage [12]. - Internationally, the US focuses on large - scale energy storage projects and technological breakthroughs, European countries use subsidy and market - based mechanisms, and African countries like South Africa aim to build a self - controllable industrial chain [15][16]. 3.3.2 Lithium Resources 3.3.2.1 Global Lithium Resources - In 2026, the global new supply of lithium resources is expected to reach 471,000 tons of lithium carbonate, with overseas accounting for 60%. Attention should be paid to the price conditions for the resumption of Australian mines and geopolitical risks in Africa [20]. 3.3.2.2 Chinese Lithium Resources - In 2025, domestic lithium resource supply increased significantly, with lithium ore production reaching 265,000 tons of lithium carbonate equivalent and salt - lake lithium extraction reaching 146,600 tons. In 2026, the production is expected to grow by over 40% [22]. - In terms of imports, domestic lithium concentrate imports are increasing, with Australia accounting for about 50%. African imports decline in the second quarter due to the rainy season, and imports increased in the second half of 2025 due to rising prices [25]. - In 2025, domestic lithium carbonate imports were about 230,000 tons, mainly from southern hemisphere salt - lake regions. Imports from Chile and Argentina decreased in the third quarter due to winter and equipment maintenance [34]. 3.3.3 Chinese Lithium Salt Production - Since the second half of 2025, domestic lithium carbonate production has remained high. The capacity utilization rate of spodumene - based lithium extraction was above 65%, that of lepidolite - based lithium extraction was about 30% due to mine suspension, and that of recycled material - based lithium extraction rose from 20% to about 33% [37]. 3.3.4 Battery Cells - In 2025, China's total lithium battery production is expected to reach 1,859 GWh, a year - on - year increase of 43%. Power batteries are the main driver of growth, with an output of 1,226.55 GWh, a year - on - year increase of 39.74%. Energy storage battery cells and consumer battery cells also performed well, with growth rates of 52.33% and 42.24% respectively [40]. 3.3.5 Terminal Applications 3.3.5.1 New Energy Vehicles - From January to November 2025, domestic new energy vehicle production reached 14.867 million, a significant year - on - year increase. Pure - electric vehicles led the growth, while hybrid vehicles also increased steadily. From 2026 to 2027, the increase in battery capacity per vehicle of plug - in hybrid vehicles will drive the demand for lithium carbonate [44]. 3.3.5.2 Energy Storage - From January to November 2025, the tender and winning scale of the domestic energy storage market continued to expand, with a cumulative winning capacity of 160.39 GWh. This growth was supported by policies and market mechanisms, and the maturity of large - capacity battery cell technology enhanced the economy of energy storage systems [49]. 3.4 Chapter 4: Valuation Feedback and Supply - Demand Outlook 3.4.1 Valuation Feedback No information provided regarding the global lithium resource valuation - cash cost. 3.4.2 Supply - Demand Outlook - In 2026, the total supply of lithium resources will reach 2.131 million tons (a year - on - year increase of 28.37%), and the total demand will be 2.036 million tons (a year - on - year increase of 23.87%), with the surplus narrowing to 95,000 tons. The high elasticity of supply will suppress the upper price limit, while the structural growth of demand will push up the lower price limit [54]. - In terms of demand structure, the demand for power batteries will reach 1.15 million tons in 2026 (a year - on - year increase of 20.55%), and the demand for energy storage batteries will increase by 50% year - on - year to 564,000 tons. The demand side has the potential for over - performance [55]. 3.4.3 Price Outlook - In the scenario of rising prices in 2026, lithium prices will fluctuate upwards in the early stage. If demand materializes in March - April, battery - grade lithium carbonate will rise to over 130,000 yuan/ton and then enter a volatile phase. In the third quarter, if demand remains strong, it will start a second wave of increase and reach the annual high in October - November [57]. - In the scenario of falling prices in 2026, if demand is lower than expected in March - April, battery - grade lithium carbonate will fall quickly. If supply expansion exceeds expectations, prices will continue to decline. The price decline of battery - grade lithium hydroxide will be similar to that of lithium carbonate [58].

（文章来源：证券日报） 证券日报网12月25日讯 ，新亚电子在接受投资者提问时表示，公司新能源系列线缆及组件包括新能源 光伏线缆和新能源组件等，其应用领域广泛，主要覆盖光伏、储能、逆变器等新能源终端场景，以及储 能设备、锂电池检测设备等新能源生产制造设备领域。2025年上半年，该业务版块实现营业收入40， 311.98万元，占总营收比例为20.72%，同比增长81.23%。公司结合市场环境变化，灵活调整营销策略， 注重提升服务质量，扩大优质客户市场份额，通过持续拓展新能源用线的应用场景，满足了下游客户在 光伏、储能、新能源汽车充电等领域的多元化需求，为该板块业绩增长提供持续动力。 ...

南华期货镍&不锈钢2026年度展望 ——供需结构调整周期，随势而动 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 投资咨询业务资格:证监许可【2011】1290号 一、核心观点 1.1核心观点 2025 年镍市场整体走势先扬后抑，上半年整体受政策以及宏观面带动偏多，印尼年内出台一系列加工规范化 新规，并且出台HMA基准价均带来小幅情绪上移，此外年内中美关系走势进一步扰动风险管理偏好。需求端 的强弱变化作为底部中枢影响着价格的震荡区间，供给端的印尼冶炼与湿法中间品项目继续按节奏释放，整 体供应环境保持稳定，期间虽有政策讨论诸如配额、成本机制调整以及项目审查等，但这些变化并未显著改 变实际产量。由于此前多批新增产能已陆续进入成熟运行区间，市场更关心的并非单次政策表态，而是可能 真正影响实物流向的措施；然而截至年底，供给端并未出现足以扭转格局的变化，使得价格重心仍由需求主 导。 需求端边际增量有限持续压制上方空间，年中新能源强势反内卷浪潮以及出口稳定性波动均在一定程度上引 领了波段性调整。镍元素过剩的局面长期延续也受制于于需求端无法寻求新的突破；新能源领域在固态电池 尚未市场化之前，磷酸铁锂不 ...

全省高技术制造行业用电量同比增长14.1%、长江宜昌段岸电用电量超6200万千瓦时、鄂州花湖国 际机场用电负荷最高突破2万千瓦……来自国网湖北省电力有限公司的数据显示，今年前11个月，湖北 关键产业、重点区域的用电数据可圈可点，折射出经济发展向新、向绿、向开放的新动向。 走进武汉岚图汽车工厂，轿车、MPV、SUV等不同款型的新能源汽车在钢结构悬挂流水线上滑 行，平均不到2分钟就有一辆整车下线。今年前11个月，岚图汽车用电量同比增长223%，与之对应的 是，汽车累计销量13.42万辆，同比增长82%。 汽车产业是湖北的支柱产业，也是制造业中技术含量、智能化程度和产业集中度较高的产业。以岚 图汽车为代表的新能源造车"国家队"，不仅加速牵引湖北汽车产业向电动化、智能化、网联化转型，更 带动芯片、动力电池等上下游产业实现新突破。 新华社武汉12月25日电 题：向新、向绿、向开放——电力数据折射湖北发展新动向 新华社记者王自宸 湖北省经信厅装备工业处处长王琼说，统筹推进传统产业转型升级、新兴产业培育壮大、未来产业 前瞻布局"三线并进"，湖北工业经济"含新量""含金量"正稳步提升。 数据显示，今年前11个月，湖北工业用电 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 123,520.00 | -1200.00↓ 前20名净持仓（日，手） | -127,079.00 | +6244.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 607,187.00 | -40179.00↓ 近远月合约价差（日，元/吨） | -1,920.00 | -680.00↓ | | | 广期所仓单（日，手/吨） | 17,101.00 | 0.00 | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 104,900.00 | +3400.00↑ 工业级碳酸锂平均价（日，万元/吨） | 102,250.00 | +3400.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -18,620.00 | +4600.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,365.00 | +35.00↑ 磷锂铝石平均价（日，元 ...

近日，国务院国资委党委书记、主任张玉卓表示，要接续发力新能源、新能源汽车、新材料、航空航 天、低空经济、量子科技、6G等重点领域，加大启航企业遴选培育力度。接续推动技术改造和大规模 设备更新，深入推进重点行业节能降碳改造。 编辑丨安安 作者丨彭鑫 ...

Core Insights - China Huadian announced that its total installed capacity of renewable energy has surpassed 100 million kilowatts following the grid connection of several projects [1] Group 1: Project Developments - The Xinjiang Huadian Tianshan North Slope Base 6 million kilowatt renewable energy project has been connected to the grid [1] - The Xinjiang Huadian Bazhou integrated project combining 1 million kilowatts of wind power and energy storage has also commenced operations [1] - The Inner Mongolia Huadian Alashan High-tech Zone 800,000 kilowatt photovoltaic project focused on sand control and integrated wind-solar solutions has been completed [1] - The Liaoning Huadian Zhangwu Mantanghong 350,000 kilowatt wind power project is now operational [1] - The Sichuan Aba Rangtang Puxi 300,000 kilowatt photovoltaic project has been connected to the grid [1] Group 2: Capacity Milestone - The announcement marks a significant milestone for China Huadian, indicating a total renewable energy installed capacity exceeding 100 million kilowatts [1]