Group 1 - The China Securities Battery Theme Index decreased by 0.01% as of January 14, 2026, with leading stocks such as Fulin Precision rising by 9.84% and Shuneng Electric falling [1] - The price of battery-grade lithium carbonate reported by Shanghai Steel Union increased by 2,050 yuan/ton to 165,900 yuan/ton compared to the previous day's closing price [1] - The inter-ministerial joint meeting on the development of energy-saving and new energy vehicles emphasized enhancing the self-controllable capabilities of the supply chain and accelerating breakthroughs in solid-state batteries and advanced autonomous driving technologies [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include CATL, Sungrow Power, and others, accounting for a total of 51.77% of the index [2] - The Battery ETF by Harvest (562880) closely tracks the China Securities Battery Theme Index, providing a convenient tool for investing in the battery theme sector [2] Group 3 - Investors without stock accounts can also access battery industry investment opportunities through the Battery ETF linked fund (016567) [3]

Market Overview - On January 13, the Shanghai Composite Index fell by 0.64%, the CSI 300 decreased by 0.6%, the STAR 50 dropped by 2.8%, the CSI 1000 declined by 1.84%, and the ChiNext Index decreased by 1.96%. In contrast, the Hang Seng Index rose by 0.9% [4][5]. - The best-performing sectors on January 13 were Oil & Petrochemicals (+1.62%), Pharmaceuticals & Biotechnology (+1.21%), Nonferrous Metals (+0.91%), Media (+0.67%), and Banking (+0.65%). The worst-performing sectors included Defense & Military (-5.5%), Electronics (-3.3%), Telecommunications (-2.88%), Computers (-1.92%), and Building Materials (-1.87%) [4][5]. - The total trading volume for the entire A-share market on January 13 was 36,988 billion, with a net inflow of 1.296 billion HKD from southbound funds [4][5]. Important Insights - The report maintains the view from December 7, 2025, regarding interbank certificate of deposit (CD) rates, suggesting they may remain in a "dilemma" state. Market sentiment towards the trajectory of CD rates has become more optimistic [6]. - Key questions addressed include the impact of the appreciation of the RMB on the interbank funding environment and the extent of credit growth in January 2026 [6]. - The report emphasizes that the interbank CD rates may continue to face challenges [6]. Industry Analysis - The solid-state battery industry is accelerating its industrialization process, with isostatic pressing equipment identified as a core incremental segment that addresses the "solid-solid" interface impedance issue [7]. - The market size for isostatic pressing equipment is projected to exceed 6 billion by 2030 [7]. - Investment opportunities are highlighted in companies that focus on breakthroughs in isostatic technology and the realization of orders [7]. - Catalysts for growth include policy reviews by the Ministry of Industry and Information Technology, cost reductions, and order fulfillment [7].

电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从中国大陆上市的A股公司 中选取涉及发电、输电、配电及用电环节等电网及电力设备相关业务的上市公司证券作为指数样本，以 反映电网设备行业相关上市公司证券的整体表现。该指数具有较强的行业集中度和代表性，能够较好地 体现这一特定领域内企业的市场表现。 （文章来源：每日经济新闻） 1月13日，电网ETF（561380）涨超2%，行业需求加速支撑投资逻辑。 国信证券指出，电力设备行业受益于全球数据中心建设浪潮，AIDC电力设备需求呈现爆发式增长，变 压器、开关柜等环节龙头企业有望受益。电网设备方面，2026年国内特高压核准、招标有望加速，智能 电表2025版标准执行将推动价格复苏，海外市场收入及订单预计保持高增长。风电行业2026年新增装机 有望保持10%～20%增长，主机厂盈利能力持续修复，海风装机及招标增长将带动海缆和管桩环节订单 与业绩共振。储能需求全球范围内稳步增长，国内市场化需求、美国电力供应短缺及欧洲电网不稳定等 因素共同推动装机提升，预计2026年全球储能装机需求同比增长38%。固态电池产业化进程加速，有望 在2026年实现产 ...

Core Viewpoint - Jinlongyu (002882.SZ) is investing in a 2GWh solid-state battery production line in Shenzhen, with an estimated total investment of approximately 1.2 billion yuan, to capitalize on opportunities in the new energy and solid-state battery sectors, aligning with its strategic development plan [1] Group 1 - The investment aims to promote the industrialization and commercialization of solid-state battery technologies and key materials [1] - The project is expected to accelerate the company's industrial transformation and upgrade [1] - This initiative is in line with the company's strategic development planning [1]

Core Viewpoint - Jinlongyu (002882.SZ) is investing in a 2GWh solid-state battery production line in Shenzhen, with an estimated total investment of approximately 1.2 billion yuan, to capitalize on opportunities in the new energy and solid-state battery sectors [1] Group 1: Investment and Strategic Development - The investment aims to promote the industrialization and commercialization of solid-state battery technologies and their key materials [1] - This initiative aligns with the company's strategic development plan to accelerate its industrial transformation and upgrade [1]

Core Viewpoint - Jinlongyu is accelerating the production capacity of solid-state batteries by investing approximately 1.2 billion yuan in a new production line project in Shenzhen, aiming to capitalize on opportunities in the new energy and solid-state battery sectors [1][2]. Group 1: Investment and Production Plans - Jinlongyu plans to invest around 1.2 billion yuan in a solid-state battery production line with an estimated annual capacity of 2 GWh, with construction expected to take 24 months [1]. - The investment includes approximately 900 million yuan for construction, equipment procurement, and facility renovations [1]. - The project will be executed by Jinlongyu's subsidiary, Jinlongyu New Energy (Shenzhen) Co., Ltd., in which Jinlongyu holds about 91.67% of the shares [1]. Group 2: Strategic Development and R&D - The investment aligns with Jinlongyu's strategic development plan to leverage opportunities in the solid-state battery field and further industrialize research results [1][2]. - Since 2021, Jinlongyu has committed to investing up to 300 million yuan over five years in collaboration with Jintianyi for the research and development of solid-state batteries and key materials [2]. - The company has made progress in R&D, including successful customer testing of semi-solid batteries and oxide electrolyte products, as well as validation of silicon-based anode materials [2]. Group 3: Industry Context and Future Outlook - The solid-state battery industry is moving towards a clear timeline, with goals for small-scale production by 2027 and large-scale production by 2030, indicating a shift from concept to practical implementation [3]. - Over 20 battery and material companies in China are reportedly initiating solid-state battery production capacity by 2025, marking a critical phase of technological convergence and acceleration [3].

Core Viewpoint - Jinlongyu plans to invest approximately 1.2 billion yuan in a new production line for solid-state batteries, which is expected to enhance its technological capabilities and align with its strategic development goals [1] Investment Details - The investment will be made by Jinlongyu's subsidiary, Jinlongyu New Energy (Shenzhen) Co., Ltd., in the Dapeng New District of Shenzhen [1] - The total estimated investment for the project is around 1.2 billion yuan, with approximately 900 million yuan allocated for construction costs, including equipment procurement, factory renovation, and rental expenses [1] - The funding sources will include the company's own funds and self-raised capital, which may involve bank loans and other financing methods [1] - The construction period for the project is expected to be 24 months [1] Strategic Implications - This investment is aimed at promoting the industrialization and commercialization of solid-state battery technologies and their key materials [1] - The project aligns with the company's strategic development plan and is expected to accelerate its industrial transformation and upgrade [1] - While the investment will increase capital expenditures and cash outflows, it is anticipated to have a positive impact on the company's operational performance and industry positioning in the long run [1]

Core Viewpoint - The A-share market experienced a significant surge on January 12, with over 4,100 stocks closing in the green and a record trading volume of 3.64 trillion yuan, surpassing the previous high on October 8, 2024. The adjustment of export tax rebate policies for batteries has influenced market dynamics, leading to a notable increase in trading activity for the Battery 50 ETF (159796), which closed down 0.69% despite a trading volume nearing 600 million yuan [1][3]. Group 1: Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with notable drops including Sunshine Power and Xian Dao Intelligent, both down over 3%, while Ningde Times and Guoxuan High-Tech fell over 2% [3]. - The trading volume of the Battery 50 ETF (159796) surged to nearly 600 million yuan, indicating heightened investor interest despite the ETF's decline [1][3]. Group 2: Policy Impact - On January 9, two departments announced adjustments to export tax rebate policies, effective from April 1, 2026, which will reduce the VAT export rebate rate for battery products from 9% to 6%, and eliminate it entirely by January 1, 2027 [4][5]. - The previous reduction in export tax rebates for certain photovoltaic and battery products from 13% to 9% in November 2024 had already triggered a rush in exports, and the latest adjustments may lead to a similar surge, benefiting the lithium carbonate sector [5]. Group 3: Industry Outlook - Global demand for energy storage is expected to grow steadily, with projections indicating that global energy storage installations will reach 404 GWh by 2026, representing a 38% year-on-year increase [5]. - The battery sector is experiencing a sustained upward trend, driven by the growth of the global electric vehicle market, with domestic battery installations expected to maintain high growth rates through 2026 [5][6]. - Solid-state battery technology is advancing, with potential for significant industry upgrades, as companies that can provide stable supply and mature processes are likely to benefit [6]. Group 4: Investment Strategy - The Battery 50 ETF (159796) is positioned to benefit from its high content in energy storage (18.7%) and solid-state batteries (45%), making it a strong candidate for investors looking to capitalize on these growing segments [7][9]. - The ETF's focus on battery chemicals, which account for 31% of its weight, positions it well to benefit from the recovery of upstream material prices, enhancing the overall industry outlook [9][12].

（来源：电池工业网） 本网讯 1月10日，合源锂创淮安固态电池制造基地投产仪式暨新产品发布交付仪式隆重举行，标志着固 态电池产业化进程迈出了坚实而关键的一步。 据介绍，合源锂创淮安制造基地作为全国首座纯粹量产固态电池的基地，已于2025年Q4正式投入使 用，该基地集研发、生产、测试于一体，致力于实现高性能、高安全固态电池的规模化稳定交付。 合源锂创新能源科技有限公司是一家聚焦固态锂离子电池产品研发、生产及销售的科技创新型企业，目 前建有苏州、淮安两大产业基地。其中，苏州基地主要承担固态电池技术研发、中试生产等工作，淮安 基地则专注于固态电池的规模化生产。 2023年12月，合源锂创与淮安区政府就固态电池10GWh智慧工厂项目合作完成签约；2024年2月，合源 锂创固态电池10GWh智慧工厂在淮安区开工建设；同年12月，公司首期固态电池智慧量产基地封顶仪 式在江苏淮安市淮安区举办。 该项目总投资约50亿元，总用地面积400亩，分三期建设10GWh固态电池生产线。其中，首期1GWh生 产线的建设投资5亿元，二期将在一期基础上再增加2GWh的产能，预计总年产值可达30亿元；第三期 建设将进一步扩展至7GWh的产线， ...

Core Insights - The report predicts that global electric vehicle (EV) sales will maintain a high level of growth, potentially reaching a record high by 2026, driven by strong demand and the acceleration of solid-state battery technology commercialization [1][3] - The report maintains an "outperform" rating for the industry, highlighting the expected reshaping of the supply-demand landscape and the potential for profit growth across the supply chain [1] Industry Overview - The global EV market continues to expand, with a projected 2026 sales volume of approximately 26 million units, representing a year-on-year growth of about 15% [3][49] - In 2025, the global EV sales reached approximately 15.02 million units, reflecting a year-on-year increase of 27.2% [15][19] - The penetration rate of EVs in the Chinese market has surpassed 50%, with expectations for continued growth despite the upcoming reduction in purchase tax exemptions [32] Battery Technology - The report emphasizes the ongoing upward trend in the power battery sector, with a significant increase in installed capacity expected to continue into 2026 [51] - Solid-state battery technology is entering a critical phase of pilot testing and small-scale production, which is anticipated to drive technological upgrades across the industry [3][51] Supply Chain Dynamics - The materials segment is expected to experience a recovery in profitability, driven by a consensus against excessive competition and a significant increase in demand [3][51] - Key materials such as lithium hexafluorophosphate are experiencing supply-demand mismatches, leading to price recovery and improved profitability for leading companies in the sector [3][51] Investment Recommendations - The report suggests focusing on leading companies in segments with tightening supply-demand dynamics, such as lithium iron phosphate cathodes, separators, anodes, and copper foils [3] - Recommended companies include CATL, EVE Energy, and others that are positioned to benefit from stable supply and mature processes [3]