Core Viewpoint - The battery sector is experiencing a significant surge driven by both domestic and international demand, with a clear improvement in business models and profitability expectations [3][4]. Group 1: Domestic Demand - The domestic demand certainty is attributed to the clarification of business models, with the 136 document establishing the market position for independent energy storage, leading to a "guaranteed + flexible" profit model that reduces investment risks and accelerates installation growth [4][6]. - The domestic energy storage projects are entering an accelerated construction phase, with an expected annual new installed capacity of 64.5 GW and a total capacity of 196.4 GWh, showing a significant year-end rush for installations [6]. Group 2: International Demand - In Europe, the large-scale energy storage market is entering a phase of explosive growth, with a projected 60% increase in power capacity and a staggering 280% increase in capacity scale for 2024 [6]. - The North American market faces a power supply shortage due to the non-linear growth of AI power demand and aging grid infrastructure, with projections indicating an average peak gap of over 20 GW from 2027 to 2030 [6]. Group 3: Investment Opportunities - The battery ETF Huatai (159796) is highlighted for its significant exposure to the energy storage sector, with a 19% allocation, and a 46% allocation to solid-state batteries, positioning it well to benefit from the ongoing technological advancements and market demand [7][9]. - The ETF's management fee is noted to be the lowest in its category at 0.15% per year, enhancing its attractiveness for investors looking to capitalize on the battery sector's growth [12].

Group 1 - The core viewpoint of the news is the implementation of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council, which outlines the goals and tasks for the electricity market over the next 5 to 10 years [1] - The implementation opinions emphasize the need to improve cross-provincial and cross-regional electricity trading systems, promoting regular market transactions between State Grid and Southern Grid, and increasing the scale of cross-regional transmission and the proportion of clean energy delivery [1] - The opinions also encourage greater participation of private enterprises in the electricity market and aim to refine the electricity pricing mechanism primarily determined by supply and demand, prohibiting local governments from unlawfully implementing preferential pricing policies [1] Group 2 - The China Securities report indicates that during the "14th Five-Year Plan" period, the country faces a contradiction between increasing decarbonization pressure and slowing growth in new energy installations, necessitating policy support for further low-carbon transitions [1] - A national capacity pricing policy is set to be introduced in January 2026, which will encourage the construction of stable power sources and open up space for new energy installations, while providing high-yield investment options for power companies [1] - The report estimates that even with lower capacity price subsidies, the profitability of energy storage projects will improve, potentially driving demand for energy storage not only in northern regions but also in central and eastern provinces [1] Group 3 - The ChiNext New Energy Index covers various segments of the new energy and electric vehicle industries, including batteries and photovoltaics, and is the only new energy index on the ChiNext with a 20% daily price fluctuation limit [2] - The ChiNext New Energy ETF (159368) is characterized by high elasticity, with a maximum increase of 20%, and has the lowest fees, with a total management and custody fee of only 0.2% [2] - The ETF has a nearly 90% allocation to energy storage and solid-state batteries, aligning with current market trends [2]

期货市场：宏观环境利好金融属性加持及原油上涨提振，隔夜伦锡收涨1.7%；最新收盘报50065，比前 一交易日上涨835美元，涨幅为1.7%，成交量为498手，持仓量25153万减少200；国内方面，夜盘沪期 锡高位运行，尾盘小幅收涨。主力合约沪锡2603收报391330元/吨，涨3440，涨幅报0.89%。 锡龙头年末动态：价涨带动业绩，产能稳步释放 春节前锡供需：供需两淡，刚需托底 春节前锡市场呈现供需两淡格局，供给端来看，海外主产国供应扰动尚未消除，国内冶炼厂逐步进入春 节放假周期，现货流通量持续收紧，社会库存始终维持低位；需求端方面，下游焊料、电子加工企业已 基本完成节前补库，终端消费正式步入淡季，但AI服务器、光伏焊带领域的刚性需求未出现中断，有 效形成锡价底部支撑。 锡产业链现状：科技需求重塑，供给刚性凸显 当前锡产业链呈现科技需求重塑、供给刚性凸显的鲜明特征，需求结构上，传统消费电子处于淡季且走 势偏弱，而AI算力、新能源汽车、储能领域已成为需求核心增量，锡作为电子焊料核心材料，其科技 属性持续强化；供给格局上，全球锡矿新增产能较为有限，资源国政策与地缘政治因素持续影响供应稳 定性，整个行业长期维 ...

今日早参 2026 年 2 月 12 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：核心通胀回升渐入佳境 2026 年 1 月中国 CPI 同比 0.2%（前值 0.8%，彭博一致预期 0.4%），环比 增速持平于 12 月的 0.2%；PPI 同比-1.4%（前值-1.9%），略高于彭博一致 预期的-1.5%，环比较 12 月的 0.2%上行至 0.4%。 风险提示：反内卷政策推进程度不及预期，内需超预期走弱。 研报发布日期：2026-02-11 研究员 吴宛忆 SAC:S0570524090005 SFC:BVN199 易峘 SAC:S0570520100005 SFC:AMH263 王洺硕 SAC:S0570525070003 SFC:BUP051 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 今日早参 | 2026 年 2 月 12 日 宏观：1 月新增非农反弹但持续性待观察 概览：2026 年 1 月美国新增非农就业 13 万，高于彭博一致预期的 6.5 万， 11-12 月累计下修 1 ...

晨报 碳酸锂 投资咨询业务资格： 证监许可【2011】1452 号 逻辑:昨日碳酸锂期货主力合约价格显著上行收至 150260 元/吨。资金 净持仓多空比环比微降；广期所碳酸锂日库存降 10 手至 35527 手。现货端， SMM 电碳均价 138000 元/吨，电工价差 3500 元/吨。从市场成交看，尽管 盘面偏强，但现货市场情绪偏谨慎。当前春节备库基本完成，多数企业观 望且心理价位偏低，市场询价和成交情况依然清淡。与此同时，供应端信 息扰动，民族资源主义情绪有所升温，对整体市场情绪形成一定共振支撑。 原材料：程 鹏 基本面来看，供应端上周来看，原料市场普跌，SMM 总周度开工率 47.29%（-2.21%），除锂云母外，其他工艺开工率均下降；SMM 周度总产 量 20744 吨（-825 吨）。需求端上周数据显示，铁锂、三元产量环比微降， 库存去化；截至 1 月 18 日，SMM 新能源车销量渗透率上升至 55.6%，保 持相对高位；1 月，我国动力和储能电池合计产量为 168.0GWh，环比下降 16.7%，同比增长 55.9%；销量为 148.8GWh，环比下降 25.4%，同比增长 85.1%。储 ...

创业板新能源指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域，是创业板唯一 新能源赛道20CM涨跌幅指数。创业板新能源ETF华夏（159368）高弹性，涨幅可达20cm；费率最低， 管理费和托管费合计仅为0.2%；其储能+固态电池占比近90%，契合当下市场热点。 2026年2月12日，创业板新能源ETF华夏（159368）上涨0.78%，持仓股飞荣达涨超6%，罗博特科涨超 5%，震裕科技涨超3%。 （文章来源：每日经济新闻） 春节前金属锂市场预计维持紧平衡格局，价格以区间震荡为主。节后的关键变量在于下游产业复工进 度：若储能项目春季集中开工、动力电池排产如期恢复，当前处于相对低位的库存水平可能触发集中补 库需求，推动价格向上突破。中长期来看，全球锂供需缺口预计将持续存在，拥有低成本资源禀赋或再 生锂技术布局的企业将在未来市场中占据更主导的定价地位。 消息面，2026年2月12日，长江有色金属网数据显示，国内金属锂均价报1000000元/吨，单日上涨10000 元，涨幅1.01%，价格区间回升至980000-1020000元/吨。 ...

经济观察网银河电子（002519）近期发生多起高管减持事件，最新为2月10日高管徐敏减持2.5万股。结 合公司业绩预亏及业务转型期的不确定性，连续减持可能对市场情绪和股价形成压力。 高管减持 事件影响 高管减持通常反映内部人士对公司短期前景的谨慎态度，可能对市场情绪和股价形成压力。结合公司基 本面，具体影响如下：市场情绪与资金面：减持事件与公司近期股价高波动性同步(2026年1月股价累计 涨停9次，但2月以来振幅达33.21%)。减持可能加剧抛压，尤其在高换手率背景下(2月9日换手率 26.77%)。资金流向分化：2月6日主力资金净流入6.72亿元推动涨停，但2月9日主力资金净流出2.73亿 元，显示短期资金分歧较大。基本面关联：公司业绩承压：2025年预计净利润亏损8600万元至1.06亿 元，同比下滑84.6%至87.44%；2025年三季度营收同比降59.12%，毛利率降至21.46%。减持可能进一步 削弱投资者对盈利修复的信心。业务转型不确定性：公司布局商业航天、储能等热门赛道，但相关业务 尚处培育期，减持或反映内部对短期贡献利润的谨慎预期。估值与风险：当前市盈率(TTM)为负值 (-12.80)，市 ...

Group 1: Policy Impact - The National Development and Reform Commission and the National Energy Administration have established a new independent capacity pricing mechanism for energy storage at the national level, aimed at enhancing the power system's regulation capability [1] - The policy provides capacity fee compensation for qualifying new energy storage plants based on local coal power capacity pricing, creating a clearer profit model for the industry [1] Group 2: Financial Performance - The company expects a pre-tax profit of 700 million to 710 million yuan for the fiscal year 2025, representing an increase from 655 million yuan in 2024 [2] - The improvement in performance is attributed to optimized gross profit margins in engineering operations and reduced financial expenses, indicating ongoing operational efficiency enhancements [2] Group 3: Stock Performance - The company's stock has shown active performance, with a closing price of 1.27 HKD as of February 11, 2026, reflecting an 18.69% increase over the past five trading days [3] - Technical indicators suggest strong short-term momentum, with the MACD histogram turning positive and the stock price breaking through the upper Bollinger Band [3] Group 4: Institutional Insights - Huafu Securities highlighted the company's strong operational asset quality, with desulfurization and denitrification installed capacity reaching 47.61 GW and 40.60 GW, respectively [4] - The company is actively investing in CCUS technology research and has developed a significant piece of equipment recognized in the energy sector, showcasing its technological strength [4]

Core Viewpoint - Tianji Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a correction and restatement of financial statements for 2023, 2024, and 2025 [1][4]. Group 1: Regulatory Actions - On February 11, the company received a notice from the CSRC regarding the investigation due to alleged information disclosure violations [4]. - The company is currently conducting its normal business operations, and the investigation is not expected to significantly impact its operations [4]. - The company has previously received corrective measures from the Guangdong Regulatory Bureau and warnings from the Shenzhen Stock Exchange for issues related to goodwill impairment testing and inaccurate financial accounting [5]. Group 2: Financial Performance and Projections - Tianji Co., Ltd. announced a projected net profit of between 70 million and 105 million yuan for 2025, a significant recovery from a loss of 1.361 billion yuan in the previous year [7]. - The anticipated improvement in financial performance is attributed to the rapid growth in demand for electric vehicles and energy storage, along with an increase in sales prices for its main product, lithium hexafluorophosphate, in the fourth quarter of 2025 [7]. - The company’s subsidiary, Changshu New Special Chemical Co., Ltd., is expected to contribute positively to overall performance due to improved market conditions and rising sales prices for its main product, sodium hypophosphite [7].

Core Viewpoint - The company is leveraging its advantageous geological conditions and government policies to accelerate the development of salt cavern comprehensive utilization and energy storage projects, aiming for high-quality transformation and development [2] Group 1: Company Overview - The company holds mining rights for 9 large and medium-sized salt mines, with 8 located in the Huai'an area, characterized by favorable conditions such as deep burial depth and thick salt layers [2] - Key mining areas like Zhangxing, Shitang, and Yanghuai are suitable for constructing large salt cavern storage facilities [2] Group 2: Project Developments - The Zhangxing gas storage facility successfully completed its gas extraction task for the winter of 2025 to spring of 2026, with a total extraction of 1.1154 billion cubic meters, enhancing regional energy supply and peak-shaving capabilities [2] - The second unit of the compressed air energy storage project has successfully connected to the grid and is generating at full capacity [2] - The design plan for hydrogen storage in salt caverns has been completed, and projects for small molecule gas storage and carbon dioxide sequestration are progressing steadily [2] Group 3: Strategic Initiatives - The company is seizing the opportunity presented by Jiangsu Province and Huai'an City to establish a salt cavern comprehensive utilization demonstration base [2] - The focus is on accelerating the construction of a leading domestic salt cavern comprehensive utilization and energy storage base, leveraging high-quality salt mine resources [2]