| 2026未来产业新材料博览会 | | （FINE），围绕机器人、汽车、无人机、数据中心、航空航天、AI、新能源等产 | | | | --- | --- | --- | --- | --- | | 业共性需求，特设6大展区， | | N3 先进电池与能源材料展区 | 聚焦 | 固态电 | | 池 | 、钠电池、 | 钙钛矿 | 、液流电池、电容器 | | | 等 | | ， 欢迎咨询：18957804107 | | | 【DT新材料】 获悉，12月9日，全球光伏龙头 隆基绿能 公告， 正式终止其筹划超过三年的境外发行全球存托凭证（GDR）并在瑞士证券交易所上市的计划 。 据悉，隆基绿能的GDR发行之旅始于2022年10月，原计划募集资金约199.96亿元，用于在鄂尔多斯、马来西亚及越南的五个产能扩张项目，总投资额高达221.89 亿元。 对于终止原因，隆基绿能在公告中解释称，主要是由于"外部多方面因素发生变化"，且相关决议的有效期已经届满 。 GDR计划的终止，与隆基绿能自身发展战略的主动调整以及全球光伏贸易环境的剧变密切相关。 根据公司定期报告，部分原计划使用GDR募资建设的海外项目 已处于停滞状态。有分 ...

赛力斯集团董事长张兴海表示，该联合研究中心承载着双方对产业未来的共同期待，目标是将其建设成 为电池技术的"攻坚高地"、创新成果的"转化枢纽"以及高端人才的"培育基地"，为新能源汽车产业与动 力电池技术的持续进步提供坚实支撑。 据悉，该联合研究中心将以突破新一代电池关键技术难题为核心使命，致力于构建从基础理论到技术创 新、再到产品应用的完整产学研创新链条。分析认为，此次校企"强强联合"，不仅有助于赛力斯汽车在 前沿电池技术领域构筑长期核心研发能力，巩固其在智能电动汽车赛道上的技术优势，同时也展现了主 流车企在产业竞争上半场（电动化）深化核心环节布局的战略眼光。通过顶尖学府的研发赋能与企业的 市场牵引，我国动力电池技术有望加速向高端化跃升，从而推动整个新能源汽车产业在全球价值链中占 据更有利位置。（作者：李紫涵） 转自：经济参考报 在国家"十五五"规划谋篇布局、新能源汽车产业迈向高质量发展新阶段的关键时期，深化产学研融合成 为突破关键核心技术、塑造新质生产力的重要路径。"清华大学-赛力斯汽车有限公司电池创新技术联合 研究中心"日前在清华大学正式揭牌成立。此举标志着校企双方在电池及安全技术领域的合作进入深度 融合、 ...

Core Viewpoint - Nord Shares has signed a three-year supply agreement with Zhongchuang Xinhang to provide a total of 373,000 tons of lithium battery copper foil from 2026 to 2028, ensuring stable supply and production capacity utilization for both companies [1][4][5]. Supply Agreement Details - The agreement specifies that Nord's subsidiary, Shenzhen Baijiada New Energy Materials Co., Ltd., will supply 58,000 tons in 2026, 130,000 tons in 2027, and 185,000 tons in 2028, prioritizing Zhongchuang Xinhang's supply needs during capacity constraints [1][4][5]. - This agreement continues the partnership established in February 2025, where a supply of 45,000 tons of copper foil was successfully delivered [5]. Market Context - The price of copper has been on the rise, increasing from 73,000 yuan/ton at the beginning of 2025 to 86,000 yuan/ton currently, with expectations to exceed 90,000 yuan/ton in 2026 [2][5]. - Copper foil accounts for approximately 13% of the total cost of battery production [5]. Product Development and Innovation - Nord Shares is advancing the development of ultra-thin copper foil, with 4.5-micron copper foil reducing battery production costs by approximately 9.3 million yuan per GWh compared to 6-micron foil [2][5]. - The company has developed customized copper foil products for next-generation battery technologies, including nickel-plated alloy foil for solid-state batteries and silicon-carbon anodes [6]. Research and Development - Nord Shares has established a 120-member R&D team and has applied for over 200 patents in collaboration with domestic and international universities and industry experts [6]. - The company has implemented a comprehensive quality management system certified by IATF16949 [6]. Business Expansion - In 2025, Nord Shares continued to expand its business layout, including the establishment of a 400 million yuan energy storage industry fund focused on technology R&D and project implementation [3][6]. - The company currently has an annual copper foil production capacity of 140,000 tons, with plans to reach a global total capacity of 300,000 tons by 2030 [3][6].

Core Insights - The 2025 Guangzhou International Auto Show showcases 93 new car models and 629 new energy vehicles, highlighting the industry's shift towards electrification and intelligence [1][3] - In October, new energy vehicles accounted for over 50% of total car sales for the first time, indicating a significant market trend [3] - The event emphasizes advancements in L3-level autonomous driving and next-generation battery technologies, which are seen as key areas for technological breakthroughs [4][5] New Energy Vehicles - Out of 1,085 vehicles displayed, 629 are new energy models, making up 58% of the total [3] - Notable new energy models include Xiaopeng's X9 Super Extended Range version priced at 309,800 yuan and Leap Motor's D19 Extended Range version with a 500 km pure electric range [3] - The market is witnessing a diversification in demand, with extended range vehicles addressing range anxiety while pure electric vehicles offer lower operating costs [3] Technological Advancements - Huawei's booth was one of the most popular, showcasing its smart driving solutions, including L3-level autonomous driving tests in seven major cities [4] - GAC Group's flagship model, the A800, has begun L3-level highway testing at speeds of 120 km/h, marking a significant milestone in autonomous vehicle testing [4] Battery Technology - SAIC MG introduced the MG4 model featuring semi-solid-state batteries, set for delivery in December [5] - GAC Group announced the production of a pilot line for solid-state batteries, aiming for small-scale trials by 2026 and mass production by 2027-2030 [5] Market Dynamics - Several luxury brands, including Beijing Hyundai and Lamborghini, were absent from the show, indicating a potential decline in competitiveness in the Chinese market [5] - Joint ventures between foreign brands and Chinese tech companies are emerging, with Volkswagen and Xiaopeng collaborating on a new electric SUV featuring L2-level assisted driving [5][6] Collaborations and Innovations - Audi launched the A5L with Huawei's smart driving technology, while BMW and Mercedes are partnering with Chinese tech firms to enhance their models with localized smart features [6] - These collaborations aim to shorten development cycles and quickly adapt to market changes, reflecting a strategic shift among joint venture brands [6]

Group 1: Industry Overview - The 12th China (Suzhou) International Summit Forum on Battery New Energy Industry was held from November 11 to 13, focusing on the theme of "Seeking Innovation and Resilience in the Restructuring Cycle of China's Battery New Energy Industry" [1] - The forum gathered over 500 representatives from various sectors of the global battery new energy industry, including government, industry, academia, research, finance, services, and users [1] - The Chinese battery industry has transitioned from a phase of scale expansion to a new cycle of value creation, although it is still undergoing deep adjustments with ongoing price wars and uncertainties in international trade and raw material fluctuations [1] Group 2: Technological Developments - Shenzhen Xiongtao Power Technology Co., Ltd. emphasizes that true competitiveness lies in technological breakthroughs and innovative strategic layouts rather than price competition [2] - Solid-state batteries are recognized as the ideal form of next-generation battery technology due to their high safety, energy density, long cycle life, and wide temperature range [2][3] - The penetration rate of solid-state batteries in the liquid lithium-ion battery sector is currently below 1%, but it is expected to reach 10% by 2030 due to technological iterations and market demand [3] Group 3: Market Trends - The sodium-ion battery market is experiencing a development window driven by lithium price fluctuations, with costs expected to be 30% lower than lithium batteries once scaled [3] - The low-speed electric vehicle market in China is the largest globally, with over 420 million electric two-wheelers and an estimated 59 million sales in 2024, providing a vast application space for sodium batteries [3] - The lithium battery market is showing diversified technical demands, with trends indicating the coexistence of ternary and lithium iron phosphate batteries, the need for high energy density batteries in high-end EVs, and the acceleration of 800V ultra-fast charging technology [6] Group 4: Future Outlook - The battery new energy industry is entering a new development opportunity period, driven by policy support, market demand, technological innovation, and capital empowerment [7] - Companies must adhere to the principles of "technology as the foundation, market as the guideline, supply chain as the base, and ecosystem as the soul" to navigate industry reshuffles and economic cycles successfully [7]

Core Viewpoint - The collaboration between Jia Yuan Technology and CATL marks a significant step in deepening their partnership, focusing on both product supply and technological development in the battery materials sector [3][4][7]. Group 1: Collaboration Details - Jia Yuan Technology has committed to a minimum production capacity of 624,000 tons over the next three years for CATL, ensuring priority supply [3]. - The partnership will enhance cooperation in the development of new battery anode current collector materials, including copper foil for solid-state batteries [3][5]. Group 2: Strategic Intent - CATL's strategy to secure material supply chains is evident through its substantial commitments, reflecting a broader trend in the industry to lock in core resources amid rising competition [7][10]. - The recent actions by CATL, including significant investments in lithium salt and cathode materials, indicate a proactive approach to meet the demands of the evolving battery technology landscape [8][9]. Group 3: Technological Innovations - The competition in battery technology has shifted towards foundational material innovations, with next-generation battery technologies like lithium metal and solid-state batteries requiring advanced current collector solutions [12][15]. - Jia Yuan Technology is actively developing high-surface-area copper foils and nickel-plated copper foils, with expectations to supply around 100 tons of solid-state battery copper foil by 2025 [14][15]. Group 4: Industry Trends - The lithium battery industry is experiencing a surge in production, with top manufacturers increasing output by over 20% month-on-month, indicating a robust demand environment [9]. - The upcoming 2025 High-Performance Lithium Battery Conference will address critical topics such as material innovation and supply chain dynamics, highlighting the industry's focus on advanced materials and collaborative strategies [16].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its performance in the coming years [4][7]. Core Insights - The company reported a revenue of 5.682 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.72%, with a net loss attributable to shareholders of 419 million yuan [1]. - In Q3 2025, the company achieved a revenue of 2.018 billion yuan, reflecting a year-on-year increase of 10.42% and a quarter-on-quarter increase of 12.86%, indicating a narrowing of losses compared to the same period last year [1]. - The company has significantly increased its overseas sales proportion, rising from 24% in 2024 to 51% in Q1-Q3 2025, establishing itself as a major supplier of photovoltaic cells in several international markets [2]. - The company is actively pursuing a global strategy, including a strategic cooperation agreement with local component customers in Turkey to enhance production capacity [2]. - The company is investing in next-generation battery technologies, including N-type battery technology and process upgrades, aiming to meet market demand for high-efficiency photovoltaic products [3]. Financial Forecast - The company is projected to achieve revenues of 8.180 billion yuan, 12.135 billion yuan, and 13.750 billion yuan for the years 2025, 2026, and 2027, respectively [4][6]. - The net profit attributable to shareholders is expected to be -542 million yuan in 2025, followed by a profit of 631 million yuan in 2026 and 1.171 billion yuan in 2027 [4][6]. - The report anticipates a significant improvement in profitability, with a projected PE ratio of 19x for 2026 and 11x for 2027 [4].

Core Viewpoint - LG Energy Solutions has demonstrated strong growth in its third-quarter financial results for 2025, highlighting significant orders in both energy storage and electric vehicle battery sectors, while also making strides in next-generation battery technology [2][4]. Financial Performance - The company reported a consolidated revenue of 5.7 trillion KRW, reflecting a quarter-on-quarter increase of 2.4% [4]. - Operating profit surged to 601.3 billion KRW, marking a quarter-on-quarter growth of 22.2%, which includes approximately 365.5 billion KRW from U.S. production incentive subsidies [4]. Order Book and Production Capacity - LG Energy Solutions secured approximately 120 GWh in energy storage pre-orders and over 300 GWh in orders for the 46 series cylindrical batteries as of the end of the third quarter of 2025 [3][4]. - The company is expanding its production capacity in North America through a joint venture with Stellantis in Canada, focusing on battery module production and exploring applications beyond electric vehicles [3]. Technological Advancements - Significant breakthroughs in next-generation battery technology include the successful development of lithium-metal batteries with fast-charging capabilities [3]. - The company has signed a procurement agreement for 40,000 tons of lithium carbonate, enhancing its local lithium resource supply chain in the U.S. [3]. Market Outlook - The energy storage market is expected to continue growing in the U.S. and Europe, driven by regulatory changes and increased power demand from AI data centers [5]. - LG Energy Solutions is developing high-density soft-pack batteries for energy storage applications to improve energy density and reduce costs, with plans to launch lithium iron phosphate (LFP) energy storage batteries by 2027 [5].

Core Insights - Xiaopeng Motors has successfully navigated two major industry crises, distinguishing itself from competitors like WM Motor and Neta, which have struggled to survive [2][4] - The company emphasizes the need for fundamental transformation to adapt to market challenges, with a focus on improving technology, organization, commercialization, and globalization [3][4] - Xiaopeng Motors is transitioning from a rapid growth phase to a more meticulous approach, prioritizing quality and foundational work over speed [3][4] Company Transformation - In response to market pressures in 2022, Xiaopeng Motors underwent significant internal changes, with a management team focused on deep-rooted reforms [4][5] - The CEO, He Xiaopeng, recognized the necessity for profound changes across product configuration, organizational structure, and operational maintenance [4][5] - The company has engaged extensively with employees to build consensus around the need for transformation, highlighting the challenges of overcoming path dependencies in organizational change [5][6] Competitive Landscape - The automotive industry is likened to a marathon, where companies must continuously address both strengths and weaknesses to remain competitive [6][8] - Xiaopeng Motors has shifted its focus from purely technological advancements to understanding and meeting user needs, recognizing the importance of product-market fit [6][7] - The company aims to build a comprehensive AI ecosystem, positioning itself as a leader in smart electric vehicles [9][10] Global Expansion Strategy - Xiaopeng Motors is actively enhancing its global capabilities, recently opening a research center in Europe to better understand local consumer needs [12][13] - The company is learning from past experiences in international markets, adapting its strategies to align with regional preferences and requirements [12][13] - Localized production efforts are underway in Europe, with plans to collaborate with Magna in Austria for manufacturing [12][13] Future Outlook - Xiaopeng Motors is committed to establishing itself as a global player in the automotive industry, focusing on long-term planning and local market integration [13][14] - The company aims to leverage its technological strengths to build a recognizable brand in international markets, despite the challenges faced by Chinese automakers abroad [13][14] - The automotive sector is expected to continue evolving, with Xiaopeng Motors positioned to capitalize on advancements in AI and smart vehicle technology [10][18]

Core Insights - Solid-state batteries are rapidly moving towards industrialization, with significant breakthroughs being made in technology and application [1][2][3] Industry Developments - The solid-state battery industry is currently at a critical stage, with advancements in semi-solid and all-solid battery technologies being prioritized [1] - The energy density of lithium batteries is evolving, with solid-state batteries offering a solution to safety concerns while enhancing energy density [1][2] - Recent achievements by Chinese scientists have led to significant improvements in all-solid metal lithium batteries, potentially doubling the range of electric vehicles from 500 kilometers to over 1000 kilometers [2] Company Progress - Aixin Wanda has reported a key milestone in the industrialization of consumer semi-solid battery technology, with cumulative production exceeding 8 million units by September 2025 [3] - Aixin Wanda's semi-solid battery products are now widely used in various consumer electronics, and the company plans to achieve large-scale production by mid-2024 [3] - Beijing Dongsheng Materials Technology Co., Ltd. has entered a strategic cooperation agreement with Shandong Boyuan Pharmaceutical Chemical Co., Ltd. to develop solid-state lithium battery materials [3] Research and Development - The solid-state battery sector faces challenges such as interface contact issues and low ionic conductivity, which require accelerated research and development efforts [4] - Aixin Wanda's R&D investment reached 1.924 billion yuan in the first half of the year, a 35.23% increase year-on-year, focusing on advanced battery technologies [4] - Contemporary Amperex Technology Co., Ltd. invested 10.095 billion yuan in R&D during the same period, marking a 17.48% increase, and has established six global R&D centers [4] Market Outlook - The solid-state battery industry is expected to benefit from policy incentives, upgraded market demand, and continuous technological advancements, leading to a safer and more efficient new energy era [5]