证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 27 日 [Table_Title] Eramet 2025Q4 镍矿产量环比增长 8%至 1330.3 万 湿吨，Centenario 工厂碳酸锂产量为 3900 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q4 生产经营情况 1）镍 ①镍矿 2025Q4，PT WBN 可销售的镍矿产量（100%基础）为 1330.3 万湿吨，环比增长 8%，同比减少 4%。 2025Q4，PT WBN 镍矿对外销量（100%基础）为 1823.4 万湿吨，环比增长 97%，同比增长 8%。 继 2025 年 7 月 RKAB 上调后，镍矿外部销售量全年总计 3850 万吨，同比增长 27%。然而，这一增长伴随着产品组合 的不利变化。腐泥土销量占总销量的 64%，为 2550 万吨，同 比下降 11%。为了尽快销售修订后的 RKAB 授权的销量，低 品位腐泥土作为高品位腐泥土的补充进行销售，从而拉低了平 均品位（平均下降约 13%）。褐铁矿销量占总销量的 34%，为 1310 万吨 ...

内容概况：当前，中国电池液冷板行业正伴随新能源汽车产业的爆发，同步进入一个高增长、高竞争、 技术密集驱动的"快车道"。2024年，中国电池液冷板行业市场规模为124.33亿元，同比增长8.73%。增 长的核心驱动力直接来源于下游应用，尤其是新能源汽车。2025年中国新能源汽车产销同比增速近 30%，且市场正从高端车型向全系普及液冷技术。同时，储能系统是另一个重要的增量市场，随着风 电、光伏装机量提升，其对规模化、标准化的冷却板需求正快速释放。此外，工程机械等其他领域的电 动化转型也在为行业提供新的增长曲线。 相关上市企业：三花智控（002050）、银轮股份（002126）、纳百川（301667）、科创新源 （300731）、精研科技（300709）、飞荣达（300602）、英维克（002837） 相关企业：中国铝业集团有限公司、江西铜业集团有限公司、山东南山铝业股份有限公司、明泰铝业股 份有限公司、云南铜业股份有限公司、铜陵有色金属集团股份有限公司、比亚迪股份有限公司、宁德时 代新能源科技股份有限公司、阳光电源股份有限公司、浪潮电子信息产业股份有限公司、中科曙光信息 产业股份有限公司 关键词：电池液冷板、电池 ...

2025年年中以来，储能系统大规模落地推动锂需求与价格实质性转变，但在锂价翻倍、新能源汽车销量走弱且生 产商计划恢复供应的背景下，摩根士丹利认为当前锂价涨幅已过度，2026年下半年碳酸锂价格将跌至1.5万美元/ 吨。 核心要点 碳酸锂价格在多年供过于求、价格低迷后，于1月攀升至22350美元/吨的峰值（原文单位笔误修正），创2023 年以来新高。 此轮涨价有合理动因：2025年全球储能系统出货量同比增长76%，2026年预计还将 2025年年中以来，储能系统大规模落地推动锂需求与价格实质性转变，但在锂价翻倍、新能源汽车销量走弱且生 产商计划恢复供应的背景下，摩根士丹利认为当前锂价涨幅已过度，2026年下半年碳酸锂价格将跌至1.5万美元/ 吨。 中国宣布逐步取消电池产品出口增值税退税政策：4月1日起退税比例从9%降至6%，2027年1月1日起完全取 消，该政策短期支撑出口但长期利空，同时造成部分需求提前释放。 新能源汽车行业增长动能消退 全球新能源汽车市场增速明显放缓，激励政策陆续退出、关税政策前需求提前释放效应消退，美国车企缩减 新能源汽车产能，中国出台反内卷措施+补贴缩水，1月新能源汽车销量同比下滑20%。 ...

为破解这一难题，团队设计出一种由水与特定有机化合物组成的新型水性电解质。新型电解质不仅冰点 更低，还能重塑水分子在电池内部的行为方式。它能调控二氧化锰沉积过程中阳离子的溶剂化结构与相 态，引导形成层次分明、离子传输高效的微观结构，从而显著提升反应可逆性。 加拿大滑铁卢大学、美国加州大学与美国陆军研究实验室科学家研发出一种新型水性有机电解质，显著 提升了锌锰电池的稳定性，并能延缓其性能衰减，为开发更安全耐用的储能电池开辟了新途径。相关成 果发表于新一期《自然·能源》杂志。 在全球加速推进碳中和的背景下，风能、太阳能等可再生能源迅速发展，配套基础设施投资持续升温。 但这些能源具有间歇性与波动性，亟须高效、可靠的储能系统，将丰沛时段产生的多余电能储存起来， 在需要时稳定释放。 锌锰电池正是这一领域的潜力选手。它采用水基电解质，取代传统锂电池中易燃的有机溶剂，本质更安 全；通过锌的电沉积与溶解实现充放电，具备高电压、大容量的优势，特别适合大规模电网储能应用。 但长期以来，这类电池有一个"硬伤"，其核心化学反应依赖酸性环境驱动，而酸性条件会加剧锌阳极的 腐蚀，导致电池寿命大幅缩短，严重制约实际应用。 更重要的是，该电解 ...

据路透社，法国公用事业公司 Engie 正评估在其位于巴西东北部、装机规模 895 MWp 的 Assu Sol 光伏 电站部署储能系统或比特币挖矿数据中心，以缓解限电（curtailment）对项目收益的影响；自 2023 年 以来，因电网消纳能力不足、可再生能源装机快速增长及分布式光伏扩张，巴西光伏与风电项目普遍面 临限电压力，公司正研究通过本地化用电（包括挖矿或储能）提升利用率，不过相关方案预计仍需数年 才能落地。 （来源：吴说） ...

Group 1: Market Environment - The Chinese automotive parts manufacturers are expected to face a challenging market environment in the coming year due to slowing production growth in domestic automobiles and electric vehicles, appreciation of the Renminbi, and rising commodity prices [1] Group 2: Company Ratings and Target Prices - Morgan Stanley downgraded Fuyao Glass (03606) to "Neutral" despite maintaining over 80% market share in China, citing increasing industry competition and lowering the target price from HKD 80 to HKD 70 [1] - Minth Group (00425) remains the only stock in the Chinese automotive parts sector with an "Overweight" rating, supported by its strong positioning in the EU electric vehicle market and attractive valuation (2026 forecast P/E of 11 times), with a target price of HKD 70 [1] Group 3: Battery Supply Chain Outlook - The battery supply chain is viewed positively due to its extensive coverage in the energy storage system sector, with growth expected to exceed 40%, maintaining "Overweight" ratings for CATL (03750) and Enjie (002812.SZ) [1]

Group 1 - The core viewpoint of the article highlights that Hubei Rongtong High-tech Advanced Materials Group Co., Ltd. has successfully completed a 250 million yuan Series F financing round, with the funds primarily allocated for the construction of a 28,000-ton NFPP sodium battery production line and the upgrade of a 40,000-ton fourth-generation high-density lithium iron phosphate production line [1] - The company, established in 2016, is a leading domestic manufacturer of lithium battery cathode materials, with its lithium iron phosphate production and sales ranking among the top three in the industry [1] - The company focuses on nanotechnology and has developed a diverse product matrix, with its core product being high-pressure, high-capacity lithium iron phosphate materials, widely used in new energy vehicle power batteries and energy storage systems [1] Group 2 - The company is also exploring cutting-edge areas such as lithium manganese iron phosphate and sodium-ion battery cathode materials, with sodium battery materials offering high density and good low-temperature performance, suitable for special scenarios like energy storage [1] - Currently, the company has established close industrial chain partnerships with leading battery enterprises such as CATL and Pylontech [1]

Core Insights - Tesla is making progress on the rollout of its Full Self-Driving (FSD) technology in China, although no specific launch date has been announced yet [1][5] - The global cumulative mileage for Tesla's FSD has surpassed 7.5 billion miles (approximately 12 billion kilometers), with the latest version 14 showing strong performance [6] - Tesla's capital expenditure plan for 2026 exceeds $20 billion, focusing on AI hardware and software, as well as energy solutions [8] Group 1: FSD Development in China - Tesla's Vice President Tao Lin stated that the FSD rollout in mainland China is progressing steadily, including the establishment of local training centers [1][5] - The FSD technology has received "partial approval" in China, with expectations for full approval by February or March 2026, although some reports have disputed this timeline [6] - The company is adapting its FSD technology to handle the unique road conditions in China, with local training centers dedicated to this task [2][6] Group 2: Collaboration and Licensing - Tesla is open to licensing its autonomous driving technology to other automakers, promoting an open and collaborative industry environment [3][7] - The company believes that sharing its technology can accelerate the arrival of fully autonomous driving, especially since not all automakers have the capability to develop such technology independently [7] Group 3: Capital Expenditure and Energy Focus - The $20 billion capital expenditure plan includes investments in AI and energy sectors, with a commitment to enhancing local capabilities in China [8] - Tesla has already deployed local training centers in China for FSD optimization and has signed significant Megapack orders in various regions, indicating a strong focus on energy solutions [8]

瑞银又2026年电池拆解报告涵盖了宁德时代的神行超充电池、麒麟电池等，并发现集团在国内和海外生 产中均保持成本竞争优势。基于拆解结果，估计宁德时代在匈牙利生产的同类型电池成本，或比在中国 生产的高出10至15美元/千瓦时，但预计匈牙利工厂的经营利润率将与国内工厂相近。认为集团在全球 成本、规模和技术的领导地位，使其能在电动车、储能系统及新应用领域电气化加速进程中，从多重增 长机遇获益。 瑞银发布研报称，将宁德时代（300750）(03750)今明两年电池销量预测上调5%至7%至829至1,044吉瓦 时，并将净利润预测上调5%至7%，基于2026年预测市盈率不变，目标价从640港元升至660港元；评 级"买入"。 瑞银预测，宁德时代在匈牙利工厂的成本曲线将低于德国，并预测其匈牙利工厂的经营利润率将大体与 国内业务保持一致，主要因欧洲市场溢价、高度自动化生产及仅温和上涨的劳动力成本获益。凭藉领先 且持续增长的全球市场份额，相信集团最能从全球电动车渗透率加深、商用车电气化加速及储能系统、 数据中心和机器人等应用扩展中获益；预测集团2024至2029年收入及盈利年均复合增长率，分别为20% 与25%。 ...

Core Viewpoint - Cabot is a leading global specialty chemicals and high-performance materials company, recognized for its strong social responsibility, advanced product technology, talented workforce, and substantial financial investment since entering China in 1988 [1]. Market Overview - The article outlines various market segments for 2025, including lithium carbonate, electrolytes, copper foil, lithium cobalt oxide, ternary materials, lithium iron phosphate, and sodium-ion batteries, among others [2][3]. Energy Storage Systems - Energy storage systems are becoming crucial for energy security and grid stability, playing a key role in balancing grid loads, enhancing renewable energy utilization, and ensuring stable power output during peak demand [3]. - The performance and lifespan of energy storage systems depend on the battery's performance over thousands of charge-discharge cycles, with a core challenge being the construction of a stable and efficient conductive network during long-term service [3]. LITX® 95F Conductive Additive - The LITX® 95F conductive additive is designed to address the challenges in energy storage applications by creating a continuous conductive network within the battery's anode and cathode [5][7]. - This unique high-structure form of LITX® 95F helps to slow down internal resistance growth during battery cycling, effectively reducing capacity decay and extending the overall lifespan of the energy storage system [7]. Value Proposition for Battery Manufacturers - LITX® 95F offers performance enhancements, flexibility in formulation for both anode and cathode systems, and ensures global reliable supply and quality consistency, supporting manufacturers in achieving global production layouts [9]. - The additive improves cycle stability, enhances capacity retention during long-term charge-discharge processes, and optimizes processing performance of electrode slurries [10].