编号：20260226 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | | 华泰证券-邵梓洋、王嵩 | | 参与单位名称及 | 乐雪资本-陆畅宏 | | 人员姓名 | Pinpoint Asset-梁俊琪 | | | 建信基金-蒋超 | | 时 间 | 2026 年 2 月 26 日 14:00-16:00 | | 地 点 | 公司会议室 | | 上市公司接待人 | 黄薇、杨时哲 | | 员姓名 | | | | 问：铝加工业务板块情况 | | | 答：公司铝加工业务板块已形成铝板带、铝箔一体化产业链布局。 铝箔产能：公司铝箔总产能规划 25.5 万吨，其中：江苏中基主要生产双 | | | 零铝箔（应用于包装领域），产能 8.3 万吨，安徽中基主要生产电池铝箔， | | | 现有产能 7.2 万吨，在建年产 10 万吨动力及储能电池箔项目将分步投产、 | | | 陆续释放产能，9 月底前全面完成建设。 | | 投资者关系活动 | 铝板带产能：江苏、安徽基地产 ...

近日，眉山市东坡区甘眉工业园区南区，刚投产不久的江苏众钠能源科技有限公司眉山总部基地项目（以下简称 眉山里钠基地），车间里的生产线已经开始满负荷运转。这个项目的投产，标志着钠离子电池关键材料规模化制 备取得重要突破，也填补了眉山在钠电池核心材料领域的空白。 作为基地负责人，他见证了第一批硫酸铁钠正极材料在这里实现规模化量产，眼下这些产品即将装车发往下游企 业完成验证。此时，距项目开工建设还不到一年。 2025年4月，眉山里钠基地破土动工。彼时，不少人感到惊讶：一个钠电产业的前沿项目为何落在眉山？ "我们在西部选址时，眉山并非唯一选项。"赵九铃坦言，投资决策需要综合考量市场、供应链、人才、政策等多 重因素，而地方政府对产业的理解深度与长线服务的决心，往往比短期优惠更具吸引力。 "我们和眉山的对接更像是双向奔赴。"赵九铃说。钠电池作为锂电池的重要补充路线，当前产业化尚处于初期， 当企业阐述产业现状和对未来市场的判断时，眉山招商团队展现出的务实作风和专业能力让他印象深刻。这种基 于产业趋势同频的对话，让赵九铃坚信："我们带来的不只是一条全新产线，眉山引进的也不只是一家工厂，我们 在共同布局眉山钠电产业的未来。" 目 ...

Core Viewpoint - The stock price of Yishitong has shown volatility in the past week, influenced by the overall sentiment in the new energy vehicle and battery sectors, with significant attention on the company's products in sodium-ion and semi-solid batteries [1][2]. Group 1: Stock Performance - As of February 13, the latest closing price was 29.50 yuan, down 1.40% for the day, with a trading volume of 66.36 million yuan and a turnover rate of 1.11% [1]. - The stock reached a high of 31.02 yuan on February 9 and a low of 29.35 yuan on February 12, resulting in a price fluctuation of -1.21% and a volatility of 5.59% during this period [1]. - On February 13, there was a net outflow of 4.43 million yuan from the main funds, continuing a trend of net outflows over several days [1]. Group 2: Financing Activities - Recent financing activities have been active, with a financing buy amount of 7.25 million yuan on February 12, maintaining a financing balance of 330 million yuan, which is a high proportion of the circulating market value [2]. - The company disclosed a 2025 earnings forecast on February 3, predicting a year-on-year revenue growth of 22.89% to 26.86%, but indicated a net loss primarily due to increased R&D investments and expenses [2].

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index down 0.89% to 27,024.06 points, the Hang Seng Tech Index down 1.68% to 5,407.59 points, and the China Enterprises Index down 0.96% to 9,179.06 points [1] - Major technology stocks fell, including Alibaba down 2.12%, Tencent down 2.65%, and Meituan down 4.16% [1] Sector Performance - AI application stocks showed resilience, with Zhiyuan (智谱) surging over 33% after the release of its new flagship model GLM-5, which achieved state-of-the-art performance [2] - New energy and resource stocks were active, with CATL (宁德时代) rising over 4% due to a partnership with Changan Automobile to introduce sodium-ion batteries [2] - Precious metals and mining stocks also saw gains, with Zijin Mining (紫金矿业) up over 4% after a target price upgrade from Citigroup [2] Individual Stock Movements - Capital Airport (首都机场) fell over 3% due to a negative earnings forecast, with expected net losses for 2025 reaching 600 to 760 million yuan [3] - Budweiser APAC (百威亚太) dropped over 4% as its 2025 revenue is projected to decline by 7.7% [3] - Dongfeng Motor Group (东风集团股份) rose over 3% after meeting all conditions for privatization and the spin-off of its Lantu brand [3] Institutional Insights - Analysts noted that the market is in a phase of volume contraction, with a focus on structural opportunities in essential retail and tech hardware sectors [4] - Despite inflows from southbound funds, the overall trading volume in the Hong Kong market remains low, indicating a cautious market sentiment [4] - The Hang Seng Index is currently at a historical low valuation, with a PE ratio of only 12 times, suggesting potential for a rebound in quality stocks that have been oversold [4]

Core Viewpoint - Changan Automobile and CATL have jointly launched the world's first sodium-ion battery mass-produced passenger vehicle, showcasing the resilience of diverse supply in the electric vehicle sector [2][3] Industry Summary - The rapid development of the new energy vehicle and energy storage industries has led to a surge in demand for lithium batteries, driving up lithium carbonate prices and prompting battery manufacturers to explore sodium resources [2][3] - CATL's sodium battery has a maximum energy density of 175Wh/kg, with pure electric range capabilities of up to 500km or even 600km [2][3] - In extreme cold conditions, the sodium battery vehicle demonstrates significant performance advantages, with nearly three times the discharge power compared to conventional lithium iron phosphate models at -30°C, over 90% capacity retention at -40°C, and stable discharge at -50°C [2][3] Technology Insights - Sodium batteries complement rather than simply replace lithium batteries, offering excellent low-temperature performance and fast charging/discharging capabilities [3] - The lower cost of sodium batteries presents vast application prospects in energy storage and other cost-sensitive areas [3] - The integration of sodium and lithium batteries in the same system can meet diverse needs for fast charging, low-temperature performance, long range, and cost efficiency [3] Investment Strategy - The sodium-ion battery industry is growing, with costs expected to decline as production scales up, enhancing its cost advantage amid rising lithium prices [4] - Sodium-ion batteries are suitable for various applications, including energy storage, light electric vehicles, backup power for data centers, and automotive starting power [4] - Companies leading in sodium-ion battery technology and production, such as CATL, Chuan Yi Technology, and Huayang Co., are recommended for investment [4] Market Review - The electric power equipment industry experienced a weekly increase of 2.20%, ranking third among 31 primary industries [5] - The electric power equipment sector outperformed the CSI 300 index, while major indices like the Shanghai Composite and CSI 300 saw declines of -1.3% [6]

证券日报网讯2月9日，亿纬锂能（300014）在互动平台回答投资者提问时表示，公司已在固态电池领域 进行技术布局，并做了相关产业规划。2025年9月，公司固态电池研究院成都量产基地正式揭牌，"龙泉 二号"全固态电池成功下线。此次下线的"龙泉二号"为10Ah全固态电池，能量密度高达300Wh/kg、体积 能量密度为700Wh/L，主要面向人形机器人、低空飞行器以及AI等高端装备应用领域。同时，公司前瞻 探索钠离子电池在储能领域的应用，2025年9月，公司首套大容量钠离子电池储能系统在荆门基地成功 并网调试，正式转入商业化运行阶段，标志着公司在新型储能技术领域实现关键突破。此外，亿纬钠能 总部项目动工仪式于2025年12月正式举行，园区建成后将成为国内领先的钠电产业化基地。其中， 2GWh钠电产能将有效填补市场供需缺口，推动储能、AIDC等场景规模化应用，助力降低新能源产业 对锂资源的依赖。 ...

中化新网讯 2月5日，长安汽车携手宁德时代在牙克石举办"长安汽车天枢智能新安全成果发布暨钠电战 略全球发布会"，长安汽车正式发布全球钠电战略，全球首款钠电量产乘用车也正式亮相。同时，长安 汽车旗下阿维塔、深蓝、启源、引力等多品牌，未来都将搭载宁德时代钠新电池。 图为发布会现场。（企业供图） 该乘用车在-30℃条件下，整车放电功率比同电量常规铁锂车型提升近3倍，-40℃极寒下容量保持率超 90%，甚至在-50℃的极端环境下还能稳定放电。该电池还具备远超国标的安全性能。 早在2016年，宁德时代便启动了钠离子电池技术的研发，截至2025年，累计投入近百亿元，研发测试电 芯近30万颗，超过300名研发人员及20名以上博士参与研发。 目前，全球首款钠电量产乘用车已经在牙克石通过冬季标定，其续航、低温性、安全性、放电性能等均 已完全满足用户使用需求。根据实测数据，宁德时代钠电池搭配其第三代CTP系统成组技术，纯电续航 可达400千米以上，再通过宁德时代BMS智能管理策略的精准控制，可以实现"表显即所得"，而电芯的 最高能量密度达175瓦时/千克，为行业最高水平。未来随着钠电产业链的高速发展，纯电续航可以升级 到500千 ...

Core Insights - The article highlights significant movements in the semiconductor and display technology sectors, particularly focusing on companies that have recently experienced substantial stock price increases due to positive developments in their respective fields [1] Group 1: Semiconductor and Display Technology - Company "晶合集成" saw a stock price increase of 7.21% on February 9, following a report on its extensive customer base in the panel display driver chip sector, which includes many leading international companies [1] - Company "东田微" experienced a stock price surge of 9.58% on February 9, with intraday gains nearing 15%, attributed to its successful mass shipments of high-end products like "旋涂滤光片" to major domestic smartphone brands [1] Group 2: Battery and Mining Investments - A company is investing nearly 1 billion yuan in the construction of a lithium-ion battery cathode material project, indicating a strong commitment to the battery technology sector [1] - Another company is planning to acquire a gold mine for a consideration of 210 million yuan, reflecting strategic moves in the non-ferrous metals and mining industry [1] - A company has achieved batch supply of over 20 tons of cathode materials for all-solid-state batteries, showcasing advancements in energy storage technologies [1]

Group 1 - The top trending stocks in A-shares include Xiexin Integrated, Sanyan Co., Shenjian Co., Data Port, Juliy Suoj, Hangdian Co., Galaxy Electronics, Yongtai Technology, Intercontinental Oil and Gas, and Wuzhou New Spring [1][2] - Xiexin Integrated's rise is attributed to significant breakthroughs in perovskite tandem battery technology, achieving a certification efficiency of 33.31%, and its strategic focus on space photovoltaic equipment development [3] - Sanyan Co. is gaining attention due to a proposed investment of approximately 7.2 billion yuan from Anhui State-owned Wanhui Group, which alleviates uncertainties from its restructuring process [3] Group 2 - Shenjian Co. benefits from the growing commercial aerospace sector, with its subsidiary being a key supplier for major rocket components, enhancing investor interest [4] - Data Port's focus is driven by the "East Data West Calculation" strategy, which supports the data center industry, alongside increasing demand for AI and computing power [4] - Juliy Suoj is recognized as a core supplier in the commercial aerospace and deep-sea equipment sectors, with significant orders extending to 2026 [5] Group 3 - Hangdian Co. is experiencing growth due to multiple favorable themes and national investment plans in the power grid sector, with its business covering ultra-high voltage and optical communication [5] - Galaxy Electronics is gaining traction due to its involvement in military information technology and commercial aerospace, with a significant reduction in losses reported [6] - Yongtai Technology's partnership with CATL is a key catalyst for its market interest, as it aims to deepen integration within the new energy supply chain [6]

双环科技（000707.SZ）2月9日在投资者互动平台表示，公司投资建设的年产千吨级的钠离子电池正极 材料的中试基地项目近期产出首批产品，中试产品将送往下游客户进行性能测试。 我们将根据客户性 能测试的情况和钠离子电池的行业前景决策是否推进钠离子电池材料等产业化项目。目前中试产品在下 游厂家性能测试的结果还具有不确定性，公司的钠离子电池材料等产业化项目能否实施尚不确定。 该 中试基地项目为年产千吨级正极材料的规模，对公司近期的收入和利润的直接影响较小。 每经AI快讯，有投资者在投资者互动平台提问：近期看到贵司与国内顶尖钠电池生产厂家签订了战略 合作协议，能介绍下签的战略合作协议如何落地执行吗？还有贵司钠离子正极材料远期规划有吗？ （文章来源：每日经济新闻） ...