两会前瞻及资本市场影响 20260303 摘要 "十五五"规划目标预计 GDP 增速需达 4.4%以实现 2035 远景，2026 年全国目标共识在 4.5%-5.0%，地方加权目标 5.1%显示整体持平略回 落。 产业排序发生重大调整，"建设现代化产业体系"升至首位，超越"科 技创新"，重点攻关集成电路、工业母机等核心技术并推进"AI+"行动。 2026 年 A 股驱动力由估值转向业绩，预计非金融盈利增速从 2025 年 的 4%回升至 8%，去产能成效与地产链拖累减弱（占比降至 10%以 下）是核心支撑。 配置策略从单一成长转向"成长精选+周期重点"，看好供需反转与涨 价逻辑叠加的周期资源股，成长股侧重光通信、高端制造及电池储能。 货币政策预期"降准多于降息"，财政赤字率预计维持在 4%左右，广 义财政工具（超长期特别国债、专项债）有望边际发力。 风险化解聚焦房地产新模式与地方债处置，市场对小盘股持谨慎态度 （估值分位近 100%），建议向业绩稳健的大盘风格及红利资源股切换。 Q&A 2026 年两会前瞻下，市场对"十五五"及中长期改革的核心关注点是什么？ 2026 年作为"十五五"开局第一年，两会期间市 ...

据捷克太阳能协会1月15日消息，2025年捷光伏新增装机增速显著放缓，而电池储能领域则呈现上升态 势。2025年全年，捷新增光伏并网27298座，同比减少逾1.7万座；新增装机容量降至696兆瓦，降幅近 三分之一。尽管累计装机量已达5.16吉瓦，但受市场饱和及补贴中断影响，家庭需求大幅萎缩，市场重 心正逐步向企业项目转移，企业光伏装机量已反超家庭住宅领域。与此同时，称储能行业迎来新发展机 遇。2025年捷新增电池储能容量546兆瓦时，同比增长8%。随着《可再生能源法》修正案允许独立电池 系统并网，行业预计增速将进一步加快。然而，协会警告称，当前电网面临大量投机性的"地毯式"并网 申请，此类申请占据总量的65%，严重挤占电网容量。 ...

Market Overview - The three major indices showed mixed performance, with the Shenzhen Component Index rebounding while the ChiNext Index lagged [1] - As of the midday close, the Shanghai Composite Index fell by 0.08%, the Shenzhen Component Index rose by 0.28%, and the ChiNext Index decreased by 0.39% [1] - The total trading volume for the day reached 1.65 trillion yuan, with nearly 3,000 stocks declining [1] Sector Performance - AI hardware stocks, including PCB, CPO, and liquid-cooled servers, experienced significant gains, with companies like Tianfu Communication, Shenling Environment, and Huafeng Technology hitting historical highs [1] - The real estate sector saw a pullback as the market reacted to the recent favorable policies in Shanghai, with companies like Huaxia Happiness and Shilian Hang leading the decline [2] - The battery storage sector faced pressure due to concerns over rising lithium carbonate prices impacting profit margins, with companies like Sungrow Power and CATL dropping over 5% [2] Notable Company News - NVIDIA reported better-than-expected earnings for the fourth quarter of fiscal year 2026, with total revenue of $68.13 billion, surpassing analyst predictions of $66.2 billion [1] - NVIDIA's earnings per share were $1.62, exceeding the Wall Street estimate of $1.53 [1] - The company provided a positive revenue guidance for the first quarter of fiscal year 2027, projecting $78 billion, with a 2% fluctuation range, excluding revenue from data centers in China [1] Hong Kong Market - The Hang Seng Index fell by 0.39%, and the Hang Seng Tech Index dropped by 1.65%, with major tech stocks like Baidu and Alibaba declining over 2% [4]

Market Performance - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index down 0.08%, the Shenzhen Component Index up 0.28%, and the ChiNext Index down 0.39% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 16,498 billion yuan, an increase of 1,176 billion yuan compared to the previous day [1] - Over 2,300 stocks in the market experienced gains [1] Sector Performance - The top-performing sectors included CPO, optical fiber, copper cable high-speed connections, PCB, liquid cooling servers, power grid equipment, cultivated diamonds, and aerospace engines [1] - Conversely, the sectors that saw the largest declines were film and television, insurance, real estate, complete automobiles, epoxy propane, short drama games, construction materials, and duty-free shops [1] Influencing Factors - Nvidia's better-than-expected earnings report boosted sentiment in the AI industry chain, leading to significant gains in AI hardware stocks such as CPO, copper cables, liquid cooling servers, and PCBs [1] - Stocks like Tianfu Communication, Shenling Environment, and Huafeng Technology reached historical highs during the session [1] - The power grid equipment sector also benefited from the AI wave, with Beijing Keri and Hangdian Co. hitting the daily limit [1] Specific Events - Zimbabwe announced a suspension of lithium concentrate and raw ore exports, which positively impacted the lithium extraction sector, with stocks like Jinyuan Co. and Xianfeng Holdings hitting the daily limit [1] - Other sectors that saw gains included cultivated diamonds, computing power leasing, and commercial aerospace [1] - The real estate sector experienced a pullback as the market reacted to the previous day's favorable policies in the Shanghai housing market, with Huaxia Happiness and Shilian Holdings leading the decline [1] - The battery storage sector faced pressure due to concerns over rising lithium carbonate prices squeezing profits, with stocks like Sungrow Power and CATL dropping over 5% [1]

Core Viewpoint - The "Jianheng Aoneng Sodium Salt Energy Storage Battery Full Industry Chain Project," led by Inner Mongolia Jianheng Aoneng Technology Co., Ltd., has achieved a breakthrough with the development of the 720V high-voltage solid-state sodium salt battery, marking the first commercial product using ceramic solid electrolytes in China, with a fully self-controlled technology route [1] Group 1: Technological Advancements - The 720V solid-state sodium salt battery utilizes special alumina ceramic electrolytes and inorganic positive electrode materials, demonstrating superior safety performance compared to traditional lithium batteries, as it is non-flammable and non-explosive under extreme conditions [1] - The battery operates stably in a wide temperature range from -40°C to 60°C, addressing the challenges of energy storage in extreme environments [1] - The cycle life of the battery reaches 7000 cycles, which is more than three times that of traditional lead-acid batteries [1] Group 2: Production and Economic Impact - The production line of the project achieves full automation with a yield rate exceeding 90%, positioning it as the most automated solid-state sodium salt battery production base globally upon completion [1] - Once fully operational, the project is expected to generate an annual output value of over 6 billion yuan and an annual tax revenue of 390 million yuan, driving the output value of supporting industries to exceed 10 billion yuan, thus achieving a win-win situation for industrial development and economic benefits [1] Group 3: Industry Implications - The launch of the 720V solid-state sodium salt battery signifies a major breakthrough for China in the energy storage technology sector, leading the industry into a new development phase with its outstanding performance and broad application prospects [1] - The project breaks the technological monopoly held by the US and Europe, promoting the energy storage industry into an era characterized by "inherent safety" solid-state technology [1]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：综合自外媒、IEST巴西商业 巴西国家经济和社会发展银行（ BNDES ）于 2026 年 2 月 4 日宣布， 已批准向 万高（ WEG ） 公司提供 2.8 亿雷亚尔的融资，用于 其 在圣卡塔琳娜州伊塔雅伊市（ Itajaí ）建设一座电池储能 设 备 工厂。 电池储能 设备 用于储存电 力 能 源 并在 用电高峰 需要时释放 这些电能 ，有助于稳定 全国范围内 的 电力供应，尤其适用于采用太阳能、风能等间歇性可再生能源的电网。在用电需求较低时，多余电 能可以被储存 起来 ；在用电高峰期再回输至电力系统，从而降低停电风险。 该工厂建成后，将把 WEG 公司 的储能系统年产能提升至最高 2 吉瓦时（ GWh ），相当于每年可生 产 400 套 储能系统 、单套容量为 5 兆瓦时（ MWh ）的储能系统。 此外，该项目还将在巴西首次 引入 "cell-to-pack" （电芯直集成）架构。这一技术已被多家全球大型制造商采用，通过将电芯直 接集成至最终模块中，可显著提升电池的效率和性能。 鑫椤报告预售： 预订电 ...

本文来源：储能前沿 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ ICC 鑫椤资讯年终盘点： 2025-2029年全球锂电池应用市场运行趋势及竞争策略研究报告 2025年碳酸锂市场盘点： 2025年电解液市场盘点： 2025年铜箔市场盘点： 2025年钴酸锂市场盘点： 2025年三元材料市场盘点： 2025年磷酸铁锂市场盘点： 2025年三元前驱体市场盘点： 2025年六氟磷酸锂市场盘点： 2025年磷酸铁市场盘点： 2025年添加剂VC市场盘点： 2025年钠离子电池市场盘点： 2025年新型锂盐LIFSI市场盘点： 2025年隔膜市场盘点： 2025年锂电池市场盘点： 2025年铝箔市场盘点： 2025年储能电池市场盘点： 2025年储能系统市场盘点： 2025年磷酸锰铁锂市场盘点： 2025年负极材料市场盘点： 日前，据外媒报道，英国投资管理公司施罗德的能源转型投资平台施罗德Greencoat与宁德时代、香港私 募基金Lochpine Capital签署战略谅解备忘录，各方将联合在欧洲推进电池储能项目的开发与投资。 根 据协议，此次合作规划了欧洲电池储能投资 ...

Core Insights - The article discusses the ongoing revolutionary energy transformation from fossil fuels to renewable energy sources, emphasizing the role of advanced technologies in making sustainable energy solutions commercially viable [3][4]. Group 1: Energy Transition - Humanity is undergoing a significant energy revolution, shifting from fossil fuel extraction to harnessing energy from wind and solar power, with storage in batteries [3]. - Ningde Times has deployed "photovoltaic + energy storage" systems in remote mines in Chile and the Democratic Republic of Congo, reducing electricity costs to about one-fourth of diesel generator costs [3]. - In Pakistan, Ningde Times' energy storage solutions are providing reliable power to local cement plants, cutting electricity costs by half when combined with solar power [3]. Group 2: Challenges and Solutions - A major challenge in global energy transition is the high manufacturing costs of new energy products due to excessive regulations in some overseas markets [4]. - The company suggests establishing "zero-carbon economic zones" in certain countries to promote advanced energy technologies more efficiently and economically [4]. Group 3: Future Energy System Characteristics - The future energy system will be characterized by three key features: "distributed," "intelligent," and "circular" [4]. - Distributed power systems, incorporating renewable energy generation and advanced battery storage, will replace centralized fossil fuel systems, especially in areas with weak grid infrastructure [4]. - Ningde Times is developing high-voltage grid-type energy storage technology to address the stability challenges of high renewable energy penetration [4]. Group 4: Intelligent Energy Management - Advanced AI-driven scheduling and optimization will effectively balance energy supply and demand, leading to a more intelligent energy system [5]. - In Shanghai, Ningde Times' energy storage system utilizes AI technology to enhance energy management efficiency for SenseTime's AI data center [5]. Group 5: Circular Economy - The circular economy will be crucial for achieving zero-carbon energy, with materials from zero-carbon energy systems being recyclable [5]. - Ningde Times has achieved a nickel and cobalt recycling rate of 99.6% and a lithium recycling rate of 96.5%, the highest in the industry [5]. - The company has initiated the "Global Energy Circular Economy Plan (GECC)" to promote circular economy practices within the industry [5].

Core Insights - The Shanghai Stock Exchange's Sci-Tech Innovation Board New Energy Index rose by 3.4%, while the China Securities Photovoltaic Industry Index increased by 3.2%, indicating strong market interest in the new energy sector [1][12]. Group 1: Market Performance - The China Securities New Energy Index saw a rise of 1.9%, and the China Securities Shanghai Environmental Exchange Carbon Neutrality Index increased by 1.8% [1][16]. - The National Securities New Energy Battery Index rose by 1.1%, reflecting positive sentiment in the battery sector [1][12]. - The E Fund Energy Storage Battery ETF (159566) recorded a net subscription of 18 million units, with a total of 97 million yuan invested over the past two days [1]. Group 2: Industry Trends - Elon Musk has been actively researching domestic photovoltaic equipment manufacturers, focusing on HJT and perovskite technology, which aligns with his previously announced goal of expanding production capacity to 200 GW [1]. - The solid-state battery technology, characterized by higher energy density and smaller size, is expected to benefit from developments in space computing, making it suitable for satellite applications [1]. Group 3: Index Composition - The New Energy Index comprises 50 representative stocks from the new energy industry, with approximately 80% of its composition focused on photovoltaic equipment and battery sectors [3]. - The Energy Storage Battery Index focuses on companies involved in battery manufacturing, energy storage inverters, and battery system integration, positioning it to benefit from future energy development opportunities [7]. - The Photovoltaic ETF tracks an index that includes 50 representative companies across the photovoltaic industry chain, highlighting its significance as a future energy source [10]. - The Carbon Neutrality ETF tracks an index composed of 100 stocks from clean energy and high-carbon reduction potential sectors, indicating a strong focus on carbon neutrality initiatives [14].

Core Viewpoint - Ruipu Lanjun has announced a profit forecast, expecting a net profit between approximately RMB 630 million to RMB 730 million by December 31, 2025, after a net loss of approximately RMB 1.353 billion for the year ending December 31, 2024, indicating a turnaround in performance driven by increased sales of power and energy storage battery products, improved capacity utilization, and cost reduction measures [1][3] Group 1: Financial Performance - The company reported a revenue of RMB 9.491 billion for the first half of 2025, representing a year-on-year growth of 24.9%, with a significant reduction in net loss by over 90% compared to the previous year [3] - The forecasted net profit for 2025 marks a significant recovery from the previous year's losses, showcasing the company's confidence in its operational improvements and market strategies [1][3] Group 2: Strategic Adjustments - Under the leadership of President Feng Ting, who took office in November 2024, the company has implemented strategic adjustments, resource integration, and internal reforms, contributing to its improved financial performance [3] - The company has shifted its strategic focus from "technology exploration" to a "customer demand-driven" approach, ensuring that technological advancements align closely with market needs [8] Group 3: Technological Advancements - The core technology platform "WenDing®" has successfully transitioned from laboratory to market, enhancing internal space utilization by 3%-5% and reducing direct current resistance (DCR) by 16% [8][9] - The company has developed several industry-leading products based on this technology, including a 392Ah energy storage cell with an energy efficiency of 95%-96.4% and a 588Ah ultra-large capacity cell achieving 96.6% efficiency in specific charging scenarios [9] Group 4: Global Expansion Strategy - Ruipu Lanjun is shifting its global strategy from simple product exports to "industrial chain export" and deep localization, exemplified by its investment in a battery factory in Indonesia with an initial planned capacity of 8GWh [11] - The company has signed strategic cooperation agreements with local firms in Indonesia and South Korea, significantly increasing its overseas revenue by 153.4% year-on-year to RMB 2.663 billion in 2024 [11] Group 5: Future Outlook - The company is positioning itself as a comprehensive energy solutions provider, aiming to integrate deeply into local green energy infrastructure in Southeast Asia, the Middle East, and Europe [15] - Ruipu Lanjun's global narrative is evolving from "going out" to "going in" and "integrating in," with a focus on sustainable innovation and maintaining its technological edge in the global energy revolution [15]