每经AI快讯，1月12日，宁德时代成交额达100亿元，现跌4.07%。 每经AI快讯，1月12日，宁德时代成交额达100亿元，现跌4.07%。 ...

Core Viewpoint - The recent surge in lithium carbonate prices and changes in export tax policies for battery products are impacting the battery industry, particularly companies with established overseas production capacity [1] Group 1: Lithium Carbonate Price Surge - Lithium carbonate prices have rapidly increased, breaking through multiple thresholds, reaching 156,060 yuan/ton, a rise of over 150% from the low in June of the previous year [1] - The main futures contract for lithium carbonate has hit the upper limit, reflecting strong market demand [1] Group 2: Export Tax Policy Changes - The Ministry of Finance and the State Taxation Administration announced a reduction in the export tax rebate rate for battery products from 9% to 6% starting April 1, 2026, and the complete cancellation of the rebate from January 1, 2027 [1] - This adjustment is viewed as a staggered reduction, providing a buffer period for the lithium battery industry, with expectations of increased export activity before the changes take effect [1] Group 3: Market Outlook - Huatai Securities anticipates that the reduction in export tax rates will likely elevate overseas prices for corresponding products, benefiting companies with existing overseas production capacity [1] - The firm is optimistic about leading battery manufacturers that have established overseas operations, expecting them to enhance profitability due to the anticipated price increases [1]

公司决定放弃本次融资的优先认购权，该行为构成关联交易。此次交易不会导致公司合并报表范围变 更，不会对公司正常生产经营和财务状况产生不利影响。 1月9日，宁德时代（300750）公告称，AutoFlight为公司全资子公司香港时代的参股公司，香港时代目 前持有其38.23%的股权。由于AutoFlight业务发展需要，拟新增发行3485.84万股股份，其中香港瑞华投 资有限公司出资1亿美元认购1742.92万股。 ...

左图为 20 世纪 30 年代科隆福特⼯⼚的⼯⼈们，右图为 2025 年 5 ⽉的员⼯，他们举着横幅，上⾯写着"这家 ⼯⼚正在罢⼯！"，这是该⼯⼚有史以来第⼀次罢⼯。 图⽚来源： Getty Images 经济学 | ⼤转变 中美两国扭转全球格局，资本流动逆转 随着美国撤军，中国再次向全球扩散资本，导致世界其他国家与这两个超 级⼤国的经济关系发⽣根本性变化。 作者：肖恩·唐南、布伦丹·默⾥、查理·达克斯伯⾥和克莱尔·焦 2026年1⽉12⽇上午6:00（GMT+8） 节省 翻译 ⾃1931年福特A型⻋开始下线以来，位于德国科隆的福特汽⻋⼯⼚⼀直是这座 城市莱茵河畔的标志性建筑。它⻅证了曾经似乎永⽆⽌境的企业扩张时代，那 个时代塑造了美国乐观向上、⽆处不在的全球资本和就业来源地位。 如今，福特位于科隆的⼯⼚已是⽇渐衰落的象征。该公司在9⽉份宣布，将在 ⽬前是⼀家电动汽⻋⼯⼚的科隆⼯⼚再裁员1000⼈——相当于员⼯总数的四分 之⼀——并从明年1⽉起将⽣产班次缩减⾄单班制。作为⼀项战略性撤出欧洲市 场的举措，福特已完全停⽌了其在德国另⼀家⼯⼚的⽣产，并且选择仅在欧洲 ⼤陆销售少数⼏款⻋型。 从阿恩施塔特镇向东驱⻋四 ...

Core Viewpoint - Penghui Energy has shown a mixed performance in terms of financing activities and stockholder dynamics, with significant growth in revenue and net profit year-on-year, indicating a strong operational performance despite fluctuations in stock trading activities [1][2]. Group 1: Financing Activities - On January 9, Penghui Energy's stock price increased by 0.38%, with a trading volume of 1.191 billion yuan [1]. - The financing buy-in amount for Penghui Energy on the same day was 131 million yuan, while the financing repayment was 132 million yuan, resulting in a net financing outflow of 413,800 yuan [1]. - As of January 9, the total balance of margin trading for Penghui Energy was 704 million yuan, with the financing balance accounting for 2.61% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Stockholder Dynamics - As of December 19, the number of shareholders for Penghui Energy was 52,200, a decrease of 3.32% from the previous period, while the average number of circulating shares per person increased by 3.43% to 7,746 shares [2]. - For the period from January to September 2025, Penghui Energy reported a revenue of 7.581 billion yuan, representing a year-on-year growth of 34.23%, and a net profit attributable to shareholders of 115 million yuan, which is an increase of 89.33% year-on-year [2]. - Since its A-share listing, Penghui Energy has distributed a total of 252 million yuan in dividends, with 99.247 million yuan distributed over the past three years [2].

Economic Growth Projections - The district expects a GDP growth of around 6% by 2025, with public budget revenue increasing by 2.3% and industrial output value growing by approximately 10.2% [1] - The district's GDP growth rate has been among the top in the city for seven consecutive quarters, with a growth of 6.1% in the first three quarters of 2025, ranking first in the city [1] Investment and Project Development - The district has developed 11 investment attraction maps, including three characteristic industrial chains and two industrial clusters [1] - Approximately 150 projects have been signed and implemented, with total investments including 4 billion yuan for a battery manufacturing base and 2 billion yuan for a power project [1] - Major projects in the province, city, and district are expected to complete 120%, 155.6%, and 112.3% of their annual investment plans, respectively, with the city's major project investment completion rate being the highest in the city [1] Consumer and Tourism Development - The district aims to accelerate the cultivation of emerging economies, including the first-release economy and holiday economy, with plans to add 30 new regional flagship stores and 100 consumer scenarios [2] - The district will host around 100 themed events, including a special session of the Nanjing International Consumption Festival [2] - The district anticipates a 15% increase in annual tourist reception and total tourism revenue through the integration of agriculture, culture, tourism, and commerce [2] Administrative Efficiency and Financial Support - The district has conducted an action to identify and resolve 479 issues, with over 100,000 cases processed under the "efficiently complete one task" initiative [2] - A total of 2.85 billion yuan in combined tax and fee support has been provided, along with 350 million yuan in financing through intellectual property pledges [2]

Core Viewpoint - Sodium-ion batteries are gaining renewed attention in the industry, particularly due to their cost advantages and abundant raw materials, positioning them as a potential alternative to lithium-ion batteries in various applications [5][10][18]. Group 1: Market Context and Development - CATL's commitment to large-scale application of sodium-ion batteries by 2026 across multiple sectors, including passenger vehicles, commercial vehicles, battery swapping, and energy storage, signals a significant shift in the industry [8]. - The sodium-ion battery market has seen substantial investment, with over 100 billion yuan allocated to various projects, aiming for a production capacity nearing 500 GWh [11][14]. - The rapid fluctuation in lithium carbonate prices has historically influenced the interest in sodium-ion batteries, with a notable price drop in 2023 leading to decreased urgency in sodium battery development [11][14]. Group 2: Technical Advantages - Sodium-ion batteries boast a significantly lower raw material cost due to the abundance of sodium, which is approximately 400 times more plentiful than lithium in the Earth's crust, reducing supply chain risks [10]. - They exhibit excellent low-temperature performance, maintaining 90% capacity at -40°C, which addresses winter range issues for electric vehicles [14]. - The cost sensitivity of sodium-ion batteries is lower compared to lithium iron phosphate batteries, with a 10% increase in key mineral prices resulting in only a 0.8% cost increase for sodium batteries [10]. Group 3: Technical Challenges - Despite their advantages, sodium-ion batteries face a critical challenge with lower energy density, which is essential for vehicle range. The current energy density of sodium cells is around 160 Wh/kg, lagging behind lithium-ion alternatives [15][18]. - The energy density issue must be resolved for sodium batteries to achieve widespread adoption, especially as lithium prices stabilize [15][18]. - CATL's second-generation sodium battery has improved to 175 Wh/kg, approaching the performance of lithium iron phosphate batteries, but still requires further advancements to meet market demands [22]. Group 4: Future Outlook - CATL's strategic positioning suggests that sodium-ion batteries could potentially replace 20%-30% of lithium iron phosphate batteries in small vehicles, with projections indicating this could rise to 50% in the future [22]. - The ongoing development and investment in sodium-ion technology indicate a strong potential for market disruption, particularly as the technology matures and production scales up [22].

Investment Rating - The report assigns an "Accumulate" rating for the sodium-ion battery industry, indicating a positive outlook for investment opportunities in this sector [4]. Core Insights - The formal implementation of the "Technical Requirements for Sodium-ion Batteries for Energy Storage" group standard marks a new phase in the standardization of sodium-ion batteries in China, suggesting that the sodium battery industry chain has completed its initial setup and is expected to enter a period of scale expansion [2]. - Sodium batteries are anticipated to become an effective complement to lithium batteries, with cost advantages becoming more apparent as lithium carbonate prices rise. The comprehensive material costs of sodium batteries are projected to be 30%-40% lower than those of lithium batteries after industrialization [4]. - The sodium battery industry is expected to experience significant scale expansion, with companies like CATL launching new sodium-ion battery brands that can compete with lithium iron phosphate batteries in terms of energy density and performance [4]. Summary by Sections Industry Overview - The sodium-ion battery industry is entering a new stage of standardization with the approval of the group standard, which will take effect on February 1, 2026. This standard covers various aspects such as terminology, testing methods, and storage [4]. Investment Recommendations - The report suggests that companies involved in the sodium-ion battery supply chain are likely to benefit first from the industry's growth. Recommended stocks include CATL, Rongbai Technology, and Zhongwei Co., with related stocks such as Dingsheng New Materials and Zhenhua New Materials also highlighted [4]. Financial Projections - Financial forecasts for key companies in the sodium battery sector indicate positive earnings growth, with CATL expected to have an EPS of 19.29 yuan per share in 2026, and Rongbai Technology projected to reach an EPS of 1.02 yuan per share in the same year [5].

21世纪经济报道记者 焦文娟 2026年第一个工作日，全球汽车行业的头条属于比亚迪，在刚刚过去的一年，比亚迪的纯电动汽车销量 首次超越特斯拉，登顶全球，其2025年纯电汽车销量达到225.67万辆，同比增长27.86%。 从2019年被特斯拉反超，到2025年重夺王座，比亚迪用了六年。但在长跑背后，故事的起点始于23年前 的一场技术路线的漫长跋涉。 登顶的基石，正是一种曾被广泛认为不适合电动汽车的电池材料——磷酸铁锂（LFP）。它曾被主流电 动车行业视为一条"笨路"，能量密度是硬伤。如今，它因比亚迪的刀片电池而重生，成为全球汽车行业 无法绕过的技术路线。 2002年，比亚迪董事长王传福拍板了磷酸铁锂方向。比亚迪电池事业群CTO孙华军告诉《21汽车·一见 Auto》："王传福总始终在一线参与。"2000年，孙华军从复旦大学化学系毕业后加入比亚迪，见证了比 亚迪动力电池业务的成长。 孙华军说，当时行业主流路线有三条：手机电池采用的、能量密度高的钴酸锂；安全性较好的锰酸锂； 以及能量密度最低、但热稳定性最好的磷酸铁锂。 当时，以松下、索尼为代表的全球头部电池企业，其技术重心集中在消费电子领域成熟的钴酸锂路线 上。特 ...

Group 1 - The core point of the article is that Ningde Times announced the approval of two significant resolutions during its fourth board meeting, including a capital increase for its subsidiary and the adoption of Chinese accounting standards for financial reporting [1] Group 2 - The company approved a proposal regarding capital increase and related transactions for its subsidiary [1] - The company also resolved to uniformly adopt Chinese Accounting Standards for preparing financial reports [1]