威睿电动则是吉利汽车全资子公司，2021年4月，欣旺达动力成为威睿电动的定点供应商。 子公司卷入巨额诉讼 欣旺达（SZ300207）子公司欣旺达动力科技股份有限公司（以下简称欣旺达动力）卷入了一场高达 23.14亿元的诉讼案件。 根据欣旺达12月26日晚间公告，威睿电动汽车技术（宁波）有限公司（以下简称威睿电动）认为欣旺达 动力交付的电芯存在质量问题，因此发起诉讼，已由浙江省宁波市中级人民法院立案受理。 《每日经济新闻》记者了解到，欣旺达曾计划将欣旺达动力分拆至深交所创业板上市，但截至目前尚无 成果。此外，记者查询发现，欣旺达动力近两年营业收入均超过150亿元，但也出现了较大的亏损， 2023年、2024年分别亏损15.6亿元及18.7亿元。 超23亿元的诉讼金额，对于欣旺达而言并非小数目。记者查询发现，2024年，欣旺达实现营业总收入 560.21亿元，实现扣非净利润16.05亿元。今年前三季度，欣旺达则实现营收435.34亿元，实现扣非净利 润10.15亿元。这也意味着，其去年至今的扣非净利润可覆盖上述诉讼金额。 关于欣旺达动力与威睿电动的商业合作，此前欣旺达的公告披露不多。但根据欣旺达2021年4月公告 ...

Core Viewpoint - The release of 294 national standards across 13 key areas marks the successful completion of the "Two New" standard enhancement initiative, aimed at improving energy consumption, product quality, and recycling standards in China [1]. Group 1: Energy Consumption and Emission Standards - The initiative focuses on upgrading energy consumption and emission standards, with 113 national standards published to guide industries like thermal power, steel, and construction materials in energy efficiency [1]. - A new mandatory standard for coal-fired power generation aims to reduce average coal consumption to below 302 grams per kilowatt-hour by 2030, potentially decreasing carbon dioxide emissions by approximately 160 million tons [1]. Group 2: Quality and Safety Standards - The establishment of 18 national standards for greenhouse gas emissions accounting provides a unified framework for companies to implement energy-saving and carbon reduction measures [2]. - A total of 115 national standards have been revised in sectors such as automotive, home appliances, and emerging consumption, enhancing product quality and safety, thereby increasing consumer confidence [2]. - Significant advancements in electric vehicle battery safety standards now mandate that batteries must not catch fire or explode, promoting better battery design and thermal management [2]. Group 3: Recycling and Resource Utilization Standards - The initiative includes 66 national standards for the recycling, disassembly, and reuse of products, ensuring that product design considers recyclability and that recycling processes are scientifically managed [2][3]. - A mandatory standard for information clearance in electronic products has been introduced to ensure the safety and privacy of second-hand product circulation [3]. - The establishment of 12 national standards for battery recycling promotes efficient recovery of strategic resources like nickel, cobalt, and lithium [3]. Group 4: Market Impact and Consumer Behavior - The implementation of these standards supports the "old for new" consumption policy, with over 128 million home appliances replaced in the first 11 months of the year, generating sales exceeding 2.5 trillion yuan [3]. - Standards for home appliance recycling have improved the efficiency of waste appliance recovery, with approximately 8.6 million units processed, yielding around 1.9 million tons of recycled resources [3].

Core Insights - The "Maya Cosulich," a chemical tanker built by Italian shipowner Fratelli Cosulich, is the world's first vessel equipped with methanol dual-fuel power, methanol transport, and methanol bunkering capabilities [2][5] - The ship measures 102.6 meters in length, 19 meters in width, has a deadweight tonnage of 7,990 tons, and a cargo hold capacity exceeding 8,200 cubic meters, and has been classified by the Italian classification society RINA [2][5] - The company Zhongchuan Innovation is the core supplier of the ship's power system, having developed a high-performance, high-safety marine battery energy storage system that operates in conjunction with three methanol dual-fuel generators [2][5] - The design of the "Maya Cosulich" aims to enhance green operational capabilities in port and shipping sectors, providing infrastructure support for the promotion of methanol fuel in the shipping industry [2][5] Company Developments - Zhongchuan Innovation's marine battery systems have been applied in various international and domestic projects, including the world's largest 10,000-ton pure electric container ship "Zhongyuan Shipping Green Water 01" and Saudi Aramco's first hybrid marine engineering vessel "Karan8" [3][6] - The company's technology solutions cover multiple scenarios domestically, such as the largest passenger capacity pure electric tourist ship "Dianjing" and the "Electric Li River" series of electric vessels in the Li River basin [3][6] - Zhongchuan Innovation has received multiple international certifications from organizations such as the American Bureau of Shipping (ABS), DNV, and China Classification Society (CCS), validating the reliability of its marine battery systems under various conditions [3][6] - As demand for low-carbon technologies in the shipping industry rises, the company is gradually expanding its actual delivery scale in the field of ship electrification [3][6]

Core Viewpoint - The acquisition of control over Guangzhou Yichang Technology Co., Ltd. by Chuzhou Urban Investment Holding Group marks a significant step in the integration of the Yangtze River Delta, enhancing the development of the new energy vehicle and energy storage industries in Chuzhou [1][4]. Group 1: Industry Development - Chuzhou has transitioned from a follower to a leader in the new energy and intelligent connected vehicle sectors, establishing a complete industrial chain from core components to vehicle manufacturing [1]. - The city has attracted major battery companies such as Guoxuan High-Tech and Chuzhou Xingheng, with Guoxuan High-Tech's lithium iron phosphate battery production capacity ranking among the top in the industry [1]. - In 2024, Chuzhou's new energy vehicle production is expected to exceed 800,000 units, representing a 45% year-on-year increase, making it a key driver of regional economic growth [1]. Group 2: Yichang Technology's Role - Yichang Technology has implemented a dual-driven strategy of "automotive fundamentals + new energy business," leading to both performance growth and structural optimization [2]. - The company has established a comprehensive product system and strong customer relationships in the automotive sector, collaborating with major automakers like BYD and Great Wall Motors, which have production bases in Chuzhou [2]. - In the first half of 2025, Yichang Technology's automotive business revenue grew by 24.30%, becoming a significant support for the company's overall performance [2]. Group 3: Synergy and Strategic Fit - The rapid development of Yichang Technology's new energy business enhances its synergy with Chuzhou's industrial ecosystem, with significant revenue growth of 177.09% in the first half of 2025 [3]. - The company has entered growth areas such as liquid cooling for energy storage and thermal management for power batteries, securing projects with leading clients like CATL and Sungrow [3]. - Yichang Technology's expansion into humanoid robotics aligns with Chuzhou's strategic goal of becoming a strong manufacturing city, potentially enriching the regional industrial ecosystem [3]. Group 4: Strategic Acquisition Implications - The acquisition is not merely a capital injection but a strategic match based on industrial logic, aiming for a synergistic effect where the combined value exceeds the sum of individual contributions [4]. - This model of mutual empowerment has been validated in Chuzhou's industrial practices, with previous investments leading to rapid development of companies like Lishen Battery and Chuzhou Xingheng [4]. - The acquisition is expected to contribute to Chuzhou's ambition of becoming a leading city in advanced photovoltaic and new energy storage industries, as well as a significant base for the new energy vehicle sector [4]. Group 5: Future Outlook - Chuzhou Urban Investment will adhere to principles of market-oriented operations and professional management while respecting Yichang Technology's operational autonomy [5]. - The city will continue to optimize its industrial policies and business environment to support Yichang Technology and other regional enterprises [6]. - With the support of Chuzhou Urban Investment and the regional industrial ecosystem, Yichang Technology is poised to become a competitive player in the new energy vehicle and storage sectors, further enhancing the overall competitiveness of the region [6].

◎记者 王子霖 作为国民经济发展的"顶梁柱"和"压舱石"，中央企业在"十五五"开局之年的工作动向备受各界关注。12 月22日至23日召开的中央企业负责人会议部署2026年中央企业重点工作，围绕稳经营、提质效，优布 局、调结构，强创新、促转化，抓改革、增活力，保民生、稳大局等五方面进行部署。并购重组、市值 管理、人工智能、国企改革等资本市场高度关注的话题均被提及。 "提质效"层面，中央企业要坚持向内挖潜，做好全面预算管理，加强全员、全要素、全生命周期成本管 控，加大应收款项、合同资产、存货和应付款项管控力度。加强上市公司质量和市值管理。 2025年1至11月，中央企业完成固定资产投资（不含房地产）3.3万亿元、同比增长0.7%。其中，累计完 成新兴产业投资约2万亿元、占总投资的40.1%，营收占比提升至32.7%、较2022年提高10个百分点以 上。 对于2026年的投资工作，会议提出，要围绕产业链强基补短、基础设施建设、能源资源保障、前瞻产业 布局等重点领域，用好各类支持政策，靠前谋划实施一批重大项目和标志性工程，厚植可持续发展基 础。 并购重组提升资源配置效率 2025年，中国雅江集团、中国长安汽车组建成立 ...

Group 1: Commercial Aerospace - Focus on core targets in manufacturing and launch sectors that may maintain stable or improving value amid cost reduction trends[3] - Key targets in satellite manufacturing include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics[3] - Anticipate strong merger and acquisition expectations for Aerospace Science and Technology Group due to its substantial off-balance-sheet assets[3] Group 2: Household Robotics - iRobot's bankruptcy and the acquisition of Jiamei by Chasing Technology are optimizing the landscape of the robotic vacuum industry[3] - iRobot's revenue in Q3 2025 was $146 million, with a loss of $22 million, indicating ongoing challenges[40] Group 3: Liquid Cooling Technology - Key recommended companies include Invid, which has a clear positioning advantage and has secured orders ahead of competitors[3] - The liquid cooling market is expected to grow significantly as cloud providers adopt self-developed ASIC chips, increasing demand for cooling solutions[47] Group 4: Tungsten Materials - Tungsten ore prices have surged, with 65% black tungsten ore increasing by 200.7% to 430,000 CNY per ton by December 19, 2025[65] - Recommended companies benefiting from rising tungsten prices include Zhongtung High-tech and Xiamen Tungsten[64] Group 5: Battery Technology - Zhongchuang Innovation is transitioning to a global battery leader, focusing on high-end products like 5C ultra-fast charging and high energy density batteries[3] - The company has established a comprehensive product system covering both power and energy storage applications[3]

2025 年的 A 股市场，创业板指以超过 45% 的年度涨幅领跑核心宽基指数，用强劲表现印证了新质生产力的成长韧 性。展望 2026 年 "十五五" 规划开局之年，随着盈利增长确定性增强，创业板有望在科技强国与反内卷两大主线推动 下，迎来估值重塑与价值重估的新阶段。 图：创业板指今年领跑国内主要宽基 数据来源：Wind，统计区间2025年1月1日至2025年12月19日 一、主线一：科技强国 —— 新质生产力的主战场 科技自立自强已成为 "十五五" 规划的核心战略，而创业板作为新质生产力的 "主战场"，将全面承接政策红利与产业 趋势的双重赋能。创业板指聚焦电力设备、电子、医药生物等 "三创四新" 领域，截至 2025 年 12月19日， 成份股中 新一代信息技术、新能源汽车、生物医药三大核心赛道市值占比超七成。2025 年电力设备、电子等行业归母净利润率 先企稳改善，前三季报数据显示，受益于全球竞争力提升、科技产业发展和海外需求，部分科技细分领域利润增速超 过40%，盈利增长的确定性进一步强化了科技主线的投资价值。资金方面，保险、社保等长线资金不断入市，或将为 创业板估值重塑持续提供流动性支撑。 图：202 ...

12月21日，"固能焕新・动力启程"固态动力电池技术成果发布活动在江苏盐城举办，固态离子能源科技 （武汉）有限公司子公司江苏九星能源科技有限公司正式发布固态动力电池技术成果，51Ah车规级固 态电池系列产品已率先通过中汽研实验室检测认证，这标志着固态电池科研成果，在盐城完成了从中试 孵化到产业化生产的关键一跃。 (责任编辑：冯虎) 盐城是长三角地区首个新能源发电装机容量突破2000万千瓦的城市，在盐城经济技术开发区及周边，集 聚了从关键材料、电池制造到新能源汽车应用的相对完整产业链条，形成特色鲜明的产业集群，产业协 同优势突出。江苏九星能源科技有限公司作为固态离子能源科技（武汉）有限公司在盐城设立的全资子 公司，其落户正是基于这里日益雄厚的新能源产业基础。依托盐城的新能源汽车及配套优势，固态电池 项目的推进，将进一步补强和完善全市动力电池产业链，为产业升级提供新的核心动力支撑。 当天，该公司还与龙集动力、金银河、中基等产业链伙伴签署合作协议，构建起"研发—生产—应用"的 协同生态。"固态电池能广泛应用于新能源汽车、两轮电动车、无人机、机器人及消费电子等多个领 域。"固态离子能源科技（武汉）有限公司创始人兼首席 ...

从估值维度看，这一领域的市场狂热已显现泡沫化特征。相关企业当前平均85倍PE、12倍PS的估 值，相较传统锂电池30倍PE、3倍PS的合理区间，溢价近3倍。如此估值水平，严重透支了未来数年的 技术突破预期与盈利增长空间，潜藏的市场风险值得各方高度警惕。 行业内这股概念炒作的虚火，亟需降温。我国锂电产业的坚实根基，从来不是靠概念炒作筑牢的， 也不是靠"大跃进"式发展夯实的，更不是以牺牲安全为代价换来的。 概念狂热背后是对技术落地的非理性认知。细究这场技术狂热的源头，此前业内争议颇大的"半固 态电池"概念，实则属于技术定义层面的伪命题，如今已被统一命名为"固液混合电池"。其与传统液态 电池的核心差异，不仅体现在电解质形态上，在底层生产工艺、核心设备体系、供应链配套逻辑等方面 也存在本质区别，并不是简单的升级或过渡关系。 部分主机厂及动力电池企业将固态电池相关概念作为营销噱头，以此撬动资本关注，维系自身股价 表现和市值体量，进而推动了市场对该技术的非理性追捧。此情此景下，行业极易陷入对固态电池量产 装车"一夜封神"的集体幻想。 与概念狂热形成鲜明对比的是宁德时代等头部企业的战略审慎。 以宁德时代为例，其在全固态电池 ...

Core Insights - The global power battery installation reached 867.4 GWh from January to October 2025, with a year-on-year growth of 34% [2][4] - The market share of the three major South Korean battery companies (LGES, SK On, and Samsung SDI) has declined to 16.2%, down nearly 1 percentage point from the previous year [2] Global Power Battery Installation Data - The global power battery installation volume for January to October 2025 is 867.4 GWh, with a year-on-year growth of 34% [2][4] - Global new energy vehicle sales reached 16.09 million units during the same period, representing a 24% year-on-year increase [2][4] Regional Market Performance - China accounted for 63.3% of the global power battery installation volume, with six of the top ten companies being Chinese [2] - The top ten countries for power battery installation include China (549.0 GWh), the United States (103.5 GWh), and Germany (33.1 GWh) [7] Performance of South Korean Companies - The combined market share of the three major South Korean battery manufacturers is 16.2%, reflecting a decline in their global ranking [2] - SK On dropped from sixth to seventh place, while Samsung SDI fell from eighth to ninth in the global rankings [2]