Group 1 - The A-share market is experiencing a spring rally, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11% [12] - Short-term market focus is on low-position sectors, particularly cyclical Alpha (non-ferrous metals, chemicals) expanding towards cyclical turning points in construction materials, oil, and steel [1][13] - The current profitability in non-ferrous metals, chemicals, and oil is nearing high levels, indicating increasing short-term resistance for cyclical trends [1][14] Group 2 - Global market risk appetite is on the rise, favoring equity assets, with recommendations for tactical overweight in A/H shares, US stocks, and gold, while suggesting underweight in US Treasuries and oil [2][15] - The upcoming economic work conference and the start of the 14th Five-Year Plan in 2026 are expected to lead to more aggressive economic policies and an expansion of the fiscal deficit [2][15] - The anticipated interest rate cut by the Federal Reserve in December and the stable appreciation of the RMB are favorable for China's monetary easing in early 2026 [2][15] Group 3 - The technology sector remains the main focus of the current bull market, driven by the AI wave, with recommendations to pay attention to the application of AI in specific sectors [3][16] - Value sector opportunities are also worth considering, including certain resource products and real estate [3][16] - Consumer services may receive temporary attention as part of the sector allocation strategy [3][16] Group 4 - The market is expected to remain stable with a focus on holding positions through the upcoming holiday, as historical data suggests a less than 50% probability of major index increases in the 20 trading days before the Spring Festival [4][17] - Post-holiday, a new upward momentum is anticipated, with higher probabilities of index increases in the following 20 trading days [4][17] - Key sectors to watch include electronics, power equipment, and non-ferrous metals, with a focus on both growth and defensive styles depending on market conditions [4][17] Group 5 - The spring rally is expected to enter its second phase, with the Shanghai Composite Index nearing 4200 points, reflecting a strong upward trend since late December [5][18] - The market is witnessing a divergence in fund flows, with significant inflows into margin financing while stock-type ETFs are experiencing outflows [5][18] - Attention is needed on macro policy expectations from the upcoming National People's Congress in March and the microeconomic fundamentals from the 2025 annual reports [5][18] Group 6 - The current average P/E ratios for the Shanghai Composite and ChiNext are 16.88 and 53.36, respectively, indicating a suitable environment for medium to long-term investments [8][20] - The market is expected to focus on performance and industry trends, with a likelihood of maintaining a slight upward trend in the Shanghai Composite Index [8][20] - Investment opportunities are suggested in sectors such as photovoltaic equipment, energy metals, batteries, and aerospace [8][20] Group 7 - The market is anticipated to continue its oscillation and consolidation phase, with ETF outflows and a temporary decline in margin financing [9][20] - Despite the market's cooling, overall trading enthusiasm remains, and a slow bull market expectation may lead to fluctuating market sentiments [9][20] - Investment opportunities are highlighted in the TMT sector, robotics, and non-ferrous metals, alongside a focus on banking and insurance due to favorable long-term funding conditions [9][20] Group 8 - The spring rally is expected to persist, with a significant increase in risk appetite in the A-share market, as evidenced by a 17-day consecutive rise in the Shanghai Composite Index [10][21] - The market liquidity environment is improving, supported by favorable external conditions and proactive internal policies [10][21] - Key investment themes include low-valuation high-dividend assets, technology-driven production, and domestic market expansion [10][21] Group 9 - The 2026 economic outlook is positive, with proactive monetary and fiscal policies expected to support stable economic growth and a continued "slow bull" market in A-shares [11][21] - February is anticipated to maintain the momentum of January's focus on technology and non-ferrous sectors, driven by the "14th Five-Year Plan" [11][21] - Investment opportunities are identified in sectors related to new productive forces, including AI, aerospace, and agriculture [11][21]

来源：中原证券股份有限公司 投资要点： 周四（01 月22 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在4140 点 附近遭遇阻力，随后股指维持震荡，盘中航天航空、采掘、船舶制造以及通信设备等行业表现较好；电 子化学品、保险、电池以及珠宝首饰等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周四震荡上扬，创业板成分指数全天表现强于主板市场。 周四A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在4140 点附近遭遇阻 力，随后股指维持震荡，盘中航天航空、采掘、船舶制造以及通信设备等行业表现较好；电子化学品、 保险、电池以及珠宝首饰等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。当前上证综指 与创业板指数的平均市盈率分别为16.88 倍、52.98 倍，处于近三年中位数平均水平上方，适合中长期布 局。两市周四成交金额27166 亿元，处于近三年日均成交量中位数区域上方。央行近期通过结构性工具 降息等操作，明确了"今年降准降息还有一定空间"的态度，旨在助力经济转型并提振市场信心。监管层 在鼓励中长期资金入市的同时，也通过调节两融、规范交易等方 ...

风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经济复苏进度不及预期；宏观经济超 预期扰动；政策超预期变化；国际关系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动 加剧。 责任编辑：王珂 来源：中原证券股份有限公司 投资要点： A 股市场综述 周五（01 月23 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在4143 点 附近遭遇阻力，随后股指维持震荡，盘中光伏设备、能源金属、电池以及航天航空等行业表现较好；航 空机场、保险、银行以及船舶制造等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创业 板市场周五震荡上扬，创业板成分指数全天表现强于主板市场。 后市研判及投资建议 周五A 股市场冲高遇阻、小幅震荡上行，早盘股指高开后震荡上行，盘中沪指在4143 点附近遭遇阻 力，随后股指维持震荡，盘中光伏设备、能源金属、电池以及航天航空等行业表现较好；航空机场、保 险、银行以及船舶制造等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周五 震荡上扬，创业板成分指数全天表现强于主板市场。当前上证综指与创业板指数的平均市盈率分别为 16.88 倍、53. ...

202 6（第二届） 起点锂电圆柱电池技术论坛 暨圆柱电池 20强排行榜发布会 ——全极耳技术跃升 大圆柱市场领航—— 2、32、40、46、60等大圆柱系列产品在轻型动力、电动两三轮车、铅改锂、便携式及户用储能、两轮车及换电、无人机及EVTOL、汽车动力等 领域快速放量； 3、全极耳、高镍、硅碳、钠电等技术与圆柱电池结合产生新的增长点和市场空间； 4、起点研究院（SPIR）2026中国圆柱电池综合竞争力排行榜20强权威发布（覆盖圆柱电池电芯、设备、材料等关键环节）为行业做采购参考； 5、2026年行业首届聚集圆柱电池的技术高峰论坛，圆柱电池前沿技术、工艺、材料深度探讨和思维碰撞。 202 6 年 4 月 10 日 深圳 一、活动组织架构及行业背景 ——行业背景—— 1、2025年大圆柱电池和全极耳电池市场爆发，根据起点研究院SPIR统计，2025年中国圆柱电池出货量增长超过15%，其中大圆柱电池增速超 过40%，亿纬锂能、多氟多新能源、鹏辉能源、新能安、创明新能源、小鲁锂电、蓝京新能源、利维能、 时代联合 、 中比 等头部大圆柱电池企 业产能供不应求，预计 2026年圆柱电池将继续保持高速增长； 活动名称： ...

经济观察报记者 郑晨烨 1月22日，宁德时代（300750.SZ）发布新的天行轻商系列动力电池。该系列电池涵盖超充版、长续航版、高温超充版及低温版。其中，低温版是行业首款量 产的钠离子电池，适配中小VAN（厢式车）及小微卡等车型。 按照宁德时代发布的参数数据，这款钠电池单体能量密度达到175Wh/kg，在零下30摄氏度的极寒环境中可以实现即插即充。 此前的1月17日，在四川眉山甘眉工业园区，江苏众钠能源科技有限公司（下称"众钠能源"）全球首个万吨级硫酸铁钠正极材料基地正式投产。众钠能源董 事长夏刚告诉经济观察报，随着眉山基地的投产，硫酸铁钠正极材料进入万吨级规模量产阶段，硫酸铁钠钠电芯的成本已降至约0.45元/Wh。 "巨头新品发布+核心材料量产"，这意味着行业已跨过概念验证阶段，进入规模化交付阶段，钠电商业化开始加速。 产业节奏形成 ICC鑫椤钠电发布的统计数据显示，2025年，中国钠离子电池产量达到3.45GWh，相比2024年的1.76GWh接近翻倍。此外，近日有市场消息称，包括LG新能 源在内的国际巨头计划在南京建设钠电试点产线，试图利用中国成熟的供应链体系加速其钠电的商业化进程。 在锂电池的核心基础 ...

Core Viewpoint - The sodium battery industry is transitioning from concept validation to large-scale delivery, with significant advancements in production and cost reduction, positioning itself as a viable alternative in scenarios where lithium batteries are less effective [2][4][21]. Industry Developments - CATL launched a new series of sodium-ion batteries, including the industry's first mass-produced low-temperature version, achieving an energy density of 175Wh/kg [2]. - Jiangsu Zhongna Energy's sodium iron sulfate cathode material production facility has begun mass production, reducing the cost of sodium battery cells to approximately 0.45 yuan/Wh [5][6]. - By 2025, China's sodium-ion battery production is expected to reach 3.45GWh, nearly doubling from 2024 [4]. Cost and Economic Viability - The cost of sodium battery cells is projected to decrease further, potentially falling below 0.4 yuan/Wh by 2026, making them increasingly competitive with lithium batteries [6][7]. - Despite the cost reductions, challenges remain in achieving consistent material quality and production efficiency, particularly when scaling from laboratory to industrial production [8][9]. Unique Market Opportunities - Sodium batteries are finding unique applications in extreme temperature environments, such as low-temperature commercial vehicles and high-temperature conditions in regions like Saudi Arabia [13][14]. - In the two-wheeler battery swap market, sodium batteries offer longer cycle life compared to lead-acid batteries, leading to lower operational costs over time [16]. - The integration of sodium batteries in energy storage systems is evolving, with hybrid solutions combining lithium and sodium technologies to enhance efficiency [18][19]. Strategic Industry Positioning - The sodium battery sector is increasingly recognized as a strategic backup for energy security, with major players entering the market to leverage their supply chain capabilities [7][21]. - The industry is shifting towards a focus on long-life, lower-cost materials, with a significant portion of production expected to utilize stable, low-energy-density cathode materials by 2025 [22][24]. - The market is evolving to accept sodium batteries as a distinct product category rather than merely a cheaper alternative to lithium batteries, emphasizing their unique advantages in specific applications [10][11][24].

随着全球脱碳进程提速与新能源产业升级，固态电池作为破解传统锂电池安全性与能量密度瓶颈的核心 技术，正从实验室走向产业化临界点。随着中国新能源重卡等细分市场的爆发式增长，这一赛道逐渐成 为资本与企业角逐的焦点，据中信证券测算，2030年全球固态电池总出货量将超700GWh，其中全固态 电池超200GWh。在此背景下，成立仅三年的浙江久功新能源科技有限公司，凭借无锂负极硫化物全固 态技术路线的精准卡位与产业化的快速推进，从众多参与者中脱颖而出，成为赛道核心玩家。 行业红利集中释放，固态电池迎来量产"临界点" 固态电池被业内视为新能源领域的"下一代核心技术"，其以固态电解质替代传统液态电解液，不仅显著 降低热失控风险，更能通过体系升级将比能量和能量密度同时提升至400Wh/kg和1000Wh/L以上，远超 当前主流锂电池水平。当前，政策支持与市场需求形成双重推力，行业正迈入量产前夜。 政策层面，随着"十五五"规划框架明确，多地结合区域产业优势，将固态电池纳入"新赛道"布局。其中 浙江省明确支持高能量密度固态电池研发与产业化，通过浙江省级企业研究院认定等政策，为久功科技 等企业提供全方位支持。 市场需求端更是呈现爆发 ...

1月23日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在电池等方面最新 情况： 【电池】 航天动力：目前航天元新仅限于机加业务 楚江新材：子公司天鸟高新和顶立科技均为中国航天航空的合作伙伴 奥飞娱乐：公司目前持有北京诺亦腾科技有限公司约5.12%股权 拓日新能：公司晶硅电池曾供商业卫星使用 但近期并未签订此类业务新订单 万润股份：钙钛矿光伏材料已实现供应 理论上可应用于太空钙钛矿太阳能翻板电池 亿纬锂能（维权）：已与多家商业火箭、商业卫星领域头部企业达成合作 为其提供航天电池产品及解 决方案 【光伏】 中来股份：未来光伏产品应用拓展至太空等多元化场景是行业趋势，已经在积极推进适配不同场景的产 品自主研发或联合开发 【其他】 天箭科技（维权）：公司微波前端产业基地现已投产 南风股份：子公司正就3D打印业务进行多元化市场拓展 安凯微：公司部分产品已执行价格调整 北斗星通：直接应用到火箭和卫星的收入占比不足千分之一 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司电池、储能可以用在太空吗？ 亿纬锂能（300014.SZ）1月23日在投资者互动平台表示，公司始终坚持提供全场景锂电池解决方案，针 对商业航天产品极端使用环境和高可靠性特点，公司2年前已开始布局商业航天锂电池产品，目前已与 多家头部商业火箭公司和商业卫星公司合作，为其提供高性能、高可靠、低成本电池能源解决方案。 ...

证券日报网讯1月23日，亿纬锂能（300014）在互动平台回答投资者提问时表示，公司始终坚持提供全 场景锂电池解决方案，结合航天产品极端使用环境与高可靠性的核心特性，公司早在两年前便已提前布 局相关业务，目前已与多家商业火箭、商业卫星领域的头部企业达成合作，为其提供高性能、高可靠、 低成本的航天电池产品及解决方案。 ...