| 第一部分 前言概要 | 2 | | | --- | --- | --- | | 第二部分 市场回顾 | 3 | | | 第三部分 | 过剩向低成本交割品集中，谨防印尼政策风险 | 4 | | 一、供应端增长集中在湿法产线，火法几乎停滞 | | 5 | | 二、印尼镍矿配额政策风险仍需关注 | 10 | | | 第四部分 需求难寻驱动，或有潜在亮点 | 12 | | | 一、经济增长放缓，降息利好有色板块 | 13 | | | 二、不锈钢供需紧平衡，成本有望抬升 | 14 | | | 三、三元电池占比企稳，新质生产力提供潜在增长点 | | 16 | | 第五部分 供需平衡及交易策略 | 21 | | | 免责声明 | | 22 | 有色板块研发报告 镍年报 2025 年 12 月 30 日 镍过剩犹存 印尼政策风险加大 第一部分 前言概要 【行情回顾】 宏观方面：货币层面较为宽松，利好有色品种金融属性发挥。但经济大 环境仍有较多隐忧，期待"十五五"开年政策工具。 产业方面：2026 年若无印尼镍矿配额扰动，预计过剩略有收窄至 24.5 万吨，但精炼镍过剩再增加 3 万吨，进一步加剧库存压力。过剩向低成本交 ...

Core Viewpoint - Samsung SDI is undergoing a significant strategic shift by entering a new contract worth over 2 trillion KRW (approximately 9.682 billion RMB) to supply square lithium iron phosphate batteries for energy storage systems in the U.S. market [1] Group 1 - Samsung SDI plans to transform its electric vehicle battery production lines in the U.S. into energy storage battery production lines by 2027 [1] - The company's U.S. headquarters is located in Michigan, and it will initiate the manufacturing of battery energy storage cells at its facility in Indiana [1] - This move involves repurposing part of the production lines originally used for electric vehicle cells to produce square lithium iron phosphate energy storage cells, aligning better with local market demands [1]

每经AI快讯，有投资者在投资者互动平台提问：公司验证的电池是钛锂电池吗？验证在北方进行吗？ （文章来源：每日经济新闻） 峰璟股份（002662.SZ）12月30日在投资者互动平台表示，公司研发的锂电池是新型钛酸锂电池，锂电 池产品验证根据国家相关标准及行业规范要求进行。 ...

Core Viewpoint - The company has announced a delay in the "Chengdu Battery Connection System Production Project," pushing the expected completion date from Q4 2025 to Q4 2026 due to external environmental impacts and lengthy approval processes [2][3] Group 1: Project Delay - The delay is attributed to external factors affecting the project and the prolonged approval process for foundational construction, leading to a slowdown in construction progress [2] - The decision to postpone was made to ensure project quality and smooth progress without changing the project implementation entity, method, purpose, or total investment [2] Group 2: Financial Overview - The company completed its initial public offering in January 2024, raising a net amount of 1.073 billion yuan, which will be allocated to various projects including the Chengdu Battery Connection System Production Project [2] - As of November 30, 2025, the total expected investment for the Chengdu project is 385 million yuan, with 201 million yuan already invested from the raised funds [2] Group 3: Impact of Delay - The company stated that the adjustment only affects the investment schedule and will not have a substantial impact on project implementation or current operations [3] - The delay is viewed as beneficial for ensuring high-quality project execution, aligning with the company's long-term development plans [3]

Core Insights - Xinjie Energy has successfully launched its first batch of solid-state cylindrical batteries with a production capacity of 2GWh, marking a significant step into the "GWh era" of large-scale commercial delivery in the solid-state battery competition [1] - The company's self-developed "Falcon solid-state battery" is set to achieve record endurance performance when integrated into eVTOLs in 2024, enhancing industry recognition of its industrialization capabilities [1] - The newly launched solid-state cylindrical battery series boasts a capacity increase of 20%-50% compared to current top-tier ternary lithium batteries, while ensuring safety with no smoke, fire, or explosion risks [1] Company Developments - Xinjie Energy's existing production lines are capable of supplying large quantities to sectors such as aviation, robotics, high-end consumer electronics, and commercial vehicles, with collaborations initiated with several leading manufacturers for joint testing [2] - The company has outlined a cost reduction roadmap through material innovation and process upgrades, aiming to achieve cost parity with current high-end liquid batteries as production capacity scales to 10GWh [2] - The recent product launch provides a rare "certainty" in the capital market, shifting the focus from technology narratives to tangible metrics such as production capacity, yield, and orders, indicating a transition to a phase of industrial investment [2] Industry Implications - The solid-state battery sector is expected to shift from speculative trading to performance-driven investment, with potential for value reassessment across the supply chain, including solid electrolyte materials, lithium metal anodes, and new equipment suppliers [2]

Group 1 - The core viewpoint of the news is that Camel Group Co., Ltd. has shown significant trading activity and financial performance, with notable changes in shareholder structure and stock financing [1][2]. Group 2 - On December 29, Camel Group's stock price fell by 1.18%, with a trading volume of 165 million yuan. The financing buy-in amount for that day was 23.30 million yuan, while the financing repayment was 13.53 million yuan, resulting in a net financing buy of 9.77 million yuan [1]. - As of December 29, the total balance of margin trading for Camel Group was 610 million yuan, with the financing balance accounting for 5.63% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, on December 29, 4,000 shares were repaid, and 46,300 shares were sold short, amounting to 426,900 yuan at the closing price. The remaining short selling volume was 185,400 shares, with a balance of 1.71 million yuan, also indicating a high level compared to the past year [1]. Group 3 - As of September 30, the number of shareholders for Camel Group was 71,600, an increase of 38.00% from the previous period. The average circulating shares per person decreased by 27.54% to 16,391 shares [2]. - For the period from January to September 2025, Camel Group achieved an operating income of 12.14 billion yuan, a year-on-year increase of 7.14%, and a net profit attributable to shareholders of 619 million yuan, a year-on-year increase of 26.95% [2]. - Since its A-share listing, Camel Group has distributed a total of 2.52 billion yuan in dividends, with 892 million yuan distributed in the last three years [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 15.46 million shares, a decrease of 6.51 million shares from the previous period. The Southern CSI 1000 ETF was a new addition to the top ten circulating shareholders, holding 6.44 million shares [2].

摘要 亿纬钠能总部、金源机器人AI中心正式开工。 他 认为当前市场对研发和创新的重视程度显著提升，并以 GPU企业为例，指出 "同样的销售规 模，在AI相关领域可能对应更高的市值水平"，强调这是一个更加看重技术和创造价值的时代。 身后的这片土地上，原本规划的是一座传统工厂，但经过长达三年的方案推演与自我推翻，最终落 地为 "亿纬钠能总部"和"金源机器人AI中心"。 其中 ， 钠电板块规划总建筑面积约 9万平方米、年产能2GWh，覆盖从研发、中试到量产的全流 程 。 配套的金源机器人 AI中心建筑面积约5万平方米，面向机器人研发、试制、中试、总装和技能培 训。 这一调整不仅是物理空间的挪用，更是亿纬锂能战略逻辑的一次迁跃。 这家从 50万元起步、即将迈入"千亿销售俱乐部"的电池巨头，正试图通过布局钠离子电池与AI机 器人，完成从"电池制造商"向"全场景智能化方案供应商"的身份置换。 在锂电 业务重启高景气周期之际 ，亿纬锂能 进一步 试图通过掌控能源定义权与制造工具权来实 现二次跨越。 亿纬锂能正 不再满足于交付标准化的电池模组，而是试图输出一套涵盖能源方案与智能制造逻辑 的 "工业底座"。 钠电的战略底牌：能 ...

（文章来源：证券日报） 证券日报网讯 12月29日，德赛电池在互动平台回答投资者提问时表示，截至12月19日，公司未合并融 资融券信用账户的股东总户数是59843户。 ...

证券时报·数据宝统计显示，宁德时代今日收盘价为369.31元，下跌1.37%，日换手率为0.57%，成交额 为89.25亿元，全天主力资金净流出8.35亿元，近5日该股累计下跌0.68%，近5日资金合计净流入4.38亿 元。 宁德时代12月29日大宗交易平台出现一笔成交，成交量5.00万股，成交金额1500.00万元，大宗交易成交 价为300.00元，相对今日收盘价折价18.77%。该笔交易的买方营业部为中信建投证券股份有限公司北京 东城分公司，卖方营业部为中信建投证券股份有限公司北京东城分公司。 进一步统计，近3个月内该股累计发生38笔大宗交易，合计成交金额为86.70亿元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.00 | 1500.00 | 300.00 | -18.77 | 中信建投证券股份有限 | 中信建投证券股份有限公 | | | | | | 公司北京东城分公司 ...

Group 1 - The article highlights the growing production of solid-state batteries, which are considered the "ultimate answer" for next-generation power batteries, transitioning from laboratory to mass production [1] - Jiangsu Bank has provided a comprehensive credit line of 1 billion yuan to support the solid-state battery production, emphasizing the need for financial backing in high-investment, long-cycle projects [1] - The implementation of structural monetary policy tools in Jiangsu aims to direct financial resources towards technology innovation, green development, and consumption, contributing to high-quality economic growth [1] Group 2 - Jiangsu has adopted a "policy-driven + innovation-driven" approach to incentivize financial institutions to meet the reasonable funding needs of enterprises, launching 39 government-bank cooperation products [2] - The capital market is also actively supporting this initiative, with 70 listed companies in Jiangsu applying for stock repurchase loans amounting to 13.7 billion yuan, enhancing confidence in the stability of the capital market [2] - The effective use of structural monetary policy tools is expected to stimulate market vitality, promote industrial upgrades, and cultivate development momentum, aligning with the goal of better serving the real economy [2]