Summary of Key Points from the Conference Call Industry Overview - The conference discusses the transition of China's economy from old to new driving forces, highlighting sectors such as electronic components, power distribution, automotive parts, and batteries, which are expanding and surpassing real estate in economic impact [1][5]. - The service industry in China has a potential improvement space of 10%-20% compared to developed economies, particularly in production-oriented services [6]. Core Insights and Arguments - In 2023, China's value-added rate improved to 38.5%, although it still lags behind the average levels of the US and OECD countries [7]. - Total Factor Productivity (TFP) has been growing rapidly since 2020, with expected growth rates of 1.2% and 0.7% for 2023 and 2024, respectively [7]. - The shift from old to new driving forces has altered the structure of raw material consumption, with investment in equipment updates outpacing construction investment [8]. - New quality productivity sectors are expected to take over the pillar position of real estate, although their employment absorption capacity is still insufficient to fully compensate for the decline in real estate [5]. Additional Important Insights - China's macro tax burden is lower than the OECD average, with limited room for future increases due to structural factors [15]. - The electrification of energy consumption in China has significantly surpassed OECD averages, indicating a strong integration into the global electrification process [9]. - China has notable advantages in power grid construction, particularly in high-voltage transmission technology, which supports high-energy-consuming industries like AI [10]. - The income distribution in China has shifted towards residents, with labor compensation rates improving, especially in industries related to the new energy chain [13]. - The future economic landscape is expected to balance new quality productivity with the expansion of the service industry, enhancing consumer spending and improving residents' income [16].

Group 1 - The core viewpoint of the article highlights significant target price increases for certain companies, with Baile Tianheng leading at a 319.47% increase, followed by Hunan Yuneng at 85.81% and Huali Technology at 58.27% [1] - The companies with the highest target price increases belong to the chemical pharmaceuticals, battery, and entertainment products industries [1] - A total of 191 listed companies received broker recommendations during the period from January 12 to January 18, with Dongpeng Beverage receiving the most recommendations at 9, followed by Pudong Development Bank with 8, and Chao Hong Ji, Changjiang Electric Power, and Kweichow Moutai each receiving 7 [1]

Core Insights - The research team at Shanghai Jiao Tong University has made significant advancements in new energy storage technology by developing a high-voltage, anode-free sodium-sulfur battery system, which addresses the limitations of traditional sodium-sulfur batteries in discharge voltage and safety [1][2]. Group 1: Technological Advancements - The new sodium-sulfur battery system achieves a discharge voltage of 3.6 volts, a substantial increase from the typical voltage of less than 1.6 volts seen in conventional batteries [1]. - The innovative approach eliminates the need for metallic sodium in battery production, significantly enhancing safety [1][2]. Group 2: Research and Development - The research introduces a catalytic activation strategy that facilitates the transition of sulfur from a low oxidation state to a high oxidation state, overcoming challenges associated with high-voltage conversion [2]. - This breakthrough not only enhances the performance of alkali metal-sulfur batteries but also provides a theoretical basis and technical support for developing low-cost, sustainable, and high-performance energy storage systems [2]. Group 3: Market Implications - The advancements in sodium-sulfur battery technology are expected to play a crucial role in large-scale energy storage, low-altitude economy, and artificial intelligence sectors, addressing significant market demands [2].

Core Insights - The company has recognized the application of iodides in the perovskite battery sector and is actively conducting technical research and product development in this area [1] Group 1 - The company is currently advancing its research and development projects related to iodides in perovskite batteries [1] - No products have been commercialized or sold yet as the R&D projects are still in progress [1]

Trading Information Summary - As of January 16, 2026, Nandu Power (300068) closed at 16.69 yuan, down 0.6%, with a turnover rate of 5.22%, trading volume of 445,500 shares, and a transaction amount of 745 million yuan [1] - On January 16, the net outflow of main funds was 85.69 million yuan, while retail investors saw a net inflow of 54.61 million yuan [1] Company Announcement Summary - The 7th meeting of the 9th Board of Directors approved several resolutions, including the initiation of hedging business for 2026 with a total margin and premium cap of no more than 150 million yuan and a maximum contract value of 2.2 billion yuan [2][4] - The company plans to provide guarantees totaling no more than 8.05 billion yuan for its subsidiaries in 2026, with a cap of 1.4 billion yuan for subsidiaries with a debt-to-asset ratio below 70% and 6.65 billion yuan for those above [2][4] - Nandu Power intends to apply for a comprehensive credit limit of no more than 14.51 billion yuan from banks for various financing needs [2][4] - The company will use up to 2 billion yuan of idle self-owned funds for cash management, with at least 1.95 billion yuan allocated to deposit products [3][4] Hedging Business Feasibility Analysis - Nandu Power aims to mitigate risks from foreign exchange and raw material price fluctuations by engaging in foreign exchange and commodity hedging activities [4] - The maximum contract value for foreign exchange hedging is capped at 800 million yuan, while for commodity hedging, it is capped at 1.4 billion yuan, with a total margin cap of 150 million yuan [4]

Industry Background - The market for large cylindrical batteries and all-tab batteries is expected to explode by 2025, with China's cylindrical battery shipments projected to grow by over 15%, and large cylindrical batteries expected to exceed 40% growth. Major companies like EVE Energy, Molicel, and others are facing supply shortages, indicating continued high growth into 2026 [3]. - Series products such as 32, 40, 46, and 60 are rapidly expanding in various sectors including lightweight power, electric two- and three-wheelers, portable and home energy storage, and automotive power [3]. - The integration of technologies such as all-tab, high nickel, silicon-carbon, and sodium batteries with cylindrical batteries is creating new growth points and market opportunities [3]. - The 2026 China Cylindrical Battery Comprehensive Competitiveness Ranking Top 20 has been released by the Qidian Research Institute (SPIR), providing a reference for industry procurement [3]. Event Overview - The 2026 Qidian Lithium Battery Cylindrical Battery Technology Forum and Top 20 Ranking Release will be held on April 10, 2026, in Shenzhen, with a focus on all-tab technology leading the large cylindrical market [6]. - The event will feature over 600 participants and will include discussions on cutting-edge technologies, processes, and materials related to cylindrical batteries [6]. Conference Agenda - The forum will include sessions on high-power cylindrical battery technology, innovations in household and portable energy storage, and the development of next-generation large cylindrical batteries [7][8]. - Roundtable discussions will address topics such as overcoming barriers to overseas market entry and identifying emerging application markets for rapidly growing cylindrical batteries [7][8]. Participating Companies - Notable cylindrical battery companies include EVE Energy, Ningde Times, BYD, and LG Energy, among others. The event will also attract downstream application companies and equipment manufacturers [10].

• 2026年6月1日起，关税税率提升至25%。 关税针对国家：丹麦、挪威、瑞典、法国、德国、英国、荷兰、芬兰 关税生效条件："直至达成格陵兰岛完全彻底出售给美国的协议，否则关税将持续有效" • 2026年2月1日起，加征10%关税； 上述国家中，不乏半导体供应链上的核心环节，比如荷兰、德国、法国。 一、特朗普宣布对8个欧洲国家加征关税，直至格陵兰岛出售给美国 格陵兰的陆地总面积216.6万平方公里，大约相当于12个广东省；格陵兰还有7.78万平方公里的领海（格 陵兰是少数领海主张为 3 海里而不是12海里的地区）。 面积庞大的格陵兰地理位置极其重要，美国把它、阿拉斯加和加拿大，看做跟俄罗斯之间的缓冲地带、 第一岛链。 不过整个市场早已经习惯了TACO，也见惯了特朗普将关税作为工具和武器，而不是真正的目的本身。 而这次目的就是格陵兰岛。市场反应预计不会很大。 但有一类资产肯定依然受益，当然是——黄金， 其他金属当然也有机会。 为什么是这8个国家？ 因为他们联手在格陵兰搞了一场反美军演。这个军演非常可笑，一共出动了40名军人（一说37人）。胆 子大、实力强的国家，比如法国、德国出动了10多个人，其他基本上是1到 ...

Core Insights - The Chinese power battery industry has made significant progress, expanding in scale while undergoing deep market adjustments, with a focus on technological innovation and global operations as it moves towards a new development stage by 2026 [1] Market Growth - The domestic power battery installation volume reached 93.5 GWh in November 2025, with a month-on-month increase of 11.2% and a year-on-year increase of 39.2%. Cumulatively, the installation volume for the first 11 months of 2025 was 671.5 GWh, reflecting a year-on-year growth of 42.0% [2] - Lithium iron phosphate (LFP) batteries continue to dominate the market, accounting for 80.5% of the total installation volume in November 2025, with a year-on-year growth of 40.7% [2] - The demand for materials in the battery sector is also increasing, with LFP materials reaching 290.2 thousand tons in the first 11 months of 2025, compared to 193.4 thousand tons in 2024 [2] Technology and Market Trends - LFP batteries are rapidly capturing market share due to cost advantages and technological breakthroughs, while the growth of ternary batteries is slowing down [3] - The global shipment of LFP cathode materials is expected to reach 5.25 million tons by 2026, representing a year-on-year increase of 36% [3] Export and Application Expansion - The export volume of domestic power batteries was 21.2 GWh in November 2025, with a year-on-year increase of 70.2%. Cumulatively, the export volume for the first 11 months of 2025 was 169.8 GWh, reflecting a year-on-year growth of 40.6% [4] - The energy storage sector is becoming a significant growth driver for many established power battery companies, with companies like Yiwei Lithium Energy and CATL reporting substantial increases in both power and energy storage battery shipments [4] Future Market Outlook - The domestic energy storage market is expected to expand significantly, with new bidding for energy storage projects reaching 255.8 GWh in the first nine months of 2025, a year-on-year increase of 97.7% [5] - The overall supply-demand structure of the lithium battery industry is anticipated to improve further by 2026, driven by increased electric vehicle penetration and enhanced economic viability of energy storage installations [8] - The cumulative production of power and other batteries in China reached 1,468.8 GWh in the first 11 months of 2025, with a year-on-year growth of 51.1% [8]

Core Viewpoint - Northbound capital saw a net inflow of 10.15 billion yuan in Q4 2025, with the market value of A-shares held increasing slightly from 25,852 billion yuan at the end of Q3 to 25,898 billion yuan at the end of Q4 [1]. Group 1: Top Holdings - The top ten stocks held by northbound capital as of the end of 2025 include CATL, Midea Group, Kweichow Moutai, China Merchants Bank, Zijin Mining, Northern Huachuang, Zhongji Xuchuang, Huichuan Technology, Ping An Insurance, and Luxshare Precision [1]. - New additions to the top 20 holdings include Suyuan Electric and Cambricon, while WuXi AppTec and Lattice Semiconductor exited the top 20 [1]. Group 2: Sector Performance - In Q4, northbound capital increased holdings in sectors such as new energy (CATL, DeYuan Co., Sunshine Power), electronics (Luxshare Precision, Northern Huachuang, Zhaoyi Innovation), non-ferrous metals (Aluminum Corporation of China, Jiangxi Copper, Zhongjin Gold), and large financials (China Merchants Bank, Ping An Insurance) [2][3]. - The sectors with the highest increase in holdings were non-ferrous metals, communication, and basic chemicals [7][8]. Group 3: Net Inflows and Outflows - The stocks with the highest net inflows in Q4 included CATL (12.19 billion yuan), Luxshare Precision (6.1 billion yuan), Weichai Power (4.87 billion yuan), China Merchants Bank (4.26 billion yuan), and Ping An Insurance (3.49 billion yuan) [4]. - Conversely, the stocks with the largest net outflows included Kweichow Moutai (-8.45 billion yuan), WuXi AppTec (-5.32 billion yuan), BYD (-4.98 billion yuan), and Mindray Medical (-4.22 billion yuan) [5]. Group 4: Industry Holdings - The leading industry by market value held by northbound capital is electrical equipment, followed by electronics, non-ferrous metals, banking, and machinery [6]. - The industries with the most significant increase in market value held were non-ferrous metals (51.63 billion yuan), communication (19.48 billion yuan), and basic chemicals (8.86 billion yuan) [8].

Core Insights - The development of the all-solid-state battery industry is being catalyzed by both policy support and the strategic initiatives of leading companies [1][2] Group 1: Policy and Industry Trends - The Ministry of Industry and Information Technology has emphasized accelerating breakthroughs in all-solid-state battery technologies [2] - The industry is transitioning from pure research to engineering validation, with companies like GAC Group and BYD making significant progress in pilot production lines [1][2] Group 2: Technological Advancements and Collaborations - Various companies are actively developing solid-state electrolytes and manufacturing processes, with significant advancements reported by Wanrun New Energy and Tianqi Materials [2][4] - GAC Group aims to start small-scale vehicle testing of all-solid-state batteries by 2026, with plans for commercial application by 2030 [3] Group 3: Equipment and Manufacturing Focus - The focus of the all-solid-state battery industry is shifting from material science to production engineering, making equipment a critical factor for success [4] - Companies like Liyuanheng and Qiantai are leading in providing equipment for mass production, with strategic partnerships aimed at overcoming technical barriers [4][5] Group 4: Market Opportunities and Strategic Value - Winning orders from leading clients is seen as a strategic advantage for equipment manufacturers, indicating recognition of their technological capabilities [5] - The next 2-3 years present opportunities for equipment companies to become collaborative developers and solution providers for new manufacturing demands [5]