本文编选自微信公众号"国家能源局"，智通财经编辑：徐文强。 下一步，国家能源局会同有关方面将进一步落实好党中央、国务院工作要求，推动实施电动汽车充电设 施服务能力"三年倍增"行动，加强充电基础设施建设，持续提升高速公路服务区充电设施服务能力，保 障好重大节假日新能源汽车出行充电需要。 智通财经APP获悉，为强化春节假期高速公路新能源汽车充电服务保障，国家能源局组织有关方面利用 信息化平台加强监测，指导各地加强节前巡检、节日值守和充电引导，增配移动充电设备，有效保障今 年春节假期新能源汽车大规模出行的充电需求。 通过对纳入国家充电设施监测服务平台的5.33万台高速公路充电桩的统计分析，自腊月二十八(2月15日) 至正月初七(2月23日)，高速公路电动汽车充电次数共计602.10万次，充电量达到14976.75万千瓦时，日 均充电量1664.08万千瓦时，较去年春节日均增长52.01%，创历史新高。各地组织有关企业积极部署、 多措并举，春节假期新能源汽车充电服务保障能力得到进一步提高。 ...

每经AI快讯，2月24日，据国家能源局公众号消息，通过对纳入国家充电设施监测服务平台的5.33万台 高速公路充电桩进行统计分析，自腊月二十八(2月15日)至正月初七(2月23日)，高速公路电动汽车充电 次数共计602.10万次，充电量达到14976.75万千瓦时，日均充电量1664.08万千瓦时，较去年春节日均增 长52.01%，创历史新高。 ...

Core Viewpoint - The "14th Five-Year Plan" period has seen significant advancements in innovation and collaboration within the Beijing-Tianjin-Hebei region, with substantial growth in R&D investment and patent ownership, indicating a robust development in the regional economy and technology sector [1][2] Group 1: Innovation and R&D - By the end of 2025, the Beijing-Tianjin-Hebei region is expected to have over 2,000 national-level specialized and innovative "little giant" enterprises, nearly ten times the number at the end of 2020 [1] - The R&D expenditure intensity for the region is projected to reach 4.2% in 2024, an increase of 0.4 percentage points from 2020 [1] - The number of invention patents in the region is anticipated to reach 141,000 by 2025, which is 1.9 times the amount in 2020 [1] Group 2: Collaborative Development - The transaction value of technology contracts in the Beijing-Tianjin-Hebei region is expected to reach 1.4 trillion yuan by 2025, 1.8 times higher than in 2020 [1] - The annual average growth rate of technology contract transactions from Beijing to Tianjin and Hebei is projected at 23%, with a total exceeding 320 billion yuan, marking a 1.7 times increase compared to the "13th Five-Year Plan" period [1] - The establishment of national technology innovation centers in Tianjin, Hebei, and Xiong'an has been initiated, with over 10,000 branches of Zhongguancun enterprises set up in Tianjin and Hebei [1] Group 3: Industrial Development - The number of national-level advanced manufacturing clusters in the Beijing-Tianjin-Hebei region is expected to grow from 2 in 2022 to 7 by 2025 [2] - The production of new energy vehicles in the region is projected to reach 1.084 million units by 2025, with an average annual growth rate exceeding 60% during the "14th Five-Year Plan" period [2] - The formation of a "one-hour automotive parts supply circle" is accelerating in the region [2]

经济大省奋力走在前、作示范、挑大梁，国有资本责无旁贷，必须挺身而出、主动担当。 作为广东省委、省政府重大战略投资平台和省级国有资本运营公司，2025年，广东恒健投资控股有限公司（下称"恒健控股公司"）立足服务全省发展大局， 在复杂环境中保持战略定力、在关键领域持续加力，全年完成投资120.17亿元，同比增长21%，实现"十四五"圆满收官。 2026年是"十五五"开局之年，也是广东增创新优势、实现新突破的关键一年。恒健控股公司将更好发挥战略投资平台和资本运营平台功能作用，不断增强战 略投资和创新投资支撑力，持续提升三大主营业务核心竞争力，为广东奋力跑出高质量发展加速度、确保"十五五"开好局起好步蓄势赋能。 横琴粤澳开发投资有限公司投资横琴深合区跨境电商和文旅产业园。恒健控股公司供图 三大板块协同发力 经营指标再创新高 国有资本是战略资本、耐心资本的重要载体，其投向结构和布局成效，事关现代化产业体系建设和高质量发展全局。立足这一功能定位，恒健控股公司以股 权管理、基金投资、资本运营三大业务板块为核心抓手，充分发挥国有资本功能作用，经营指标再创新高。 2025年，恒健控股公司持续提升专业化、市场化运作能力，推动三大 ...

据了解，全新极狐阿尔法S5官图已发布，新车定位"AI高性能宽体轿跑"，造型上延续现款车型，前包围 进行了重新设计，并新增了绿色车漆。该车长宽高分别为4886/1930/1480mm，轴距为2900mm。 值得一提的是，该车还将提供增程版本，匹配27.4kWh电池，纯电续航175km。 凤凰网科技讯2月24日，北汽新能源极狐品牌用户运营中心副总经理乔心昱发文宣布，极狐全新阿尔法 S5将于3月中下旬上市，3月初开启预售。 乔心昱还公布了极狐全新阿尔法S5的部分亮点信息，包括：256色天幕极光氛围灯、19扬音响系统配合 天空通道、零重力运动云绒座椅、北汽元境智能辅助驾驶等。 ...

Summary of Key Points from Conference Call Records Company and Industry Involved - The analysis focuses on **Junda Co., Ltd.** and its satellite business, particularly its stake in **Xuntian Qianxun** [1][2]. Core Insights and Arguments - Junda Co., Ltd. holds a **60% stake** in Xuntian Qianxun, which corresponds to a future valuation of **90 billion** yuan. When applying a **50% discount rate**, the current valuation is estimated at **40 billion** yuan for the year **2026** [1]. - The valuation methodology for satellite companies can be compared to early-stage **new energy vehicle (NEV)** companies, where: - In the early stages (H2 2020), the price-to-sales (PS) ratio was significantly high, ranging from **20X to 50X** [1]. - As growth begins to slow down, the PS ratio for NEVs decreased to around **5X** by 2022 [1]. - The current market valuation of Junda Co., Ltd. is **28 billion** yuan, which primarily reflects the value of its **perovskite** and **CPI film** businesses, indicating that the market is undervaluing its satellite business [2]. Additional Important Insights - By **2028**, it is projected that **10,000 satellites** will be launched domestically, with the cost per satellite decreasing to **15 million** yuan [3]. - Assuming a **20% market share**, Junda Co., Ltd. could achieve **30 billion** yuan in revenue from its satellite business [3]. - A conservative PS ratio of **5X**, similar to that of the NEV sector in 2022, would imply a future market valuation of **150 billion** yuan for Junda Co., Ltd.'s satellite business [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - In January 2026, the new energy vehicle market operated smoothly, with production and sales of 1.041 million and 0.945 million vehicles respectively, and exports of 0.302 million vehicles, a year-on-year increase of 100%. In February, affected by the Spring Festival, both supply and demand decreased, and it is expected that both supply and demand will increase in March. In the short term, the pre - holiday stocking demand of downstream enterprises is basically completed, and the pre - holiday market may be dull, fluctuating in the range of 130,000 - 150,000. It is recommended to control risks before the festival due to the battery rush - export demand at the end of the quarter [3] Group 3: Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 143,750 yuan, up 1,250 yuan; the average price of SMM industrial - grade lithium carbonate is 140,250 yuan, up 1,250 yuan [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) is 2,000 yuan; the price of lithium mica (Li20: 1.5% - 2.0%) is 3,125 yuan, up 60 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 4,640 yuan, up 65 yuan; the price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 13,340 yuan, up 90 yuan; the price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,300 yuan, up 100 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 52,015 yuan, up 305 yuan; the average price of ternary material 811 (polycrystalline/power type) is 200,850 yuan, up 400 yuan; the average price of ternary material 523 (single - crystal/power type) is 176,400 yuan, up 400 yuan; the average price of ternary material 613 (single - crystal/power type) is 177,900 yuan, up 500 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 8,890 yuan, down 1,970 yuan; the price spread between the near - month and the first - continuous contract is - 1,740 yuan, down 160 yuan; the price spread between the near - month and the second - continuous contract is - 2,140 yuan, down 720 yuan [2] Inventory - The total inventory (weekly, tons) is 102,932 tons, down 2,531 tons; the inventory of smelters (weekly, tons) is 16,920 tons, down 1,436 tons; the inventory of downstream enterprises (weekly, tons) is 44,492 tons, up 835 tons; the inventory of others (weekly, tons) is 41,520 tons, down 1,930 tons; the registered warehouse receipts (daily, tons) is 38,759 tons, up 1,477 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 145,499 yuan, and the profit is - 3,706 yuan; the cash cost of purchasing lithium mica concentrate externally is 142,147 yuan, and the profit is - 3,742 yuan [3]

2025年8月18日，零跑发布2025年上半年财报，首次实现半年度净利润转正；2025年9月25日，迎来第100万辆整车下线的历史性时刻。2025 年12月24日，零跑汽车迎来品牌创立10周年。10年来，零跑始终坚持全域自研，坚定长期主义，坚信技术创新、务实稳健才能走得更远。 零跑汽车2025年全年累计交付达596555台，同比增长103%；2026年1月，零跑汽车销售新车3.21万辆，同比增长27%。2026年的第1个月，零 跑在品牌建设、渠道扩张、产品出海、市场端与社会责任等多维度全面深化。2026年，零跑汽车将冲击100万台销量目标。 | 序号 | | 要更项目 | 要更前 | 要良后 > | | --- | --- | --- | --- | --- | | | 2026-02-13 | 高级管理人员备案 (童 事、监事、经理等) | 姓名：姚甜芝，证件号码： | 姓名：冯育林，证件号码：* | | | | | 姓名:张光银,证件号码: | (新进) | | | | | E | 姓名：姚甜芝，证件号码：* | | | | | 姓名：戟永娟，证件号码：* | 姓名: 芭力,证件号码:********** ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-02-24 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-02-14 | 2026/01 | 社会融资规模:当月值 | 亿元 | 72208 | 8178 | 70546 | | 2026-02-13 | 2026/01 | M0:同比 | % | 2.7 | 10.6 | 17.2 | | 2026-02-13 | 2026/01 | M1:同比 | % | 4.9 | 6.2 | ...

零跑汽车有限公司成立于2017年1月，法定代表人为朱江明，经营范围含新能源汽车整车销售、汽车零 配件零售、汽车零配件批发、新能源汽车电附件销售、计算机软硬件及辅助设备零售、通讯设备销售、 信息技术咨询服务等。股东信息显示，该公司由浙江零跑科技股份有限公司全资持股。 天眼查App显示，近日，零跑汽车有限公司发生工商变更，注册资本由47.08亿人民币增至55.58亿人民 币，增幅约18%，朱江明由执行董事改任董事，同时，多位高管发生变更。 ...