Market Outlook - The market is expected to continue a slow bull trend in 2026, with signs of a profit bottom emerging and ample liquidity gradually reflecting in the performance of listed companies [4][9] - Valuation metrics indicate that the price-to-earnings ratio of stocks relative to bonds is near historical averages, with a low interest rate environment providing upward valuation momentum [9][10] - The Chinese stock market has significant room for improvement in its securitization rate, suggesting potential for further growth [9][10] Industry Allocation Outlook - The report emphasizes a focus on technology, domestic circulation, strategic security, and opening up to the outside world as key investment directions [4][10] - The technology sector is highlighted as a primary area of interest, particularly in AI applications and robotics, which are expected to drive market performance [7][10] - The cyclical recovery is anticipated, with attention on sectors such as high-tech manufacturing, new consumption patterns, and resource scarcity [10] 2025 Market Review - The market has shown a steady upward trend, characterized by a slow bull market, with technology and metals leading the gains [8][23] - Key themes included AI-driven growth, new consumption, and innovative pharmaceuticals, with significant performance from small-cap and resource stocks [23][24] - The overall market performance has been robust, with major indices achieving over 15% gains, particularly in the ChiNext and Northbound indices [23][28] Profit and Valuation Trends - As of Q3 2025, the overall revenue growth for A-shares has turned positive, with a year-on-year increase of 4.19%, and the ChiNext leading with a 15.74% increase [36][40] - Profit growth has also shown significant improvement, with A-shares experiencing an 11.45% year-on-year increase in profits, and the ChiNext achieving a remarkable 32.90% growth [36][40] - There is a structural divergence in profitability, with high valuations correlating with high growth in sectors like technology, while domestic demand sectors lag behind [42][45] Global Economic Context - The report anticipates a favorable global liquidity environment due to ongoing monetary and credit easing, particularly in the U.S., which is expected to positively impact Chinese exports [9][10] - The U.S. economy is projected to experience a mild recovery in 2026, with inflation trends remaining manageable, supporting a favorable investment climate for equities [55]

Core Viewpoint - The government of Ya'an aims to optimize its modern industrial system and enhance industrial development levels during the "14th Five-Year Plan" period, targeting an industrial added value to GDP ratio of approximately 30% by the end of the "15th Five-Year Plan" [1] Group 1: Achievements During the "14th Five-Year Plan" - Ya'an's industrial output value has successfully surpassed 100 billion yuan, with significant increases in the proportion of industrial and manufacturing sectors in GDP [3] - Over 200 industrial projects with investments exceeding 100 million yuan have been established, enhancing the city's development momentum [3] - The advanced materials industry has exceeded 50 billion yuan in scale, and there are 83 national and provincial "specialized, refined, distinctive, and innovative" enterprises [3] - The city has created 22 national and provincial green factories and 5 green parks, with energy consumption per unit of industrial output decreasing by over 14% [3] Group 2: Strategic Directions for the "15th Five-Year Plan" - The city will focus on three main areas: strengthening industrial chains, promoting open collaboration, and accelerating the integration of high-end, digital, and green transformations [4][5] - Ya'an plans to attract over 50 industrial projects with investments exceeding 100 million yuan annually and aims to establish a cluster of over 150 "specialized, refined, distinctive, and innovative" enterprises [4] - The city will leverage its unique geographical advantages to deepen regional cooperation, particularly with the Sichuan-Tibet industrial collaboration base and the Chengdu-Chongqing economic circle [4] - Efforts will be made to achieve full digital transformation of industrial enterprises by 2027 and to create 20 green manufacturing demonstration units [5]

2025年，园区实施高景节能优化、亚洲硅业节能改造等18个节能技改项目；新增7家省级绿色工厂、1家 省级绿色供应链管理企业。同时立足工业经济主阵地定位，系统构建绿色低碳发展政策体系。并以零碳 园区建设为关键抓手，组织南川园区申报国家试点，探索绿电溯源、绿电直连等机制创新，推动降碳举 措落地见效。 依托青海得天独厚的清洁能源禀赋，西宁(国家级)经济技术开发区聚焦锂电、光伏等战略性新兴产业， 精准招商、强链补链，集聚一批行业龙头企业，构建特色鲜明、链条完整、低碳高效的绿色产业体系。 (完) 中新网西宁12月27日电 (记者 孙睿)12月26日，国家发展改革委办公厅、工业和信息化部办公厅、国家 能源局综合司联合印发《国家级零碳园区建设名单(第一批)》，西宁(国家级)经济技术开发区南川工业 园区成功入选，成为青海省唯一跻身国家级首批试点的产业园区。 据悉，首批国家级零碳园区建设名单覆盖31个省(区、市)和新疆生产建设兵团，共52个园区入选，重点 聚焦新能源装备制造、先进装备制造、算力中心等低能耗、低污染、高附加值产业。 据介绍，今年以来，西宁(国家级)经济技术开发区将绿色低碳理念贯穿产业布局、项目建设和运营管理 全过 ...

臻锂新材主要专注于研发新能源电池关键材料，最终产品应用于新能源电车、储能以及人工智能、机器 人等前沿领域。 臻锂新材创始人、董事长兼总经理李骁博毕业于上海交大机械与动力工程学院，长期从事涂层真空沉积 技术研究。2005年，上海交大成立了涂层技术小组，主要研发高性能、高效率的真空涂层制备技术，李 骁博就是该技术小组的核心成员。 目前，臻锂新材正处于初创期，其主要产品复合集流体已实现中试批量化生产。李骁博说，这个阶段， 企业往往还没有进化出很强的"造血"功能，金融的加持就变得至关重要。"我们既欢迎股权融资，也期 待债权融资，上海银行就是一个很好的债权融资伙伴，他们不仅熟悉我们所处的行业，同时还基于企业 发展阶段给出有针对性的金融服务。"李骁博说。 从中试走向投产的关键力量 2023年，李骁博创立了臻锂新材，主要瞄准锂电池复合集流体和新能源材料研发。事实上，其团队早在 2022年就已经开发出了应用于超薄柔性聚合物基膜的第一代磁控溅射一步干法工艺，不仅提升了镀层致 密性和膜基结合力，还显著降低了成本。2024年，李骁博团队在第一代的基础上研发出了第二代复合集 流体。 位于苏州工业园区的苏州臻锂新材科技有限公司（下称" ...

今年以来，西宁开发区深入贯彻国家绿色低碳发展战略，将绿色低碳理念贯穿产业布局、项目建设和运 营管理全过程。围绕打造绿色低碳园区目标，持续推进产业结构优化升级，加快构建绿色低碳能源体 系，大力发展新能源、新材料、先进装备制造等绿色产业，推动绿色电力在园区内高效利用。实施高景 节能优化、亚洲硅业节能改造等18个节能技改项目；新增7家省级绿色工厂、1家省级绿色供应链管理企 业。立足工业经济主阵地定位，编制印发《西宁经济技术开发区、青海国家高新技术产业开发区碳达峰 实施方案》，系统构建绿色低碳发展政策体系。以零碳园区建设为关键抓手，组织南川园区申报国家试 点，完成《南川工业园区绿电园区规划方案》和《国家零碳园区试点申报书》编制，探索绿电溯源、绿 电直连等机制创新，推动降碳举措落地见效。 聚焦锂电、光伏等战略性新兴产业，西宁开发区精准招商、强链补链，集聚一批行业龙头企业，构建特 色鲜明、链条完整、低碳高效的绿色产业体系。推广清洁能源应用，形成"清洁能源+绿色产业"的良性 发展格局。同时，积极培育绿色工厂、零碳工厂及绿色供应链管理企业，鼓励企业开展节能降碳技术改 造和创新，推广低碳工艺和环保装备，在节能减排、资源循环利用 ...

Market Performance - On December 26, A-shares experienced a morning surge followed by a pullback, with the Shanghai Composite Index closing up 0.1% at 3963.68 points, the Shenzhen Component Index up 0.54% at 13603.89 points, and the ChiNext Index up 0.14% at 3243.88 points [1] - The total market turnover reached 2.18 trillion yuan, with over 1400 stocks rising [1] Sector Movements - The commercial aerospace sector saw significant activity, with stocks like Shenjian Co. achieving a seven-day consecutive rise, and China Satellite and Tongyu Communication both hitting the daily limit [1] - The lithium battery supply chain strengthened, with Tianji Co. achieving a three-day rise, and stocks like Fusheng Technology and Yongxing Materials hitting the daily limit [1] - The Hainan Free Trade Zone concept remained active, with Hainan Development achieving a five-day rise and stocks like Intercontinental Oil and Jingliang Holdings hitting the daily limit [1] Stock Limit Changes - A total of 81 stocks hit the daily limit, with 21 stocks achieving consecutive limit rises, and 19 stocks failed to hit the limit, resulting in a limit hit rate of 81% (excluding ST and delisted stocks) [1] Notable Stocks and Reasons for Limit Hits - Commercial Aerospace: Shenjian Co. (7 days), China Satellite (3 days), and Tongyu Communication (5 days) [6] - Lithium Industry: Fuyuan Co. (1 day), Fusheng Technology (1 day), and Tianji Co. (4 days) [6] - Hainan Sector: Hainan Development (5 days) and Intercontinental Oil (1 day) [7] Related News - Blue Arrow Aerospace's IPO guidance work on the Sci-Tech Innovation Board has been officially completed, and the Long March 12A rocket flight test mission has achieved basic success [8] - The Shanghai Municipal Government issued measures to support the development of the aerospace industry in the Yangtze River Delta G60 Sci-Tech Innovation Corridor [8]

Price Tracking - The battery-grade lithium carbonate index price is 111,682 CNY/ton, an increase of 6,544 CNY/ton compared to the previous working day [1] - The average price of battery-grade lithium carbonate is 111,900 CNY/ton, with a rise of 7,000 CNY/ton from the previous working day [1] - Industrial-grade lithium carbonate averages 109,250 CNY/ton, also up by 7,000 CNY/ton from the previous working day [1] - Upstream lithium salt manufacturers are primarily focused on fulfilling long-term contract orders, with limited spot transactions [1] - Downstream material manufacturers are cautious about the rapid price increase, primarily purchasing based on long-term contracts and customer supply [1] - Some companies are forced to accept high-priced sources to maintain production due to urgent demand, which continues to push the current spot price upward [1] Industry News - The National Development and Reform Commission emphasizes the importance of regulating order and leading innovation in the "new three" industries, including new energy vehicles, lithium batteries, and photovoltaics [2] - According to GGII, there are over 282 publicly announced investment projects in China's lithium battery industry chain by 2025, with a total investment exceeding 820 billion CNY, a year-on-year increase of over 74% [2] - Policies related to the recycling and comprehensive utilization of used power batteries are expected to be introduced soon [2] - A document regarding the adjustment of lithium salt spot settlement prices has circulated in the industry, indicating that from January 1, 2026, Tianqi Lithium's spot trading settlement prices will no longer reference existing standards but will instead refer to Mysteel's battery-grade lithium salt prices or the main contract prices of lithium carbonate futures [2] - Tibet Mining stated that its lithium carbonate sales prices are based on the Shanghai Nonferrous Metals Network prices, and the company will enhance market analysis to ensure stable operations [2] - Yihada reported that its sales in the lithium battery industry accounted for approximately 22% in the first three quarters of 2025, a year-on-year increase of 52% [3] - LG Energy Solution announced that Freudenberg Battery Power Systems has canceled a 3.9 trillion KRW electric vehicle battery supply contract scheduled for 2024 [3]

Group 1 - The stock market experienced fluctuations, with the Shanghai Composite Index down by 0.19%, the Shenzhen Component Index up by 0.17%, and the ChiNext Index down by 0.15% at midday [1] - Over 3,900 stocks declined in the two markets, with a total trading volume of 1.45 trillion [1] Group 2 - The lithium battery industry chain is rapidly strengthening, with Tianji Co. achieving three consecutive trading limits in four days, alongside other stocks like Hongyuan Pharmaceutical and Yongxing Materials hitting trading limits [3] - The commercial aerospace concept remains active, with Shenjian Co. achieving seven consecutive trading limits and Jiuding New Materials achieving four consecutive trading limits [3] - The photovoltaic sector saw partial gains, with companies like GCL-Poly and Yijing Photovoltaic hitting trading limits [3] - The Hainan Free Trade Zone concept is performing well, with Hainan Development achieving five trading limits in six days [3] Group 3 - The paper printing sector is experiencing a downturn, with a decline of 1.71% at midday, and stocks like Jiangtian Technology dropping by 12.32% [3] - The computing hardware concept is underperforming, with Changguang Huaxin falling over 10% [3] - Other sectors such as electronic chemicals, CPO concepts, and cultivated diamonds are also following suit with declines over 1% [3] Group 4 - A successful satellite launch using the Long March 8A rocket took place, deploying 17 low-orbit satellite internet satellites into their designated orbits [3] - The main contract for lithium carbonate surged over 8% during the day, breaking through the 130,000 yuan mark, reaching a new high since November 2023 [3]

Group 1 - The Shenzhen Stock Exchange has announced a reduction in fees for 2026, with an expected total reduction exceeding 800 million yuan, covering various financial products including stocks, funds, and bonds [1] - The measures include waiving listing fees for companies and funds, transaction fees for bonds (excluding convertible bonds), and halving the service fees for online voting at shareholder meetings [1] Group 2 - As of the end of Q3 2025, China's financial institutions reported total assets of 531.76 trillion yuan, a year-on-year increase of 8.7%, with the banking sector's assets at 474.31 trillion yuan, growing by 7.9% [2] - The securities sector's assets reached 17.05 trillion yuan, marking a 16.5% increase, while the insurance sector's assets were 40.4 trillion yuan, up by 15.4% [2] Group 3 - The risk reserve ratio for personal public funds is expected to be lowered, as current regulations require a minimum of 20% of management fee income for personal funds, compared to 10% for non-personal funds [3] - This adjustment aims to alleviate constraints on the development of personal public fund companies [3] Group 4 - The lithium battery industry in China is projected to see a total investment exceeding 820 billion yuan in 2025, with over 282 investment projects, reflecting a year-on-year growth of over 74% [4] Group 5 - The SSD and HDD markets are expected to experience significant growth by 2026, with manufacturers advised to strengthen collaborations with major clients and plan for capacity expansion [5] Group 6 - Various regions in China have introduced additional subsidies for automobile sales, totaling over 1.1 billion yuan, as part of efforts to boost the car market before the year's end [6] Group 7 - The price of platinum has surged to a historical high, leading to a shortage of available stock in the Shenzhen market, with consumers needing to place orders and wait for delivery [7] Group 8 - Luckin Coffee is reportedly considering acquiring Blue Bottle Coffee, with no official comments from either party regarding the speculation [8] Group 9 - Midea Building Technology has announced a price increase of 5% across all product lines due to rising raw material costs, effective from December 15, 2025 [9] Group 10 - Annoqi has decided to terminate its investment in a 50,000-ton dye intermediate project due to significant changes in market conditions and related industry policies [11] - The company had initially planned to invest 421 million yuan in the project, with 43.26 million yuan already spent [11] Group 11 - Shengyi Electronics has adjusted its share repurchase price limit to not exceed 144.36 yuan per share, while other terms of the repurchase plan remain unchanged [12] Group 12 - China Electric Research has proposed a cash dividend of 2.5 yuan per 10 shares for the first three quarters of 2025 [13] Group 13 - Weiteou has signed a strategic cooperation agreement with Huairuixin Energy to develop new materials and applications, establishing a joint laboratory for product development [14] Group 14 - Zhuolang Intelligent plans to increase its wholly-owned subsidiary's capital by 900 million yuan, utilizing self-owned funds and fixed assets [15] Group 15 - Zhenhua Heavy Industry has signed a contract worth 1.149 billion yuan with Guangzhou Salvage Bureau for the construction of a deep-water crane vessel [16] Group 16 - Huayin Technology's subsidiary has signed a framework agreement worth 392 million yuan for the processing of aircraft engine components [18] Group 17 - The Shanghai Composite Index recorded a slight increase of 0.1%, marking an eight-day consecutive rise, with significant trading volume and active market sectors [19]

Core Viewpoint - The article highlights the significant achievements and innovations of Pioneering Technology in the lithium battery industry, particularly in commercial energy storage and lightweight power battery sectors, as recognized by the 2025 Golden Ding Award [4][15]. Group 1: Industry Events - The 2025 (10th) Lithium Battery Industry Annual Conference and Golden Ding Award Ceremony took place in Shenzhen, gathering industry elites, technical experts, and leading companies to discuss industry trends and witness technological breakthroughs [2]. Group 2: Company Achievements - Pioneering Technology won two prestigious awards at the 2025 Golden Ding Awards: the "2025 Annual Industrial Energy Storage Battery Technology Innovation Award" and the "2025 Annual Lightweight Power Battery Technology Innovation Award" [4]. - The company has established a comprehensive self-research capability across the entire chain from battery cells, BMS, EMS to PCS and system integration, providing high safety, long-life, and intelligent energy storage system solutions for global customers [6]. Group 3: Project Implementation - In a 5MW/5MWh energy storage backup project implemented in a coal mine in Guizhou, Pioneering Technology utilized an integrated architecture of "energy storage converter + liquid-cooled energy storage container + energy management system" to achieve intelligent switching among three modes: peak shaving, standby backup, and off-grid supply [7]. - This project effectively addresses the safety issues of power outages in coal mines, significantly reduces electricity costs annually, and is eligible for local financial subsidies of up to 2 million yuan, setting a replicable benchmark for "safety + economy" in energy storage [7]. Group 4: Competitive Strategy - Pioneering Technology's lightweight power battery business leverages 16 years of lithium battery technology accumulation and comprehensive self-research capabilities to create a diverse product matrix covering electric two, three, and four-wheel vehicles, shared battery swapping, and automotive start-stop scenarios [8]. - The company has established a collaborative supply system with dual bases in Yangzhou and Hefei, achieving a battery production capacity of 13GWh, with plans to gradually expand to 20GWh [10]. - Due to rapid market demand growth, production lines are currently operating at full capacity, and new production lines are being gradually constructed to ensure market supply [10]. Group 5: Product Differentiation - Pioneering Technology focuses on a dual technology route of lithium iron phosphate and sodium batteries to build differentiated competitive advantages, emphasizing core selling points such as high safety, long life, and wide temperature adaptability [12]. - The company aims to transfer its extensive experience in the energy storage field to lightweight power scenarios, achieving rapid validation and mass delivery of products [12].