Market Overview - On February 25, A-shares saw all three major indices rise by over 1%, with the Sci-Tech Innovation Index increasing by nearly 0.7%, and nearly 4,000 stocks in the market experiencing gains [9][10] - The total trading volume reached 1.45 trillion yuan, with a significant increase of 102.9 billion yuan compared to the previous day [10] Sector Performance - The fertilizer and pesticide sector experienced a surge, with stocks like Chuanjinnuo hitting the daily limit, and other companies such as Chitianhua and Yuntianhua also seeing significant gains due to rising prices of urea, potassium sulfate compound fertilizer, and monoammonium phosphate [10][11] - Shipping stocks collectively strengthened, with China Merchants Energy achieving a historical high, and other companies like COSCO Shipping Energy and COSCO Shipping Development also rising, driven by a spike in oil tanker spot freight rates reaching a nearly six-year high [11][12] - Lithium battery concept stocks saw substantial increases, with Hanrui Cobalt rising over 11%, and other companies like Wenkang New Energy and Nord Shares also performing well, as lithium carbonate futures broke through the 170,000 yuan mark, marking a significant daily increase of over 10% [12] International Market Trends - The Nikkei 225 index in Japan rose by 1.4%, reaching a historical high, while the Korean Composite Stock Price Index expanded its gains to 2%, also hitting a historical high, with automotive stocks like Kia and Hyundai seeing significant increases [14] - International gold and silver prices surged, with spot silver rising over 3% and spot gold briefly surpassing 5,190 USD per ounce [14][15]

分析师 1: 尊敬的各位投资者，大家下午好，欢迎参加长江电新一季景气研判开门红系列电话会。那 么这里的话也是先祝本场的嘉宾天汽股份的陈总以及各位投资者，新年快乐，开工大吉。 那么锂电行业，我们讲就是从去年 4 月多开始，需求是出现了这个超预期，也带动了产业 链价格的一个上涨。那么其中的话，六氟磷酸锂也是率先引领的这个环节，然后也有很好 的一个股价的表现。那么从今年年初以来，因为产业进入到一个淡季，我们看到价格和股 价的话都是有所波动。 随着这个假期的结束，行业也是有望开启新一轮的景气的上行。所以本场的话，我们交流 我们也是邀请到天际股份的董事副总陈总来给我们更新一下公司的一个整体的近况。那么 那这次会议的话，我们就直接采取那个提问交流的这种形式。那么陈总，您看先方便，就 是请您给我们介绍一下公司近期的一个整体的这个排产情况，以及就是六福这边散单，包 括大客户的一些。价格的一些情况，可以吗？ 天际股份董事副总陈总: 可以了。各位投资者新年好。就是按照目前公司的整个一季度的排产情况来看，就是过去 这两个月的话，整个排产情况还是应该看起来还是挺不错的，就是目前看起来应该是 1 月 份的话，整个排。整个排场跟销售都是 ...

碳酸锂日报 碳酸锂日报（2026 年 2 月 25 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 涨 10.56%至 164120 元/吨。现货价格方面，电池级碳酸锂平均价上涨 8250 元 /吨至 152000 元/吨，工业级碳酸锂平均价上涨 8250 元/吨至 148500 元/吨，电池级氢氧化锂（粗颗 粒）上涨 7000 元/吨至 144500 元/吨。仓单方面，昨日仓单库存增加 96 吨至 38855 吨。 2. 消息面，2026 年 2 月 19 日，受市场回暖推动，PLS 宣布将于今年 7 月重启西澳 Pilgangoora 的 Ngungaju 锂矿工厂(年产能约 20 万吨)，目前已全面启动为期约四个月的复产准备工作；美国媒体报道称美国 政府正考虑以"国家安全"为由，对约六个行业加征新一轮关税，知情人士称，拟议关税可能涵盖大 型电池、铸铁及铁制配件、塑料管道、工业化学品以及电网和电信设备等行业。 3. 供给端，2 月碳酸锂产量预计环比下降 16.3%至 81930 吨，各原料提锂均有下降。需求端，2 月三 ...

如何展望节后电新行情 20260223 摘要 3 月排产接近去年 12 月水平，部分企业创下单月新高，风电、机器人及 AIDC 领域进展显著。全年需求主要来自碳中和能源消纳和 AI 电力需求， AIDC 设备、储能系统及材料具发展机会，太空光伏、机器人及固态技 术值得关注。 坚定看好北美 AI 缺电带来的国内 AI 电力设备出口机会。OpenAI 计划到 2030 年累计支出 6,000 亿美元，美国 PJM 电网批准 118 亿美元输电网 扩建计划，北美 AI 驱动电力设备需求明确。 推荐变压器出口和 AI 电源赛道。海外变压器紧缺，国内 BRT 产业链头 部企业如思源、伊戈尔、金盘等在北美市场确定性高。美国数据中心自 备发电模式将增加高压大变压器需求。 AI 电源方面，柜外高压直流技术路线正式落地，SST 全面送样测试，柜 内 PSU 有望规模化落地。重点推荐四方、麦米、科士达等公司。 风电竞争格局中，出海与海上风能是主要方向。欧洲海上风能 FID 规模 预计 2025 年翻倍增长。推荐关注管桩领域的大金、海立、天顺等公司， 以及金风、明阳和东缆、中天、亨通等公司。 Q&A 2026 年电信行业的总体展望 ...

2月24日，农历新年开工第一天，广东省在广州召开全省高质量发展大会，肇庆市委书记张爱军在会上 作发言时表示，肇庆将依托东部制造业三大集聚平台，配套嵌入若干个生产性服务业集聚区，推动两业 互促共进，不断催生新质生产力。 每天有500多万件货物由肇庆发往全球 张爱军介绍，肇庆依托西江"黄金水道"深度参与大湾区物流一体化，制造业与现代物流协同发展，去年 货物吞吐量达1.34亿吨、集装箱吞吐量108万标箱、客运量450万人次。率先试点出口锂电包装智慧化检 验监管，去年肇庆宁德时代（300750）锂电池出口增长10倍，带动外贸增长21%、增速居全省第一。 沿江建成18座码头，"码头+石头"带动封开绿色建材成为山区县百亿级首位产业。优化"组合港"、"一港 通"等模式，通关时间缩至1—2天，供港水泥去年出口量翻一番、约占香港市场的1/4。 张爱军表示，肇庆将大力构建"公铁水空"多式联运，加快建设国家重点内河口岸节点和航运枢纽，依托 广州新机场规划建设临空经济区，加快发展临空物流业。 "零工市场"就业模式在全国推广 张爱军介绍，肇庆制造业与人力资源服务业协同发展，作为全省首个职业教育基地，肇庆现有高校11 所、中职院校22所 ...

（文章来源：证券日报） 证券日报网讯 2月24日，道氏技术在互动平台回答投资者提问时表示，公司碳材料板块的产品凭借卓越 的产品质量和良好的市场口碑，得到业内主流客户的广泛认可，主要客户覆盖了比亚迪股份有限公司、 宁德时代新能源科技股份有限公司等众多锂电行业知名公司。 ...

智通财经APP获悉，国金证券发布研报称，2026年，国内储能容量补贴政策及新能源车换新政策等落 地，叠加全球新能源内生需求爆发等开始驱动新一轮碳酸锂周期上行。产业链影响看，碳酸锂价格回升 有利于产业链整体通胀，此外钠电等新技术开始具备替代经济性，有望迎接规模放量。2月，电池/正 极/负极/隔膜/电解液预排产累计同增35%-60%，其中隔膜、电解液同比超50%；各环节排产环比小幅回 落，主要系受春节假期影响排产小幅下调，但全产业链仍维持高景气度。 国金证券主要观点如下： 1月锂电行业重要变化 2026年2月，电池/正极/负极/隔膜/电解液预排产累计同增35%-60%，其中隔膜、电解液同比超50%；各 环节排产环比小幅回落，主要系受春节假期影响排产小幅下调，但全产业链仍维持高景气度。 锂电价格：锂盐与正极材料受政策退坡驱动强劲领涨，电解液相关原料如六氟磷酸锂、VC，及DMC因 供应缓解有所回调 受电池出口退税退坡引发的"抢出口"及阶段性补库需求驱动，碳酸锂与氢氧化锂月涨幅分别达74%和 95%，倒逼磷酸铁锂等正极材料因成本压力大幅跟涨；电解液环节成品价稳，但因处于行业传统需求淡 季且受供应增加和长单谈判影响，核心 ...

Core Viewpoint - The A-share market is expected to focus on technology as the main theme for 2026, with attention also on consumer and dividend sectors as investment opportunities [1] Group 1: Investment Strategies and Themes - E Fund emphasizes the increasing value of dividend assets in a low-interest-rate environment, with dividend yields around 5% and a potential influx of funds into these assets in 2026 [1] - 华夏基金 suggests that concerns over tightening overseas liquidity may be overestimated, and long-term investors could find attractive entry points in sectors like AI, media, and lithium batteries [2] - 富国基金 predicts a "central oscillation upward" trend for the A-share market in 2026, driven by recovery opportunities in consumption and real estate [3] - 汇添富 identifies A-shares as the most promising asset for 2026, highlighting the clear trend in the AI industry and the potential for valuation increases [8] - 博时基金 recommends focusing on emerging industries, resource upgrades, and domestic demand recovery as key investment directions for 2026 [10] Group 2: Sector-Specific Insights - 国泰基金 notes a policy shift towards domestic demand, which is expected to enhance China's economic outlook and asset returns, suggesting a good time for mid-term adjustments in sectors like AI and power equipment [5] - 鹏华基金 highlights the wine sector's potential for valuation recovery in 2026, while also emphasizing the attractiveness of the tourism sector in Hong Kong stocks [6][7] - 景顺长城 focuses on the long-term structural benefits for the equity market, particularly in technology sectors like AI, semiconductors, and consumer electronics [9] - 银河基金 discusses the commercial viability of space solar power and the need for domestic companies to overcome challenges in reusable rocket technology [11] - 东方红 suggests that cyclical sectors have high potential but require supply-side adjustments, while advocating for a bottom-up approach to identify undervalued stocks [12]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the renewable energy sector, focusing on solar energy, energy storage, lithium batteries, wind power, and electric power equipment. The overall sentiment is optimistic about the growth potential in these areas, particularly in North America and China [1][2][3][4]. Key Points and Arguments Solar Energy - The North American visits by solar equipment companies and changes in U.S. trade policies are expected to catalyze the space solar and energy storage markets [1] - The Solar Association's January cost analysis provides support for price recovery in the industry, with a need to monitor demand expectations for traditional solar trends [1] - Companies recommended for investment include space solar battery and satellite power firms such as JunDa, RiSheng, MingYang, JingNeng, and TianHe, as well as equipment manufacturers with strong order visibility like MaiWei, AoTeWei, JingSheng, and ShuangLiang [1] Energy Storage - The first implementation guidelines for large-scale energy storage (OBBB) have been released, alleviating the most pessimistic expectations, while the expiration of fentanyl and equivalent tariffs presents a marginal benefit for U.S. energy storage sentiment [2] - Anticipation of increased orders for North American AIDC energy storage and the introduction of provincial pricing regulations in China are expected to stimulate market activity [2] - The household storage sector is showing resilience in Q1, with strong performance in Ukraine, Australia, and the UK, and expectations for significant month-on-month production increases in March [2][3] Lithium Batteries - Post-holiday production is expected to continue rising, potentially reaching new highs, with a favorable window for price negotiations across the supply chain [3] - Long-term recommendations focus on battery segments, particularly companies with alpha potential like Ningde and Yiwei, while also suggesting investments in undervalued separator and copper foil sectors [3] - Companies with price elasticity in the lithium iron phosphate segment, such as PuTaiLai, Enjie, JiaYuan, TianCi, FuLin, YuNeng, and ShangTai, are also recommended [3] Wind Power - Emphasis on the new wind power cycle starting in the 14th Five-Year Plan, with expectations for commercial aerospace developments and profitability recovery in wind turbine manufacturing [4] - Recommended companies in the wind power sector include DaJin, HaiLi, TianShun, and MingYang Intelligent [4] Electric Power Equipment - During the Spring Festival, PJM plans to invest $11.8 billion in the power grid to support data centers, while OpenAI has announced a $600 billion investment plan with $1,000 billion in financing [4] - Continued recommendations for "North America Power Shortage 3+3" include transformers from SiYuan, Igor, and JinPan, as well as AI power solutions from SiFang, MaiMi, and KeShiDa [4] - Focus on high-voltage transformer export expansion with companies like TeBei, WangBian, BaiYun, AnKao, and HongYuan [4] New Directions - Attention is drawn to Tesla's contract situation and upcoming robot version releases, with recommended robotics companies including SanHua, XinQuan, SiLing, FuSai, RongTai, BeiTe, and MingZhi, along with potential suppliers like KeDaLi [4]

【重点推荐】 证券研究报告 | 2026年02月24日 | 晨会纪要 | | --- | | 数据日期:2026-02-13 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4082.07 | 14100.18 | 4660.40 | 15387.66 | 4134.99 | 1470.33 | | 涨跌幅度（%） | -1.25 | -1.27 | -1.25 | -0.94 | -1.19 | -0.71 | | 成交金额（亿元） | 8468.08 | 11358.71 | 4528.78 | 3880.66 | 5421.16 | 615.92 | 宏观与策略 策略专题:策略专题研究-决胜 26 年牛市的三大行业机遇 行业与公司 公用环保行业专题:可控核聚变系列研究（一）-聚变启航，未来已来 【常规内容】 宏观与策略 宏观快评:1 月金融数据解读-居民信贷"破冰" 宏观快评:美国 1 月 CPI 点评-通胀回落，降息时点仍靠后 固定收益投 ...