｜2025年12月19日星期五｜ NO.1 多只货币基金限购 12月17日，多家基金公司陆续发布货币基金限购公告，多只产品限购额仅1万元，还有产品直接暂停代 销渠道申购。 比如，富安达现金通货币公告称，自12月18日起，暂停该基金在代销机构的申购（含定期定额投资及转 换转入）业务，但对于部分销售机构的申购和转换转入业务照常办理，包括银行渠道、三方渠道等。此 外，基金公司直销平台的相关业务也正常办理。 同样暂停申购的还有天治天得利货币基金，自12月18日起暂停该基金代销渠道的申购、转换转入、定期 定额投资等业务，但直销渠道相关业务仍正常办理。 比如，有重仓科技板块的基金经理透露，"11月内，对于持仓收益已非常可观的海外算力链，当其估值 已反映明年约20倍市盈率的预期时，我们认为进一步上行的空间有限，便选择了减持"。 NO.4 FOF发行热度持续攀升 Wind数据显示，截至12月17日，公募年内新成立79只FOF基金，合计成立规模已达到803.54亿元，较此 前2021年的峰值还差281.08亿元。 具体到单季度来看，经历了此前三季度的回落后，今年四季度FOF新发热度明显攀升。Wind数据显 示，截至目前，四季度 ...

记者发现，在锂电池概念中，共有16只湘股，分别为五矿新能、百利科技、金博股份、湖南海利、科力 远、时代新材、湖南裕能、邵阳液压、领湃科技、华自科技、尔康制药、中科电气、威领股份、湘潭电 化、山河智能、*ST生物（南华生物）。 截至12月17日，16只湘股股价相比1月2日收盘价，均有不同程度上涨。其中，涨幅最低的是*ST生物。 该个股1月2日收盘价为8.25元/股，12月17日收盘价为8.43元/股，只能算微涨。 东莞证券研报认为，看好锂电池产业链周期复苏。预计2026年全球新能源汽车销量增速约达17%，全球 动力电池需求同比增长约20%。储能电池方面，2026年全球储能市场将延续高速增长，储能电池需求增 速预计达50%左右，储能电芯供需紧张格局可能将持续至2026年年中。 受益于碳酸锂价格反弹，锂电池概念股今年业绩显著回暖，前三季度归母净利润同比增长26.97%。归 母净利润同比增长的锂电池概念股中，剔除2024年三季报归母净利润不超过1亿元的个股后，5只个股归 母净利润同比增长超100%，国轩高科、道氏技术、中材科技增幅居前，分别达到514.35%、182.45%、 143.24%。 长沙晚报掌上长沙12月 ...

Flash | 15 Dec 2025 09:07:05 ET │ 11 pages China Battery Materials. China Battery Supply Chain on Ground: Weaker EV Demand Gradually Affecting Battery Production Pipeline CITI'S TAKE ZE Consulting revised down its production pipeline forecast in Dec-25 due to the EV seasonality downtrend, and estimates the Top-5 battery makers' production pipeline could be down by 1% MoM (vs previously est. at flattish MoM). Our near-term view is relatively cautious, as we think the market may have underestimated the slowdo ...

Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (300750.SZ) - **Industry**: China Energy & Chemicals - **Market Capitalization**: Rmb1,782,448 million - **Current Share Price**: Rmb391.80 (as of December 12, 2025) - **Price Target**: Rmb490.00, implying a 25% upside potential [5][5][5] Key Financial Metrics - **Revenue Forecast**: - 2025: Rmb410,628 million - 2026: Rmb500,706 million - 2027: Rmb612,448 million [5][5][5] - **EBITDA Forecast**: - 2025: Rmb91,066 million - 2026: Rmb114,337 million - 2027: Rmb141,233 million [5][5][5] - **Earnings Per Share (EPS)**: - 2025: Rmb15.39 - 2026: Rmb18.97 - 2027: Rmb23.75 [5][5][5] - **P/E Ratios**: - 2025: 25.5 - 2026: 20.6 - 2027: 16.5 [5][5][5] Industry Insights - **Global Energy Storage System (ESS) Deployment**: - 1H26 global ESS new builds increased to 126 GWh, a 34% year-over-year growth, with an additional 13 GWh in the last two months [8][8][8] - Total deployment for 2025 is projected at approximately 275 GWh, representing a 72% year-over-year increase, with China contributing 151 GWh (+44% YoY) and the US contributing 63 GWh (+111% YoY) [8][8][8] - **Cumulative Deployment Projections**: - **China**: 200 GWh by 2026 - **US**: 75 GWh by 2026 - **Europe**: 20 GWh by 2026 - **Global Total**: 300 GWh by 2026 [2][2][2] Valuation Methodology - **Valuation Approach**: Utilizes EV/EBITDA methodology consistent with global battery analysts, assigning a 17x EV/EBITDA multiple to 2026E EBITDA, which translates to a 25x P/E for 2026E [9][10][10] Risks and Opportunities - **Upside Risks**: - Faster-than-expected EV penetration and ESS application - Lower geopolitical risks - Better-than-expected margins and market share gains [13][14][14] - **Downside Risks**: - Weaker EV penetration and ESS application - Potential threats from competing battery manufacturers - Geopolitical risks affecting the battery supply chain [13][14][14] Conclusion Contemporary Amperex Technology Co. Ltd. is positioned favorably within the energy storage sector, with strong projected growth in revenue and deployment metrics. The company is rated as "Overweight" by Morgan Stanley, indicating a positive outlook for investors [5][5][5].

CITI'S TAKE Flash | 12 Dec 2025 04:06:50 ET │ 16 pages China Materials 2025 On-ground Demand Monitor Series #176 – Thermal Coal Production and Inventory Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in ...

Core Points - The Company announced the commencement of a subscription period for a Subsequent Offering of up to 22,222,222 new shares at a subscription price of NOK 0.90 per share [1] - The Board of Directors has decided to cancel the Subsequent Offering due to shares trading below the subscription price for a significant period, allowing shareholders to purchase shares at lower market prices [2] - Ensurge Micropower specializes in advanced microbattery technology for AI-enabled devices, focusing on thin-film batteries produced through high-precision roll-to-roll processes [3]

记者丨 江佩佩 翁榕涛 见习记者张嘉钰 编辑丨谢珍 12月11日，中国证券监督管理委员会网上办事服务平台显示，北京卫蓝新能源科技股份有限公 司(下称卫蓝新能源)已与中信建投证券签署上市辅导协议，正式启动A股创业板IPO进程。 据公司官网显示，卫蓝新能源由中国工程院院士陈立泉、中国科学院物理研究所研究员李泓、 教授级高级工程师俞会根于2016年共同发起创办。 值得注意的是，陈立泉出生于四川省南充市，是中国锂电池领域的奠基者、开拓者和引领者， 被誉为"中国锂电池之父"。他在中国率先开展锂电池及相关材料研究，首先研制成功锂离子电 池，解决了锂离子电池规模化生产的科学技术与工程问题，实现了锂离子电池的产业化。 公司官网显示，卫蓝新能源是中国科学院物理研究所固态电池产学研孵化企业，主营固态锂离 子电池，集研发、生产、市场、销售于一体，是国家级 专精特新"小巨人 " 企业 、独角兽企 业。具有40余年固态电池产业研究经验，产品主要应用领域涵盖新能源汽车、储能、低空经济 动力三大部分。 如果顺利上市，卫蓝新能源或将成为A股"固态电池第一股"。 固态电池独角兽启动IPO 合作公司曝光 据红星资本局报道，陈立泉曾是李泓和宁德时 ...

Core Insights - QuantumScape is approaching a significant milestone as its QSE5 solid-state battery achieves new real-world testing benchmarks, indicating potential advancements in the electric vehicle (EV) battery sector [1] - The battery demonstrates higher energy density and faster charging capabilities, attracting interest from major automakers, which strengthens the investment case despite commercialization being several years away [1] Company Summary - QuantumScape's QSE5 solid-state battery is nearing critical testing milestones that could impact the EV battery market [1] - The company is focusing on enhancing energy density and charging speed, which are key factors for EV adoption [1] Industry Implications - The advancements in QuantumScape's technology could reshape the EV battery landscape, potentially leading to increased competition and innovation within the industry [1] - Major automaker interest in QuantumScape's developments suggests a growing recognition of the importance of solid-state batteries in the future of electric vehicles [1]

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Group 1 - EOS Energy Enterprises (EOSE) is positioned to benefit from the AI power boom and the push for energy independence in America, indicating a positive outlook for the company [1] - The company is rapidly growing, suggesting strong market potential and opportunities for investment [1] Group 2 - The analyst has extensive experience in the stock market and political economics, providing a unique perspective on macroeconomic impacts on assets [1] - A comprehensive and fundamental approach is emphasized in identifying investment opportunities, highlighting the importance of thorough analysis [1]