Core Viewpoint - Northern Graphite Corporation, along with partners, has launched the USE-G initiative to develop environmentally friendly graphite extraction technologies for Europe's battery industry, funded primarily by the German Federal Ministry for Economic Affairs and Energy [1][2][8] Group 1: Project Overview - The USE-G initiative aims to create new graphite processing technologies that are cleaner, less energy-intensive, and independent of Chinese supply chains, with a total project budget of €1.70 million, of which €1.14 million is contributed by the Ministry [2][3] - The project will focus on the purification of natural graphite without hydrofluoric acid, the development of sustainable coating materials, and the recovery of graphite from battery recycling [3][5] Group 2: Roles and Contributions - Northern Graphite will supply natural graphite from its Canadian mine and potentially from its Namibian mine, and will conduct milling, shaping, and battery testing in Germany [4][6] - H.C. Starck Tungsten will provide technology to extract graphite from spent lithium-ion batteries, enabling the recycling of materials typically lost in conventional processes [4][9] - Friedrich Schiller University Jena will lead the development of a novel chlorine gas purification method, which is cleaner and less energy-intensive than current methods [5][9] Group 3: Goals and Timeline - The project will initially process natural and recycled graphite separately to establish performance and purity benchmarks, followed by evaluations for blending these materials into a unified anode product [6][9] - The USE-G program commenced on January 1, 2026, and will run until December 31, 2029, aiming to demonstrate a complete European-controlled graphite processing flow sheet by the end of the program [9]

February 2, 2026 12:40 AM GMT M Update Contemporary Amperex Technology Co. Ltd. | Asia Pacific Nationwide Rollout of ESS Capacity Price China has formally enacted a nationwide capacity price mechanism for energy storage systems (ESS), benchmarking compensation to local coal-fired capacity prices and scaling by usable duration hours (ratio capped at 1). This structure meaningfully enhances ESS project economics. ESS capacity price rollout. A nationwide capacity price for standalone energy storage system (ESS ...

Core Insights - The electric vehicle (EV) industry is rapidly expanding, presenting investment opportunities across various sectors including traditional automakers, charging infrastructure, battery companies, and suppliers [1] Group 1: QuantumScape - QuantumScape is a leader in solid-state lithium-metal battery technology, which promises faster recharging, longer range, enhanced safety, and lower costs for EVs [3] - The company is transitioning from a research-focused entity to generating initial revenue by early 2026, which could attract more institutional investment [4] - QuantumScape has begun shipping B1 samples of its QSE-5 cell, marking a significant milestone towards commercial production [5] - A joint venture with PowerCo will allow for the mass production of QuantumScape's battery technology for approximately 1 million vehicles annually, generating royalty payments [6] Group 2: Ferrari - Ferrari is positioning itself as a significant player in the EV market by investing in hybrid vehicles rather than fully committing to electric vehicles, with hybrids accounting for 43% of shipments in Q3 2025 [8] - The company enjoys high demand and pricing power, which mitigates profitability concerns often faced by other automakers transitioning to EVs [9] - Ferrari's operating margins have consistently risen, indicating strong competitive advantages in the market [9] Group 3: Investment Perspectives - QuantumScape presents a high-risk, high-reward investment opportunity as it could be the first to mass produce solid-state batteries, potentially leading to substantial long-term returns [11] - Conversely, Ferrari offers a more stable investment approach, balancing shipments between profitable internal combustion engine supercars and hybrids, while preparing to launch its first full-electric vehicle [12]

但最近一段时间，欧洲、加拿大等地开始频频施放善意与诚意，对国产新能车敞开了大门，特别是欧盟甚至主动要求涨价销售。这 让在国内卷的欲仙欲死的新能车品牌们，几乎是一瞬间卸下了脖子上的绞索。 当然也有人提出过异议，认为像加拿大这类高纬度地区往往冬季漫长、较为寒冷，所以国产新能车的电池难以达到理想水平，不能 过度乐观。 先别急，看第二个消息——1月22号，宁德时代官宣发布"天行II"轻商低温版电池。 除了是全球首款轻型商用车领域内实现量产的钠离子电池外，"天行II"还有个最大的特点就是，该电池在零下40°的极寒环境中可以 保持90%的可用电量，零下30°的状态下也可以即插即充，零下15°的情况下也可以在30分钟完成从20%至80%的快充。 对新能车行业来说，最近简直有种"天命在我"的感觉。 先是地缘关系上突然的转向。此前新能车出海一直存在关税和政策壁垒，国外一些消费能力较强的市场为了保护本土汽车业，往往 对国产新能车施加重税甚至一禁了之。 有这些针对性的特点，"天行II"简直是针对高纬地区冬天极端环境下续航衰减和充电困难等问题的大杀器。 合理猜测，宁德时代这个新产品发布会，是在国外政策转向这个节骨眼上，为了这碟醋特意 ...

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 | 30.58 | 22.16 | 16.98 | 13.65 | [Table_Tag] [T ...

Core Insights - POSCO Holdings Inc.'s unit, POSCO Future M, has invested in U.S.-based all-solid-state battery company Factorial, enhancing their partnership established through a Memorandum of Understanding (MOU) signed in November 2025 [1][6] - The partnership is expected to accelerate growth in the all-solid-state battery market, with Factorial securing a high-quality supply of solid-state battery materials to improve manufacturing competitiveness [1][2] Group 1 - Factorial's all-solid-state battery platform, Solstice, provides higher energy density and safety, with successful collaborations with automakers in Korea, Europe, and North America [2][6] - The partnership will leverage POSCO Future M's material design and coating technologies, expanding portfolios to include sulfide-based solid electrolytes and advanced anode materials, which will enhance energy retention [3][6] - The global demand for solid-state batteries is expected to rise, targeting emerging applications in autonomous electric vehicles, urban air mobility, and physical AI markets [2][3] Group 2 - PKX stock has increased by 39.4% over the past year, while the industry has seen a growth of 51.6% [3] - POSCO Future M's investment aligns with the growing trend towards solid-state battery technology, which is anticipated to play a significant role in future automotive and technology applications [1][2]

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries and the future economy [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [12][34]. - The expo will include more than 300 strategic and cutting-edge technology reports, showcasing innovations applicable to various industries such as AI, aerospace, smart vehicles, and renewable energy [2][20]. Group 2: Focus Areas - The event will concentrate on five common demands of future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be established, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new materials technology innovation, and future smart terminals [12][15]. Group 3: Participation and Audience - The expo is expected to attract over 100,000 professional visitors, including industry leaders and investors, facilitating precise connections between enterprises and industry resources [34][35]. - A targeted invitation will be extended to over 5,000 industry investors to support quality startups and enhance resource accumulation [10][35]. Group 4: Supporting Organizations - The event is organized by DT New Materials, in collaboration with various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [4][5]. - The organizing body has a decade of experience in the new materials sector, with extensive connections across industries such as semiconductors, robotics, and renewable energy [10][44]. Group 5: Historical Context and Expectations - The previous editions of the expo, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, achieved record attendance and participation, indicating a strong foundation for FINE 2026 [7][34]. - The event is positioned as a pivotal opportunity for businesses to engage in technology transfer and innovation integration, aiming to solidify the material foundation for the next decade of high-tech industry development in China [2][10].

Company Performance - EOS Energy Enterprises Inc. (NASDAQ:EOSE) experienced a decline of 7.29% on Tuesday, closing at $15.01 per share, marking the third consecutive day of losses due to a lack of new catalysts to stimulate buying interest [1] - The Chief Commercial Officer and interim Chief Finance Officer, Nathan Kroeker, sold $802,000 worth of shares, covering 50,000 units at a price of $16.04 each, following the vesting of restricted stock units for 100,000 shares [2] Product Development - EOS Energy launched a new architecture for large battery systems that allows for a compact and stackable modular design, targeting 1 GWh per acre, which is approximately four times more efficient than traditional horizontal installations [3] - The new battery units are designed to be self-contained, weather-ready, and equipped with plug-and-play electrical and communications capabilities, supporting a duration of 4-16 hours [4]

January 27, 2026 02:41 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Material Inflation is Hurting Real Demand Key Takeaways Exhibit 1: LFP cell material BOM cost Other materials Electrolyte Copper foil Aluminum foil Rmb/kWh LFP cathode Anode Separators End 3Q25 Now 350 300 250 200 150 100 50 - 29.00 30.00 30.25 28.10 72.48 56.82 25.30 15.40 18.70 17.00 22.00 19.00 138.23 80.50 framework * = GAAP or approximated based on GAAP Source: Wind, SMM, Morgan Stanley Research | M | | | | --- | --- ...