2 月 2 日，瑞浦兰钧发布 公告，预期公司截至 2025 年 12 月 31 日止，年度将录得净利润约人民币 6.30 亿元至约人民币 7.30 亿元，实现成立以来的首次盈利。相比 2024 年，实现盈利扭亏约 20 亿元。 公告显示，这主要受动力及储能电池产品出货量持续增加，带动收入持续增长；产能利用率提升与降本增效措施带动毛利显著提升的综 合影响。 来 源： 瑞 浦 兰 钧 E n d 欢 迎 分 享 给 你 的 朋 友！ 出品 | 中国能源报（c ne ne rg y） 广告 编辑丨闫志强 ...

Core Viewpoint - The Hong Kong capital market has experienced a vibrant start in 2026, with a significant number of companies submitting listing applications, reflecting strong confidence in China's new economy sectors [1][2]. Group 1: Listing Activity - A total of 139 companies submitted listing applications to the Hong Kong Stock Exchange in January 2026, with 17 companies applying on January 30 alone [1]. - Notable companies that completed their listings include Mingming Hen Mang, Longqi Technology, and Zhaoyi Innovation, among others, with various sectors represented [1][5]. - The listing activity is characterized by a diverse range of sectors, including new energy, semiconductors, AI, robotics, consumer goods, and biomedicine [2][7]. Group 2: Sector Highlights - The new energy sector has shown particularly strong performance, with companies like Xinnengda and Yiwei Lithium Energy planning to raise funds for overseas market expansion [2][3]. - Xinnengda reported a revenue of 13.89 billion yuan for its consumer battery business in the first half of 2025, with a year-on-year growth of 5.2% and a gross margin of 19.63% [2]. - Yiwei Lithium Energy is focusing its fundraising on the construction of its production base in Hungary, with a total investment of up to 8.654 billion yuan for its new energy storage battery project [3]. Group 3: AI and Robotics Developments - AI chip company Aixin Yuanzhi is set to launch its IPO on February 10, 2026, and is recognized as a key player in the edge AI chip market, holding a 6.8% market share [4]. - The robotics sector is represented by companies like Atonmo Robot, which has seen rapid revenue growth, reaching 157 million yuan in the first nine months of 2025 [3]. - The AI large model sector has also generated market enthusiasm, with companies like Zhipu and MiniMax experiencing significant stock price increases upon their listings [4]. Group 4: Market Dynamics and Policy Support - The surge in listings is attributed to multiple factors, including companies' long-term capital needs and the supportive policies from the Hong Kong Stock Exchange [7][8]. - Recent reforms, such as the 18A and 18C listing rules, have facilitated the entry of biotech and tech companies into the market, allowing for greater flexibility in fundraising [7][8]. - Deloitte predicts that around 160 new stocks will be listed on the Hong Kong Stock Exchange in 2026, raising at least 300 billion HKD (approximately 38 billion USD), indicating a continued trend of high fundraising [8].

Market Overview - On February 2, the A-share market experienced a volatile pullback, with over 4,600 stocks declining, and the leading battery ETF, Huatai-PineBridge (159796), fell over 2% while attracting a net subscription of 50 million shares, totaling over 180 million yuan in inflows over the past five days [1][3]. Battery Sector Performance - The majority of the index component stocks for the battery ETF saw declines, with Gree falling over 5%, and companies like Xindong Intelligent and Xinwangda dropping over 3%. Other notable declines included Sunshine Power and Guoxuan High-Tech, which fell over 1% [3][4]. Key Component Stocks - The top ten component stocks of the battery ETF include: - Sanhua Intelligent (002050): -0.39% - Sunshine Power (300274): -1.32% - Ningde Times (300750): -0.29% - Yihui Lithium Energy (300014): -1.35% - Xindong Intelligent (300450): -3.47% - Gree (002340): -5.69% - Tianqi Materials (002709): -1.65% - Research and Development (002074): -1.16% - Xinshijia (300207): -3.07% - Cangjian Duo (002407): -2.07% [4]. Company Announcements - Gree announced an expected net profit of 1.429 billion to 1.735 billion yuan for 2025, representing a year-on-year growth of 40% to 70% [6]. - Xindong Intelligent stated that its HJT and perovskite stacked equipment can meet the production requirements for lightweight and radiation-resistant batteries [7]. Policy Developments - A new notification was released regarding the establishment of an independent new energy storage capacity pricing mechanism, which is expected to provide stable income expectations for storage projects and improve business models [7]. - New regulations on battery recycling will take effect on April 1, 2026, which will accelerate industry consolidation and benefit compliant recycling companies [7]. Industry Trends - Lithium carbonate prices have continued to decline, with futures dropping by 13.99% on February 2 [8]. - The solid-state battery sector is experiencing rapid policy and market catalysts, with significant advancements expected in the coming years. Major automotive manufacturers are accelerating the integration of solid-state batteries into their vehicles, with plans for mass production by 2027 [8]. Export Tax Policy Changes - The export tax rate for photovoltaic products will be reduced from 9% to 6% from April 1 to December 31, 2026, and will be completely eliminated starting January 1, 2027. This change is expected to increase export costs and compress profit margins amid intensifying competition [9]. Investment Strategy - The battery ETF Huatai-PineBridge (159796) has a significant focus on energy storage, with 18.7% of its index comprising energy storage components, which is substantially higher than similar indices. The ETF also has a solid-state battery component of 45%, indicating strong growth potential [10][12]. - The ETF's management fee is the lowest in its category at 0.15% per year, aiming to provide a favorable investment experience [15].

巡访标杆企业，洞见产业未来 —— 2026 起点圆柱电池全国行持续进行！ 在全球新能源产业加速迭代的浪潮中，圆柱电池凭借高倍率、长寿命的核心优势，正从消费电子、轻型电动车等传统领域，向储能、低空 无人 机、 eVTOL 等新兴场景快速渗透。 1 月 21 日，起点锂电 总经理 邱嘉胜带领起点圆柱电池巡访调研团走进 圆柱电池老兵 —— 南京中比新能源科技有限公司 （ 以下简称：中 比新能源） ，与公司 副总经理 、研究院院长 尚随军 就 圆柱 核心产品 、 市场、产能以及 未来发展规划进行了深度交流。 圆柱电池的大型化、高倍率化已成为行业共识。起点研究院 SPIR 统计 2025 年全球圆柱电池出货量达到 168.3 亿只 ， 同比增幅超过 15.1% ， 中国圆柱电池出货 103.6 亿只 ， 同比增长 25.3% 。 其中 32/40/46/60 等大圆柱型号电池 增势强劲，是圆柱电池市场增长核 心驱动力 。在此背景下 及趋势下 ，中比新能源以产能扩容为基石，以细分市场深耕为抓手，实现了规模与质量的同步提升。 2 025 年，中比新能源三大基地合计出货量预计将达到 2GWh ， 对应电芯出货量超 6000 ...

Core Insights - Tesla's CEO Elon Musk confirmed a significant breakthrough in lithium battery manufacturing with the successful scaling of dry electrode technology, marking a major advancement in reducing manufacturing costs and improving production efficiency in the electric vehicle industry [1][7]. Group 1: Technological Breakthrough - The dry electrode manufacturing process has been described as a "major breakthrough" in lithium battery production, overcoming a long-standing technical challenge that the industry deemed difficult to scale [1][5]. - This technology eliminates reliance on traditional wet solvent coating processes, validating the feasibility of dry processing in industrial production environments [7]. Group 2: Commercial Value - The dry electrode technology is expected to significantly reduce costs and energy consumption while simplifying factory processes, leading to lower capital expenditure requirements and greater production flexibility for Tesla in future battery capacity expansions [4]. - The new process also enhances performance, allowing for a pure dry cathode design that uses minimal binder (as low as 1.25%), thereby increasing energy density and extending battery life [8]. Group 3: Business Context - Tesla's energy storage business is experiencing strong growth, with annual deployment reaching 46.7 GWh and a 44% year-over-year increase in energy storage revenue to $3.4 billion [9]. - However, Tesla faces challenges in automotive sales, with a reported 20.2% decline in European sales from December 2024 to December 2025, highlighting the importance of technological innovations to maintain competitiveness and profit margins [10].

Market Overview - The battery sector experienced a decline of 1.45% on the previous trading day, with Fangyuan Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Fangyuan Co., Ltd. saw a significant drop of 6.29%, closing at 8.20, with a trading volume of 202,600 shares and a turnover of 170 million yuan [2] - Other notable declines included Zhongwei New Materials at -5.81% and Hong Technology at -5.73% [2] - Conversely, Penghui Energy increased by 1.81%, closing at 46.00, with a trading volume of 371,300 shares and a turnover of 1.745 billion yuan [1] Capital Flow Analysis - The battery sector experienced a net outflow of 1.689 billion yuan from main funds, while retail investors saw a net inflow of 914 million yuan [2][3] - Major stocks like Yiwei Lithium Energy and Penghui Energy had mixed capital flows, with Yiwei Lithium Energy seeing a net inflow of 250 million yuan from main funds [3] - Retail investors showed a significant net inflow into stocks like Zhiyu Technology, despite overall sector outflows [3]

一份年度业绩预告，揭示出储能龙头在行业高景气背景下的生存现实。 储能行业正在经历"冰与火"的洗礼。一边是国家政策强力推动、装机目标明确、市场需求旺盛的行业春 天；另一边是部分企业陷入亏损、资金链紧张、转型艰难的残酷现实。 2025年1月30日晚间，南都电源发布的业绩预告显示，预计2025年全年归属于上市公司股东的扣除非经 常性损益的净利润为亏损9.3亿元至12.9亿元。 断腕求生，弃铅转锂的战略豪赌 南都电源的亏损并非一日之寒。公司自2020年开始"弃铅转锂"的战略转型，计划从传统的铅蓄电池业务 转向更具前景的锂电池储能领域。 这一转型过程伴随着巨大的阵痛。2025年前三季度，南都电源实现营业收入59.11亿元，同比下降 24.80%。 营收下降的主要原因是公司对再生铅板块业务实施主动减产。为聚焦高附加值的储能与锂电业务，南都 电源对低毛利的再生铅板块实施收缩战略。 这一业务结构调整直接导致营收规模减少约20亿元。再生铅业务的营收占比从2024年的40%以上降至约 15%。 与此同时，公司的储能业务实现高速增长，营收占比从50%提升至约75%。 现金流"魔术"与利润黑洞 南都电源的财务数据揭示出一幅更为复杂的 ...

Core Viewpoint - The company XINWANDA (300207.SZ) has received the "Type Approval Certificate" from China Classification Society (CCS) for its self-developed 314Ah battery cell, which offers significant energy density advantages and contributes to cost reduction in electric ship solutions while enhancing the energy density at the system level for upgraded applications in electric ship power systems [1]. Group 1 - The 314Ah battery cell has been recognized by CCS, indicating compliance with industry standards [1]. - The battery cell's high energy density is expected to lower overall costs for electric ship solutions [1]. - The technology aims to improve the energy density of the entire system, facilitating advancements in electric ship power systems [1].

出货量的快速增长，得益于技术创新与产能布局的双重支撑。瑞浦兰钧在上海、温州、嘉善设立三大研 发中心，截至2025年6月30日拥有1072名研发人员，累计获授2977项专利；动力电池领域的问顶54Ah电 芯成为混动市场标杆，4C-6C超充电芯稳步推进，储能领域的问顶392Ah电芯及配套Powtrix6.26MWh系 统通过极端安全测试，循环寿命超10000次。据悉，"问顶"系列总出货量已超20GWh。 作为青山集团旗下核心新能源资产，瑞浦兰钧背靠全球不锈钢和镍金属巨头的产业资源，青山实业已将 产业链延伸至锂、钴等新能源核心资源领域，为公司提供了长期稳定且具成本优势的原材料供应。这一 独特的产业链协同"护城河"，使其在原材料价格波动周期中具备更强的议价能力与风险对冲能力，成为 降本增效的关键支撑。 2月2日，瑞浦兰钧(00666)发布上市以来首份盈喜公告。公告显示，公司预计截至2025年12月31日止年 度实现净利润6.3亿元至7.3亿元(人民币，下同)，较2024年同期净亏损13.53亿元成功扭亏为盈。盈利突 破核心源于两大关键因素协同发力：一方面是动力及储能电池产品出货量持续增加，有效带动收入稳步 增长；另一 ...

Group 1 - The core business of the company is focused on lithium-ion battery cathode materials and oxalic acid, and it does not involve lithium carbonate production [1]