Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The termination of the Shenghua restructuring strengthens the company's position as a leader in iron lithium batteries, with a comprehensive strategic partnership established with CATL [8] - The company plans to issue 230 million shares at a price of 13.62 yuan per share, raising 3.175 billion yuan, with CATL acquiring a 12% stake [8] - The company is expected to accelerate the construction of high-density lithium iron phosphate capacity, enhancing its competitive advantage in the industry [8] - The company anticipates a significant increase in production capacity, reaching 800,000 tons by the end of 2026, with a market share expected to rise rapidly [8] Financial Projections - Total revenue is projected to grow from 5,761 million yuan in 2023 to 57,074 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 39.90% [1] - The net profit attributable to shareholders is expected to increase from a loss of 542.73 million yuan in 2023 to a profit of 2,761.42 million yuan in 2027, reflecting a significant turnaround [1] - The earnings per share (EPS) is forecasted to rise from -0.32 yuan in 2023 to 1.62 yuan in 2027 [1] Market Data - The closing price of the stock is 18.69 yuan, with a market capitalization of approximately 31.96 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 80.54 in 2024 to 11.57 in 2027, indicating improved profitability [1][9] Operational Highlights - The company is actively expanding its robotics business and has established partnerships with major automotive clients, aiming to enhance its product offerings in the electric drive system sector [8] - The company is also venturing into the low-altitude aircraft industry, with plans to produce 8,000 units per year of key components for power systems [8]

每经AI快讯，有投资者在投资者互动平台提问：子公司东莞振华新能源有布局固态电池吗？ 振华科技（000733.SZ）1月14日在投资者互动平台表示，公司旗下东莞市振华新能源科技有限公司主要 从事锂离子电池研制、生产、销售业务，正在积极推进固态电池产品研发。 （文章来源：每日经济新闻） ...

Market Overview - The battery sector experienced a decline of 0.38% on the previous trading day, with Huasheng Lithium leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Top Gainers in Battery Sector - Yihuatong (688339) saw a closing price of 32.22, with a significant increase of 12.50% and a trading volume of 265,400 shares, totaling a transaction value of 848 million [1] - Fulim Precision (300432) closed at 20.17, up 7.92%, with a trading volume of 2,140,700 shares [1] - Xianhui Technology (688155) closed at 77.32, increasing by 6.35% with a trading volume of 77,000 shares [1] Top Losers in Battery Sector - Washington Electric (688353) closed at 104.69, down 5.67%, with a trading volume of 119,700 shares and a transaction value of 128 million [2] - Tianji Co. (002759) closed at 42.42, decreasing by 3.83% with a trading volume of 895,600 shares [2] - Daoshi Technology (300409) closed at 33.30, down 3.06%, with a trading volume of 1,703,200 shares [2] Capital Flow Analysis - The battery sector saw a net outflow of 2.89 billion in main funds, while retail investors had a net inflow of 2.93 billion [2] - The main funds showed a net inflow in several companies, including 32.5 million in Xianhui Technology (300450) and 181 million in Penghui Energy (300438) [3] - Retail investors had significant net inflows in companies like Yihuatong (688339) and Fulim Precision (300432), indicating a shift in investor sentiment [3]

Group 1 - The solid-state battery industry is industrializing faster than expected and has entered a period of intensive event catalysis [2] - The "14th Five-Year Plan" hydrogen energy industry blueprint is emerging, with opportunities for significant positioning in a tenfold growth sector [2] - The logic of coal stocks is being restructured from "cyclical fluctuations" to "stable dividends" [2] - The bull market is ready, with the non-bank sector showing potential for elasticity, and trading volume is the best catalyst [2]

Investment Rating - The report gives a "Buy" rating for the company, Far East Holdings (600869.SH) [5] Core Views - Far East Holdings has established itself as a global service provider in smart energy and smart city solutions, focusing on three main industries: smart cables, smart batteries, and smart airports [2][15] - The company is expected to achieve steady revenue growth driven by its core business in smart cables and the expansion into emerging markets [10][11] Summary by Relevant Sections Company Overview - Far East Holdings is a subsidiary of Far East Holding Group, focusing on smart cables, smart batteries, and smart airports, and has become a leader in the global smart energy and smart city service market [2][15] Smart Airport Business - The global airport infrastructure market is projected to grow from USD 77.85 billion in 2022 to USD 139.14 billion by 2030, with a CAGR of 7.5% [3] - The smart airport segment achieved revenue of CNY 1.267 billion in the first three quarters of 2025, a year-on-year increase of 15.75%, with net profit rising by 47.88% to CNY 111 million [3][68] Smart Cable Business - The smart cable segment generated revenue of CNY 17.826 billion in the first three quarters of 2025, reflecting a year-on-year growth of 9.59%, with net profit increasing by 8.69% to CNY 315 million [9][31] - The company has secured contracts worth CNY 177.64 billion, marking a 13.95% increase year-on-year [31] Smart Battery Business - The smart battery segment reported revenue of CNY 1.039 billion in the first three quarters of 2025, a significant year-on-year growth of 30.92%, although it still recorded a net loss of CNY 256 million [57] - The company has established a complete supply chain from cell technology to energy storage system integration, focusing on high-end industries and accelerating overseas expansion [57][60] Financial Forecasts - Revenue projections for 2025-2027 are CNY 296.49 billion, CNY 344.28 billion, and CNY 400.12 billion, with year-on-year growth rates of 13.6%, 16.1%, and 16.2% respectively [4][76] - The net profit for the same period is expected to be CNY 2.34 billion, CNY 6.57 billion, and CNY 10.72 billion, with growth rates of 173.6%, 180.7%, and 63.2% respectively [4][76] Valuation Analysis - The report indicates that the company's future PE ratios for 2025-2027 are 101x, 36x, and 22x, which are below the industry average, suggesting investment potential [4][78]

增混也享纯电体验： 全球最大电量插混电池"堡垒2.0"发布 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 1 月 1 3 日 ， 以 " 蜂 越 · 信 未 来 " 为 主 题 的 蜂 巢 能 源 第 六 届 电 池 日 在 常 州 召 开 。 业 内 专 家领导、全球合作伙伴代表、供应商、投资机构及主流媒体等四百余位嘉宾齐聚现 场，共同见证蜂巢能源在动力电池关键技术领域的最新突破。 创新，是蜂巢能源长期坚持的信念；而安全，则是蜂巢能源的创新底色。 本届电池日蜂巢能源 发布了大电量插混电池、半固态、火电分离龙鳞甲3 . 0平台， 以及大容量HEV电池、新一代储能大电芯与低空/无人场景电池技术六大产品矩阵 ，为消费者坚定把守在更大电量、更长续航、更高快充、更多场景等需求趋势下的 安全基线。 随着大五/六座与大型家庭用车成为全球市场新主流，用户对插混车型的预期正在发 生改变：既希望获得与纯电车型相同的动力响应、静谧性和续航体验，又不希望因 电量提升而牺牲安全。 针对这一现实需求， 蜂巢能源推出全球最大电量8 0 kWh插混电池包堡垒2 . 0，让D 级插混车也能实现4 ...

Group 1 - The adjustment of financing margin ratios by the Shanghai and Shenzhen Stock Exchanges on January 14, 2026, led to market volatility, with major indices experiencing a sharp decline after an initial rise [1] - The ChiNext New Energy ETF (159368) saw its afternoon gains narrow to 0.34%, despite an early increase of over 1% [1] - Notable stock performances included Fulin Precision rising by 10.11%, Dike Co. increasing by 9.52%, and XianDao Intelligent gaining 4.56% [1] Group 2 - Fulin Precision announced plans to issue shares to introduce CATL as a strategic investor, aiming to enhance cooperation in the new energy sector and achieve deeper resource integration [1] - Following the share issuance, CATL is expected to hold over 5% of Fulin Precision's shares, with both companies collaborating on the development of next-generation high-pressure lithium iron phosphate materials [1] - The solid-state battery technology is highlighted as a key upgrade direction for lithium-ion batteries, supported by multiple national policies since 2025 [2] Group 3 - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2] - The ETF has a high elasticity with a potential increase of 20%, and the lowest fee structure with a total management and custody fee of only 0.2% [2] - As of December 30, 2025, the ETF's scale reached 676 million, with an average daily trading volume of 70.75 million in the past month, and nearly 90% of its holdings are in energy storage and solid-state batteries [2]

Group 1 - The China Securities Battery Theme Index decreased by 0.01% as of January 14, 2026, with leading stocks such as Fulin Precision rising by 9.84% and Shuneng Electric falling [1] - The price of battery-grade lithium carbonate reported by Shanghai Steel Union increased by 2,050 yuan/ton to 165,900 yuan/ton compared to the previous day's closing price [1] - The inter-ministerial joint meeting on the development of energy-saving and new energy vehicles emphasized enhancing the self-controllable capabilities of the supply chain and accelerating breakthroughs in solid-state batteries and advanced autonomous driving technologies [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include CATL, Sungrow Power, and others, accounting for a total of 51.77% of the index [2] - The Battery ETF by Harvest (562880) closely tracks the China Securities Battery Theme Index, providing a convenient tool for investing in the battery theme sector [2] Group 3 - Investors without stock accounts can also access battery industry investment opportunities through the Battery ETF linked fund (016567) [3]

2026国际电池产业大会 2026国际电池产业大会 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 会议时间：2026年4月22-24日 会议地点：马来西亚·吉隆坡 会议主办：鑫椤资讯 会议协办：厦门大学、LIRA 0 2 会议背景 在全球能源转型加速推进的浪潮下，电池产业作为新能源汽车、储能系统等战略性新兴产业的核心支 撑，正迎来需求激增与技术革新并存的黄金发展周期。据ICC鑫椤资讯预测，2026年的增长率将达到 30%，其中储能领域增速更是有望达到48.3%，呈现出"海内外需求双轮驱动、上下游产业链协同爆 发"的盛况。与此同时，全球电池产业格局正经历深刻重构，原材料供应链韧性、国际贸易壁垒应对、 绿色低碳生产等成为行业共同面临的关键课题。 马来西亚凭借优越的地理位置、友好的投资政策及完善的产业支持体系，已成为全球电池产业链布局的 重要枢纽。截至2025年，中国电池产业链企业在马来西亚投资金额超过260亿元，涵盖电池电芯、隔 膜、负极材料等全产业链环节，形成了较为完整的产业生态。在此背景下，东南亚新兴市场的崛起为全 球电池产业注入新动能，也催生了跨区域、跨领域的技 ...

Group 1 - The global expansion of AI data centers is significantly increasing electricity consumption, leading to a surge in demand for gas turbine power generation, which is favored for its flexibility, efficiency, and reliability [1] - In the U.S., the duration of power outages has increased substantially, particularly in areas with a high concentration of data centers, resulting in a year-on-year increase of over 200% in gas turbine orders [1] - In the battery sector, solid-state battery mass production is approaching, with domestic companies expecting to enter small-scale production between 2027 and 2028, focusing on high-nickel ternary + sulfide electrolyte + silicon-carbon anode technology, targeting an energy density of 400Wh/kg [1] Group 2 - Overseas companies plan to mass-produce sulfide route batteries between 2026 and 2030, with increased policy support both domestically and internationally accelerating the industrialization process [1] - The Carbon Neutrality 50 ETF (159861) tracks the Environmental Protection 50 Index (930614), which selects 50 representative listed companies in environmental protection, pollution control, and sustainable development, covering various sub-sectors such as clean energy and environmental governance [1]