Core Insights - Tesla has achieved large-scale production of dry electrode technology, marking a significant advancement in the commercialization of solid-state batteries [1] - Major players like CATL, BYD, and Guoxuan High-Tech are accelerating their own solid-state and semi-solid battery developments, while European automakers such as Volkswagen and BMW are also actively investing in this technology [1] - The Chinese government has prioritized solid-state battery research in its "14th Five-Year Plan" for energy technology innovation, with local governments providing funds and subsidies to promote industry clustering [1] Industry Developments - Solid-state batteries are expanding beyond the electric vehicle sector into low-altitude economy and robotics, with applications in commercial aerospace growing rapidly [1] - The unique properties of solid-state batteries, such as the absence of liquid electrolytes and resistance to extreme temperatures and radiation, make them highly suitable for aerospace applications [1] - NASA has identified all-solid-state batteries as a key energy direction for future aviation and deep space exploration [1] Market Outlook - 2027 is seen as a critical milestone for the solid-state battery industry, with expectations for a gradual transition from semi-solid to fully solid-state batteries by 2030 [2] - The market for solid-state batteries is projected to reach 614 GWh by 2030, with a forecasted demand exceeding 740 GWh by 2035, representing a thousandfold increase from 2026 [2] - The recent breakthrough in dry electrode technology by Tesla is expected to enhance the valuation of related sectors in the A-share market, particularly in materials, equipment, and integration fields [2]

Market Opening - The A-share market opened with all three major indices rising collectively, with the Shanghai Composite Index up by 0.7% at 4043.91 points [1] - The Shenzhen Component Index increased by 1.18%, while the ChiNext Index rose by 1.65% [1] Sector Performance - The storage chip, battery, and photovoltaic equipment sectors opened higher [1] - In contrast, the precious metals, liquor, and oil & gas sectors continued to adjust downwards [1]

Investment and Partnerships - Chinese businesses have pledged hundreds of millions of pounds in investments in the U.K. during Prime Minister Keir Starmer's visit, leading to significant bilateral business activity [2][3] - Starmer's visit resulted in £2.2 billion ($3 billion) worth of exports and £2.3 billion in market access for British businesses [3] - Pop Mart plans to establish a regional headquarters in London and open 27 new stores across Europe, creating over 150 jobs in the U.K. [8] - Chery Commercial Vehicles intends to set up a regional headquarters in Liverpool, potentially partnering with Jaguar Land Rover [8] - Asymchem is planning a major expansion in the U.K., adding 150 jobs in advanced research and development over the next five years [9] - HiTHIUM has pledged to invest £200 million in the U.K. and create 300 jobs, focusing on energy storage technologies [10] Market Access and E-commerce - The U.K.-China agreement includes promises from Beijing to broaden access for British businesses into the Chinese consumer market [12] - JD.com will assist British brands in selling to Chinese consumers and will launch its online retail platform Joybuy in the U.K. [13] - British companies have reported a deteriorating business environment in China, but a third of respondents plan to increase investments, particularly in operations and partnerships [14][15] Industry-Specific Developments - AstraZeneca announced a $15 billion investment in China to expand local R&D capabilities and increase its workforce [11] - British asset manager Schroders signed a memorandum with CATL to develop battery energy storage systems in Europe [11] - Birmingham Biotech expects around £20 million in sales in China as it scales its operations [16] - Octopus Energy Group plans to form a joint venture with China's PCG Power to trade renewable energy [17]

Investment Rating - The report indicates a supportive outlook for the lithium up-cycle, with a forecast of approximately 20% year-on-year growth in lithium battery production for 2026, despite current pricing trends being higher than expected [1]. Core Insights - The EV market in China has experienced a decline in sales at the start of 2026, with retail and wholesale sales down by 16% and 23% year-on-year, respectively. However, UBS forecasts an 8% growth in the domestic EV market and a 15% increase in wholesale EV sales volumes driven by exports [2]. - The capacity pricing mechanism is expected to enhance the internal rates of return (IRRs) for Battery Energy Storage Systems (BESS), potentially increasing IRRs to around 7-8% as opposed to typical hurdle rates of approximately 6% [3]. - The report highlights that higher battery material costs, particularly for lithium, copper, and aluminum, are anticipated to increase the average cost of battery electric vehicles (BEVs) by approximately RMB 4,000 to RMB 7,000 [4]. - Technological advancements in solid-state batteries are being made, with companies like Samsung SDI overcoming hurdles related to dendrite formation, which is expected to positively impact lithium demand due to increased energy density [9]. Summary by Sections Lithium Market Outlook - The lithium battery production is projected to grow by about 20% year-on-year in 2026, supporting the current pricing and the forecasted lithium up-cycle [1]. EV Market Dynamics - Despite a challenging start to 2026 with significant sales declines, the domestic EV market is expected to grow by 8%, while exports are projected to drive a 15% increase in wholesale sales volumes [2]. BESS Investment Trends - Chinese state-owned enterprises (SOEs) are increasing capital expenditure on BESS, with a focus on capacity pricing mechanisms to improve IRRs, which could lead to a rise in BESS deployment to 230 GWh in 2026 [3]. Cost Implications - The increase in battery material costs is expected to raise BEV costs by RMB 4,000 to RMB 7,000, with cell materials constituting about 60% of BESS module costs [4].

Core View - Zenergy's FY25E net profit forecast is revised up by 4% to RMB591 million due to a better product mix, with expectations for continued positive trends into FY26E [1] - GAC Toyota is anticipated to become Zenergy's largest revenue contributor, surpassing Leapmotor [1] Group 1: FY25E Outlook - Zenergy's FY25E battery sales volume forecast is increased from 18.4 GWh to 19.6 GWh, driven by strong sales of the Toyota bZ3X BEV and IM LS6 EREV [2] - The average selling price (ASP) is expected to rise to RMB0.43/Wh in 2H25E from RMB0.41/Wh in 1H25 due to improved product mix [2] - Gross margin is projected to widen by 0.2 percentage points to 18.1% in 2H25E, contributing to an operating margin increase of 2.2 percentage points to 6% [2] Group 2: FY26E Outlook - Zenergy maintains a sales volume forecast of 30 GWh for FY26E, with an 8% revenue forecast increase to RMB14.6 billion due to a better client mix and potential battery price hikes [3] - Gross margin for FY26E is expected to widen by 0.5 percentage points to 18.5% [3] - FY26E net profit forecast is raised by 4% to RMB1.36 billion, while FY27E net profit is maintained at RMB1.88 billion [3] Group 3: Valuation - The company maintains a BUY rating and a target price of HK$18.00, based on a 22x FY27E P/E ratio [4] - This valuation is considered justified given the median FY27E P/E of 15x for peers and Zenergy's higher profit growth outlook [4]

后市展望： 主题驱动或将转向基本面驱动，但科技成长仍是主线。自春季行情启动以来，市场领涨板块始终以事件驱动的主题性方向为主，如商业 航天、脑机接口等。这些板块尽管远期前景较好，但由于短期缺乏业绩和基本面支撑，因此稳定性较差，一旦出现震荡波动幅度将会比较剧烈。行情进入 震荡阶段后，交易量将有所下降，市场或将重新聚焦业绩和基本面驱动的板块。但春季行情的主要驱动因素仍然是市场风险偏好的上升，因此领涨方向仍 以科技成长为主，后续行情的热点将转向有基本面支撑的科技成长板块。 可关注半导体、电池、AI硬件、创新药等。 指数延续窄幅震荡，科创板跌幅较大。 周四指数延续窄幅震荡，尽管大盘勉强收红，但主要分类指数表现分化，跌多涨少，科创50指数下跌超3%领 跌市场。上涨家数仅1800余家，下跌家数超过3500家。成交量继续放大，周四全天成交3.26万亿元。沪指在1月13日结束连阳进入震荡期后，调整幅度总 体比较温和，本周指数总体延续了窄幅震荡格局，热门板块有序轮动。 热点板块： 1月科技和原材料涨价方向占优，高股息可做左侧关注。1月市场迎来春季行情的启动，历年春季躁动行情，科技成长方向大概率占优。 结合短期催化剂，诸如商业航天 ...

SK Innovation said the end of a battery joint venture with Ford resulted in a $2.6 billion asset loss, as the cost of a pullback in global EV ambitions ripples through the supply chain https://t.co/RGrQvoBF3r ...

January 22, 2026 12:30 PM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Sodium Era is Coming CATL is strategically moving away from lithium to lower cost sodium ion batteries. We believe the new release of sodium ion products marks the coming of the sodium era, given its launch- and-mass-production-immediately model. First release of sodium ion battery as a powertrain for light trucks. Sodium-ion batteries are emerging as a promising alternative to lithium batteries following CATL's release of ...

Core Insights - Enovix Corporation (NASDAQ:ENVX) is recognized as one of the top lithium and battery stocks to invest in currently [1] Leadership Transition - Enovix Corporation announced a leadership transition in its operations group to facilitate production scale-up, including the planned retirement of COO Ajay Marathe [2] - Senior Vice President Kihong Park's responsibilities are being expanded, and the company is hiring skilled manufacturing experts to enhance production capabilities [2] Product Development - The company is preparing for the commercial launch of its AI-1 battery, which has the highest documented energy density for smartphone batteries [3] - Enovix reported consistent improvements in the production capabilities of its Fab2 facility and significant progress with key customer programs, particularly with a major smartphone client [3] - Dr. Raj Talluri, President and CEO, expressed optimism about the company's global teams and the path forward for mass production and commercial deployment of AI-1 cells [3] Stock Performance - As of January 22, 2026, Enovix Corporation's stock is down by 0.13% year-to-date [4] - The company specializes in the design, development, manufacturing, and commercialization of lithium-ion battery cells [4]

｜2026年1月21日星期三｜ 1月21日，中信建投研报称，铜价受供应扰动、需求增长及贸易流向变化推动大涨，后续走势存不确定 性。供应端，去年印尼、智利矿山事故致供应中断，智利铜矿罢工加剧短缺，南美铜矿产量占比下滑、 新项目审批滞后，加工费低迷使冶炼厂削减产能。需求端，新能源转型、AI基建带动铜消费，电动汽 车、数据中心对铜需求高于传统领域。贸易端，美国拟加征铜关税的预期，促使交易商向美出口铜，推 高其他地区供应紧张程度。后续美国关税政策、库存流向的实际变化节奏不明，"铝代铜"短期难替代， 再生铜供应增长的影响待观察，这些变量使走势存在不确定性。 NO.3华泰证券：2026年是全球L4级自动驾驶产业化关键一年 NO.1中信建投：看好固态电池板块春季行情 1月21日，华泰证券研报称，2026年1月13日，美国众议院审议《SELF DRIVE Act of2026》，拟将 FMVSS豁免上限从2500辆提升至9万辆并确立联邦优先权，两党罕见达成共识，近十年立法僵局有望打 破。与此同时，Waymo周订单已达45万次、Tesla Cybercab预计4月量产，美国Robotaxi商业化进入规模 扩张期。华泰证券认为， ...