（文章来源：证券日报） 报告显示，自2025年9月花旗预判电池价格进入上行周期以来，磷酸铁锂（LFP）电池电芯价格上涨 8%，电池成本飙升30%，导致行业利润率承压。锂价年初至今已上涨46%，叠加铜、铝等金属价格走 强，进一步挤压了电池厂商的利润空间。但相对而言，宁德时代由于更早施行原材料价格联动机制，相 对定价权较弱的同业可以更为及时充分传导成本波动。 需求方面，花旗认为未来几个月的动力电池需求可能面临测试，但上调了对储能电池需求的预测，因此 维持全年总电池需求预测30%+的增速基本不变。 本报讯 1月27日，花旗最新发布的中国电池行业研究报告指出，尽管短期面临成本上涨与需求波动的压 力，宁德时代（CATL）当前的股价恰恰提供了良好的买入机会。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002759 | 天际股份 | 38.07 | -6.30% | 59.71万 | 23.02亿 | | 301349 | 信德新材 | 49.34 | -4.75% | 2.73万 | 1.36亿 | | 002850 | 科达利 | 157.40 | -4.71% | 9.48万 | 14.96 Z | | 002245 | 蔚蓝锂芯 | 17.74 | -4.00% | 64.97万 | 11.62亿 | | 301150 | 中一科技 | 43.91 | -3.87% | 8.99万 | 4.01亿 | | 301325 | 曼恩斯特 | 52.55 | -3.63% | 3.76万 | 1.986 T | | 6688889 | 利元亨 | 61.93 | -3.60% | 5.82万 | 3.62亿 | | 688155 | 先惠技术 | 87.09 | -3.51% | 3.62万 | 3.15亿 | | 688148 | 芳源股份 ...

Core Insights - The article highlights the increasing importance of solid-state batteries as humanoid robots approach commercialization in 2026, with a projected demand for solid-state batteries exceeding 74 GWh by 2035, representing a growth of over 1,000 times from 2026 levels [2][5]. Group 1: Current Battery Technology - Currently, humanoid robots primarily use liquid lithium batteries, with most models having a battery capacity below 2 kWh and a runtime of 2 to 4 hours [6][8]. - High-nickel ternary lithium batteries (NMC/NCA) are the mainstream choice for robot batteries due to their relatively high energy density, while lithium iron phosphate batteries (LFP) are used for lower endurance applications [6]. Group 2: Future Developments - To achieve a runtime of 5 to 8 hours, strategies such as battery swapping technology are being explored, allowing for continuous operation without rebooting [7]. - The adoption of high energy density battery technology, such as solid-state batteries, is expected to significantly enhance the runtime of humanoid robots to over 4 hours [7]. Group 3: Challenges in Battery Development - The development of humanoid robot batteries faces two main challenges: the rapid iteration of core technologies affecting battery customization and the current focus on finding scalable commercial applications rather than improving battery life [8]. - Despite these challenges, the demand for high energy density, high discharge rate, and high safety batteries presents an opportunity for solid-state batteries to demonstrate their advantages [8].

Domestic News - The National Bureau of Statistics projects that profits in the high-tech manufacturing sector will grow by 13.3% in 2025 compared to the previous year, surpassing the overall industrial growth rate of 12.7% [7] - The Ministry of Transport emphasizes the implementation of a policy to waive tolls for small passenger vehicles during the Spring Festival, while also addressing the charging needs for new energy vehicles [8] - Dongguan plans to allocate 80 million yuan for new car purchase subsidies, with a maximum subsidy of 5,000 yuan per vehicle, as part of a broader 1.5 billion yuan consumer promotion initiative [9] - BYD and ExxonMobil have signed a strategic cooperation memorandum to enhance collaboration in the field of new energy hybrid technology [10] - Changan Automobile aims to achieve mass production of humanoid robots by 2028, as part of its transformation into a smart low-carbon mobility technology company [11] - NIO has surpassed 99 million battery swap operations, with a total of 8,595 energy swap stations, including 3,708 dedicated swap stations [13] - CATL has signed a comprehensive strategic cooperation agreement with the Yunnan provincial government to promote green low-carbon development and enhance cooperation in the fields of new energy batteries and green transportation [14] - Pony.ai and Aitb have reached a business cooperation agreement to build a fully autonomous driving service fleet [15] International News - India has agreed to open a car quota to the EU, allowing up to 250,000 European-made cars to enter the Indian market at reduced tariffs, significantly higher than the 37,000 quota for the UK [16] - South Africa's electric vehicle sales are projected to decline by 17% in 2025, with only 1,018 units sold, while overall new car sales are expected to reach 596,818 units, a 15.7% increase [17] - Tesla is partnering with Pilot Travel Centers to build high-power charging stations for electric trucks along major highways, with the first stations expected to be operational by late summer [18] - VinFast has partnered with Autobrains to develop autonomous driving technology, focusing on enhancing the driving assistance systems of its upcoming electric vehicles [19] Commercial Vehicles - Dongfeng Liuzhou Automobile and Yadea Technology Group have signed a strategic cooperation agreement to advance the development and application of new energy smart logistics equipment [20] - DeepWay has completed a Pre-IPO financing round, raising 1.177 billion yuan to strengthen its position in the smart new energy heavy truck sector [21] - Chery's Rely brand has launched the R08 EV, its first pure electric pickup truck, priced between 127,800 and 158,800 yuan, marking its entry into the new energy pickup market [22] - The White Rhino has begun testing a 24-cubic-meter unmanned vehicle in Shenzhen, aiming to expand its commercial scale and capture strategic opportunities in urban logistics [23]

Group 1: Research Basic Information - The research object is Zhongwei Co., Ltd., belonging to the battery industry, and the reception time is January 27, 2026. The listed company's reception staff includes Wang Jianqiang, the representative of the securities affairs, Tang Boya, the person - in - charge of investor relations, Wei Mingze, the deputy general manager of the capital center, and Xue Zhao, the deputy director of the board of directors' office [16] Group 2: Detailed Research Institutions - The research institutions include insurance asset management companies like Ping An Asset, fund management companies such as Xingquan Fund, Ruiyuan Fund, Boshi Fund, Penghua Fund, Dacheng Fund, and ICBC Credit Suisse, an asset management company named Dunhe Asset, others like Lingzhan Capital, and a securities company called Huachuang Securities [17] Group 3: Company Overview - The company has horizontally expanded from nickel - based materials (ternary precursors) and cobalt - based materials (cobalt tetroxide) to phosphorus - based materials (iron phosphate, lithium iron phosphate) and sodium - based materials, and vertically integrated the complete industrial chain from upstream resources, mid - stream smelting to downstream materials and recycling, constructing an ecological layout. It has also strengthened the autonomy of the industrial chain by deploying key resources such as nickel, lithium, and phosphorus in Indonesia, Argentina and other places [20][21] Group 4: Responses to Investor Questions - **Nickel ore resource control**: The company has locked in the supply of 600 million wet tons of nickel ore resources through investment, shareholding, long - term cooperation agreements, and off - take agreements, and has established a nickel raw material industrial base in Indonesia, integrating the vertical industrial chain of resources - smelting - materials [21] - **Nickel smelting capacity**: The company has built a nickel resource smelting capacity of 195,000 metal tons, with an equity volume of about 120,000 metal tons, expected to reach full production in 2026, and the products are mainly nickel matte, ferronickel, and electrolytic nickel [22] - **Impact of nickel price increase on profit**: The company's strategic layout of upstream nickel, phosphorus, lithium and other mineral resources globally will benefit from the increase in nickel ore price due to the tightening of export quotas. The increase in LME nickel price will have a positive impact on the company's operating profit [22] - **Smelting technology route advantage**: The company uses multiple technology routes such as oxygen - enriched side - blowing and RKEF to form a combined smelting process advantage, enabling flexible production scheduling among different products (electrolytic nickel, high - grade nickel matte, ferronickel) to respond to nickel price and downstream demand changes. The oxygen - enriched side - blowing technology developed independently since 2021 can adapt to laterite nickel ore with a grade of over 1.2% [22] - **Future smelting expansion plan**: Currently, the company has no plan to add new smelting capacity in Indonesia, and will focus on strengthening the resource - end layout and promoting the release of material - end capacity [23] - **Matching of smelting capacity and product structure**: The company's current total smelting capacity is about 195,000 metal tons per year, with an equity capacity of about 120,000 metal tons per year. It can adjust the production scheduling dynamically among high - grade nickel matte, electrolytic nickel, and ferronickel according to profitability and switch flexibly based on the LME nickel price and discount coefficient [23][24] - **Phosphorus ore or lithium iron phosphate capacity layout in Indonesia**: Currently, the company's business layout in Indonesia focuses on the nickel industrial chain, and there is no large - scale construction of phosphorus ore or lithium iron phosphate production capacity. Phosphorus ore resources are mainly deployed in the Guizhou base in China to form an integrated supporting system with the lithium - battery material business [24] - **Sustainability of terminal demand for nickel - based materials**: In 2025, Zhongwei ranked first in the ternary precursor market in terms of shipments. The company is optimistic about the growth space of nickel - based materials due to the upgrade of the domestic terminal demand structure, the continuous increase in electric vehicle penetration in Europe driven by policy, and the commercialization of solid - state batteries promoting the growth of high - nickel ternary materials [24]

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 34.6%，其中储能领域增速更是有望达到70%，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。 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~ 2026国际电池产业大会 2026国际电池产业大会 会议议题 0 1 | | 议题 | 拟邀发言单位 | | --- | --- | --- | | 上午 | 中国电池企业出海"破局战"：地缘博弈、 | 亿年锂能 | | | 成本困局与本土化 | | | | 东南亚新能源市场政策与投资机遇 | 马来西亚投资发展局 | | | 待定 | 贝特瑞 | | | 东南亚储能项目"抗环境 ...

Core Viewpoint - The continuous net inflow into the E Fund Energy Storage Battery ETF (159566) reflects optimism regarding the dual resonance of energy transition and technological revolution, alongside a value reassessment cycle driven by improved supply-demand dynamics [2] Demand Side - The industry benefits from a dual drive of power batteries and energy storage batteries, with the global penetration rate of new energy vehicles expected to exceed 46% in China by 2025, and commercial vehicle electrification becoming a new growth point [2] - Despite entering a traditional off-season for the new energy vehicle market, the introduction of a vehicle replacement subsidy policy in 2026 is expected to stabilize consumer expectations, while the energy storage market continues to grow rapidly [2] - The demand growth rate for energy storage batteries has surpassed that of power batteries, with global energy storage battery shipments projected to reach approximately 650 GWh in 2025 and 874 GWh in 2026, representing a year-on-year growth of over 40% [2] Supply Side - Following a previous period of capacity oversupply, the willingness to expand production has weakened, leading to increased market share for leading companies and supply-demand tightness in certain segments [3] - The average price of battery-grade lithium carbonate reached 166,100 yuan/ton, with a recent increase of 19.84%, while lithium hydroxide (LiOH 56.5%) is priced at 160,200 yuan/ton, up 17.19% [3] - The battery industry is entering a period of technological iteration, particularly with solid-state and sodium-ion batteries, with 2026 being a critical year for solid-state battery commercialization [3] ETF Characteristics - The E Fund Energy Storage Battery ETF (159566) tracks the Guozheng New Energy Battery Index, focusing on core stocks related to the energy storage battery industry, including leading companies like CATL and Sungrow [4] - The ETF has a high purity of energy storage-related stocks, with a weight of 64.77% in the energy storage sector, covering key components of the energy storage industry chain [4] - The index also includes stocks benefiting from increased electricity demand from data centers, with a close to 25% exposure to AIDC-related companies, and a weight of 27.82% in solid-state battery-related companies [4]

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~ 受全球动力电池市场占有率下滑、需求收缩影响， 韩国三大电池巨头LG新能源、三星SDI、SK On在2025年第四季度集体陷入营业亏损困境。 为扭转盈利 颓势，三家企业纷纷调整战略，将部分产能转向储能领域，开启业务转型之路。 业绩承压态势显著，亏损面持续扩大。数据显示，LG新能源2025年第四季度营业亏损达1220亿韩元，若剔除美国尖端制造生产税收减免，亏损规模将增至 4548亿韩元。同期，三星SDI预计亏损约3003亿韩元，SK On预估亏损2000亿韩元，这也是三家企业首次同时出现季度亏损。受三元电池市场萎缩拖累， LG新能源2025年12月取消了总额约13.5万亿韩元的电动汽车电池供应合同，SK On也终止了与福特汽车在美国的合资电池工厂项目。 鑫椤报告预售： 2025-2029年全球储能市场运行趋势及竞争策略研究报告 市场前景依旧黯淡，业绩预期持续下调。韩国相关证券机构汇总数据显示，LG新能源2026年第一季度预期营业利润由3个月前的5024亿韩元下调至1830亿 韩元，盈利空间大幅压缩；三星SDI与SK On则 ...

Core Insights - The Hong Kong Stock Connect 50 ETF (159712) rose over 2% on January 28, indicating increased institutional interest in the value of Hong Kong stocks [1] - Huatai Securities noted that during periods of RMB appreciation, AH equities typically perform well, with Hong Kong stocks being more sensitive to these changes [1] Group 1: Investment Opportunities - Beneficiaries of the configuration effect include white goods, batteries, engineering machinery, power grid equipment, and beverage dairy sectors, which are favored by foreign capital [1] - Industries with high total dollar borrowings relative to net assets and high exchange gains relative to operating income, such as motorcycles, seed industry, auto parts, engineering machinery, and photovoltaic equipment, are expected to benefit from the liability effect [1] - Industries with high external dependence are likely to see improvements in gross margins, including electronic chemicals, seed industry, and steel raw materials, due to cost effects [1] Group 2: Sector Performance - Sectors that drive relative fundamental cycles upward, such as real estate chains and advanced manufacturing, as well as high beta industries like non-bank financials, are expected to benefit from relative fundamental effects [1] - The Hong Kong Stock Connect 50 ETF tracks the Hong Kong Stock Connect 50 Index (930931), focusing on the 50 largest listed companies within the Stock Connect framework, primarily large-cap leading enterprises across new and traditional economic sectors [1] - The index emphasizes financials, discretionary consumption, and information technology, aiming to reflect the overall performance of related listed company securities while combining high growth potential with low valuation characteristics [1]

Core Viewpoint - Lithium prices have increased by 46% this year, leading to an estimated rise of 32 RMB per kilowatt-hour in battery manufacturing costs [2] Group 1: Lithium Market Dynamics - Battery manufacturers are expected to pass most of the metal-related cost increases downstream and share some of the non-metal cost inflation [2] - Lithium demand is projected to remain resilient in the first quarter, with some traditional peak season demand potentially being released earlier [2] - Lithium prices may decline in the second quarter due to weakening electric vehicle demand, but could maintain high levels in the second half if energy storage system demand is stronger than expected [2] Group 2: Financial Outlook for Companies - The outlook for rising raw material prices in the short term is more optimistic, which is expected to improve the financial performance of lithium and cathode material companies [2] - The company maintains a 30-day downward catalyst observation for battery manufacturers and a 90-day positive outlook for lithium companies [2] Group 3: Industry Preferences - The industry preference ranking is as follows: lithium, lithium iron phosphate cathodes, batteries, electrolyte (lithium hexafluorophosphate), separators, battery components, nickel-cobalt-manganese cathodes, and anodes [2] Group 4: Company-Specific Insights - CATL (Contemporary Amperex Technology Co., Limited) has recently underperformed due to concerns over rising costs, weak electric vehicle sales, and selling pressure from capital flows, but this weakness is seen as a good buying opportunity in the short term [2]