2、产能：截至11月末，磷酸铁锂行业整体产能640万吨，同比+31.4%，环比+1.3% 11月铁锂产量41.7万吨、环比+4.2%、稼动率提升至78% 1、产量：2025年11月磷酸铁锂产量41.7万吨，同比+52.8%，环比+4.2%；2025年1-11月磷酸铁锂产量合计348万吨，同比+57.9% 期推荐 3、开工率：11月磷酸铁锂正极材料行业整体产能利用率约78.1%，同比+10.9pcts，环比+2.2pcts；从企业上看，除个别产线质量问题无法提产以外，其余 基本维持满产运行；趋势上，一二梯队产能无法满足需求，三四梯队企业陆续接到外溢订单，重新开启生产 4、价格&加工费：随协会指导的成本指数推出，头部企业陆续筹备调价动作，1-9月份行业平均售价低于统计成本1500-2000元/吨，未来需要进行提价扭 亏；11月份硫磺、磷酸、一铵、亚铁、碳酸锂等几乎所有原料价格均出现明显上涨，磷酸铁、铁锂加工费也陆续报价上调 主机厂电芯采购：兼顾性能和成本 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 往 比亚迪出海：发力东南亚 CATL ：储能市场增长高 ...

智通财经APP获悉，交银国际发布研报称，2026年乘用车行业将步入高位整固期，预计全年乘用车零售 销量同比增0.3%至2445万辆，新能源渗透率突破60%。出口方面，预计2026年海外总销量达750-800万 辆。推荐关注具备海外产能与垂直整合优势标的，如比亚迪股份(01211)、吉利汽车(00175)，在Robotaxi 与具身智能具延展性的小鹏汽车-W(09868)。零配件则看好禾赛-W(02525)。 随着机器人售价下探，该行预计2026年C端人形机器人商业化更加顺畅。经过年底阶段性的波动后， 2026年板块有望进入整固及理性回归阶段。重点关注特斯拉(TSLA.US)Optimus量产订单与Gen3样机发 布等节点，以及国产整机厂供应链订单的落实。重卡方面，该行认为，受惠于政策红利释放及新能源渗 透加速，预计2026年内地重卡销量(含出口)同比增5%至约110万辆，看好中国重汽(03808)、潍柴动力 (02338)。锂电方面，该行表示储能需求强劲，产业链盈利改善预期增强，预计明年全球锂电池总需求 同比增约22%，建议关注有成本及技术优势，如宁德时代(03750)。 ...

Group 1 - The article discusses the 2025 Lithium Battery Golden Ding Award, which aims to encourage innovation in the lithium battery industry and recognize leading companies and contributions [2] - Over 100 leading companies in the lithium battery supply chain have registered for this year's award [2] - The award is supported by more than 100 industry experts, entrepreneurs, research institutions, and financial media [2] Group 2 - Xiamen New Energy Technology Co., Ltd. focuses on the medium battery sector, covering applications such as distributed energy storage, high-power products, portable power sources, and more [3] - The company was established in April 2021 with investments from CATL and ATL, both of which have significant technical expertise in the lithium battery field [3] - The company has achieved a leading position in the global drone battery shipment volume and electric motorcycle lithium battery market share [6] Group 3 - Envision Power, founded in 2007, specializes in intelligent battery technology and has established 14 manufacturing bases globally [8] - The company has provided high-quality battery products for over 1 million vehicles and 50 GWh of energy storage systems across more than 60 countries [8] - Envision Power maintains a "zero major accident" safety record [8] Group 4 - Chuangneng New Energy Co., Ltd. focuses on energy storage batteries and has developed a new generation 588Ah energy storage battery with a cycle life of over 12,000 times [10][12] - The 588Ah battery features high reliability, safety, and long life, making it suitable for various applications [12] - The company has successfully empowered a large-scale energy storage project in Qinghai, China, with a capacity of 180MW/720MWh [13] Group 5 - Xiamen Haichen Energy Technology Co., Ltd. specializes in providing energy storage battery solutions and has established a comprehensive layout in global core markets [15] - The company is recognized as a leading enterprise in the lithium-ion energy storage battery shipment volume [15] - Multi-Flor New Energy Technology Co., Ltd. has developed a third-generation "fluorine core" cylindrical battery, widely used in electric vehicles and energy storage [17] Group 6 - Xiaolu Lithium Battery New Energy (Shandong) Co., Ltd. focuses on the research, production, and sales of sodium-ion and lithium-ion batteries [20] - The company has a production base covering 600 acres and plans to increase its total capacity to 11 GWh in the next five years [20] - Xiaolu Lithium Battery has received various honors and certifications, ensuring its products meet international standards [20] Group 7 - Qingtao Yuneng (Jiangsu) Energy Technology Co., Ltd. focuses on solid-state battery products and has established a large-scale production line for solid-state lithium batteries [28] - The company has applied for over 1,600 national patents and has received significant strategic investments [28] - Qingtao Yuneng aims to provide high safety, high value, and reliable solid-state battery products for various industries [28]

Group 1: Market Trends and Strategies - The report discusses the potential for an early spring market rally, suggesting that historical patterns indicate such rallies often occur ahead of schedule during bull markets [3][4] - Analysts believe that the current market environment, including expectations of interest rate cuts by the Federal Reserve, may catalyze an earlier-than-usual spring rally [4][5] - Growth sectors, particularly in AI applications, robotics, and innovative pharmaceuticals, are highlighted as key areas for investment as the market anticipates a shift towards growth styles [5] Group 2: Renewable Energy Sector - The report indicates a continuous improvement in the supply-demand dynamics of the lithium battery industry, with production levels expected to stabilize around historical highs [10][11] - The solar energy sector is experiencing a decline in prices for silicon wafers, batteries, and modules, but supply-side reforms are expected to enhance market stability [6][7] - Wind energy projects are gaining momentum, with significant increases in domestic and international offshore wind turbine tenders, suggesting a robust growth outlook for the sector [7][8] Group 3: Aluminum Industry Insights - The aluminum market is experiencing upward price pressure due to favorable macroeconomic conditions, including anticipated interest rate cuts and improved manufacturing PMI [16][17] - Domestic production of electrolytic aluminum is slightly increasing, but demand remains mixed, with some sectors showing signs of weakness as the market enters a seasonal slowdown [17][18] - The report emphasizes the importance of monitoring inventory levels and production rates in the aluminum sector, as these factors will influence future pricing trends [18][19] Group 4: Coal Market Dynamics - The coal market is expected to see price increases in December, driven by seasonal demand and production adjustments, despite recent price declines [26][29] - The report highlights the ongoing challenges in the coal supply chain, including transportation issues and fluctuating demand from both power generation and industrial sectors [26][27] - Long-term trends suggest that coal prices may continue to rise due to structural factors such as rising operational costs and regulatory pressures [29][30] Group 5: Robotics Industry Developments - The report notes significant advancements in the robotics sector, with the U.S. government accelerating initiatives to promote industry growth [31][32] - Tesla's developments in humanoid robots are highlighted, indicating a focus on cost-effective production and potential market applications [32][33] - Various robotics companies are securing substantial funding to enhance their technological capabilities and market reach, indicating a vibrant investment landscape [34][35][37]

2025年，在全球贸易保护主义抬头、不确定性弥漫的背景下，中国经济在"高质量发展"的主航道中稳健前行。 然而，政策刺激的边际效应在下半年显著递减。前期发力过猛导致后续额度受限，部分省份补贴暂停，加之部分家庭耐用消费品已完成更新，政策拉动效果 明显弱化。这引发了关于补贴效率与可持续性的深层思考，政策未来需向更精准、惠及更广泛人群的方向优化。 与此同时，"投资于人"理念在今年实现了历史性突破，首次与传统的"投资于物"置于同等战略高度。这标志着宏观政策从过往过度依赖基建与房地产投资， 向弥补民生短板、提升居民福祉的系统性转变。 育儿补贴、消费贷贴息、养老金上调等具体措施陆续出台，旨在通过减轻居民在养老、医疗、教育等方面的负担，激活消费潜力，扭转长期的高储蓄倾向。 这一根本思路的调整，预示着未来公共支出结构的持续优化。 2025年，中国对外经济关系经历了重大压力测试。面对美国再度掀起的超高关税战，中国一改2018年时的策略，采取了迅速而强硬的反制措施。 这份底气体现在经过十年布局形成的多元化贸易网络上：对美出口占比下降的同时，对东盟、非洲及"一带一路"沿线国家的出口实现了强劲增长。 新能源汽车、集成电路、船舶等高附加 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

投资要点： 锂电板块核心观点：固态电池产业化加速，电解液/隔膜价格继续上涨。1） 固态电池产业化进程再按"加速键"；2）部分锂电材料价格继续上涨。 业 定 期 报 告 光伏板块核心观点：美对华光伏关键设备关税豁免期限延长一年，是利好 也是警示。近日，美国贸易代表办公室发布公告，决定将针对中国光伏制造设 备的 178 项"301 条款"关税豁免期限延长一年，本质是其在能源转型需求与 保护主义间的现实妥协，这为中国光伏企业维持对美出口提供了关键缓冲期。 但长期来看，美国构建"去中国化"供应链的战略方向并未改变。中国产业真 正的核心优势，在于持续领先的技术迭代与规模化制造能力，企业应借此窗口， 进一步巩固技术壁垒与全球化布局，以应对未来更复杂的贸易环境。 风电板块核心观点：中国风电企业全球竞争力不断增强，中国电建 2026 年风电框架招标指引乐观。1）大金重工进军欧洲风电母港服务，中国风电企 业在全球竞争力不断增强；2）中国电建 2026 年风机框架招标量增幅较大，对 2026 年风电装机预期乐观。 核聚变板块核心观点：国核自仪与合肥能源研究院共建"聚变堆自主可控 及智能控制技术联合研究中心"，产业与科研合力攻坚聚 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Insights - The wind power equipment sector is experiencing positive fundamentals, with price increases for LFP (Lithium Iron Phosphate) and separators [1] - The report highlights a strong demand for energy storage and the upward trend in lithium battery material prices [5] - The report emphasizes the strategic partnerships and expansions among key players in the lithium battery and energy storage sectors [5] Summary by Sections Lithium Battery Sector - LFP prices have increased by over 3000 yuan per ton, with long-term contracts covering over 1 million tons signed by major companies [12] - The price of lithium battery separators has been raised, with wet separators increasing by 30% [13] - Notable contracts include Nord's agreement to supply over 373,000 tons of copper foil to a major client over three years [14] and Enjie’s acquisition of a company to expand separator production capacity by 4 billion square meters [16] Energy Storage Sector - The National Development and Reform Commission has included energy storage facilities in the 2025 REITs project scope, indicating a growing recognition of energy storage's importance [22] - A significant upgrade project in Henan aims to enhance coal-fired power plants' flexibility and efficiency, with 33 projects totaling 4.8GW planned [23] Power Equipment Sector - Starting in 2026, the proportion of fixed costs recovered through capacity pricing will increase to no less than 50%, up from 30% in previous years, marking a significant shift in the power market [26] Photovoltaic Sector - The report notes a stable price for silicon materials, with the average price for polysilicon remaining at 52 yuan per kilogram [33] - Silicon wafer prices have decreased, with expectations of further reductions due to high inventory levels and weak demand [33] Wind Power Sector - The report indicates ongoing progress in offshore wind projects, with several major projects in China and Europe moving forward [5] - Key companies benefiting from this trend include leading cable manufacturers and turbine producers [5]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the European offshore wind catalysis continues to strengthen, and the supply-demand pattern of lithium batteries is improving [1] - The overall performance of the power equipment sector shows positive changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [7] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -5.4% over the last month, 10.2% over the last three months, and 33.1% over the last year, compared to the CSI 300 index [3] Key Events and Insights - In the photovoltaic sector, there is a continued decline in prices for silicon wafers, batteries, and modules, with a significant reduction in domestic polysilicon production by 15.9% month-on-month in November [4] - In the wind power sector, domestic offshore wind turbine bidding has reached 10.3GW, a 9% increase from the previous year, with significant developments in emerging markets [5] - The energy storage sector is seeing growth, with Trina Solar's energy storage shipments expected to exceed 5GWh in Q4, and a focus on overseas markets [5] - The lithium battery industry is experiencing high prosperity, with production expected to remain at a historical high of around 220GWh in December [5] Recommendations - The report suggests focusing on companies in the silicon material sector such as GCL-Poly and Tongwei, as well as battery technology firms like LONGi Green Energy and Aiko Solar [4] - For wind power, companies like Dongfang Cable and Goldwind Technology are recommended due to their involvement in significant projects [5] - In the energy storage space, leading integrators and cell manufacturers such as Sungrow Power and CATL are highlighted as key players [5] - The lithium battery sector is advised to focus on leading companies like CATL and Yiwei Lithium Energy, as the industry is moving towards a more rational growth phase [5]