翻开高盛的分析框架，"政策支持"四个字反复出现。在基础设施投资方面，国家发改委已明确2024年将推动"十四五"规划重大工程实施；在产业政策上，中 央经济工作会议特别强调发展数字经济、人工智能等战略性新兴产业。更值得关注的是消费刺激政策——延长假期、落实带薪休假等制度设计，瞄准的正是 中等收入群体巨大的服务消费潜力。这些政策组合拳，正在为经济注入确定性增长动能。 当全球投资者都在寻找下一个增长引擎时，国际投行高盛的一份报告激起千层浪——建议高配中国股票，并预言2026年起中国股市将实现每年15%-20%的涨 幅。这究竟是华尔街的又一次唱多，还是确有真金白银的逻辑支撑？让我们揭开这份重磅报告背后的投资密码。 出口韧性构筑第一道防线 高盛报告中最关键的判断，在于指出中国出口将保持"结构性上行空间"。在全球产业链重构的背景下，中国制造业正在完成从"世界工厂"到"高端制造中 心"的蜕变。数据显示，2023年中国新能源汽车、锂电池、光伏产品"新三样"出口增长近30%，这种产业链升级带来的价值提升，正在改写中国出口的内 涵。正如报告所言，经常账户稳健态势有望延续，这为资本市场提供了最基本的安全垫。 政策工具箱里的增长动能 ...

Core Viewpoint - EVE Energy has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise capital for its overseas expansion, particularly focusing on a 30GWh battery project in Hungary, while facing challenges in its various business segments [1][10]. Group 1: IPO and Market Response - EVE Energy's updated listing application was submitted on January 2, just three days after the expiration of its initial prospectus [1]. - The company aims to connect domestic and international capital markets to support its overseas production expansion [1]. - Following the announcement of the re-submission, EVE Energy's stock rose by 4.88% on the first trading day of the year, closing at 68.97 yuan per share [1]. Group 2: Financial Performance and Challenges - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion yuan in 2022, 487.84 billion yuan in 2023, and 486.15 billion yuan in 2024, while net profits are expected to decline from 36.72 billion yuan in 2022 to 42.21 billion yuan in 2024 [5]. - The company's revenue from the power battery segment is expected to decrease by 20.08% in 2024, contributing to an overall revenue decline [5]. - The average selling price of power batteries has dropped from 11 million yuan/GWh in 2022 to 6 million yuan/GWh in 2024, leading to a continuous decline in gross margins [6][7]. Group 3: Business Segment Analysis - The power battery segment, which was once a growth driver, is now a significant drag on performance, with its revenue share decreasing from 50.3% in 2022 to 39.4% in 2024 [5][7]. - The energy storage battery segment has shown growth, with revenues increasing from 94.32 billion yuan in 2022 to 190.27 billion yuan in 2024, but it faces intense competition and declining profit margins [8][9]. - The consumer battery segment has maintained a relatively stable performance, with revenues reaching 103.22 billion yuan in 2024, but its overall contribution to total revenue remains limited [9]. Group 4: International Expansion and Challenges - EVE Energy's IPO proceeds will primarily fund the 30GWh battery project in Hungary, set to commence production in 2027, as part of its global expansion strategy [10]. - The company faces significant challenges in localizing its supply chain for overseas operations, with over half of the raw materials for its European factories needing to be imported from China [10][11]. - EVE Energy must compete with established players like CATL and BYD in the international market, as well as with Korean giants like LG Energy and Samsung SDI, which have already established a strong presence [10][11].

Core Viewpoint - EVE Energy has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise capital for its overseas expansion, particularly focusing on a 30GWh battery project in Hungary, while facing challenges in its various business segments [2][9][12] Group 1: IPO and Market Response - EVE Energy's updated listing application was submitted just three days after the expiration of its initial prospectus, which is a standard procedure in the IPO process [2] - The company experienced a positive market reaction, with its stock price rising by 4.88% to 68.97 CNY per share on the first trading day of the year [2] - The IPO aims to facilitate access to both domestic and international capital markets to support overseas production capacity expansion [2][9] Group 2: Financial Performance and Challenges - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion CNY, 487.84 billion CNY, and 486.15 billion CNY for 2022, 2023, and 2024 respectively, while net profits are expected to decline [3] - The company's main revenue-generating segment, the power battery business, saw a significant revenue drop of 20.08% in 2024, contributing to an overall revenue decline [3][4] - The average selling price of power batteries decreased from 11 million CNY/GWh to 6 million CNY/GWh from 2022 to 2024, leading to continuous pressure on profit margins [5][7] Group 3: Business Segment Analysis - The energy storage battery segment has shown growth, with revenues increasing from 94.32 billion CNY in 2022 to 190.27 billion CNY in 2024, but it faces intense competition and declining profit margins [6][7] - The consumer battery segment remains a bright spot, with revenues reaching 103.22 billion CNY in 2024, but its overall contribution to total revenue is limited [8] - EVE Energy's market share in the power battery sector has declined, dropping from 4.45% in 2023 to 2.3% in 2024, necessitating a shift to a price competition strategy [5][6] Group 4: International Expansion and Challenges - The company is focusing on international expansion, particularly in Europe, with plans for a 30GWh battery project in Hungary expected to commence production in 2027 [9][10] - Challenges include supply chain localization, increased operational costs, and competition from established players like CATL and BYD, as well as international firms such as LG and Samsung [10] - The transition from low-price competition to value competition in the lithium battery industry is underway, with rising prices for lithium iron phosphate batteries [11]

Core Viewpoint - Fujin Precision Industry plans to invest 6 billion yuan in a new high-end lithium iron phosphate project in Inner Mongolia, aiming to produce 500,000 tons annually, which aligns with the growing demand for high-performance energy storage solutions [2][3]. Investment Project Overview - Jiangxi Shenghua New Materials Co., Ltd. intends to sign an investment cooperation agreement with the local government to establish a production line for 500,000 tons of high-end lithium iron phosphate, with a total investment of 6 billion yuan [3]. - The project will be developed in two phases, each producing 250,000 tons of lithium iron phosphate, and both phases will be implemented simultaneously [3]. - This investment is expected to enhance the company's capacity and market scale in the lithium iron phosphate sector, solidifying its position in the industry [3]. Strategic Partnerships - This investment marks the first significant investment in Jiangxi Shenghua since CATL's capital increase and share expansion, which will result in CATL holding a 51% stake in Jiangxi Shenghua [4]. - The project is tentatively named "Inner Mongolia Times Fujin," reflecting CATL's branding style [4]. Industry Trends - The trend towards high-pressure dense lithium iron phosphate for energy storage is confirmed, with advantages over traditional lithium iron phosphate batteries, particularly in cost savings by eliminating copper and aluminum foil [5][6]. - Fujin Precision's revenue from lithium battery materials reached 4.829 billion yuan in 2024, a year-on-year increase of 71.99%, with high-pressure dense lithium iron phosphate accounting for 100% of this revenue [6]. Additional Investments - Jiangxi Shenghua's investment also includes plans for other segments of the high-pressure dense lithium iron phosphate supply chain, such as establishing projects for producing 400,000 tons of lithium iron phosphate precursors and 600,000 tons of ferrous oxalate precursors in collaboration with local governments [6]. - These initiatives aim to secure upstream raw material supply and optimize costs, enhancing the company's competitive edge and sustainable development in the lithium iron phosphate sector [6].

格隆汇1月5日丨亿纬锂能（维权）(300014.SZ)公布，根据公司发行计划及香港联交所的相关要求，公 司于2026年1月2日向香港联交所更新了发行申请及部分公司信息和财务数据等，并于同日在香港联交所 网站刊登了相关更新文件。该申请材料为公司按照香港证券及期货事务监察委员会（简称"香港证监 会"）和香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者 不应根据其中的资料作出任何投资决策。 ...

证券日报网讯1月5日，博力威在互动平台回答投资者提问时表示，公司目前已和智元创新、普渡科技、 云鲸智能、海柔创新、极智嘉机器人、斯坦德机器人等众多机器人公司建立合作关系。人形机器人是未 来锂电池重要的应用领域，其对能量密度、功率密度、安全性、快充及结构集成等方面都提出了全新且 更高的要求，公司将在该领域持续投入，以巩固和提升公司在该细分领域的技术领先优势。 ...

格隆汇1月5日丨亿纬锂能(300014.SZ)公布，根据公司发行计划及香港联交所的相关要求，公司于2026 年1月2日向香港联交所更新了发行申请及部分公司信息和财务数据等，并于同日在香港联交所网站刊登 了相关更新文件。该申请材料为公司按照香港证券及期货事务监察委员会（简称"香港证监会"）和香港 联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其中 的资料作出任何投资决策。 ...

证券日报网讯1月5日，博力威在互动平台回答投资者提问时表示，人工智能数据中心(AIDC)备电产品 是未来锂电池重要的应用领域，公司管理层和研发团队始终密切关注该领域的产业发展趋势，并保持开 放的态度，积极与全球人工智能数据中心(AIDC)相关的优秀企业接触。未来若达成合作，公司将根据 相关规则，及时通过指定信息披露媒体发布公告。 ...

每经AI快讯，有投资者在投资者互动平台提问：双欣环保产品NMp已通过宁德时代认证并进入其供应 链了吗？ 双欣环保（001369.SZ）1月5日在投资者互动平台表示，尊敬的投资者您好，公司不生产NMP，公司生 产的DMC及相关产品已经过锂电池上游电解液生产企业认证并进入其供应链，感谢您的关注。 （文章来源：每日经济新闻） ...

（来源：锂电行业动态） 建设地点：江苏省金坛华罗庚高新技术产业开发区 总投资额：不超过20亿元（资金来源：自有资金或自筹资金） 龙蟠科技（603906.SH）1月5日发布公告称，公司第四届董事会第四十七次会议于2026年1月4日审议通过多项议案，其中核心议题为控股子公司常州锂源 新能源科技有限公司（下称"常州锂源"）拟投资建设高性能锂电池正极材料项目，总投资额不超过20亿元。 产能规划：年产24万吨高压实磷酸铁锂（分两期建设，一期12万吨） 项目内容：研发中心及生产基地建设 来源：电池工业网 公告显示，为进一步扩大高性能磷酸铁锂产能，常州锂源拟与江苏省金坛华罗庚高新技术产业开发区管理委员会签署相关合作协议，由其全资子公司锂源 （江苏）科技有限公司具体实施该项目。项目将建设研发中心及年产24万吨高压实磷酸铁锂生产基地，分两期推进，一期计划建设12万吨产能，二期将根 据市场情况适时启动。 该项目资金来源为公司自有资金或自筹资金，具体投资金额以实际投入为准。据了解，磷酸铁锂作为锂电池正极材料的重要品类，近年来在新能源汽车、 储能等领域需求持续增长，龙蟠科技此次扩产计划旨在抓住行业发展机遇，提升核心业务竞争力。 此外 ...