Core Insights - The core viewpoint of the article is the rapid growth and potential of the sodium-ion battery industry, with significant increases in production and market penetration expected in the coming years [2][9]. Group 1: Industry Overview - The global sodium-ion battery shipments are projected to rise from 3.6 GWh in the previous year to 9 GWh in 2025, marking a year-on-year growth of 150% [2]. - Key application areas for sodium-ion batteries include energy storage, light electric vehicles, start-stop power sources, electric engineering vehicles, new energy vehicles, and AI data centers, with notable increases in market share and penetration rates [2]. - Major players in the sodium-ion battery market include leading Chinese companies such as CATL, BYD, and EVE Energy, as well as international firms like LG Energy, Volkswagen PowerCo, and Acculon Energy [2]. Group 2: Market Dynamics - The average market price for mainstream sodium-ion cells in 2025 is expected to be between 0.50 and 0.6 yuan/Wh, with an average of 0.55 yuan/Wh. By 2030, prices are anticipated to drop to 0.25 yuan/Wh, making them cheaper than lithium-ion and lead-acid batteries [6]. - The sodium-ion battery market is expected to reach a scale of 1051 GWh by 2030, driven by factors such as reduced production costs, increased penetration in energy storage markets, and the growth of applications in electric vehicles and data centers [9]. Group 3: Competitive Landscape - The top 10 companies in global sodium-ion battery shipments for 2025 include Weike Technology, Haishida Sodium Star, CATL, BYD, and others, while the next tier includes companies like Sodium Beauty New Energy and Huana Xineng [3][4].

Core Viewpoint - Leoch International (00842) shares surged over 15% following the announcement of a plan to spin off its U.S. listing, with shares currently trading at 2.49 HKD and a trading volume of 31.75 million HKD [1] Group 1: Spin-off Announcement - The shareholders' meeting approved the proposal for the spin-off of Leoch Energy Inc, which is set to file Form 20-F with the U.S. Securities and Exchange Commission by December 30, 2025 [1] - The ex-dividend date for trading shares based on the adjusted basis is January 9, 2026, with the record date for trading shares on a cum-rights basis set for January 8, 2026 [1] - Following the spin-off, the company will no longer hold any shares in the spun-off entity, resulting in the complete separation of the subsidiary and the termination of consolidation in the financial statements [1]

时代万恒今年以来股价涨0.48%，近5个交易日涨1.82%，近20日跌3.67%，近60日涨2.69%。 1月8日，时代万恒盘中上涨2.07%，截至13:09，报8.39元/股，成交3098.07万元，换手率1.27%，总市值 24.69亿元。 资金流向方面，主力资金净流入9.25万元，特大单买入0.00元，占比0.00%，卖出164.69万元，占比 5.32%；大单买入427.30万元，占比13.79%，卖出253.36万元，占比8.18%。 资料显示，辽宁时代万恒股份有限公司位于辽宁省大连市中山区港湾街7号，成立日期1999年3月29日， 上市日期2000年11月28日，公司主营业务涉及新能源电池的研发、生产和销售。主营业务收入构成为： 商品销售业务98.04%，其他(补充)1.49%，房产租赁业务0.47%。 分红方面，时代万恒A股上市后累计派现9369.08万元。近三年，累计派现0.00元。 责任编辑：小浪快报 时代万恒所属申万行业为：电力设备-电池-锂电池。所属概念板块包括：微盘股、东北振兴、小盘、国 资改革、锂电池等。 截至9月30日，时代万恒股东户数2.02万，较上期减少44.00%；人均流通股 ...

1月8日，"工信微报"微信公众号消息，近日，工业和信息化部、国家发展改革委、市场监管总局、国家 能源局联合召开动力和储能电池行业座谈会，研究部署进一步规范动力和储能电池产业竞争秩序工作。 会议指出，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素 影响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持 续发展能力，必须予以规范治理。 要强化市场监管，加强价格执法检查，加大生产一致性和产品质量监督检查力度，打击涉知识产权违法 行为。 要加强区域协同，强化央地协同联动、综合施策，加强对本地企业指导，严控重复建设，推动行业健康 有序发展。 这不是工信部第一次"出手"整顿规范电池行业竞争秩序。2025年11月28日，工业和信息化部组织召开动 力和储能电池行业制造业企业座谈会。会上，12家动力和储能电池产业链企业负责人围绕企业生产经 营、技术研发、市场竞争、知识产权保护等深入交流，介绍企业基本情况和当前面临的困难，提出意见 建议。 工信部部长李乐成在会上指出，近年来，在各方共同努力下，我国动力和储能电池产业迅速发展壮大， 在市场规模、创新能力、产业体系 ...

47吉瓦时！4年增长了近12倍！ 特斯拉成为全球最大储能电池供应商！ 马斯克转发帖子祝贺！ ...

申港证券近日发布电力设备行业研究周报：近期，全国标准信息公共服务平台上，国家标准计划《电动 汽车用固态电池第1部分：术语和分类》已经从起草进入到了征求意见阶段。同时，《电动汽车固态电 池用固体电解质技术规范》也已启动起草。 以下为研究报告摘要： 投资摘要： 每周一谈：固态电池国标体系加速制定产业驶入规范化"快车道" 近期，全国标准信息公共服务平台上，国家标准计划《电动汽车用固态电池第1部分：术语和分类》已 经从起草进入到了征求意见阶段。同时，《电动汽车固态电池用固体电解质技术规范》也已启动起草。 《电动汽车用固态电池》系列标准拟分为4个部分进行编制。 第1部分：术语和分类。目的在于确立固态电池的术语、分类。 第2部分：性能规范。目的在于确立固态电池的性能类要求及对应的测试方法。 第3部分：安全规范。目的在于确立固态电池的安全类要求及对应的测试方法。 二是推动技术研发的规范化和产业化进程。通过建立统一的测试方法，为固态电池判定提供明确依据， 从而提升研发效率，加速技术从实验室走向规模化生产的步伐。 近年来，随着固态电池产业化进程加速，行业对于车用固态电池国家标准需求日益提升。基于以上背 景，全国汽标委电动车辆分 ...

1月7日，记者从中国科学院获悉，"面向空间应用的锂离子电池电化学光学原位研究"项目成功在中 国空间站内开展。神舟二十一号航天员乘组在轨共同完成了实验操作。作为载荷专家，中国科学院大连 化学物理研究所研究员张洪章在实验中充分发挥了其专业优势。 该项目有哪些研究目标？这个实验是如何具体开展的？太空微重力环境对实验有何影响？实验结果 未来有哪些应用？针对以上问题，科技日报记者采访了相关专家。 第一问：项目研究目标是什么？ 锂离子电池因能量密度高、循环寿命长和安全可靠性高，已成为空间站、深空探测等航天任务的首 选储能系统。 "当前航天任务对电源的研究，主要集中在微纳米尺度下电极表面离子在溶液中的传输、嵌入与脱 出机理，尤其关注电场中离子的动态行为。"中国科学院大连化学物理研究所研究员杨晓飞说，"然而， 这一研究面临两大挑战：一是离子浓度梯度同时受电场和重力场的影响，难以将二者分离进行独立分 析；二是地面实验无法完全模拟真实的太空微重力环境，难以揭示锂离子电池在微重力下的性能变化与 衰减机制。" 第二问：太空微重力环境对实验有何影响？ "在微重力环境下，锂离子电池内部的电解液行为会发生根本性改变。电解液的流动模式、分布 ...

Core Viewpoint - The recent lawsuit between XWANDA and Geely highlights significant quality issues in battery production, which may jeopardize XWANDA's upcoming IPO and reflects broader industry challenges related to rapid expansion and quality control [6][11][20]. Group 1: Lawsuit and Financial Impact - XWANDA announced a major economic loss due to quality issues in battery cells, resulting in a compensation claim of 2.314 billion yuan from Geely's subsidiary, which accounts for 90% of XWANDA's net profit for 2023 and 2024 [6][11]. - Following the announcement, XWANDA's stock plummeted by 15.97% at the opening and closed down 11.39%, leading to a market value loss of 6.3 billion yuan in a single day [6][11]. - The lawsuit could potentially derail XWANDA's plans for a Hong Kong IPO, which was submitted in July 2025 [6][11]. Group 2: Quality Issues and Industry Context - The lawsuit reveals underlying quality problems in the battery industry, exacerbated by rapid production expansion and intense competition, which have led to compromised quality control [20][23]. - XWANDA's production capacity surged from 4 GWh in 2018 to a planned 140 GWh by 2025, with a significant increase in battery shipments, reflecting the industry's aggressive growth strategy [17][20]. - The electric vehicle market's explosive growth has resulted in numerous quality complaints from major automakers, indicating that XWANDA's issues are part of a larger trend affecting the industry [20][23]. Group 3: Customer Reactions and Brand Image - Following battery quality complaints, Geely's brand, Zeekr, faced significant backlash, leading to a costly battery replacement program estimated at 2 to 2.4 billion yuan for around 40,000 vehicles [8][12]. - XWANDA's reputation has suffered as consumers express concerns over battery quality, with some customers of Li Auto opting to cancel orders when informed their vehicles would be equipped with XWANDA batteries [12][14]. - The negative publicity surrounding battery quality issues has resulted in a broader loss of consumer trust in XWANDA and potentially other manufacturers in the industry [14][20]. Group 4: Industry-Wide Challenges - The rapid expansion of battery production capacity has led to a significant increase in output, from 83.4 GWh in 2020 to an estimated 826 GWh by 2024, raising concerns about quality management [20][21]. - The intense price competition in the battery market has prompted some manufacturers to cut corners, leading to safety risks and quality failures [21][22]. - Regulatory bodies are beginning to address these quality issues, with new safety standards being implemented to ensure battery safety and reliability [31][33].

导读："错过了2025年底的这一申报期，企业再进行申报的话，可能就要等到2025年年报出炉后，更新 完财务数据才会等到时间窗口。"一位来自于沪上某大型券商的资深保荐代表人告诉叩叩财经，"海雷股 份之所以未能赶在2025年底向北交所递交申报材料，或与其目前的业绩不稳定有关。" 作者：赵 擎@北京 编辑：翟 睿@北京 深圳市海雷新能源股份有限公司（下称"海雷股份"）还算是幸运的。 按照目前实施的《上市辅导规定》，辅导机构在对拟上市企业完成辅导工作，且已通过首次公开发行股 票并上市的内核程序的，应向派出机构提交辅导验收材料，辅导验收材料符合齐备性标准的，派出机构 应当自收到齐备的辅导验收材料之日起二十个工作日内向辅导机构出具验收工作完成函，抄送发行监管 部门及拟申请上市的证券交易所。 在过往的历史中，绝大多数企业在成功完成上市辅导工作进入验收流程后，都能在短短几个工作日内就 能获得来自监管部门的验收工作完成函。 但海雷股份却迟迟未能获得其上市辅导的验收结果。 在此期间，数十家晚于海雷股份进入上市辅导验收环节的企业都纷纷获得了完成函，且其中还有不少的 企业早已推进至上市审核流程。 终于皇天不负苦心人。 据叩叩财经获悉 ...

Core Viewpoint - The trend of A+H listings is expected to continue in 2026, with multiple A-share companies planning to issue H-shares and list on the Hong Kong Stock Exchange, indicating a significant increase in internationalization efforts among Chinese firms [1][2][3]. Group 1: Company Developments - Guangzhou Penghui Energy Technology Co., Ltd. and Huizhou Desay SV Automotive Electronics Co., Ltd. are among the A-share companies planning to issue H-shares to enhance their international presence and competitiveness [2][3]. - Desay SV aims to improve its brand influence and accelerate overseas business expansion through the issuance of H-shares [2]. - Penghui Energy's product matrix includes energy storage batteries, consumer batteries, and power batteries, with sales in over 50 countries, highlighting its global reach [3]. Group 2: Market Trends - In 2025, 19 A-share companies, including CATL and others, are expected to raise approximately HKD 139.99 billion through H-share listings, a 533% increase from 2024 [1]. - The A+H listing trend is driven by policy support and the increasing number of companies opting for this model, which enhances the interconnectivity between mainland and Hong Kong capital markets [4]. - The liquidity of the Hong Kong market is expected to improve significantly in 2025, attracting international funds and reducing valuation discount concerns for companies [4]. Group 3: Strategic Insights - The A+H model is seen as a long-term strategy that requires companies to align with international governance and disclosure standards, facilitating cross-border mergers and global equity incentives [5]. - The Hong Kong platform serves as a core for offshore financing, allowing companies to utilize raised funds for overseas expansion and technology acquisition [4]. - Companies are encouraged to adopt a long-term perspective, focusing on enhancing competitiveness through technology upgrades and market expansion rather than short-term speculative gains [5].