Core Insights - Alibaba's FY2Q26 revenue reached 247.8 billion RMB, a year-on-year increase of 5%. Excluding disposed business revenues, the same-caliber revenue growth was 15%. Adjusted EBITA decreased by 78% to 9.1 billion RMB, while Non-GAAP net profit fell by 72% to 10.4 billion RMB, meeting expectations [4][11]. - The strategic focus has shifted from platform economy to a comprehensive transformation towards a large consumption ecosystem, with "full-site push" and instant retail driving traffic synergy [5][11]. - Alibaba's cloud business revenue grew by 34% to 39.8 billion RMB, with adjusted EBITA increasing by 35% and EBITA margin rising to 9.0%. The company continues to enhance its AI capabilities, with significant upgrades announced in September [11]. Financial Performance - The Chinese e-commerce group achieved revenue of 132.6 billion RMB in FY2Q26, a 16% year-on-year increase, with adjusted EBITA of 10.5 billion RMB, down 76% [5][11]. - Customer management revenue maintained a 10% growth, reaching 78.9 billion RMB in FY2Q26 [5][11]. - The international digital commerce group reported a 10% revenue increase to 34.8 billion RMB, achieving profitability with an adjusted EBITA of 1.62 billion RMB [11]. Strategic Developments - The launch of the Qianwen app has seen over 10 million downloads within a week, marking a significant step in reaching C-end users and supporting a complete AI ecosystem [11]. - The company is actively expanding its instant retail strategy, with approximately 3,500 Tmall brands integrating offline stores into the instant retail business by the end of October [5][11]. - Alibaba's focus on AI and instant retail is expected to enhance user lifecycle and customer value, driving cross-scenario traffic synergy [11]. Market Outlook - The report maintains a "Buy" rating for Alibaba, highlighting its dual core drivers of large consumption and technology, with a long-term moat built around its full-stack AI strategy [6][11]. - Profit forecasts for FY26-27 have been adjusted downwards to 101.9 billion RMB and 145.5 billion RMB, respectively, while the FY28 forecast has been raised to 183.6 billion RMB [6][11].

Core Viewpoint - The A-share market experienced significant adjustments, with major indices like the Shanghai Composite Index and Shenzhen Component Index seeing declines of nearly 4% and over 5% respectively, marking the largest weekly drop since April 7 [1][2] Market Performance - The adjustment period from November 17 to 21 saw the ChiNext Index drop by 6.15%, indicating a broad market downturn [1] - On November 24, Industrial Fulian, a major player, faced a sharp decline, hitting the daily limit down, while the lithium battery sector also continued to fall [1] Market Sentiment - There is a notable increase in market anxiety, with various factors being cited for the downturn, including Japanese market influences and U.S. interest rate discussions [2][3] - The article emphasizes that while these factors are relevant, they do not fully explain the market's behavior [4] Investment vs. Speculation - The distinction between investment and speculation is highlighted, with investment being characterized by earning from company profits and dividends, while speculation is described as a zero-sum game driven by market emotions [11][18] - The article suggests that many investors lack patience, leading to confusion between investment and speculation [12][16] Market Valuation - Current market valuations are deemed reasonable, with specific sectors like white goods and livestock showing strong earnings growth that supports their price levels [26] - For instance, the white goods sector has a price-to-earnings (P/E) ratio of 11.11 and a dividend yield of 5.07%, indicating solid fundamentals [26] Fund Flows - Recent data shows a net inflow of 701.21 billion yuan into stock ETFs, with broad index ETFs being the primary beneficiaries, suggesting a strategic repositioning by investors rather than panic selling [29] - The article notes that many sectors are experiencing price recoveries, indicating a lack of panic among investors [32]

Core Insights - The 2025 Second China International Lithium Industry Conference highlighted the themes of "stabilizing supply, strengthening chains, promoting innovation, and seeking win-win outcomes" in the context of the lithium industry [1] - The lithium market is experiencing a recovery, with lithium carbonate prices exceeding 90,000 yuan per ton, driven by optimistic expectations for supply-demand dynamics and growth in the energy storage sector [1][2] Industry Trends - The global energy storage market is projected to add 268 GWh of new capacity in 2025, representing a 48% year-on-year increase, with a compound annual growth rate exceeding 20% over the next decade [1] - By 2026, the global demand for lithium is expected to reach 2 million tons of lithium carbonate equivalent, indicating a near balance in supply and demand [2] Technological Innovations - Solid-state batteries are gaining attention as a key innovation, with companies actively pursuing their industrialization [3][4] - Tianqi Lithium announced the launch of a new lithium sulfide product, which is expected to enhance the performance of solid-state battery electrolytes [3] Market Dynamics - The current market conditions are characterized by low inventory, high demand, and cost support, which are expected to drive lithium prices upward in the long term [2] - The lithium industry is anticipated to enter a new upward cycle, although price volatility may increase due to various influencing factors [2] Investment Opportunities - Investors are encouraged to focus on companies that are technologically advanced, heavily invested in research and development, and have strong potential for industrialization in the solid-state battery sector [4]

Core Insights - Jack Technology Co., Ltd. has launched the AI sewing machine "Ai 10" and humanoid robots, showcasing Taizhou's innovation capabilities in high-end equipment [1] - Taizhou has focused on the development of the real economy, promoting digital and intelligent transformation in manufacturing, resulting in an 8.3% year-on-year growth in industrial output value for the first nine months of the year [1] - The establishment of the first provincial-level low-altitude economy industry fund in Taizhou Bay New Area has attracted over 80 upstream and downstream enterprises for development [1] - The second phase of the 10GWh solid-state lithium battery industrialization project by Qingtai Energy is progressing rapidly in the Chengjiang Industrial Zone of Huangyan Economic Development Zone [1] - The CNC and Intelligent Manufacturing Technology Innovation Center, co-established by Yuhuan City and Tianjin University, has achieved a transformation rate of over 75% for its results [1] - The municipal government emphasizes leveraging the advantages of a vibrant private economy, diverse manufacturing sectors, and numerous listed companies to enhance the quality and resilience of development through practical measures [1]

长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

产业链一体化正成为平抑金属价格波动的重要手段。 近日，锂电赛道再现签约大单。龙蟠科技（603906）日前公告其子公司与楚能新能源子公司签署《<生 产材料采购合作协议>之补充协议二》，将2025年至2030年的磷酸铁锂正极材料供货量从此前约定的15 万吨提升至130万吨，总销售金额预计超过450亿元。 近日，锂盐巨头盛新锂能（002240.SZ）最新公告称，与华友控股集团签署锂盐产品合作框架协议，约 定自2026年至2030年供应22.14万吨锂盐，以当时期货价格计算，协议金额近220亿元。 "金属在能源转型时代至关重要。若要实现净零排放目标，全球能源转型所需金属将达48亿吨。"彭博新 能源财经金属和矿业研究员徐鹏日前表示，预计十年后风电、光伏金属需求将有所下降，电池金属需求 将持续增长，锂、钴、镍、石墨等电池金属以及铜和稀土将是能源转型需求主力。 基于关键金属在时空分布上的错位特点，徐鹏认为这将给中国相关产业带来发展先机。 全球金属资源供需层面地理错配，资源供给集中在澳大利亚、东南亚、非洲、南美洲等区域，主要需求 方中国、欧美等资源相对匮乏；另外，例如锌矿等金属从发现矿山到进行开采往往需要5-10年不等的时 ...

2025年11月25日，由中国有色金属工业协会主办、天齐锂业（002466）特邀协办的"2025年第二届中国 国际锂业大会"在四川成都举行。 大会以"锂聚全球，链动未来"为主题，围绕"稳供给、强链条、促创新、谋共赢"四大核心，深入探讨新 形势下如何通过技术创新与全球协作，增强产业链供应链韧性与安全，推动锂电产业迈向高质量、可持 续发展新阶段。 会议当天，来自中国有色金属工业协会、广州期货交易所、国际锂业协会，以及天齐锂业、中国盐湖等 400余名锂电产业人士，共同就碳酸锂供需格局、固态电池的产业化应用等热点话题进行探讨。 2026年供需预期向好 对于过去五年国内锂行业的发展，中国有色金属工业协会会长葛红林指出，"中国锂产业实现了历史性 跨越，从'跟跑'迈入部分领域'领跑'阶段。" 资源勘探方面，在青藏高原、川西地区、华南等地相继发现多个大型、超大型锂矿，中国锂资源储量大 幅提升，跃居全球第二位。 资源开发方面，江西宜春、湖南鸡脚山等锂云母资源开发有序推进，新疆、川西地区锂辉石资源开发全 面启动，形成"盐湖、锂辉石、锂云母"三大资源开发并举的新格局。 产业规模方面，今年1—9月锂盐产量占全球70%以上，支撑动力电 ...

Core Insights - The 2025 (15th) Gaogong Lithium Battery Annual Conference was held in Shenzhen from November 18 to 20, with the theme "Fifteen Years of Innovation, Looking Ahead to New Journeys" [2] - The event gathered over 400 companies and more than 1,200 industry leaders from various segments of the lithium battery supply chain [2] Event Highlights - The conference featured the release of the "2025 China Solid-State Lithium Battery Industry Chain Development Blue Book" by the Gaogong Industry Research Institute (GGII) [4] - The event received significant attention and recognition from lithium battery industry chain enterprises, with participation from over 100 companies including major players like Yiwei Lithium Energy, Haimeixing, and CATL [6]

Group 1: Environmental Protection and Cultural Heritage - The provincial secretary emphasized the need to implement the spirit of the 20th Central Committee and Xi Jinping's ecological civilization thoughts, focusing on the protection and utilization of the Grand Canal's cultural heritage [1][2] - There are ongoing issues with the stability of water quality improvements in the Grand Canal's tributaries, indicating that some environmental problems remain unaddressed [2] - The secretary highlighted the importance of integrating ecological protection with cultural heritage preservation, aiming to enhance the historical, artistic, and scientific value of the Grand Canal [2] Group 2: Corporate Development and Innovation - Companies like Tianli Lithium Energy Co., Ltd. and Chengde Energy Technology Equipment Co., Ltd. are encouraged to align with national "dual carbon" goals, focusing on smart, green, and integrated development [3] - There is a push for increased investment in technological research and development to improve product quality and expand market share, with an emphasis on carbon reduction and safety in production [3] - The secretary called for a deep integration of innovation resources with technology-driven enterprises, aiming to enhance the synergy between innovation chains, industry chains, and talent chains for high-quality development [3]

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will focus on the theme "New Cycle, New Technology, New Ecology," discussing the lithium battery industry's evolution over the past decade and its future development [2]. Event Background and Significance - The Qidian Lithium Battery Industry Annual Conference is a significant annual event that has been held for nine consecutive years, attracting over 1,000 participants each year from the entire lithium battery supply chain [2]. - The 2025 event marks the 10th anniversary of the conference and the Qidian Research Institute, aiming to provide a platform for industry exchange and collaboration [2]. Event Theme and Structure - Event Name: 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony, along with the 2025 User-side Energy Storage and Battery Technology Forum [2]. - Theme: New Cycle, New Technology, New Ecology [2]. - Scale: Over 2,000 offline participants and 30,000 online viewers [2]. Highlights of the Event - The conference will feature nine specialized forums with over 60 prominent speakers discussing core issues and technological breakthroughs [4]. - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4]. - The event will also include the 2025 China New Energy Entrepreneurs Club Council meeting, facilitating direct interactions among industry leaders [4]. - More than 50 exhibitors will showcase solutions across the lithium battery, energy storage, and related sectors [4]. Specialized Topics and Forums - Specialized sessions will cover topics such as soft-pack batteries for eVTOL and drones, high-nickel ternary cathode industrialization, and advancements in lithium battery separator technology [7][8]. - The User-side Energy Storage and Battery Technology Forum will address trends in household energy storage and portable energy systems [7]. Golden Ding Award Details - The Golden Ding Award aims to encourage innovation in the lithium battery industry and recognize brands that contribute significantly to its development [8]. - The award categories include various technical innovation awards for battery cells, energy storage technologies, and materials [9][14]. Registration and Participation - Registration for the event is open, with a participation fee of 2,888 yuan per person, which includes access to the conference, meals, and industry white papers [10].