本文源自：金融界AI电报 法国巴黎资产管理亚洲/新兴市场及大中华股票投资分析专员宋喆表示，去年MSCI中国指数升近三成， 相信估值修复因素已大致完成，今年会期待企业盈利有更佳回报，现时中资股估值仍相对欧美市场便 宜，加上美联储政策偏鸽，美元走势持续回落，资金分散投资有机会令中资股受惠。他偏好与创新相关 的产业，当中对电动车和电池行业看高一线，预期电动车企出海的趋势会持续，将有更多纯电动车打入 海外市场，整个产业链尚有不少成长动力。此外，他认为，随着Deepseek在去年12月推出新模型，中美 在AI范畴上差距已显著收窄，数据中心的资本开支也较过去几年加大不少。在相关行业中，会较看好 医疗及药品研发板块。 ...

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

Core Viewpoint - Handan has accelerated the construction of key projects, achieving a 100% startup rate, project entry rate, and planned production rate, with an investment completion rate of 107.5% by the end of November 2025 [1][2]. Group 1: Project Development - By the end of November 2025, all 420 provincial and municipal key projects in Handan have commenced construction, with a 100% startup rate [2]. - The total investment for the LiXun Precision Industry project in the Wu'an industrial park is 780 million yuan, which went from signing to trial production in just 7 months [1]. - The "Flying Economy" industrial park construction plan was launched in May 2024 to address development bottlenecks, resulting in 20 signed projects in the Yongnian and Wu'an industrial parks by the end of December 2025, with 4 projects already completed [2][3]. Group 2: Financial Support and Services - In March 2025, a financial matchmaking event led to 12 key project representatives signing intention agreements with banks, totaling 4.787 billion yuan [3]. - The Handan government has established a "green channel" for key projects, implementing checklist management to ensure comprehensive service from project initiation to completion [2][3]. - Handan actively recommends eligible energy, transportation, and water conservancy projects for inclusion in national and provincial major project lists, with 12 projects successfully listed in 2025 [3].

Group 1 - The core viewpoint of the news is the release of the "Recycled Materials Application Promotion Action Plan," which aims to enhance the supply capacity, application intensity, management systems, and promotion policies for recycled materials, establishing a clear roadmap for increasing the application ratio of recycled materials [1][2] - The plan emphasizes the importance of promoting recycled materials as a key pathway for achieving green and low-carbon transformation, resource security, and carbon peak and neutrality goals [1][2] - China has established the world's largest and most comprehensive resource recycling and reuse system, with significant annual processing capacities for various recycled materials, including 180 million tons of scrap steel, 63 million tons of recycled pulp, 16.4 million tons of recycled plastics, and 19.15 million tons of major recycled non-ferrous metals [1][2] Group 2 - The "Action Plan" focuses on key sectors such as steel, non-ferrous metals, plastics, and paper, with targets set for 2030, including recycling volumes of over 300 million tons of scrap steel and 8 million tons of waste paper, and annual production of over 25 million tons of recycled non-ferrous metals and 19.5 million tons of recycled plastics [2] - The plan identifies specific industries, including automobiles, electronics, textiles, and packaging, as priorities for the application of recycled materials, encouraging leading enterprises to develop implementation plans for promoting recycled materials [2][3] - The initiative aims to provide new directions for developing new productive forces, align with international trade trends, and create new scenarios for promoting a green and low-carbon lifestyle [2]

刚了解到。宁德时代为1-6职级蓝领员工上调基本工资150元/月，其他薪资结构不变，加班费计算基数同步提高。 若以单休制产线员工为例，月综合收入约7500元，含加班收益，实际增收约300-500元。 | | 月综合收入(元/月) | | | | --- | --- | --- | --- | | 职级 | JG1 | JG2 | JG3 | | 月综合收入 (税前) | 约6700 | 约7300 | 约8200 | | | 月收入组成(元/月) | | | | 基本工资 | 2750 | 2850 | 3200 | | 工作津贴 | 200 | 200 | 200 | | 地区津贴 | 400 | 400 | 400 | | 绩效奖 | - | 0-500 | 0-600 | | 全勤奖 | 150 | 150 | 150 | | 夜班津贴 (*元/天) | 20 | 20 | 20 | | 加班费 | | 根据法律规定: 以基本工资为基数， 时1.5倍，周末2倍，法定节假日3倍。 | ने | | CATL-FN/CATL-JC的直接生产员工; | | | | | 备注: | 1、此薪资方案适用于劳动关系在 ...

Group 1 - The core viewpoint of multiple brokerage strategies is the expectation of a strong market opening in January, supported by liquidity factors and potential policy changes such as interest rate cuts [1][3] - The market environment in January is expected to be better than the previous two years, with a favorable liquidity and exchange rate situation, which may drive the continuation of the cross-year market trend [1][3] - Analysts suggest that the upcoming earnings forecasts will provide further guidance for market trends, indicating a potential expansion of the market's upward structure [1][3] Group 2 - The focus for institutional funds post-holiday is likely to be on consensus stocks that have adjusted, such as sectors like non-ferrous metals, overseas computing power, and semiconductors [2][4] - There is a preference for sectors with lower heat and concentrated holdings that are beginning to gain attention, such as chemicals, engineering machinery, power equipment, and new energy [2][4] - The spring market rally is anticipated to start gradually, with the potential for structural market trends to continue, although some volatility may occur in January [4][5] Group 3 - The strategies from various brokerages highlight the importance of monitoring policy expectations and industry trends, which could support the spring market rally [3][4] - The current market risk appetite remains high, providing room for high-elasticity technology themes to continue their upward trajectory [4][5] - Analysts emphasize the need for a cautious approach towards sectors that have previously shown weak fundamental support, as they may face adjustment risks [1][3]

行 业 研 华福证券 电力设备 2026 年 01 月 04 日 电力设备 究 行 业 动 态 我国首份固态电池标准进入征求意见阶段，看好 2026 年固态电池投资机遇 投资要点： 事件： 全国标准信息公共服务平台显示，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，为我国车用固 态电池标准体系的首个国家标准草案。 不仅是国内首个也是全球首个固态电池标准，将护航固态电池产业化 提速 跟 踪 根据同步披露的《编制说明》，截止目前暂未识别到国际、国外已发布的固 态电池标准，这也意味着，该征求意见稿是全球首个固态电池国家标准草 案。开展的车用固态电池标准化研究，有利于统一评价手段、规范产品质 量、支撑政府管理，基于强制性国家标准的逐步完善，车用固态电池产品 才能获取更清晰更真实的符合全固态电池的 3C 认证证书，将为市场端导入 铺平道路。 明确了固态电池统一定义，取消了"半固态电池"表述 首次在国家层面将电池划分为液态电池、混合固液电池和固态电池，这就 意味着"半固态电池"可作为"混合固液电池"的许用术语，全固态电池可 作为"固态电池"许用术语。我们认为这一规范，将极大减 ...

Core Viewpoint - The strategic cooperation upgrade between EVE Energy and Hangcha Group marks a significant step in the development of both companies and represents a practical implementation of the transformation of China's manufacturing industry towards "efficient, green, and intelligent" solutions [4][8]. Group 1: Partnership Details - EVE Energy and Hangcha Group held a strategic seminar and signing ceremony for their 2025 cooperation agreement in Hangzhou [5]. - The partnership has evolved beyond a simple supply-demand relationship, with both companies focusing on "technology co-research, capacity co-construction, and scenario co-creation" to deepen their collaboration [3][5]. - EVE Energy's commercial vehicle batteries have been supplied to over 100,000 units of Hangcha's new energy engineering machinery, which are widely used in key scenarios such as ports, mines, and warehouses [3][7]. Group 2: Future Collaboration - The cooperation model will transition from "product matching" to "ecological symbiosis," focusing on deep collaboration in warehousing logistics, technology iteration, overseas expansion, and quality upgrades [3][7]. - The partnership aims to integrate advanced battery technology with intelligent equipment, achieving deep resource integration and collaborative innovation to provide higher value green logistics solutions for global customers [3][7]. Group 3: Strategic Importance - This strategic upgrade is seen as an inevitable choice for both companies to leverage their strengths and create a powerful synergy [4][8]. - The collaboration is aligned with the mission to "reshape the global commercial vehicle capacity value" and aims to outline a global blueprint for the electrification of China's engineering machinery vehicles [4][8].

Valuation Summary - The overall valuation of the A-share market as of December 31, 2025, shows the CSI All Share (excluding ST stocks) with a PE of 21.6x and a PB of 1.8x, positioned at the 81st and 42nd historical percentiles respectively [2] - The Shanghai Stock Exchange 50 Index has a PE of 11.8x and a PB of 1.3x, at the 63rd and 43rd historical percentiles [2] - The CSI 300 Index has a PE of 14.2x and a PB of 1.5x, at the 65th and 39th historical percentiles [2] - The CSI 500 Index shows a PE of 33.8x and a PB of 2.3x, at the 64th and 51st historical percentiles [2] - The ChiNext Index has a PE of 40.8x and a PB of 5.5x, at the 35th and 63rd historical percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the 85th historical percentile include Real Estate, Retail, and IT Services [2] - Industries with PB valuations above the 85th historical percentile include Electronics (Semiconductors) and Communications [2] - Industries with both PE and PB valuations below the 15th historical percentile include Medical Services and White Goods [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, the average price of silicon wafers increased by 10.8%, while battery cell prices rose by 11.8% [2] - The price of cobalt increased by 6.8% and nickel by 5.5%, while lithium carbonate prices rose by 0.9% [2] Technology TMT - The Philadelphia Semiconductor Index rose by 2.2%, and the Taiwan Semiconductor Index increased by 5.1% [3] - The DXI Index (DRAM output value) increased by 7.2%, driven by strong demand for high-performance products related to AI computing [3] Real Estate Chain - The price of rebar increased by 0.1%, while iron ore prices rose by 1.5% [3] - The national cement price index decreased by 0.3% [3] Consumption - The average price of live pigs increased by 10.4%, while wholesale pork prices rose by 1.4% [3] - The price of Moutai liquor decreased by 3.5% to 1505 CNY [3] Cyclical Industries - The price of copper increased by 2.7%, while aluminum rose by 2.2% [3] - Brent crude oil futures closed at 60.8 USD per barrel, down 2.4% [3]

Core Viewpoint - The article discusses the impending compliance upgrade in the mobile power industry, driven by new safety standards set to be implemented in February 2026, which may eliminate up to 90% of existing production capacity due to stringent testing requirements [1][4]. Group 1: Industry Context - The new safety standards will challenge the current limits of lithium battery technology, requiring manufacturers to meet higher compliance thresholds through tests such as "thermal abuse" and "puncture" [1][4]. - The traditional liquid lithium-ion batteries face significant risks due to flammable electrolytes and other factors, making it difficult to pass the new extreme tests [4][7]. - The industry is at a crossroads where consumer demand for higher energy density conflicts with the need for enhanced safety, leading to a potential compromise in product performance [7][8]. Group 2: Company Positioning - Shandong Jinhui New Energy Technology Co., Ltd. is positioned as a leader in the industry by providing polymer solid-state separators and supporting systems, offering a clear compliance upgrade path for battery manufacturers and mobile power brands [2][19]. - The company aims to be a cornerstone for safe battery cells rather than just another battery manufacturer, similar to Qualcomm's role in the smartphone industry [19][20]. Group 3: Technology and Innovation - Jinhui's polymer solid-state technology involves coating traditional base membranes with a proprietary solid electrolyte, which enhances battery safety and performance [10][12]. - The solid-state layer significantly reduces the risk of internal short circuits and extends battery life by inhibiting side reactions and manganese dissolution [15][32]. - In comparative tests, Jinhui's solid-state batteries outperformed traditional liquid batteries in extreme conditions, demonstrating no combustion or explosion during thermal abuse tests [16][17]. Group 4: Market Strategy and Collaboration - Jinhui has established strategic partnerships to enhance its product offerings, including collaborations with high-energy density material companies and plans for joint research and development bases [24]. - The company provides a "turnkey" solution that allows downstream battery manufacturers to upgrade their production lines with minimal investment and time [21][22]. Group 5: Future Outlook - Jinhui has a clear three-generation technology roadmap, with the first generation already in mass production, and plans for the second generation to focus on improving energy density and safety for high-end applications [28][29]. - The company emphasizes that while the unit price of solid-state batteries is comparable to liquid batteries, the total lifecycle cost is significantly lower due to compliance assurance and extended product lifespan [32][33]. - The industry is expected to shift from a price-driven competition to a focus on product safety, performance, and brand value as new regulations come into effect [33][34].