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].

证券研究报告 | 行业周报 gszqdatemark 2026 01 04 年 月 日 电力设备 -10% 6% 22% 38% 54% 70% 2025-01 2025-05 2025-08 2025-12 电力设备 沪深300 硅片电池价格持续走高，两部委发布 2026 年消费品以旧换新通知 光伏：硅片电池价格持续走高，组件涨价预期增强。据 InfoLink Consulting，延续 上周偏强的价格走势，硅片厂于上周四陆续上调报价，整体市场仍维持挺价基调。 从各尺寸表现来看，183N 硅片新一轮报价普遍上调至每片 1.40 元人民币，210RN 主流报价同步调整至每片 1.50 元人民币，210N 上周四起报价上移至每片 1.70 元 人民币，相较上周三以前出现明显抬升，且已有零星成交陆续释出。继上周各尺寸 报价持续上涨，本周一线电池厂家基本能达到每瓦 0.38 元以上价格，报价每瓦 0.39-0.40 元以上则有少量成交。近期头部组件企业普遍响应行业自律行为，陆续 上调组件报价。在涨价讯号逐步明确的背景下，分布式分销渠道率先出现成交上 行。组件端开始反映银价成本的抬升上调报价，在上周调涨 TOPCon ...

Core Viewpoint - The company, Shengyang Co., Ltd. (002580.SZ), announced its plan to acquire a 51% stake in Shenzhen Daren Gaoke Electronics Co., Ltd. for 74.470761 million yuan, which will make Daren Gaoke a subsidiary and included in the company's consolidated financial statements [1] Group 1 - The acquisition will not be classified as a related party transaction or a major asset restructuring, thus it does not require shareholder approval [1] - The assessed total equity value of Daren Gaoke on the evaluation benchmark date is 146.0211 million yuan [1] - Daren Gaoke is recognized as a national high-tech enterprise and a "little giant" enterprise specializing in lithium battery management systems (BMS) [1]

Core Viewpoint - Chinese companies are poised to redefine the global energy system as pioneers and definers of sodium batteries, with major players like Hicharge Energy, EVE Energy, and CATL outlining their commercialization plans for sodium batteries [1][9][10] Group 1: Industry Developments - Major lithium battery giants are focusing on sodium battery applications in AIDC (Artificial Intelligence Data Center) and power markets, with Hicharge Energy and EVE Energy announcing their plans for AIDC, while CATL is targeting the power sector [10][1] - The sodium battery market is being elevated to a broader narrative within the new energy sector, driven by the demand for diverse materials and battery forms in a large-scale electrification context [10][1] - The price volatility of lithium battery materials, particularly lithium carbonate, is creating a favorable environment for sodium battery development, as evidenced by the price fluctuations observed in December [10][6] Group 2: Market Opportunities - Sodium batteries are gaining traction in AIDC applications due to their stable raw material supply and high discharge rates, addressing the energy supply needs of this sector [2][10] - The performance advantages of sodium batteries, such as their ability to operate in wide temperature ranges, position them as a potential solution for the northern electric vehicle market [2][11] - The global energy discourse is shifting, with Chinese battery companies exploring the sodium battery sector to establish a new technological balance against competitors in the lithium iron phosphate (LFP) space [11][2] Group 3: Commercialization and Product Development - The first major application of sodium batteries is expected to be in the power market, with companies like CATL planning large-scale applications in various sectors by 2026 [4][13] - CATL's sodium battery has achieved significant milestones, including passing safety certifications and being included in new vehicle announcements, indicating readiness for market entry [14][15] - The AIDC sector is projected to see a substantial increase in battery demand, with estimates suggesting over 13 TWh of battery needs, driven by a compound annual growth rate of approximately 70% over the next decade [16][17]

电力设备/电池 天赐材料（002709.SZ） 2026 年 01 月 04 日 投资评级：买入（维持） | 日期 | 2025/12/31 | | --- | --- | | 当前股价(元) | 46.33 | | 一年最高最低(元) | 49.78/15.37 | | 总市值(亿元) | 942.30 | | 流通市值(亿元) | 697.01 | | 总股本(亿股) | 20.34 | | 流通股本(亿股) | 15.04 | | 近 3 个月换手率(%) | 480.32 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-01 2025-05 2025-09 天赐材料 沪深300 相关研究报告 《六氟磷酸锂周期反转，卡位固态电 池核心材料—公司首次覆盖报告》 -2025.12.15 殷晟路（分析师） 王嘉懿（分析师） yinshenglu@kysec.cn wangjiayi@kysec.cn 证书编号：S0790525060004 2025 年预计实现归母净利润 11-16 亿元，业绩超预期 公司发布 2025 年度业绩预告。2025 年预计实现归母净利 ...

Group 1 - CATL has built 1,020 and 305 battery swap stations for its "Chocolate" and "Qiji" services respectively within a year, marking significant progress in both passenger and commercial vehicle sectors [2] - The company plans to establish nearly 4,000 battery swap stations by 2026, with over 3,000 of these in more than 140 cities for the "Chocolate" service, and aims for a long-term goal of 30,000 stations [2] - The "Chocolate" battery swap service is currently operational in 45 cities across major economic regions in China, including the Yangtze River Delta and the Greater Bay Area [2] Group 2 - Lei Jun, during a live stream, addressed the reasons behind the car disassembly event, emphasizing the importance of honest feedback and the quality of materials used in Xiaomi's vehicles [3] - He expressed hope that more reviewers would provide fair assessments rather than exaggerating issues for attention [3] Group 3 - At the sixth Hangzhou Business Conference, ten entrepreneurs, including Wang Xingxing from Yushu Technology, were recognized for their contributions to innovation and technology [4] - Wang highlighted that the next 5 to 10 years will be crucial for China's technological innovation efforts [4] Group 4 - Punkt. has launched the MC03 "privacy phone" priced at €699, which includes a one-year subscription service, followed by a monthly fee of €10 [4] - The manufacturer claims that without a paid subscription, the phone's basic functionalities will be severely limited, emphasizing the importance of privacy in the product's value proposition [4]

智通财经APP获悉，据港交所1月2日披露，惠州亿纬锂能股份有限公司(300014.SZ)向港交所主板递交上市申请，中信证券为其独家保荐人。该公司曾于2025 年6月30日向港交所递交过上市申请。 财务资料 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審計) | | | 收入 | 36,303,948 | 48,783,587 | 48,614,557 | 34,049,277 | 45,001,518 | | 銷售成本 | (30,518,110) | (40,664,274) | (40,149,208) | (28,249,638) | (37,821,584) | | 毛利 | 5,785,838 | 8,119,313 | 8.465,349 | 5,799,639 | 7,179,934 | | 其他收入 . | 1,096,387 | ...

Core Insights - The report from Donghai Securities outlines the investment strategy for the power equipment and new energy sector, projecting significant growth in battery demand driven by high increments in power batteries and rapid growth in energy storage batteries [1][2] Group 1: Battery Demand Projections - By 2026, the demand for power batteries, energy storage batteries, and consumer batteries is expected to reach 1612 GWh, 453 GWh, and 100 GWh respectively, totaling 2166 GWh, with a compound annual growth rate (CAGR) exceeding 25% from 2025 to 2027 [1][2] - In October 2025, the domestic production of power and other batteries reached 170.6 GWh, reflecting a month-on-month growth of 12.9% and a year-on-year growth of 50.5%, indicating strong growth momentum [1][2] Group 2: Industry Growth Trends - Cumulative production for the first ten months of 2025 reached 1292.5 GWh, with a year-on-year increase of 51.3%, maintaining a high growth rate for the entire year [2] - Historical data shows that the cumulative production for 2023 was 778.1 GWh (up 42.5% year-on-year) and for 2024 was 1096.8 GWh (up 41.0% year-on-year), with 2025's production already surpassing 2024's total [2] Group 3: Market Share Dynamics - The duopoly of CATL and BYD remains stable, holding a combined market share of approximately 65.8% in 2025, although both companies experienced slight declines in market share compared to 2022 (CATL down 4.0%, BYD down 1.8%) [3] - Second-tier companies like Zhongchuang Innovation and Guoxuan High-Tech have seen steady increases in market share, with Guoxuan High-Tech reaching 6.7% in Q4 2025, narrowing the gap with the leaders [3] - New and smaller players are entering the market, with companies like Geely Yaoning and Chuxin New Energy achieving market shares of 1.0% and 0.7% respectively in 2025, indicating a more diversified competitive landscape [3] - Some foreign and marginal players are struggling, with LG Energy's market share declining by 0.3% and SK's share becoming negligible, reflecting weakened competitiveness in the domestic market [3]

Core Viewpoint - The article discusses the rise of China's future industries, particularly in the field of new materials, and highlights the advancements in solid-state battery technology by Shenzhen Xinjie Energy Technology Co., Ltd. [1] Group 1: Company Overview - Shenzhen Xinjie Energy, established in 2020, focuses on the research and production of high-energy density and high-safety lithium metal solid-state batteries, with applications in robotics, drones, eVTOL, consumer electronics, and power batteries [2]. - The company has launched a 10GWh solid-state lithium metal battery production project, with the first phase having a capacity of 2GWh aimed at high-end consumer electronics [2][3]. - The second phase of the project is planned to have a capacity of 8GWh, targeting eVTOL, embodied robots, and new energy vehicles [2]. Group 2: Technological Advancements - Xinjie Energy has developed proprietary technologies, including "HICORE solid electrolyte technology" and "interface directional control TIE technology," which significantly reduce interface impedance and enhance lithium-ion transmission efficiency [2]. - The first batch of solid-state cylindrical batteries has shown a capacity increase of 20%-50% and a continuous discharge capability exceeding traditional batteries by over 30% [2]. Group 3: Financial and Strategic Developments - In August 2023, Xinjie Energy completed a financing round of several hundred million yuan [3]. - The company has established a pilot production line in South China with a capacity of 600MWh and signed a contract for a new generation lithium metal solid-state battery project in Changzhou with an annual production capacity of 5GWh, involving an investment of approximately 3 billion yuan [2]. Group 4: Industry Events - The 2026 Future Industry New Materials Expo will feature six major exhibition areas focusing on common needs in emerging industries such as robotics, automotive, drones, data centers, aerospace, AI, and new energy [1][4].