Core Viewpoint - The supply of power batteries has eased by the end of 2025, but the shortage of energy storage batteries remains severe, leading to increased prices across the lithium battery supply chain [1][3][4]. Group 1: Battery Supply and Demand - Several car manufacturers have experienced delivery delays due to battery supply shortages, particularly affecting models like Li Auto's i6 and NIO's new ES8 [3][15]. - Reports indicate that from September to November 2025, some car companies sent personnel to battery manufacturers to secure battery supplies, highlighting the competitive nature of the market [3][17]. - The demand for power batteries surged during the traditional peak season, exacerbated by the need for manufacturers to stock up before year-end sales and the upcoming tax changes in 2026 [4][18]. Group 2: Energy Storage Battery Market - The energy storage battery market is facing a more severe shortage compared to power batteries, with many companies operating at full capacity and requiring prepayments for orders [5][19]. - The National Development and Reform Commission has set a target for new energy storage installations to reach 180 million kilowatts by 2027, which is expected to drive significant investment [5][19]. - Predictions indicate that global battery demand will exceed 2.5 TWh in 2026, with energy storage demand expected to grow by over 60% year-on-year [5][19]. Group 3: Price Trends in the Lithium Battery Supply Chain - The prices of lithium carbonate have surged, with futures exceeding 120,000 yuan per ton, marking a more than 100% increase from July's lows [6][22]. - The entire lithium battery supply chain is experiencing price increases, including key components like anode and cathode materials, separators, and copper foil [6][22]. - Companies are adjusting their pricing strategies in response to rising raw material costs, with some battery manufacturers announcing price hikes for their products [6][23]. Group 4: Company Performance and Strategic Partnerships - CATL's energy storage battery system revenue reached 28.4 billion yuan in the first half of 2025, accounting for nearly 16% of total revenue, with a gross margin of 25.52% [6][21]. - Major automotive companies are increasingly focusing on energy storage as a growth area, with BYD ranking third globally in energy storage system shipments [6][21]. - Strategic partnerships have been established between several car manufacturers and CATL, with agreements lasting up to 10 years to ensure stable supply chains [4][18].

Core Viewpoint - The battery industry is at a critical turning point, with CATL planning to widely apply sodium-ion batteries in various sectors by 2026, indicating a promising future for this technology [1] Group 1: Sodium-Ion Battery Development - CATL has received new national standard certification for its sodium-ion batteries, removing the last compliance barrier for manufacturers [2] - The introduction of the "AB battery system" combines lithium and sodium cells to enhance performance and reduce costs, addressing the limitations of sodium batteries [2] - Major competitors like BYD and EVE Energy are also advancing in sodium-ion battery production, indicating a competitive landscape [2] Group 2: Market Dynamics and Demand - The demand for sodium-ion batteries is expected to rise due to the growth of AI data centers, which require high-temperature stability and instant power supply [3][4] - The anticipated increase in lithium carbonate prices and the tight balance in the market for 2026 highlight the need for alternative battery solutions like sodium-ion [5] - The energy sector's next growth cycle will be driven by storage solutions, necessitating cost-effective alternatives to lithium batteries [5] Group 3: Long-term Industry Implications - The shift towards sodium-ion batteries represents a move towards a more resilient energy system, reducing reliance on lithium and stabilizing supply chains [6] - As acceptance of sodium-ion technology increases among manufacturers, the transition from testing to large-scale production is expected to occur [6] - The strategic focus on sodium-ion batteries aims to mitigate price volatility and ensure long-term stability in the energy market [6]

Core Viewpoint - The article discusses the establishment of a national standard for solid-state batteries in China, which aims to clarify the definitions and classifications of solid-state and semi-solid batteries, thereby providing a unified framework for the industry [3][4][9]. Group 1: National Standard Development - On December 31, 2025, China's first national standard for solid-state batteries for electric vehicles entered the public consultation phase, marking a significant step in the standardization of this technology [3]. - The standard will provide a unified definition, classification methods, and quantitative indicators to determine whether a battery qualifies as a solid-state battery [4][8]. - The drafting committee includes over 30 organizations from the entire supply chain, including major battery manufacturers and automotive companies, indicating a broad consensus among key industry players [5][6]. Group 2: Classification and Testing Criteria - The standard introduces a three-part classification system for batteries: liquid, mixed solid-liquid, and solid-state, eliminating the independent categories of "semi-solid" and "fully solid" batteries [10][12]. - A weight loss rate test with a threshold of 0.5% is established to determine if a battery can be classified as solid-state, with specific testing procedures outlined [14][15]. - The classification will also consider the type of solid electrolyte, ion conduction type, and application scenarios, allowing for differentiated product development in various fields [13][17]. Group 3: Industry Implications - The introduction of this standard is expected to accelerate the industrialization of solid-state batteries, with major automotive companies planning to validate and produce these batteries by 2026 and 2027 [19]. - The solid-state battery concept index has seen a nearly 60% increase this year, reflecting strong market interest and investment in this technology [20]. - The standard aims to provide a common language for academic research and technology development, set baseline expectations for product marketing, and establish conditions for future performance and safety standards [22][24].

Group 1 - As of December 31, 2025, Zhejiang has 731 A-share listed companies, an increase of 16 from the beginning of the year, ranking second nationally [1][4] - The stock performance in Zhejiang remains strong, with 612 companies rising and 116 falling; the top five stocks by growth are Tianpu Co., Hengbo Co., Pinming Technology, Zhejiang Rongtai, and Zhejiang Dongri, with growth rates of 1,645.35%, 527.03%, 428.78%, 419.00%, and 357.82% respectively [1][5] - There are currently 10 companies in Zhejiang with a market capitalization exceeding 100 billion, including Hikvision and Sanhua Intelligent Control, which increased in value by 273.4 billion and 222.8 billion respectively [5] Group 2 - In 2025, 17 companies from Zhejiang successfully went public, with 5 on the Shanghai main board, 2 on the Sci-Tech Innovation Board, 3 on the Shenzhen main board, 4 on the Growth Enterprise Market, and 3 on the Beijing Stock Exchange [2][6] - The geographical distribution of new listings shows that Hangzhou and Taizhou are the main hubs, with 4 new listings each, contributing to a more balanced regional layout [2][6] - The capital market ecosystem in Zhejiang has improved, with three companies migrating in and three companies delisting, indicating an effective market exit mechanism [2][6] Group 3 - New companies listed in 2025 include Han Shuo Technology, a leading provider of digital solutions for retail stores, and Zhejiang Huaye, which has maintained a leading market share in screw and barrel products [3][7] - Key industries in Zhejiang include new energy, batteries, chemicals, photovoltaics, and semiconductors, with strategic emerging industries driving high-quality transformation in the capital market [3][7]

每经AI快讯，12月31日，亿纬锂能(300014.SZ)公告称，公司决定将向不特定对象发行可转换公司债券 的募投项目"21GWh大圆柱乘用车动力电池项目"达到预定可使用状态日期由2025年12月31日调整为 2027年12月31日。该项目实施主体、募集资金投资用途及投资规模均不发生变更。公司已对项目进行了 重新论证，认为其可行性与必要性未发生重大变化，且具有良好的效益预期。本次延期不会对公司的正 常经营产生重大不利影响。 ...

2025.12. 31 10年新高,日K线收小阳线,多头韧性但上攻动能减弱,短期调整需求上升。 2470家上涨 2768 涨跌停比 63:13 个股跌多涨少,赚钱效应偏好,盘面上,商业航 天概念延续强势,AI应用方向持续走强,教育、 航空机场、文化传媒等板块涨幅居前:医药商 业、船舶制造、电池、石油、半导体等板块跌幅 居前。 资金情绪 主力资金净流出 397.51 亿元 两市成交额 两市成交额显著缩量,观望情绪浓厚,早盘缩 量明显,午后资金活跃度略有回升但整体偏谨 慎,符合年末"落袋为安"心态,增量资金入场 意愿不强,投资者多以观望为主,市场主要由存 量资金博弈驱动。 散户资金净流入 381.14亿元 机构呈"维稳护盘+跨年布局"的双重特征,对权重股进行护盘操作以稳定指数,借收官窗口调仓换股,主 动加仓AI应用、硬科技等景气赛道,资金逆势净流入布局半导体设备、光伏储能等方向;散户呈"理性乐 观+积极布局"的鲜明特征,对高位题材理性止盈落袋为安,体现风险意识提升;同时,积极抓住年末调仓 窗口,布局商业航天、AI应用、低估值金融等政策支持赛道。 散户情绪 75.85% 让 指 数 3968.84 0 5万亿元 ▼ ...

12月31日，《每日经济新闻》记者查阅全国标准信息公共服务平台发现，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。 据悉，《电动汽车用固态电池》系列国家标准将分四部分推进：除已公开的"术语和分类"外，后续还将涵盖性能规范、安全规范和寿命规范。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。这意味着，从材料、电芯到系统应用，一套覆盖全链条的技术规则正在逐步成型。 图片来源：全国标准信息公共服务平台 固态电池分类明确取消"半固态电池"表述 《电动汽车用固态电池第1部分：术语和分类》征求意见稿（以下简称征求意见稿）根据电池单体内部传递离子方式不同，将电池分为液态电池、混合 固液电池和固态电池，此前业内常提及的半固态电池未在其中。而这也与此前中国汽车技术研究中心方面透露的消息一致，在术语和分类中，不再 有"半固态电池"的说法。 有行业人士称，长期以来，"固态电池"概念在市场中被广泛使用，但定义模糊、标准缺失，导致"半固态""准固态"等术语混杂，甚至出现部分企业以少 量固态电解质掺杂即宣称"全固态"的乱象。此次国标征求意见稿的发布，正是对这一混乱局面的系统性纠偏。 ...

Core Viewpoint - The article discusses the implementation of the "Recycled Materials Application Promotion Action Plan" by multiple departments in China, aiming to enhance the supply capacity of recycled materials and promote their application across various industries by 2030 [1] Group 1: Policy Objectives - The plan aims to improve the supply assurance capability of recycled materials [1] - It encourages the automotive manufacturing sector to utilize more recycled materials [1] - The initiative seeks to increase the application level of recycled materials in the electrical and electronic products sector [1] Group 2: Industry Applications - There is a focus on enhancing the use of recycled materials in battery production [1] - The plan promotes the application of recycled materials in textile and packaging industries [1] Group 3: Future Goals - By 2030, China aims to have a more robust waste recycling system in place [1] - The establishment of standards and certification systems for the promotion and application of recycled materials is also a key goal [1]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index closing up 0.09% at 3968.84 points, marking an 11-day winning streak, a rare occurrence in history [3][4] - The Shenzhen Component Index fell by 0.58% to 13525.02 points, while the ChiNext Index dropped 1.23% to 3203.17 points [3][4] - Total trading volume in the Shanghai and Shenzhen markets reached 20.659 trillion, a decrease of 95.8 billion from the previous day [3] Institutional Insights - The 11-day winning streak of the Shanghai Composite Index is seen as a market miracle, reflecting the effectiveness of market capitalization management by institutions [4] - The focus on the Shanghai Composite Index over the Shenzhen Component Index is attributed to higher attention from management, impacting institutional strategies and public fund performance [4] Sector Performance - The commercial aerospace sector continues to dominate market interest, while AI applications remain a focal point [5] - Declining sectors include pharmaceuticals, batteries, semiconductors, commercial photovoltaics, and oil, which have recently experienced significant speculation [5] AI Market Outlook - The biggest uncertainty for 2026 is the future trajectory of the AI market, with three potential scenarios outlined: strong application landing, risk of AI bubble burst, or a gradual cooling and selection of core competitive stocks [6] - The Hang Seng Technology Index, which includes many promising Chinese internet tech companies, is expected to perform well despite a current decline of 1.12% [6] Annual Performance Summary - Major indices showed strong annual performance: ChiNext Index up 49.57%, Shenzhen Component Index up 29.97%, Shanghai Composite Index up 18.41%, Hang Seng Technology Index up 23.45%, and Hang Seng Index up 27.77% [7] - A-shares outperformed the Hang Seng Index and significantly surpassed major US indices, with the Dow Jones up 13% and Nasdaq up 21% [7]

2025.12. 31 本文字数：1446，阅读时长大约3分钟 作者 | 第一财经 安卓 2025年的最后一天，10余家深市上市公司披露了中期分红、三季度分红实施公告。第一财经根据 Wind数据统计，预计2026年初还有超18家公司分红金额合计超百亿元。 上市公司实施稳定分红，不仅能增强股东对公司的认同，还能提升公司在市场中的认可度。近期，证 监会发布《上市公司监督管理条例（公开征求意见稿）》，对上市公司现金分红作出明确要求，支持 上市公司制定合理稳定的分红政策。 从全年的数据来看，年内，深市上市公司累计发放现金股利5475.59亿元。"十四五"期间实施分红 总额超2万亿元，上市公司"愿分红、常分红"的生态逐步形成。 近年来，越来越多的上市公司加入了中期分红大军。年内深市已有533家公司实施中期分红1329.28 亿元，同比增加25.98%。近六成中期分红的深市公司股利支付率超20%，其中105家公司股利支付 率超50%。 上市公司实施中期分红，可以让投资者更早分享企业成长红利。新"国九条"明确强化上市公司现金 分红监管，加大对分红优质公司的激励力度。证监会发布《上市公司监管指引第3号——上市公司现 金分红》 ...