申港证券近日发布电力设备行业研究周报：1月，我国动力电池装车量42GWh，同比增长8%。不同类型 动力电池装车情况。1月，我国磷酸铁锂动力电池装车量32.7GWh，占总装车量78%，同比增长8%；三 元动力电池装车量9.4GWh，占总装车量22%，同比增长10.6%。 龙头企业动力电池装车量情况。1月，宁德时代（300750）动力电池装车量20.9GWh，占总装车量 50%，同比增长15%；比亚迪（002594）动力电池装车量7.3GWh，占总装车量17%，同比减少18%。 行情回顾： 电力设备行业本周涨跌幅为1.13%，在申万31个一级行业中，排在第13位。电力设备行业本周跑赢沪深 300。本周上证指数、沪深300、深证成指、创业板指的涨跌幅分别为0.4%、0.4%、1.4%、1.2%。 在细分行业中，电机II、其他电源设备II、光伏设备、风电设备、电池和电网设备涨跌幅分别为2.4%、 6.0%、-1.1%、-1.6%、0.5%、3.6%。 电力设备行业周涨幅前五个股分别为：微导纳米、铜冠铜箔（301217）、聚和材料、东方电气 （600875）、中国动力（600482）。 电力设备行业周跌幅前五个股分别为 ...

Core Viewpoint - The lithium carbonate main contract surged by 8% amid supply-side disruptions, with concerns over production resumption and stricter environmental regulations in Jiangxi province [3][9]. Supply Side - There is no official announcement for the resumption of production at the Jiangxi site, with the first environmental assessment already publicized and further processes required, potentially delaying resumption until after the Spring Festival [3][9]. - Jiangxi province faces heightened environmental requirements, leading to increased industrial waste treatment costs, which may force smaller producers to exit the market due to inability to bear these costs [3][9]. - Weekly lithium carbonate production increased by 115 tons to 22,535 tons, with specific increases in various extraction methods: spodumene by 35 tons to 13,959 tons, lepidolite by 20 tons to 2,956 tons, brine by 40 tons to 3,185 tons, and recycled materials by 20 tons to 2,435 tons [10][11]. Demand Side - In January 2026, the production of ternary materials is expected to decrease by 5% to 78,180 tons, while lithium iron phosphate production is projected to decline by 10% to 363,400 tons [10][11]. - The production of ternary power batteries is anticipated to drop by 6.15% to 28.7 GWh, and lithium iron power is expected to decrease by 9.77% to 90.01 GWh, while lithium iron energy storage is projected to increase by 0.99% to 63.15 GWh [10][11]. Inventory - The weekly social inventory of lithium carbonate increased by 337 tons to 109,942 tons, with downstream inventory decreasing by 2,458 tons to 36,540 tons, while other segments increased by 2,080 tons to 55,020 tons, and upstream inventory rose by 715 tons to 18,382 tons [10][11].

Core Insights - The power battery and energy storage sectors have shown significant growth, with notable increases in stock prices for related companies [1][2] - The China Automotive Power Battery Industry Innovation Alliance reported record monthly installation volumes for lithium iron phosphate and ternary power batteries in November 2025 [1][2] - Several brokerage firms recommend focusing on core enterprises in battery cells with strong overseas layouts and the synergy between power batteries and energy storage [1][2] Sector Performance - The performance of various battery sectors as of January 15 includes: - Power batteries: +2.6% - Lithium batteries: +2.1% - Solid-state batteries: +1.8% - Sodium-ion batteries: +1.7% - Energy storage: +1.1% [1][2] Battery Installation Data - In November 2025, the monthly installation volume for lithium iron phosphate batteries reached 75.3 GWh, marking a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [1][2] - The monthly installation volume for ternary power batteries was 18.2 GWh, with a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [1][2] Energy Storage Project Bidding - From January to October 2025, the monthly new bidding capacity for domestic new energy storage projects exceeded the same period in 2024, with November slightly lower than 2024 [1][2] - The new bidding scale for EPC/PC (including direct current equipment) and energy storage systems reached 21.8 GW/64 GWh, setting a monthly record for 2025, with a month-on-month increase of 65% and a year-on-year decrease of 4% [1][2]

Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - As of December 26, 2025, the price of industrial-grade lithium carbonate rose to 116,000 yuan per ton, with a weekly increase of 14.85% [3]. - The price of phosphoric iron lithium (power type) reached 45,100 yuan per ton on December 26, up over 15% from December 19 [3]. - Prices for lithium hexafluorophosphate remained stable at 180,000 yuan per ton as of December 27 [3]. - The average price of square phosphoric iron lithium energy storage batteries remained stable, with slight increases in specific models [3]. Demand - In November 2025, the monthly loading volume of phosphoric iron lithium batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, achieving a new high for the year [4]. - The monthly loading volume of ternary power batteries was 18.2 GWh, reflecting a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The new bidding capacity for domestic new energy storage projects in January to October 2025 was higher than in the same period of 2024, with November slightly lower [4]. - In November 2025, China's battery exports reached 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The production of domestic batteries and phosphoric iron lithium cathode materials in January to November 2025 exceeded that of 2024, with stable raw material and cell prices, and an increase in monthly loading volumes and new energy storage bidding capacities [5]. - The industry is advised to focus on core enterprises in battery cells that lead in the collaborative layout of power batteries and energy storage, as well as those related to lithium battery materials [5]. - Recommended companies include CATL (300750), EVE Energy (300014), Xinwangda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Dofluor (002407) [5].

Core Insights - The report indicates a stable growth in the sales of new energy vehicles (NEVs) in China, with November 2025 sales reaching 1.823 million units, a year-on-year increase of 20.6%, resulting in a penetration rate of 53.2% [1][2] - The cumulative sales of NEVs from January to November 2025 reached 14.78 million units, reflecting a year-on-year growth of 31.24% and a penetration rate of 47.5% [1][2] - The installed capacity of power batteries in November was 93.5 GWh, marking a year-on-year increase of 39%, with a cumulative installed capacity of 672 GWh from January to November, up 42% year-on-year [1][2] New Energy Vehicle Market - The growth in NEV sales is attributed to major manufacturers accelerating their transition to new energy, leading to an optimistic outlook for the market [2] - The penetration rate of NEVs is expected to continue increasing as the industry evolves [2] Power Battery Market - The installed capacity of lithium iron phosphate (LFP) batteries in November was 75.3 GWh, accounting for 81% of total installations, with a year-on-year growth of 40% [2] - The installed capacity of ternary batteries was 18.2 GWh, representing 19% of total installations, with a year-on-year increase of 33.8% [2] - Cumulatively, LFP battery installations from January to November reached 545.4 GWh, also 81% of total installations, with a year-on-year growth of 57% [2] - Ternary battery installations during the same period totaled 125.7 GWh, accounting for 19% of total installations, with a modest year-on-year growth of 1% [2] Leading Companies in Power Battery - CATL (Contemporary Amperex Technology Co., Limited) had an installed capacity of 40.9 GWh in November, representing 44% of total installations, with a year-on-year growth of 42% [3] - BYD (Build Your Dreams) had an installed capacity of 19 GWh in November, accounting for 20% of total installations, with a year-on-year increase of 13% [3] - From January to November 2025, CATL's cumulative installed capacity was 287.7 GWh, 43% of total installations, with a year-on-year growth of 36% [3] - BYD's cumulative installed capacity during the same period was 148.2 GWh, 22% of total installations, with a year-on-year increase of 26% [3] Industry Performance - The power equipment industry experienced a weekly change of 1.19%, ranking 5th among 31 primary industries, outperforming the CSI 300 index [4] - The Shanghai Composite Index, CSI 300, Shenzhen Component Index, and ChiNext Index had weekly changes of -0.3%, -0.1%, 0.8%, and 2.7% respectively [4] - In sub-sectors, the performance varied, with electric motors II, other power equipment II, photovoltaic equipment, wind power equipment, batteries, and grid equipment showing different weekly changes [4] Stock Performance - The top five stocks in the power equipment industry by weekly gains were Maiwei Co., Tongguang Cable, Feiwo Technology, Hongxiang Co., and Aikesai Bo [5] - The top five stocks by weekly losses included Huarui Co., Binhai Energy, Tianji Co., Haike Xinyuan, and Yihua Tong [6]

Core Insights - The lithium battery industry in China has shown significant production growth in 2025 compared to 2024, with domestic battery production reaching 170.6 GWh in October, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [1][2] - The production of lithium iron phosphate (LFP) cathode materials also increased, reaching 26.69 million tons in October, marking a year-on-year growth of 45.92% and a month-on-month growth of 8.36% [1][2] Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [2] - The capacity utilization rate for LFP cathode materials was reported at 63.54%, surpassing the figures from 2024 [1][2] Pricing - Prices for key raw materials and battery cells have seen a moderate increase. As of November 21, 2025, industrial-grade lithium carbonate prices exceeded 92,400 CNY per ton, with a weekly increase of 10.13% [3] - The price of LFP (power type) reached 38,100 CNY per ton, with a weekly increase of 8.09% [3] - Lithium hexafluorophosphate prices rose from approximately 60,000 CNY per ton at the end of September to 160,000 CNY per ton by November 21, reflecting a weekly increase of 13.39% [3] Demand - Several provinces in China have introduced capacity price compensation mechanisms, with Heilongjiang Province aiming for over 6 GW of new energy storage installations by 2027 [4] - In October 2025, the monthly shipment of LFP batteries reached 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52%, marking a new high for the year [4] - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, representing a year-on-year increase of 79.63% and a month-on-month increase of 10.23% [4] Investment Recommendations - The report suggests focusing on companies that are well-positioned in the power battery and energy storage sectors, particularly those with strong overseas layouts [5] - Companies to watch include CATL (300750.SZ), EVE Energy (300014.SZ), Xinwangda (300207.SZ), Hunan Youneng (301358.SZ), and Rongbai Technology (688005.SH) [5]

Core Insights - The report indicates a positive outlook for the electric vehicle (EV) market in China, with significant growth in sales and battery installation volumes expected through 2025 [1][2]. Electric Vehicle Market - In October 2025, China's EV sales reached 1.715 million units, marking a year-on-year increase of 19.9% and a penetration rate of 51.6% [1][2]. - From January to October 2025, total EV sales amounted to 12.943 million units, reflecting a year-on-year growth of 32.75% and a penetration rate of 46.7% [1][2]. - The acceleration of major manufacturers transitioning to new energy is contributing to the optimistic market outlook [1][2]. Battery Installation Volume - In October 2025, the installation volume of power batteries in China was 84 GWh, representing a year-on-year increase of 42% [2]. - Cumulatively, from January to October 2025, the total installation volume of power batteries reached 578 GWh, also showing a year-on-year growth of 42% [2]. Lithium Iron Phosphate Battery Performance - In October 2025, the installation volume of lithium iron phosphate batteries was 67.5 GWh, accounting for 80% of total installations, with a year-on-year growth of 44% [2]. - For the same period, ternary battery installations were 16.5 GWh, making up 20% of total installations, with a year-on-year increase of 35.2% [2]. - From January to October 2025, lithium iron phosphate battery installations totaled 470.1 GWh, representing 81% of total installations and a year-on-year growth of 60% [2]. - Ternary battery installations during this period were 107.5 GWh, accounting for 19% of total installations, with a year-on-year decrease of 3% [2]. Leading Companies in Battery Installation - In October 2025, CATL's battery installation volume was 36.1 GWh, representing 43% of total installations and a year-on-year growth of 43% [3]. - BYD's battery installation volume was 17.9 GWh, accounting for 21% of total installations, with a year-on-year increase of 13% [3]. - From January to October 2025, CATL's cumulative battery installation volume was 246.8 GWh, maintaining a 43% share and a year-on-year growth of 35% [3]. - BYD's cumulative battery installation volume was 129.1 GWh, representing 22% of total installations, with a year-on-year increase of 28% [3]. Industry Performance - The electric equipment industry experienced a weekly decline of 0.80%, ranking 23rd among 31 primary industries [4]. - The industry outperformed the CSI 300 index during the same period [4]. - The weekly performance of major indices was as follows: Shanghai Composite Index -0.18%, CSI 300 -1.08%, Shenzhen Component Index -1.40%, and ChiNext Index -3.01% [4]. Stock Performance - The top five stocks in the electric equipment industry by weekly gain were: Huasheng Lithium Battery, Haike New Source, ST Hezhong, Shida Shenghua, and Fangyuan Co [5]. - The top five stocks by weekly loss were: Liangxin Co., Jinpan Technology, Magmi Tech, Zhongheng Electric, and Oulu Tong [6]. Investment Strategy - The report suggests focusing on companies within the power battery supply chain that are technologically advanced and hold significant market influence, such as CATL [7].

Core Viewpoint - The report indicates a positive outlook for the development of the new energy vehicle market in China, driven by increasing sales and battery installation volumes [1][2]. Group 1: New Energy Vehicle Sales - In August 2025, China's new energy vehicle sales reached 1.395 million units, a year-on-year increase of 26.82%, with a penetration rate of 48.8% [1][2]. - From January to August 2025, new energy vehicle sales totaled 9.62 million units, reflecting a year-on-year growth of 36.7% and a penetration rate of 45.5% [1][2]. Group 2: Battery Installation Volume - In August, the installation volume of power batteries in China was 62.5 GWh, representing a year-on-year increase of 32% [2]. - Cumulatively, from January to August 2025, the total installation volume of power batteries reached 418 GWh, with a year-on-year growth of 43% [2]. Group 3: Battery Type Performance - In August, the installation volume of lithium iron phosphate batteries was 51.6 GWh, accounting for 83% of total installations, with a year-on-year increase of 47% [2]. - The installation volume of ternary batteries was 10.9 GWh, making up 17% of total installations, with a year-on-year decrease of 9.9% [2]. - From January to August 2025, the installation volume of lithium iron phosphate batteries was 340.4 GWh, representing 81% of total installations and a year-on-year increase of 65% [2]. - The installation volume of ternary batteries during the same period was 77.2 GWh, accounting for 18% of total installations, with a year-on-year decrease of 10% [2]. Group 4: Leading Companies in Battery Installation - In August, CATL's battery installation volume was 26.45 GWh, representing 42% of total installations, with a year-on-year growth of 26% [3]. - BYD's battery installation volume was 13.02 GWh, accounting for 21% of total installations, with a year-on-year increase of 11% [3]. - From January to August 2025, CATL's cumulative battery installation volume was 178.2 GWh, representing 43% of total installations, with a year-on-year growth of 33% [3]. - BYD's cumulative battery installation volume during the same period was 95.2 GWh, accounting for 23% of total installations, with a year-on-year increase of 33% [3]. Group 5: Industry Performance - The electric equipment industry experienced a weekly change of 0.53%, ranking 22nd among 31 primary industries, underperforming compared to the CSI 300 index [4]. - The weekly performance of major indices included a rise of 1.52% for the Shanghai Composite Index, 1.38% for the CSI 300, 2.65% for the Shenzhen Component Index, and 2.10% for the ChiNext Index [4]. - In the sub-sectors, the performance of electric motors II, other power equipment II, photovoltaic equipment, wind power equipment, batteries, and grid equipment varied, with electric motors II showing a significant increase of 10.76% [4].

Core Viewpoint - Greeenme's strategic expansion in Indonesia has led to significant growth in nickel resource production and sales, showcasing the company's successful implementation of innovative technologies in the green energy sector [2][5][8]. Group 1: Company Performance - In the first half of 2025, Greenme achieved a revenue of 17.561 billion yuan and a net profit of 799 million yuan, representing year-on-year growth of 1.28% and 13.91% respectively [5]. - The company's nickel metal output from its Indonesian projects reached 43,977 tons, a year-on-year increase of 112%, while cobalt production was 3,666.6 tons, up 125% [8]. Group 2: Technological Advancements - Greenme successfully overcame the technical challenges associated with extracting nickel from low-grade laterite ores using high-pressure acid leaching (HPAL) technology, establishing a unique technical and talent system [4][7]. - The company has developed a new nickel-cobalt precipitation agent that has reduced production costs by over 10% and improved the nickel-cobalt composite grade to 46% [7]. Group 3: Strategic Partnerships and Projects - Greenme has formed strategic alliances with local Indonesian companies, including the establishment of a joint venture with Indonesian miner Merdeka to produce new energy materials [6]. - The company is actively involved in the construction of the International Green Industrial Park (IGIP) in Indonesia, which aims to be a benchmark for green nickel manufacturing and support the global demand for green nickel [10][11]. Group 4: Industry Impact - Greenme's initiatives in Indonesia are seen as a model for sustainable development, contributing to the global transition towards green energy and enhancing the competitiveness of Indonesia's downstream nickel industry [10][11].

Group 1 - Company plans to list H-shares on the Hong Kong Stock Exchange to enhance overseas financing channels and support international business development [1] - The H-share listing is expected to have minimal impact on the A-share market [1] - The company is in discussions with intermediaries regarding the specifics of the H-share issuance and listing [1] Group 2 - In 2024, the company achieved revenue of 33.2 billion, a year-on-year increase of 8.75%, and a net profit of 1.02 billion, up 9.19% [2] - The net cash flow from operating activities for 2024 was 3.055 billion, reflecting a significant increase of 41.14% [2] - In Q1 2025, the company reported revenue of approximately 9.496 billion, a 13.67% increase year-on-year, and a net profit of about 511 million, up 12.1% [2] Group 3 - The company anticipates a balanced market for ternary batteries and lithium iron phosphate (LFP&LMFP) batteries, each thriving in their respective market segments [3] - Ternary batteries are expected to dominate in high-capacity and long-range applications, particularly in the global automotive power battery market [3] - The company remains optimistic about the growth of ternary batteries globally and their increasing prevalence in mid-to-high-end vehicles [3]