以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产 业主要包括锂电池、储能、氢能与氢燃料电池、新能源汽车、智能汽车、LED照明与显示、机器人、新 材料等。 摘要 2026年，行业正式迈入由情绪驱动转向理性主导的价值回归周期。 回顾2025年，锂电池行业历经深度回调后的强势复苏，形成了以"供需错配、反内卷、储能爆 发、技术迭代、产业链新一轮扩产、满产满销、出海加速、卷价值等"为核心的关键词矩阵，本轮 行业热度增长与2020年前后的行业的发展逻辑相比已发生深刻重塑，预计这一趋势将持续顺延至 2027年后。 2025年行业订单持续向头部企业集聚导致大厂产能频频告急，中小企业产能出现一定闲置，供需 错配成为行业的核心矛盾； 在此背景下，政策与产业协同推动的"反内卷"行动成效显现，行业扩产不再盲目，而是集中于具 备技术与规模优势的头部企业。 2024~2028中国锂电池出货量及预测（GWh） 这一趋势预计贯穿2026全年，其中电解液产业链（六氟磷酸锂、添加剂等）、负极材料、湿法隔 膜、磷酸盐产业链及电芯等关键环节仍将维持供应 ...

国内独立储能市场实现超预期增长加之多地出台容量电价补贴政策，带动储能电站IRR收益率提升（普 遍达到6-12%）；欧洲大储和工商业储能需求增加及美国受数据中心（AIDC）配储等需求是拉动国内 储能需求增长的关键。 动力领域则主要受新能源汽车增长（增速约为5~10%）、单车带电量提升（相较于2025年有望继续提升 5~10%）、新能源商用车增长带动（我国新能源商用车渗透率从2024年的20.38%提升至2025年1-11月的 25.7%，其中11月单月渗透率高达33.9%，且在以旧换新等政策驱动下，渗透率仍在快速提升，预计 2026年部分细分市场渗透率有望突破40%）。 2024~2028中国锂电池出货量及预测（GWh） 回顾2025年，锂电池行业历经深度回调后的强势复苏，形成了以"供需错配、反内卷、储能爆发、技术 迭代、产业链新一轮扩产、满产满销、出海加速、卷价值等"为核心的关键词矩阵，本轮行业热度增长 与2020年前后的行业的发展逻辑相比已发生深刻重塑，预计这一趋势将持续顺延至2027年后。 2025年行业订单持续向头部企业集聚导致大厂产能频频告急，中小企业产能出现一定闲置，供需错配成 为行业的核心矛盾；在 ...

创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新 能源指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）高弹性，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至2025 年12月30日，规模达6.76亿元；成交额最大，近一月日均成交7075万元。其储能+固态电池占比近 90%，契合当下市场热点。（联接A：024419联接C：024420）。 2026年1月6日，创业板新能源ETF华夏（159368）上涨0.73%，持仓股上能电气涨超9%，道氏技术 涨超8%，中伟股份涨超7%。 2025年全球锂矿供给预计165.8万吨，2026年达200.4万吨，增量主要来自国内锂矿与非洲项目，海 外盐湖与澳矿扩产受限。需求端储能成第二增长曲线，2026年中性情景需求197.2万吨，乐观情景达 208.6万吨，或现8.2万吨缺口。碳酸锂持续去库18周，下游排产强劲，行业周期底部确认。 光大证券认为，2026年全球储能锂电池出货量960GWh，同比增54.8%，带动锂需求刚性增长。动 力电池受益于新能 ...

明冠新材（688560.SH）12月31日在投资者互动平台表示，尊敬的投资者：您好！ 公司铝塑膜产品客户 是下游锂电池企业用于动力锂电池、储能锂电池和消费电子锂电池的封装，主要应用场景有新能源汽 车、无人机、家用储能、大型商业储能以及消费电子。谢谢！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司铝塑膜产品都有哪些应用场景？订单增长趋势如 何？ ...

证券代码：002026 证券简称：山东威达 山东威达机械股份有限公司投资者关系活动记录表 编号：2025-003 | ☑ | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 | 方正证券卢书剑，招商证券赵旭，浙商证券张筱晗 | | | 及人员姓名 | 国海证券吴亦辰，华安证券郑洋 | | | 时间 | 2025 年 12 月 26 日，13:30-15:00 | | | 地点 | 子公司苏州德迈科电气有限公司 | | | 方式 | 现场调研 | | | 上市公司 | 董事会秘书陈杰 | | | 接待人员姓名 | | | | 投资者关系活动 | 问：公司产品包括哪些？有哪些客户？ | | | | 答：公司主营产品、服务主要包括钻夹头、精密铸造件等电动工具行业零 | | | | 部件；物流自动化、机床等高端智能装备制造；新能源行业储能锂电池业 | | | | 务和新能源汽车换电站业务。主要客户包括安海、TTI、博世、百得、东 | ...

Market Performance - The Hong Kong stock market indices experienced a collective adjustment, with the Hang Seng Index down by 0.11% to 25,774.14 points, the Tech Index down by 0.69% to 5,488.89 points, and the National Enterprises Index down by 0.29% to 8,913.83 points [2] Sector Performance - Food stocks showed resilience, with notable gains from companies such as Master Kong Holdings (up 2.07%), Uni-President China (up 1.46%), and Crayon Shin-chan Foods (up 0.50%) [4][5] - The electric equipment and lithium battery sectors performed strongly, with Dongfang Electric rising by 8.17%, Harbin Electric by 5.04%, and China Electric by 1.02% [6][7] - The demand for gas turbine generators in the U.S. data center market is strong, which is positively impacting Dongfang Electric's sales prospects [8] - The lithium battery sector is expected to see a significant growth cycle, with a projected 75% increase in global shipments from Chinese manufacturers this year [9] Underperforming Sectors - The optical communication sector faced pressure, with stocks like Yangtze Optical Fibre and Cable falling by 5.13% and Huizhou Technology down by 4.34% [10][11] - Despite rising fiber prices indicating demand recovery, concerns about valuation risks have emerged due to high rolling P/E ratios and a mismatch between supply-demand expectations and actual business structures [11] - The tech sector saw declines, with Kuaishou down by 3.52% and Tencent Holdings down by 2.03%, influenced by negative sentiment following a content-related incident on Kuaishou's platform [12][13] Notable Stock Movements - Rongda Technology surged by 14.83% after announcing plans to acquire Shenzhen Yanke Digital for up to 65 million RMB [14] - Xinjiang Xin Mining rose by 2.81% amid expectations of reduced nickel ore production targets from Indonesia, which could impact market balance [15]

随着国内电力市场改革深化以及全球人工智能（AI）数据中心建设激增，中国储能电池制造商正迎来 新一轮强劲的爆发周期，进一步巩固了其在全球供应链中的主导地位。 有关估算数据显示，中国企业今年的储能锂电池全球出货量有望大幅跃升75%。在今年前三季度的全球 储能电芯供应商排名中，前六名全部来自中国，这标志着该行业或已成为中国最具竞争力的清洁技术出 口领域之一。 这一爆发式增长得益于国内外双重逻辑的共振：在国际市场，人工智能热潮引发的数据中心电力需求激 增，推动了对"光伏+储能"解决方案的依赖；在国内市场，6月启动的关键电力市场改革提升了储能项目 的经济性，令曾经闲置的储能设施开始盈利，大幅提振了设备需求。 今年以来，中国储能和电动汽车电池出口额已超过660亿美元，超过光伏产品成为最赚钱的清洁技术出 口商品。分析机构指出，虽然面临地缘政治带来的潜在贸易壁垒风险，但随着全球订单满载，领军企业 正在通过"双班倒"的高强度排产来满足市场对电芯的渴求。 AI浪潮与全球需求井喷 "美国AI数据中心的电力需求非常强劲，但电力供应是最大的瓶颈，而天然气、核能和火力 发电等基荷电源在未来五年内不会有太大增长。" 全球能源转型的加速与A ...

Core Insights - The rapid development of the electric vehicle industry in China has significantly increased the demand for lithium battery intelligent equipment, with the market size growing from 27.5 billion yuan in 2020 to 72.2 billion yuan in 2022. However, a slowdown in downstream market demand is expected to reduce the market size to 20.2 billion yuan in 2024, before recovering to 26 billion yuan in 2025 due to increased production rates from leading battery companies [1][7]. Industry Overview - Lithium battery intelligent equipment integrates advanced technologies such as AI, IoT, big data, and automation to enhance the efficiency and digitalization of the entire lithium battery production process [2]. - The production process is divided into three stages: front-end (electrode preparation), mid-stage (cell assembly), and back-end (testing and packaging), with intelligent equipment corresponding to each critical stage [4]. Industry Policies - The Chinese government has implemented various policies to promote the transformation and high-quality development of the lithium battery intelligent equipment industry, including the "Action Plan for Promoting Large-Scale Equipment Updates" and the "High-Quality Development Action Plan for New Energy Storage Manufacturing" [2]. Market Dynamics - The global lithium battery intelligent equipment market grew from $6.524 billion in 2020 to $17.811 billion in 2022. However, it is projected to decline in 2023-2024 due to changes in terminal market demand. Recovery is expected in 2025, with the market size reaching $10.882 billion [5][6]. - In 2024, China is expected to account for 34.1% of the global market, with significant contributions from the Asia-Pacific region, Europe, and North America [5]. Application Segments - In 2024, the application of lithium battery intelligent equipment is primarily in the electric vehicle sector (68%), followed by consumer electronics (17%) and energy storage (13%) [7]. Competitive Landscape - The competitive landscape of the lithium battery intelligent equipment industry in China is characterized by a leading player, XianDao Intelligent, followed by strong competitors like YingHe Technology and HuaZi Technology. The market is also populated by numerous small and medium-sized enterprises [8][10]. - XianDao Intelligent holds a significant market share due to its comprehensive product line and strong R&D capabilities, while other companies focus on specific segments and maintain competitive advantages through technology and customer service [8]. Development Trends - Future trends in the lithium battery intelligent equipment industry include the evolution towards integrated "turnkey" solutions, deep integration with AI and industrial big data, and the adoption of flexible and modular designs to adapt to rapid technological changes and market fluctuations [11][12][13].

Core Viewpoint - The energy storage sector has transformed into one of the hottest investment areas in the capital market this year, characterized by strong overall performance but significant fluctuations in funding [2][3]. Market Demand - The market demand for energy storage is experiencing explosive growth, with domestic lithium battery shipments reaching 430 GWh in the first three quarters of 2025, surpassing the total for 2024. Global shipments reached 240.21 GWh, a year-on-year increase of 106.1% [4][20]. - Chinese companies secured 308 new overseas energy storage orders totaling 214.7 GWh in the first nine months of 2025, marking a 131.75% increase year-on-year [4][20]. Policy Support - The government has introduced multiple policies to promote high-quality development in the new energy sector since 2025. The National Development and Reform Commission and the National Energy Administration's action plan aims for a new energy storage capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [4][20]. Material Prices - Key materials for energy storage, such as lithium hexafluorophosphate, have seen significant price increases, with some market quotes exceeding 150,000 yuan per ton, reflecting a more than 200% rise since July [4][20]. Market Transition - The energy storage sector is shifting from being a "mandatory allocation" to an "economic choice," marking a significant change in the industry's profitability model. The cancellation of mandatory storage requirements allows energy storage to participate as an independent market entity [5][21]. Revenue Models - As the electricity market reforms deepen, energy storage is transitioning from a cost burden to a profitable asset. Projects in leading provinces can now establish diverse revenue models, significantly enhancing profitability [6][22]. Supply and Demand Dynamics - The previous oversupply and low-price competition are easing, with sustained market demand leading to full production capacity among leading battery manufacturers and stabilization of raw material prices [7][23]. Company Performance - Several companies in the energy storage sector have reported significant earnings growth. For instance, CATL's net profit reached 49.034 billion yuan in the first three quarters of 2025, a 36.2% increase year-on-year [9][25]. - Long-term funds have increased their holdings in energy storage stocks, with 11 stocks receiving support from social security funds, indicating investor confidence in the sector's long-term prospects [10][26]. Institutional Interest - The interest from institutional investors has surged, with 17 energy storage stocks receiving attention from over a hundred institutions since October, further boosting stock performance [11][27].

Core Insights - The core viewpoint of the articles highlights the significant growth in China's lithium battery shipments, particularly in the power battery segment, driven by the increasing demand from the electric vehicle market and overseas markets [1][3]. Group 1: Lithium Battery Shipments - In 2024, China's total lithium battery shipments are projected to reach 1175 GWh, representing a year-on-year growth of 32.6% [1]. - The breakdown of shipments includes power batteries at 780 GWh (up 23%), energy storage batteries at 335 GWh (up 64%), and consumer batteries at 55 GWh (up 14%) [1]. Group 2: Power Battery Growth - The power battery shipments are expected to grow to 780 GWh in 2024, with a year-on-year increase of 23.8%, indicating strong growth momentum [3]. - The growth is attributed to the rapid increase in domestic electric vehicle sales and high demand in overseas markets, which boosts the export scale of domestic battery manufacturers [3]. - In the first eight months of 2025, power battery shipments reached 476 GWh, with lithium iron phosphate batteries accounting for 78% of total power battery shipments, reflecting a year-on-year growth of 68% [3]. Group 3: Market Dynamics - In 2024, CATL holds a 45.1% market share in power battery installations, with the competitive landscape remaining largely unchanged among the top fifteen companies [5]. - New entrants like Jidian New Energy and Yaoning New Energy are emerging, backed by established automotive companies, indicating a trend towards vertical integration in battery production [5]. - The industry is expected to undergo consolidation, particularly among smaller manufacturers lacking economies of scale, with a focus on global expansion and local production [5]. Group 4: Energy Storage Battery Growth - The energy storage battery shipments are projected to reach 630 GWh in the first nine months of 2025, reflecting a year-on-year growth of 65% [9]. - The surge in energy storage demand is supported by strong fundamentals in the industry [9]. Group 5: Consumer Battery Trends - Consumer battery shipments are expected to rise to 55 GWh in 2024, with a year-on-year growth of 14% [10]. - The consumer battery market is experiencing steady growth, although the overall market share is declining, with portable computers showing rapid growth while smartphone sales are stabilizing [10]. - For the first eight months of 2025, consumer battery shipments are projected to reach 65 GWh, with an anticipated annual growth of 20% [10].