证券日报网讯1月8日，英联股份（002846）在互动平台回答投资者提问时表示，公司持续推进复合铝箔 的产业化、锂金属负极材料的应用测试进度。1、在复合铝箔方面，公司近期获得了某新能源科技公司 在半固态准固态电池的复合铝箔订单外，与下游的客户业务合作在有序推进中。2、锂金属负极业务方 面，公司基于蒸镀工艺的技术积累，与下游的头部汽车公司、头部电池公司进行了锂金属负极的送样测 试工作，同时公司的锂金属负极生产设备已到厂安装中。3、公司的复合集流体、锂金属负极均与头部 电池公司、头部汽车公司有开展合作。机器人也是公司推进复合集流体业务和锂金属负极应用的重要方 向，公司在持续推进产业化进度，同时也持续开拓与各类头部企业的材料应用进程。 ...

臻锂新材主要专注于研发新能源电池关键材料，最终产品应用于新能源电车、储能以及人工智能、机器 人等前沿领域。 臻锂新材创始人、董事长兼总经理李骁博毕业于上海交大机械与动力工程学院，长期从事涂层真空沉积 技术研究。2005年，上海交大成立了涂层技术小组，主要研发高性能、高效率的真空涂层制备技术，李 骁博就是该技术小组的核心成员。 目前，臻锂新材正处于初创期，其主要产品复合集流体已实现中试批量化生产。李骁博说，这个阶段， 企业往往还没有进化出很强的"造血"功能，金融的加持就变得至关重要。"我们既欢迎股权融资，也期 待债权融资，上海银行就是一个很好的债权融资伙伴，他们不仅熟悉我们所处的行业，同时还基于企业 发展阶段给出有针对性的金融服务。"李骁博说。 从中试走向投产的关键力量 2023年，李骁博创立了臻锂新材，主要瞄准锂电池复合集流体和新能源材料研发。事实上，其团队早在 2022年就已经开发出了应用于超薄柔性聚合物基膜的第一代磁控溅射一步干法工艺，不仅提升了镀层致 密性和膜基结合力，还显著降低了成本。2024年，李骁博团队在第一代的基础上研发出了第二代复合集 流体。 位于苏州工业园区的苏州臻锂新材科技有限公司（下称" ...

Group 1 - The report emphasizes the growth potential of the manufacturing sector driven by advancements in AI and a reversal of the anti-competitive cycle [1] - Key companies highlighted for investment include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] - The report maintains a positive outlook on the machinery equipment industry, with a focus on companies that are positioned to benefit from emerging trends [6] Group 2 - The report details the performance of various sectors, with the best-performing indices including retail trade (+6.66%) and non-bank financials (+2.9%) for the week ending December 19, 2025 [4][19] - Within the manufacturing sector, the top indices were the China Aerospace and Military Industry Theme (+3.83%) and the Shanghai 50 (+0.32%) [20] - The report notes significant bidding activity in the controlled nuclear fusion sector, with over 5.6 billion yuan in bids since the beginning of 2025, indicating accelerated project development [7][8] Group 3 - The report discusses the strategic merger of Trump Media with TAE Technologies, valued at $6 billion, highlighting the increasing capital flow into the fusion energy sector [9] - TAE Technologies is noted for its innovative approach to fusion energy, utilizing hydrogen-boron fusion technology, which is seen as a cleaner alternative to traditional methods [9] - The report suggests focusing on core suppliers and flexible investment targets in the fusion energy supply chain, including companies like Lianchuang Optoelectronics and Xiguang Electronics [8][9] Group 4 - The report provides earnings forecasts for key companies, projecting revenue growth for companies like SANY Heavy Industry and Zhejiang Rongtai, with expected EPS growth from 0.63 to 1.20 for SANY from 2024 to 2026 [17] - The report highlights the competitive landscape in the carrier tape market, where the company has a 74% market share in paper carrier tape and is expanding into the plastic carrier tape segment [10][12] - The report also discusses the potential of composite current collectors in the lithium battery market, projecting significant growth from $1.2 billion in 2023 to $3.4 billion by 2032 [12]

Core Viewpoint - The new energy vehicle (NEV) sector is experiencing a strong rebound driven by favorable national policies, leading to a surge in stock prices and a wave of limit-up stocks [1] Group 1: Market Performance - NEV concept stocks have shown significant gains, with Zhejiang Shibao achieving five consecutive limit-ups, and other stocks like Delian Group and Asia-Pacific Shares also hitting the limit-up [1] - Key stocks with notable price increases include Jingwei Hengrun, which rose by 10.21% to 121.83, and Delian Group, which increased by 10.04% to 6.03 [2] Group 2: Policy and Technological Developments - The core driver for the NEV sector's growth is strong policy support, highlighted by the approval of L3-level conditional autonomous driving vehicles, marking a significant milestone in the industry [3] - The first L3-level autonomous driving license plate was issued in Chongqing, indicating the formal entry of China into the L3 autonomous driving era [3] - Technological innovations in the NEV industry are accelerating, with breakthroughs in lithium battery technology and the imminent mass production of solid-state batteries, enhancing vehicle performance and reducing production costs [3] Group 3: Market Trends and Future Outlook - The NEV industry is transitioning from "policy support" to "market maturity," with significant growth in production and sales, reaching 1,490.7 million units produced and 1,478 million units sold in the first 11 months of the year, representing a year-on-year increase of 31.4% and 31.2% respectively [5] - The penetration rate of new energy vehicles in total vehicle sales reached 47.5%, with November figures showing a further increase to 53.2% [5] - The commercialization of L3 autonomous driving technology signifies a new development stage, requiring collaboration between government and enterprises to establish standards and regulations [5][6]

2026：AI 之光引领成长；反内卷周期反转 20251221 摘要 AI 需求驱动资源重新分配，人形机器人和无人机是具身智能体终端应用 的主要增长点，预计 2026 年具身智能产业化将加速，成本和市场份额 将逐步显现，特斯拉等公司的量产订单预示市场份额竞争加剧。 周期性行业受益于海外市场扩张、国内地产触底反弹和更新周期需求增 长，以及供给侧改革的推动，未来几年有望迎来反转。挖掘机、汽车起 重机等工程机械数据表现积极，徐工机械、三一重工等龙头企业向上趋 势明显。 工业气体方面，光伏硅片需求带动氩气需求大幅增长，同比增幅达 75%，杭氧股份等工业气体龙头企业值得关注。可控核聚变领域，中美 竞争加剧，合肥 BETA 项目订单持续释放，相关企业如杭氧股份受益。 商业航天领域，中国长征系列火箭发射频繁，国家日益重视，中美竞争 加剧。美国重返月球计划和 SpaceX 的市值目标展现商业航天潜力。关 注商业航天相关报告，以及美国降息预期对出海链公司如巨星科技、涛 涛车业和华通线缆的积极影响。 捷美科技在电子元器件材料领域，尤其纸质载带市场占有率高达 74%， 垂直一体化生产降低成本，与三星、春田等客户紧密合作。公司拓展塑 ...

Market Overview - On December 16, the Shanghai Composite Index fell by 1.11%, the CSI 300 decreased by 1.2%, the STAR 50 dropped by 1.94%, the CSI 1000 declined by 1.74%, the ChiNext Index fell by 2.1%, and the Hang Seng Index decreased by 1.54% [2][3] - The best-performing sectors on December 16 were retail (+1.32%), beauty care (+0.66%), and social services (+0.13%), while the worst-performing sectors included telecommunications (-2.95%), conglomerates (-2.81%), non-ferrous metals (-2.81%), power equipment (-2.66%), and media (-2.41%) [2][3] - The total trading volume for the A-share market on December 16 was 1,748.1 billion yuan, with a net inflow of 0.82 million Hong Kong dollars from southbound funds [2][3] Important Recommendations Jiemai Technology (002859) - The recovery in downstream industry demand is driving a rebound in the basic carrier tape market, alongside breakthroughs in high-end domestic substitutes for release films and initial contributions from new energy materials [4] - Projected revenues for 2025-2027 are 2,099 million, 2,612 million, and 3,236 million yuan, with revenue growth rates of 15.51%, 24.46%, and 23.88% respectively. Net profits are expected to be 258 million, 370 million, and 514 million yuan, with growth rates of 27.64%, 43.27%, and 39.15% respectively [5] Far East Holdings (600869) - The traditional business is showing continuous improvement, while new AI business is expected to contribute to performance and valuation flexibility [6] - The company has achieved global leadership in AI chip supply for high-speed copper cables, smart driving data transmission lines, and connectors, focusing on innovative materials for next-generation chip liquid cooling [7] - Projected revenues for 2025-2027 are 29,177.12 million, 33,752.51 million, and 37,604.91 million yuan, with growth rates of 11.82%, 15.68%, and 11.41% respectively. Net profits are expected to be 295.24 million, 724.60 million, and 1,158.48 million yuan, with growth rates of - and 145.42%, and 59.88% respectively [7] Key Insights - The macroeconomic outlook indicates that policies aimed at stabilizing industrial growth while promoting transformation and countering "involution" will help solidify the industrial economy's foundation. If exports remain resilient, it could positively support industrial production [8][9] - There is a more optimistic view on the potential for a strong start in the first quarter of the following year compared to market expectations [9]

（文章来源：证券日报） 证券日报网讯 12月16日，双星新材在互动平台回答投资者提问时表示，公司积极推进复合集流体项 目，持续加大研发投入，优化产品结构，提升产品技术含量和质量，以满足市场的多样化需求。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [6][8]. Core Insights - The company, Clean Beauty Technology, is positioned as a leading provider in the electronic consumables sector, focusing on integrated circuit and chip component support, with a vertically integrated supply chain that enhances cost efficiency and customer loyalty [2][19]. - From 2012 to 2024, the company's revenue grew from 330 million to 1.82 billion RMB, with a compound annual growth rate (CAGR) of approximately 15%, while net profit increased from 30 million to 200 million RMB, with a CAGR of about 17% [2][40]. Summary by Sections 1. Company Overview - Clean Beauty Technology specializes in electronic packaging materials, including paper and plastic carrier tapes, electronic-grade films, and composite current collectors, with a revenue distribution of 84% from electronic packaging materials and 12% from films as of mid-2025 [20][26]. 2. Market Position and Growth - The company holds a 74% market share in the paper carrier tape sector, which is projected to grow to approximately 600 million USD by 2033, while the plastic carrier tape market is expected to reach 1 billion USD by 2031, indicating significant growth potential [3][19]. - The global market for release films is estimated at around 20 billion USD, with specific segments like MLCC and optical release films showing promising growth trajectories [4][24]. 3. Strategic Developments - The acquisition of 56.8% of Youzhen Technology in 2024 marks the company's entry into the high-growth composite current collector market for lithium batteries, with projected market growth from 1.2 billion USD in 2023 to 3.4 billion USD by 2032 [5][26]. - The company has established a comprehensive manufacturing system, integrating upstream raw material production with downstream processing, which enhances its competitive edge [19][60]. 4. Financial Projections - Revenue forecasts for 2025-2027 are projected at 2.1 billion, 2.6 billion, and 3.2 billion RMB, respectively, with year-on-year growth rates of 15.51%, 24.46%, and 23.88% [6][13]. - The expected net profit for the same period is 258 million, 370 million, and 514 million RMB, reflecting growth rates of 27.64%, 43.27%, and 39.15% [6][13]. 5. Competitive Advantages - The company's core competencies include a vertically integrated supply chain, cost leadership, a one-stop service model, and strong brand recognition backed by major clients such as Samsung and Murata [2][59]. - The company has established a solid reputation through participation in industry standards and recognition as a "single champion demonstration enterprise" by the Ministry of Industry and Information Technology [66].

摘要 复合集流体已从实验室走向产业端，而英联复合集流体在固态电池领域的技术布局，将为行业高质量发展注入持久动力，成为推动固态电池从概念走向规 模化应用的关键力量。 "复合集流体的价值不止于替代传统材料，更在于成为固态电池规模化落地的关键支撑。英联正用结构重构破解安全痛点，以精密管控保障量产能力，靠 双极集流体+蒸镀锂布局下一代技术，打通从液态到固态的材料升级通道。" 2025高工锂电年会上，英联复合集流体研究院副院长步绍宁在"电池材料创新与应用"专场发表主题演讲，结合企业实战经验与行业趋势，系统阐述了复合 集流体的产业化突破与固态电池材料布局。 01结构重构：从本征上破解传统集流体痛点 随着动力电池新国标实施与快充技术普及，电池安全性能迎来更严苛考验，传统集流体的结构性缺陷愈发凸显。 步绍宁在演讲中直指核心问题："传统铝箔在热失控触发阶段易与正极释放的活性氧发生铝热反应，带来剧烈温升，这是导致电池起火爆炸的重要诱因。" 与此同时，传统铜箔的高密度特性制约能量密度提升，铜价波动也让电池成本控制面临持续压力。 复合集流体的"高分子基材+金属镀层"三明治结构，为解决这些痛点提供了革命性方案。 步绍宁详细解读了其创新 ...

复合集流体已从实验室走向产业端，而英联复合集流体在固态电池领域的技术布局，将为行业高质量发展注入持久动力，成为推动固态电池从概念走向 规模化应用的关键力量。 "复合集流体的价值不止于替代传统材料，更在于成为固态电池规模化落地的关键支撑 。 英联正 用结构重构破解安全痛点，以精密管控保障量产能 力，靠双极集流体 +蒸镀锂布局下一代技术，打通从液态到固态的材料升级通道。" 2025高工锂电年会上， 英联复合集流体研究院副院长步绍宁 在"电池材料创新与应用"专场发表主题演讲，结合企业实战经验与行业趋势，系统阐述 了复合集流体的产业化突破与固态电池材料布局。 01结构重构：从本征上破解传统集流体痛点 摘要 随着动力电池新国标实施与快充技术普及，电池安全性能迎来更严苛考验，传统集流体的结构性缺陷愈发凸显。 步绍宁在演讲中直指核心问题： "传统铝箔在热失控触发阶段易与正极释放的活性氧发生铝热反应，带来剧烈温升，这是导致电池起火爆炸的重要诱 因。" 与此同时，传统铜箔的高密度特性制约能量密度提升，铜价波动也让电池成本控制面临持续压力。 复合集流体的 "高分子基材+金属镀层 "三明治结构，为解决这些痛点提供了革命性方案。 步 ...