银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点，回归基本面的核心指标跟踪，在估值 相对合理区间寻找切入点。具体来看，养殖板块持续强调攻守兼备，但区别于25年以守为主基调，26年 更强调对未来潜在弹性的把握；宠物板块经历估值回归，等待业绩增速恢复，投资机会将再次来临。 华西证券：持续看好锂电多环节涨价 机构观点 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 凤凰网财经讯 11月21日，A股三大指数集体低开，沪指跌0.87%，深成指跌1.76%，创业板指跌2.07%。 存储芯片、锂矿、水产等板块指数跌幅居前。 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：锚定"十五五"提高资本市场制度包容性、适 ...

市场昨日震荡调整，创业板指跌超1%，沪深两市成交额1.71万亿，较上一个交易日缩量177亿。板块方 面，海南、银行等板块涨幅居前，美容护理、光伏设备、食品加工等板块跌幅居前。截至昨日收盘，沪 指跌0.4%，深成指跌0.76%，创业板指跌1.12%。 在今天的券商晨会上，银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点;华西证券表 示，持续看好锂电多环节涨价;中信建投提出，证券行业有望迎来新一轮上行周期。 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：锚定"十五五"提高资本市场制度包容性、适应性"的核心导向，证 券行业有望迎来新一轮上行周期，助力金融 ...

Core Insights - The rapid development of energy storage both domestically and internationally is driving demand for dynamic storage, which is expected to lead to an expansion in the lithium battery supply chain [1] - Certain segments are experiencing supply tightness, resulting in significant price increases for products such as lithium hexafluorophosphate and VC, confirming the industry's high prosperity [1] - It is anticipated that the price increase trend will spread to other segments, with suppliers previously facing low profitability or losses expected to see a recovery as prices rise, leading to a phase of simultaneous volume and profit growth [1] Industry Outlook - The outlook remains positive for energy storage cells, lithium hexafluorophosphate, VC & electrolytes, copper foil, anode and cathode materials, and separators [1]

Core Viewpoint - The companies listed on the Beijing Stock Exchange (BSE) have demonstrated significant innovation and growth potential, particularly in high-end manufacturing, new energy, and biomedicine sectors, reinforcing BSE's market positioning to serve "specialized, refined, distinctive, and innovative" enterprises [1] Group 1: Financial Performance - As of October 31, 279 companies on the BSE have disclosed their Q3 reports, with 62.9% (176 companies) reporting year-on-year revenue growth and 51.8% (145 companies) achieving net profit growth [1] - Notably, 27 companies surpassed 1 billion yuan in revenue, with BetterRay leading at 12.384 billion yuan [1] - Over 30 companies reported net profit growth exceeding 50%, and 23 companies achieved a net profit doubling [1] Group 2: Key Company Highlights - BetterRay reported Q3 revenue of 12.384 billion yuan, a 20.6% increase year-on-year, and a net profit of 768 million yuan, ranking first on the BSE [2] - Jinbo Bio, a leader in the collagen field, achieved Q3 revenue of 1.296 billion yuan, up 31.1%, with a net profit of 568 million yuan, reflecting a 9.29% increase [2] - Aodiwei, in the automotive electronics sector, reported Q3 revenue of 502 million yuan, a 12.31% increase, and a net profit of 71.4659 million yuan, up 5.90% [3] Group 3: R&D Investments - Companies on the BSE are maintaining or increasing R&D investments to solidify competitive advantages, with BetterRay's R&D expenses reaching 613 million yuan, a 21.36% increase [4] - Shunyu Precision's R&D spending was 27.3898 million yuan, up 6.09%, contributing to a significant net profit increase [3] - Despite operational pressures, Haitai New Energy increased R&D investment by 15.11%, preparing for future industry opportunities [4] Group 4: Shareholder Returns - Several companies have announced Q3 dividend distribution plans, indicating a commitment to shareholder returns, with Dingjia Precision proposing a cash dividend of 6 yuan per 10 shares [4]

Core Viewpoint - Zhuhai has issued the "Zhuhai City Action Plan for Promoting the Development of Solid-State Battery Industry (2025-2030)", aiming to seize strategic opportunities in the solid-state battery industry [2] Development Goals - By 2027, Zhuhai plans to establish pilot platforms for the solid-state battery industry, set up five engineering research centers and key laboratories, and attract a number of promising solid-state battery companies. By 2030, the industry chain's key materials, core technologies, and equipment technology levels are expected to improve significantly, forming an initial scale of the solid-state battery industry [2] Key Development Directions - The focus areas include solid-state battery cell manufacturing, production equipment, and materials [3] - In solid-state battery cell manufacturing, the emphasis is on high-end consumer electronics, advancing the industrialization of semi-solid batteries, and the R&D of all-solid batteries. The goal is to enhance energy density, cycle life, and safety while overcoming technical bottlenecks [3] - For solid-state battery production equipment, the focus is on developing low-energy, low-cost, and high-performance equipment, including next-generation battery production devices [4] Solid Electrolyte and Materials - The plan includes developing various technical routes for solid electrolytes, such as oxides, sulfides, and polymers, and improving the mass production technology of ultra-thin solid electrolyte films [5] - In terms of anode and cathode materials, the focus is on lithium-rich manganese-based cathodes, high-nickel ternary cathodes, silicon-carbon anodes, and lithium metal anodes, supporting the development of new electrode materials with higher compatibility [6] Existing Companies and Production Capacity - Zhuhai currently hosts companies like Zhuhai Guanyu, Xinjie Energy, and Haisida. Zhuhai Guanyu has achieved large-scale production of semi-solid batteries, while Xinjie Energy has established a pilot production line for solid-state batteries with an energy density of ≥450Wh/kg, with an annual capacity of 200MWh. Haisida's semi-solid energy storage battery production line commenced operation in March this year, with an annual capacity of 6GWh [6]

Core Viewpoint - China's recent trade countermeasures, including export controls on lithium-ion batteries and related materials, are seen as a strategic response to U.S. unilateralism, leveraging its dominant position in the battery industry to exert pressure on American companies [1][3]. Summary by Sections Trade Measures - China announced that starting from November 8, 2025, it will impose export controls on certain lithium batteries, key anode and cathode materials, and related manufacturing equipment and technology to safeguard national security and fulfill international non-proliferation obligations [1][4]. - The measures cover a wide range of the battery supply chain, including large lithium-ion batteries used for energy storage, which China leads in technology [1][4]. Impact on U.S. Companies - Analysts indicate that the new restrictions will significantly impact U.S. companies, as approximately 65% of lithium-ion batteries imported by the U.S. in the first seven months of this year came from China [3][4]. - The demand for battery storage in the U.S. is critical, especially with the increasing energy needs driven by artificial intelligence and data centers, which have seen their electricity consumption more than double from 2017 to 2023 [3][4]. Market Reactions - Following the announcement of the export controls, shares of U.S. battery companies such as Fluence Energy and Tesla dropped significantly, with Fluence's stock falling over 12% and Tesla's by 5% [4][5]. - The new restrictions add complexity to an already strained global supply chain, prompting companies to seek to reduce reliance on Chinese components [5][6]. Strategic Implications - The measures are viewed as a significant upgrade in China's trade strategy, as they control about 96% of global anode material production and 85% of cathode material production, making it difficult for companies outside China to find alternatives [4][5]. - Experts suggest that these actions not only serve as a bargaining chip in trade negotiations but also aim to maintain China's competitive edge in the clean energy sector [5][6].

Core Viewpoint - The Guangxi Zhuang Autonomous Region government has issued an action plan to enhance and extend the supply chain of key advantageous manufacturing industries, focusing on clean energy development and technological advancements in various sectors [1] Group 1: Clean Energy Development - The action plan emphasizes the large-scale development of offshore wind power, photovoltaic power, nuclear energy, and biomass power, along with significant technological breakthroughs [1] - There is a push for integrated development of source, grid, load, and storage systems [1] Group 2: New Energy Storage Technologies - Guangxi aims to promote new energy storage technologies such as sodium-ion batteries and solid-state lithium-ion batteries [1] - Support will be provided for wind and photovoltaic power companies to build storage facilities, and industrial parks and enterprises are encouraged to deploy energy storage stations [1] Group 3: Core Product Development - The plan focuses on strengthening core products like wind turbines, blades, and towers, while also developing supporting materials such as steel for tower tubes and composite materials for blades [1] - Exploration of application scenarios combining offshore wind power with marine ranching, hydrogen energy, and tourism is encouraged [1] Group 4: Photovoltaic Manufacturing Enhancement - The action plan aims to enhance the technology upgrade and capacity optimization of core manufacturing processes for photovoltaic glass, components, and cells [1] - There is an active effort to attract supporting industries such as photovoltaic adhesive films, inverters, and maintenance equipment [1] Group 5: New Energy Battery Industry Focus - The new energy battery industry will concentrate on key areas such as anode and cathode materials, electrolytes, separators, and battery cells [1] - The plan includes initiatives to improve charging and swapping facilities in county areas and to promote a comprehensive layout for hydrogen energy production, storage, transportation, and utilization [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1][6]. Core Views - The company has significant resource and cost advantages, with ongoing projects such as the joint mining development and the scandium-vanadium new materials park [1][15]. - The earnings forecasts for 2025-2026 have been lowered due to pressure on titanium dioxide prices, with EPS estimates for 2025, 2026, and 2027 at 1.20, 1.59, and 1.93 RMB respectively [6][13]. - The target price is set at 22.22 RMB, based on a PE ratio of 18.48 for 2025 [6][13]. Financial Summary - The company reported total revenue of 27.54 billion RMB in 2024, a year-on-year increase of 2.78%, with a net profit attributable to shareholders of 2.17 billion RMB, down 32.79% year-on-year [6][14]. - For Q1 2025, the company achieved revenue of 7.06 billion RMB, a decrease of 3.21% year-on-year, but a turnaround in net profit to 686 million RMB [6][14]. - The company’s titanium dioxide capacity stands at 1.51 million tons/year, and sponge titanium capacity at 80,000 tons/year, both leading globally [6][15]. Project Developments - Numerous projects are underway, including the joint mining projects and the planned scandium-vanadium new materials park, which will include various production capacities for vanadium and aluminum products [6][15]. - The company is also making progress in overseas exploration and base construction [6][16].