英大证券研究所证券研究报告 行 业 研 究 2026 年 2 月 25 日 投资评级：强于大市 执业证书编号：S0990524110001 电话：0755-83007043 邮箱：lisy@ydzq.sgcc.com.cn 最近一年走势 行业事件：2 月 11 日，国务院办公厅发布《关于完善全国统一电力市场体系 的实施意见》，全国统一电力市场顶层设计出台，电力市场化改革从区域试 点、机制探索，进入了全国一盘棋、系统化推进的新阶段。 指数表现：根据 iFind 数据，2026/2/9-2026/2/15 期间，沪深 300 上涨 0.36%， 电力设备指数上涨 1.13%，跑赢沪深 300 指数 0.77pct。 行业表现：根据 iFind 数据，2026/2/9-2026/2/15 期间，31 个申万一级行业 中，电力设备上涨 1.13%，排第 13 位。申万三级行业，电力能源相关子板块 中，输变电设备、其他电源设备Ⅲ、电网自动化设备涨幅位列前三位，分别 上涨 5.24%、5.22%、3.98%；光伏电池组件、光伏加工设备、锂电专用设备 跌幅位列前三位，分别下跌 4.08%、3.15%、2.77%。 数据来源 ...

Core Insights - The 10th International Carbon Materials Conference and Exhibition (Carbontech 2026) will take place from June 10-12, 2026, at the Shanghai New International Expo Center, reflecting the acceleration of strategic emerging industries and high-end manufacturing systems in China [1][2] - Carbon materials, including carbon fiber, carbon nanotubes, graphene, and silicon-carbon anodes, are becoming essential materials for future industries due to their unique physical and chemical properties [1][3] Group 1: Event Overview - Carbontech 2026 will merge with the iTherM2026 and AMTE2026 exhibitions to form the FINE2026, aiming to establish a benchmark exhibition in the new materials sector with a focus on future industries [2] - The exhibition will cover an area of 50,000 square meters, featuring over 800 participating companies, 200+ research institutions, and attracting more than 100,000 professional visitors [2] Group 2: Industry Significance - Carbon materials have maintained their strategic importance throughout various stages of industrial civilization, evolving from graphite and activated carbon to advanced materials like diamond semiconductors and carbon fiber [3] - The conference serves as a vital platform for academic exchange and industry collaboration, showcasing the strategic value and enduring vitality of carbon materials in energy, information, and advanced technology sectors [3] Group 3: Recent Developments - The 2025 Carbontech event attracted over 10,000 professional visitors and featured nearly 400 exhibitors, highlighting the industry's growth and the increasing interest in carbon materials [6][8] - The event included specialized areas focusing on diamond and superhard materials, as well as carbon materials for energy and equipment, demonstrating the innovative applications and solutions in strategic fields [8][11] Group 4: Future Trends - With the rapid development of emerging industries such as artificial intelligence, semiconductors, and new energy vehicles, carbon materials are expected to experience significant growth and application expansion [11] - The conference will feature a dedicated area for new product launches, allowing companies to showcase technological breakthroughs and connect with potential customers [14]

Investment Rating - The industry investment rating is "Outperform the Market" [1][61] Core Insights - The report highlights the recent policy changes by the National Development and Reform Commission and the National Energy Administration regarding the capacity pricing mechanism for power generation, which aims to enhance the profitability of coal and gas power sources and stimulate investment in new energy storage projects [10] - The report indicates a significant increase in installed power generation capacity, with a total of 389 million kilowatts by the end of 2025, reflecting a year-on-year growth of 16.1%, and emphasizes the shift towards renewable energy sources [11][12] - The average utilization hours of power generation equipment decreased to 3119 hours in 2025, down 312 hours from the previous year, indicating challenges in energy consumption efficiency amidst rapid capacity expansion [12][27] Industry Events - On January 30, 2026, a notification was issued to improve the capacity pricing mechanism for coal, gas, and pumped storage power generation, establishing a new pricing mechanism for grid-side energy storage [10] - The National Energy Administration released national electricity statistics for 2025, showing a substantial increase in solar and wind power generation capacity [11] Market Performance - During the period from January 26 to February 1, 2026, the Shanghai and Shenzhen 300 index rose by 0.08%, while the power equipment index fell by 5.10%, underperforming the broader market [13][15] - Among the sub-sectors related to power energy, only the comprehensive energy service and hydropower sectors saw slight increases, while thermal power equipment and battery-related sectors experienced significant declines [19] Power Industry Operations - In December 2025, the total electricity consumption reached 908 billion kilowatt-hours, a year-on-year increase of 2.77%, with a total annual consumption of 10368.2 billion kilowatt-hours, reflecting a 5.00% growth [20][22] - The newly added power generation capacity for 2025 was 54617.1558 megawatts, with notable growth in thermal and wind power, while hydropower and nuclear power saw declines [22][24] New Power System Developments - As of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54%, with new energy storage capacity growing by 85% [44] - The report provides detailed pricing trends for various components in the photovoltaic industry, indicating stability in polysilicon prices and fluctuations in battery component prices [37][47][48] - The total number of charging infrastructure units in China reached 20.092 million by the end of December 2025, marking a 56.75% increase year-on-year [51]

Core Viewpoint - The company has established a new development pattern focusing on the cyclical utilization of chlorine, phosphorus, and silicon elements, enhancing its competitive edge in the industry through strategic partnerships and project developments [1][17]. Group 1: Strategic Developments - Since 2016, the company has been leveraging capital and projects to strengthen its supply chain, transitioning from a dual-driven model to a tripartite structure focusing on silicon-based materials, phosphorus-based materials, and new energy materials [1][17]. - In 2018, the company partnered with Evonik in Germany to launch a silica project, filling a gap in the high-end market and consolidating its advantages across the entire industry chain [1][18]. - In 2019, the company signed a phosphorus-based flame retardant project with the government of Shanghang County, Fujian, targeting strategic emerging industries such as new energy vehicles and 5G communications [3][18]. Group 2: Expansion and Acquisitions - In 2020, the company fully acquired Huayang Chemical, deepening its integration in the silicon-based industry, and completed a 300,000-ton chlorine resource comprehensive utilization project in Zhenjiang [5][21]. - The company acquired Hefei Xingyu in 2021, diversifying its agricultural chemical product line and becoming a global leader in herbicide varieties [8][20]. - In 2022, the company established three major bases in Zhejiang and Hubei, focusing on graphite anodes and new negative electrode materials for energy applications [7][23]. Group 3: Industry Recognition and Future Plans - In 2023, the company was recognized as one of the top ten organic silicon enterprises globally, expanding its applications into AI computing, semiconductors, and aerospace [10][25]. - In 2024, the company successfully launched projects for industrial silicon and precision glyphosate, enhancing its product matrix to meet diverse agricultural needs [12][27]. - Over the past sixty years, the company has maintained a commitment to align with national policies and societal needs, building a robust ecosystem in crop protection, silicon-based new materials, and new energy materials [15][30].

Core Viewpoint - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations, providing timely market impact references through a professional lens [1] Group 1: Company Overview - The company has an annual production capacity of 90,000 tons for graphite anodes and holds a 40% stake in an enterprise with a capacity of 40,000 tons per year for lithium carbonate [1] - In the niche machinery sector, the company ranks first in Asia and second globally, showcasing its competitive position [1] Group 2: Product and Technology - The company has developed a hydraulic system for the lifting of offshore self-elevating platforms, indicating its focus on innovative engineering solutions [1]

Group 1 - The company is actively laying out its lithium battery materials industry chain, which includes the construction of a closed-loop system for lithium-ion batteries [2] - The established industry chain consists of phosphoric acid iron/needle coke → lithium iron phosphate/graphite anode → lithium iron phosphate battery → battery resource utilization [2] - The company is inquiring about future layouts in lithium mines, indicating ongoing interest in expanding its lithium-related operations [2]

Core Viewpoint - The company is actively developing the lithium battery materials industry chain, establishing a closed-loop system for lithium-ion battery production and recycling [1] Group 1 - The company has built a complete industry chain from phosphoric iron and needle coke to lithium iron phosphate and graphite anodes [1] - The established chain includes lithium iron phosphate batteries and the resource utilization of batteries [1]

Overall Viewpoint - The electric new energy sector is experiencing increased volatility due to fluctuating tariff policies. In Q3 2025, China's energy storage lithium battery shipments are projected to reach 165 GWh, with a total of 430 GWh expected from Q1 to Q3, and an annual forecast of 580 GWh, representing a year-on-year growth rate exceeding 75%. Energy storage and lithium batteries remain the most prosperous sub-sectors within the electric new energy industry [4]. Group 1: Solid-State Batteries - There are significant advancements in solid-state battery technology, including improvements in interface contact through iodine ions, polymer electrolyte frameworks, and fluorinated polyether materials. The market is shifting from equipment speculation to material speculation, indicating that this trend will likely continue [4]. Group 2: Energy Storage - Due to domestic and international policy factors, energy storage demand is being anticipated earlier. The industry is expected to maintain a favorable outlook through 2025-2026. Current stock prices may continue to experience high-level fluctuations, with investment preferences leaning towards companies that resonate with AIDC power sources and photovoltaic "anti-involution" logic [4]. Group 3: Lithium Battery Materials - According to SMM data, the price of lithium hexafluorophosphate has been rising, reaching an average of 75,500 yuan per ton as of October 17. Some negative electrode companies have increased the prices of graphite negative electrode products by 2,000-3,000 yuan per ton, primarily due to rising petroleum coke prices. Battery manufacturers are still under pressure to lower prices, while leading companies in lithium iron phosphate and separators are maintaining good capacity utilization rates, with orders flowing to small and medium-sized enterprises [4]. Group 4: Power Equipment and Photovoltaics - Currently, the stock prices of power equipment and photovoltaic sectors are relatively low, primarily due to the industry's weaker outlook. Market trends will determine the direction of these two sectors in Q4 2025, influenced by defensive factors and the preliminary results of photovoltaic "anti-involution." There are signs of improvement, but a definitive trend has yet to form, warranting close monitoring [6]. Group 5: Policy Changes - Recent announcements from the Ministry of Finance, General Administration of Customs, and State Taxation Administration regarding adjustments to value-added tax policies for wind power have garnered market attention. The cancellation of the 50% immediate refund policy for land-based wind power is noted, while the benefits for offshore wind power will be retained from November 1, 2025, to December 31, 2027. This policy change is expected to have a slight impact on the internal rate of return (IRR) of wind power projects, but the overall effect may be less significant than the marketization requirements outlined in document "136" [5].

Core Viewpoint - The solid-state battery anode materials are primarily silicon-based and lithium metal anodes, with silicon-based anodes currently advancing faster in industrialization. The development of lithium metal anodes is slower compared to silicon-based anodes. Solid-state electrolytes offer wider electrochemical windows and higher chemical stability, which can effectively suppress lithium dendrite formation, indicating a short to medium-term trend towards silicon-based anodes in solid-state batteries, with future iterations expected for lithium metal anodes [2][10]. Summary by Sections Anode Materials Overview - The main types of solid-state battery anode materials are silicon-based and lithium metal anodes, with silicon-based anodes showing faster industrialization progress. Lithium metal anodes have high capacity and low electrochemical potential, potentially achieving energy densities above 400 Wh/kg when paired with suitable battery designs [2][10]. Advantages and Disadvantages of Anode Materials - **Graphite**: Good stability and long cycle life, but low energy density and weak fast charging capabilities [3]. - **Silicon-based Anodes**: High energy density and abundant resources, but significant volume expansion, short cycle life, and high costs [3]. - **Metal Aluminum**: High energy density and fast charging advantages, but can produce lithium dendrites [3]. Current Trends in Silicon-based Anodes - Silicon-carbon anodes are currently the preferred choice for solid-state batteries, offering high energy density, safety, and system compatibility. With over 30% silicon content in solid-state batteries, energy density can exceed 500 Wh/kg [5][6]. Safety and Compatibility - Silicon-based anodes have a lower lithium embedding potential of approximately 0.5V, reducing the likelihood of lithium plating during fast charging and preventing dendrite penetration that could cause short circuits. The mechanical modulus of solid electrolytes can buffer the volume changes of silicon-based materials, reducing interfacial resistance and enhancing battery performance [6]. Industry Players and Developments - Numerous companies are emerging in the silicon-based anode market, including established players like BetterRay, Sanyuan, and Puli, which have rapid verification and marketization speeds. New entrants like Tianmu Xian Dao and He Chuang Energy are also making strides [6][7]. Industrialization Progress of Silicon-based Anodes - Companies like BetterRay and Sanyuan are advancing their production capabilities, with BetterRay expected to achieve mass supply by 2025 and Sanyuan completing trial production by the end of 2024. Other companies are also establishing production lines and expanding capacities [7][8]. Lithium Metal Anode Potential - Lithium metal anodes have significant potential in solid-state batteries due to their low density, low chemical potential, and high specific capacity. However, challenges such as lithium dendrite growth need to be addressed for commercial viability. Companies like Ganfeng Lithium and Ningde Times are already working on lithium metal anode-based solid-state batteries [10][11].

Group 1 - The rapid development of the new energy industry has significantly increased the market scale of lithium-ion batteries, with an annual growth rate exceeding 20% in recent years [5] - In 2024, the shipment volume of cathode materials is expected to reach 3.2 million tons, while anode materials will exceed 2.1 million tons, indicating a strong growth trend [5] - Graphite anodes dominate the market, accounting for over 95% of the total, while silicon-based and other composite anodes represent less than 5% [5] Group 2 - Graphite anodes possess a hexagonal layered structure that allows lithium ions to embed and extract easily, making them suitable for battery charging and discharging cycles [6] - The theoretical specific capacity of graphite is 372 mAh/g, with commercial products typically ranging from 330 to 360 mAh/g, meeting energy density needs for most applications [7] - Graphite anodes exhibit excellent cycling performance, with lifespans exceeding 1000 cycles for consumer electronics and over 3000 cycles for power batteries [7] Group 3 - Despite their advantages, graphite anodes face limitations, including a capacity ceiling close to their theoretical value, which restricts their use in high-energy-density applications like electric vehicles [8] - Fast charging performance is limited due to kinetic constraints, leading to potential safety hazards from lithium dendrite formation [8] - Low-temperature adaptability is poor, with capacity loss exceeding 30% at -30°C, limiting their use in cold environments [8] Group 4 - The industry is exploring alloy materials with higher capacities, such as silicon, phosphorus, tin, and aluminum, which can significantly exceed the capacity of graphite [9] - Silicon-based anodes have undergone four generations of technological iterations, focusing on improving volume expansion, cycling life, and initial efficiency [9][10] - By 2030, silicon-based anodes are expected to achieve a market penetration of 30%, with phosphorus-based materials expanding in high-end applications [9] Group 5 - The first generation of silicon-based anodes utilized a physical modification approach, resulting in a core-shell structure that reduced volume expansion but had short cycling life and low initial coulombic efficiency [11][12] - The second generation improved cycling stability and capacity through chemical modification, but still faced challenges with initial efficiency and conductivity [13][14] - The third generation introduced pre-lithiation techniques, significantly enhancing initial efficiency and cycling life, but increased complexity and costs [15][16] Group 6 - The fourth generation of silicon-based anodes employs a porous carbon framework to stabilize silicon particles and enhance conductivity, achieving a balance between capacity, cycling, and cost [17][18] - This generation shows significant improvements in specific capacity, volume expansion, initial efficiency, and cycling performance, making it a promising direction for future applications [19] - However, challenges remain regarding production costs, structural stability over long cycles, and electrolyte compatibility [20] Group 7 - The demand for silicon-carbon composite materials is expected to grow significantly, with projections indicating a market space of hundreds of billions by 2030 [24] - Companies like Zhangjiagang Bowei are positioning themselves as collaborative suppliers, leveraging their technological advantages to partner with leading firms in the industry [25] - The industry is currently in the early stages of commercialization, with ongoing efforts to optimize production processes and expand application scenarios [21][24]