【DT新材料】 获悉，3月2日，在广东省高质量发展大会上， 融捷集团 现场签约总投资120亿元的广州开发区新能源智造基地项目。该项目将重点布 局消费电池、动力电池、储能产品三大板块， 精准对接低空经济、智能机器人、新能源汽车等新兴产业的电池需求 。 据悉，融捷集团已在广州南沙建成占地400亩的锂电池制造与研发基地，这是广州规模最大的锂电池生产基地，目前已形成35GWh年产能，储能产品 远销北美、欧洲、东南亚，2025年跻身全球储能电池出货量前八名。 该基地同步承担固态电池中试线的配套建设任务，按照规划，融捷能源第二代硫化物全固态电池将在2026年建成0.2GWh中试线，具备批量送样能 力，能量密度目标达450Wh/kg ，应用于高端消费电子、低空经济、人形机器人等前沿场景。 融捷能源固态电池采用硫化物电解质体系，通过独创的"离子-电子双导通网络"技术，将正极活性物质占比提升至90%以上 ，搭配厚电极制备工艺， 在提升电极厚度的同时保障离子传输效率，电芯容量发挥率提升15%以上，循环稳定性显著优化。 除硫化物电解质与厚电极工艺外，公司在电极粘结剂、界面改性等关键材料领域取得突破，有效缓解硅碳负极体积膨胀问题，适 ...

策略专题 赛道投资专题——主题择时方法论及 主线跟踪 2026 年 03 月 04 日 【策略观点】 【风险提示】 政策低于预期；产业进度不及预期；数据统计存在误差等。 挖掘价值 投资成长 东方财富证券研究所 证券分析师：陈果 证书编号：S1160525040001 证券分析师：杨泽宇 证书编号：S1160525100001 相关研究 《金银大幅波动后怎么看？——2 月资产 配置展望》 2026.02.04 《布局顺周期，基金经理如何展望 2026？ ——25Q4 基金持仓及文本透视》 2026.01.27 《南方中证 A500ETF，一键布局中国优质 资产》 2025.12.12 《景气线索占比重新回升——25Q3 A 股 财报分析（一）》 2025.11.04 《科技配置高企，基金经理怎么看 Q4？— —25Q3 基金持仓及文本透视》 2025.11.03 略 研 究 / 策 略 专 题 / 证 券 研 究 报 告 策 主题投资根据其催化因素可以分为宏观主题、产业主题和事件主题。 本文主要围绕产业主题进行讨论。产业投资聚焦已实现量产或稳定收 入的成熟领域，主题投资则围绕尚未商业化落地的新兴技术的想象空 间 ...

部分行业媒体报道，比亚迪（002594）"技术日"有望在3月5日前后举办。在高盛看来，本次活动可能成 为比亚迪股价上行的一个催化剂。 近日，高盛发布一份研究报告预测，比亚迪本次活动的核心技术升级方向或将集中在五大领域：（1） 电池与充电技术/充电网络（2）DM-i 6.0超级混动平台（3）天神之眼5.0高阶智能驾驶系统（4）云辇智 能底盘（5）潜在新款车型发布。 高盛认为，若上述技术升级相较同行展现出显著的竞争优势（如电池能量密度、续航里程、充电网络覆 盖度等方面），且能应用于比亚迪大部分车型系列，公司当前360万辆的国内销量预测有望上修，给予 公司"买入"投资评级。A股12个月目标价137元、H股134港元。 01 投资逻辑 高盛在研报中指出，比亚迪是中国乃至全球领先的新能源汽车企业，公司在海内外市场均具备显著的发 展优势：在国内市场，比亚迪牢牢把握大众消费市场的最大需求，同时稳步打造高端品牌矩阵。 在海外市场，公司凭借高竞争力、高创新性的产品完成布局，我们预计海外市场将成为比亚迪的第二增 长曲线——2024-2028年，海外市场将贡献公司92%的销量增量，海外业务的利润贡献占比也将从2024 年的21%提 ...

近日，第三届中国全固态电池创新发展高峰论坛在北京召开。《中国经营报》记者在论坛上获悉，与会 人士指出，全固态电池是下一代动力电池技术的重要发展方向，目前产业化进程正加速推进，但在材料 体系、工程化、制造工艺及核心装备等方面仍面临诸多挑战。 中国科学院院士、中国全固态电池产学研协同创新平台理事长欧阳明高表示："中国电池产业保持高速 增长，技术快速迭代，应用场景从汽车、储能拓展至机器人、低空飞行器等领域。当前，电池技术仍需 系统性提升，需围绕全气候快充、全过程安全、全工况高效三大目标持续优化。作为下一代电池的重大 战略方向，全固态电池的产业化发展进步很快，但是竞争形势严峻，挑战巨大。" 其中，国联汽车动力电池研究院有限责任公司副总经理王建涛介绍，公司深耕硫化物全固态电池研发并 建成中试线，2025年实现高负载电极和30微米电解质薄膜制备，目前正布局百吨级电解质产线并推进工 程化。 上海屹锂新能源科技有限公司董事长、上海交通大学教授张希指出，硫化物电解质面临成本高、工艺复 杂、界面不稳定等挑战，公司通过材料改性、结构设计、工艺创新，开发了超薄电解质膜等适配固态电 池的产品。 中国科学院院士、厦门大学教授孙世刚指出， ...

Group 1 - Weichai Power (000338) shares increased over 5%, reaching a high of 23.58 HKD, approaching historical highs, with a current price of 23.46 HKD and a trading volume of 138 million HKD [1] - The company announced on its interactive platform that it has completed laboratory research on industry-leading sulfide all-solid-state batteries and is working on industrialization [1] - There is strong demand for power generation products for data centers, with both production and sales performing well [1] Group 2 - Weichai Power is accelerating the capacity enhancement of Solid Oxide Fuel Cells (SOFC) to meet customer demand [1] - According to a report from Founder Securities, the stock of Bloom Energy, a leading overseas SOFC company, has surged nearly 40% due to a 2.65 billion USD fuel cell cooperation agreement with American Electric Power (AEP) [1] - The report indicates that Weichai Power, as an important participant in the industry chain, will benefit from the ongoing trend, with SOFC expected to remain one of the most efficient power generation solutions in the next 1-3 years [1]

Core Viewpoint - Weichai Power (02338) has seen a significant stock price increase, reaching a high of 23.58 HKD, nearing its historical peak, driven by advancements in solid-state battery technology and strong demand for power generation products [1] Company Developments - Weichai Power has completed laboratory research on industry-leading sulfide all-solid-state batteries and is now focusing on industrialization and development [1] - The company is experiencing robust demand and sales growth for its data center power generation products [1] - Weichai Power is accelerating the capacity enhancement of Solid Oxide Fuel Cells (SOFC) to meet customer needs [1] Industry Trends - Recent strong performance of Bloom Energy, a leading SOFC company, with a nearly 40% stock price increase due to a 2.65 billion USD fuel cell cooperation agreement with American Electric Power (AEP), indicates ongoing industry prosperity amid power shortages in North America [1] - SOFC technology is recognized as one of the most efficient power generation solutions, expected to remain a scarce resource for filling power gaps in the next 1-3 years [1]

Core Viewpoint - Weichai Power (02338) has seen a significant increase in stock price, rising over 20% in the month, with a current price of 22.8 HKD and a trading volume of 130 million HKD [1] Company Developments - Weichai Power has completed laboratory research on industry-leading solid-state batteries and is now working on industrialization [1] - The demand for power generation products for data centers is strong, with both production and sales thriving [1] - The company is accelerating the increase of SOFC (Solid Oxide Fuel Cell) production capacity to meet customer demand [1] Industry Trends - Recent performance of Bloom Energy, a leading SOFC company, has been strong, with a nearly 40% increase in stock price due to a $2.65 billion fuel cell cooperation agreement with American Electric Power (AEP) [1] - This trend indicates a sustained industry boom in the context of power shortages in North America, which Weichai Power is positioned to benefit from as a key player in the supply chain [1] - SOFC is currently one of the most efficient power generation solutions and is expected to remain a scarce resource to fill the power gap in the next 1-3 years [1]

Core Viewpoint - Weichai Power (000338)(02338) has seen a significant stock increase of over 20% this month, with a current rise of 4.49% to HKD 22.8, reflecting strong market interest and performance [1] Company Developments - Weichai Power has completed laboratory research on industry-leading sulfide all-solid-state batteries and is now advancing towards industrialization [1] - The company reports strong demand and sales for its data center power generation products, indicating robust market conditions [1] - Weichai Power is accelerating the enhancement of its Solid Oxide Fuel Cell (SOFC) production capacity to meet customer demand [1] Industry Trends - Recent performance of Bloom Energy, a leading overseas SOFC company, has been strong, with a nearly 40% stock increase due to a $2.65 billion fuel cell collaboration with American Electric Power (AEP), highlighting ongoing industry growth amid power shortages in North America [1] - SOFC technology is currently one of the most efficient power generation solutions, expected to remain a critical resource for addressing power shortages in the next 1-3 years [1]

Group 1 - The "Atomic Energy Law of the People's Republic of China" officially took effect on January 15, marking the first fundamental law in China's nuclear energy sector [1] - The second China eVTOL Innovation Development Conference was held in Shanghai from January 15 to 16 [1] - Huibo's controlling shareholder will change to Baile Equipment Group, with the actual controller changing to the State-owned Assets Supervision and Administration Commission of Tianjin [1] Group 2 - The Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development announced the extension of personal income tax policies supporting residents' housing purchases from January 1, 2026, to December 31, 2027 [1] - A joint meeting was held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation to resist disorderly "price wars" in the new energy vehicle industry [1] Group 3 - The Hainan Free Trade Port has seen 585,000 people engage in duty-free shopping, with a total amount of 3.89 billion yuan, representing year-on-year increases of 32.4% and 49.6% respectively [2] - The Ministry of Finance plans to issue 400 billion yuan of 91-day discount treasury bonds [2] - A guideline was issued to enhance the collaborative development of meteorological services in health and wellness, aiming for a comprehensive system by 2030 [2] Group 4 - IDC reported that Apple ranked first in China's smartphone market in Q4 2025, followed by vivo, OPPO, Huawei, and a tie between Honor and Xiaomi in fifth place [3] - Honor's global shipment volume exceeded 71 million units for the first time, with a year-on-year growth of approximately 55% in overseas shipments [3] Group 5 - Shanghai released the "Mosu Zhixing" action plan to accelerate the advancement of automotive intelligence, aiming for large-scale application of high-level autonomous driving by 2027 [4] - East Asia Securities predicts that the penetration of new energy vehicles, exports, and intelligent high-end development will be structural highlights in the automotive market in 2026 [4] Group 6 - Meta plans to double the production capacity of AI glasses to 20 million units by the end of 2026, driven by steady sales growth [5] - The global AR market is expected to enter a rapid development phase due to AI technology, supply chain optimization, and the entry of major players [5] Group 7 - Google launched the new MedGemma 1.5 AI medical model, enhancing capabilities in medical imaging and text processing [6] - AI in healthcare shows strong potential in improving medical device functions and assisting clinical decision-making [6] Group 8 - Huazhong University of Science and Technology's subsidiary plans to establish a semiconductor device research and production base with a total investment of 1 billion yuan [7] - Colorful Technology plans to issue convertible bonds to raise up to 1.46 billion yuan for AI-related projects [7] Group 9 - Four-dimensional Map expects revenue of 4.06 billion to 4.34 billion yuan in 2025, with a year-on-year growth of 15.42% to 23.50% [8] - The company anticipates a significant increase in revenue from its data compliance business in 2025 [8] Group 10 - Institutional investors net purchased 516 million yuan of Guangxun Technology, highlighting its strong market position in optical communication [9] - Jiarun Technology received a net purchase of 298 million yuan, focusing on expanding its network information security capabilities [10] Group 11 - Equity ETFs saw a net subscription of over 47 billion yuan in three trading days, with significant interest in thematic ETFs [11] - Institutional investors also net purchased several companies, indicating strong market confidence [11] Group 12 - Weili Transmission is advancing its wind power gearbox smart factory, which is expected to significantly increase revenue and improve profit margins [12] - The global wind energy market is projected to drive demand for core components like wind power gearboxes [12] Group 13 - Ouma Software is building a comprehensive AI ecosystem in the examination and assessment field, enhancing its core technologies [13] - The company aims to integrate AI into various examination processes, establishing a competitive edge and growth potential [13]

Group 1 - The company has completed laboratory research on industry-leading sulfide all-solid-state batteries and is currently working on industrialization and development [1] - There is strong demand for power generation products used in data centers, with both production and sales thriving [1] - The company is accelerating the capacity enhancement of SOFC to meet customer demand [1]