查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 整体观点： 1、氢氨醇+风电：在中国未来产业、26年欧盟碳关税双重利好加持下，氢氨醇作为新能源消纳和绿电非电 领域应用的重要方向有望获得更多投资；此外，全球航运业正加快脱碳转型，国际海事组织（IMO）推动 绿色燃料政策出台，绿色甲醇价格在船用需求快速提升和供给阶段性受限的情况下有望维持高位。氢氨醇 板块当前的市场预期较低，亦可与风电板块形成共振。 点击注册小程序 2、美国缺电：逻辑持续演绎，英伟达当前出货规模对应数据中心功率水平、美国实际电源与电网装机功 率能力的差值是市场博弈的重点。短期受降息预期和空头交易影响，相关标的股价整体有波动，但从趋势 来看，未来科技仍为主线，重点关注海外储能、SST等板块超跌反弹的机会。 3、国内储能：黑龙江省发 ...

每经AI快讯，索通发展（SH 603612，收盘价：25.89元）11月18日晚间发布公告称，截至本公告日，索 通发展股份有限公司（以下简称"公司"）控股股东郎光辉先生直接持有公司股份72,473,022股，占公司 总股本的14.55%，本次解除质押股份10,120,000股，占其所持公司股份的13.96%，占公司总股本的 2.03%。本次解除质押后，郎光辉先生累计质押股份数量为17,830,000股，占其所持公司股份的 24.60%，占公司总股本的3.58%。 2025年1至6月份，索通发展的营业收入构成为：阳极分部占比95.62%，负极分部占比4.02%，电容器分 部占比0.99%，分部间抵销占比-0.63%。 （记者 曾健辉） 截至发稿，索通发展市值为129亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 ...

Group 1 - The A-share market experienced a decline on November 18, with major indices falling: Shanghai Composite Index down 0.56%, Shenzhen Component Index down 0.43%, and ChiNext Index down 0.43%. The market's half-day trading volume exceeded 1.29 trillion yuan [1] - AI-related sectors showed strong performance, particularly in the "AI + e-commerce" direction, with stocks like Sora, multi-modal AI, and others seeing significant gains. Notable stocks such as Xuan Ya International, Zhi De Mai, Fu Shi Holdings, and Guangyun Technology hit the "20CM" limit up [1] - Ant Group launched a multi-modal AI assistant named "Lingguang," which supports natural language generation of small applications in 30 seconds and is the first in the industry to generate multi-modal content, including 3D models, audio, icons, animations, and maps. The assistant has three main functions and is available on both Android and Apple app stores [1] Group 2 - CITIC Securities indicated that the breakthrough in the multi-modal industry lies in the understanding rather than the generation aspect. The mainstream models are shifting from "modular" to "native multi-modal" architecture, which is expected to address AI understanding bottlenecks and drive industry value transitions. The firm recommends focusing on both "infrastructure" and "application" sectors [2] - The new energy sector is experiencing a pullback, particularly in the lithium battery supply chain, with significant declines in stocks like Huasheng Lithium Battery, Zhongyi Technology, and Tianli Lithium Energy. CATL's stock also fell by 1% following an announcement regarding a share transfer by a major shareholder [2] - Rising battery material prices are strengthening the lithium battery supply chain, driven by improved supply-demand dynamics in the energy storage industry. The demand for lithium iron phosphate, a mainstream technology for energy storage batteries, is increasing, while the supply of lithium hexafluorophosphate remains tight due to cautious expansion [2] - CITIC Jiantou expressed optimism about the excess profits in the downstream investment and operation of energy storage, which will be passed upstream through price increases in materials, batteries, and integration. The lithium battery supply chain shows significant elasticity, with opportunities in lithium hexafluorophosphate, lithium iron phosphate, anode materials, and separators [3]

Market Overview - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.24%, Shenzhen Component Index down 0.31%, and ChiNext Index down 0.51% [1] Institutional Insights - CITIC Securities highlights a surge in energy storage orders, maintaining a bullish outlook on lithium batteries and energy storage. A significant contract of 200GWh over three years was signed between Haibosi and CATL, confirming the tight supply of energy storage batteries. The firm anticipates excess profits in downstream investment operations to be passed upstream through price increases in materials, batteries, and integration [2] - The firm continues to favor materials, particularly 6F, iron lithium, anode, diaphragm, and battery segments. Key points to monitor include: 1) Seasonal production peaks leading to supply shortages and rising prices for materials and energy storage batteries 2) Clarity on demand for 2026 as downstream procurement and long-term contracts are established in October and November 3) Changes in pricing models [2] Consumer Sector Analysis - Galaxy Securities notes that the correlation between the consumer sector and major online promotions like Double Eleven will gradually decrease. The industry should focus on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with optimism regarding overseas business development in 2026. The firm suggests paying attention to high-dividend quality companies during the market style switch (from high to low) and identifying companies with alpha potential in various sub-sectors [3] Property Management Outlook - CICC's 2026 outlook for property management indicates that changes in the internal and external environment are driving companies towards a more sustainable operational model characterized by moderate changes in volume and price, along with relatively stable cash flows. In the short term, companies are still in a phase of revenue and profit growth driven by scale expansion, with cash collection facing slight pressure and a continued increase in dividend intentions. The firm recommends high-quality targets with stable performance, strong cash flow, and high dividend yields [4]

Group 1 - The market experienced weak fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges' trading volume at 1.91 trillion, a decrease of 47.3 billion compared to the previous trading day. The energy metals, military, and AI application sectors saw the largest gains, while precious metals and pharmaceuticals faced the most significant declines. The Shanghai Composite Index fell by 0.46%, the Shenzhen Component Index by 0.11%, and the ChiNext Index by 0.2% [1] Group 2 - CITIC Securities indicated that the recent signing of a 3-year 200GWh contract between Haibo Sichuang and CATL confirms the tight supply of energy storage batteries. They believe that excess profits in the downstream investment and operation of energy storage will be passed on to the materials, batteries, and integration sectors through price increases as demand surges. The lithium battery supply chain shows significant elasticity, with a focus on materials such as 6F, iron lithium, anode, separator, and battery segments [2] - The company anticipates a peak production season where materials and energy storage batteries will be in short supply, leading to continuous price increases. With downstream procurement and long-term guidance in October and November, demand for 2026 is becoming clearer, and pricing models are changing [2] Group 3 - Galaxy Securities noted that the correlation between the consumer sector and major online promotions like Double Eleven will gradually decrease. The consumer industry should focus on the medium to long-term goals outlined in the 14th Five-Year Plan, with short-term attention on policies related to consumption in December 2025 for 2026. They hold an optimistic view on the development of overseas business for the consumer sector in 2026, emphasizing high-dividend quality companies during the market style transition [3] Group 4 - CICC released a 2026 outlook for property management, suggesting that changes in the internal and external environment are driving the industry's operating model towards a healthier and more sustainable direction characterized by moderate changes in volume and price, along with relatively stable cash flow. In the short term, companies are still in a phase of revenue and profit growth driven by scale expansion, with slightly pressured cash returns and a continuous increase in dividend willingness. They recommend high-quality stocks with stable performance, strong cash flow, and high dividend yields [4]

智通财经11月18日讯，市场昨日弱势震荡，沪深两市成交额1.91万亿，较上一个交易日缩量473亿。板 块方面，能源金属、军工、AI应用等板块涨幅居前，贵金属、医药等板块跌幅居前。截至昨日收盘， 沪指跌0.46%，深成指跌0.11%，创业板指跌0.2%。 银河证券：消费板块关注市场风格切换过程中的高分红率优质公司 银河证券指出，未来消费板块与双十一等重大线上促销的关联性将逐步降低。消费行业需要重视"十五 五"规划中消费的中长期目标；短期关注2025年12月针对2026年消费相关政策。对消费行业2026年海外 业务的发展持乐观观点。消费个股方面，关注市场风格切换（高切低）过程中的高分红率优质公司，以 及各细分赛道中有阿尔法的公司。 中金公司物业管理2026年展望：推荐业绩稳、现金流优、股息收益率高的优质标的 中金公司发布物业管理2026年展望，认为长期而言，行业内外部环境变化正推动物企经营模型向"量价 温和变化、现金流相对稳定"这一更为健康可持续的方向逐步发展；短期来看，覆盖企业仍处于规模扩 张推动收入利润温和成长、现金回款边际略有承压、分红意愿持续提升的发展阶段。推荐业绩稳、现金 流优、股息收益率高的优质标的。 ...

前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 公司布局固态电池正极、负极、电解质等多个领域，作为锂电材料龙头展现技术先发优势，有望在下一代 电池材料竞争中确立领先地位，并且全球产能逐步成型。 ...

前言 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 【今日速览】 ①"预焙阳极+负极"双轮驱动，预焙阳极签约产能将达500万吨，负极产能8万吨，机构看好公司产能 与估值双升，业绩三年复合增长可观； ②储能爆发式增长！这种材料需求激增440万吨，4%产量缺口谁来填补？机构推荐关注供给刚性最强 环节，兼具资源与产能优势的重点标的已圈出。 点击付费阅读，解锁市场最强音，把握投资机会！ ...

Group 1: New Energy Vehicles - The new energy vehicle sector is expected to enter a new upward cycle starting in 2025, driven by improvements in supply-demand structure and price stabilization within the industry chain [6][7] - Key drivers include changes in demand structure, diversification of application scenarios, and the release of a new vehicle cycle overseas [6] - The introduction of high-voltage fast-charging and extended-range models is expected to increase the battery capacity per vehicle, expanding applications beyond passenger cars to include heavy trucks, engineering machinery, and electric ships [6][7] Group 2: Energy Storage - The energy storage market is anticipated to grow significantly due to declining prices of lithium batteries, inverters, and photovoltaic components, making "photovoltaic + energy storage" economically viable in many countries [4][10] - The global energy storage market is projected to maintain an upward trend, with expected annual shipments surpassing 600 GWh and growth rates exceeding 20% by 2026 [10] - The domestic energy storage market is expected to reach an economic turning point following policy reforms, while emerging markets in Asia, Africa, and Latin America are becoming new growth areas [10][11] Group 3: Industrial Automation - The industrial automation sector is experiencing stable growth, with structural opportunities arising from the recovery of the new energy sector since 2025 [14][15] - The demand for high-performance power supply for AI data centers is driving growth in AIDC (Automated Identification and Data Capture) and robotics [15] - Companies are extending their existing technology into robotics, with a focus on humanoid robots and advanced motor technologies such as axial flux motors [15][16] Group 4: Power Equipment - The investment climate for domestic power grids is expected to remain positive, with a projected CAGR of around 7% for grid investment from 2026 to 2027 [17][19] - The focus on high-voltage direct current (HVDC) and flexible direct current transmission is expected to drive significant investment in the power grid [17] - The export potential for power equipment remains strong, with a 23% year-on-year increase in exports from January to August 2025, driven by global demand for renewable energy and grid modernization [19]

Group 1 - The core business of the company, including negative electrodes and polarizers, is maintaining stable operations [1] - Stock price fluctuations are influenced by various factors beyond the company's fundamentals, including macroeconomic conditions, industry development, capital market environment, investor expectations and preferences, and liquidity [1]