格隆汇2月25日丨联赢激光(688518.SH)在投资者互动平台表示，公司不涉及商业卫星领域，公司专业从 事激光焊接及自动化成套设备的研发、生产、销售。公司产品应用于动力电池、汽车制造、五金家电、 消费电子、光通讯等制造业领域。 （原标题：联赢激光(688518.SH)：公司不涉及商业卫星领域） ...

兴全商业模式混合(LOF)A（163415）成立日期2012年12月18日，最新规模139.43亿。今年以来收益 10.58%，同类排名1650/8889；近一年收益40.47%，同类排名1957/8136；成立以来收益790.39%。 兴全商业模式混合(LOF)A（163415）基金经理为乔迁。 截至发稿，乔迁累计任职时间8年230天，现任基金资产总规模240.42亿元，任职期间最佳基金回报 232.13%， 任职期间最差基金回报-2.25%。 2月25日，联赢激光涨5.13%，截至发稿，报30.55元/股，成交2.83亿元，换手率2.78%，总市值104.27亿 元。 资料显示，深圳市联赢激光股份有限公司位于广东省深圳市福田区紫竹六道49号建安山海中心6B，成 立日期2005年9月22日，上市日期2020年6月22日，公司主营业务涉及从事精密激光焊接机及激光焊接自 动化成套设备的研发、生产、销售。主营业务收入构成为：激光焊接自动化成套设备59.01%，工作台 19.69%，其他13.61%，激光器及激光焊接机7.69%。 从联赢激光十大流通股东角度 数据显示，兴证全球基金旗下1只基金位居联赢激光十大流通股 ...

投资建议：第一条线推荐壁垒最高的电池环节，首推宁德时代，关注国轩高科，金龙羽等；第二条线推 荐设备端，推荐先惠技术，纳科诺尔，先导智能，联赢激光，关注宏工科技，灵鸽科技，利通科技，海 目星，利元亨，松井股份等；第三条线推荐材料端，首推硫化锂+电解质，推荐上海洗霸，厦钨新能， 当升科技，天赐材料，恩捷股份，华盛锂电，关注博苑股份，海辰药业，其次推荐天奈科技，容百科技 等；第四条线推荐新技术，关注中一科技，远航精密，英联股份等。 25年看，固态电池产业化加速，H1车规级电芯下线，H2中试线落地，带来两轮主升浪行情。26年看， 固态电池进入关键期，H1车规级Pack下线，开启装车路试验证，H2预计量产线落地。该行认为26年核 心催化点在于GWh级量产线的招标+固态相关车型的路试，有望带来类比25年两轮大级别的行情，建议 重点关注头部企业的产线招标情况，以及后续亮相工信部申报名录的新车型。 具备宽温域+高能量+安全性，固态电池天然适配太空领域 太空体系具备真空、极端温差、高辐射等特点，环境温度在-200℃~+150℃，液态电池工作温度 在-20℃~+60℃，而固态电池具备宽温域的属性，此外安全性高不起火，抗辐射不产气 ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

Group 1 - The solid-state battery industry is accelerating its industrialization process, with Lianying Laser providing R&D lines to leading clients and receiving significant order guidance [1][2] - By February 2026, the solid-state battery sector is expected to see key advancements, with leading domestic battery manufacturers exceeding expectations in mid-term reviews, indicating that the sulfide electrolyte + no anode technology route is the optimal solution for short-term industrialization [2] - Lianying Laser has provided full solid-state battery R&D lines to two major lithium battery clients, with order guidance reaching 8 billion yuan for 2026, benefiting from industry catalysts [2] Group 2 - Over the past week (February 9 to 13, 2026), Lianying Laser's stock price has shown volatility, rising by 2.04% to 30.47 yuan on February 9 due to solid-state battery news, with a trading volume of 299 million yuan [3] - The stock adjusted down by 1.30% to 29.55 yuan on February 11, rebounded by 0.78% to 29.78 yuan on February 12, but saw a net outflow of 21.32 million yuan from main funds [3] - On February 13, the stock closed at 29.60 yuan, with a daily decline of 0.60% and a trading volume of 1.63 billion yuan, while the cumulative decline over the period was 0.87% with a fluctuation of 5.53%, indicating continued net outflow from main funds despite a year-to-date increase of 21.86% [3]

Group 1 - The company, Lianying Laser, indicated that investors should pay attention to the company's 2025 annual report for information regarding its profitability in that year [1]

Core Viewpoint - The company is leveraging its years of experience in laser technology and automation to expand into the semiconductor and photovoltaic sectors, enhancing its business structure by increasing investment in non-lithium battery operations [2] Group 1: Semiconductor Sector - The semiconductor subsidiary has developed products such as die bonders, pick-and-place machines, and laser scribing machines, targeting industries like optical communication and IGBT [2] Group 2: Photovoltaic Sector - The photovoltaic subsidiary has created products like perovskite laser scribing machines, indicating a focus on innovative technologies within the solar energy market [2] Group 3: Business Structure - The company is increasing its investment in non-lithium battery businesses to create a more balanced business structure, which may lead to reduced reliance on a single market segment [2]

Group 1 - The core viewpoint of the article is that the company, Lianying Laser, is actively expanding its international presence by establishing subsidiaries in various countries to meet overseas market demand [1] Group 2 - The company has set up overseas subsidiaries in Japan, Germany, and Hungary [1]

Core Viewpoint - The company emphasizes the importance of the 3C consumer electronics sector in its business strategy and plans to increase investment in niche areas such as small steel shell batteries and electrode cleaning [1] Group 1 - The company will enhance product research and market development in the 3C consumer electronics field [1] - Specific product details cannot be disclosed due to client confidentiality requirements [1] - The gross margin for the consumer electronics business is expected to be higher than that of the lithium business, with further details to be provided in regular company reports [1]

Group 1 - The core viewpoint of the article is that the company, Lianying Laser, is actively engaging in the development of all-solid-state battery production lines for two leading clients, indicating a strong commitment to innovation in response to market demands [1] Group 2 - The company is focusing on enhancing its research and development of new technologies and products to meet market needs [1]