Summary of Conference Call on Solid-State Battery Technology Industry Overview - The focus is on the solid-state battery industry, particularly the development of anode-free battery technology which offers higher energy density and lower costs compared to traditional lithium-ion batteries [1][2]. Key Points and Arguments - **Energy Density and Cost Advantages**: Anode-free batteries can achieve energy densities of 650 Wh/kg and 1,300 Wh/L, significantly outperforming traditional lithium-ion batteries [1][6]. - **Technological Advancements**: - CATL (宁德时代) is advancing self-generating anode technology, enhancing battery performance. - BYD is integrating a porous sponge-like structure to improve current collector performance in solid-state batteries [1][2][3]. - **Challenges**: The technology faces issues such as lithium dendrite formation and dead lithium, which are being addressed through current collector improvements, electrolyte optimization, and artificial SEI (Solid Electrolyte Interphase) membrane construction [1][4][8]. - **Market Position**: - CATL and BYD are leading the charge in the application of anode-free technology, with CATL's technology already in use in their products. - BYD has made progress in reducing kinetic barriers for lithium ions, ensuring preferential deposition at the bottom [2][7]. Additional Important Content - **Current Collector Improvements**: The most challenging aspect of anode-free technology is the enhancement of current collectors, with Zhongyi Technology (中一科技) leading in this area by producing ultra-thin copper foils that suppress lithium dendrite growth [9]. - **Market Potential**: If the modified current collector price is 8 RMB/m² and the national 100GWh capacity penetration rate reaches 10%, Zhongyi Technology could contribute over 500 million RMB in performance, corresponding to a market value of approximately 15 to 20 billion RMB [10]. - **Investment Opportunities**: The lithium battery industry is currently focused on battery and separator sectors, with recommendations for CATL and Xinwangda. The separator industry is expected to see price increases in the second half of 2026 due to high capacity utilization [12]. Companies to Watch - **Top Picks**: Zhongyi Technology is highlighted as a key player, along with companies related to calcium-based acid production and electrolyte manufacturers like Xiapu New Energy and Guoci Boyue [11].

Group 1 - Anhui Jianghuai Automobile Group Co., Ltd. announced the completion of a private placement, raising a total of 3.5 billion yuan by issuing 70.1684 million shares at a price of 49.88 yuan per share, which is approximately 8.7% lower than the market price of 54.61 yuan per share on February 10, 2026 [1] - In January 2026, Jianghuai Automobile produced 3,403 new energy passenger vehicles, representing a year-on-year increase of 96.25%, and sold 3,151 units, marking a year-on-year increase of 183.11% [1] - The Chinese automotive industry is undergoing a profound transformation led by electrification and intelligence, with market growth dynamics and competitive logic being systematically restructured [1] Group 2 - The Shanghai Intelligent Connected Vehicle Testing and Demonstration Promotion Working Group released the "Shanghai Intelligent Connected Vehicle Development Report (2025)", indicating that by the end of last year, 3,173 automated driving test roads covering 5,238.82 kilometers had been opened [2] - The report highlights that during the "14th Five-Year Plan" period, Shanghai will enter a new stage of "city-wide integration" with large-scale, multi-level real scene openings to expand the scope of automated driving [2] - Major automotive companies such as Li Auto, Xpeng, BYD, and Great Wall are expected to benefit from the anticipated resurgence of Full Self-Driving (FSD) technology in China, driven by new technology and product enhancements [2] Group 3 - As of February 11, 2026, the CSI Hong Kong Stock Connect Automotive Industry Theme Index rose by 2.00%, with the largest Hong Kong automotive ETF increasing by 1.70%, marking a four-day consecutive rise [3] - Key component stocks such as BYD and Jianghuai Automobile saw significant increases, with Jianghuai Automobile rising by 3.15% [3] - The automotive ETF tracking the CSI All-Share Automotive Index also experienced a rise, with major stocks like Wanfeng Aowei and Weifu High-Technology contributing to the upward trend [3]

前 言 车百智库基于我国乘用车终端销量数据，从区域、城市线级、典型城市等维度，对新能源乘用车销量的区域发展路径，下沉市场潜力及典型城市的发展模 式展开分析。 区域发展特征 我国新能源汽车产业的区域发展脉络清晰，呈现出从点到面、区域性扩散的特征。先是东南沿海地区率先起步，随后围绕珠三角、长三角、京津冀及川渝 四大核心经济区形成多点开花的发展格局，最终逐步向东北、西北等内陆省份延伸普及。 从区域分布特征来看，华东、华南地区的新能源汽车渗透率位居全国前列，占比约达54%；华北与西南川渝地区紧随其后，处于渗透率第二梯队；而西 北、东北受冬季寒冷气候的影响，新能源渗透率整体偏低，在新能源车型中，消费者往往青睐续航无焦虑的插电混动车型。 西部与东北地区新能源汽车市场仍蕴藏较大发展潜力，需立足区域资源禀赋与气候特征，实施差异化推广策略。西部区域内，川渝、陕西两省新能源汽车 产业发展走在前列，可充分发挥其产业集群优势与市场引领作用，形成辐射周边省市的联动发展效应。内蒙古、新疆地区坐拥丰富的风光清洁能源资源， 可重点探索车网互动模式，推动新能源汽车深度参与电网储能与调峰，同时结合当地旅游产业特色，拓展新能源汽车自驾租赁等应用场 ...

格隆汇2月11日｜比亚迪股份(1211.HK)盘中再度涨超4%，并且录得5连升近乎抹平此前跌幅，股价重回 百港元大关，总市值9035亿港元。消息上，花旗发表研究报告指出，估算比亚迪在中国国内市场的2026 年1月底绝对库存量按月下降1.2%，至38.7万辆；然而，由于当月零售销量可能未达预期(估算1月按月 下降65%)，按当月零售销量计算的相对库存天数，据该行估算，应从2025年12月底的1.2个月飙升至3.4 个月。该行表示注意到，未来的关键变量将是比亚迪在2月底及3月初推出的新产品及其定价点。该行予 以"买入"评级，目标价为174港元。值得一提的是，当地时间2月4日，根据德国联邦汽车运输管理局发 布的数据，比亚迪1月份在德国售出2,629辆新车，远高于去年同期的235辆，同比增长1018.7%，是特斯 拉1,301辆注册量的两倍多。 ...

福特汽车公司(F.N)周二发布的第四季度财报显示，其当季业绩出现4年来最大的季度盈利不及预期，同 时指引2026年将成为公司业绩反弹的一年。另外，福特首次在全球汽车销量上落后于比亚迪。 福特对2026年的指引包括：经调整息税前利润（EBIT）为80亿至100亿美元，高于去年的68亿美元；经 调整自由现金流为50亿至60亿美元，高于2025年的35亿美元；资本支出为95亿至105亿美元，高于此前 的88亿美元。 根据LSEG的数据，该公司最新的每股收益较一致预期低32%，这是公司自2024年以来首次季度业绩不 及预期，也是自公布2021年第四季度业绩、与预期相差42%以来表现最差的一次。 公司表示，此次业绩不及预期主要源于约9亿美元的意外关税成本，这与汽车零部件抵免政策未能如预 期提前生效有关。截至12月15日，福特原本确认第四季度息税前利润为77亿美元，但额外成本使这一数 字降至68亿美元。 她还称，预计福特在2026年的净关税影响同比大致持平，约为20亿美元。她补充说，诺维利斯火灾在去 年下半年对福特造成了约20亿美元的影响。 豪斯与福特首席执行官吉姆·法利（Jim Farley）表示，尽管存在影响业绩的特 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月11日，比亚迪股份(1211.HK)盘中再度涨超4%，并且录得5连升近乎抹平此前跌幅，股价重回百港元大关，总市值9035亿 港元。 消息上，花旗发表研究报告指出，估算比亚迪在中国国内市场的2026年1月底绝对库存量按月下降1.2%，至38.7万辆；然 而，由于当月零售销量可能未达预期(估算1月按月下降65%)，按当月零售销量计算的相对库存天数，据该行估算，应从 2025年12月底的1.2个月飙升至3.4个月。该行表示注意到，未来的关键变量将是比亚迪在2月底及3月初推出的新产品及其定 价点。该行予以"买入"评级，目标价为174港元。 值得一提的是，当地时间2月4日，根据德国联邦汽车运输管理局发布的数据，比亚迪1月份在德国售出2,629辆新车，远高于 去年同期的235辆，同比增长1018.7%，是特斯拉1,301辆注册量的两倍多。 ...

Group 1 - The price of MMLC battery-grade lithium carbonate increased to 138,850 CNY/ton, up by 2,050 CNY/ton from the previous day, indicating a tightening supply-demand situation in the lithium battery industry [1] - The lithium battery supply chain is experiencing historical low prices, with manufacturers strongly advocating for price increases due to three consecutive years of profit pressure [1] - Key materials like lithium carbonate and hexafluorophosphate are expected to see price elasticity as new supply is limited until 2026 [1] Group 2 - BYD's January export sales reached 100,000 units, a year-on-year increase of 43.3%, driven by deepening local production layouts in overseas markets [2] - The global supply chain for power batteries is evolving from "single-point supply" to "regional collaboration," enhancing the market share of leading battery companies [2] - The demand for next-generation power batteries is shifting towards lightweight, high energy density, fast charging, and adaptability to extreme environments, influenced by the acceleration of humanoid robot industrialization [2] Group 3 - As of February 11, 2026, the Guozheng New Energy Vehicle Battery Index rose by 2.31%, and the Battery ETF increased by 2.34%, reflecting strong market performance [3] - The Battery ETF has seen significant growth, with an increase of 8.811 billion CNY in scale over the past six months and a rise of 64.63 million shares [3] - The Battery ETF focuses on leading A-share companies in the battery manufacturing, materials, management systems, and charging pile sectors, closely tracking the performance of the new energy vehicle battery industry [3]

比亚迪股份(1211.HK)盘中再度涨超4%，并且录得5连升近乎抹平此前跌幅，股价重回百港元大关，总 市值9035亿港元。 ...

比亚迪股份(1211.HK)盘中再度涨超4%，并且录得5连升近乎抹平此前跌幅，股价重回百港元大关，总市值9035亿港元。 值得一提的是，当地时间2月4日，根据德国联邦汽车运输管理局发布的数据，比亚迪1月份在德国售出2,629辆新车，远高于去年同期的235辆，同比增长 1018.7%，是特斯拉1,301辆注册量的两倍多。 消息上，花旗发表研究报告指出，估算比亚迪在中国国内市场的2026年1月底绝对库存量按月下降1.2%，至38.7万辆；然而，由于当月零售销量可能未达预 期(估算1月按月下降65%)，按当月零售销量计算的相对库存天数，据该行估算，应从2025年12月底的1.2个月飙升至3.4个月。该行表示注意到，未来的关键 变量将是比亚迪在2月底及3月初推出的新产品及其定价点。该行予以"买入"评级，目标价为174港元。 ...

每经AI快讯，2月11日，港股汽车板块活跃，零跑汽车涨近3%，理想汽车、小米集团、比亚迪 （002594）股份、吉利汽车跟涨。 ...