Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [1]. Core Insights - The recent release of the national capacity price policy for energy storage marks a significant step towards high-quality development in the energy storage sector. This policy establishes a capacity price mechanism for independent energy storage stations that support the safe operation of the power system [6][7]. - The capacity price will be based on local coal power capacity price standards and adjusted according to peak capacity, which is essential for ensuring stable power supply and promoting investment in energy storage [10][11]. - The demand for long-duration energy storage is expected to increase significantly, with independent energy storage becoming a major contributor to new installations [9][16]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 7,610.8 billion [2]. - The energy storage sector is experiencing rapid growth, with cumulative installed capacity expected to reach 136 GW/351 GWh by 2025, reflecting an 80% year-on-year increase in new installations [9][10]. Key Companies and Financial Metrics - **Ningde Times (300750.SZ)**: Market Cap: 1611.1 billion, 2024 EPS: 11.5, 2025 EPS: 14.9, 2025 PE: 23, PB: 5, Investment Rating: Strongly Recommended [1]. - **Yiwei Lithium Energy (300014.SZ)**: Market Cap: 132.3 billion, 2024 EPS: 2.0, 2025 EPS: 2.2, 2025 PE: 28, PB: 3, Investment Rating: Strongly Recommended [1]. - **Sungrow Power Supply (300274.SZ)**: Market Cap: 313.1 billion, 2024 EPS: 5.3, 2025 EPS: 5.9, 2025 PE: 26, PB: 7, Investment Rating: Strongly Recommended [1]. - **Huaibei Technology (688411.SH)**: Market Cap: 43.0 billion, 2024 EPS: 4.9, 2025 EPS: 5.5, 2025 PE: 43, PB: 10, Investment Rating: Not Rated [1]. - **Shenghong Co., Ltd. (300693.SZ)**: Market Cap: 11.9 billion, 2024 EPS: 1.4, 2025 EPS: 1.5, 2025 PE: 25, PB: 6, Investment Rating: Strongly Recommended [1]. - **Kehua Data (002335.SZ)**: Market Cap: 32.2 billion, 2024 EPS: 0.7, 2025 EPS: 1.2, 2025 PE: 53, PB: 5, Investment Rating: Strongly Recommended [1]. Market Performance - The absolute performance of the energy equipment and new energy sector has shown significant growth, with a 12-month increase of 59.4% [4].

Group 1 - The core viewpoint of the article highlights the explosive growth of the large cylindrical battery and all-tab technology market, with a projected increase of over 15% in China's cylindrical battery shipments by 2025, and a growth rate exceeding 40% for large cylindrical batteries [3] - Major companies in the large cylindrical battery sector, such as EVE Energy, Molicel, and others, are expected to face supply shortages due to high demand, with continued rapid growth anticipated in 2026 [3] - The integration of advanced technologies like all-tab, high nickel, silicon-carbon, and sodium batteries with cylindrical batteries is expected to create new growth points and market opportunities [3] Group 2 - The event titled "2026 (Second) Qidian Lithium Battery Cylindrical Battery Technology Forum and Top 20 Rankings Release" is organized by Qidian Lithium Battery and Qidian Research Institute (SPIR), focusing on the advancements in cylindrical battery technology [6] - The forum will feature discussions on various topics, including high-power cylindrical battery technology, innovations in household and portable energy storage, and the development trends of automotive-grade large cylindrical batteries [7][8] - A comprehensive competitive ranking of the top 20 cylindrical battery companies will be published, covering key aspects such as battery cells, equipment, and materials, serving as a reference for industry procurement [3][6] Group 3 - The event is expected to attract over 600 participants, including leading companies in the cylindrical battery sector, downstream application enterprises, and equipment manufacturers [6][10] - Various participation options are available, including SVIP, VIP, and free attendance, with different benefits associated with each registration type [11][12][13] - The forum aims to facilitate networking and collaboration among industry players, including discussions on overcoming market entry barriers and identifying emerging application markets for cylindrical batteries [7][8]

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

证券之星消息，根据企查查数据显示亿纬锂能（300014）公布了一项国际专利申请，专利名为"一种基于振动载荷仿真的部件失效风险计算方法及 装置"，专利申请号为PCT/CN2024/126027，国际公布日为2026年1月29日。 专利详情如下： | 作条约所公布的国际申请 | (12) 按照专利合 | (19) 世界知识产权组织 | ! | | | | --- | --- | --- | --- | --- | --- | | 天 家 日 | (10)国际公布号 | (43) 国际公布日 | | | | | WO 2026/020606 A1 | 2026年1月29日(29.01.2026) | | | | | | (51) 国际专利分类号: | (81)指定国(除另有指明,要求每一种可提供的国家 | G06F 30/20 (2020.01) | 保护): AE, AG, AL, AM, AO, AT, AU, AZ, BA, BB, BG, | | | | BH, BN, BR, BW, BY, BZ, CA, CH, CL, CN, CO, CR, CU, | (21) 国际申请号: | PCT/CN202 ...

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

亿纬锂能参股公司签订合作框架协议公告要点一、协议主体及持股情况 公司参股公司HYD（公司间接持股15%）与印尼国企ANTAM、IBC签订框架协议，三方将在印尼围绕 新能源汽车电池全产业链开展合作。 二、合作内容及规模 火法冶炼：年产10万吨镍产品 湿法冶炼：年产5万吨镍产品 前驱体：年产10.5万吨 正极材料：年产3万吨 电池：年产20GWh镍基电池（一期7GWh） 电池回收：年产能不超过1万吨 矿山项目：产能待定 三、重要风险提示 1. 本协议为框架性、意向性协议，具体投资金额、合资方式等尚在协商，存在不确定性 2. 各子项目需经内部审批及境内外主管部门核准，能否通过存在不确定性 3. 对本年度财务影响尚不确定 拟建设电池产业链一体化项目，涵盖7个子项目： ...

关于参股公司签订合作框架协议的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 本次签订的《框架协议》系各方为加强战略合作而订立的框架性协议，仅作为 各方合作意愿和基本原则的框架性、意向性的初步约定，具体投资金额、合资方式等 相关事宜尚在协商推进阶段，相关权利义务与合作内容细节以相关方在后续期间内所 签署的最终协议为准，尚具有不确定性。 券代码：300014 证券简称：亿纬锂能 公告编号：2026-006 惠州亿纬锂能股份有限公司 本次签订的《框架协议》涵盖多项子项目，各子项目后续尚需经相关方内部审 批，以及境内外相关主管部门核准或备案等前置审批程序，各项决策及审批程序能否 获得通过尚存在不确定性。各子项目在推进过程中，若受行业政策调整、市场环境变 化等不可预见因素或不可抗力影响，可能导致投资项目无法如期履行或履行效果未达 预期。 本协议的签订对公司本年度及未来各会计年度财务状况的具体影响存在不确 定性。 最近三年披露的框架协议的情况详见公告中的"五、重大风险提示"。 敬请广大投资者注意投资风险。 一、协议签订概况 2026年1月30日，惠州亿纬 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2026-007 一、分公司工商登记基本信息 1、分公司名称：湖北亿纬动力有限公司武汉研发分公司 2、统一社会信用代码：91420100MAK6WE7H5T 3、分公司企业类型：有限责任公司分公司（自然人投资或控股的法人独资） 4、经营场所：湖北省武汉东湖新技术开发区自主街1号中国特种飞行器研发中心1 号楼（鲲龙大厦）16层、18层 惠州亿纬锂能股份有限公司 关于亿纬动力设立分公司的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 2025年12月31日，惠州亿纬锂能股份有限公司（以下简称"公司"）第七届董事 会第三次会议审议通过了《关于亿纬动力设立分公司的议案》，同意公司子公司湖北 亿纬动力有限公司（以下简称"亿纬动力"）在武汉设立分公司，并授权亿纬动力管 理层负责上述事项的具体实施并办理有关手续。具体内容详见公司于2025年12月31日 在巨潮资讯网披露的《关于亿纬动力设立分公司的公告》（公告编号：2025-168）。 近日，亿纬动力已完成了上述分公司的工商登记，并取得武汉市市场监督管理局 核发的 ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric new energy sector, including CATL, Xiamen Tungsten, and others [2][3]. Core Insights - The electric new energy sector's overall fund holding ratio has decreased, with a notable decline in the holdings of new energy vehicle and power equipment sectors, while the industrial control sector saw a slight increase [6][18]. - The report emphasizes the importance of policy, technology, and demand factors influencing the various sub-sectors within the electric new energy industry, leading to different performance expectations [6][29]. Summary by Sections 1. Overall Fund Holdings in Electric New Energy Sector - As of Q4 2025, the fund holding ratio for the electric new energy sector is 8.73%, down by 0.93 percentage points quarter-on-quarter and 1.83 percentage points year-on-year [9][14]. - The market capitalization of the electric new energy sector accounts for 5.92% of the total market capitalization, with a slight decrease of 0.28 percentage points quarter-on-quarter but an increase of 0.81 percentage points year-on-year [9][14]. 2. Sub-sector Fund Holdings Analysis - The fund holding ratio for the new energy vehicle sector is 7.24%, down by 1.06 percentage points quarter-on-quarter and 1.30 percentage points year-on-year [18][21]. - The new energy power generation sector has a fund holding ratio of 2.19%, with a minor decrease of 0.05 percentage points quarter-on-quarter and a decrease of 0.30 percentage points year-on-year [18][24]. - The power equipment and industrial control sector's fund holding ratio is 1.28%, showing a slight increase of 0.14 percentage points quarter-on-quarter [18][26]. 3. Investment Recommendations 3.1 New Energy Vehicles - The report suggests focusing on companies with clear competitive advantages and improving profitability in the battery segment, such as CATL and A123 Systems [28]. - It also highlights the importance of materials and components in the supply chain, recommending companies like Keda and others [28]. 3.2 New Energy Power Generation - The report indicates a shift from policy-driven to market-driven demand for energy storage, recommending companies involved in energy storage integration and battery production [29]. - It emphasizes the growth potential in wind energy, particularly offshore wind, and suggests monitoring companies like Mingyang Smart Energy and Goldwind [30][32]. 3.3 Power Equipment and Industrial Control - The report identifies AIDC as a growth driver for power equipment demand, recommending companies with strong fundamentals and competitive pricing [34]. - It also notes the increasing importance of high-voltage construction in domestic demand, suggesting companies like XJ Electric and others [34][35].