Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights the continuation of electric vehicle (EV) subsidies in 2026, which is expected to enhance the penetration rate of EVs and boost sales, particularly for mid to high-priced models [2]. - The implementation of a large-scale equipment renewal and consumer goods replacement policy reflects the government's commitment to supporting the consumption of new energy vehicles [2]. - The report anticipates a strong demand for lithium batteries in 2026, driven by the sustained growth in electric vehicle sales and the continuation of the old-for-new policy [2]. Summary by Sections Policy Impact - The 2026 policy includes subsidies for scrapping and replacing old vehicles, with personal consumers receiving up to 20,000 yuan for qualifying new energy vehicles [2]. - The policy aims to support the transition to low-emission vehicles, including electric trucks and city buses, thereby alleviating concerns about subsidy reductions for electric heavy trucks [2]. Market Performance - In 2025, the old-for-new policy significantly boosted the sales of new energy vehicles, with production and sales reaching 14.91 million and 14.78 million units respectively, marking a year-on-year growth of 31.4% and 31.2% [2]. - The report notes that the domestic power battery sales reached 1,044.3 GWh in 2025, reflecting a 50.3% year-on-year increase, indicating a robust market for battery manufacturers [2]. Investment Recommendations - The report suggests focusing on leading battery companies such as CATL, Zhongxin Innovation, and Yiwei Lithium Energy, as well as material suppliers like Hunan Youneng and Tianwei Technology, due to their strong market positions and growth potential [2]. - The anticipated increase in electric vehicle penetration and battery demand presents a favorable investment landscape for stakeholders in the new energy sector [2].

Core Viewpoint - The release of the first national standard for solid-state batteries in China marks a significant milestone in the industry's development, establishing clear definitions and high thresholds for key performance indicators, which is expected to facilitate the industrialization of solid-state battery technology [1][6]. Group 1: Definition and Standards - The new standard categorizes batteries into three types: liquid batteries, hybrid solid-liquid batteries, and solid-state batteries, eliminating the previously used term "semi-solid battery" [2]. - A critical performance indicator set by the new standard is that the weight loss rate of solid-state batteries must not exceed 0.5%, a significant tightening from the previous requirement of less than 1% [2][6]. - The standard aims to clarify the market and promote genuine technological innovation, thereby purging the market of "pseudo-solid" products [6]. Group 2: International Competition and Market Dynamics - The standard categorizes solid-state batteries based on electrolyte types and ion conduction types, which is expected to enhance China's competitive edge in the global solid-state battery technology race [4]. - The establishment of the national standard is seen as a strategic move to unify domestic technical interfaces and gain a voice in international regulations [4]. - Capital investment in the solid-state battery sector is increasing, with significant funding events indicating strong market recognition of this technology [5]. Group 3: Industry Impact and Investment Opportunities - Major companies are actively pursuing funding and investments to support the transition from laboratory to large-scale production of solid-state batteries [5]. - The market has seen a surge in institutional interest, with 22 solid-state battery concept stocks receiving institutional research in the fourth quarter [5]. - Companies with substantial technological reserves in core electrolyte routes and those achieving significant production capabilities are expected to benefit from the "Matthew effect" in the upcoming industrial wave [6].

Core Viewpoint - The first national standard for solid-state batteries has been publicly solicited for opinions, marking a significant step towards the industrialization of solid-state battery technology [1] Industry Summary - The national standard titled "Solid State Batteries for Electric Vehicles Part 1: Terminology and Classification" was released for public consultation on December 30 [1] - This standard clarifies the terminology, classification, and coding related to solid-state batteries, indicating a transition from laboratory research to industrial application [1] - A total of 54 listed companies in the A-share market are involved in the solid-state battery industry chain, reflecting growing interest and investment in this sector [1] Company Summary - In the fourth quarter, 22 concept stocks related to solid-state batteries have been investigated by institutions, with 16 of these stocks receiving attention from 10 or more research institutions [1] - Companies such as Rongbai Technology, Dandefluorine, and Dangseng Technology have attracted the most institutional research, with 267, 183, and 157 institutions respectively conducting investigations [1]

Core Viewpoint - The first national standard for solid-state batteries has been publicly solicited for opinions, marking a significant step towards the industrialization of solid-state battery technology [1][2]. Group 1: National Standard Development - The national standard titled "Solid-State Batteries for Electric Vehicles Part 1: Terminology and Classification" has been released for public consultation, defining key terms, classifications, and coding related to solid-state batteries [2]. - The standard will be developed in four parts: terminology and classification, performance specifications, safety specifications, and lifespan specifications [4]. - The draft categorizes solid-state batteries based on the type of electrolyte, ion conduction type, and application area, including categories such as sulfide, oxide, polymer, and halide solid-state batteries [6]. Group 2: Stricter Classification and Standards - The draft specifies that solid-state batteries must have a weight loss rate of no more than 0.5%, which is stricter than the previous group standard of less than 1% [6]. - The standard aims to eliminate the concept of semi-solid batteries, focusing on clear definitions and classifications [5]. Group 3: Industry Implications - The establishment of a national standard is expected to unify technical standards, enhance industry collaboration, and strengthen China's position in international regulations, facilitating the transition from laboratory to mass production [7][8]. - The solid-state battery industry in China is experiencing significant capital investment, with major companies completing substantial financing rounds, indicating strong market confidence in the technology [9]. Group 4: Market and Investment Trends - A total of 54 listed companies in A-shares are involved in the solid-state battery supply chain, attracting institutional interest [10]. - In the fourth quarter, 22 concept stocks received institutional research, with companies like Rongbai Technology and Dandeng Technology being the most frequently researched [12]. - Companies are increasing their R&D investments, with several solid-state battery stocks reporting significant growth in R&D expenses as a percentage of revenue [13][14].

Core Viewpoint - The announcement from the company indicates the approval of multiple resolutions, including the provision of guarantees for its Finnish subsidiary by the sixth board of directors' twentieth meeting [2] Group 1 - The company has passed a resolution to provide guarantees for its Finnish subsidiary [2]

Group 1 - The company announced that after the recent guarantee, the total amount of external guarantees provided by the company and its controlling subsidiaries reached 41.608 million euros, approximately 3.44 billion yuan [1] - This amount represents 26.13% of the company's most recent audited net assets [1]

北京当升材料科技股份有限公司 分子公司管理制度 北京当升材料科技股份有限公司 分子公司管理制度 第一章 总则 第一条 为规范北京当升材料科技股份有限公司（以下称"公 司"）对分公司、子公司的管理控制，规范内部运作机制，维护全 体投资者利益，促进规范运作和健康发展，根据《中华人民共和国公 司法》（以下称"《公司法》"）、《中华人民共和国证券法》（以 下称"《证券法》"）、《深圳证券交易所创业板股票上市规则》 （以下称"《创业板股票上市规则》"）、《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定及 《北京当升材料科技股份有限公司章程》（以下称"《公司章 程》"）的规定，结合公司的实际情况，制定本制度。 第二条 本制度所称子公司是指公司持有其百分之五十以上股 份，或者能够决定其董事会半数以上成员组成，或者通过协议或者 其他安排能够实际控制的公司。 本制度所称的分公司是指由本公司或子公司投资设立但不具有 独立法人资格的分支机构。公司下属分公司、办事处直接纳入公司 管理，公司对其实行统一管理，具有全面的管理权。 本制度适用于本公司所属分、子公司。分、子公司必须按本制 度规定认真履行 ...

第一条 北京当升材料科技股份有限公司（以下称"公司"）依据 《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民共和 国证券法》（以下称"《证券法》"）《深圳证券交易所创业板股票上市 规则》（以下称"《创业板股票上市规则》"）《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》（以下称 "《创业板上市公司规范运作指引》"）、《深圳证券交易所创业板 上市公司自律监管指南第 1 号——业务办理》及其他有关法律、行政法 规、规范性文件和《北京当升材料科技股份有限公司章程》（以下称 "《公司章程》"）的规定，制定本细则。 第二条 公司设董事会秘书一名。董事会秘书为公司的高级管理 人员，对董事会负责。 董事会秘书应当遵守《公司章程》，承担高级管理人员的有关法 律责任，对公司负有诚信和勤勉义务，不得利用职权为自己或他人谋 取利益。 第二章 董事会秘书的任职资格 第三条 公司董事会秘书的任职资格： 北京当升材料科技股份有限公司 董事会秘书工作细则 北京当升材料科技股份有限公司 董事会秘书工作细则 第一章 总 则 （一）董事会秘书应当是具有从事秘书、管理、股权事务等工作 经验的自然人； （二） ...

北京当升材料科技股份有限公司 董事、高级管理人员培训制度 北京当升材料科技股份有限公司 董事、高级管理人员培训制度 第一章 总则 第一条 为进一步完善北京当升材料科技股份有限公司（以下称 "公司"）董事、高级管理人员行为，强化公司董事、高级管理人员规 范治理意识和诚信意识，依据《中华人民共和国公司法》《中华人民 共和国证券法》《深圳证券交易所上市公司自律监管指引第2号——创 业板上市公司规范运作》等有关法律法规、规范性文件及《北京当升 材料科技股份有限公司章程》（以下称"《公司章程》"）的有关规 定，结合公司实际情况，制定本制度。 第二条 公司董事、高级管理人员培训工作的目的是使公司董事、 高级管理人员在认真掌握有关法律法规和规范的基础上，强化自律意 识，完善公司治理结构，提高公司规范运作水平。 第三条 本制度适用于公司董事（含独立董事）、高级管理人员。 1 北京当升材料科技股份有限公司 董事、高级管理人员培训制度 的实务操作，上市公司再融资和并购重组政策，上市公司业务创新的 实施规则与操作要点及证券监管部门要求的其他内容。培训要求为提 高执业水准，强化勤勉尽责、规范运作的意识。 第三章 培训形式 第七条 公 ...

北京当升材料科技股份有限公司 对外投资管理制度 二〇二五年十二月 第一条 为规范北京当升材料科技股份有限公司（以下称"公司"） 投资行为，建立系统完善的投资决策机制，确保决策的科学、规范、 透明，加强公司对外投资管理，防范对外投资风险，保障对外投资安 全，提高对外投资效益，保障公司和股东的利益，特制定本制度。 第二条 本制度参照《中华人民共和国公司法》《中华人民共和 国证券法》《深圳证券交易所创业板股票上市规则》（以下称"《创业 板股票上市规则》"）《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》等法律、法规及《北京当升材料科技 股份有限公司章程》（以下称"《公司章程》"）等规定制定。 第三条 本制度所称对外投资，是指公司及子公司在境内外实施 的对外投资活动，主要包括： （一）固定资产新建、扩建、改建、迁建，以及技改等与生产经 营相关的固定资产投资； （二）与产业布局相关的股权投资，包括设立公司、收购兼并、 合资合作、增资扩股、参股投资、设立非实体特殊目的公司（SPV） 等投资行为； （三）股票、债券、基金等财务投资； | | | 北京当升材料科技股份有限公司 对外投资管理制度 第 ...