关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：深圳研一、封面：图虫创意 01 导言： PAA作为负极粘结剂，其用量逐年增长，但高性能PAA水性粘结剂普遍固含量低于10%，长期面临运 输与包装成本高、应用过程中胶液输料困难等多重困境。 深圳市研一新材料有限责任公司 （以下简称 "研一"）通过分子结构创新与量产工艺革新，成功研发出 丙烯酸多元共聚物粉体型粘结剂——A ONE（powder）。 该产品可在石墨及硅碳负极体系中直接替代 " CMC+PAA " 组合，凭借 " 高粘结、高稳定、易分散 "三大核心优势，为PAA水性粘结剂 性能提升及海外出口 提供 了 突破性解决方案。 0 2 核心突破： 自 2019年起，研一同步布局液胶与粉体型PAA粘结剂的研发。经过多年在合成 方法 、粉体工艺及设 备方面的持续创新，研发团队实现了从分子结构设计、制备路线、量产工艺到产品形态的系统性突破： 突破一：聚合物链结构精准调控与粉体工艺优化 突破三： 追求品质 "零缺陷" 依托研一 自动化、全封闭式产线 ， A ONE（powder）实现了低单体残留、低金属杂质 含量，追 ...

Group 1 - The core viewpoint of the article highlights the collaboration between the government of Gao'an City, Jiangxi Province, and XINWANDA, which involves an investment of 2 billion yuan to establish various projects related to mobile energy storage vehicles, heavy trucks, and zero-carbon city construction [1] - XINWANDA, founded in 1997 and listed on the Shenzhen Stock Exchange in 2011, is a leading global lithium-ion battery manufacturer with nearly 30 years of experience in the fields of 3C consumer batteries, power batteries, energy technology, and smart hardware [1] - The company has established eleven manufacturing bases globally, located in various regions including Guangdong, Jiangsu, Shandong, Sichuan, Hubei, Zhejiang, Hungary, Morocco, and Thailand [1] Group 2 - The article mentions the availability of various research reports on the energy storage battery industry, including trends and competitive strategies for the global energy storage market from 2025 to 2029 [1]

Core Viewpoint - The article highlights a ten-year strategic cooperation agreement between Lantu Automotive and CATL, focusing on technology collaboration, product supply, brand building, and global market synergy to enhance Lantu's competitiveness in battery technology and supply chain security [1]. Group 1: Cooperation Agreement Details - Lantu Automotive and CATL will engage in comprehensive collaboration over the next decade, ensuring stable supply and technological leadership in battery products [1]. - CATL will prioritize providing advanced battery technologies for Lantu's new vehicle models and promote the application of its brands such as Kirin, Shenhxing, and Xiaoyao in Lantu vehicles [1]. - The partnership will also explore new ecosystem collaborations, including battery swapping, CIIC, Panshi chassis, and V2G technologies, while enhancing big data business integration for a complete ecosystem management loop [1]. Group 2: Supply Chain and Market Strategy - The collaboration will focus on localized supply chain support to improve agility and security in production capacity [1]. - Lantu and CATL will jointly conduct brand marketing and overseas business expansion to enhance Lantu's global brand influence in the electric vehicle market [1].

Core Viewpoint - The Chinese battery industry is at a critical crossroads, facing intense domestic price competition while experiencing explosive growth in overseas orders, driven by a full industry chain advantage and the acceleration of solid-state battery technology towards commercialization [1][2]. Group 1: Overseas Market Growth - In the first half of 2025, overseas energy storage orders surged by 220% year-on-year, indicating a long-term demand rather than a short-term fluctuation [5]. - Industry experts believe that the growth in demand is irreversible, despite potential policy changes globally [7]. - The combination of solar or wind energy with energy storage is seen as an effective energy supplement, supporting sustainable development [9]. Group 2: Industry Profitability Challenges - The industry faces a harsh reality with lithium battery storage system prices plummeting nearly 80% over three years, prompting discussions on how to break through this "involution" [14]. - Emphasis is placed on the importance of performance over price, suggesting that high-quality energy storage will find a market and command better prices [14]. - Companies are adopting vertical integration strategies to enhance competitive advantages, from lithium resource development to battery recycling and application [14]. Group 3: Solid-State Battery Development - Solid-state batteries, viewed as the next generation of battery technology, have achieved energy densities of up to 824 watt-hours per kilogram in laboratory settings, with potential to exceed 1000 watt-hours [15]. - Cost remains a significant barrier to commercialization, particularly due to expensive raw materials in the sulfide route [15]. - Applications in high-safety-demand scenarios, such as humanoid robots and electric aviation, are identified as initial markets for solid-state batteries [15].

Core Viewpoint - The lithium battery market is experiencing a bullish trend, with significant price increases in lithium carbonate futures and spot prices, indicating strong demand and limited supply [2]. Group 1: Market Trends - As of December 19, the price of domestic battery-grade lithium carbonate reached 101,500 yuan per ton, an increase of 300 yuan from the previous day, with overall market inventory dropping below 110,000 tons [2]. - Market sentiment is influenced by expectations of reduced lithium battery production in January, with some leading companies projected to cut production by 5 GWh, potentially decreasing lithium carbonate demand by approximately 3,000 tons per month [5]. - The environmental assessment for the Jiangxiawo lithium mine has been publicly released, suggesting that, in the best-case scenario, production resumption will be delayed until the second quarter, impacting lithium carbonate supply by 7,000 to 8,000 tons per month [5]. Group 2: Future Reports and Events - The company is offering pre-sales for various market research reports covering lithium carbonate and other related materials from 2025 to 2029, indicating a focus on long-term market trends and competitive strategies [8]. - A conference organized by the company is scheduled for March 19-20, 2026, in Changzhou, Jiangsu, which may provide further insights into industry developments [7].

Core Insights - The article highlights a significant growth in energy storage battery production, projecting a production of 620 GWh in 2025 and exceeding 960 GWh in 2026, representing a 55% increase [1] - The demand for additives, specifically VC, is expected to surge, with a projected requirement of 31,000 tons in 2025 and 52,000 tons in 2026, marking a 67% increase [1] - Global VC demand is forecasted to reach 66,000 tons in 2025 and 98,000 tons in 2026, reflecting a 47% growth [1] Supply and Demand Analysis - In 2026, the effective production capacity for VC is estimated at 115,000 tons, with total demand at 98,000 tons and total supply at 100,000 tons, indicating a market operating at 89% capacity [3] - Quarterly production rates are projected to fluctuate, with Q1 at 91%, Q2 at 85%, Q3 at 88%, and Q4 at 90%, showing a "V-shaped" trend due to new capacity coming online in Q2 [3] Market Outlook - The forecast for 2026 indicates that VC shipments will exceed 100,000 tons, with a slight surplus in Q2 and tight conditions in other quarters, leading to a potential price drop in Q2 but sustained high prices in subsequent quarters [5] - Under optimistic conditions, energy storage could exceed expectations with shipments surpassing 1,000 GWh, further increasing VC demand, and a supply gap may emerge in the second half of the year, keeping VC prices elevated [5]

Industry News - Yichun City plans to revoke mining licenses for 27 mining sites, including Wuqiao ceramic stone mine in Gao'an City, with public notice already issued [1] - Huayou Cobalt signed a binding memorandum with an international client to supply 79,600 tons of ternary precursor products [2] - Greeenme proposed to acquire 16.38% equity in Henan Recycling Group for 400 million yuan, which will not be included in the consolidated financial statements [3] Market Performance - In October 2025, domestic smartphone shipments reached 32.267 million units, a year-on-year increase of 8.7%, with 5G smartphones accounting for 90.9% of total shipments [4] - The domestic lithium carbonate price saw a slight increase this week, influenced by the news of Yichun's mining license revocation, but later stabilized [6] - As of December 18, 2025, battery-grade lithium carbonate prices ranged from 97,500 to 99,500 yuan per ton [7] Material Prices - The price of ternary materials remained stable, with slight increases in some segments, while nickel prices showed weakness [8] - Phosphate lithium prices continued to stabilize, with some manufacturers issuing price increase notices, but acceptance from downstream remains limited [9] - The price of negative electrode materials remained stable, with discussions ongoing for January pricing [10] Battery Market - The domestic battery market is operating steadily, with expectations of a slowdown in passenger vehicle sales in January, while energy storage and heavy truck sectors maintain high operating rates [14] - Retail sales of passenger vehicles from December 1-14 totaled 764,000 units, a year-on-year decrease of 24% [14] - The energy storage sector is experiencing a surge in demand due to rising raw material prices and preemptive order placements [15]

Group 1 - LG Energy Solution announced the termination of a battery supply agreement with Ford, valued at approximately 9.6 trillion KRW (about 45.878 billion RMB) [1] - The termination was due to Ford's notification, influenced by policy adjustments and changes in electric vehicle demand expectations [1] - Ford plans to write down $19.5 billion in assets and halt production of several electric vehicle models, reflecting a broader trend in the automotive industry responding to government policies and weak electric vehicle demand [1] Group 2 - Last week, SK On also announced the termination of its joint venture with Ford to build a battery factory in the U.S., which involved an investment of $11.4 billion in 2022 [1]

Core Viewpoint - The establishment of a joint venture, YDK Technology, between China's Yulong Technology and South Korea's DY ENG marks a significant collaboration aimed at enhancing competitiveness in the global new energy market through resource integration [1][2]. Group 1: Signing Ceremony - The signing ceremony was attended by key management from both companies, highlighting the strategic nature of the partnership based on long-term cooperation and mutual trust [2]. - Both parties emphasized that the joint venture represents a win-win choice, combining the strengths of Chinese and Korean enterprises in high-end manufacturing [2]. Group 2: Cooperation Background - The successful foundation of the joint venture is attributed to the complementary strategic positioning and core capabilities of both companies [6]. - Yulong Technology specializes in the manufacturing of new energy materials and offers comprehensive EPCM services, ensuring reliable production capabilities [6]. - DY ENG focuses on the development and manufacturing of equipment for the recycling and reuse of secondary battery materials, serving major Korean battery companies [8]. Group 3: Future Outlook - The newly established YDK joint venture aims to integrate Yulong's high-end equipment manufacturing with DY ENG's battery recycling technology [10]. - The company will prioritize localized services for Korean enterprises and their overseas factories, enhancing customer support and tailored solutions [10]. - YDK plans to optimize the supply chain and engage in joint research and development to create internationally competitive products [10]. Group 4: Industry Observation - The collaboration between Yulong Technology and DY ENG is seen as a significant step in the context of global energy transition and industrial chain restructuring [11]. - This partnership serves as a model for integrating China's advanced manufacturing with Korea's material research, providing a reference for other Chinese companies looking to expand internationally [11].

Core Viewpoint - The lithium carbonate market is experiencing a significant transformation in 2025, with a notable recovery in prices and production driven by strong demand from the energy storage sector and adjustments in mining rights and environmental regulations [2][10][14]. Group 1: Lithium Carbonate Price Trends - In 2025, the domestic lithium carbonate market showed a trend of initial decline followed by recovery, with prices dropping below 60,000 yuan, marking a 22% decrease in the first half of the year [2]. - The second half of 2025 saw a surge in orders from the energy storage sector, leading to a rebound in lithium carbonate prices, with market inventory decreasing from approximately 55 days to around 27 days by year-end [2]. - Market volatility increased due to ongoing supply-demand dynamics, with rumors about mining resumption affecting price fluctuations throughout the fourth quarter [2]. Group 2: Production Growth of Lithium Salt Enterprises - In response to mining rights adjustments, several lithium salt companies in Jiangxi shifted production lines from lithium mica to spodumene, while others converted some hydroxide lithium capacity to carbonate to meet the rising demand for lithium iron phosphate [4]. - According to ICC Xinluo Lithium Battery Database, domestic lithium carbonate production reached 926,000 tons in 2025, a year-on-year increase of approximately 34%, with spodumene, salt lake, and lithium mica production growing by 43%, 30%, and 17% respectively [5]. Group 3: Future Market Outlook for 2026 - The market anticipates a consistent increase in lithium resource demand, estimated around 2 million tons (LCE equivalent) for 2026, while supply projections remain varied due to ongoing capacity releases [7]. - The global lithium resource capacity is expected to reach 2.55-2.6 million tons (LCE equivalent) in 2026, with an actual supply forecast of approximately 2.17 million tons, resulting in a supply-demand ratio of 108% [10]. - The average price of domestic lithium carbonate is projected to rise to a range of 85,000 to 125,000 yuan, with an expected average of 95,000 to 100,000 yuan, reflecting an increase of about 20,000 yuan compared to 2025 [10]. Group 4: Supply Chain Challenges - Domestic mining rights issues in Jiangxi and Qinghai remain unresolved, potentially limiting lithium mica production contributions in 2026 [9]. - Political instability in several African countries may impact lithium ore exports, with specific risks noted in Nigeria, the Democratic Republic of the Congo, and other regions [9][11]. - The overall market is expected to face constraints on price increases due to the sensitivity of the energy storage sector to cost changes and the potential for competition from sodium batteries and recycled materials [13][16].