Core Insights - The global power battery installation reached 867.4 GWh from January to October 2025, with a year-on-year growth of 34% [2][4] - The market share of the three major South Korean battery companies (LGES, SK On, and Samsung SDI) has declined to 16.2%, down nearly 1 percentage point from the previous year [2] Global Power Battery Installation Data - The global power battery installation volume for January to October 2025 is 867.4 GWh, with a year-on-year growth of 34% [2][4] - Global new energy vehicle sales reached 16.09 million units during the same period, representing a 24% year-on-year increase [2][4] Regional Market Performance - China accounted for 63.3% of the global power battery installation volume, with six of the top ten companies being Chinese [2] - The top ten countries for power battery installation include China (549.0 GWh), the United States (103.5 GWh), and Germany (33.1 GWh) [7] Performance of South Korean Companies - The combined market share of the three major South Korean battery manufacturers is 16.2%, reflecting a decline in their global ranking [2] - SK On dropped from sixth to seventh place, while Samsung SDI fell from eighth to ninth in the global rankings [2]

12月20日， 盛 新锂能 发布公告披露，公司拟与 中创新航 签署《2026—2030年合作框架协 议》，根据协议约定， 后者将在未来五年内累计向公司采购20万吨锂盐产品 ，具体年度采购量将 通过子订单进一步明确。 这一合作的落地，不仅为盛新锂能锁定了长期稳定的下游需求，更凸显了行业头部企业通过长期协 议强化供应链韧性的发展趋势。 在全球新能源汽车与储能产业持续高速增长的背景下，锂作为核心原材料的市场需求始终保持旺盛 态势，为上游锂盐企业带来了广阔的发展空间。 盛新锂能在公告中表示，此次与中创新航达成战略协作，将有效助力公司锂盐业务的市场拓展，进 一步巩固与优质下游客户的长期稳定合作关系，对提升公司未来经营的稳定性、可持续性以及核心 竞争力具有重要意义，符合公司长远发展战略，预计将对后续经营业绩产生积极影响。 值得注意的是，此次20万吨订单并非孤例，早在11月18日， 盛新锂能 便公告与 华友控股集团 签署框架协议， 约定2026年至2030年期间向其供应22.14万吨锂盐产品。 仅一个月左右的时间，两大核心客户累计锁定超42万吨长期订单，为盛新锂能未来五年的产品消 纳构建了坚实基础。 订单的密集落地， 与盛 ...

Core Viewpoint - The manufacturing capability of all-tab cylindrical batteries and the efficiency of AI-driven R&D will become important metrics for measuring a company's long-term value [2][14]. Investment Projects - The company plans to raise no more than 650 million yuan, with over 70% allocated to the intelligent manufacturing project of all-tab cylindrical batteries, and a specific allocation for AI-driven R&D projects [2][3]. - The total investment for the all-tab cylindrical battery intelligent manufacturing project is approximately 51.93 million yuan, with 46.29 million yuan from the raised funds [3]. - The AI-driven reliability analysis and R&D enhancement project has a total investment of about 5.21 million yuan, with 4.71 million yuan from the raised funds [3]. Market Trends - The demand for cylindrical batteries is expected to explode in emerging fields such as eVTOL aircraft and humanoid robots over the next five years, with cylindrical batteries becoming the "core engine" due to their high safety and compatibility [3]. - In 2024, the shipment growth rate of cylindrical batteries in portable energy storage and household energy storage is projected to exceed 100%, with a growth rate of 150% in the two-wheeler sector [4][5]. Competitive Landscape - Major players are racing to capture market share, with CATL planning to build 20 GWh of cylindrical battery capacity in two factories in Central Europe to support BMW [7][8]. - EVE Energy has disclosed that its 46-series cylindrical batteries have secured customer intention orders totaling approximately 472.31 GWh for the next five years [9]. - Start-up Yunshan Power has launched its 1.5 GWh cylindrical all-tab battery production line and plans to initiate a second phase of construction within the year [10]. R&D and Innovation - The company has allocated 47.07 million yuan for AI R&D projects, aiming to drive deeper industry transformation [11]. - Various participants are choosing different paths for AI integration, such as establishing joint laboratories and focusing on AI4S innovations [13]. - The company's fundraising is seen as a breakthrough in its boundaries and a reflection of the industry's technological transformation [11].

摘要 在中国市场这片"江湖"之外，更有全球化的"海洋"等待航行。 储能行业正处在高速增长与深刻变革的关键阶段。 12月9日，2025高工储能年会在深圳举行。 高工储能董事长张小飞博士为大会致辞，并以"全球 全 新 全能"为主题，分享了对储能行业当前态势与未来走向的洞察与思考。 风高浪急：储能热潮之下暗流涌动 张小飞博士表示，储能产品价格已从每瓦时一元多降至如今的几毛钱，然而价格下行并未阻碍行业 前进的步伐。尽管业内不断呼吁反内卷，但竞争早已蔓延至海外。 今年以来，储能行业形势一片火热，产能供不应求，政策支持强劲，储能项目遍布全国。但恰恰在 行业高峰，更需冷静思考：任何行业皆有周期，未来三年能否持续今日之盛？ "风有多大，浪就有多高"，这正是当前火热行情下必须正视的课题。 在中国市场这片"江湖"之 外，更有全球化的"海洋"等待航行。 如何辨明方向、驾驭风险、稳步前行，正是"稳驭风浪"的核 心所在。 中国企业在海外市场成就显著，但挑战依旧。世界格局动荡，市场变化莫测，而在产能紧缺时，为 保交期，品质把控更易失守。 海外市场视储能为长期资产，重视全生命周期使用寿命与经济性评估，这对设备和运营的耐久性与 可靠性提出了 ...

到2030年，钠电有望实现百GWh放量。 锂电越火，钠电越有希望。 一方面，全域电动化带动电池需求提升，但锂电"一芯难求"还将持续较长的时间，钠电有望在部分场景实现渗透。 成本下降则意味着更多应用场景的爆发。张小飞博士认为，钠电商业化上， 头部企业主打汽车及储能，其背后主要由政策与性价比为导向，中小企 业则多场景开花。 具体而言，中科海钠发布"海星"钠离子电池商用车解决方案、宁德时代"钠新"电池瞄准电动重卡启停及乘用车场景、亿纬锂能聚阴离子钠电储能成 功并网运行。 新兴应用方面 ，启停电源已成为今年钠电商业化突破的首站。未来，电动重卡、数据中心AIDC、两轮车换电、无人物流车等新兴市场有望成为钠电 应用未来的重要增量。 技术突破方面 ，负极技术目前是钠电池最重要的技术瓶颈，头部企业在向无负极技术寻求突破。 另一方面，依托锂电成熟的产业链，越来越多的锂电巨头下场布局钠电，提振了行业信心。 谈起钠电行业信心，高工钠电董事长张小飞在高工钠电年会上表示这个信心分为两个方面： 一是头部电池企业已从钠电技术牵引走向产品定型、商业化落地，给到行业更多的信心； 二是钠电新势力要敢于尝试更多元的商业化，资本界才会有更多的信心。 ...

摘要 储能出口增速再超动力。 2025 年前 11 个月，中国货物贸易顺差扩大至约 1.08 万亿美元 ，首次在这一统计周期内突破万 亿美元关口 —— 出口韧性与进口偏弱共同推高了这一数字。 几乎在同一时间，锂电池出口给这条 " 顺差曲线 " 补上了更具体的产业注脚： 按海关口径， 锂离子蓄电池 11 月出口金额 68.1 亿美元 、同比 增加 17.5% ；前 11 个月累计 出口金额 691.65 亿美元、同比 增加 25.6% 。 更细的行业口径显示，中国动力电池 " 出海 " 仍在加速。 中国汽车动力电池产业创新联盟披露， 11 月动力电池出口 21.2GWh 、同比 +70.2% ；前 11 个月动力电池累计出口 169.8GWh 、同比 +40.6% 。 若将动力与 " 其他电池 " 合并统计，前 11 个月合计出口 260.3GWh 、同比 +44.2% ，出口占 前 11 个月累计销量的 18.4% 。 同一份统计里， 其他电池 （通常 指 储能等非车用场景）前 11 个月出口增速达到 +51.4% ，快 于动力电池的 +40.6% 。 品牌策划、研究咨询、产业规划服务 高工锂电2025产品服 ...

Core Viewpoint - Huayou Cobalt has secured significant supply agreements in the lithium battery industry, reflecting a structural reshaping of supply and demand dynamics in the sector [2][4]. Group 1: Supply Agreements - On December 16, Huayou Cobalt announced a memorandum of understanding with an international client to supply 79,600 tons of ternary precursors [2]. - This marks the third major supply agreement in three months, following a contract with LG Energy for 76,000 tons of ternary precursors and 88,000 tons of ternary cathode materials from 2026 to 2030, and another with Chengdu Bamo for 127,800 tons of high-nickel ternary cathode materials from 2026 to 2035 [2]. Group 2: Industry Dynamics - The surge in orders for Huayou Cobalt is attributed to a structural contraction in supply, with inefficient capacities being phased out, while demand is driven by the need for long-range batteries in electric vehicles and emerging fields like low-altitude economy and humanoid robots [2][4]. - GGII data indicates that global shipments of ternary materials reached 580,000 tons in the first three quarters of 2025, representing a year-on-year increase of over 20% [2]. Group 3: Competitive Advantage - Huayou Cobalt's competitive edge stems from its integrated "resource-smelting-materials" business model and global capacity planning [2][3]. - The company reported revenues of 58.941 billion yuan and a net profit of 4.216 billion yuan for the first three quarters of 2025, reflecting year-on-year growth of 29.57% and 39.59%, respectively [2]. Group 4: Market Positioning - The company has established a factory in Hungary to connect with the European market, ensuring efficient integration of resources, smelting, and applications while mitigating trade barriers and compliance risks [5]. - As lithium prices stabilize, industry profits are shifting from lithium resources to cobalt and nickel resources, benefiting integrated enterprises like Huayou Cobalt [5].

Core Viewpoint - The lithium battery industry is transitioning from a phase of rapid growth to one focused on efficiency, quality, and certainty, with equipment reliability becoming a key determinant of manufacturing capacity [1][5]. Group 1: Industry Trends - In the first ten months of 2025, China's total battery production reached 1,292.5 GWh, a year-on-year increase of 51.3%, with power battery shipments at 578.0 GWh, up 42.4% [5]. - By 2030, global shipments of new energy passenger vehicles, commercial vehicles, and energy storage batteries are expected to exceed 2,000 GWh, nearly 700 GWh, and 1,400 GWh, respectively [5]. - The industry is facing structural challenges such as capacity oversupply, price competition, declining profit margins, and uncertainties in international trade [5]. Group 2: Role of Laser Technology - Laser technology has evolved to become a critical process in lithium battery manufacturing, with applications in laser welding, cutting, cleaning, and drying [6][7]. - Dazhu Laser has developed a comprehensive industrial laser system, including various types of high-power fiber lasers and supporting equipment, to provide complete laser welding solutions [7]. Group 3: Innovations in Manufacturing - The "flying welding" solution allows for systematic approaches to pushing production limits, enhancing efficiency and stability in the manufacturing process [8]. - Real-time monitoring systems for welding quality are becoming essential, utilizing optical sensors to detect defects and ensure consistent quality during production [9]. Group 4: Importance of Equipment Reliability - Equipment manufacturers must provide reliable, stable, and energy-efficient solutions to ensure production continuity and product consistency, which are critical for long-term cost management [11]. - Dazhu Laser emphasizes self-research in core components and aims for "delivery equals production" through digital twin technology [11]. Group 5: Future Challenges and Opportunities - As new battery technologies like solid-state and sodium-ion batteries emerge, equipment manufacturers will face challenges related to process unknowns and material sensitivities [12]. - The role of equipment is shifting from merely implementing existing processes to actively participating in technology definition and industrialization pathways [12].

Core Viewpoint - The article discusses the delivery of the MG4 semi-solid battery version by SAIC MG, marking a significant advancement in the application of semi-solid state batteries in vehicles, highlighting their safety, long-range capabilities, and the ongoing development of solid-state battery technology [3][10]. Group 1: Delivery and Market Impact - The MG4 semi-solid battery version is the world's first mass-produced vehicle equipped with a semi-solid state battery, with a promotional price below 100,000 yuan [3]. - The semi-solid battery technology has been applied in various vehicles, including 18 models that have received approval from the Ministry of Industry and Information Technology, indicating a broad market acceptance [3]. - Over 10,000 vehicles equipped with semi-solid batteries have been delivered, demonstrating good operational status without any significant after-sales issues [6]. Group 2: Technical Advancements - Clear Tao has developed a multi-layer composite technology route for solid-state batteries, enhancing stability under high voltage and long cycle conditions through surface modification and internal composite structures [4]. - The manufacturing process focuses on the precise control of solid-state electrolyte layers, which is crucial for achieving consistency in mass production, with a key parameter consistency index (CPK) reaching ≥ 1.67 [4][5]. - The semi-solid battery is not merely positioned as a high energy density product but emphasizes safety, low-temperature performance, and long-term reliability in its applications [4]. Group 3: Performance and Applications - The semi-solid battery cells have passed various safety tests, including multi-directional puncture tests, maintaining a non-flammable and non-explosive state, and demonstrating high power output in low-temperature environments [6]. - The application of semi-solid batteries extends beyond high-end products, catering to different segments sensitive to safety, durability, and cost [6]. - In passenger vehicles, the Zhiji L6 model features a semi-solid square aluminum shell battery with an energy density exceeding 285 Wh/kg, achieving over 1000 km range and ultra-fast charging capabilities [7]. Group 4: Future Developments - Clear Tao is also advancing in the development of all-solid-state batteries, having created a composite solid electrolyte material and established pilot lines for production, with successful samples manufactured [9]. - The ongoing research aims to optimize performance and manufacturability, indicating a commitment to future advancements in battery technology [9].

Core Viewpoint - The global automotive industry is experiencing a significant strategic overhaul due to weak electric vehicle demand, low capital returns, and fluctuating regulatory policies, highlighted by Ford's announcement of a $19.5 billion asset write-down [2]. Group 1: Ford's Strategic Shift - Ford has announced a $19.5 billion pre-tax charge, marking one of the largest single asset write-downs in U.S. automotive history, with approximately $6 billion stemming from the dissolution of its battery joint venture with SK On [2]. - The company has officially halted production plans for the all-electric F-150 Lightning pickup and recognized substantial losses related to idle assets associated with large electric vehicles [2]. - CEO Jim Farley stated that due to high battery costs and resistance from large truck buyers towards pure electric technology, Ford will significantly shift future capital expenditures from electric models to "extended-range" hybrid vehicles [2][3]. - By 2030, Ford aims for hybrid and extended-range models to account for 50% of its global sales, up from the current 17%, while focusing on a $30,000 small pickup based on a "universal electric vehicle platform" set to launch in 2027 [3]. Group 2: Asset Reutilization and Energy Solutions - To salvage billions in idle battery capacity, Ford is implementing an ambitious "asset reutilization" plan, leveraging technology from CATL to enter the rapidly growing grid storage market due to the AI boom [3]. - Ford plans to invest $2 billion over the next two years to revamp its battery plants in Glendale, Kentucky, and Marshall, Michigan, with the Kentucky plant set to produce lithium iron phosphate batteries and energy storage systems, targeting over 20 GWh annual capacity by 2027 [3]. - The Michigan facility is scheduled to begin production in 2026, producing energy cells for residential storage systems, indicating Ford's transition from a traditional automaker to an energy solutions provider, despite temporary layoffs of about 1,600 workers during the plant modifications [3]. Group 3: European Market Dynamics - The European market is also undergoing significant contraction, with a strategic shift in policy direction that no longer seeks to completely eliminate internal combustion engines but instead embraces a "technology-neutral" approach [4]. - This policy adjustment allows for the long-term viability of synthetic fuels and plug-in hybrid technologies, effectively postponing the "death" of internal combustion engines indefinitely [4]. - Volkswagen has confirmed the permanent closure of its Dresden "Transparent Factory," ending 88 years of production continuity in Germany, due to collapsing market demand and high operational costs [4][5]. - Volkswagen's CFO acknowledged severe cash flow pressures, leading to a reduction in the five-year investment budget from €180 billion to €160 billion, reallocating funds originally intended for aggressive electrification to extend the lifespan of fuel engines [4]. Group 4: Asian Market Challenges - In Asia, particularly Japan, policy changes are increasing barriers to the adoption of electric vehicles, with the government planning to introduce a "weight tax" based on vehicle weight starting May 2028, impacting heavier electric and plug-in hybrid vehicles [6]. - This decision aims to address the revenue shortfall from declining gasoline vehicle sales and requires heavier vehicles to contribute to road maintenance costs, reflecting a shift in balancing fiscal contributions from fuel and electric vehicles post-subsidy reductions [6].