Core Viewpoint - The article highlights the increasing cost pressures on lithium iron phosphate (LFP) production due to rising prices of key raw materials, particularly ferrous sulfate, which is influenced by the declining operating rates in the titanium dioxide industry [2][3]. Group 1: Industry Dynamics - The titanium dioxide industry is experiencing a decline in operating rates, currently at 65.83% as of June 2025, down over 12 percentage points since April, leading to a tightening supply of ferrous sulfate [2]. - The current market price for ferrous sulfate has risen to 1800-1900 RMB per ton, driven by low inventory levels, which may soon surpass the cost levels of iron powder-based processes [2]. - Approximately two-thirds of the iron sources used in domestic LFP production come from ferrous sulfate, indicating its critical role in the cost structure of LFP manufacturing [2]. Group 2: Cost Structure Sensitivity - The cost structure of LFP is highly dependent on the stability of raw material markets, which include iron, phosphorus, and lithium sources, making it sensitive to price fluctuations in upstream industries [3]. - The pricing mechanism in the LFP industry is primarily based on lithium pricing, which is influenced by the average monthly price of battery-grade lithium carbonate, but increasing volatility in phosphorus and iron prices could compress profit margins if not managed effectively [3]. Group 3: Strategic Responses - There is a growing consensus among LFP companies to integrate upstream resources to mitigate cost pressures, with companies like Hunan Youneng securing phosphate resources in Guizhou for self-supply and Longpan Technology partnering with CATL to establish a lithium carbonate processing plant [4].

Core Viewpoint - The electric two-wheeler market in developing countries, particularly in Africa and South Asia, presents significant business opportunities driven by high demand and low penetration rates, similar to the mobile phone market in Africa [1][2]. Group 1: Market Opportunities - Transsion Holdings is actively recruiting for its electric two-wheeler division, indicating a strategic focus on the African and South Asian markets [1]. - The potential user base for electric two-wheelers globally is estimated to be between 2 to 2.5 billion people, representing about one-third of the world's population [1]. - Governments in Africa, such as Rwanda and Kenya, are implementing policies to promote electric two-wheelers, including bans on new fuel-powered motorcycles and the establishment of charging infrastructure [2][4]. Group 2: Policy and Economic Drivers - Strong government policies in countries like India and Indonesia have significantly boosted electric two-wheeler sales, with India seeing a 33.5% increase in sales in 2023 [4]. - The economic necessity of two-wheelers in developing regions, where they serve as both consumer goods and tools for livelihood, enhances their demand [5]. Group 3: Infrastructure and Technological Adaptation - The low electricity coverage in many African regions makes electric two-wheelers more suitable than electric cars, as they can operate effectively in areas with limited infrastructure [6]. - Chinese battery companies, such as Xingheng Power, are capitalizing on the demand for electric two-wheelers, with a cumulative shipment of 33 million battery units [6][7]. Group 4: Battery Technology and Localization - Battery reliability and durability are critical for electric two-wheelers in harsh environments, leading companies to develop specialized battery technologies [9][10]. - Localized production and service networks are essential for success in the third-world markets, as demonstrated by companies like Guoxuan High-Tech and EVE Energy establishing local manufacturing facilities [14][15].

Core Viewpoint - The article highlights the significant growth and trends in the electric vehicle (EV) battery supply chain, particularly focusing on the dominance of lithium iron phosphate (LFP) batteries and the increasing number of new energy vehicles (NEVs) being introduced in the market [1][2][3]. Group 1: New Energy Passenger Vehicles - In June, the Ministry of Industry and Information Technology announced the 396th batch of vehicle production and product announcements, showcasing 81 new energy passenger vehicles, with 74 using LFP batteries and 7 using ternary batteries [1]. - CATL leads in battery supply, followed by Fudi and Guoxuan High-tech, with other suppliers including Zhongchuang Xinhang, Hive Energy, and others [1]. - CATL's LFP batteries are supplied to major brands such as Changan, Wuling, and Geely, while its ternary batteries are provided to brands like NIO and Mercedes-Benz [1]. Group 2: New Energy Heavy Trucks - A total of 115 new energy heavy truck models were announced, with 80 being charging trucks and 25 being battery-swapping trucks; pure electric trucks accounted for 111 models [2]. - The number of charging trucks significantly exceeds battery-swapping trucks due to the decreasing cost of battery prices and the lower infrastructure costs for charging stations compared to battery-swapping stations [2]. - CATL supplies 76 models of new energy heavy trucks, covering major brands such as Howo, Xugong, and Dongfeng [2]. Group 3: Battery Types and Trends - LFP batteries dominate the new energy heavy truck market, with only one model using a ternary battery supplied by Funeng [3]. - The rapid price decline of LFP batteries is facilitating the transition to electric vehicles, instilling confidence in manufacturers [3]. - Advances in LFP battery fast-charging performance and energy density are meeting the demands of heavy truck owners for long-range and quick recharging capabilities [3].

Battery - Gotion Grid's 5 MWh liquid-cooled energy storage system has received EU compliance certification from TÚV Rheinland, with localized mass production achieved at the Göttingen facility in Germany [2] Materials - Zangge Lithium Industry has been ordered to cease operations due to illegal lithium resource extraction, with the company stating that the issue is related to mining permit procedures that can be resolved [4] - Rio Tinto's lithium production decreased by 29% in Q2, dropping to 12,000 tons of lithium carbonate equivalent (LCE) from 17,000 tons in Q1, attributed to transportation issues in April and power outages in May, although operations are back on track [6] - Greeenmei plans to introduce overseas strategic investors to its wholly-owned subsidiary QINGMEI to enhance global market adaptability and reduce capital expenditures [8][9] Equipment - Huazi Technology expects to produce a prototype of a high-pressure fixture for all-solid-state batteries by Q4 this year, with significant growth in lithium battery orders since December, totaling nearly 1 billion yuan [11] Overseas - SK On has signed a lithium hydroxide supply agreement with EcoPro Innovation to procure up to 6,000 tons of domestic lithium hydroxide by the end of the year, sufficient for battery production for approximately 100,000 electric vehicles [13] - General Motors has signed a non-binding memorandum of understanding with Redwood Materials to accelerate the deployment of energy storage systems using new and second-life batteries from GM's electric vehicles [15]

Core Viewpoint - The lifting of the export ban on NVIDIA's H20 AI acceleration chips is expected to accelerate the construction of data centers, computing centers, and intelligent computing centers in China [2]. Group 1: Impact of NVIDIA's Chip Export Ban Lifting - NVIDIA has applied for the restoration of H20 AI chip exports to China and received a commitment from the U.S. government to approve the relevant licenses [2]. - Prior to the ban, major Chinese internet companies like Tencent, ByteDance, and Alibaba had ordered over 600,000 H20 chips, with about 40% of orders unfulfilled due to the ban [2]. - The interruption in chip delivery has led to delays in new or ongoing data center projects, including Alibaba's Zhangbei project and the Guiyang data center cluster [2]. Group 2: Growth in Data Center and Battery Demand - The growth in computing power will increase electricity consumption, driving demand for data center energy storage solutions and battery cells [2]. - GGII predicts that global data center energy storage lithium battery shipments will exceed 69 GWh by 2027 and grow to 300 GWh by 2030, with a compound annual growth rate of over 80% from 2024 to 2030 [2]. - CATL views the demand for data center battery cells as a new growth area, highlighting significant market potential [2][3]. Group 3: Evolution of Data Centers - As AI and big data models become more prevalent, data centers and computing centers are evolving into intelligent computing centers (AIDC), with larger scales moving towards hundreds of MW or even GW [3]. - The low PUE requirements necessitate clean energy supply, thereby increasing the demand for energy storage solutions [3]. - The Ulanqab Zhongjin Data Low-Carbon Computing Base project has been launched, integrating a diverse clean energy supply system to support low-carbon data centers [3]. Group 4: Battery Companies' Involvement - Companies like CATL, Blue Lithium, Sunwoda, Yiwei Lithium Energy, and others are actively engaging in data center-related businesses, producing products such as UPS and BBU [3][4]. - The battery cells required for UPS and BBU typically include high-rate cylindrical cells like 18650 and 21700 to meet the demands of rapid power surges and frequent charge-discharge cycles [3]. - The use of full-tab technology in cylindrical cells enhances the safety performance of UPS and BBU by significantly reducing internal resistance and heat generation [4].

Core Viewpoint - The recent adjustments to the "China's Export Ban and Restriction Technology Catalog" highlight the increasing importance of high-value phosphate materials and low-cost lithium processing technologies, with a focus on domestic advancements in lithium iron phosphate (LFP) materials and lithium extraction techniques [1][4]. Summary by Sections Export Restrictions - The Ministry of Commerce and the Ministry of Science and Technology have included battery cathode material preparation technology and lithium extraction technology in the restricted export category, specifically targeting LFP, lithium manganese iron phosphate (LMFP), and phosphate cathode raw materials [2][5]. - The adjustment in the testing pressure for LFP from 300MPa to 220MPa aligns more closely with actual industrial applications, indicating a shift towards high-end products that have achieved large-scale application domestically [2][3]. Industry Trends - The rapid upgrade of LFP products is evident, with third-generation and above LFP materials becoming mainstream high-value products. For instance, CATL's procurement of third-generation and above products is projected to reach 50% by mid-2025, a 20 percentage point increase from the end of 2024 [3]. - BYD is also accelerating its transition to third-generation technology, driven by high demand for materials with greater density [3]. Lithium Processing Technology - The revised catalog introduces five new restrictions on lithium extraction technologies, addressing the contradiction of China's 60% global lithium processing capacity while relying on 55% imported resources [4]. - The establishment of technical barriers aims to compel overseas companies to pay higher prices for lithium resources, thereby protecting the cost advantages of domestic lithium extraction technologies [4].

Battery Industry - Hive Energy announced its entry into humanoid robotics and low-altitude economy, having secured a project from a state-owned enterprise to provide solid-state batteries for related fields. The company plans to mass-produce its first-generation semi-solid battery with an energy density of 300Wh/kg this year, followed by a second-generation product for low-altitude aircraft with an energy density of 360Wh/kg, and aims for a first-generation all-solid-state battery with a target energy density of 400Wh/kg [2] - According to data from the China Automotive Power Battery Industry Innovation Alliance, Hive Energy ranked seventh among domestic power battery manufacturers in the first half of this year, with a market share of 2.81% [2] Material Industry - ST Weir announced plans to acquire 51% of Shanghai Zijiang New Materials Technology Co., Ltd. through cash payment, which will include Zijiang New Materials in its consolidated financial statements. Zijiang New Materials specializes in the research, production, and sales of aluminum-plastic films for soft-pack lithium batteries and has established stable partnerships with well-known battery manufacturers [11][12] - Shengxin Lithium Energy announced an expected net loss of 720 million to 850 million yuan for the first half of the year, compared to a loss of 186.94 million yuan in the same period last year. The decline is attributed to the industry's supply-demand dynamics and a continued drop in lithium product prices, leading to a decrease in gross profit and an increase in asset impairment provisions [13][15] Recycling Industry - The Chongqing Municipal Economic and Information Commission released a work plan for cultivating the power battery recycling industry from 2025 to 2027, aiming to establish a comprehensive recycling system with a coverage rate of 90% by 2027. The plan includes fostering compliant recycling enterprises and enhancing the recovery rates of lithium, cobalt, nickel, and manganese [9]

摘要 围堵升级。 美国 针对全球贸易的 " 大网 " 正在 逐渐收拢 。 上周 ，特朗普政府向包括日、韩及东盟在内的 14 国发出信函，宣布自 8 月 1 日起大幅提升关 税，并明确警告将打击 " 为逃避高额关税而转运的货物 " 。这一行动，让曾被视为规避关税 " 安 全港 " 的东南亚，瞬间成为风暴眼。 从华盛顿的视角来看，其行动的理据清晰地呈现在贸易数据中。自 2018 年以来，越南对美出口 额激增的同时，其从中国的进口额也几乎同步增长。 另有数据显示在 2017 年至 2024 年间，中国在美国总进口中的份额下降了 8.1 个百分点，而越 南和墨西哥的份额则显著上升。这被美方解读为贸易 " 重新路由 " 的确凿证据，也正是此次精准 打击的靶心。 更进一步， 如果电芯本身在越南生产，采用了越南当地的正极、隔膜和电解液，但其关键的负极 材料和集流体依然从中国进口，那么这个产品的原产地究竟是哪里？ 越南与美国达成的初步协议极具代表性：经由越南转运的商品将面临 40% 的高额关税，其中锂电 池赫然在列。 印尼则同意对本国对美出口商品征收 19% 关税，但也附加了针对转运的惩罚性条款。 其他东盟国家面临的潜在税率 ...

Core Viewpoint - The discussion on solid-state batteries highlights the significant expectations for their "ultimate battery" technology potential, juxtaposed with the harsh realities of "industrialization and cost" challenges [1][3]. Group 1: Technical Challenges and Innovations - The industry is currently experiencing a "route dispute" and "engineering challenges," with various materials like oxides, sulfides, and polymers being explored, indicating that solid-state batteries are still in a phase of "hundreds of schools of thought contending" [2]. - The solid-solid interface issue is recognized as the primary challenge, leading to a dual-line battle focusing on improving the performance of primary materials and employing advanced interface engineering techniques [2][3]. - The industry is engaged in a fierce competition between "performance leaps" and "cost bottlenecks," with energy density targets ranging from 400-500 Wh/kg and significant breakthroughs in ionic conductivity [2][3]. Group 2: Material Development and Performance - Solid-state batteries are seen as a crucial direction for future energy storage, with core advantages in safety and energy density, achieving energy densities of up to 400 Wh/kg [6]. - High-voltage solid-state electrolytes enable the use of high-voltage cathode materials, with short-term dominance of high-nickel ternary materials like NCM811, which has a practical specific capacity exceeding 200 mAh/g [6]. - Long-term prospects favor lithium-rich manganese-based materials, with theoretical specific capacities reaching 350 mAh/g and voltage platforms of 4.5V, viewed as ideal for all-solid-state batteries [6]. Group 3: Industry Trends and Strategic Goals - The global industrialization process is accelerating, with China focusing on semi-solid-state technologies in the short term and sulfide routes in the long term, while Japan, Europe, and the U.S. set clear energy density and commercialization goals [7]. - Leading companies in China, such as Rongbai Technology and Ningxia Hanyao, have made technological breakthroughs in high-nickel ternary and lithium-rich manganese-based materials, expediting the industrialization of solid-state battery cathode materials [7]. Group 4: Key Material Innovations - Ganfeng Lithium has achieved significant breakthroughs in both sulfide and oxide solid-state battery technologies, developing high ionic conductivity materials and successfully producing thin electrolyte ceramics [14][15]. - Xiamen Tungsten has focused on optimizing cathode materials to enhance mechanical performance and interface stability, employing various coating technologies to reduce interface resistance [17]. - MOFs (Metal-Organic Frameworks) are emerging as innovative materials in solid-state batteries, showing potential in enhancing battery performance through their unique structural properties [25][26].

Industry Overview - The new energy vehicle (NEV) sector in China has seen over 30% growth in the first half of the year, with lithium batteries growing by 53.3%, indicating a strong momentum in the new energy industry [2] - The export structure of China continues to optimize, with total exports of electromechanical products reaching 7.8 trillion yuan, a 9.5% increase, accounting for 60% of total exports. The "new three items" (NEVs, lithium batteries, and photovoltaic products) saw a 12.7% increase in exports, showcasing the manufacturing industry's shift towards green and low-carbon development [2] Battery Production and Sales - In June, China's total production of power and other batteries reached 129.2 GWh, a month-on-month increase of 4.6% and a year-on-year increase of 51.4%. The cumulative production for the first half of the year was 697.3 GWh, with a year-on-year growth of 60.4% [6] - The power battery installation volume in June was 58.2 GWh, with a month-on-month increase of 1.9% and a year-on-year increase of 35.9%. Among these, ternary battery installations accounted for 10.7 GWh (18.4% of total installations), while lithium iron phosphate battery installations reached 47.4 GWh (81% of total installations) [6] Company Performance - Tianqi Lithium Industries expects a net profit of 0 to 155 million yuan in the first half of the year, marking a turnaround from losses. This is attributed to a shortened pricing cycle for lithium ore and increased investment income from its joint venture SQM, despite a decline in lithium product sales prices [9] - Sanyuan Co. anticipates a significant net profit increase of 810.41% to 1.265 billion yuan for the first half of 2025, driven by its core businesses in negative materials and polarizers [11] - Zhongke Electric expects a net profit of 232 million to 301 million yuan for the first half of the year, a growth of 235% to 335% year-on-year, due to increased production capacity of lithium battery anode materials and rising demand from the NEV and fast-charging markets [13] Equipment Development - Shenzhen Ruineng Industrial Co., Ltd. has successfully delivered core equipment for solid-state battery manufacturing to a leading domestic battery manufacturer, including specialized equipment for solid-state battery formation and testing [16] International Developments - General Motors announced a shift in its Tennessee battery plant to produce LFP lithium iron phosphate batteries, accelerating the mass production and research of LMR lithium-rich manganese-based batteries, enhancing its battery product lineup [18] - SK On's North American factory has fully commenced operations for the first time since opening three years ago, with all 12 production lines running at full capacity, significantly increasing battery output compared to the previous year [20]