前面我们多次给大家分享的存储板块还在持续暴涨，资金像疯了一样往里冲，赚钱效应十分可观。同样，最近市场持续热 炒的还有另一些涨价逻辑的产业方向，包括六氟磷酸铁锂、电解液添加剂等锂电储能产业链环节。目前，2025Q1-Q3中国 储能电池出货已超2024年全年三成，储能行情持续火热、成为电池板块最强景气主线。 背靠新能源大发展和AI数据中心电力需求，从政策支持、市场需求和涨价三方共振来看，锂电储能也将开启下个超级周 期。政策给足了盈利保障，全球订单排到了2028年，上游材料从底部悄悄涨了50%，连AI巨头都成了它的"超级客户"。 今天就用大白话拆解，为什么锂电储能能接棒存储，以及6F、添加剂这些核心环节，到底藏着多少赚钱机会。 政策支持：储能项目终于能"躺着赚钱"了 政策兜底+市场自发需求，储能彻底从"政策驱动"变成了"赚钱驱动"，这才是超级周期的起点。 需求爆发：全球都在抢储能，订单排到2028年 如果说政策是"催化剂"，那全球需求爆发就是"核燃料"，烧得比想象中更旺。 国内市场，2025年前三季度备案的储能项目就有1125GWh，同比翻了1倍多。以前储能是光伏、风电的"附属品"，现在很多 项目是冲着储能本身去的 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4] Core Insights - The global resonance in energy storage demand is expected to lead to explosive growth in storage needs by 2025, driven by domestic pricing reforms and international policies [2][15] - The supply chain for energy storage is heavily concentrated in China, which is projected to benefit significantly from the accelerating global storage cycle [2][28] - The current lithium battery materials cycle is characterized by structural shortages, leading to a new round of price increases [3][52] Summary by Sections 1. Energy Storage: Global Resonance and Demand Surge - Energy storage is a crucial tool for energy regulation, enhancing the predictability and controllability of renewable energy sources [8] - Strong policy support is anticipated to drive an 80% year-over-year increase in global energy storage demand by 2025 [15] - China is expected to dominate the global energy storage market, with over 93% market share in battery cells and 76% in storage systems by 2025 [28][31] 2. AIDC Energy Storage: NVIDIA's Leadership and Future Demand - NVIDIA's white paper emphasizes the necessity of integrating energy storage into power architectures, projecting a significant increase in demand for energy storage in data centers by 2030 [2][32] - The global demand for AIDC energy storage is expected to rise from 16.5 GWh in 2024 to 209.4 GWh by 2030, indicating explosive growth [47][50] 3. Energy Storage Materials: Structural Shortages and Price Increases - The current lithium battery cycle is driven by upstream demand, particularly for energy storage, leading to saturation in orders and accelerated production at battery manufacturers [3][52] - Lithium hexafluorophosphate is experiencing a new price surge, with prices rising significantly from previous lows, indicating strong price elasticity [52][53] - Phosphate iron lithium is facing structural shortages due to high demand, with production increasing by 70.2% year-over-year [3][52]

Core Insights - The Shanghai Composite Index closed at 3969.92 points, above the five-day moving average, with a gain of 0.25% [1] - The total trading volume of A-shares reached 1,529.84 billion yuan, with 765 A-shares breaking through the five-day moving average [1] Stock Performance - The stocks with the highest deviation rates from the five-day moving average include: - Yunlu Co., Ltd. (688190) with a deviation rate of 8.96% and a daily increase of 11.05% [2] - Xilinmen (603008) with a deviation rate of 8.09% and a daily increase of 9.98% [2] - Wanders (688178) with a deviation rate of 7.94% and a daily increase of 12.47% [2] - Other notable stocks with significant daily increases include: - Aerospace Intelligence (300446) with a daily increase of 14.59% and a deviation rate of 7.93% [2] - Nandu Power (300068) with a daily increase of 11.13% and a deviation rate of 7.46% [2] Additional Stock Data - The table lists various stocks with their respective daily performance metrics, including trading volume and deviation rates from the five-day moving average [2][3] - Stocks such as Haibo Si (688411) and Huaci Co., Ltd. (001216) also show positive performance with deviation rates of 4.69% and 4.67% respectively [3]

Core Insights - The lithium battery materials industry has shown significant improvement in the third quarter of 2025, with many companies turning losses into profits and a clear trend of recovery in the sector [1][3] Group 1: Performance of Positive Electrode Material Companies - Tianqi Lithium's revenue for the first three quarters was 7.397 billion yuan, down 26.5%, but it achieved a net profit of 180 million yuan, marking a turnaround [2] - Ganfeng Lithium reported a revenue of 14.625 billion yuan, a growth of 5.02%, with a net profit of 2.552 billion yuan, also a turnaround [2] - Huaneng Technology and other companies have seen significant profit increases, with Huaneng's revenue reaching 23.226 billion yuan, up 46.27%, and a net profit of 645 million yuan, up 31.51% [2][3] Group 2: Trends in Positive Electrode Materials - High-pressure compact lithium iron phosphate has become a focal point for companies, driven by strong demand in the energy storage sector and advancements in technology [3][4] - The price of battery-grade lithium carbonate has rebounded, maintaining a range of 80,300 to 81,700 yuan per ton, contributing to the positive performance of many positive electrode material companies [4] - Major companies like Longpan Technology have secured large orders from leading firms, enhancing their market position [4] Group 3: Performance of Negative Electrode Material Companies - The negative electrode materials sector has also seen a recovery, with a total shipment of 201.1 million tons in the first nine months of 2025, a year-on-year increase of 35.1% [7] - Shanshan Co. achieved a net profit of 33.14 million yuan in Q1, marking a successful turnaround, and its stock price has rebounded significantly [7][8] - Companies like BTR and Putailai are expanding their overseas business and solid-state battery technology, contributing to their recovery and growth [8]

Core Insights - BetterRay (Beiterui New Materials Group Co., Ltd.) has regained its position as the top company by market capitalization on the Beijing Stock Exchange after releasing its latest performance report [1] Financial Performance - As of the end of September, BetterRay reported total revenue of approximately 12.384 billion yuan, representing a year-on-year increase of 20.60% [1] - The company achieved a net profit attributable to shareholders of approximately 768 million yuan, reflecting a year-on-year growth of 14.37% [1] - However, the company's net profit excluding non-recurring gains and losses decreased by 5.09% to 644 million yuan, indicating that the profit growth was primarily driven by non-recurring income [1] Company Background - BetterRay was established in August 2000 and is a subsidiary of China Baoan Group Co., Ltd., focusing on lithium-ion battery anode materials, cathode materials, and new materials as its core products [1] - The company was listed on the New Third Board in 2015 and subsequently on the Beijing Stock Exchange on November 15, 2021, being one of the first 81 companies to enter the market [1] Market Reaction - As of October 31, BetterRay's stock closed at 36.45 yuan, marking a 4.71% increase [1]

Core Viewpoint - China Baowu Steel Group reported a steady revenue growth of 14.87% year-on-year for the first three quarters of 2025, achieving a total revenue of 16.812 billion yuan, despite industry adjustments [1][5]. Financial Performance - The company recorded a net profit attributable to shareholders of 283 million yuan, reflecting a decrease of 26.51% compared to the same period last year [2][5]. - The basic earnings per share were 0.0153 yuan, down 79.18% year-on-year [2][3]. - The total assets increased by 5.22% year-on-year, reaching approximately 56.579 billion yuan [2][3]. Subsidiary Performance - The core subsidiary, Betterray, achieved a remarkable revenue of 4.547 billion yuan in Q3 2025, marking a year-on-year increase of 40.70, with a net profit of 768 million yuan for the first three quarters [4][5]. - Betterray's growth is attributed to its comprehensive product matrix and breakthroughs in solid-state battery materials, which have led to significant order deliveries [4][5]. Market Position and Strategy - Betterray's advancements in technology and global capacity expansion are expected to enhance the profit contribution from the new energy sector for China Baowu [5]. - The company is positioned to benefit from the accelerating commercialization of silicon-based anode materials, with projected market demand reaching 80,000 tons by 2030 [4][5].

Core Insights - The battery sector experienced a significant increase of 3.95% on the previous trading day, with Better Ray leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Battery Sector Performance - Better Ray (code: 920185) saw a closing price of 35.29, with a remarkable increase of 19.38% and a trading volume of 292,200 shares [1] - Copper Crown Copper Foil (code: 301217) closed at 38.09, up 14.59%, with a trading volume of 1,043,300 shares [1] - Leading Intelligent (code: 300450) closed at 62.75, up 12.80%, with a trading volume of 2,207,800 shares [1] - Other notable performers include: - Keli Yuan (code: 600478) at 7.13, up 10.03% [1] - Zhongyi Technology (code: 301150) at 42.75, up 9.42% [1] - Xiamen Tungsten New Energy (code: 688778) at 87.00, up 9.37% [1] - Changhong Energy (code: 920239) at 37.67, up 9.03% [1] - Naconoer (code: 920522) at 70.26, up 8.74% [1] - Penghui Energy (code: 300438) at 40.49, up 8.52% [1] - Hangke Technology (code: 688006) at 33.96, up 8.26% [1] Capital Flow Analysis - The battery sector saw a net inflow of 6.549 billion yuan from main funds, while retail investors experienced a net outflow of 3.707 billion yuan [2] - The sector's overall performance indicates strong institutional interest despite retail outflows [2]

Core Insights - The North Exchange stocks showed strong performance in the afternoon, with the North 50 Index rising nearly 9% [1] - Notable gainers included Huaxin Yongdao up 25%, Better Ray up over 18%, and Fujida up over 16% [1] - The Chairman of the North Exchange, Lu Songbin, announced plans to optimize the index system and introduce the North 50 ETF, enhancing trading convenience [1] Company Performance - Huaxin Yongdao: October increase of 25.21%, total market value of 4.057 billion, year-to-date increase of 5.52% [2] - Better Ray: October increase of 18.74%, total market value of 39.6 billion, year-to-date increase of 82.19% [2] - Fujida: October increase of 16.37%, total market value of 6.407 billion, year-to-date increase of 25.64% [2] - Tianma New Materials: October increase of 13.88%, total market value of 3.846 billion, year-to-date increase of 45.86% [2] - Tonghui Electronics: October increase of 13.64%, total market value of 7.052 billion, year-to-date increase of 211.92% [2] - Shuguang Digital Innovation: October increase of 13.19%, total market value of 19.2 billion, year-to-date increase of 42.24% [2]

Core Insights - The development of all-solid-state batteries is expected to reach a relatively mature state for consumer applications by 2035, benefiting ordinary consumers in automotive and drone sectors [1][5][11] - The current focus is on overcoming multiple challenges in solid-state battery technology, including material stability, cost, and performance issues [5][10][11] Group 1: Company Background - Bettery's Central Research Institute, previously known as Bettery New Energy Technology Research Institute, has made significant investments in material research, with initial funding reaching 100 million [3][4] - Li Zikun, who has been with Bettery for 14 years, has played a crucial role in the development of new energy materials and was awarded the title of "Model Worker of Guangdong Province" in 2020 [3][4] Group 2: Technological Developments - In May 2023, Bettery announced its comprehensive solutions for solid-state battery materials, including high-nickel cathodes and silicon-based anodes, indicating readiness for commercial applications [4][5] - The company is leveraging AI technology to enhance material development efficiency, achieving a 50% increase in research productivity [6][17] Group 3: Market Outlook - The solid-state battery market is projected to see demonstration applications in high-end digital products and humanoid robots by 2030, with broader consumer applications expected by 2035 [5][11] - The Ministry of Industry and Information Technology's support for solid-state battery research is anticipated to drive industry growth and address existing technological bottlenecks [9][10] Group 4: Challenges and Solutions - Key challenges for solid-state batteries include material costs, air stability, and performance under varying voltage conditions, which are being actively addressed by the industry [5][10][11] - Bettery is focusing on developing customized materials to meet diverse energy storage needs, including long-cycle and high-safety requirements [14][15]

Core Viewpoint - The solid-state battery sector in the A-share market is experiencing a significant surge, driven by advancements in technology and promising applications in electric vehicles and low-altitude economy sectors [1]. Group 1: Market Performance - Jiangte Electric and Fengshan Group reached their daily limit up, while Dongsheng Technology saw an increase of nearly 8% [1]. - Other companies such as Better Ray, Shangtai Technology, and Xingyuan Materials also experienced gains [1]. - The market capitalization and year-to-date performance of key companies in the sector are as follows: - Jiangte Electric: Market Cap 18.3 billion, YTD Gain 44.80% - Fengshan Group: Market Cap 2.857 billion, YTD Gain 91.15% - Dongsheng Technology: Market Cap 37.5 billion, YTD Gain 72.13% - Better Ray: Market Cap 35 billion, YTD Gain 61.11% - Shangtai Technology: Market Cap 21.4 billion, YTD Gain 21.64% [2]. Group 2: Technological Advancements - Chinese scientists have recently made significant progress in solid-state battery technology, overcoming critical challenges in all-solid-state lithium batteries [1]. - The performance of solid-state batteries has seen a leap forward, with the potential to double the range from 500 kilometers to over 1000 kilometers for a 100-kilogram battery [1].