联合研究丨行业深度 [Table_Title] 锂电材料深度：产业望迎来大周期拐点 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历经几年锂电下游需求的快速增长，上游材料端有望迎来大周期拐点。我们看好布局磷矿石、 工业级磷酸一铵、磷酸铁和（或）磷酸铁锂的企业云天化、兴发集团、川恒股份、云图控股、 万华化学、龙佰集团；PVDF 行业巨化股份、东岳集团；DMC 行业华鲁恒升；VC、六氟磷酸 锂、LiSFI 行业天赐材料、新宙邦等。 分析师及联系人 [Table_Author] 马太 邬博华 曹海花 SAC：S0490516100002 SAC：S0490514040001 SAC：S0490522030001 SFC：BUT911 SFC：BQK482 叶之楠 王明 王呈 SAC：S0490520090003 SAC：S0490521030001 SAC：S0490525040004 SFC：BVA881 王晓振 请阅读最后评级说明和重要声明 2 / 33 %% %% %% %% research.95579.com 2 [Table ...

根据国家统计局数据显示：2025年9月中国磷矿石(折含五氧化二磷30％)产量为1306万吨，同比增长 13.2%；2025年1-9月中国磷矿石(折含五氧化二磷30％)累计产量为9313.2万吨，累计增长12.5%。 上市企业：兴发集团（600141）,湖北宜化（000422）,云天化（600096）,川发龙蟒（002312）,新洋丰 （000902）,云图控股（002539） 相关报告：智研咨询发布的《2025-2031年中国磷矿石行业市场竞争策略及未来发展潜力报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国磷矿石(折含五氧化二磷30％)产量统计图 数据来源：国家统计局，智研咨询整理 ...

| 倒计时16天 | | | | --- | --- | --- | | 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | &起点研究十周年庆典 | | | | 2025起点用户侧储能及电池技术论坛 | | | | 新周期 | 新技术 新生态 | 活动主题： | | 活动时间： | 2025年12月18-19日 | | | 活动地址： | 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 | | | 镇沙井路118号） | | | | 主办单位： | 起点锂电、起点固态电池、起点储能、起点研究院SPIR | | | 线下1200+，在线直播观看30000+ | | 活动规模： | | 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/新能安/多氟多/保力新/远 | | | | 东电池/国轩吉美泰/诺达智慧/创明新能源/德赛电池/陀普科技/蓝京新能源/北测新能源/亿鑫丰/达力智 | | | | 能/金力股份/苏州莫洛奇/鑫晟达/先导智能/尚太科技/超业精密/科迈罗/东唐智能/贤辰智享/爱签/中天 | | | | 和/和明机械/信瑞新能 ...

兴发集团(600141)近日在接待机构调研时表示，在需求与成本双重因素支撑下，草甘膦价格预计短期内 将保持高位运行态势。需求端方面，南美、非洲等主要农业产区将于明年2—3月进入传统采购旺季，市 场预期积极；原材料成本方面，主要原材料黄磷受枯水期电价上涨以及下游磷酸价格上涨等因素影响， 价格有所上涨。 ...

磷化工投资机会探讨 20251128 摘要 国内磷化工产业分为热法和湿法两种路径，热法生产高纯度磷酸盐及有 机磷产品，湿法生产磷肥及精细化产品，各有优缺点，国内磷矿产量占 全球 40%以上，但受开采政策影响，供给端面临限制。 国内磷矿新增产能预计 2025 年约 775 万吨，2026 年规划产能可能达 2,800-2,900 万吨，实际释放量或 2000 万吨，预计到 2027 年新增产 能约 4,000 万吨，但受政策限制及老旧矿山退出影响，整体供应受限。 磷矿石价格今年以来稳定在 1,000 元/吨附近，下游需求稳健，预计未来 价格将保持稳定上涨态势，但可能出现阶段性波动，需关注新老矿山更 替及新增项目审批限制等因素。 磷肥领域主要围绕磷酸一铵、二铵等传统产品，需求相对稳健，支撑产 业链发展，国内磷肥产量约 2,500 万吨，通过海外出口扩大盈利，受出 口配额和结构调控管理。 草甘膦价格在 2025 年第二季度上涨至约 27,000 元/吨，受益于农药库 存周期，预计未来 1-2 个月内可能冲击 30,000 元/吨，兴发集团拥有 23 万吨草甘膦名义产能，业绩增长潜力大。 Q&A 今年（2025 年） ...

兴发集团 20251128 摘要 兴发集团计划未来五年内将磷矿产能翻倍至 1,000 万吨，同时在草甘膦 （23 万吨产能）和有机硅（60 万吨粗单体，30 万吨 DMC）领域均有 布局，并向下游衍生产品延伸。 新建磷矿项目预计 2026 年投产，初期产能利用率 80%，宜安矿业预计 增加 50 万吨增量。乔沟磷矿和兴顺矿业也将扩建，但预计到 2028 年 才能推进。2026 年和 2027 年预计分别新增 60 万吨和 100 万吨产量。 磷矿需求稳定增长，预计未来五年净增量 3,000-4,000 万吨，但审批缓 慢，短期内供需平衡影响不大。2027 年新增 450 万吨增量预计被新能 源行业需求对冲，价格压力不大。 有机硅行业计划减产协同，开工率降至 70%，价格已涨至 13,000 元/ 吨，有望涨至 14,000-15,000 元/吨，实现约 10%利润率。需求每年增 速 15%-20%，市场前景积极。 草甘膦下半年价格上涨带来可观利润，目前维持在 26,500 元/吨。南美 和非洲需求旺季及枯水期成本上升支撑涨价预期，价格有望继续上涨。 Q&A 兴发集团的主要业务和未来发展规划是什么？ 兴发集团是 ...

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) rising by 1.3% as of the latest report [1] - Key stocks in the lithium battery, potash fertilizer, and phosphorus chemical sectors have shown significant gains, with Tianqi Materials up over 4% and several others rising more than 3% [1] - The basic chemical sector has seen a substantial inflow of funds, with over 5.4 billion yuan net inflow on the day, ranking second among 30 major industries [1][5] Group 2 - The chemical ETF (516020) has outperformed major indices this year, with a year-to-date increase of 24.47%, compared to 15.29% for the Shanghai Composite Index and 14.81% for the CSI 300 Index [3][4] - The current price-to-book ratio of the chemical sector is 2.27, indicating a relatively low valuation compared to the past decade, suggesting good long-term investment potential [5] - Analysts expect the chemical industry to benefit from a "de-involution" trend, leading to improved performance and valuation, with a potential turning point anticipated in 2026 [5][6] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [6] - Investors can also access the chemical sector through linked funds of the chemical ETF, enhancing investment efficiency [6]

Core Viewpoint - The company has approved the transfer of 2% equity in its subsidiary, Hubei Phosphorus Fluoride Lithium Industry Co., Ltd., to Hubei Xingfa Chemical Group Co., Ltd. for a transaction price of RMB 1.2321 million, aiming to enhance the operational strength of the subsidiary and leverage shareholder advantages [1][7][22]. Summary by Sections Meeting Details - The sixth board meeting of the company was held on November 21, 2025, with all nine directors participating, including three independent directors [1][3]. - The meeting was conducted in compliance with the Company Law and the Articles of Association, ensuring its legality and validity [1]. Transaction Overview - The company’s subsidiary, Sichuan Siterui Lithium Industry Co., Ltd., will transfer 2% of its shares in Hubei Phosphorus Fluoride Lithium Industry to Hubei Xingfa Chemical Group [7][22]. - After the transaction, Siterui's stake in Hubei Phosphorus will decrease from 51% to 49%, while Xingfa's stake will increase from 49% to 51%, resulting in Hubei Phosphorus no longer being included in the company's consolidated financial statements [7][22]. Financial Aspects - The transaction price of RMB 1.2321 million is based on an asset evaluation report valuing the total equity of Hubei Phosphorus at RMB 61.6057 million as of August 31, 2025 [16][19]. - The transaction does not involve related party transactions and does not constitute a major asset restructuring as per regulations [2][8]. Impact on the Company - The transaction is expected to promote sustainable and high-quality development of Hubei Phosphorus, enhancing its core competitiveness and profitability [22][23]. - The company asserts that the transaction will not adversely affect its financial or operational status, nor will it harm the interests of shareholders, particularly minority shareholders [22][23]. Approval and Compliance - The transaction has been reviewed and approved by the independent directors and the audit committee, confirming its alignment with the company's strategic development and long-term interests [22][23].

Core Viewpoint - The company intends to transfer a 2% stake in Phosphorus Fluoride Lithium Industry to Hubei Xingfa Chemical Group for a transaction price of 1.2321 million yuan, which is expected to enhance the sustainable high-quality development of Phosphorus Fluoride Lithium Industry [1] Group 1 - The controlling subsidiary of the company, Sichuan Siterui Lithium Industry Co., Ltd., currently holds a 51.00% stake in Phosphorus Fluoride Lithium Industry [1] - The transaction aims to leverage the strengths of both parties to improve the core competitiveness and profitability of Phosphorus Fluoride Lithium Industry [1]

Core Viewpoint - The company is transferring a 2% stake in its subsidiary Hubei Phosphorus Fluoride Lithium Industry Co., Ltd. to Hubei Xingfa Chemical Group Co., Ltd. to enhance the operational strength of the subsidiary and leverage shareholder advantages [1] Group 1 - The transaction will reduce the stake of Sichuan Siterui Lithium Industry Co., Ltd. in Hubei Phosphorus Fluoride Lithium Industry from 51% to 49% [1] - Hubei Xingfa Chemical Group's stake in Hubei Phosphorus Fluoride Lithium Industry will increase from 49% to 51% [1] - Following the completion of this transaction, Hubei Phosphorus Fluoride Lithium Industry will no longer be included in the company's consolidated financial statements [1] Group 2 - The cash acquisition by Siterui Lithium Industry does not impose any restrictions on the equity, operations, and management of Hubei Phosphorus Fluoride Lithium Industry [1] - The exclusion of Hubei Phosphorus Fluoride Lithium Industry from the consolidated financial statements will not materially affect the operating results of Siterui Lithium Industry as a performance commitment target [1]