证券日报网讯1月20日，科达制造（600499）在互动平台回答投资者提问时表示，公司负极材料主要面 向储能领域，客户涵盖部分储能头部企业。2025年前三季度，随着公司相关产能的稳步释放，公司负极 材料产品产销量逐季攀升。后续，公司将根据市场情况及客户需求有序推动负极材料产能释放。具体经 营情况敬请关注公司后续披露的定期报告。 ...

证券日报网讯 1月20日，科达制造在互动平台回答投资者提问时表示，截至目前，蓝科锂业拥有约4.1万 吨/年碳酸锂产能，具体经营信息请以定期报告为准。 （文章来源：证券日报） ...

Core Viewpoint - The recent communication between investors and Keda Manufacturing regarding the lithium carbonate production capacity of Qinghai Salt Lake Blue Science and Technology indicates a discrepancy in information about production plans and capacity updates [2] Group 1: Company Information - Qinghai Salt Lake Blue Science and Technology has completed a technical transformation project that will add 0.5 million tons of lithium carbonate production capacity, currently in equipment debugging phase [2] - Keda Manufacturing reported that as of now, Blue Science and Technology has an annual production capacity of approximately 41,000 tons of lithium carbonate [2] - Keda Manufacturing emphasized that specific operational information should be referenced from periodic reports, indicating a reliance on formal disclosures for accurate data [2]

Group 1 - Five stocks, including Keda Manufacturing, Hunan Gold, and Minexplosion Optoelectronics, were suspended from trading on January 20 according to Wind data [1]

Core Insights - Keda Manufacturing's subsidiary, Litai Ceramics, has achieved significant success in 2025, showcasing its leadership in the building materials machinery sector through a focus on "diversification of presses and series of ceramic machines" and leveraging technological innovation as a core strategy [1][2] - The company has received multiple major orders both domestically and internationally, with its core products being included in national promotion directories, indicating strong market recognition and contributing to the parent company's performance growth [1] Technological Innovation - Technological innovation is identified as a key factor for Keda Manufacturing to navigate industry cycles and build core competitive advantages [1] - In 2025, Litai Ceramics has focused on the integration of "digital intelligence," aiming for high-end, intelligent, and green transformation, ensuring that its equipment meets 5A standards for efficient production of high-end ceramic products [1] - The company's high-efficiency digital double-layer roller kiln and high-efficiency large-capacity foamed ceramic tunnel kiln have been recognized by national authorities, further solidifying its technological leadership [1] Global Expansion - Keda Manufacturing's global expansion has accelerated, opening new growth opportunities in 2025, with significant project breakthroughs in Asia, Africa, Europe, and South America [2] - The company has deepened its presence in the Indian market with multiple projects, including LUMBINI and KEROVIT, and has successfully launched high-end production lines [2] - In Vietnam, the company secured its tenth project with TAKAO Group and signed a high-end glazed tile project with FATA, setting new local production capacity and kiln length records [2] - Projects in Egypt, Morocco, Kenya, and Colombia are also underway, establishing a comprehensive market network across major ceramic production bases globally [2] Future Outlook - Looking ahead to 2026, Keda Manufacturing and its subsidiaries are expected to continue leveraging their technological expertise and global layout, focusing on high-end, intelligent, and green transformation while expanding their presence in the advanced ceramics sector [2]

Core Insights - Keda Manufacturing's subsidiary, Litai Ceramics, has achieved significant success in 2025, showcasing its leadership in the building materials machinery sector through a focus on "diversification of presses and series of ceramic machines" and leveraging technological innovation as a core strategy [1][2] - The company has received multiple major orders both domestically and internationally, with its core products being included in national promotion directories, indicating strong market recognition and contributing to the parent company's performance growth [1] Technological Innovation - Technological innovation is identified as a key factor for Keda Manufacturing to navigate industry cycles and build core competitive advantages [1] - In 2025, Litai Ceramics has focused on integrating "digital intelligence" trends, aiming for high-end, intelligent, and green transformation, ensuring that its equipment meets 5A standards for efficient production of high-end ceramic products [1] - The company's high-efficiency digital double-layer roller kiln and high-efficiency large-capacity foamed ceramic tunnel kiln have been recognized by national authorities, further solidifying its technological leadership [1] Global Expansion - Keda Manufacturing's global layout has accelerated, creating new growth opportunities, with Litai Ceramics achieving significant project breakthroughs in major markets across Asia, Africa, Europe, and South America in 2025 [2] - The company has deepened its presence in the Indian market with multiple projects, including LUMBINI and KEROVIT, and has successfully launched high-end production lines [2] - In Vietnam, the company secured its tenth project with TAKAO Group and signed a high-end glazed tile project with FATA, setting new local production capacity and kiln length records [2] - Projects in Egypt, Morocco, Kenya, and Colombia are also underway, establishing a comprehensive market network covering major ceramic production bases globally [2] Future Outlook - Looking ahead to 2026, Keda Manufacturing and its subsidiaries are expected to continue leveraging their technological expertise and global layout, focusing on high-end, intelligent, and green transformation while expanding their presence in both domestic and international markets [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Keda Manufacturing announced a major asset restructuring plan, intending to acquire minority stakes in its subsidiary, Tefu International, which could enhance its parent company's performance and strengthen long-term development interests [2][13] - Resonac plans to increase the price of its carrier boards by 30% due to rising costs in electronic fabrics and copper foil, indicating strong demand driven by AI chips and consumer electronics [3][14] - The report highlights the importance of UTG glass and TCO glass in the aerospace sector, emphasizing their advantages in terms of lightweight and flexibility, which are critical for space applications [4][15] Summary by Sections Weekly Discussion - Keda Manufacturing is planning to acquire minority stakes in Tefu International, which will consolidate its market position in overseas building materials, particularly in Africa [2][13] Industry Trends - Resonac's price increase for carrier boards reflects the competitive landscape driven by AI and consumer electronics, with significant implications for upstream materials like low-CTE electronic fabrics and carrier copper foil [3][14] - The aerospace industry is expected to increasingly rely on UTG glass due to its superior properties, with significant growth anticipated as commercial space ventures expand [4][15] Market Performance - The cement market shows a national average price of 348 RMB/ton, down 56 RMB/ton year-on-year, with an average shipment rate of 39.9% [5][16] - The float glass market has seen an average price of 1138.27 RMB/ton, with a slight increase of 1.46% week-on-week, indicating a mixed demand across regions [5][16] - The report notes a stable performance in the fiberglass market, with prices remaining steady and demand primarily driven by wind energy applications [18][20] Price Changes - The report details price fluctuations in various materials, including a decrease in cement prices and stable prices in the float glass market, reflecting regional demand variations [29][36] - The average price for 2.0mm coated panels remains stable at 10.5-11 RMB/square meter, indicating a steady market for photovoltaic glass [51][52]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Short-term lithium salt prices are under pressure for a phase adjustment, particularly due to limited acceptance of high prices by downstream sectors, while the long-term price center for lithium has significantly shifted upward [4] - Cobalt prices remain relatively stable due to tight supply of intermediate products and support from smelting costs, despite weak terminal demand [4] - The lithium and cobalt sectors are seen as having clear investment value, with recommendations for active positioning [9] Summary by Sections 1. Cycle Assessment: Emotional Catalysts for Price Fluctuations - Lithium carbonate prices experienced a peak and subsequent decline, with lithium concentrate prices rising to $1980 per ton, up $100 from the previous week [14] - The market for cobalt salts is subdued, with production pressures evident and smelting plant prices increasing [14] 2. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - December lithium carbonate production increased by 4% month-on-month and 42% year-on-year, while hydroxide production rose by 2% month-on-month and 30% year-on-year [25][24] - Cobalt intermediate products saw a 21.20% decrease in inventory in December, while cobalt metal inventories showed no significant reduction [62][68] 3. Lithium Salt Import and Export Data - In November, lithium carbonate exports surged by 209% month-on-month and 249% year-on-year, while imports fell by 8% month-on-month but rose by 15% year-on-year [40][41] 4. Weekly Data on Lithium Salts: Slight Production Increase and Inventory Decrease - Weekly production of lithium carbonate rose by 0.31%, and inventory decreased by 0.24% [52][53] 5. Downstream Material Inventory: Decrease in Phosphate Iron Lithium and Ternary Material Inventory - Phosphate iron lithium inventory decreased by 0.21%, and ternary material inventory decreased by 0.95% [59][60] 6. Price Trends of New Energy Metal Materials: Most Prices Increased - The average price of battery-grade lithium carbonate rose by 20.11%, while industrial-grade lithium carbonate increased by 20.42% [71][72]

Core Insights - The ceramic industry faces dual challenges of declining domestic demand and global volatility in 2025, yet Keda Machinery's subsidiary Keda Tile Machine demonstrates resilience by achieving record highs in overseas orders and shipments [1] Group 1: Globalization and Market Expansion - Keda Tile Machine has entered a new phase of deep operational globalization, establishing subsidiaries in Vietnam, Brazil, and Egypt to create localized service systems that quickly respond to regional market demands [2] - The company has signed comprehensive line project agreements with major international partners, including LAMOSA Group and RAK Group, setting benchmarks for global operations [2] - Keda Tile Machine has made historic inroads into developed markets, marking its first entry into Japan and exporting pressing equipment to Europe, while successfully implementing multiple production lines in Indonesia, Tajikistan, and Egypt [2] Group 2: Technological Innovation - Keda Tile Machine addresses urgent domestic industry upgrade needs through technological innovation, with its dual-layer kiln products helping clients achieve 5A certification, resulting in strong market feedback [3] - The company has celebrated the production of its 20,000th ceramic edge grinding machine, showcasing its deep expertise and market recognition in the deep processing sector [3] - Continuous product upgrades have enabled Keda Tile Machine to penetrate the high-end European market, while innovative technologies like the flexible forming system for rock slabs support clients in producing industry-leading products [3] Group 3: Strategic Direction - In the challenging environment of 2025, Keda Tile Machine drives growth through a dual engine of globalization and innovation, achieving breakthroughs in overseas high-end markets and supporting domestic industry development towards sustainability and quality [3] - The company remains committed to a strategy centered on technology and global operations, aiming to empower high-quality industry development in the future [3]

Group 1 - The company is planning a major asset restructuring involving the acquisition of minority equity in its subsidiary, Guangdong Tefu International Holdings Co., Ltd., through a combination of issuing shares and cash payment [2][3] - The restructuring is expected to constitute a related party transaction and a major asset restructuring, but it will not result in a reverse listing [2][3] - The company's A-shares will be suspended from trading starting January 15, 2026, for a period not exceeding 10 trading days to prevent abnormal stock price fluctuations during the planning phase of the transaction [2][3] Group 2 - The company has signed a letter of intent with the main transaction party, Sendai Group Co., Ltd., on January 14, 2026, to outline preliminary terms for the acquisition [4] - The specific transaction methods, pricing, and arrangements will be determined through further negotiations among the parties involved [4] - The transaction is still in the planning stage, and no formal agreements have been signed yet, meaning the implementation of the transaction remains uncertain [4]