消息面上，华泰证券研报称，预计12月锂电排产环比增加，景气度持续向好，多环节出现涨价。该行指 出，需求向好叠加供给显著放缓，储能电池及多数锂电材料供需已偏紧，电池、六氟磷酸锂（简称 6F）、湿法隔膜、磷酸铁锂、负极逐步迎来涨价拐点，看好锂电产业链材料各环节盈利改善，实现量 利齐升。 智通财经获悉，龙蟠科技(02465)涨超5%，截至发稿，涨4.8%，报14.84港元，成交额2.38亿港元。 本文源自：智通财经网 此前，龙蟠科技公告，公司对楚能新能源的总销售金额，预计从此前超50亿元调整为超450亿元。今年5 月9日，龙蟠科技方面与楚能新能源方面签署15万吨磷酸铁锂正极材料销售协议，协议有效期自2025年4 月30日起至2030年4月30日止。如今，双方签署了补充协议，合同有效期延长至2030年底，标的产品磷 酸铁锂正极材料销售量增加至130万吨。 ...

消息面上，华泰证券研报称，预计12月锂电排产环比增加，景气度持续向好，多环节出现涨价。该行指 出，需求向好叠加供给显著放缓，储能电池及多数锂电材料供需已偏紧，电池、六氟磷酸锂(简称6F)、 湿法隔膜、磷酸铁锂、负极逐步迎来涨价拐点，看好锂电产业链材料各环节盈利改善，实现量利齐升。 龙蟠科技（603906）(02465)涨超5%，截至发稿，涨4.8%，报14.84港元，成交额2.38亿港元。 此前，龙蟠科技公告，公司对楚能新能源的总销售金额，预计从此前超50亿元调整为超450亿元。今年5 月9日，龙蟠科技方面与楚能新能源方面签署15万吨磷酸铁锂正极材料销售协议，协议有效期自2025年4 月30日起至2030年4月30日止。如今，双方签署了补充协议，合同有效期延长至2030年底，标的产品磷 酸铁锂正极材料销售量增加至130万吨。 ...

此前，龙蟠科技公告，公司对楚能新能源的总销售金额，预计从此前超50亿元调整为超450亿元。今年5 月9日，龙蟠科技方面与楚能新能源方面签署15万吨磷酸铁锂正极材料销售协议，协议有效期自2025年4 月30日起至2030年4月30日止。如今，双方签署了补充协议，合同有效期延长至2030年底，标的产品磷 酸铁锂正极材料销售量增加至130万吨。 智通财经APP获悉，龙蟠科技(02465)涨超5%，截至发稿，涨4.8%，报14.84港元，成交额2.38亿港元。 消息面上，华泰证券研报称，预计12月锂电排产环比增加，景气度持续向好，多环节出现涨价。该行指 出，需求向好叠加供给显著放缓，储能电池及多数锂电材料供需已偏紧，电池、六氟磷酸锂（简称 6F）、湿法隔膜、磷酸铁锂、负极逐步迎来涨价拐点，看好锂电产业链材料各环节盈利改善，实现量 利齐升。 ...

Group 1: Industry Performance - The chemical sector indices showed positive performance with the chemical raw materials index rising by 3.25%, chemical machinery index increasing by 5.98%, pharmaceutical index up by 3.18%, and pesticide and fertilizer index climbing by 2.44% [1] - In contrast, the oil sector indices experienced declines, with the oil processing index down by 1.86% and the oil extraction index decreasing by 2.50%, while the oil trading index rose by 3.37% [1] Group 2: Commodity Prices - International crude oil prices experienced slight declines, with WTI settling at $58.55 per barrel, down 0.17% from November 21, and Brent settling at $63.20 per barrel, down 0.22% [1] - The top five rising petrochemical products included liquid chlorine up by 11.11%, octanol up by 7.85%, propane up by 6.57%, lithium battery electrolyte up by 6.48%, and recycled polyamide up by 5.61% [1] - The top five declining petrochemical products were polytetrafluoroethylene dispersion emulsion down by 7.41%, diethylene glycol down by 6.85%, tetrachloroethylene down by 6.19%, propylene oxide down by 4.77%, and butadiene down by 4.54% [1] Group 3: Capital Market Performance - The top five gaining listed chemical companies included Xinjinlu up by 41.04%, Daoming Optics up by 30.26%, Yuanli Technology up by 25.44%, Longpan Technology up by 23.77%, and Songjing Co. up by 19.91% [2] - The top five declining listed chemical companies were Guofeng Plastics down by 12.10%, Beihua Co. down by 11.59%, Tongcheng New Materials down by 7.60%, Xingye Co. down by 7.23%, and Tongyi Co. down by 6.88% [2]

电力设备及新能源 2025 年 12 月 2 日 行业周报 储能产业链大单涌现，隆基签约中东 BC 组件大型项目 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.11.24-2025.11.28）新能源 细分板块行情回顾。风电指数 （866044.WI）上涨 4.06%，跑赢沪深 300 指数 2.42 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.13 倍。本周申万 光伏 设 备 指 数 （801735.SI）上涨 4.18%，其中，申万光伏电池组件指数上涨 0.42%， 申万光伏加工设备指数上涨 8.70%，申万光伏辅材指数上 ...

智通财经APP获悉，香港联交所最新资料显示，11月28日，龙蟠科技(02465)股东将股票由花旗银行转入 UBS Securities Hong Kong Limited，转仓市值8723.92万港元，占比5.01%。 此前龙蟠科技发布公告，公司股票于2025年11月25日、11月26日连续2个交易日内收盘价格涨幅偏离值 累计超过20%，根据《上海证券交易所交易规则》有关规定，属于股票交易异常波动情形。 ...

此前龙蟠科技发布公告，公司股票于2025年11月25日、11月26日连续2个交易日内收盘价格涨幅偏离值 累计超过20%，根据《上海证券交易所交易规则》有关规定，属于股票交易异常波动情形。 香港联交所最新资料显示，11月28日，龙蟠科技（603906）(02465)股东将股票由花旗银行转入UBS Securities Hong Kong Limited，转仓市值8723.92万港元，占比5.01%。 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Views - The fourth quarter is expected to be a peak sales season for new energy vehicles, with domestic sales in 2025 projected to maintain high growth, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is expected to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak [1]. - Wind power demand is expected to continue growing, with a focus on wind turbine and offshore wind directions [1]. - Energy storage demand remains robust, with battery cells and integration still in a price increase phase [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term catalyst for energy development, with attention on core suppliers in this area [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 3.59% this week, outperforming the Shanghai Composite Index, which increased by 1.40% [10]. - The power generation equipment sector saw the highest increase at 5.34%, followed by wind power at 4.99% and new energy vehicles at 4.48% [13]. Key Industry Information - NIO reported a record high revenue of 21.79 billion yuan for Q3 2025, a year-on-year increase of 16.7% [25]. - The Ministry of Industry and Information Technology is accelerating targeted policy measures to regulate irrational competition in the battery industry [25]. - LG Chem announced a significant improvement in solid-state battery performance, with a basic capacity increase of approximately 15% and a high-rate discharge capacity increase of about 50% [25]. - As of the end of October, China's cumulative installed power generation capacity reached 3.75 billion kilowatts, a year-on-year increase of 17.3% [25]. Company Developments - Longpan Technology signed a supplementary agreement with Chuangneng New Energy, with a total sales amount exceeding 45 billion yuan [27]. - JinkoSolar expects global energy storage installation demand to exceed 400 GWh next year, with a compound annual growth rate of over 30% until 2030 [28].

证券研究报告 | 行业周报 gszqdatemark 2025 11 30 年 月 日 电力设备 发改委治理价格无序竞争，龙蟠科技签订 130 万吨铁锂订单 光伏：国家发改委召开价格无序竞争座谈会，制定成本认定标准。11 月 24 日， 国家发展改革委会同有关部门及相关行业协会召开会议，研究制定价格无序竞争 成本认定标准等相关工作。会议指出，目前部分行业价格无序竞争问题仍然突出， 一些企业对规范价格竞争行为的要求落实不到位，甚至依然存在扰乱市场价格秩 序的行为。国家发展改革委将会同有关部门持续推进相关工作，治理企业价格无 序竞争，维护良好市场价格秩序，助力高质量发展。这有助于光伏产业链各环节价 格回归理性，行业实现可持续发展。核心关注三大方向：1）供给侧改革下的产业 链涨价机会，核心关注通威股份、隆基绿能、晶澳科技、晶科能源、天合光能等； 2）新技术背景下带来的中长期成长性机会，核心关注迈为股份、爱旭股份、聚和 材料等；3）钙钛矿 GW 级布局带来的产业化机会，核心关注金晶科技、万润股份、 捷佳伟创、帝尔激光、京山轻机、德龙激光、曼恩斯特等。 风电&电网：丹麦 2.8GW 海上风电项目启动招标，青桂直流、南通 ...

Core Insights - The article highlights the upcoming 2025 Lithium Battery Industry Annual Conference and the Lithium Battery Golden Tripod Award Ceremony, emphasizing the theme "New Cycle, New Ecology, New Technology" [2] - It reports a significant increase in the shipment of lithium iron phosphate cathodes in China, reaching 2.575 million tons in the first three quarters of 2025, representing a year-on-year growth of 60.8% driven by the energy storage and power sectors [2] Industry Overview - The lithium iron phosphate cathode sector is characterized by intense competition, with a "one strong, many strong" competitive landscape, where Hunan Youneng leads significantly [3] - The top 10 companies in the lithium iron phosphate cathode market for January to September 2025 include Hunan Youneng, Wanrun New Energy, and YouShan Technology among others [5] Market Dynamics - The article outlines the global lithium battery cathode materials industry, including definitions, classifications, and a comparison of different cathode materials' performance [6] - It discusses the market scale and supply-demand dynamics, highlighting the driving factors for downstream demand such as new energy vehicles, energy storage, consumer electronics, and light electric vehicles [6]