Core Insights - The news highlights significant contracts and collaborations in the renewable energy and battery materials sectors, indicating strong growth and strategic partnerships among companies in these industries. Group 1: Major Contracts and Collaborations - Daikin Heavy Industries signed a contract for a European offshore wind farm project worth approximately 1.339 billion RMB, representing about 35.41% of its audited revenue for 2024, with delivery scheduled for 2027 [2][3]. - Longpan Technology entered a supplementary agreement with Chuaneng New Energy, with total sales exceeding 45 billion RMB for 130,000 tons of lithium iron phosphate cathode materials from 2025 to 2030 [5]. - Rongbai Technology became the primary supplier of sodium battery cathode powder for CATL, with a commitment to supply at least 60% of CATL's total procurement volume annually [7]. Group 2: Innovations and Intellectual Property - Tianli Lithium Energy obtained a patent for lithium-ion battery cathode sheets and their preparation methods, enhancing its intellectual property portfolio in the battery materials sector [9]. - Haike New Source signed a strategic cooperation agreement with Xianghe Kunlun New Energy Materials, involving the purchase of 596,200 tons of electrolyte solvent, valued at over 3 billion RMB [11]. Group 3: Strategic Partnerships - Haibo Sichuang established a strategic cooperation agreement with CATL, ensuring a cumulative procurement of at least 200 GWh of electricity from 2026 to 2028, fostering a long-term partnership [12].

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

证券研究报告 行业研究 / 行业点评 2025 年 12 月 02 日 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心能耗和功率提升推动供电架构革新， SST 市场空间广阔》2025-11-26 《储能锂电需求向好，锂电材料价格温和抬升》 2025-11-25 《10 月光伏出口环比下滑，储能需求旺盛》 2025-11-25 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 行业及产业 动力和储能锂电需求向好，锂电材料价 格涨跌互现 ——锂电行业跟踪 强于大市 投资要点： 排产：10 月份锂电行业排产超预期。2025 年 1-10 月，国内电池和磷酸铁锂正极材料产量 明显高于 2024 年同期。2025 年 10 月，国内电池产量 ...

Core Insights - The lithium battery industry is expected to experience a significant growth wave in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026. The energy storage sector is anticipated to grow even faster at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production of battery cells and key materials, highlighting the importance of ensuring a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics of Discussion - The conference will feature discussions on lithium carbonate fundamentals and supply-demand outlook, advancements in key electrolyte materials for batteries, and the development of high-performance polymer electrolytes [9][10]. - Topics will also include the industrialization of high-nickel materials in solid-state batteries and the development of sodium-ion battery materials [9][10]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [16].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is focusing on regulating the competitive order in the power and energy storage battery industry to promote high-quality development [1][2] Group 1: Industry Meeting Insights - A meeting was held by MIIT to discuss the power and energy storage battery industry, with participation from 12 key industry representatives [1] - Notable attendees included leaders from major companies such as BYD, CATL, and others, who shared their operational challenges and suggestions [1] Group 2: Policy and Regulatory Focus - MIIT's Minister Li Lecheng emphasized the need for targeted policies to address irrational competition and enhance capacity monitoring and quality supervision [2] - The ministry aims to combat intellectual property violations and guide companies in capacity planning and international expansion [2] Group 3: Industry Development Strategy - Companies are encouraged to foster entrepreneurial spirit, resist irrational competition, and maintain a healthy market environment [2] - Emphasis on innovation and increased R&D investment to strengthen core competitiveness and enhance collaboration within the industry chain [2] - MIIT plans to develop the "14th Five-Year" industrial development plan, focusing on technological innovation and modern governance for high-quality industry growth [2]

Group 1: Industry Insights - The Ministry of Industry and Information Technology (MIIT) held a meeting on November 28 to discuss the regulation of the power and energy storage battery industry, focusing on promoting high-quality development and addressing irrational competition [1] - MIIT Minister Li Lecheng emphasized the need for targeted policy measures to combat "involution" competition, enhance capacity monitoring, and improve product quality supervision [1] - The meeting included high-level executives from major companies, indicating strong potential for subsequent actions and policy implementations [1] Group 2: Company Developments - Shengyang Co., Ltd. specializes in the design, R&D, manufacturing, and sales of energy storage batteries and systems, with its solid-state battery successfully completing safety verification and stability tests, now entering market application [3] - Nandu Power's current unshipped orders amount to approximately 8.9 billion, with large storage orders making up about 5.5 billion, indicating strong demand in both domestic and international markets [3] - Nandu Power also secured a 2.8 GWh order for independent energy storage projects, marking a significant milestone for the commercialization of solid-state battery technology [3] Group 3: Market Conditions - Huafu Securities noted that the lithium battery materials industry is facing challenges such as "leading companies making minimal profits while second-tier companies incur losses," primarily due to overcapacity from previous blind expansions [2] - It is expected that most sub-sectors within lithium battery materials will achieve rational and orderly expansion in the coming years, reducing the likelihood of significant overcapacity [2] - Some sub-sectors with low profitability and long return cycles may see price increases, indicating potential market adjustments [2]

Event Overview - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, marking the 10th anniversary of Qidian Lithium Battery and Qidian Research [2][3] - The theme of the event is "New Cycle, New Technology, New Ecology," focusing on discussions around new cycles in the industry, new materials, new processes, and new technological advancements [2] Event Scale and Participation - The event is expected to attract over 1200 offline participants and 30,000 online viewers, making it the largest annual gathering in the industry [4] - There will be nine specialized forums and over 60 prominent speakers discussing core topics, including technological breakthroughs and safety challenges [4] Award Ceremony - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4][9] - The award aims to encourage innovation and provide procurement references for the industry, with various categories including technology innovation awards for different battery types [9][10] Specialized Forums and Topics - The agenda includes specialized sessions on cylindrical batteries, soft-pack batteries, and new materials and processes, with discussions on topics such as fast-charging technologies and safety standards for energy storage systems [5][6][7] - Notable companies participating in discussions include Eifly Laser, New Day Co., and others, focusing on advancements in battery technology and applications [6][7] Networking Opportunities - The event will also host the 2025 China New Energy Entrepreneurs Club Council Meeting, providing opportunities for high-level networking among industry leaders [4] - A total of over 50 exhibitors will showcase solutions across the entire lithium battery supply chain, including materials, equipment, and components [4]

Core Viewpoint - The article highlights the upcoming 2025 Lithium Battery Industry Annual Conference and the Lithium Battery Golden Tripod Award Ceremony, emphasizing the theme of "New Cycle, New Technology, New Ecology" and the significance of the event for the lithium battery sector [2]. Event Details - The event will take place on December 18-19, 2025, at the Venus Royal Hotel in Shenzhen, with an expected attendance of over 1,200 participants offline and more than 30,000 viewers online [2]. - The event is organized by various entities including 起点锂电 (Qidian Lithium), 起点固态电池 (Qidian Solid-State Battery), and 起点储能 (Qidian Energy Storage) [2]. Industry Engagement - A meeting organized by the Ministry of Industry and Information Technology was held on November 28, where 12 key battery and material companies, including 宁德时代 (CATL), 比亚迪 (BYD), and 亿纬锂能 (EVE Energy), discussed industry challenges and provided feedback on the current state of the battery sector [3]. - The meeting focused on production operations, technology research and development, market competition, and intellectual property protection [3]. Sponsorship and Participation - The first batch of sponsors and speakers for the event includes notable companies such as 海辰储能 (Haitian Energy Storage), 融捷能源 (Rongjie Energy), and 赣锋锂电 (Ganfeng Lithium) [2]. - The event aims to foster collaboration and innovation within the lithium battery industry, showcasing advancements and addressing challenges faced by companies [2][3].

Core Viewpoint - Rongbai Technology's stock price has experienced fluctuations, with a year-to-date increase of 42.58% but a recent decline of 16.14% over the past five trading days [2] Company Overview - Rongbai Technology, established on September 18, 2014, and listed on July 22, 2019, specializes in the research, production, and sales of lithium battery ternary cathode materials and their precursors [2] - The company's main business revenue composition includes cathode materials (96.62%), material sales (2.66%), other (0.46%), and precursors (0.26%) [2] - As of September 30, 2025, the company had 39,800 shareholders, an increase of 6.20% from the previous period, with an average of 17,937 circulating shares per shareholder, a decrease of 5.84% [2] Financial Performance - For the period from January to September 2025, Rongbai Technology reported operating revenue of 8.986 billion yuan, a year-on-year decrease of 20.64%, and a net profit attributable to shareholders of -204 million yuan, a year-on-year decrease of 274.96% [2] - The company has distributed a total of 713 million yuan in dividends since its A-share listing, with 541 million yuan distributed over the past three years [3] Market Activity - As of November 26, the stock price was 29.88 yuan per share, with a trading volume of 775 million yuan and a turnover rate of 3.59%, resulting in a total market capitalization of 21.356 billion yuan [1] - The net outflow of main funds was 107 million yuan, with large orders accounting for 27.35% of purchases and 34.96% of sales [1] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 7.5642 million shares, a decrease of 176,300 shares from the previous period [3] - The eighth-largest circulating shareholder, Dongfang New Energy Theme Mixed Fund, increased its holdings by 632,600 shares to 7.2306 million shares [3]

Core Insights - The lithium battery industry in China has shown significant production growth in 2025 compared to 2024, with domestic battery production reaching 170.6 GWh in October, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [1][2] - The production of lithium iron phosphate (LFP) cathode materials also increased, reaching 26.69 million tons in October, marking a year-on-year growth of 45.92% and a month-on-month growth of 8.36% [1][2] Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [2] - The capacity utilization rate for LFP cathode materials was reported at 63.54%, surpassing the figures from 2024 [1][2] Pricing - Prices for key raw materials and battery cells have seen a moderate increase. As of November 21, 2025, industrial-grade lithium carbonate prices exceeded 92,400 CNY per ton, with a weekly increase of 10.13% [3] - The price of LFP (power type) reached 38,100 CNY per ton, with a weekly increase of 8.09% [3] - Lithium hexafluorophosphate prices rose from approximately 60,000 CNY per ton at the end of September to 160,000 CNY per ton by November 21, reflecting a weekly increase of 13.39% [3] Demand - Several provinces in China have introduced capacity price compensation mechanisms, with Heilongjiang Province aiming for over 6 GW of new energy storage installations by 2027 [4] - In October 2025, the monthly shipment of LFP batteries reached 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52%, marking a new high for the year [4] - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, representing a year-on-year increase of 79.63% and a month-on-month increase of 10.23% [4] Investment Recommendations - The report suggests focusing on companies that are well-positioned in the power battery and energy storage sectors, particularly those with strong overseas layouts [5] - Companies to watch include CATL (300750.SZ), EVE Energy (300014.SZ), Xinwangda (300207.SZ), Hunan Youneng (301358.SZ), and Rongbai Technology (688005.SH) [5]