智通财经11月21日讯（记者 刘梦然 刘建）钠电池商业化进程不断加速，正从示范应用向规模化商业落 地迈进，各大头部企业亦争相"押注"布局。有业内人士认为，"2026年是钠离子电池真正商业化，亦是 规模化应用的起点。" 在昨日举行的高工锂电年会上，容百科技（688005.SH）董事长白厚善表示，电池的发展趋势是非稀 有、非关键和廉价，预计到2035年磷酸铁锂电池和钠电池的比例是4:6，届时，磷酸铁锂需求量将达 1500万吨，钠电池正极材料的需求量将达2000万吨。 智通财经记者注意到，这是首次有业内人士对未来磷酸铁锂电池和钠电池市占率比例做出预测。事实 上，在此前的第四届钠离子电池产业链与标准发展论坛上，便有多位与会人士认为，钠离子电池作为极 具潜力的新兴技术正逐步展现头角。其产品性能和质量不断提升，应用领域逐步拓展，在储能、低速电 动车、通信基站备用电源等领域展现出良好的应用场景。 但需要注意的是，钠电池的能量密度水平目前还低于商用磷酸铁锂锂电池和三元锂电池，且在商业化初 期，其成本仍高于锂电池，若想达到前述预测市占率，产业仍需突破多重问题。对此，多位业内人士认 为，钠电池与锂电池并非"简单替代"和"此消彼长 ...

Core Viewpoint - The recent decline in the U.S. stock market has led to a significant drop in the Asia-Pacific markets, particularly affecting sectors that had previously seen substantial gains, such as the battery sector [1] Group 1: Market Performance - The Battery 50 ETF (159796) experienced a sharp decline of 4.76%, with trading volume exceeding 600 million yuan, surpassing the previous day's total [1] - Most component stocks of the Battery 50 ETF index have retreated, with the battery chemicals sector leading the decline. Notable drops include Tianhua New Energy down over 18%, Xingyuan Material down over 11%, and Rongbai Technology down over 10% [3] Group 2: Lithium Carbonate Futures - Lithium carbonate futures have plummeted, hitting a near 8% drop, which has triggered a widespread retreat in lithium mining stocks [3] - The recent imbalance in supply and demand in the lithium carbonate futures market has led to speculative trading, prompting the Guangzhou Futures Exchange to implement measures to stabilize the market [5] Group 3: Industry Insights - A report from China Securities Construction Investment indicates a shift in the lithium carbonate supply-demand dynamic from supply pressure to demand-driven growth, with a projected shortage of 1.3 million tons in November [6] - The price of lithium hexafluorophosphate has surged by 172% since September 1, driven by tight supply and strong downstream demand, with domestic power battery sales increasing by 49.9% year-on-year [6] Group 4: Investment Opportunities - The Battery 50 ETF (159796) has a high content of energy storage and solid-state batteries, with energy storage making up 26% and solid-state batteries 42% of the index, positioning it well to benefit from the expected growth in these sectors [8][10] - The ETF is noted for its low management fee of 0.15% per year, making it an attractive option for investors looking to capitalize on the battery sector's potential recovery [13]

Group 1 - In the past five trading days, a total of 218 companies were investigated by institutions, with a significant number of institutions focusing on Yutong Optical, Rongbai Technology, and Optoelectronics [1][2] - Among the companies investigated, 45 received attention from more than 20 institutions, with Yutong Optical being the most popular, attracting 167 institutions [1][2] - The types of institutions involved in the investigations included 199 securities companies, 143 fund companies, and 76 private equity firms [1] Group 2 - In terms of capital inflow, 15 out of the 20 companies that attracted more than 20 institutions saw net capital inflows, with Yinglian Co., Ltd. receiving the highest net inflow of 130 million yuan [1] - The stock performance of investigated companies showed that 10 out of them increased in value, with Rongbai Technology leading with a rise of 16.23% [2] - Conversely, 35 companies experienced declines, with World Co., Ltd. showing the largest drop of 16.55% [2]

Core Viewpoint - The total margin balance of the STAR Market on November 19 was 258.339 billion yuan, showing a decrease of 1.162 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 257.412 billion yuan, down by 1.166 billion yuan compared to the previous trading day [1] - The margin trading balance increased by 0.04 billion yuan, reaching 0.927 billion yuan [1] Group 2: Stock Performance - On November 19, 267 stocks in the STAR Market experienced net financing inflows, with 11 stocks having net inflows exceeding 30 million yuan [1] - Rongbai Technology topped the list with a net financing inflow of 145 million yuan, followed by Guangyun Technology, Dongxin Co., Changguang Huaxin, Huasheng Lithium Battery, and Yingfang Software [1]

Group 1 - The core viewpoint of the news is that the lithium carbonate futures have surged, indicating a strong demand outlook for the lithium industry, particularly in the energy storage sector, which is expected to match the demand from power batteries in the coming year [1][2] - On November 19, 2025, the New Energy ETF Fund (516850) rose by 0.83%, with significant gains in its holdings, including Rongbai Technology up over 7%, Shangtai Technology up over 6%, and Chuaneng Power up over 5% [1] - The main opportunity in the lithium carbonate industry chain is currently on the demand side rather than the supply side, as previous price declines have led to cautious capital expenditure and limited supply growth [1] Group 2 - The New Energy ETF Fund (516850) and its linked funds (017571/017572) focus on the new energy sector, particularly in batteries, photovoltaics, and electricity, with a high weight of 45.18% in its tracking index, allowing investors to grasp opportunities in the new energy sector effectively [2]

Core Insights - Rongbai Technology saw a stock increase of 5.36% [1] - Guocheng Mining experienced a rise of 4.49% [1] - Zhongmin Resources rose by 4.41% [1] - Tibet Summit, Yinhui Technology, and Yongshan Lithium Industry all increased by over 3% [1]

Group 1 - The battery chemicals sector is experiencing notable activity, with Rongbai Technology rising over 10% [1] - Dexin Technology reached its daily limit up in early trading [1] - Other companies such as Tianhua New Energy, Xiamen Tungsten, Greeenme, Zhongwei Co., and New Chemical Materials also saw increases [1]

Core Viewpoint - Rongbai Technology (688005.SH) has established a sodium battery commercial framework, fully laying out two technical routes: layered oxide and polyanionic, achieving mass production [1] Group 1: Company Developments - In 2025, the company plans to complete a 6000-ton sodium battery pilot line in Xiantao to validate new processes and equipment [1] - By 2026, the company expects to form a sodium battery production capacity of 50,000 tons through renovations and acquisitions, along with the establishment of 50,000 to 100,000 tons of integrated new production lines [1]

Group 1 - The A500 index (000510) has shown a slight increase of 0.26% as of November 19, 2025, with notable gainers including Aerospace Development (000547) up 10.01% and Spring Wind Power (603129) up 8.14% [1] - The A500 ETF fund (512050) has experienced a trading volume of 12.23 billion yuan with a turnover rate of 6.34%, and its average daily trading volume over the past month is 51.22 billion yuan [1] - The A500 ETF fund has seen a net inflow of 24.31 million yuan recently, with a total of 206 million yuan net inflow over the past five trading days, averaging 4.12 million yuan per day [1] Group 2 - Dongguan Securities suggests that profit-taking may lead to short-term volatility in the A-share market, but the long-term upward trend is expected to continue [2] - Debon Securities believes that despite short-term adjustments, the medium to long-term bull market pattern will persist, emphasizing the importance of policy support for economic data [2] - The A500 index includes 500 securities selected from various industries based on market capitalization and liquidity, reflecting the overall performance of representative listed companies [2] Group 3 - The A500 ETF fund (512050) has several related funds, including the 华夏中证A500ETF联接 A (022430), C (022431), Y (022979), and the 华夏中证A500指数增强 A (023619), C (023620) [3]

Core Viewpoint - The battery chemicals sector is experiencing significant activity, with several companies showing notable stock price increases, indicating a positive market sentiment in this industry [1] Company Performance - Rongbai Technology saw its stock price increase by over 10% [1] - Dexin Technology reached its daily limit up in early trading [1] - Other companies such as Tianhua New Energy, Xiamen Tungsten, Greeenmei, Zhongwei Co., and New Zobang also experienced stock price increases [1]