1.1 锂电池正极材料定义与分类 1.2 全球 锂电正极 行业发展历程与现状 1.3 不同锂电正极材料性能对比 | 倒计时32天 | | --- | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | 协办单位及固态年会总冠名： 茹天科技 | | 活动时间： 2025年11月6-8日 | | 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 | | 第一批展商及赞助商： 金钠科技/茹天科技/海四达钠星/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能 | | 源/时代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新能源/扬广科技/银川苏银产业园/兆钠新能源/精诚模具/儒特股份/希 | | 倍动力/先导干燥/瓦时动力/博粤新材料/苏州翼动新能/亿隆能源/钠创新能源/瑞森新材 ...

Group 1 - The core viewpoint of the article highlights the performance of the Zhongzheng 2000 ETF Enhanced (159556), which rose by 0.69% to 1.169 yuan with a trading volume of 597,400 yuan as of the midday close on September 30 [1] - The top holdings of the Zhongzheng 2000 ETF Enhanced include Zhihua New Materials, which increased by 6.49%, and Hengbao Co., which decreased by 1.47% [1] - The fund's performance benchmark is the Zhongzheng 2000 Index return, managed by Ping An Fund Management Co., with a return of 16.56% since its establishment on December 27, 2023, and a return of -1.02% over the past month [1]

Core Viewpoint - The performance of the Zhongzheng 2000 ETF Enhanced (159556) shows a slight increase of 0.17% as of the midday close on September 22, with a trading volume of 277,900 yuan [1] Group 1: Fund Performance - The Zhongzheng 2000 ETF Enhanced (159556) has a performance benchmark based on the Zhongzheng 2000 Index return [1] - Since its establishment on December 27, 2023, the fund has achieved a return of 17.52% [1] - The fund's return over the past month is reported at -0.78% [1] Group 2: Major Holdings - Key stocks in the fund include: - Zhenhua New Materials, down 0.86% - Hengbao Co., down 3.41% - Yongding Co., up 6.80% - Yong'an Pharmaceutical, down 0.90% - Xuguang Electronics, down 1.80% - China Nuclear Technology, up 0.26% - Juguang Technology, down 2.77% - Huitong Energy, up 0.38% - Xinke Materials, up 0.50% - Batian Co., down 0.95% [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Zhuhai New Materials, indicating a slight decline in stock price and significant trading activity on September 15 [1] - On September 15, Zhuhai New Materials experienced a stock price drop of 0.61%, with a trading volume of 285 million yuan, and a net financing purchase of 1.98 million yuan [1] - As of September 15, the total margin balance for Zhuhai New Materials reached 329 million yuan, with financing balance accounting for 3.96% of the circulating market value, indicating a high level of financing activity [1] Group 2 - As of June 30, the number of shareholders for Zhuhai New Materials increased by 26.50% to 17,900, while the average circulating shares per person decreased by 20.95% to 28,494 shares [2] - For the first half of 2025, Zhuhai New Materials reported a revenue of 713 million yuan, a year-on-year decrease of 26.69%, and a net profit attributable to shareholders of -217 million yuan, a decline of 7.10% [2] - Since its A-share listing, Zhuhai New Materials has distributed a total of 446 million yuan in dividends, with 335 million yuan distributed over the past three years [2]

Core Viewpoint - The company emphasizes its commitment to research and development in the solid-state battery materials sector, focusing on the development of cathode materials and solid electrolytes [1] Group 1: Solid Electrolyte Materials - The company has successfully developed composite solid electrolyte materials with small particle size (nanometer level), good air stability, high ionic conductivity, and excellent dispersibility [1] - The company has achieved stable production at a ton-level scale and sees promising applications in the modification and upgrading of existing ternary materials, solid-state batteries, and semi-solid batteries [1] - Collaborations have been established with major companies such as CATL, ATL, and Toyota to advance product validation and the construction of a pilot production line with an annual capacity of hundreds of tons [1] Group 2: Cathode Materials for Solid-State Batteries - The company has developed high nickel and ultra-high nickel materials suitable for solid-state battery systems, which offer higher energy density, better cycling performance, and enhanced safety [1] - The ultra-high nickel 9 series has achieved a shipment level of hundreds of tons [1] - High-capacity lithium-rich manganese-based materials suitable for solid-state batteries have been sampled to multiple customers [1]

Core Viewpoint - The company has mastered the core preparation processes of two mainstream technological routes: layered oxides and poly-anion systems, with a focus on the application of poly-anion systems in start-stop batteries and energy storage [1] Group 1: Technological Development - The company is advancing in the preparation processes for layered oxides and poly-anion systems, which are critical for energy storage applications [1] - The poly-anion system is primarily utilized in start-stop batteries and energy storage fields [1] Group 2: Production Capacity - The company has nearly completed the construction of a pilot production line for poly-anion materials, with an annual capacity of hundreds of tons [1] - Comprehensive evaluation and validation of the production line are currently underway [1] Group 3: Future Plans - The company aims to continuously optimize product performance and promote the application of sodium-ion batteries in the energy storage sector through capacity layout [1]

Group 1 - The company stated that there is no business relationship with its brother unit, Zhenhua New Materials, and only minor business interactions exist with Zhenhua Wind Power, primarily in material procurement, processing services, and utility supply [1][3] - The company emphasized that there is no competitive relationship with Zhenhua New Materials, which has solid-state battery material technology [1][3] - The company acknowledged the inquiry regarding potential collaboration in the solid-state battery sector, given its control over a new energy technology company with 3GW battery cell capacity [3]

Group 1 - The company has no current business dealings with its brother unit, Zhenhua New Materials (688707), which specializes in solid-state battery materials [1] - There is a minor business relationship with Zhenhua Wind Power (688439) involving material procurement, processing services, and utility supply, but it does not constitute a competitive relationship [1] - The company emphasizes its position as a central enterprise aiming to become a benchmark in the new energy sector [1]

截至2025年9月5日收盘，振华新材（688707）报收于15.98元，较上周的15.4元上涨3.77%。本周，振华 新材9月5日盘中最高价报16.07元。9月4日盘中最低价报14.47元。振华新材当前最新总市值81.3亿元， 在电池板块市值排名59/95，在两市A股市值排名2217/5152。 本周关注点 机构调研要点 公司今年上半年业绩下滑主要受产品销售价格承压、原材料价格波动、下游需求结构性变化、产能利用 率不足及期间费用刚性支出增加等因素影响。 公司下半年将坚持"稳固基本盘、开拓新增量、聚焦降本增效"的总体战略，重点推进技术创新与产品迭 代、优化市场与客户结构、深化降本增效与精益管理、审慎推进产能建设与海外布局。 公司已成功开发出具备纳米级粒径、高离子电导率、良好空气稳定性与分散性的复合固体电解质材料， 实现吨级稳定制备，并正推进年产百吨级中试线建设，已与宁德时代、新能源科技（TL）、上汽清 陶、孚能科技、丰田等企业建立合作。 公司开发的适配固态电池体系的超高镍9系正极材料已实现百吨级出货，高容量富锂锰基材料已向多家 客户送样。 百吨级出货意味着产品已在客户端定型并进入批量量产阶段，为规模化应用做准备 ...

中信建投证券股份有限公司 关于贵州振华新材料股份有限公司 2025 年半年度持续督导跟踪报告 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"） 作为贵州振华新材料股份有限公司（以下简称"振华新材"、"公司"）2022 年度向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理 办法》及《上海证券交易所科创板股票上市规则》等相关规定，对振华新材进行 持续督导，并出具本持续督导跟踪报告。 一、重大风险的结论性意见 公司 2025 年上半年营业收入 71,281 万元，同比下降 27%；归属于上市公司 股东的净利润为-21,743 万元，亏损进一步扩大。主要原因系：1、产品销售价格 承压：行业竞争加剧导致正极材料环节议价能力减弱，产品销售单价持续低位运 行。公司虽通过提升运营效率、优化采购策略等方式努力控制成本，但产品售价 下降仍对毛利空间构成一定压力；2、原材料价格波动影响：报告期内，碳酸锂 等主要原材料价格虽总体处于低位，但波动性犹存。公司采用"成本加成"定价 模式，原材料采购与产品销售存在时间差，价格传导的滞后性对阶段性盈利能力 产生不利影响；3、下游需求结构性变化：磷酸铁锂电 ...