1月8日，国轩高科盘中下跌2.02%，截至14:14，报40.30元/股，成交13.53亿元，换手率1.90%，总市值 730.94亿元。 资金流向方面，主力资金净流出8389.28万元，特大单买入7863.89万元，占比5.81%，卖出1.51亿元，占 比11.19%；大单买入3.25亿元，占比24.03%，卖出3.36亿元，占比24.85%。 截至12月10日，国轩高科股东户数26.66万，较上期减少2.59%；人均流通股6509股，较上期增加 2.65%。2025年1月-9月，国轩高科实现营业收入295.08亿元，同比增长17.21%；归母净利润25.33亿元， 同比增长514.35%。 分红方面，国轩高科A股上市后累计派现10.95亿元。近三年，累计派现3.56亿元。 机构持仓方面，截止2025年9月30日，国轩高科十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股5640.23万股，相比上期增加328.90万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股1837.26万股，相比上期减少86.65万股。易方达沪深300ETF（510310）位居第八大流通股 东，持股 ...

Core Viewpoint - The production of lithium iron phosphate (LFP) is projected to reach 3.915 million tons by 2025, representing a year-on-year growth of 61.5% [1] Monthly Production Trends - In 2025, LFP production is expected to show a steady increase throughout the year, with monthly outputs of 200,000 to 300,000 tons from January to May, 300,000 to 400,000 tons from June to October, and exceeding 400,000 tons in November and December [3] Capacity Analysis - By the end of 2025, nominal LFP production capacity is expected to reach 6.53 million tons, an increase of 950,000 tons from 5.58 million tons at the end of 2024. However, significant idle capacity exists due to high costs, outdated equipment, lack of technology, and insufficient funding [5] - The nominal production capacity of companies capable of mass production will total 5.7235 million tons, up 742,500 tons from 4.981 million tons in 2024 [5] Company Market Share - Hunan Youneng leads the market with approximately 30% share, while other companies hold less than 10%. The second tier includes Wanrun New Energy, Defang Nano, Fulian Shenghua, Youshan Technology, Longpan Lithium Source, and Guoxuan High-Tech, each with market shares between 5% and 10% [8] - The third tier consists of Taifeng Xianxing, Anda Technology, GCL-Poly Energy, Dingsheng Technology, Jintang Times, Rongtong High-Tech, Wanhu Chemical, and Sichuan Langsheng, each with market shares exceeding 2% [8] Production Growth Rates - Among the top 20 companies, Zhongchu Innovation's 100,000-ton production line is expected to fully release in 2025, with a staggering growth rate of 1578%. Other companies like Bangpu Recycling and Wanhu Chemical also show growth rates exceeding 200%, while Anda Technology, GCL-Poly Energy, and Fulian Shenghua exceed 100% [9] Process Technology - The phosphate iron process accounts for 82.1% of production, followed by ferrous oxalate, ferric nitrate, iron red, and hydrothermal methods. The latter three processes have the potential to transition from niche to mainstream as they have already achieved mass production of high-pressure solid products [11]

Core Viewpoint - The article suggests that 2026 is expected to mark the beginning of a new healthy and orderly development cycle for China's lithium battery new energy industry [3][19]. Investment Overview - In 2025, over 282 public investment projects related to the lithium battery industry chain in China are anticipated, with a total investment exceeding 820 billion yuan, representing a year-on-year growth of over 74% [4]. - The investment projects are primarily concentrated in East and Central China, with regions like Fujian, Shandong, and Jiangsu leading in lithium battery and material manufacturing due to their rich chemical resources and strategic enterprise layouts [6]. Regional Distribution - The Southwest region, particularly Sichuan, is expected to dominate the investment in lithium battery positive materials, accounting for 59% of the projects, with a significant production capacity of over 350 GWh [11]. - Negative materials investment is more evenly distributed, with North and Northwest China favored due to lower electricity costs [11]. - The electrolyte projects are mainly concentrated in East China, benefiting from a robust industrial chain and proximity to downstream markets [11]. Overseas Expansion - Chinese lithium battery companies are increasingly focusing on overseas markets, with significant investments in Thailand, Spain, and Portugal, driven by favorable geopolitical conditions and local demand [7]. - Notable projects include the establishment of a zero-carbon AI super factory in Portugal and a joint venture factory in Spain by CATL and Stellantis [7]. Solid-State and Sodium Battery Development - In 2025, solid-state battery projects are expected to be concentrated in East China, with planned capacities of 74 GWh and total investments of 28 billion yuan [15]. - The sodium battery sector is projected to see significant growth, with planned capacities of 81 GWh and total investments of 32.2 billion yuan, primarily in the Southwest region [15]. Market Outlook - The lithium new energy industry is emerging from a challenging period characterized by supply-demand imbalances and declining prices, with positive signals indicating a recovery starting in 2025 [18]. - The demand for solid-state batteries and sodium batteries is expected to accelerate, with the latter projected to achieve a 100% increase in shipments by 2026 [19].

值得注意的是，在原材料和成本方面，Donut Lab声称，其固态电池完全由储量丰富、价格低廉且具有地 缘政治安全性的材料制成，不依赖稀有或敏感元素，且显示出比锂离子电池更低的成本，但并未明确说 明生产该全固态电芯所需的具体材料。 据智通财经报道，Verge Motorcycles电动摩托车现已可由Donut Lab的全固态电池提供动力，该摩托车将 是全球首款搭载这一突破性技术的量产车。随着搭载该固态电池的Verge摩托车于第一季度上路，该电动 摩托车如今可在10分钟内完成充电，每充电一分钟可提供高达60公里的综合续航。长续航版本单次充电 可行驶600公里。此外，Donut Lab周一已同时宣布将与电动车公司WATTEV合作，将打造一个超轻量化 的模块化电动汽车平台，该平台结合了Donut电机和电池技术。 1月6日，固态电池板块延续前一天走势继续拉涨，海希通讯、道氏技术（300409）涨超10%领涨，常铝 股份（002160）、滨海能源（000695）、国晟科技（603778）等多股涨停。 消息面上，芬兰初创公司Donut Lab宣布，将在今年的美国拉斯维加斯消费电子展(CES)上，发布"全球首 款可量产全固态 ...

一、全球储能电池出货量分析与预测 近期，起点研究院SPIR发布了《2026全球储能行业白皮书》报告。该报告数据显示， 2024年全球储能电池出货量为358Gwh，2025年预计 储能电池出货量637GWh，同比增长77.93%。到2030年储能电池出货量将达到2380Gwh，储能需求增长的主要原因是： ①发电侧：全球能源结构转型，光伏、风电等绿色新能源电力装机量占比上升，带动储能电池需求增长确定性高。 ②电网侧：电网侧储能的需求也将快速增长，主要源于电力系统对稳定性和灵活性的日益增长的要求，特别是在高比例风电和光伏等可再生能 源大规模接入的背景下。电网侧储能能有效平衡电力供需波动，通过快速充放电参与电网调频、调峰，提升系统稳定性。 资料来源：起点研究院 SPIR 二、2025年全球储能电池竞争格局 起点研究院SPIR数据显示，2025年，储能电芯行业集中度CR6达50%左右，呈现高度集中的"一超多强 +黑马突围"双轨竞争格局。其中，宁 德时代占据第一梯队，依然绝对领先；楚能新能源，4年时间强势进入前五；亿纬锂能、海辰储能、中创新航、瑞浦兰钧继续位居行业前六。 图表 2 ： 2025年 全球储能电芯出货排名 资 ...

性能表现方面，据官网介绍，Donut Lab的全固态电池提供400Wh/kg的能量密度，从而实现了更长的续航 里程、更轻的结构，以及在车辆和产品设计中前所未有的灵活性；该电池仅需5分钟即可充满电，且无需 将充电限制在80%以内，并支持安全、重复且可靠的全额放电；与传统的锂离子电池不同，该全固态电 池在其寿命期内的容量衰减极小，设计寿命高达100000次循环，提供的实际寿命远超现有技术。 电池安全方面，该全固态电池没有易燃液体电解质，无热失控连锁反应，无金属枝晶，通过设计解决了 电池火灾的主要根源。Donut Lab表示，该电池性能已在极端条件下经过了严格测试。在极端严寒情况 (-30°C)时，该电池仍能保持99%以上的容量。即使加热到超过100°C的温度时，它仍能继续保持99%以上 的容量，且无任何起火或降解迹象。 值得注意的是，在原材料和成本方面，Donut Lab声称，其固态电池完全由储量丰富、价格低廉且具有地 缘政治安全性的材料制成，不依赖稀有或敏感元素，且显示出比锂离子电池更低的成本，但并未明确说 明生产该全固态电芯所需的具体材料。 据智通财经报道，Verge Motorcycles电动摩托车现已可由 ...

Core Viewpoint - The A-share market continues to rise, with the Shanghai Composite Index increasing by 1.5%, reaching a nearly 10-year high, marking a 13-day consecutive gain [1]. Group 1: Market Performance - The Battery 50 ETF (159796) rose over 1%, with a trading volume of nearly 400 million yuan, achieving two consecutive days of gains [1]. - The top ten component stocks of the Battery 50 ETF show mixed performance, with significant gains from companies like XianDai Intelligent (+2.84%) and GreenMei (+2.49%), while others like Ningde Times (-0.93%) experienced declines [5]. Group 2: Lithium Carbonate Market Dynamics - Lithium carbonate futures surged by 7% yesterday and hit the daily limit today, driven by a shift in supply-demand dynamics towards a tighter balance [4]. - According to Huatai Securities, the oversupply of lithium carbonate is expected to improve significantly by the first half of 2025, with a projected cumulative oversupply of 50,200 tons in 2024, narrowing to 7,955 tons by Q2 2025, and turning into a shortage in Q3 and Q4 with gaps of 15,200 tons and 20,000 tons respectively [7]. Group 3: Demand Growth in Energy Storage - The demand for energy storage is expected to grow significantly, driven by high growth in power batteries and energy storage applications, particularly in AI data centers and renewable energy storage [8]. - Dongwu Securities forecasts a two-year sustained growth cycle for energy storage, with domestic bidding for energy storage expected to reach 190 GWh in 2025, a 138% increase, and cumulative installations projected to exceed 163 GWh, a 47% year-on-year increase [9]. Group 4: Global Energy Storage Trends - In the U.S., the demand for energy storage is expected to rise due to the rapid growth of AI data centers, with projected installations of approximately 53 GWh in 2025 and 80 GWh in 2026, reflecting a 51% year-on-year increase [10]. - European markets are also experiencing growth, with expected installations of 20 GWh in 2025 and 42 GWh in 2026, driven by supportive capacity pricing policies [10]. Group 5: Battery Industry Outlook - The lithium battery materials sector is witnessing positive changes, with energy storage demand exceeding expectations, leading to a recovery in industry sentiment [11]. - The electrolyte supply chain is expected to see an upward trend, supported by energy storage demand and rising lithium carbonate costs, with a projected tight balance in 2026 [11]. Group 6: Investment Strategy in Battery Sector - The Battery 50 ETF (159796) is highlighted for its significant exposure to energy storage (27%) and solid-state battery technology (42%), making it a favorable investment choice amid the expected demand surge [13][15]. - The ETF's management fee is notably low at 0.15% per year, enhancing its attractiveness for investors looking to capitalize on the battery sector's growth [15].

电池的供需拐点尚未到来，但市场对于拐点预期何时到来的讨论从未停止。 乐观的一方认为，2026年锂电板块供需关系会迎来边际改变，同时储能的强劲拉动、出海会打开新的成 长空间；但悲观者认为，锂电板块产能依旧过剩，而且动力电池产业还面临因电车销售前置导致明年需 求放缓的问题。 二者博弈下，市场看似还是相信了前者。 2025年5月份开始，国轩高科经历了一轮暴涨，短短几个月股价就从20元/股上涨至接近50元/股。 2025年10月份，国轩高科在美国投资的24亿美元的电动车电池工厂项目被认定为违约，当地政府还将启 动超2000万美元的政府补贴追回程序，意味着近三年来的持续拉扯，最终以遗憾收场，也为国轩高科拓 展美国市场无形中蒙上了一层阴影。 展望未来，固态电池和出海欧洲似乎成为了国轩高科最大的看点。但是无论是固态电池还是出海欧洲， 友商依旧寸步不离，这几年我们所看到的激烈竞争，在这两个方向还将继续。 市场，或需考虑国轩高科哪一项预期能兑现。 财报数据显示，2025年前三季度，国轩高科实现营业收入295.08亿元，同比增长17.21%；实现归母净利 润25.33亿元，同比增长514.35%；实现扣非归母净利润8537.77 ...

【文/观察者网 潘昱辰 编辑/高莘】2025年4月12日，昆明市呈贡区乌龙街道海湖路1156号B-01商铺（呈贡吉祥摩托车配件经营部）发生较大火灾事故，造成 8人死亡，火灾直接经济损失53.04万元。日前，云南省人民政府"4·12"较大火灾事故调查组公布《昆明市呈贡区乌龙街道海湖路1156号B-01商铺"4·12"较大火 灾事故调查报告》。 | © 云南消防政务网 | | | 为完起或 纪律产品 | | | | | --- | --- | --- | --- | --- | --- | --- | | YN.119.GOV.CN | | | 而因為國家屬於上 | | | | | 首页 机构 | 办事服务 | 消防资讯 | 信息公开 | 互动交流 | 消防科普 | Q | 《报告》内容显示，涉事电动自行车所装的蓄电池"国轩高科JTM黄金锂电"的同品牌、同型号、同批次被测产品判定为不合格；作为生产单位的青岛国轩电 池有限公司未履行产品质量安全主体责任，不遵守国家法律法规和强制性标准，对质量控制和生产管理把关不严，已涉嫌违反《中华人民共和国产品质量 法》《中华人民共和国标准化法》《中华人民共和国消费者权益保护法》。 ...

宁德时代加码贵州，新增产能30GWh 据贵州日报2025年12月31日发布消息显示， 宁德时代近期已与 贵安新区 正式签署 投资合作协议。 根据协议，宁德时代将在已建成投产的宁德时代（贵州）新能源动力及储能电池生产制造基地一期项目的基础上， 投资建设二期项目，规划 设计年产能30GWh动力及储能电池。 项目占地面积约550亩，将 延续"灯塔+零碳工厂"标准，打造高自动化产线，与一期形成协同效应。 回溯来看， 宁德时代 贵州基地一期于2021年11月落地，2023年10月建成投产，年产能同样为 30GWh。 随着二期项目落地，宁德时代在 贵安新区的总产能将达60GWh。 2025年末，锂电扩产潮还在持续！起点锂电注意到，在12月又有三大电池项目签约落地、进度更新，合计新增产能达到101 GWh。 01 据观察，2025年以来， 宁德时代持续开启产能大扩张模式。 11月， 江苏时代新能源灯塔工厂产业基地三期（LY9）项目签约落地溧阳高新区， 计划总投资不超过100亿元，新建年产能60GWh新能源 灯塔工厂产业基地三期项目（即LY9项目）。目前， 江苏时代已成为宁德时代最大制造基地之一， 不完全统计，宁德时代在溧阳 ...