Investment Rating - The report assigns an "Overweight" rating for the lithium battery materials industry [1] Core Insights - The report emphasizes the shift away from excess supply mentality, highlighting the potential for non-linear profit growth among leading companies in the lithium battery materials sector due to rigid supply against continuously growing demand [3][4] - It suggests a focus on lithium-related materials such as lithium iron phosphate, lithium carbonate, hexafluorophosphate, and aluminum foil, while also considering heavy asset-related materials like separators [4] - The report forecasts significant growth in the electric vehicle (EV) market and explosive growth in energy storage, with global EV sales expected to reach 23.54 million units in 2025, a 29.1% increase year-on-year [4] - It notes that the energy storage battery shipments are projected to reach 640 GWh in 2025, marking an 82.9% year-on-year growth [4] - The report anticipates a demand cycle to commence in 2026, supported by favorable domestic and international policies [4] Summary by Sections Investment Recommendations - The report recommends focusing on leading companies in the lithium battery materials sector, including 盛新锂能 (Shengxin Lithium Energy), 湖南裕能 (Hunan Youneng), 天赐材料 (Tianci Materials), and others, while also highlighting battery leaders like 宁德时代 (CATL) and 亿纬锂能 (EVE Energy) [4][7] Market Data - The report provides operational data for several listed companies in the lithium battery sector, indicating varying levels of profitability and cash flow, with 宁德时代 (CATL) showing a net profit of 49 million in Q3 2025 and a debt-to-asset ratio of 61% [6] - It includes a table summarizing earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with 宁德时代 (CATL) having an EPS of 14.90 for 2025E and a PE ratio of 23.29 [7]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The lithium carbonate market has experienced a sharp rise and then a fall, with intensified games between policy disturbances and demand realities. The market is currently in a high - level wide - range oscillation stage, and the core contradiction lies in the game between the expected supply contraction caused by policy disturbances on the supply side and the weak demand reality of new - energy vehicles downstream. It is expected that the lithium carbonate price will enter a high - level oscillation and consolidation stage in the next 1 - 2 weeks [2]. 3. Summary by Related Catalogs Lithium Salt Market Introduction - **Price Changes**: The battery - grade lithium carbonate spot price increased by 12.33% to 156,250 yuan/ton this week. The futures price of lithium carbonate rose 1.94% to 146,200 yuan/ton. The spot prices of lithium hydroxide also had significant increases, with the price of electric - carbon (coarse particles) rising 14.02% to 150,500 yuan/ton, electric - carbon (fine powder) rising 13.48% to 155,700 yuan/ton, and industrial - carbon rising 14.60% to 145,200 yuan/ton [2][4]. - **Premium Changes**: The premium of different raw materials and enterprises has changed to varying degrees. For example, the premium of spodumene raw materials increased by 100 yuan, and the premium of Ganfeng Lithium Co., Ltd. increased by 200 yuan [7]. Lithium Salt Fundamentals - **Supply**: The domestic lithium carbonate capacity utilization rate remained at a high level of 87.14% with no week - on - week change. The supply side is mainly affected by news such as overseas mining rights policies and domestic environmental protection actions, and there is an expected long - term supply contraction. The production of lithium carbonate and lithium hydroxide in China and their production in different regions and from different raw materials are also involved in the report, but specific data are not detailed here [2]. - **Demand**: Downstream demand is differentiated. The production start - up rate of energy - storage cells has increased, but the new - energy vehicle sales data in early January decreased significantly year - on - year. The production schedule of cathode material factories in January is expected to decline month - on - month, and procurement is mainly for rigid demand [2]. - **Import and Export**: The salable inventory of port lithium ore traders decreased by 4.83% to 13.8 tons week - on - week, indicating a tight supply of imported raw materials. The freight cost of some routes increased slightly, such as the Nigeria route, which increased by 6.67% week - on - week [2][27]. - **Inventory**: The exchange warehouse receipt inventory increased by 8.27% to 27,458 lots, with significant increases in warehouses such as Jiangsu Benniu Port and Shanghai Xiangyu Sichuan Warehouse, indicating that spot goods are flowing into the futures market and inventory pressure has increased [2][40]. - **Cost and Profit**: The production cost of externally purchased lithium concentrate increased by 3.1% to 158,106 yuan/ton, higher than the futures closing price. The production profit decreased by 86.98% to - 1,856 yuan/ton, showing the effect of cost support [2]. Lithium - Battery Fundamentals - **Market and Supply of Cathode Materials**: The report involves the market and supply of cathode materials, including production volume and price, but specific data are not detailed [44][46]. - **Supply of Electrolytes**: The price and production volume of electrolytes are also mentioned, but specific data are not detailed [48]. - **Demand for Cathode Materials**: The consumption of cathode materials is involved, but specific data are not detailed [50]. - **Import and Export of Lithium - Battery Materials and Batteries**: The import and export of lithium - battery materials and batteries are mentioned, but specific data are not detailed [52][54]. - **Cost and Profit of Ternary Materials**: The cost and profit of ternary materials are involved, but specific data are not detailed [56]. - **Lithium - Battery Recycling**: Lithium - battery recycling is mentioned, but specific data are not detailed [58]. - **New - Energy Vehicle Production and Sales**: The production and sales of new - energy vehicles and other important data are involved, but specific data are not detailed [60][62].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、股票交易异常波动情况 盛新锂能集团股份有限公司（以下简称"公司"）（证券简称：盛新锂能，证券代码：002240）股票交易 价格于2026年1月21日、1月22日、1月23日连续三个交易日内收盘价格涨幅偏离值累计超过20%。根据 深圳证券交易所的有关规定，属于股票交易异常波动情况。 二、公司关注、核实情况的说明 针对公司股票交易异常波动，公司对有关事项进行了核查，并询问了公司控股股东及实际控制人，现将 有关情况说明如下： 3、近期公司生产经营情况正常，内外部经营环境未发生重大变化。 4、公司及控股股东、实际控制人不存在应披露而未披露的重大事项。 公司目前正在筹划向特定对象发行A股股票事项，该事项已经公司第八届董事会第二十四次会议、2025 年第二次（临时）股东大会审议通过，尚需深圳证券交易所审核通过并经中国证监会同意注册后方可实 施。具体详见公司于2025年11月1日披露的《盛新锂能集团股份有限公司向特定对象发行 A 股股票预 案》《第八届董事会第二十四次会议决 ...

（编辑 丛可心） 证券日报网讯 1月25日，盛新锂能发布公告称，公司股票交易价格于2026年1月21日、1月22日、1月23 日连续三个交易日内收盘价格涨幅偏离值累计超过20%。根据深圳证券交易所的有关规定，属于股票交 易异常波动情况。公司董事会确认，截至目前，公司没有根据《深圳证券交易所股票上市规则》等有关 规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有 根据《深圳证券交易所股票上市规则》等有关规定应予以披露而未披露的、对公司股票交易价格产生较 大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing high-level fluctuations amidst inventory accumulation, with short-term price adjustments expected to be limited due to the financial attributes of copper supported by rising gold prices. The supply-demand balance for copper may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mines and frequent supply disruptions. The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5] - For aluminum, the report notes that both alumina and aluminum prices are under pressure due to high inventory levels. The short-term outlook for aluminum prices is expected to remain stable amidst high demand, particularly in the air conditioning and consumer goods sectors [5] - Lithium demand remains strong despite seasonal trends, with lithium carbonate prices entering an upward cycle driven by supply-demand reversal. The report recommends focusing on companies with high self-sufficiency in lithium resources [5] - Cobalt prices are expected to continue rising due to tight raw material supply, with the report suggesting companies like Huayou Cobalt and others for investment [5] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including the U.S. core PCE price index and unemployment claims, which align with expectations [9] - Key announcements include Zijin Mining's completion of the second phase of the Jilong Copper Mine, significantly increasing its production capacity [10] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 6.03% compared to the index's 0.84% rise [11] - The report lists the top-performing stocks in the sector, highlighting significant movements in various sub-sectors [11] 3. Valuation Changes - The report notes that the TTM PE for the non-ferrous metals sector is 33.82, with a change of 1.79, while the PB is 4.18, reflecting a significant premium over the broader market [20][23]

盛新锂能1月25日公告，公司股票交易价格于2026年1月21日、1月22日、1月23日连续三个交易日内收盘 价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。经核实，近期公司生产经营情况正常，内 外部经营环境未发生重大变化。公司及控股股东、实际控制人不存在应披露而未披露的重大事项。公司 目前正在筹划向特定对象发行A股股票事项，该事项已经公司第八届董事会第二十四次会议、2025年第 二次（临时）股东大会审议通过，尚需深交所审核通过并经中国证监会同意注册后方可实施。股票异常 波动期间，公司控股股东、实际控制人未买卖公司股票。 ...

每经AI快讯，1月25日，盛新锂能（002240）公告称，公司股票于2026年1月21日至1月23日连续三个交 易日收盘价格涨幅偏离值累计超20%，属异常波动。经核查，公司未发现前期披露信息需更正补充，未 现可能影响股价重大信息，生产经营正常。公司正筹划向特定对象发行A股股票，已获董事会和股东大 会通过，但需交易所审核及证监会注册。期间控股股东、实际控制人未买卖公司股票。 ...

盛新锂能公告称，公司股票于2026年1月21日至1月23日连续三个交易日收盘价格涨幅偏离值累计超 20%，属异常波动。经核查，公司未发现前期披露信息需更正补充，未现可能影响股价重大信息，生产 经营正常。公司正筹划向特定对象发行A股股票，已获董事会和股东大会通过，但需交易所审核及证监 会注册。期间控股股东、实际控制人未买卖公司股票。 ...

盛新锂能发布异动公告，公司股票于2026年1月21日、1月22日、1月23日连续三个交易日收盘价格涨幅 偏离值累计超过20%，属于股票交易异常波动情况。经核查，公司前期披露信息无需更正补充，近期无 影响股价的未公开重大信息，生产经营正常；目前筹划向特定对象发行A股股票事项，已通过董事会和 股东大会审议，尚需深圳 证券交易所审核通过并经中国证监会同意注册后方可实施。异常波动期间， 控股股东、实际控制人未买卖公司股票。声明：市场有风险，投资需谨慎。本文为AI基于第三方数据 生成，仅供参考，不构成个人投资建议。 ...