截至发稿，过蓓蓓累计任职时间10年82天，现任基金资产总规模442.42亿元，任职期间最佳基金回报 131.95%， 任职期间最差基金回报-61.02%。 数据显示，汇添富基金旗下1只基金位居多氟多十大流通股东。汇添富中证新能源汽车产业指数(LOF)A （501057）二季度增持76.13万股，持有股数759.03万股，占流通股的比例为0.7%。根据测算，今日浮 盈赚取约850.12万元。 汇添富中证新能源汽车产业指数(LOF)A（501057）成立日期2018年5月23日，最新规模45.7亿。今年以 来收益41.98%，同类排名553/4218；近一年收益52.67%，同类排名551/3865；成立以来收益131.95%。 汇添富中证新能源汽车产业指数(LOF)A（501057）基金经理为过蓓蓓。 10月20日，多氟多涨5.53%，截至发稿，报21.39元/股，成交9.12亿元，换手率4.06%，总市值254.63亿 元。 资料显示，多氟多新材料股份有限公司位于河南省焦作市中站区焦克路，成立日期1999年12月21日，上 市日期2010年5月18日，公司主营业务涉及六氟磷酸锂及电子化学品、锂离子电池、新能源 ...

Core Viewpoint - The price of lithium hexafluorophosphate is expected to continue rising due to strong demand recovery and tight supply conditions in the market [4][5]. Group 1: Supply and Demand Dynamics - The current price increase of lithium hexafluorophosphate is driven by a significant recovery in demand from downstream electrolyte and battery manufacturers, while upstream producers have not expanded capacity significantly during the industry's low period [4]. - As of October 17, 2025, the operating rate of lithium hexafluorophosphate production is 75.43%, indicating that most manufacturers are operating at full capacity, leading to a lack of effective supply increase in the short term [4]. - Industry inventory levels have nearly bottomed out, with only 1,340 tons of lithium hexafluorophosphate in stock as of October 17, 2025, contributing to a tight supply-demand balance [4]. Group 2: Price Trends - Since mid-September, the price of lithium hexafluorophosphate has broken out of a long-standing horizontal trend and has entered a rapid upward trajectory, with the average market price reaching 75,000 yuan/ton as of October 17, 2025, reflecting a 16.3% increase from the previous week and a 20.0% increase since the beginning of the year [4]. Group 3: Industry Capacity and Profitability - As of October 17, 2025, China's lithium hexafluorophosphate industry has a total capacity of 442,900 tons per year, with effective capacity at 389,400 tons per year, marking a year-on-year increase of 13.7% [5]. - Major producers include Tianqi Lithium, Molybdenum, Tianji, and Shida Shenghua, with Tianqi Lithium having a capacity of approximately 110,000 tons per year [5]. - The industry is expected to add capacities of 304,000 tons, 518,300 tons, and 153,000 tons in 2025, 2026, and 2027 respectively, which will benefit leading companies as prices rise and capacity utilization improves [5]. Group 4: Downstream Demand Growth - The lithium-ion battery materials industry is experiencing stable growth in demand, particularly in the fields of new energy vehicles and energy storage [6][7]. - From January to August, the cumulative bidding scale for domestic energy storage reached 211.11 GWh, with new energy storage installations in the first half of 2025 growing by 69.4% year-on-year [7]. - In the first half of 2025, China's production and sales of new energy vehicles reached 6.968 million and 6.937 million units respectively, representing year-on-year growth of 41.4% and 40.3% [7].

Core Viewpoint - The article highlights the advancements and strategic positioning of the company, Dofluor, in the solid-state battery sector, emphasizing its focus on safety, energy density, and collaboration with Tsinghua University for technological breakthroughs [1][4][7]. Group 1: Technological Developments - Dofluor is conducting experiments on polymer solid electrolytes to develop inherently safe battery cells with high energy density [1]. - The company has achieved a solid electrolyte ionic conductivity of 0.6 mS/cm and a battery energy density of 340 Wh/kg, with a cycle life exceeding 800 weeks [4]. - A new type of fluorinated polyether electrolyte has been developed, enhancing the physical contact and ionic conductivity at solid interfaces, significantly improving lithium battery performance [2][4]. Group 2: Strategic Collaborations - Dofluor has established a long-term collaborative framework with Tsinghua University, focusing on key technologies such as ionic conductivity and interface treatment to enhance solid-state battery performance [4][6]. - The partnership aims to explore composite lithium anodes, targeting a capacity of 1500 mAh/g and a cycle life exceeding 500 weeks [6]. Group 3: Market Positioning and Goals - Dofluor's extensive experience in the fluorochemical industry provides a solid foundation for its entry into the solid-state battery market, with a focus on high-performance materials [5]. - The company has set clear short-term goals to achieve an ionic conductivity of over 1 mS/cm and a battery energy density of 400 Wh/kg by 2027, while ensuring compliance with upcoming industry standards [7]. - Dofluor recognizes a gradual transition from liquid to semi-solid and then to solid-state batteries, viewing semi-solid batteries as a means to improve traditional lithium battery performance [8].

Core Viewpoint - The lithium battery electrolyte index experienced a strong surge on October 17, with significant increases in the stock prices of several companies in the sector [2] Group 1: Stock Performance - Aoke Co., Ltd. saw a notable increase of 8.20% in its stock price [2] - Huasheng Lithium Battery's stock rose by 6.55% [2] - Tianji Co., Ltd. experienced a 5.57% increase in its stock price [2] - Shida Shenghua's stock price increased by 4.02% [2] - Duofluoride's stock rose by 3.82% [2]

Core Insights - The stock of Duofuduo experienced a decline of 0.68% on October 16, with a trading volume of 2.566 billion yuan [1] - The company reported a net financing outflow of 31.3769 million yuan on the same day, with a total financing and margin trading balance of 999 million yuan [1] Financing Overview - On October 16, Duofuduo had a financing buy-in amount of 180 million yuan, while the financing repayment was 212 million yuan [1] - The current financing balance of 995 million yuan accounts for 4.09% of the circulating market value, indicating a high level compared to the past year [1] - The margin trading data shows no shares were sold or repaid on October 16, with a margin balance of 3.6117 million yuan, which is below the 40th percentile of the past year [1] Company Profile - Duofuduo New Materials Co., Ltd. was established on December 21, 1999, and went public on May 18, 2010 [1] - The company's main business includes lithium hexafluorophosphate and electronic chemicals, lithium-ion batteries, new energy vehicles, and inorganic fluorides [1] - The revenue composition is as follows: new energy materials 34.97%, fluorine-based new materials 30.39%, new energy batteries 25.30%, electronic information materials 5.55%, and others 3.80% [1] Shareholder and Financial Performance - As of June 30, the number of shareholders for Duofuduo was 160,200, a decrease of 4.80% from the previous period [2] - The company reported a revenue of 4.328 billion yuan for the first half of 2025, a year-on-year decrease of 6.09%, and a net profit attributable to shareholders of 51.3302 million yuan, down 27.01% year-on-year [2] - Cumulatively, Duofuduo has distributed 2.034 billion yuan in dividends since its A-share listing, with 1.04 billion yuan distributed in the last three years [2] Institutional Holdings - As of June 30, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 20.875 million shares, an increase of 13.957 million shares from the previous period [2] - The fund "Huitianfu Zhongzheng New Energy Vehicle Industry Index (LOF) A" ranked as the ninth-largest circulating shareholder, increasing its holdings by 760,300 shares [2] - "Fuguo Zhongzheng New Energy Vehicle Index A" entered the top ten circulating shareholders with 5.8529 million shares, while "Southern Zhongzheng 500 ETF" exited the list [2]

Summary of Key Points from Conference Call Industry Overview - The lithium battery materials industry is experiencing a significant shift in supply and demand dynamics, marking the end of a three-year downtrend, with certain segments facing supply tightness starting from September [1][3][12] - The price of lithium hexafluorophosphate (LiPF6) has increased by over 30% since August, with expectations for continued price growth due to low inventory levels among leading companies [1][4][12] Core Insights and Arguments - The strong performance of upstream products in the electrolyte segment, such as VC (vinylene carbonate) additives, which have seen a price increase of approximately 15% in the past month, indicates a tightening market [1][7] - Companies like Tianqi Materials and Tianji Co. are projected to have significant profit potential, with Tianji's net profit expected to increase by 850 million yuan if LiPF6 prices rise by 20,000 yuan per ton [1][8] - Tianqi Materials holds the largest global market share in solvent supply, with nearly 40% domestic market share, and could see annual profits increase by approximately 200 million yuan with a 20,000 yuan rise in VC prices [1][10] Important but Overlooked Content - The current production capacity of multiple fluorine companies for LiPF6 is 60,000 tons, expected to reach 65,000 tons by early next year, with a high proportion of spot orders potentially leading to earlier price increases [1][11] - The average daily price of LiPF6 has reached 74,000 yuan per ton, with the highest bid at 78,000 yuan per ton, indicating a strong market despite seasonal demand fluctuations [2][12] - The overall supply-demand balance in the LiPF6 industry is expected to remain tight next year, with potential supply gaps during peak seasons due to slower-than-expected capacity releases from major companies [13] Future Expectations - The recent industry forum resulted in commitments from manufacturers to avoid irrational expansion and maintain reasonable pricing, which may help stabilize market conditions and support future price trends [14][15] - The lithium battery sector, particularly the electrolyte segment, is viewed as having significant growth potential, with key components like VC additives and solvents being closely monitored for price fluctuations to identify investment opportunities [16]

Core Insights - The large cylindrical battery industry is entering a rapid growth phase, with significant commercialization expected by 2025 as technology matures and new energy penetrates various sectors [3][4] - The competition in power batteries is fundamentally about the ecosystem of the supply chain, emphasizing the need for collaboration across the entire industry chain [3][7] - Multi-Flor's large cylindrical battery features advanced safety technologies, including a unique bidirectional pressure relief system, enhancing its market position [5][6] Industry Trends - By 2025, Southeast Asia's two-wheeler electric vehicle sales are projected to exceed 4.5 million units, with a compound annual growth rate of 15%-20% [4] - The global new energy storage capacity is expected to add between 180-380 GWh in 2025, maintaining a year-on-year growth rate of 35%-55% [4] - The demand for safety in electric vehicles and energy storage is increasing, leading to higher standards in battery safety [5] Company Developments - Multi-Flor's large cylindrical battery is designed with a "thermal separation" structure, ensuring safety during thermal runaway events [6] - The company has achieved a projected total battery shipment of 8.5 GWh for 2025, positioning itself among the top tier in the industry [6] - A summit titled "Ningxin Gathering Chain, Together for a Flourishing Future" will be held on October 22 in Nanning, aimed at fostering collaboration within the industry [7][11]

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 8 期）》 2025-9-17 《河南资本市场月报（2025 年第 7 期）》 2025-8-14 2025-7-7 联系人：李智 河南资本市场月报 （2025 年第 9 期） 证券研究报告 发布日期：2025 年 10 月 16 日 投资要点： 风险提示：全球贸易和产业管制政策带来的不确定性风险；经济增长和 业绩不及预期；市场流动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页/共 20页 11776 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 《河南资本市场月报（2025 年第 6 期）》 经济运行情况：2025 年 8 月份由于外部关税政策扰动叠加内部"反 内卷"治理推进，我国主要经济指标增速短期内均出现放缓迹象， 经济 ...

Core Viewpoint - The large cylindrical battery industry is entering a phase of rapid acceleration, with significant growth expected in various sectors such as two-wheeled electric vehicles, light commercial vehicles, and energy storage by 2025 as technology matures and new energy penetrates various industries [1][4]. Industry Overview - A number of excellent battery companies are emerging, driving technological advancements and exploring more application scenarios for battery products, creating a positive feedback loop [2]. - The competition in power batteries is fundamentally a competition of industrial chain ecosystems, requiring collaboration across the entire supply chain, including material innovation, process optimization, and the establishment of standardized production systems [2][9]. Market Predictions - According to a report by CITIC Securities, two-wheeled electric vehicle sales in Southeast Asia are expected to exceed 4.5 million units by 2025, with a compound annual growth rate of 15%-20%, particularly in Vietnam, Indonesia, and Thailand [4]. - The global new energy storage capacity is projected to reach 180-380 GWh in 2025, maintaining a year-on-year growth rate of 35%-55% [4]. Company Spotlight: DLF - DLF New Energy Technology Co., Ltd., established in December 2010, has developed a large cylindrical battery featuring a unique bidirectional pressure relief technology that effectively prevents accidents caused by excessive pressure [5]. - The company's large cylindrical battery is designed with a "thermal separation" structure, ensuring safety and reliability during operation, with a projected total shipment of over 40 million units in 2025 [5][7]. Quality Control and Production - DLF employs a MES management system to monitor product characteristics and processes, allowing for real-time anomaly detection and continuous improvement of product consistency [7]. - The company has achieved stable supply to domestic and international customers, with a forecasted total battery shipment of 8.5 GWh in 2025, positioning it among the industry leaders [7]. Strategic Initiatives - To enhance competitiveness, DLF is focusing on building a robust ecosystem by collaborating with upstream and downstream partners, emphasizing the importance of systemic capabilities in the supply chain [9][16]. - A summit titled "Ningxin Gathering Chain, Together for a Flourishing Future" will be held on October 22 in Nanning, aiming to explore the future of battery technology and market opportunities [12][16].

Core Insights - The rapid development of the new energy vehicle industry and the rise of new scenarios such as low-altitude economy and humanoid robots are driving a revolution in next-generation battery technology, with solid-state batteries being viewed as the "holy grail" of power batteries [5] - Capital markets have shown high interest in this new technology, with significant breakthroughs in related technologies over the past six months, leading to a rapid recovery and doubling of the power battery index after the "4.7 tariff shock" [5] Company Overview - Dofluor (002407.SZ) is a distinctive listed company that originated from traditional inorganic fluorine chemicals and has successfully transformed into a key supplier in the battery materials sector by breaking the international monopoly on lithium hexafluorophosphate [7][8] - Established in December 1999 and listed in May 2010, Dofluor has expanded its business across four major sectors: traditional industry, new energy, semiconductors, and key materials for nuclear power, forming a "basic materials + high-end applications" driving model [8] Technological Advantages - Dofluor has a strong technical foundation and forward-looking research and development layout, forming a new materials product system centered on "fluorine, lithium, silicon, and boron" [8] - The company is a leader in the inorganic fluorine industry, with major products including cryolite and aluminum fluoride, and has developed new energy materials to meet the demands of next-generation batteries [9] Research Collaborations - Dofluor has established research cooperation frameworks with several universities and research institutions, including Tsinghua University and the Chinese Academy of Sciences, focusing on solid-state battery technologies [10] - Recent research published by Tsinghua University in Nature highlights strategies to enhance the oxidative stability of electrolytes at high voltages using fluorinated substituents [10] Production Capacity and Future Plans - In February 2024, Dofluor initiated a major investment plan of 5.28 billion yuan to build a production facility in Quzhou, aiming for an annual production capacity of 40,000 tons of silicon-carbon anode materials [11] - The company has been proactive in solid-state battery technology, having started research on sulfide solid-state batteries in 2017 and developing new polymer solid-state electrolytes since 2021 [11] Market Performance - Dofluor's battery business has seen a significant transformation, with a projected increase in lithium battery shipments in China, expected to reach 1,175 GWh in 2024, a year-on-year growth of 32.6% [13] - The company has achieved a record monthly shipment of over 10 million units of its self-developed "fluorine core" cylindrical batteries, corresponding to an installed capacity exceeding 1 GWh [14] Financial Performance - Dofluor's gross margin for its battery business has improved from 2.07% in 2024 to over 9.74% in the first half of 2025, driven by scale effects and product structure optimization [15] - The company is expected to further enhance its gross margin in the latter half of the year, indicating a shift towards sustainable profitability in its battery segment [15]