36氪获悉，爱企查App显示，重庆惠储优电科技有限公司成立，法定代表人为胡峰，注册资本为1000万 元人民币，经营范围包括供电业务；发电业务、输电业务、供（配）电业务；商业综合体管理服务；电 池销售；电池制造等。股东信息显示，该公司由赣锋锂业旗下广东惠储能源科技有限公司全资持股。 ...

碳酸锂市场正迎来一轮由需求驱动的新涨势。与今年第三季度那波涨势不同的是，以往碳酸锂价格大涨 多受供给端扰动影响，而这一轮则与需求端爆发密切相关。 自10月中旬起，碳酸锂主力合约价格持续拉升，至11月17日已突破9万元/吨大关，当日盘中最大涨幅达 8.5%，一个月内吨价上涨逾两万元。A股方面，今日截至午间收盘，盛新锂能、融捷股份涨停，天齐锂 业、永兴材料、赣锋锂业分别上涨8.62%、7.45%、6.55%。 铜冠金源期货11月17日分析称，从多头视角来看，枧下窝矿短期暂无复产预期，供给端存在增量瓶颈。 而动力终端需求强劲，库存持续加速去化，碳酸锂基本面向好。同时，在政策指引以及产业大额订单烘 托下，储能需求预期被点燃，基本面格局将迎来逆转。 11月16日，在第十届动力电池应用国际峰会开幕式上，李良彬表示，2025年全球碳酸锂需求预计达155 万吨，供给达170万吨。2026年全球碳酸锂需求预计增长30%，供需逐渐平衡；如果明年需求增速超过 30%，甚至达到40%，短期内供应无法平衡，价格可能会突破15万元/吨甚至20万元/吨。 赣锋锂业除掌握上游资源外，还将产业链向下游延伸，拥有完整的固态电池上下游一体化布局， ...

华福证券指出，磷酸铁锂11月排产环比增长2.5%，叠加储能项目备案量同比激增343%，全球储能装机 预计明年将实现50-60%的高增长，对上游锂资源形成有力支撑。与此同时，六氟磷酸锂价格周环比上 涨13.8%，电解液关键材料VC价格也显著上行，显示产业链供需紧张格局正在加剧。 长江证券认为，当前钴、锂、镍价格均处于阶段性底部，随着景气度提升，三大金属品种有望迎来量价 齐升的共振行情。 光大证券指出，随着全球新能源渗透率持续提升，储能作为电力系统"稳定器"与"调节器"的核心价值愈 发凸显，市场需求迎来快速增长。据ICC鑫椤储能数据库统计，2025年1—9月全球储能电池出货 428GWh，同比增长90.7%。目前国内储能电芯的需求十分强劲，头部储能企业订单排期至2026年，如 海辰储能、亿纬锂能等企业满产运行，部分订单需外溢至中腰部企业。储能行业的高速增长带动锂电池 需求高增，鑫椤锂电日前发布的锂电产业链11月预排产数据显示，样本企业中电池排产环比增长 1.5%，需求保持旺盛。近期在下游需求旺盛带动下，锂电产业链上游六氟磷酸锂、电解液、隔膜等材 料环节出现不同程度涨价，建议关注锂电材料各环节头部企业。 11月17 ...

Market Overview - The market experienced fluctuations, with the Shenzhen Component Index turning positive before declining again. As of the morning close, the Shanghai Composite Index fell by 0.43%, the Shenzhen Component Index decreased by 0.35%, and the ChiNext Index dropped by 0.8% [1] Sector Performance - There was rapid rotation of market hotspots, with over 2900 stocks declining. The Fujian sector saw a resurgence, with stocks like Xiamen Construction and Pingtan Development hitting the daily limit [2] - The AI application concept gained momentum, with multiple stocks such as 360 Technology reaching the daily limit [2] - The military industry sector continued its strong performance, with Aerospace Development achieving two consecutive limit-ups [2] - The lithium mining concept was active, with Dazhong Mining achieving three consecutive limit-ups [2] Stock Performance - The half-day trading volume for the Shanghai and Shenzhen markets reached 1.27 trillion yuan, an increase of 32.9 billion yuan compared to the previous trading day [4] - In terms of individual stock performance, CATL had a trading volume exceeding 13.6 billion yuan, leading the market, followed by Zhongji Xuchuang, Xinyi Sheng, and Ganfeng Lithium with high trading volumes [4] Notable Stocks - CATL (300750) saw a decline of 4.13%, with a latest price of 387.41 yuan and a trading volume of 13.64 billion yuan [5] - Zhongji Xuchuang (300308) increased by 2.17%, with a latest price of 472.87 yuan and a trading volume of 9.37 billion yuan [5] - New Yi Sheng (300502) decreased by 0.27%, with a latest price of 309.75 yuan and a trading volume of 6.97 billion yuan [5] - Mingqi Weiye (002460) rose by 6.55%, with a latest price of 73.40 yuan and a trading volume of 6.84 billion yuan [5] - Huayou Cobalt (603799) increased by 4.66%, with a latest price of 68.67 yuan and a trading volume of 6.55 billion yuan [5]

Core Viewpoint - Ganfeng Lithium currently has a lithium fluoride production capacity of 10,000 tons per year and has not yet produced lithium hexafluorophosphate, with 1 ton of lithium fluoride theoretically capable of producing approximately 1.85 tons of lithium hexafluorophosphate [1] Group 1 - The company's lithium fluoride production capacity is 10,000 tons per year [1] - The company has not yet started production of lithium hexafluorophosphate [1] - The theoretical conversion rate indicates that 1 ton of lithium fluoride can produce about 1.85 tons of lithium hexafluorophosphate [1]

Core Viewpoint - The lithium mining sector experienced a strong surge on the 17th, driven by robust investment in energy storage, which is expected to significantly boost lithium battery demand in the coming years [1] Group 1: Market Performance - Tianhua New Energy rose over 15%, while Shengxin Lithium Energy and Jinyuan Co. hit the daily limit, and major mining companies like Zhongjin Resources and Tianqi Lithium approached the limit as well [1] - Ganfeng Lithium increased nearly 8%, indicating a strong market sentiment towards lithium-related stocks [1] Group 2: Industry Growth Drivers - Institutions noted that the domestic energy storage sector is reaching an economic inflection point, with investment being particularly vigorous due to the marketization of new energy and capacity pricing [1] - The cumulative penetration rate of energy storage remains below 10%, prompting an upward revision of the expected new installations in China to 300 GWh for next year [1] Group 3: Demand Forecast - Energy storage is projected to drive lithium demand growth exceeding 30% next year, creating investment opportunities across materials, batteries, and integration sectors [1] - According to the ICC Xinluo Energy Storage Database, global energy storage battery shipments are expected to reach 428 GWh from January to September 2025, marking a year-on-year increase of 90.7% [1] Group 4: Supply Chain Insights - The demand for domestic energy storage cells is currently very strong, with leading companies like Haitian Energy and Yiwei Lithium Energy having order backlogs extending to 2026, necessitating some orders to be fulfilled by mid-tier companies [1] - The rapid growth of the energy storage industry is driving high demand for lithium batteries, with recent data showing a 1.5% month-on-month increase in battery production among sample companies [1] - The upstream materials in the lithium battery supply chain, such as lithium hexafluorophosphate, electrolytes, and separators, have seen price increases due to strong downstream demand [1]

Group 1 - The price of lithium iron phosphate (LFP) has rebounded, increasing by approximately 10% since October, driven by strong demand from automakers and battery manufacturers, as well as a surge in global energy storage needs [1] - Major companies have their LFP orders booked until the first half of next year, with production lines operating at full capacity [1] - The rapid development of new technologies, such as high-voltage LFP, is prompting midstream material companies to upgrade their technologies and adjust their production capacity structures [1] Group 2 - As of October 31, 2025, the CSI New Energy Vehicle Industry Index (930997) includes 50 listed companies involved in various sectors of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [2] - The top ten weighted stocks in the index account for 53.56% of the total index, with companies like CATL, BYD, and Ganfeng Lithium among the leaders [2][4] Group 3 - The CSI New Energy Vehicle Industry Index has shown a strong performance, with a 1.23% increase, and individual stocks like Rongbai Technology and Tianhua New Energy seeing significant gains of 20% and 13.13% respectively [1][2] - The New Energy Vehicle ETF (515700) has also benefited from the recovery in lithium battery market sentiment, rising by 1.05% [1]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a weekly increase of 1.07% from November 10 to November 14, outperforming the overall market index [14]. - Precious metals, particularly gold, are expected to maintain a bullish outlook in the medium term despite short-term fluctuations due to changing interest rate expectations [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.18%, while the non-ferrous metals sector ranked 16th among 31 sectors, outperforming the index by 1.25 percentage points [14]. - Precious metals increased by 2.77%, energy metals by 2.47%, and industrial metals by 1.56%, while small metals and new materials declined by 1.42% and 3.22%, respectively [14]. Industrial Metals - **Copper**: Prices rose with LME copper at $10,846 per ton (up 1.41%) and SHFE copper at ¥86,900 per ton (up 1.12%). Supply remains weak, with Codelco's September production down 7.2% year-on-year [2][31]. - **Aluminum**: LME aluminum reached $2,859 per ton (up 1.41%), driven by increased demand from the electric vehicle sector, where sales exceeded 50% of total new car sales in October [3][35]. - **Zinc**: Prices fell with LME zinc at $3,015 per ton (down 1.70%) and SHFE zinc at ¥22,470 per ton (down 1.30%). Zinc inventories increased, indicating a bearish trend [41]. - **Tin**: LME tin rose to $36,860 per ton (up 2.90%) due to reduced exports from Indonesia, which halved in October [45]. Precious Metals - **Gold**: COMEX gold closed at $4,084.40 per ounce (up 1.91%), while SHFE gold was at ¥953.20 per gram (up 3.47%). The resumption of U.S. government operations alleviated liquidity concerns, boosting prices [4][49]. - The Federal Reserve's hawkish comments and the lack of supporting economic data have led to a decrease in December rate cut expectations from 95% to around 50%, causing some price corrections in precious metals [50]. Inventory Changes - Copper inventories decreased, with LME at 135,700 tons (down 0.13%) and SHFE at 109,400 tons (down 4.89%) [29][34]. - Aluminum inventories increased slightly, with LME at 552,400 tons (up 0.57%) and SHFE at 114,900 tons (up 1.38%) [35].

| | | | | 锂矿概念板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | | 涨幅%↓ | 总市值 | 年初至今涨幅% | | 1 | 000688 | 国城矿业 | 1 | 7.41 | 305亿 | 127.84 | | 2 | 002192 | 融劃股份 | 张 | 6.95 | 150亿 | 81.86 | | 3 | 002738 | 中矿资源 | | 6.77 | 484亿 | 91.65 | | 4 | 001203 | 大中矿业 | 1 | 6.45 | 451亿 | 252.34 | | 5 | 002240 | 盛新锂能 | 1 | 6.00 | 317亿 | 151.23 | | 6 | 002466 | 天齐锂业 | 1 | 4.86 | 974 Z | 79.88 | | 7 | 601969 | 国国航业 | 1 | 4.53 | 272亿 | 94.86 | | 8 | 000792 | 盐湖股份 | 1 | 4.52 | 1443亿 | 65.67 | | ਰੇ | 002460 ...

Core Viewpoint - The market is experiencing fluctuations with mixed performance across major indices, highlighting sector-specific movements and investor sentiment shifts. Group 1: Market Performance - As of November 17, major indices showed weak fluctuations, with the Shanghai Composite Index down by 0.4%, while the Shenzhen Component and ChiNext Index saw slight increases of 0.16% and 0.18% respectively [1] - The military equipment sector saw significant gains, with companies like Great Wall Military Industry hitting the daily limit, and others such as Jianglong Shipbuilding and Northern Long Dragon also rising sharply [1][3] - The lithium battery sector rebounded strongly, with Shengxin Lithium Energy reaching the daily limit, and other companies like Rongjie Co., Tianqi Lithium, and Ganfeng Lithium following suit [1][4] Group 2: Sector Highlights - The aquaculture sector was active, with Guolian Aquatic Products hitting a 20% limit up, and other companies like Dahu Co. and Zhongshui Fishery also reaching their limits [1] - The storage chip sector showed an upward trend, with Baiwei Storage rising over 10%, alongside companies like Purun Co. and Shenkong Co. [1] Group 3: Individual Stock Focus - Contemporary Amperex Technology Co. (CATL) experienced a decline of over 4% as a major shareholder, Huang Shilin, plans to transfer 45.6324 million shares, representing 1% of the company's total share capital [1] Group 4: Institutional Insights - Huashan Securities noted that the market is entering a high-level fluctuation phase, with increased rotation among sectors, particularly in the AI industry, which may present better investment opportunities [2][6] - Citic Securities highlighted a decline in the A-share sentiment index, while emphasizing interest in sectors such as electric power, basic chemicals, and defense military [5][7] - The market is expected to continue showing rotation between technology and cyclical sectors, with a focus on industries like non-ferrous metals, coal, building materials, batteries, inverters, and storage devices [8]