证券之星消息，8月20日能源金属板块较上一交易日上涨0.43%，腾远钴业领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。能源金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301219 | 腾远钻业 | 65.14 | 6.13% | 16.47万 | | 10.54亿 | | 603799 | 华友钻业 | 45.50 | 3.24% | 89.06万 | | 40.40亿 | | 300618 | 塞锐铝业 | 39.12 | 2.38% | 17.45万 | | 6.79亿 | | 000408 | 藏格矿业 | 50.22 | 0.76% | 7.76万 | | 3.88亿 | | 605376 | 博迁新材 | 46.52 | 0.61% | 15.79万 | | 7.25亿 | | 600711 | 盛屯矿业 | 7.79 | 0.00% | 77.67万 | | 6.04亿 | | ...

近日，天齐锂业、赣锋锂业、盛新锂能等多家锂企陆续发布2025年上半年业绩预告，盈利分化明显，有 业内人士指出，在碳酸锂价格低位运行背景下，资源优势和成本管控能力正成为锂企发展的关键所在。 近日，天齐锂业、赣锋锂业、盛新锂能等多家锂企陆续发布2025年上半年业绩预告，盈利分化明显。有 业内人士指出，在碳酸锂价格低位运行背景下，资源优势和成本管控能力正成为锂企发展的关键所在。 当前锂行业正处于深度调整阶段，企业可通过提升原料自给率和工艺优化等策略持续降本增效，应对周 期波动，在激烈的竞争中保持优势。 经营数据喜忧参半 各家锂企披露的2025年上半年预期业绩可谓喜忧参半。天齐锂业、藏格矿业、中矿资源等企业预计业绩 实现盈利。其中，天齐锂业预计上半年实现归属于上市公司股东的净利润最高为15500万元，比上年同 期增长102.98%，上年同期为亏损52.06亿元，实现扭亏为盈。 中矿资源业绩同比出现下滑，该公司预计上半年实现归属于上市公司股东的净利润6500万—9000万元， 较上年同期的4.73亿元下降约80.97%—86.26%。 中矿资源提到，2025年上半年，公司具有核心竞争力的稀有轻金属（铯、铷）业务继续发挥 ...

Core Viewpoint - Tianqi Lithium's CEO expressed willingness to renegotiate the equity matters concerning IGO at the Kwinana lithium refinery, indicating that no proposals have been received yet [1] Group 1 - Tianqi Lithium is open to discussions regarding the ownership structure with IGO [1] - The company has not yet received any proposals related to the equity negotiations [1]

Core Viewpoint - Solid-state batteries are the trend due to high safety and high energy density, focusing on sulfide routes with performance targets of 400Wh/kg and over 1000 cycles, aiming for small-scale production in 2027 and mass production by 2030 [2][8]. Group 1: Solid-State Battery Development - The transition to solid-state batteries is driven by the need for improved safety and energy density, as traditional lithium-ion batteries pose safety risks due to flammable organic electrolytes [8]. - Solid-state batteries eliminate liquid electrolytes, enhancing safety and space utilization, with energy densities potentially reaching 500Wh/kg [9][10]. Group 2: Sulfide Electrolyte Characteristics - Sulfide electrolytes are favored for their high ionic conductivity at room temperature, making them ideal solid-state electrolyte materials despite challenges like air stability and electrochemical window limitations [3][10][22]. - The main types of sulfide electrolytes include lithium sulfide-silver-germanium structures, which offer low cost, high conductivity, and good electrochemical stability [3][24]. Group 3: Competitive Landscape - The competitive landscape for lithium sulfide and sulfide electrolytes is diverse, with major players like Ganfeng Lithium and Tianqi Lithium leading, alongside emerging startups and semiconductor companies expanding into the sulfide supply chain [4][14]. - The competition is expected to intensify as battery manufacturers actively develop their own sulfide electrolytes, with the barrier to entry for lithium sulfide being higher than for sulfide electrolytes [4][14]. Group 4: Investment Opportunities - Investment opportunities are identified in companies with unique processes and outstanding product performance in lithium sulfide production, with potential for large-scale applications in the medium term [5]. - Key companies include Xiamen New Energy, Shanghai Xiba, and Rongbai Technology, each with distinct advantages in solid-state battery technology and production capabilities [5][20]. Group 5: Future Projections - By 2030, the market for sulfide solid-state batteries is projected to reach 117GWh, with a corresponding market value estimated between 117 billion to 175.5 billion yuan [20][21]. - The demand for lithium sulfide is expected to exceed 20,000 tons by 2030, driven by the anticipated production scale of solid-state batteries [21].

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Tianqi Lithium Corporation 承董事會命 天齊鋰業股份有限公司 董事長兼執行董事 於本通告日期，董事會由以下成員組成：執行董事蔣安琪女士、蔣衛平先生、 夏浚誠先生及鄒軍先生；及獨立非執行董事向川先生、唐國瓊女士、黃瑋女士及 吳昌華女士。 蔣安琪 香港，2025年8月19日 （股份代號：9696） 董事會會議通告 天齊鋰業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年8月29日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2025年6月30日止六個月之中期業績及其發佈，考慮派發中期股 息（如有），以及處理其他事項。 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） ...

格隆汇8月19日丨天齐锂业(09696.HK)宣布，本公司将于2025年8月29日（星期五）举行董事会会议，藉 以（其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，考 虑派发中期股息（如有），以及处理其他事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 天齊鋰業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年8月29日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2025年6月30日止六個月之中期業績及其發佈，考慮派發中期股 息（如有），以及處理其他事項。 承董事會命 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 董事會會議通告 董事長兼執行董事 Tianqi Lithium Corporation 蔣安琪 天齊鋰業股份有限公司 香港，2025年8月19日 於本通告日期，董事會由以下成員組成：執行董事蔣安琪女士、蔣衛平先生、 夏浚誠先生及鄒軍先生；及獨立非執行董事向川先生、唐國瓊女士、黃瑋女士及 吳昌華女士。 ...

Core Viewpoint - Company is actively engaged in the solid-state battery industry, focusing on key raw materials and technological advancements to enhance its position in the new energy materials sector [1]. Group 1: Investment and Partnerships - Company holds approximately 3% equity in Beijing Weilan New Energy Technology Co., Ltd. through Chengdu Tianqi and about 7.67% in SES AI Corporation via Tianqi Lithium Hong Kong, to track trends in solid-state battery technology and commercialization [1]. - A joint venture, Tianqi Weilan Solid Lithium New Materials (Shenzhen) Co., Ltd., has been established with Beijing Weilan to focus on pre-lithiation anode materials and related manufacturing equipment [1]. Group 2: Material Development and Production - Company has completed industrialization support for lithium sulfide, a key material for the next-generation solid-state battery, and has conducted sample testing with over ten downstream customers [1]. - The production line for lithium sulfide is being advanced, with ongoing upgrades in quality and capacity [1]. - The newly developed battery-grade lithium sulfide micro-powder shows significant improvements in uniformity and activity compared to previous high-purity products, while the development of recycling purification technology has greatly reduced production costs [1]. Group 3: Metal Lithium Production - The Chongqing Tongliang production base has an existing capacity of 600 tons/year for metal lithium, with plans to expand to 1000 tons [1]. - Company is developing new green refining technologies for high-energy metal lithium and is advancing intelligent electrolysis equipment and processes [1]. - Achievements include stable production of ultra-thin lithium strips at 20μm level and the development of two new composite strips, with ongoing downstream sampling and application validation [1]. Group 4: Future Strategic Focus - Company aims to explore strategic opportunities in the new energy value chain, particularly in collaboration potential for new energy materials and next-generation battery technologies, focusing on electric vehicles and energy storage applications [1][3].

中信证券研报认为，当前时点，旗帜鲜明看好中国电池核心资产的配置价值。短期来看，25Q2受供需 持续改善影响，电池价格企稳，上游原材料成本下降、稼动率提升带来额外盈利弹性，电池板块业绩有 望超预期；中长期来看，供需改善趋势依然较为明确，同时商用车电动化、AI数据中心、海外市场仍 有望为头部企业带来超额增长。估值层面，中国电池核心资产较日韩企业仍具备显著优势，随着后续更 多电池企业H股上市，全球资金定价体系下，中国电池资产估值中枢有望得到进一步抬升。 据TrendForce集邦咨询最新调查，2025年第二季全球纯电动车（BEV）、插电混合式电动车（PHEV） 和氢燃料电池车等新能源车（NEV）新车销量达486.8万辆，同比增长30%。若计入油电混合车 （HEV），第二季电动车（EV）销量更达到645.6 万辆，占全球汽车总销量29%。 数据显示，截至2025年7月31日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300124)、比亚迪(002594)、长安汽车(000625)、华友钴业(603799)、三花智控 (002050)、亿纬锂能(300014)、赣锋锂 ...

Investment Rating - The report indicates a positive investment outlook for solid-state batteries, particularly those utilizing sulfide electrolytes, with expectations for significant advancements and market penetration by 2030 [2][12]. Core Insights - Solid-state batteries are seen as the future due to their high safety and energy density, with a focus on sulfide electrolytes aiming for a specific energy density of 400Wh/kg and a cycle life exceeding 1000 times by 2027 for small-scale automotive applications and large-scale production by 2030 [2][12]. - The report emphasizes the importance of sulfide electrolytes, which offer the highest ionic conductivity at room temperature compared to other types, making them the most promising solid-state electrolyte materials [15][28]. - The competitive landscape for lithium sulfide and sulfide electrolytes is evolving, with numerous players entering the market, including established lithium battery companies and emerging startups [4][19]. Summary by Sections 1. Solid-State Battery Focus on Sulfide Systems - Solid-state batteries are expected to replace traditional lithium-ion batteries due to safety concerns associated with flammable organic liquid electrolytes [12][16]. - The transition to solid-state batteries is driven by the need for higher energy density and safety in electric vehicles and large-scale energy storage [12][19]. 2. Sulfide Electrolytes: Barriers in Electrochemical Design and Synthesis - Various forms of sulfide electrolytes exist, with lithium sulfide-silver-germanium mineral structures being the most prominent due to their low cost and high ionic conductivity [3][28]. - The report identifies key challenges in improving the electrochemical stability and synthesis processes of sulfide electrolytes, which are critical for their commercial viability [3][30]. 3. Lithium Sulfide: Core Raw Material for Electrolytes - The purity of lithium sulfide is crucial for the performance of sulfide electrolytes, with multiple production methods evaluated for their cost-effectiveness and safety [3][4]. - The report highlights the competitive factors in lithium sulfide production, focusing on purification costs and the advantages of various synthesis routes [3][4]. 4. Competitive Landscape: Diverse Routes Awaiting Consolidation - The market for lithium sulfide and sulfide electrolytes is characterized by a diverse array of participants, including leading lithium battery manufacturers and new entrants [4][19]. - The report anticipates increased competition as battery manufacturers actively develop their own sulfide electrolytes, leading to a more consolidated market in the future [4][19]. 5. Investment Recommendations - The report suggests focusing on companies with unique processes and superior product performance in the lithium sulfide sector, as these are expected to lead the market in the medium term [5][19]. - Key players identified include companies that are pioneering various synthesis methods for lithium sulfide, which are expected to have significant scaling potential [5][19].