（文章来源：证券日报） 证券日报网讯天赐材料10月21日在互动平台回答投资者提问时表示，公司凭借在锂离子电池电解液及其 材料领域的深厚技术积累及一体化布局，目前已完成了钠离子电池电解液的技术储备，并布局了钠离子 电池电解液及相关的核心材料六氟磷酸钠、NaFSI等。 ...

天赐材料在互动平台表示，公司凭借在锂离子电池电解液及其材料领域的深厚技术积累及一体化布局， 目前已完成了钠离子电池电解液的技术储备，并布局了钠离子电池电解液及相关的核心材料六氟磷酸 钠、NaFSI等。 ...

动向解读 ➢ 电解液及六氟磷酸锂的价格预计将趋于良性恢复。公司预计未来电解液及六氟磷酸锂的产品价格将逐 步趋向于良性的恢复，一方面是受核心原材料碳酸锂的价格波动影响，另一方面是随着下游需求的持 续提升，行业的产能利用率水平也稳步提高，在供需格局好转的背景下，产品价格及盈利水平也会稳 步回升到合理水平。公司认为，目前六氟磷酸锂三家头部供应商的开工率已经处于相对较高水平，其 他不具备成本优势的产能，实际的生产负荷低或没有实际开车，综合来看，目前六氟磷酸锂的市场供 需处于相对平衡阶段。公司在现有生产的产线上存在技改提升产能的空间，但目前暂未考虑投放生产， 公司会维持相对平衡的产能利用率水平，新增产能的投放节奏会结合市场的需求变化情况综合考虑。 Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 21 Oct 2025 环球富盛理财有限公司 天赐材料 Guangzhou Tinci Materials Technology (002709.CH) 合作协议提振业绩预期，新增产能奠定增长基础 Cooperation boos ...

Core Insights - The core viewpoint of the article highlights the significant growth of the "Quanguo Xuyuan Three-Year Holding A" fund, which reached a scale of 19.069 billion yuan as of September 30, 2025, marking a quarterly increase of nearly 6 billion yuan, making it the largest among disclosed equity funds for the third quarter [1][2]. Fund Performance - The fund achieved a return of 43.10% over the past six months and 41.61% over the past year, ranking favorably among its peers, with a notable quarterly increase of 45.58% in Q3, outperforming the average of similar products and the CSI 300 index [2]. - Since its inception on October 18, 2022, the fund has delivered a total return of 1.80% and an annualized return of 0.60%, ranking 1980 out of 3209 in its category [4]. Investment Strategy - The fund manager, Zhao Yi, emphasized a "dual-end allocation" strategy to adapt to market changes, focusing on technology AI and sectors in recovery, particularly in new energy (especially the lithium battery supply chain) and military industry [5]. - In the AI sector, the fund is concentrated on three main lines: efficiency-enhancing internet companies like Meta, companies driven by new application scenarios such as Palantir, and cloud service providers like Microsoft [6]. - In the new energy sector, the fund is particularly focused on the lithium battery supply chain, noting a slowdown in fixed asset investment while demand remains high, leading to an improving supply-demand structure [6]. Portfolio Adjustments - The fund's top ten holdings include major companies such as Ningde Times, Tencent Holdings, and Enjie Co., with a total market value exceeding 12.877 billion yuan [9]. - Significant adjustments were made in the portfolio, with a notable reduction of 37.52% in holdings of Keda Li, while new additions included Tianqi Lithium and SMIC, indicating a continued focus on lithium materials and domestic semiconductor sectors [9]. Market Outlook - Zhao Yi expressed optimism about the long-term positive trend of the Chinese equity market, citing signs of easing in U.S. tariff policies and potential liquidity improvements, which could inject more momentum into the A-share market [9].

我国六氟磷酸锂产能集中在少数企业，受益于价格上涨盈利能力有望修复 根据百川盈孚数据，截至25年10月17日，我国六氟磷酸锂行业共具备产能44.29万吨/年，其中有效产能 38.94万吨/年，同比增长13.7%，产能主要集中于天赐材料（002709）、多氟多（002407）、天际股份 （002759）、石大胜华（603026）等主要厂商，其中，天赐材料产能折固约11万吨/年，多氟多产能约6 万吨/年，石大胜华产能约3.7万吨/年，天际股份产能约3.7万吨/年，新宙邦（300037）投资的石磊氟材 料现有六氟磷酸锂产能为2.4万吨/年，待2025年底技改完成后，六氟磷酸锂规划产能可达3.6万吨/年。 光大证券发布研报称，本轮六氟磷酸锂价格上涨的核心驱动力源于强劲的需求复苏与供给端的紧张格 局，下游电解液和电池制造商的需求显著回暖，而上游的六氟磷酸锂生产商此前在行业低谷期普遍采取 了谨慎的生产策略，并未有显著的产能扩张，当前市场上大部分厂家基本处于满产状态，供应增幅较 小。自9月中旬以来，六氟磷酸锂价格打破了长期的横盘整理态势，开启了快速上行通道，国庆节后， 六氟磷酸锂价格出现了跳跃式增长。 光大证券主要观点如下： ...

Core Insights - The fund managed by Zhao Yi, the Quan Guo Xu Yuan three-year holding mixed fund, reported a return of 45.58% for its A share in Q3 2023, significantly outperforming the benchmark return of 13.49% [1] - As of the end of Q3, both A and C share net asset values exceeded 1.1 yuan [1] - The fund's stock allocation decreased from 92.42% to 85.50% in Q3, with adjustments made to the heavy stock portfolio [1] Stock Portfolio Adjustments - The fund increased its holdings in Enjie Co., Kuaishou, Tianci Materials, Alibaba, and SMIC, while reducing its positions in CATL, Tencent, Codali, Luxshare Precision, and Yingliu [1] - Tianci Materials saw its stock price double in Q3, with an increase of over 110%, while Luxshare Precision, SMIC, and Codali all experienced gains of over 70% [1] Investment Focus - The fund's investment strategy is concentrated in high-end manufacturing sectors such as new energy, electronics, and mechanical industries, as well as Hong Kong internet companies [4] - In the AI sector, the focus is on efficiency-driven internet leaders, companies driven by new application scenarios, and computing power and cloud service firms [4] - In the new energy sector, the emphasis is on the lithium battery supply chain, with a belief that the current cycle of price and volume increases will be healthier and more sustainable than previous cycles [4]

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].

Group 1 - The core viewpoint of the articles indicates a positive outlook on equity assets, with multiple fund managers expressing optimism for the fourth quarter and beyond [5][6] - The technology growth sector has become a focal point for fund allocation, with significant adjustments in holdings towards high-end manufacturing industries such as new energy, electronics, and military technology [2][3] - Fund managers are particularly focused on AI-related investments, emphasizing efficiency-driven internet leaders, new application-driven companies, and cloud service providers [2][5] Group 2 - The top holdings of the funds reveal a strong concentration in leading companies, with significant positions in Ningde Times, Tencent, and Enjie, among others [3] - Fund sizes have seen substantial growth, with the泉果旭源三年持有期混合基金 increasing from 13.08 billion to 19.07 billion, driven by net value appreciation [4] - The AI industry is experiencing a shift in its driving model, with a notable expansion in demand for computing power and a transition towards application-driven growth [6]

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 Viewpoint - The solid-state battery sector in the A-share market is experiencing a significant surge, driven by advancements in technology and promising applications in electric vehicles and low-altitude economy sectors [1]. Group 1: Market Performance - Jiangte Electric and Fengshan Group reached their daily limit up, while Dongsheng Technology saw an increase of nearly 8% [1]. - Other companies such as Better Ray, Shangtai Technology, and Xingyuan Materials also experienced gains [1]. - The market capitalization and year-to-date performance of key companies in the sector are as follows: - Jiangte Electric: Market Cap 18.3 billion, YTD Gain 44.80% - Fengshan Group: Market Cap 2.857 billion, YTD Gain 91.15% - Dongsheng Technology: Market Cap 37.5 billion, YTD Gain 72.13% - Better Ray: Market Cap 35 billion, YTD Gain 61.11% - Shangtai Technology: Market Cap 21.4 billion, YTD Gain 21.64% [2]. Group 2: Technological Advancements - Chinese scientists have recently made significant progress in solid-state battery technology, overcoming critical challenges in all-solid-state lithium batteries [1]. - The performance of solid-state batteries has seen a leap forward, with the potential to double the range from 500 kilometers to over 1000 kilometers for a 100-kilogram battery [1].