证券代码：002709 证券简称：天赐材料 公告编号：2026-008 天赐材料（002709） 广州天赐高新材料股份有限公司 第六届董事会第四十一次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2026 年 1 月 7 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 六届董事会第四十一次会议以通讯方式召开。应参加本次会议表决的董事 9 人， 实际参加本次会议表决的董事 9 人。本次会议的召集、召开程序均符合《中华人 民共和国公司法》和《公司章程》的规定。 具体内容详见《关于增加商品期货套期保值业务额度的公告》，与本决议同 日在公司指定信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券 日报》和巨潮资讯网（http://www.cninfo.com.cn）公告。 二、审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 本次董事会审议并通过了相关议案，形成决议如下： 一、审议通过了《关于增加商品期货套期保值业务额度的议案》 同意公司及子公司开展最高保证金额度由不超过人民币 1.5 亿元或等值其他 外币金额增加至不超过人民币 ...

Core Viewpoint - The lithium hexafluorophosphate (LiPF6) market is entering a new upward cycle in the second half of 2025, characterized by structural supply-demand mismatches [1]. Group 1: Market Capacity and Production - By the second half of 2025, the overall market will see an increase in production capacity of only 50,000 tons, with nominal capacity at 470,300 tons and effective capacity at 335,000 tons, leading to a global production of 279,000 tons and a capacity utilization rate of 83% [1]. - Major manufacturers such as Dongfang, Tianji, Tinci, Zhonglan Hongyuan, Hongyuan Pharmaceutical, and Yongtai are expected to operate at full capacity [1]. - The first-tier LiPF6 manufacturers will have production exceeding 35,000 tons in 2025, while second-tier manufacturers will exceed 5,000 tons annually [3]. Group 2: Company Rankings and Market Share - The top three LiPF6 companies will account for over 60% of the market share in 2025, with Tinci Materials holding over 30%, Dongfang at 18.3%, and Xintai New Materials exceeding 13% [8]. - The rankings for LiPF6 producers in 2025 are as follows: - First-tier: Tinci Materials, Dongfang, Xintai New Materials - Second-tier: Jiangxi Shilei, Shida Shenghua, Hongyuan Pharmaceutical, Zhejiang Yongtai, Jiangsu Bikon, Zhonglan Hongyuan, Longde, and Shenzhen New Star [5]. Group 3: Price Trends and Future Outlook - After a prolonged period of stagnation, LiPF6 prices began to rise in July 2025, increasing from a low of 47,000 yuan/ton to 180,000 yuan/ton, marking a 283% increase [10]. - In 2026, global LiPF6 production is projected to reach 375,000 tons, with an additional 150,000 tons of effective capacity coming online, leading to an effective capacity of 400,000 tons and an operating rate exceeding 90% [10]. - Prices are expected to remain high throughout 2026, with the third and fourth quarters anticipated to experience seasonal demand peaks, resulting in continued price increases [10].

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Outlook - Global lithium battery production is expected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, particularly in the energy storage sector, which may see a remarkable growth rate of 48.3% [5]. - The demand surge will significantly impact the supply of battery cells and four key upstream materials, highlighting a potential supply gap that needs to be addressed for stable and efficient supply chains [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Speakers - The main forum will cover topics such as the outlook for lithium ore resource supply, operational strategies for lithium carbonate in the current market environment, and advancements in high-energy-density power battery technology [9]. - Sub-forums will address critical materials for power batteries and energy storage, including market trends, solid-state battery technology, and the impact of policies on energy storage projects [10][11]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [17].

Market Size and Forecast - The global lithium battery cathode material shipment is expected to reach 4.798 million tons by 2025, a year-on-year increase of 48.5%, with lithium iron phosphate (LFP) shipments at 3.654 million tons, growing by 67.2%, accounting for 78% of the total [2] - The shipment of ternary materials is projected to be 880,000 tons, with a slight increase of 4.3%, making up 16% of the total [2] - The main growth driver for lithium battery cathode materials is LFP, benefiting from the growth of the electric vehicle and energy storage markets [2] - The global lithium battery anode material shipment is expected to reach 2.723 million tons by 2025, a year-on-year increase of 48%, with artificial graphite accounting for 89.3% of the total [4] - The global lithium battery electrolyte shipment is projected to be 2.396 million tons by 2025, with a year-on-year growth of 53% [8] - The global lithium battery separator shipment is expected to reach 38.49 billion square meters by 2025, a year-on-year increase of 48.6% [10] Price Trends and Forecasts - The price of lithium battery cathode materials is expected to enter an upward cycle between 2026 and 2027 due to significant increases in raw material prices and improved supply-demand relationships [13] - The price of lithium battery anode materials is projected to rise in 2026-2027, driven by a rebound in upstream raw material prices and a concentration of orders among leading companies [14] - The price of lithium battery electrolytes is expected to rise in 2026-2027, primarily due to strong demand for lithium hexafluorophosphate and limited production capacity [17] - The price of separators is anticipated to increase in 2026-2027 due to growing demand from the power and energy storage markets, despite having reached cost price levels [18] Top 10 Companies in 2025 - The top 10 companies for lithium battery ternary cathode materials in China include Nantong Ruixiang, Rongbai Technology, and Bamo Technology [21] - The top 10 companies for lithium battery lithium iron phosphate cathode materials in China include Hunan Youneng, Defang Nano, and Wanrun New Energy [23] - The top 10 companies for lithium battery anode materials in China include BTR, Sanyuan Technology, and Zhongke Xingcheng [25] - The top 10 companies for lithium battery electrolyte in China include Tianci Materials, New Zobon, and Ruifeng New Materials [26] - The top 10 companies for lithium battery separators in China include Enjie, Xingyuan Materials, and Jinli Technology [28]

Group 1 - The chemical sector experienced a slight pullback on January 7, with the Chemical ETF (516020) fluctuating around the waterline before closing down 0.44% [1][7] - Key stocks in the sector, including Tianqi Lithium and Duofu, saw declines exceeding 4%, while several others dropped over 2%, negatively impacting the overall sector performance [1][7] - Despite the pullback, the basic chemical sector attracted significant capital inflow, with a net inflow of 5.915 billion yuan on the day, ranking fourth among 30 primary industries [9][10] Group 2 - The Chemical ETF (516020) has been a popular investment tool, with a net subscription of 525 million yuan over the past five trading days [10] - A meeting was held by multiple departments to discuss the regulation of competition in the power and energy storage battery industry, with participation from over ten leading companies [10] - Dongxing Securities forecasts a potential recovery in the chemical industry, expecting improvements in supply-demand dynamics and a decrease in raw material costs by 2026, presenting investment opportunities [11][12] Group 3 - The Chemical ETF (516020) tracks the CSI sub-industry index, with nearly 50% of its holdings concentrated in large-cap leading stocks, including Wanhua Chemical and Salt Lake Chemical [11][12] - The ETF also includes investments in sub-sectors such as phosphate and fluorine chemicals, nitrogen fertilizers, and high-end chemical new materials, aiming to capture comprehensive investment opportunities in the chemical sector [11][12]

Core Viewpoint - The article suggests that 2026 is expected to mark the beginning of a new healthy and orderly development cycle for China's lithium battery new energy industry [3][19]. Investment Overview - In 2025, over 282 public investment projects related to the lithium battery industry chain in China are anticipated, with a total investment exceeding 820 billion yuan, representing a year-on-year growth of over 74% [4]. - The investment projects are primarily concentrated in East and Central China, with regions like Fujian, Shandong, and Jiangsu leading in lithium battery and material manufacturing due to their rich chemical resources and strategic enterprise layouts [6]. Regional Distribution - The Southwest region, particularly Sichuan, is expected to dominate the investment in lithium battery positive materials, accounting for 59% of the projects, with a significant production capacity of over 350 GWh [11]. - Negative materials investment is more evenly distributed, with North and Northwest China favored due to lower electricity costs [11]. - The electrolyte projects are mainly concentrated in East China, benefiting from a robust industrial chain and proximity to downstream markets [11]. Overseas Expansion - Chinese lithium battery companies are increasingly focusing on overseas markets, with significant investments in Thailand, Spain, and Portugal, driven by favorable geopolitical conditions and local demand [7]. - Notable projects include the establishment of a zero-carbon AI super factory in Portugal and a joint venture factory in Spain by CATL and Stellantis [7]. Solid-State and Sodium Battery Development - In 2025, solid-state battery projects are expected to be concentrated in East China, with planned capacities of 74 GWh and total investments of 28 billion yuan [15]. - The sodium battery sector is projected to see significant growth, with planned capacities of 81 GWh and total investments of 32.2 billion yuan, primarily in the Southwest region [15]. Market Outlook - The lithium new energy industry is emerging from a challenging period characterized by supply-demand imbalances and declining prices, with positive signals indicating a recovery starting in 2025 [18]. - The demand for solid-state batteries and sodium batteries is expected to accelerate, with the latter projected to achieve a 100% increase in shipments by 2026 [19].

Group 1 - The solid-state battery industry is accelerating towards commercialization, with significant advancements expected in the near future [6][8] - A Finnish startup, Donut Lab, has announced the world's first commercially viable solid-state battery, set to be showcased at CES 2026, which promises to surpass traditional lithium battery technology in energy density, charging speed, and lifespan [8] - The industry consensus is moving towards reducing liquid electrolyte content and increasing solid electrolyte usage, which is seen as a disruptive technology that will drive innovation and competition among global companies [8][9] Group 2 - Companies involved in solid-state battery technology, such as Tianqi Lithium (002460), Enjie (002812), and others, are expected to see significant profit growth, with some projected to double their net profits this year [11][12] - Research indicates that solid-state battery manufacturers will benefit first from the industry's acceleration, with new equipment opening up additional growth opportunities [9] - Key players like Tianqi Materials (002709) and Xiamen Tungsten (厦钨新能) are making strides in solid-state battery materials, with advancements in sulfide electrolytes and oxide-based materials [10][12]

Group 1 - Tianqi Materials experienced a decline of 5.08% on January 7, with a stock price of 45.03 yuan per share, a trading volume of 5.488 billion yuan, a turnover rate of 7.89%, and a total market capitalization of 91.586 billion yuan [1] - The company, Guangzhou Tianqi High-tech Materials Co., Ltd., was established on June 6, 2000, and listed on January 23, 2014. Its main business involves the research, production, and sales of fine chemical new materials [1] - The revenue composition of Tianqi Materials includes 89.66% from lithium-ion battery materials, 8.73% from daily chemical materials and specialty chemicals, and 1.61% from other sources [1] Group 2 - Yongying Fund has one fund heavily invested in Tianqi Materials, specifically the Yongying Hejia One-Year Holding Mixed A (017220), which held 25,600 shares as of the third quarter, accounting for 0.22% of the fund's net value, ranking as the seventh largest holding [2] - The fund has reported a floating loss of approximately 61,700 yuan today [2] - The Yongying Hejia One-Year Holding Mixed A fund was established on December 29, 2022, with a current scale of 258 million yuan, and has year-to-date returns of 0.41%, ranking 8098 out of 8823 in its category [2]

Group 1 - Tianqi Materials experienced a decline of 5.08% on January 7, with a stock price of 45.03 yuan per share, a trading volume of 5.489 billion yuan, a turnover rate of 7.89%, and a total market capitalization of 91.586 billion yuan [1] - The company, Guangzhou Tianqi High-tech Materials Co., Ltd., was established on June 6, 2000, and listed on January 23, 2014. Its main business involves the research, production, and sales of fine chemical new materials [1] - The revenue composition of Tianqi Materials includes 89.66% from lithium-ion battery materials, 8.73% from daily chemical materials and specialty chemicals, and 1.61% from other sources [1] Group 2 - According to data from the top ten heavy positions of funds, one fund under Shangyin Fund holds a significant position in Tianqi Materials. The Shangyin Value Growth 3-Month Holding Period Mixed A Fund (013284) held 12,000 shares in the third quarter, accounting for 2.84% of the fund's net value, ranking as the fourth-largest heavy position [2] - The Shangyin Value Growth 3-Month Holding Period Mixed A Fund was established on December 20, 2021, with a latest scale of 1.9204 million. Year-to-date returns are 3.91%, ranking 2469 out of 8823 in its category; the one-year return is 33.16%, ranking 3828 out of 8083; and the return since inception is 35.42% [2] Group 3 - The fund manager of Shangyin Value Growth 3-Month Holding Period Mixed A Fund is Zhao Zhiyue, who has a tenure of 10 years and 243 days, with a total asset scale of 1.768 billion yuan. The best fund return during his tenure is 137.45%, while the worst is -42.27% [3] - Co-manager Chen Bo has a tenure of 5 years and 341 days, with a total asset scale of 791 million yuan. The best fund return during his tenure is 87.34%, while the worst is -8.38% [3]

Group 1 - The core viewpoint of the article is that Tianqi Materials is in the process of obtaining preliminary approval for its hundred-ton lithium sulfide and solid-state electrolyte pilot production line, which is expected to be completed in the second half of 2026 [1] Group 2 - The company is currently working on the necessary pre-construction procedures for the pilot production line [1] - The completion of the production line is anticipated to enhance the company's capabilities in lithium materials [1] - The development aligns with the growing demand for advanced battery materials in the electric vehicle and energy storage sectors [1]