Core Insights - The lithium battery industry is experiencing a new cycle characterized by rising prices and increasing demand for hexafluorophosphate lithium, which is a key raw material for electrolytes [2][3][4] Price Trends - Hexafluorophosphate lithium prices have been on the rise since September, reaching an average of 160,500 CNY per ton by November 25, marking a 226% increase from the low of 49,300 CNY per ton in July [3] Order and Demand - The industry is witnessing robust demand, with companies reporting significant improvements in performance. For instance, the revenue of Dofluorid increased over fourfold year-on-year in the first three quarters of 2025, while Tianqi Materials reported a 22.34% increase in revenue to 10.843 billion CNY [4] Production Expansion - To meet the growing demand in the energy storage market, the industry has initiated multiple expansion projects for hexafluorophosphate lithium, with nearly 10 projects updated this year [5][6] Specific Projects - Notable projects include: - Hongyuan Pharmaceutical's 6,000 tons/year hexafluorophosphate lithium expansion project, which has passed energy-saving and environmental assessments [6] - The approval of Jiangxi Fuli's 50,000 tons/year hexafluorophosphate lithium project, which is in the equipment procurement phase [8] - Xinjiang Kexin Chemical's investment of 8.647 billion CNY for a project that includes 30,000 tons/year of hexafluorophosphate lithium [9] Capacity and Market Dynamics - The current market is dominated by leading companies with concentrated market share and effective capacity. This is expected to lead to increased orders and high operating rates, positively impacting performance [10][11]

2、最后转股日：2025年12月2日 2025年12月2日是"天赐转债"最后一个转股日，当日收市前，持有"天赐转 债"的投资者仍可进行转股；2025年12月2日收市后，未转股的"天赐转债"将停 止转股。 3、风险提示： 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-132 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司关于提前 赎回"天赐转债"实施暨即将停止交易的重要提示性公告 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。 重要内容提示： 1、最后交易日：2025年11月27日 2025年11月27日是"天赐转债"最后一个交易日，当日"天赐转债"简称为 "Z赐转债"；2025年11月27日收市后"天赐转债"将停止交易。 特提醒"天赐转债"持有人注意在期限内转股或卖出。 赎回价格：100.29 元/张（含息、税） 根据安排，截至 2025 年 12 月 2 日收市后仍未转股的"天赐转债"将被强制 赎回。本次赎回完成后，" ...

格隆汇11月25日｜有投资者问，请问未来两年贵司的六氟磷酸锂新增产能有多少？天赐材料在互动平台 表示，公司现有六氟磷酸锂生产的产线上存在技改提升产能的空间，新增技改产能的投放节奏会结合市 场的需求变化情况综合考虑。 ...

格隆汇11月25日丨天赐材料(002709.SZ)在互动平台表示，目前公司有少量六氟磷酸锂直接外售，其客 户以公司电解液客户为主。 ...

格隆汇11月25日丨天赐材料(002709.SZ)在互动平台表示，目前公司LiFSI产能约3万吨，未来公司会根据 市场实际需求进行有序扩建。 ...

Core Viewpoint - The groundbreaking of the first electrolyte factory in North America by Tianqi Materials in Baytown, Texas, marks a significant step in the company's global strategy, with an investment of approximately $200 million and an annual production capacity of 200,000 tons of electrolyte [2][4]. Group 1: Project Significance - The North American base is not only the company's first large-scale manufacturing facility overseas but also a crucial support for the group's global strategy, enhancing local production capabilities and ensuring a stable supply of materials for electric vehicles and energy storage systems [4][8]. - The project received strong support from local governments, emphasizing its role in promoting regional development and collaboration between the city and the enterprise [8][10]. Group 2: Economic Impact - Once operational, the factory will solidify Texas's position as a center for advanced manufacturing, enhance the safety of the North American new energy supply chain, and create multiple job opportunities, contributing to long-term regional development [10][12]. - The establishment of the factory is expected to attract more high-quality global enterprises, fostering an industrial cluster effect in the region [10]. Group 3: Future Collaboration - The ceremonial groundbreaking symbolizes the transition from planning to construction, indicating a substantial partnership between the company and the Texas government to create a new engine for green energy in North America [12]. - The company aims to continue promoting sustainable development in the new energy sector through global collaboration and innovation [12].

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a maximum intraday price increase of 1.43%, closing up 1.04% as of the report [1] - Key stocks in the lithium battery, fluorine chemical, and phosphate chemical sectors have shown significant gains, with companies like Duofluoride rising over 7% and Tianci Materials increasing over 4% [1] - The overall market sentiment indicates a positive outlook for the chemical industry, driven by recent developments and investments in advanced materials and technologies [3][4] Group 2 - Citic Securities anticipates an improvement in the supply-demand structure of the lithium battery industry by 2026, with accelerated industrialization of solid-state batteries creating investment opportunities across various segments [3] - The current valuation of the chemical sector is considered attractive, with the chemical ETF's underlying index trading at a price-to-book ratio of 2.26, which is relatively low compared to historical levels [3] - The chemical industry is expected to benefit from a new round of supply-side reforms, enhancing the market share of leading companies through better management and energy control [3][4] Group 3 - Dongguan Securities highlights the government's focus on high-end, intelligent, and green transformation in the chemical sector, supported by various policies aimed at upgrading key industries [4] - The chemical ETF (516020) is recommended as an efficient way to gain exposure to the chemical sector, with nearly 50% of its holdings in large-cap leading stocks [4] - The report emphasizes the importance of monitoring developments in the new materials and fine chemicals sectors as part of the investment strategy [4]

在这一系列强劲驱动下，锂电需求测算数据十分亮眼。报告预计，2026年全球电动车销量将达2485万辆，同比增长17%。而储能需求则更为强劲，2025 年全球储能电池出货量预计同比大增70%至551GWh，2026年增速仍维持在40%的高位。动力与储能双双发力，共同推动2026年全球动储总需求达到 2482GWh，同比增长26%，增长势头明确且可持续。 慧博投研近日发布研究报告，对储能之锂电材料行业进行了深度梳理。报告指出，在全球能源转型与AI算力爆发形成历史性共振的背景下，锂电池行业 正迎来一轮坚实的"反转周期"。 历经两年价格磨底与产能出清后，在中美欧政策的强力支撑下，六氟磷酸锂、磷酸铁锂等核心材料价格快速反弹，行业产能利用率大幅提升，龙头企业 已率先实现满产满销。展望2026年，全球锂电材料需求缺口预计将进一步扩大，具备技术壁垒、成本优势及海外产能先发优势的企业，有望在这一轮行 情中实现"量利齐升"。 驱动行业复苏的核心引擎，来自储能需求的超预期爆发，特别是AI数据中心（AIDC）正成为一股不可忽视的新势力。政策面上，中国现货市场改革与补 贴政策提升了储能的经济效益；美国延长储能税收抵免至2036年，引发了 ...

六氟磷酸锂的涨价，也反映在了动力电池产业链相关供应商的股价上：天赐材料、多氟多等"六氟磷酸锂概念股"从今年8月底开始明显上涨，成为二级市 场热议的概念。不过在一周前陆续冲到近期最高点后，天赐材料、多氟多等股票在近几个交易日出现了回调。 相比渲染市场情绪，我们更倾向从产业角度来分析这一轮的六氟磷酸锂涨价。 六氟磷酸锂，这个普通消费者几乎接触不到的化合物，不仅是生产锂电池电解液的重要原材料，还正在创造一场近乎夸张的大涨价。 今年7月，在经历了3年价格回调后，六氟磷酸锂的市场价格开始回升。《证券日报》援引Wind数据显示，六氟磷酸锂价格从7月低点约4.93万元/吨迅速攀 升，至11月17日部分市场报价已突破15万元/吨，短短四个月内涨幅已超200%。据"上海有色网"统计，11月24日六氟磷酸锂的平均价已达到15.8万元/吨。 | SMN= | 首页 原料价格 | 产业数据 | 产业资讯 | 研究报告 | 成本解构 | 历史价格 | | --- | --- | --- | --- | --- | --- | --- | | 您所在的位置: SMM汽车产业 > 原料价格 > 价格详情 | | | | | | | | ■ ...

大成中证电池主题指数发起式A（015997）成立日期2022年6月28日，最新规模7298.36万。今年以来收 益55.81%，同类排名189/4206；近一年收益45.83%，同类排名357/3983；成立以来亏损16.44%。 大成中证电池主题指数发起式A（015997）基金经理为郑少芳。 截至发稿，郑少芳累计任职时间2年145天，现任基金资产总规模25.8亿元，任职期间最佳基金回报 45.6%， 任职期间最差基金回报-4.5%。 11月25日，天赐材料涨5.04%，截至发稿，报40.44元/股，成交31.75亿元，换手率5.55%，总市值809.36 亿元。 资料显示，广州天赐高新材料股份有限公司位于广东省广州市黄埔区云埔工业区东诚片康达路8号,香港 湾仔皇后大道东248号大新金融中心40楼，成立日期2000年6月6日，上市日期2014年1月23日，公司主营 业务涉及精细化工新材料的研发、生产和销售。主营业务收入构成为：锂离子电池材料89.66%，日化 材料及特种化学品8.73%，其他1.61%。 从基金十大重仓股角度 数据显示，大成基金旗下1只基金重仓天赐材料。大成中证电池主题指数发起式A（01599 ...