Group 1 - The article highlights that 43 stocks appeared on the weekly trading list, with 24 showing net purchases from the Shenzhen Stock Connect, indicating strong investor interest [1] - The top three stocks with the highest net purchases were Jianglong Shipbuilding, Rongjie Co., and Aerospace Development, with net purchases of 147.36 million, 139.09 million, and 72.45 million respectively [1] - The average increase for stocks with net purchases was 11.15%, outperforming the Shanghai Composite Index, which fell by 3.90% during the same period [1] Group 2 - Among the stocks with net sales, 19 were identified, with the highest net sales recorded for Duofluoride and Tianci Materials, amounting to 439.53 million and 126.01 million respectively [2] - The stock with the largest increase was Jianglong Shipbuilding, which saw a cumulative rise of 64.97% over the week [1] - The trading turnover rate for Jianglong Shipbuilding was notably high at 251.43%, indicating significant trading activity [1]

Group 1: Market Performance - The sodium-ion battery concept sector declined by 6.54%, ranking among the top losers in the market [1] - Major stocks within this sector, such as Weike Technology, Fangda Carbon, and Xiangtan Chemical, hit the daily limit down [1] - Other notable decliners included Haike Xinyuan, Honggong Technology, and Xingyuan Materials, which also experienced significant drops [1] Group 2: Capital Flow - The sodium-ion battery sector saw a net outflow of 10.037 billion yuan from main funds, with 118 stocks experiencing net outflows [2] - The stock with the highest net outflow was Huayou Cobalt, with a net outflow of 900 million yuan, followed by Tianci Materials and Xianlead Intelligent with net outflows of 778 million yuan and 583 million yuan, respectively [2] - Conversely, stocks like CATL, Tianji Shares, and Baichuan Shares saw net inflows of 87.54 million yuan, 85.65 million yuan, and 31.32 million yuan, respectively [2]

Group 1 - The organic silicon sector experienced a decline of 6.57%, ranking among the top losers in the concept sector, with stocks like Morning Light New Materials and ST Hongda hitting the limit down [1] - Major stocks in the organic silicon sector that saw significant declines include Tian Ci Materials (-9.97%), Fu Xiang Pharmaceutical (-14.29%), and Xingfa Group (-4.26%) [2] - The sector faced a net outflow of 2.285 billion yuan from main funds, with Tian Ci Materials leading the outflow at 778 million yuan [1][2] Group 2 - Among the stocks with net inflows, Gao Meng New Materials and Yuan Xiang New Materials saw inflows of 47.68 million yuan and 5.31 million yuan, respectively [1][2] - The top gainers in the organic silicon sector included Gao Meng New Materials (+9.32%) and He Yuan Gas (+3.16%) [1] - The trading volume for stocks in the organic silicon sector showed significant turnover rates, with Fu Xiang Pharmaceutical at 28.49% and Tian Ci Materials at 10.81% [2]

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-130 | | --- | --- | --- | | 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"的第八次提示性公告 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。 特别提示： 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，特提醒"天赐转债"持有人注意在限期内转股。本次赎回完成后，"天 赐转债"将在深圳证券交易所摘牌。"天赐转债"持有人持有的"天赐转债"存 在被质押或被冻结的，建议在停止交易日前解除质押或冻结，以免出现因无法转 股而被强制赎回的情形。 风险提示：根据赎回安排，截至 2025 年 12 月 2 日收市后尚未实施转股的 "天赐转债"将按照 100.29 元/张的价格强制赎回，因目前二级市场价格与赎回价 格差异较大，投资者如未及时转股，可能面临损失，敬请投资者注意风险。 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：100.2 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [50]. Core Insights - The lithium battery index has seen a decline of 4.16% over the past two weeks, underperforming the CSI 300 index by 1.43 percentage points. However, year-to-date, the lithium battery index has increased by 51.13%, outperforming the CSI 300 index by 35.12 percentage points [2][13]. - Recent price increases in lithium carbonate, lithium iron phosphate, and hexafluorophosphate lithium (6F) have been noted, particularly a significant rise in 6F prices [6][46]. - The overall demand for lithium batteries remains strong, driven by the booming electric vehicle market, which has seen a monthly sales record in October, with a market penetration rate exceeding 50% [6][46]. Price Changes in the Lithium Battery Supply Chain - As of November 20, 2025, the average price of battery-grade lithium carbonate is 93,700 CNY/ton, reflecting a 17.42% increase over the past two weeks. Lithium hydroxide prices have remained stable at 72,200 CNY/ton [4][27]. - Lithium iron phosphate prices have risen to 38,100 CNY/ton, up 9.64% in the same period. Prices for NCM523, NCM622, and NCM811 have also seen slight increases [30]. - The price of hexafluorophosphate lithium has surged to 175,000 CNY/ton, marking a 47.06% increase [34]. Market Outlook - The report expresses optimism for the overall demand for lithium batteries in the coming year, with an improving supply-demand balance in the industry. However, it notes that the first quarter is typically a slow season for electric vehicle sales, and production rates may decline towards the end of the year [6][46]. - The ongoing development of solid-state batteries is expected to create new demand for materials and equipment in the supply chain, with significant advancements anticipated in the coming years [6][46]. Company Performance Highlights - Notable companies in the lithium battery supply chain have shown significant stock performance, with ST Huzong, Tianhua New Energy, and Haike New Source leading the gains in the past two weeks [14][17]. - The report suggests focusing on leading companies with technological and cost advantages across various segments of the supply chain, particularly those involved in solid-state battery technology [6][46].

Core Viewpoint - The company Tianqi Materials (002709) announced on November 21 that its sulfide solid electrolyte is currently in the pilot test stage, primarily providing kilogram-level samples to downstream battery manufacturers for material technology validation [1] Group 1 - The sulfide solid electrolyte is in the pilot testing phase [1] - The company is supplying kilogram-level samples to downstream battery manufacturers [1] - The company is collaborating with downstream clients for material technology validation [1] Group 2 - The UV glue frame has achieved small batch sales [1]

Core Viewpoint - The company Tianqi Materials (002709) anticipates an overall addition ratio of LiFSI to reach 2.2% this year, with expectations to increase to 3% next year due to rising demand for high-performance formulations such as fast charging [1] Group 1 - The company expects the addition ratio of LiFSI to reach 2.2% this year [1] - The demand for high-performance formulations, particularly fast charging, is expected to drive further increases in the addition ratio [1] - The company projects that the addition ratio will reach 3% next year [1]

Core Viewpoint - Tianqi Materials announced on November 21 that its existing annual production capacity of 300,000 tons of iron phosphate has reached a relatively high operating rate, leading to a gradual decrease in product costs and a continuous recovery in profitability [1] Group 1 - The company has achieved a high operating rate for its 300,000 tons iron phosphate project [1] - As the operating rate continues to improve, the product cost of iron phosphate is gradually decreasing [1] - The profitability level of the company is continuously recovering [1] Group 2 - The company has completed the development of its fourth-generation products [1] - The fourth-generation products have reached a high qualification rate [1]

Group 1 - The core viewpoint of the article is that Tianqi Materials has revised its sales forecast for electrolytes, expecting to exceed its initial target for 2025 [1] - The company anticipates a total sales volume of 720,000 tons for the year 2025, with approximately 310,000 tons in the first half and 410,000 tons in the second half [1]

（编辑 王雪儿） 证券日报网讯 天赐材料11月21日发布公告，在公司回答调研者提问时表示，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。目 前公司技改项目相关手续正在申请办理，现有产线预计会维持相对较高的产能利用率水平。六氟磷酸锂 行业经历过几年的下行周期，全行业已达成一定共识，有序扩产和合理利润一定是未来的核心方向。 ...