每经AI快讯，天赐材料今日跌10.00%，成交额76.27亿元，换手率11.74%，盘后龙虎榜数据显示，深股 通专用席位买入2.70亿元并卖出3.96亿元，1家机构专用席位净买入389.13万元，有2家机构专用席位净 卖出3.86亿元。 ...

天赐材料今日跌停，成交额76.27亿元，换手率11.74%，盘后龙虎榜数据显示，深股通专用席位买入 2.70亿元并卖出3.96亿元，1家机构专用席位净买入389.13万元，有2家机构专用席位净卖出3.86亿元。 ...

成分股方面，石基信息涨停，北方华创、朗新集团、三六零涨幅居前。新宙邦跌11.22%领跌成分股，天赐材料、多氟多、璞泰来跌停。 （文章来源：新华财经） 新华财经北京11月18日电 （王媛媛）新华500指数（989001）11月18日收盘报5043.65点，跌幅0.74%。 走势上看，新华500指数（989001）18日小幅调整。指数盘中最高触及5086.81点，最低触及5025.79点，成分股全天总成交额报5789亿元。 ...

(本文来自第一财经) 石大胜华跌停，立中集团、新宙邦跌超8%，天赐材料、中欣氟材、巍华新材、永太科技、永和股份等 走低。 ...

Core Viewpoint - The A-share market experienced a volatile pullback on November 18, with the battery sector facing significant declines, particularly the Battery 50 ETF (159796), which dropped over 4% despite a net inflow of 60 million yuan during the day, bringing its total inflow over the past two days to more than 870 million yuan, reaching a new high of over 10.45 billion yuan in total assets [1][3]. Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with the battery materials sector leading the losses. Notable declines included Fu Lin Precision Engineering down over 15%, Xinzhou Bang and Hunan Youneng down over 10%, and Tianqi Materials and Putailai hitting their daily limit down [3][4]. - The top ten constituent stocks of the Battery 50 ETF included major players like Longi Green Energy and CATL, with declines ranging from 2.05% to 6.47% [4]. Stock Movements - CATL's shareholder Huang Shilin plans to transfer 45.63 million shares at a price of 376.12 yuan per share, which has been fully subscribed by 16 institutional investors [4]. - The recent sell-off in battery materials coincided with a continued upward trend in lithium carbonate futures prices, which have surged from less than 70,000 yuan/ton in July to nearly 90,000 yuan/ton in November [5][7]. Industry Trends - The lithium battery upstream raw materials have been experiencing a collective price increase since July, with lithium carbonate and lithium hexafluorophosphate prices seeing significant rises, impacting the pricing of electrolytes and other components [7][8]. - The demand for negative electrode materials has also increased, with a year-on-year growth of over 15% in graphite demand, leading to price increases among major producers [8]. Storage Market Insights - The domestic energy storage market is approaching an economic inflection point, driven by the marketization of renewable energy and capacity pricing, with expectations of over 30% growth in lithium battery demand next year [9][10]. - Analysts predict that the global energy storage installation will see a growth of 50-60% next year, with significant demand expected from emerging markets [10]. ETF Investment Strategy - The Battery 50 ETF (159796) is highlighted for its high exposure to the energy storage sector, which constitutes 26% of its index, and a substantial 42% exposure to solid-state battery technology, indicating strong growth potential [11][13]. - The ETF is noted for its low management fee of 0.15% per year, making it an attractive option for investors looking to capitalize on the battery sector's growth [16].

（文章来源：每日经济新闻） 每经AI快讯，氟化工概念震荡下挫，立中集团、新宙邦跌超8%，天赐材料、中欣氟材、巍华新材、永 太科技、永和股份等走低。 ...

证券研究报告·行业研究·电力设备与新能源行业 动储需求超预期，盈利拐点确立 --电动车25Q3财报总结 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 电动车首席证券分析师 ：阮巧燕 执业证书编号：S0600517120002 联系邮箱：ruanqy@dwzq.com.cn 2 ◆ 25Q3行业整体高景气，电池、整车利润占主导。 25Q3国内电动车销量426万辆，同环比+26%/+10%，储能 Q3出货量163GWh，同环比+83%/+10%，行业整体景气度高，板块营收9981亿元，同环比+13%/+7%，归 母净利润513亿元，同环比+30%/+15%，电池占利润比重46%（同+7pct），整车26%（-15pct），中游材料 14%（+3pct），碳酸锂7%（+5pct），核心零部件8%（+0pct）。 ◆ 25Q3碳酸锂、铁锂正极环比高增。25Q3归母净利润环比增速排序：碳酸锂309%>铁锂正极272%>正极 238%>铝箔51%>结构件41%>铜箔32%>电池26%>锂电池中游23%>三元前驱体11%>隔膜3%>添加剂1%> 负 ...

Core Viewpoint - The battery materials sector, particularly lithium hexafluorophosphate, is experiencing a significant market upturn, comparable to the storage chip market, driven by rising prices of electrolytes and lithium hexafluorophosphate [2] Part 1: Supply and Demand Dynamics - After four years of stagnation, the lithium hexafluorophosphate industry is seeing a positive shift, with supply expected to grow by 9% year-on-year in FY2026, while demand is projected to increase by 31%, primarily due to a 45% growth in energy storage battery demand [3] Part 2: Industry Trends - The overall operating rate for the lithium hexafluorophosphate industry is expected to rise to 81% in FY2026, up from 51% in FY2024 and 68% in FY2025 [4] - The average price of lithium hexafluorophosphate is forecasted to reach 100,000 yuan per ton in FY2026, a 48% increase from 67,500 yuan per ton in FY2025 [4] - Market concentration is anticipated to increase, with the top five companies expected to hold a 75% market share by FY2028, up from 68% in FY2024 [4] Part 3: Market Concerns - The visibility of improved supply and demand dynamics for lithium hexafluorophosphate is high, with a convincing rationale [5] - Concerns regarding the potential impact of solid-state batteries on the demand for electrolytes and lithium hexafluorophosphate are noted, but large-scale commercialization of solid-state batteries is not expected to exert significant pressure on industry demand in the short term [5] Company Analysis: Leading Firms - **Dofluorid**: - Positioned as the second-largest producer of lithium hexafluorophosphate globally, with nominal capacity expected to reach 65,000 tons per year by the end of 2024 [7] - Plans to shift its battery strategy from square to cylindrical batteries, aiming for 120 GWh capacity by 2027, with a focus on household energy storage and two-wheeler battery replacement [7] - **Tinci Materials**: - The global leader in electrolytes, with a projected nominal capacity of 1.3 million tons per year by 2025 and a market share of 30% [8] - Expected to increase its lithium hexafluorophosphate capacity to 110,000 tons per year by 2025, with a significant rise in operating rates from 60% in 2024 to 90% in 2026 [8] - A potential net profit increase of approximately 4% is anticipated for every 1,000 yuan per ton increase in processing fees or average selling prices of lithium hexafluorophosphate [8]

近期，六氟磷酸锂市场呈现"每日一价"的快速上涨态势。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%。 供需错配推高六氟磷酸锂价格 六氟磷酸锂价格快速上涨，源于供需两端的错配。深圳市前海排排网基金销售有限责任公司研究总监刘 有华对《证券日报》记者表示："前期行业经历深度调整，六氟磷酸锂价格从接近60万元/吨的历史高位 持续回落，至今年7月触及4.7万元/吨的低点，已跌破绝大多数二三线厂商的成本线。" 利润向头部集中 电解液行业业绩分化 六氟磷酸锂是锂离子电池电解液的核心原材料，占总成本的40%至50%。在六氟磷酸锂价格大幅上涨的 背景下，电解液环节的利润分化日趋明显：具备自供能力的电解液厂商凭借一体化布局与成本优势，盈 利水平提升；而外购原料厂商，则面临采购成本高企与涨价传导受阻的双重"挤压"。 广州天赐高新材料股份有限公司（以下简称"天赐材料（002709）"）相关负责人对《证券日报》记者表 示："我公司一体化布局较为完善，核心原材料六氟磷酸锂实现了99%自供，因此材料价格波动对公司 影响不大。"公开数据显示，2025 ...

Investment Rating - The report rates the company as a leading enterprise in the electrolyte industry, benefiting from the recovery of lithium hexafluorophosphate market conditions [1][20]. Core Insights - The company, Tianqi Materials, is a leader in the electrolyte sector, with a significant market share increase from 28.8% in 2021 to 36.4% in 2023, producing over 390,000 tons in 2023 [3][11]. - The company is expected to benefit from the overall recovery in the electrolyte industry and the stable growth in the personal care market [2][20]. - The lithium-ion battery materials segment has seen a revenue decline, while personal care materials have experienced growth [11][15]. Company Overview - Tianqi Materials was established in June 2000, focusing on lithium-ion battery materials and specialty chemicals, and has expanded its production capacity significantly [3][5]. - The company has 15 production bases in China, with the largest located in Jiujiang, Jiangxi Province, which is also the world's largest liquid lithium hexafluorophosphate manufacturing base [5][8]. - As of November 2025, the largest shareholder is Xu Jinfeng, holding a 36.5% stake [3]. Financial Performance - In 2024, the revenue from lithium-ion battery materials was 110 million yuan, a year-on-year decline of 22.2%, while personal care materials revenue was 11.61 million yuan, showing a 14.1% increase [11][15]. - The company's net profit attributable to shareholders increased from 305 million yuan in 2017 to 484 million yuan in 2024, with a compound annual growth rate of 6.82% [11][14]. Research and Development - The company has invested over 1 billion yuan in R&D, establishing 10 laboratories and employing over 200 engineers, focusing on solid-state electrolytes and other materials for new energy applications [18][19]. - Collaborations with universities and research institutions enhance its R&D capabilities, particularly in the development of solid-state battery materials [18]. Market Dynamics - The demand for lithium hexafluorophosphate is expected to grow significantly, driven by the increasing production of electric vehicles and energy storage systems [44][47]. - The market for lithium hexafluorophosphate in China is projected to see a compound annual growth rate of approximately 69.08% from 2020 to 2024 [44][56]. Industry Overview - The lithium hexafluorophosphate industry in China is characterized by a high concentration of production, with major players including Tianqi Materials and others [41][43]. - The industry is experiencing a recovery phase, with significant increases in production capacity and market demand [33][44].