案件核心事实显示，李胜曾任职于九江天赐，期间签订了《劳动合同》《商业保密、竞业限制协议》等文件，离职前担任过电池生产部工艺技术总监、生产 运营总监、制造部总监、工厂厂长、电解质工厂总监、总工程师等多个关键职务，掌握九江天赐核心商业秘密。时任浙江研一公司董事长的岳敏为获取该商 业秘密，承诺给予李胜高额顾问费及高管职位，诱使李胜伙同郑飞龙（已判刑）等人向浙江研一公司披露相关商业秘密。浙江研一公司为此向李胜支付人民 币万元，向郑飞龙支付50万元。 根据法院判决，依照《中华人民共和国刑法》相关条款及《最高人民法院、最高人民检察院关于办理侵犯知识产权刑事案件适用法律若干问题的解释》相关 规定，经审判委员会讨论决定：被告单位浙江研一新能源科技有限公司犯侵犯商业秘密罪，判处罚金人民币二千万元（所处罚金已缴纳）；被告人岳敏犯侵 犯商业秘密罪，判处有期徒刑二年八个月，缓刑三年，并处罚金人民币二百万元（缓刑考验期限从判决确定之日起计算，所处罚金已缴纳）；被告人张春晖 犯侵犯商业秘密罪，判处有期徒刑一年六个月，缓刑二年，并处罚金人民币五十万元，其违法所得人民币万元将用于赔偿九江天赐公司经济损失。 公告指出，若本次判决生效条件达成， ...

Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in December 2025 was 26.93 million tons, reflecting a year-on-year growth of 32.48% and a month-on-month growth of 0.16%, with a capacity utilization rate of 59.85% [1][2]. Pricing - As of January 9, 2026, the price of industrial-grade lithium carbonate rose to 138,000 yuan per ton, with a weekly increase of 17.92% [3]. - The price of phosphoric iron lithium (for power) was reported at 47,100 yuan per ton on January 9, 2026, up 4.43% from January 4 [3]. - The price of lithium hexafluorophosphate slightly decreased to 160,700 yuan per ton on January 10, 2026, down 10.72% from January 3 [3]. Demand - In November 2025, the monthly shipment volume of phosphoric iron lithium batteries reached 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, setting a new high for the year [4]. - The monthly shipment volume of ternary power batteries was 18.2 GWh, reflecting a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The new bidding capacity for domestic new energy storage projects in January to October 2025 was higher than in the same period of 2024, with a total new bidding scale of 21.8 GW/64 GWh in November, marking a month-on-month increase of 65% [4]. - In November 2025, China's battery exports were 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. - Global sales of new energy vehicles reached 2 million units in November 2025, a year-on-year increase of 8.53% and a month-on-month increase of 4.63% [4]. Investment Recommendations - The domestic production of batteries and phosphoric iron lithium cathode materials in January to November 2025 exceeded that of 2024, with stable raw material and cell prices, and an increase in monthly battery shipments and new energy storage bidding capacity [5]. - The rising demand for lithium batteries suggests a focus on companies involved in lithium battery materials [5]. - Recommended companies include CATL (300750), Yiwei Lithium Energy (300014), Xinwanda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Duofluoride (002407) [5].

Core Viewpoint - The demand for LIFSI (Lithium bis(fluorosulfonyl)imide) is expected to grow significantly due to the increasing need for energy storage batteries and fast-charging electric vehicles, with a projected production of 44,500 tons in 2025, representing a 116% year-on-year increase [1][3]. Group 1: Production and Capacity - The production growth rate of LIFSI is not consistently high, showing a slowdown in 2022 and 2023, while capacity expansion continues, indicating companies' optimism about long-term prospects [3]. - By 2025, the effective capacity for LIFSI is expected to reach 75,600 tons, with an operating rate of 59% [1]. - The ranking of LIFSI producers shows Tianci Materials leading with a production capacity of over 7,500 tons, followed by Rukang New Materials and others in the second tier [5][8]. Group 2: Market Dynamics - The global LIFSI market in 2025 is characterized by a "one strong, many strong" pattern, with Tianci Materials holding over 50% market share, significantly higher than the typical 30% for industry leaders [8]. - Rukang New Materials holds nearly 20% market share, while second-tier manufacturers have market shares generally below 10% [8]. - The competitive landscape is dynamic, with ongoing innovation and collaboration with downstream giants expected to shape future rankings [8]. Group 3: Price Trends - There is a stable price difference between solid and liquid LIFSI due to their differing value attributes and application scenarios, with solid LIFSI being used in high-end power batteries and liquid LIFSI being more convenient for electrolyte preparation [10]. - In the first half of 2025, LIFSI prices slightly decreased, but are expected to rise in the second half due to increasing costs of hexafluorophosphate and lithium carbonate [10]. Group 4: Future Outlook - The global LIFSI production is projected to reach 58,500 tons in 2026, with an operating rate of 73%, and 69,000 tons in 2027, indicating a continued strong supply-demand balance in the market [12].

Group 1: Shanghai Pudong Development Bank - The bank reported a net profit of 50.017 billion yuan for 2025, an increase of 10.52% year-on-year [1][2] - Total operating income reached 173.964 billion yuan, reflecting a growth of 1.88% compared to the previous year [2] - The bank's total assets exceeded 1 trillion yuan, reaching 1,008.1746 billion yuan, a 6.55% increase from the previous year [3] Group 2: Dongpeng Beverage - Dongpeng Beverage expects a net profit between 4.34 billion and 4.59 billion yuan for 2025, representing a year-on-year growth of 30.46% to 37.97% [4] - The anticipated operating income is projected to be between 20.76 billion and 21.12 billion yuan, indicating a growth of 31.07% to 33.34% [4] Group 3: TCL Technology - TCL Technology forecasts a net profit of 4.21 billion to 4.55 billion yuan for 2025, marking a significant increase of 169% to 191% year-on-year [5][6] - The company expects to surpass 100 billion yuan in operating revenue, with net profit exceeding 8 billion yuan [5] Group 4: Changjiang Electric Power - Changjiang Electric Power reported a net profit of 34.167 billion yuan for 2025, a 5.14% increase year-on-year [8] - The total operating revenue for the year is expected to be 85.882 billion yuan, reflecting a growth of 1.65% [8] Group 5: China Gold - China Gold anticipates a net profit of 286 million to 368 million yuan for 2025, a decrease of 55% to 65% year-on-year [21] - The decline is attributed to market fluctuations and reduced consumer traffic [21] Group 6: LaKala - LaKala expects a net profit between 1.06 billion and 1.2 billion yuan for 2025, representing a growth of 202% to 242% year-on-year [22] - The increase is primarily due to significant investment income from stock holdings [22] Group 7: Baiwei Storage - Baiwei Storage projects a net profit of 850 million to 1 billion yuan for 2025, indicating a year-on-year increase of 427% to 520% [23] - The growth is driven by improved sales and gross margins in the AI sector [23] Group 8: Shengxin Lithium Energy - Shengxin Lithium Energy forecasts a net loss of 600 million to 850 million yuan for 2025, similar to the previous year's loss [24] - The company attributes the loss to industry supply-demand dynamics and increased exchange losses [24] Group 9: Zhongguancun Online - Zhongguancun Online expects a net loss of 580 million to 700 million yuan for 2025, a significant increase from the previous year's loss of 243 million yuan [25] - The losses are linked to increased promotional investments in overseas markets [25] Group 10: Huaxia Happiness - Huaxia Happiness anticipates a net loss of 16 billion to 24 billion yuan for 2025, a substantial increase from the previous year's loss of 4.817 billion yuan [26] - The decline is due to reduced project turnover and high financial costs [26]

天赐材料（SZ002709，股价43.55元，市值886亿元）1月13日晚间公告称，全资子公司九江天赐高新材 料有限公司（以下简称九江天赐）作为被害单位，于2026年1月12日收到江西省九江市濂溪区人民法院 出具的《刑事判决书》。 判决书显示，浙江研一新能源科技有限公司（下称浙江研一）、岳敏、张春晖为被告，公诉机关为湖口 县人民检察院。根据判决结果，浙江研一公司犯侵犯商业秘密罪，判处罚金2000万元。被告人岳敏犯侵 犯商业秘密罪，判处有期徒刑两年八个月，缓刑三年，并处罚金200万元；被告人张春晖犯侵犯商业秘 密罪，判处有期徒刑一年六个月，缓刑两年，并处罚金50万元。三名被告共被判处罚金2250万元。 公告显示，湖口县人民检察院早在2024年9月6日就向江西省九江市濂溪区人民法院提起了公诉，指控浙 江研一、岳敏、张春晖犯侵犯商业秘密罪。江西省九江市濂溪区人民法院依法组成合议庭，适用普通程 序，因涉及商业秘密，于2024年12月26日、12月27日、2025年1月13日不公开开庭审理了本案。审理过 程中，经九江市中级人民法院批准延长审理期限一次，经最高人民法院批准延长审理期限四次，现已审 理终结。 公告称，九江天 ...

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-012 广州天赐高新材料股份有限公司 关于收到《刑事判决书》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。 广州天赐高新材料股份有限公司（以下简称"公司"）全资子公司九江天赐高 新材料有限公司（以下简称"九江天赐"）于 2026 年 1 月 12 日收到江西省九江市 濂溪区人民法院出具的《刑事判决书》【（2024）赣 0402 刑初 253 号】。现将相 关情况公告如下： 一、案件基本情况 （一）案件当事人 1、公诉机关：湖口县人民检察院 2、被告：浙江研一新能源科技有限公司、岳敏、张春晖 3、被害单位：九江天赐高新材料有限公司 （二）案件基本情况 湖口县人民检察院于 2024 年 9 月 6 日向江西省九江市濂溪区人民法院提起公 诉，指控被告单位浙江研一新能源科技有限公司（以下简称"浙江研一公司"）、 被告人岳敏、张春晖犯侵犯商业秘密罪。江西省九江市濂溪区人民法院依法组成 合议庭，适用普通程序，因涉及商业秘密，于 2024 年 12 月 26 日、12 月 27 ...

Investment Rating - The industry is rated as "Outperform" [3] Core Insights - The production of positive electrode materials has increased significantly, with domestic battery production reaching 176.3 GWh in November 2025, a year-on-year growth of 49.66% [3] - Lithium carbonate prices have risen sharply, reaching 138,000 CNY per ton as of January 9, 2026, with a weekly increase of 17.92% [3] - The demand for lithium iron phosphate batteries has shown strong growth, with a monthly loading volume of 75.3 GWh in November 2025, marking a year-on-year increase of 43.62% [3] Summary by Sections Production - In November 2025, the production of lithium iron phosphate positive electrode materials was 26.93 million tons, a year-on-year increase of 32.48% [3] Prices - As of January 9, 2026, the price of lithium iron phosphate (power type) was reported at 47,100 CNY per ton, up 4.43% from January 4, 2026 [3] - The average price of square lithium iron phosphate energy storage batteries remained stable, with slight increases noted for various capacities [3] Domestic Demand - The monthly loading volume for lithium iron phosphate batteries reached a new high in November 2025, with significant increases in both domestic and new energy storage project bidding capacities [3] Overseas Demand - In November 2025, China's power battery exports reached 21.2 GWh, a year-on-year increase of 69.60% [3] - Global new energy vehicle sales reached 2 million units in November 2025, reflecting a year-on-year growth of 8.53% [3]

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: Conference Overview - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit aims to address the supply-demand dynamics in the lithium battery sector, focusing on the critical materials needed for battery production and the expected supply shortages [5]. Group 2: Key Topics of Discussion - The conference will feature three main topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand [5]. 2. Announcement of the "Top Ten Lithium Battery Material Brands of 2025," evaluated based on shipment volume, market share, and customer reputation [6]. 3. B2B procurement matchmaking to connect top battery manufacturers and material suppliers, enhancing resource matching and reducing procurement costs [7]. Group 3: Proposed Discussion Topics - Proposed topics for the main forum include: - Outlook on lithium ore resource supply for 2026 [9]. - Market environment discussions on lithium carbonate operations [9]. - Research and application of high-energy density power battery technology [9]. - Additional topics will cover trends in the global new energy vehicle market and the impact of policies on the lithium market [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].

Core Viewpoint - The A-share market showed mixed performance on January 13, with the Battery 50 ETF (159796) experiencing a slight increase of 0.3% amid fluctuations in trading [1] Group 1: Market Performance - The Battery 50 ETF (159796) recorded a trading volume of 4.94 billion CNY, with a price range between 0.990 and 1.012 CNY [1] - The ETF's net asset value was reported at 1.0038 CNY, with a premium rate of 0.42% [1] - The ETF's five-day net inflow was noted at 2.65% [1] Group 2: Component Stocks - Major component stocks of the Battery 50 ETF included Sanhua Intelligent Controls, which rose by 1.05%, and multiple fluorine, which increased by 1.26% [2] - Notable declines were observed in XINWANDA, which fell by 2.40%, and other key players like Yangguang Electric and Ningde Times also experienced slight declines [2] Group 3: Policy Impact - The recent adjustment in export tax rebates for battery products is expected to lead to a surge in exports in 2026, tightening supply and demand in the lithium battery industry [4] - The tax rebate for battery products will decrease from 9% to 6% starting April 1, 2026, and will be eliminated entirely by January 1, 2027 [5] Group 4: Industry Outlook - The battery sector is anticipated to benefit from increased demand driven by both domestic and international markets, with projections indicating a significant rise in global demand for power batteries from 1,253.4 GWh in 2025 to 1,834.2 GWh by 2027 [5] - The storage demand is also expected to grow substantially, with domestic installations projected to reach 265 GWh in 2026, reflecting a 60% increase [5] Group 5: Investment Strategy - The Battery 50 ETF (159796) is highlighted as a leading option for investors due to its significant exposure to the storage sector, which accounts for 18.7% of its index, and a high proportion of solid-state battery technology at 45% [6][8] - The ETF's management fee is noted to be the lowest in its category at 0.15% per year, making it an attractive investment vehicle for capturing opportunities in the battery sector [11]

Core Viewpoint - Tianqi Materials has shown fluctuations in stock performance, with a recent increase in share price but a year-to-date decline, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Tianqi Materials achieved a revenue of 10.843 billion yuan, representing a year-on-year growth of 22.34% [2]. - The net profit attributable to shareholders for the same period was 421 million yuan, reflecting a year-on-year increase of 24.33% [2]. Stock Market Activity - As of January 13, Tianqi Materials' stock price was 44.77 yuan per share, with a market capitalization of 91.057 billion yuan [1]. - The stock has experienced a year-to-date decline of 3.26%, a 5-day drop of 5.53%, a 20-day increase of 17.26%, and a 60-day increase of 30.52% [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Tianqi Materials reached 305,800, an increase of 67.71% from the previous period [2]. - The average number of circulating shares per shareholder was 4,528, which decreased by 40.37% compared to the previous period [2]. Dividend Distribution - Since its A-share listing, Tianqi Materials has distributed a total of 2.857 billion yuan in dividends, with 2.023 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 53.6773 million shares, a decrease of 2.6555 million shares from the previous period [3]. - The third-largest circulating shareholder, Quan Guo Xu Yuan Mixed A, increased its holdings by 8.5152 million shares to 33.8181 million shares [3].