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 November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - As of December 26, 2025, the price of industrial-grade lithium carbonate rose to 116,000 yuan per ton, with a weekly increase of 14.85% [3]. - The price of phosphoric iron lithium (power type) reached 45,100 yuan per ton on December 26, up over 15% from December 19 [3]. - Prices for lithium hexafluorophosphate remained stable at 180,000 yuan per ton as of December 27 [3]. - The average price of square phosphoric iron lithium energy storage batteries remained stable, with slight increases in specific models [3]. Demand - In November 2025, the monthly loading volume of phosphoric iron lithium batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, achieving a new high for the year [4]. - The monthly loading 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 November slightly lower [4]. - In November 2025, China's battery exports reached 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The production of domestic 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 loading volumes and new energy storage bidding capacities [5]. - The industry is advised to focus on core enterprises in battery cells that lead in the collaborative layout of power batteries and energy storage, as well as those related to lithium battery materials [5]. - Recommended companies include CATL (300750), EVE Energy (300014), Xinwangda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Dofluor (002407) [5].

化工板块今日（12月30日）重拾攻势！反映化工板块整体走势的化工ETF（516020）早盘低开后震荡拉 升，盘中场内价格最高涨幅达到2.56%，截至收盘，涨1.98%，收盘价续创2022年9月以来新高。 成份股方面，石化、涤纶、磷化工、锂电等板块部分个股涨幅居前。截至收盘，恒逸石化涨停，新凤 鸣、荣盛石化双双大涨超7%，恒力石化涨超6%，金发科技、云天化、天赐材料等亦涨幅居前。 | | | 分时 多日 1分 5分 15分 30分 · | | | | F9 盘前盘后 盛加 九菲 图线 工具 份 O | | > | 4. TETF O | | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.88 | | | | 516020(化工ETF] 14:15 价 0.877 滚跌 0.017(1.98%) 均价 0.870 周交量 2541 1. | | | | | 0.877 | | | +0.017 +1.98% | | | 0.871 | | | | Ac. ...

碳酸锂半年翻倍，价格再度脱离 "共识区间" 进入 12月后，碳酸锂市场再次进入快速拉升阶段。 有口径数据显示， 12月30日电池级碳酸锂基准价超12万元/吨，较月初上涨超过30%，与年内低 点不到6万元/吨相比已翻倍。 摘要 定价重构、减产检修、钠电前移。 年末最后一周，锂电产业链几乎所有敏感环节都出现了动作： 碳酸锂期货在短时间内从 12万元/吨上方急跌，价格指数继续攀新高；锂盐龙头天齐锂业宣布 2026年起更换定价基准；磷酸铁锂头部企业集中安排1月检修，减产规模覆盖行业近半市场；电解 液与六氟磷酸锂募投项目再度延后，宁德时代则一边签下跨国电解液长约，一边把钠电池的大规模 应用时间节点前移到2026年。 表面上看，这是又一轮 "涨价和挺价"的攻防。但在价格之外，定价方式、产能节奏和技术路线，正 在被同时改写。 另一口径报价同日给出的电池级碳酸锂价格区间为 11.4万—12.2万元/吨，均价11.8万元/吨，反 映的是头部企业与核心客户之间的现货成交区间。 期货端波动更为剧烈。 12月29日，广期所碳酸锂主力合约盘中触及跌停，报11.74万元/吨，日内振幅接近一万元；30日 早盘该合约跌幅一度超过7%，随后在 ...

Investment Rating - The industry is rated as "Outperform" compared to the market [3]. Core Insights - The demand for power and energy storage batteries is strong, with an increase in average prices for storage cells and systems [3][4]. - In November 2025, domestic battery production reached 176.3 GWh, a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [3]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [3]. - The price of industrial-grade lithium carbonate rose to 116,000 CNY/ton as of December 26, 2025, with a weekly increase of 14.85% [3]. - The average price of LFP (power type) reached 45,100 CNY/ton, increasing over 15% since December 19, 2025 [3]. - The average price of square LFP energy storage cells remained stable, with slight increases noted in December 2025 [3]. - In November 2025, the monthly loading volume of LFP batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [3]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% [3]. Summary by Sections Production - In November 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [3][4]. Prices - Prices for key materials such as lithium carbonate and LFP have seen substantial increases, indicating a tightening supply [3][4]. Domestic Demand - The domestic demand for batteries is robust, with record loading volumes and increased tender capacities for new energy storage projects [3][4]. Overseas Demand - The export market for Chinese power batteries is expanding, with notable year-on-year growth in November 2025 [3][4].

12月30日，硬科技领衔上冲，机器人板块大爆发，作为机器人"心脏"的电池板块午后劲爆拉升！截至13:48，电池50ETF（159796）大涨超2%，反包昨日跌 幅，资金强势涌入超8500万元电池50ETF（159796），昨日已经增仓超8800万元！ 电池50ETF（159796）标的指数成分股大面积回暖，三花智控涨停，天赐材料涨超3%，欣旺达涨超2%，阳光电源、多氟多等涨超1%，宁德时代、先导智能 等涨幅居前，亿纬锂能（维权）等回调。 | 序号 | 什么样 | | 申万一级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | 1.56% | 9.30% | | 2 | 300750 | 宁德时代 | 电力设备 | 0.17% | 7.82% | | 3 | 002050 | 三花智控 | 家用电器 | 9.99% | 7.58% | | 4 | 300014 | 亿纬锂能 | 电力设备 | -1.47% | 5.81% | | 5 | 002709 | 天赐材料 | 电力设备 | 3.16 ...

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting 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 projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, particularly in the energy storage sector, which is expected to grow by 48.3% [5]. - The demand surge will create substantial pressure on 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 2025 authoritative 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 discussions on solid-state battery technology and market trends for electrolytes and separators [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].

对应相关材料及添加剂等产品，涨幅更为夸张，甚至出现"一天一价"的行情。 其中电解液核心原料六氟磷酸锂，年初不足5万元/吨的报价， 12月25日现货报价突破 18万元/吨 ； 添加剂 VC 和FEC因供需缺口，跟随 上涨，本月月初 VC 平均价格达23万元以上，月 长协价格也锁定在15-17万元/吨，远超市场预期。 我们认为，电解液进入结构性反转阶段。从需求端看，动储市场日益增长，尤其是磷酸铁锂电池对电解液用量高于三元，电解液的需求进一步 上提；从供给端看，电解液具备技术壁垒，且产能释放需要18个月以上的周期，叠加产品验证周期，短期内难以提产，加大了供需差距。预 计2026年，电解液市场将保持紧平衡状态。 02 锁定产能！数百万吨订单落地 供需结构反转进一步传导至下游市场，2025成为电池企业的电解液"抢购年"。之于电池企业而言，海内外"缺芯潮"的影响下，下单电解液等 材料，是新一轮竞争和产能周期的入场券。 2025锂电新一轮增长周期下，细分领域全线上涨！其中锂电电解液端迎"价格+订单"双轨驱动， 供需结构进一步改善，产业景气度持续攀 升。 价格全线上涨！六氟、VC领衔 2023-2024年，电解液扩产缓慢，新 ...

12月29日，A股市场走势分化，沪指翘尾翻红，喜提九连阳！同类规模领先、费率最低档的电池50ETF（159796）跌超2%，六连阳后首度回调！资金逆势涌 入、无惧波动，电池50ETF（159796）全天获9100万份净申购。 电池50ETF（159796）标的指数成分股多数回调，欣旺达跌超11%，多氟多跌超8%，亿纬锂能（维权）跌超4%，天赐材料跌超3%，阳光电源、宁德时代等 回调，三花智控逆势上涨。 【电池50ETF（159796）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万―级行业 | 涨跌幅 | 估自权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | -2.96% | 9.37% | | 2 | 300750 | 宁德时代 | 电力设备 | -1.37% | 7.75% | | 3 | 002050 | 三花智控 | 家用电器 | 0.91% | 7.34% | | 4 | 300014 | 亿纬锂能 | 电力设备 | -4.43% | 5.94% | | 5 | 002709 | 天赐材料 ...

截至12月29日收盘，氟化工概念下跌1.61%，位居概念板块跌幅榜前列，板块内，宏源药业、多氟多、 深圳新星等跌幅居前，股价上涨的有10只，涨幅居前的有海南矿业、尚纬股份、安靠智电等，分别上涨 3.09%、3.06%、1.36%。 资金面上看，今日氟化工概念板块获主力资金净流出49.51亿元，其中，50股获主力资金净流出，10股 主力资金净流出超亿元，净流出资金居首的是多氟多，今日主力资金净流出11.14亿元，净流出资金居 前的还有天际股份、天赐材料、南大光电等，主力资金分别净流出10.45亿元、5.65亿元、3.82亿元。今 日主力资金净流入居前的概念股有云天化、华邦健康、中密控股等，主力资金分别净流入1.23亿元、 205.00万元、80.09万元。（数据宝） 氟化工概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002407 | 多氟多 | -8.06 | 20.47 | -111436.96 | | 002759 | 天际股份 | 0.40 | 36.19 | -10445 ...

截至12月29日收盘，PEEK材料概念上涨3.23%，位居概念板块涨幅第1，板块内，40股上涨，恒勃股份 20%涨停，超捷股份、光威复材、美好医疗等涨幅居前，分别上涨16.35%、14.86%、8.30%。跌幅居前 的有天赐材料、凯盛新材、中国巨石等，分别下跌3.80%、3.21%、3.01%。 PEEK材料概念资金流入榜 | | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | （%） | 元） | （%） | | 14.86 | 300699 材 | 光威复 | | 16.73 | 34802.32 | 6.42 | | 1.87 | 600143 技 | 金发科 | | 4.19 | 20805.21 | 9.93 | | 3.81 | 002850 | 科达利 | | 4.19 | 13969.70 | 10.81 | | 3.17 | 300100 份 | 双林股 | | 4.42 | 10580.03 | 11.17 | | 2.28 ...