Core Insights - On November 25, the Shanghai Composite Index rose by 0.87%, with institutional investors appearing on the trading lists of 34 stocks, net buying 17 and net selling 17 [1][2] - Institutional special seats had a total net purchase of 240 million yuan across the stocks [1][2] Institutional Trading Summary - The stock with the highest net purchase by institutional seats was Aerospace Development, which closed up 3.37% with a turnover rate of 38.73% and a transaction volume of 8.626 billion yuan. Two institutional seats were among the top five trading departments, with a total net purchase of 147.16 million yuan [2][5] - Guofeng New Materials closed down 4.61% with a turnover rate of 38.28% and a transaction volume of 3.116 billion yuan, with institutional seats net buying 93.91 million yuan [2][5] - Beifang Changlong closed down 4.29% with a turnover rate of 47.28% and a transaction volume of 1.938 billion yuan, with institutional seats net buying 89.72 million yuan [2][5] Market Performance - Stocks with net purchases by institutions averaged a rise of 3.60%, outperforming the Shanghai Composite Index. Strong performers included Qingshuiyuan and Jiayuan Technology, which hit the daily limit [3] - Historical data shows that stocks with net purchases by institutions have a 56.74% probability of rising the next day and a 55.32% probability of outperforming the Shanghai Composite Index [3] Earnings Forecasts - Among the stocks with net purchases, only one stock, Nanguang Digital, provided a 2025 earnings forecast, expecting a net profit of 586 million yuan, a year-on-year increase of 2.76% [3] Net Selling Summary - The stock with the highest net selling by institutions was Dekeli, which closed up 20.00%. Three institutional seats were among the top five trading departments, with a total net selling of 149.73 million yuan [3][5] - Other notable net sellers included Jingliang Holdings and Shengxin Lithium Energy, with net selling amounts of 35.91 million yuan and 100.26 million yuan, respectively [4][5] Stock Connect Activity - On November 25, 19 stocks on the trading list had participation from the Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect, with net purchases in stocks like Changguang Huaxin and Jiuxi Software [7][8] - The net purchase amounts for these stocks included 119 million yuan for Changguang Huaxin and 75.44 million yuan for Jiuxi Software [7][8]

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]

资金流向方面，今日该股主力资金净流入3.35亿元，其中，特大单净流入3.60亿元，大单资金净流出 2541.14万元。近5日主力资金净流入2.77亿元。 融资融券数据显示，该股最新（11月24日）两融余额为8.09亿元，其中，融资余额为8.09亿元，融券余 额为28.75万元。近5日融资余额合计减少6126.07万元，降幅为7.04%，融券余额合计减少6.16万元，降 幅17.64%。（数据宝） 天际股份11月25日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 机构专用 | 7277.16 | 451.59 | | 买二 | 东莞证券股份有限公司四川分公司 | 7183.62 | 5573.28 | | 买三 | 华创证券有限责任公司上海第二分公司 | 3782.07 | 0.41 | | 买四 | 中国中金财富证券有限公司北京宋庄路证券营业部 | 3686.44 | 78.97 | | 买五 | 中信证券股份有限公司上海徐汇区漕溪北路证券营业 | 3539.23 | 85.37 | | | 部 ...

证券之星消息，11月25日电池板块较上一交易日上涨1.32%，天际股份领涨。当日上证指数报收于 3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。电池板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002759 | 天际股份 | 43.32 | 10.01% | 101.53万 | 41.77亿 | | 603906 | 龙蟠科技 | 18.06 | 9.99% | 6.23万 | 1.13亿 | | 600110 | 诺德股份 | 7.73 | 9.96% | 195.43万 | 14.77 Z | | 300477 | ST合纵 | 3.41 | 9.65% | 180.77万 | 5.92亿 | | 301511 | 德福科技 | 33.16 | 8.08% | 45.14万 | 14.87亿 | | 300340 | 科恒股份 | 66'EI | 7.45% | 21.01万 | 2.89亿 | | 688339 | 亿华通 | 31. ...

Market Overview - The A-share market experienced high volatility in the afternoon, with the Shanghai Composite Index rising by 0.87%, the Shenzhen Component Index increasing by 1.53%, and the ChiNext Index gaining 1.77%. A total of 4,300 stocks rose, with a trading volume exceeding 1.82 trillion yuan [2]. Gaming Sector - The gaming sector showed strong performance in the afternoon, with stocks like Fuchun Co. hitting the daily limit and closing up over 14%. Giant Network also reached the daily limit [3][4]. - Huanyu Century, a short drama game concept stock, achieved three consecutive trading limits, with its interactive game "Jiangshan Beiwang" ranking first on Steam's "Most Anticipated Games" list shortly after its launch [5]. Lithium Battery Sector - The lithium battery sector saw a surge in stock prices, with companies like Tianji Co. and Zhongcai Technology hitting the daily limit. The price of lithium carbonate rose by over 4% [6][8]. - Tianji Co. reported a stock price increase of over 393% this year, and the company expects full production and sales of lithium hexafluorophosphate in the upcoming quarters [8]. - According to Citic Securities, the lithium battery industry's supply-demand structure is expected to improve further by 2026, driven by increased demand from electric vehicles and enhanced energy storage economics [9].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告 公告显示，泰瑞联腾由 瑞泰新材 、 天际股份 全资子公司新泰材料及宁德新能源共同投资10亿元设立。其中， 新 泰材料出资70%，瑞泰新材出资25%，宁德新能源出资5%。 瑞泰新材与泰瑞联腾呈现上下游互补协作格局。瑞泰新材主要从事 电子化学品 以及 有机硅 等化工 新材料 的研 发、生产和销售，现阶段公司经营的主要电子化学品包括锂离子 电池 电解液及其添加剂、 超级电容 器电解液和光 学材料等；泰瑞联腾作为上游核心材料供应商，主要生产六氟磷酸锂， 一期年产1.5万吨六氟磷酸锂项目已于去年 投产。 根据目前产能释放情况及未来发展趋势，泰瑞联腾拟推进并完成二期1.5万吨六氟磷酸锂项目建设。基于上述项目的 资金需求，瑞泰新材拟与新泰材料以货币资金方式向泰瑞联腾增资2亿元。 进固态电池群，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ END 11月21日晚， 瑞泰新材发布公告称，公司拟与关联方天天际股份的全资子公司新泰材料以货币资金方式向泰瑞联腾 ...

Group 1 - The lithium sector is experiencing a rebound due to strong downstream demand, with a notable increase in carbonated lithium prices by over 3% [2][9] - Longpan Technology announced a significant increase in expected total sales to Chuangneng New Energy Co., Ltd., from over 5 billion to over 45 billion [2] - The price of carbonated lithium main contract rose, with a daily increase of 3.55%, reaching a peak of 94,800 [3][6] Group 2 - The lithium sector saw individual stocks like Tianji Co., Ltd. hitting the daily limit, while Tibet Mining and others also experienced significant gains [6] - Analysts attribute the recent rise in carbonated lithium prices to a surge in domestic and international energy storage market orders, leading to increased production schedules for battery and iron lithium material companies [9]

Core Viewpoint - The lithium battery electrolyte sector is experiencing a rebound, with Tianji Co. hitting the daily limit up, alongside other companies like Duofluoride, Huasheng Lithium, Fengyuan Co., Anda Technology, and Haike Xinyuan also seeing gains [1] Group 1: Price Movements - Prices of lithium hexafluorophosphate and various electrolyte solvents have risen significantly, with the factory price of EC increasing by 8.33% in one day [1] - The factory price of DMC has also seen a daily increase of 6.93%, indicating a broader trend of price hikes across multiple products including EMC, FEC, and VC [1]

Group 1: 嘉元科技 - Shipment target for 2026 is 17wt, with expected capacity of 13-14wt by the end of 2025, considering cautious expansion due to current profits [1] - Solid copper foil shipments are projected at approximately 100t in 2025 and 1kt in 2026 [1] - Single order prices have increased by 1-2k, while long-term contracts with major clients have not yet adjusted; net profit per ton is expected to be 2-3k next year, potentially higher if price increases are realized [1] Group 2: 中一科技 - Lithium battery and electronic shipments are targeted at 6wt+ and 1-1.5wt for 2025, with 6-6.5wt and 2wt for 2026; current capacities are 4wt and 1.5wt [1] - Price increases of 1-2k have been implemented for small clients, while major clients' prices are determined through semi-annual bidding; a planned price increase of 2k is expected in December [1] - The company aims to establish a self-generated negative electrode pilot line by mid-2026 [1] Group 3: 诺德股份 - Monthly shipments have increased from 5-5.5kt before August to 6k in September and 7kt in October, with projections of 8kt+ in November and December [1] - Total capacity is currently 14wt, with an expected increase of 1.5wt next year; price increases are anticipated due to supply-demand gaps [1] - High-end products, particularly 4.5μm, accounted for over 60% in H1 2025 and are expected to exceed 70% currently [1] Group 4: 天际股份 - Shipment target for next year is over 5wt, with current shipments between 3.8w-3.9wt and monthly shipments around 3.8-4k [2] - Some core clients have accepted monthly price negotiations, with December prices expected to be no lower than 15w [2] - Lithium sulfide production is expected to reach 20-30 tons next year, with a unit price exceeding 200w [2] Group 5: 安达科技 - Shipment targets are set at 11wt for 2025 and 15wt for 2026, with full production expected by Q1 2026 [2] - The company plans to finalize pricing for H1 2026 by mid-December, with small clients currently paying 2-3k more than large clients [2] - Expected processing fee for iron lithium in 2026 is around 1.6w, with a price increase of 2k anticipated [2] Group 6: 英联股份 - A procurement agreement for composite aluminum foil for solid-state applications has been signed, with expected production of 2kw in 2026 and 3kw in 2027 [2] - The total value of the agreement is estimated at 3-4 billion, with the first batch expected to ship in December [2] - The lithium metal negative electrode production line is set to begin installation in December, with plans for batch product supply by Q1 2026 [2]

Group 1 - The core point of the article is that Tianji Co., Ltd. announced the convening of its fifth board meeting on November 21, 2025, to discuss the adjustment of the board's specialized committee members [1] - For the first half of 2025, Tianji Co., Ltd.'s revenue composition was 92.14% from the chemical manufacturing industry and 7.86% from the household kitchen appliance manufacturing industry [1] - As of the report date, Tianji Co., Ltd. has a market capitalization of 19 billion yuan [1]