| 市场数据：2025 年 12 | 月 17 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 46.91 | | 年内最高/最低（元/ | | 66.36/25.87 | | 股）： | | | | 流通 A 股/总股本（亿 | | 8.23/9.82 | | 股）： | | | | 流通 股市值（亿元）： A | | 385.90 | | 总市值（亿元）： | | 460.76 | 基础数据：2025 年 9 月 30 日 锂电化学品 恩捷股份（002812.SZ） 买入-A(维持) 并购稳固龙头地位，隔膜价格底部回升 2025 年 12 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 基本每股收益(元/股)： | -0.09 | | --- | --- | | 摊薄每股收益(元/股)： | -0.09 | | 每股净资产(元/股)： | 27.38 | | 净资产收益率(%)： | -0.43 | | 资料来源：常闻 | | 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S ...

锂电池产业链 超配（维持） 锂电池产业链双周报(2025/12/05-2025/12/18) 11 月电池销量同比高增 2025 年 12 月 19 日 投资要点： 行 业 S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池指数走势 资料来源：iFinD，东莞证券研究所 分析师：黄秀瑜 SAC 执业证书编号： 行情回顾：截至2025年12月18日，锂电池指数近两周下跌2.86%，跑输沪 深300指数3.00个百分点；锂电池指数本月至今累计下跌1.22%，跑输沪 深300指数1.80个百分点；锂电池指数年初至今上涨46.16%，跑赢沪深300 指数30.46个百分点。 周 报 锂电池产业链近两周价格变动： 锂盐：截至2025年12月18日，电池级碳酸锂均价9.88万元/吨，近两周上 涨4.99%；氢氧化锂(LiOH 56.5%)报价7.22万元/吨，近两周价格持稳。 正极材料：磷酸铁锂报价3.91万元/吨，近两周价格持稳；NCM523、NCM622、 NCM811分别报价15.00万元/吨、14.85万元/吨、16.70万元/吨，近两周 分别上涨1.3 ...

证券日报网讯12月18日，恩捷股份（002812）在互动平台回答投资者提问时表示，公司已复牌，项目进 展具体信息公司将严格按照信息披露的监管要求及时披露，请关注公司公告。 ...

12月18日，三大指数涨跌不一，上证指数涨0.16%，深证成指跌1.29%，创业板指跌2.17%，科创50跌1.46%。两市超过2700只股票飘红，两市成交额也达到 了约1.66万亿元。 医药商业板块卷土重来，华人健康（301408.SZ）、漱玉平民（301017.SZ）涨20%，一心堂（002727.SZ）涨10%，人民同泰（600829.SH）、开开实业 （600272.SH）、海王生物（000078.SZ）、药易购（300937.SZ）上涨。 消息面，蚂蚁集团近日宣布旗下AI健康应用AQ品牌升级为"蚂蚁阿福"，并发布App新版本，升级健康陪伴、健康问答、健康服务三大功能。升级后的"蚂蚁 阿福"聚焦"健康+"战略，定位从AI工具转向AI健康朋友，能够像真人朋友一样，帮助用户管理自身和家人健康。 此外，业内人士指出，流感病毒的高传染性催生用药刚需，抗病毒药物（如奥司他韦等）需求提升；退烧药、止咳化痰药等对症品类则随轻症患者自我药疗 需求激增。同时，公众对防护的重视推高口罩、消毒液、免洗凝胶等消杀产品的复购率，零售药店有望从中受益。 商业航天继续活跃，天银机电（300342.SZ）涨超16%，航天环宇（688 ...

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 - By 2025, global lithium battery production is expected to reach 2250 GWh, with a growth rate of 30% in 2026. The energy storage sector is projected to grow even faster at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production of battery cells and key materials, making supply chain stability and efficiency crucial for capitalizing on this growth opportunity [5]. Group 2: Conference Details - 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 will focus on three main topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand dynamics, featuring forums on key materials for lithium batteries and energy storage [5]. 2. Announcement and award ceremony for 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: Key Topics and Speakers - The conference will cover various topics, including the analysis of lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery electrolytes, and the development of high-performance materials [9][10]. - Notable speakers include representatives from Tianqi Lithium, Liyang Zhongke, and other leading companies in the lithium battery sector [9].

Summary of Conference Call Notes Industry Overview - The conference call focused on the **China Materials** industry, particularly in relation to **lithium**, **copper**, and **aluminum** sectors, as well as companies like **CATL**, **Zijin Mining**, and **Chalco** [1][2][3]. Key Insights 1. **Investor Sentiment on Lithium**: - There is significant interest in lithium due to a recent price rally driven by strong expectations in **Energy Storage Systems (ESS)**. Most investors are bullish on lithium [2][3]. - A cautious near-term outlook is suggested due to a slowdown in **Electric Vehicle (EV)** sales since November, which may impact battery production in Q1 2026E. A more constructive view is expected post-Chinese New Year (CNY) when demand is anticipated to increase [2][4]. 2. **Copper and Aluminum Market**: - Investors show little push-back on copper and aluminum stocks, with a preference for aluminum over copper at current price levels. **Zijin Mining** received the most follow-up inquiries from investors [2][4]. - The aluminum market is expected to remain tight in 2026E, which is supportive for prices and margins. The potential risks associated with aluminum supply are believed to be underappreciated by the market [4]. 3. **Company-Specific Insights**: - **CATL** is highlighted as the most well-owned name among US investors, with discussions around its risk/reward profile being favorable. It is considered to have the lowest risk among ESS-related investments [2][4]. - Other companies mentioned include **China Hongqiao**, **Ganfeng Lithium**, **Guangzhou Tinci Materials Technology**, **Hunan Yuneng New Energy Battery Material**, and **Yunnan Energy New Material**, which are seen as having potential upside in a rising price environment [4][7]. 4. **Market Dynamics**: - The call noted a shift in investor behavior, with many now open to adding selective Chinese equities to their portfolios. This marks a change from previous meetings where the focus was more on sector read-throughs and channel checks [3][4]. Additional Considerations - The report emphasizes the importance of understanding the implications of **China's anti-involution policies** on the materials sector, although specific details were not elaborated [1][2]. - The overall sentiment indicates a positive outlook for the battery price up-cycle into 2026E, with expectations of stronger ESS demand driving market dynamics [4]. Companies Mentioned - **CATL** (Contemporary Amperex Technology Co Ltd) - **Zijin Mining Group Co Ltd** - **Aluminum Corporation of China** - **China Hongqiao** - **Ganfeng Lithium** - **Guangzhou Tinci Materials Technology** - **Hunan Yuneng New Energy Battery Material** - **Yunnan Energy New Material** [7].

Core Viewpoint - The solid-state battery industry is experiencing significant investment and market enthusiasm, but there are growing concerns about its safety and the potential for traditional lithium batteries to remain relevant [2][3][20]. Investment and Market Trends - Over 40 investment events related to solid-state batteries have occurred this year, attracting various national and international investors, including major financial institutions and venture capital firms [2][19]. - The solid-state battery index has seen substantial growth, with individual stocks like Shanghai Xiba (SH: 603200) increasing over 241% this year, and a notable trading volume of 16.1 billion on September 5 for Pioneer Intelligent (SZ: 300450) [2][19]. Safety Concerns - Experts are cautioning against the absolute safety claims of solid-state batteries, highlighting that they also have safety risks, particularly in the context of thermal runaway [3][21][22]. - The potential for solid-state batteries to cause more severe incidents if they fail is compared to traditional lithium batteries, which are seen as less dangerous in failure scenarios [21][22]. Technological Developments - The solid-state battery is often touted as the "ultimate form" of lithium batteries, but the industry is witnessing advancements in traditional lithium battery safety through material innovations and structural optimizations [26][27]. - Research is ongoing into flame-retardant additives and surface coating technologies for traditional lithium batteries, which are showing promise in enhancing safety [27][29]. Route Controversy - The solid-state battery technology landscape includes various routes: sulfide, oxide, and polymer, with sulfide being previously viewed as the leading option [31][32]. - Recent developments indicate that other routes, particularly polymer and oxide technologies, are making significant progress and may challenge the dominance of sulfide technology [34].

证券代码：002812 股票简称：恩捷股份 公告编号：2025-207 云南恩捷新材料股份有限公司 关于拟变更会计师事务所的公告 4、本次拟变更会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 一、拟变更会计师事务所的基本情况 （一） 机构信息 1、基本信息 | 会计师事务所名称 | | | | 大华会计师事务所（特殊普通合伙） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | | | | 年 日 2012 2 9 | 月 | | | | 组织形式 | | | | 特殊普通合伙 | | | | | 注册地址 | | | | 北京市海淀区西四环中路 | | 16 | 号院 号楼 7 1101 | | 首席合伙人 | | | | 杨晨辉 | | | | | 截至 2024 | 年 | 月 12 31 | 日合伙人数量 | 人 150 | | | | | 截至 2024 | 年 | 月 12 31 | 日注册会计师人数 | 人 887 | | | | ...

云南恩捷新材料股份有限公司 关于召开2025年第九次临时股东会的通知 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材料股份有限公司（以下简称"公司"）第五届董事会第五十次会 议于2025年12月15日召开，会议决议于2025年12月31日在公司全资子公司云南红 塔塑胶有限公司三楼会议室以现场投票和网络投票相结合的方式召开公司2025 年第九次临时股东会，现将本次股东会的有关事项公告如下： 证券代码：002812 股票简称：恩捷股份 公告编号：2025-208 一、召开会议的基本情况 1、股东会届次：2025年第九次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等法律、行政法规、部门规章、规范性文件及《云南恩捷新材料 股份有限公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025年12月31日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025年12月31日9 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-206 云南恩捷新材料股份有限公司 第五届董事会第五十次会议决议公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 审议结果：经表决，同意 9 票，反对 0 票，弃权 0 票。 本议案尚须提交公司 2025 年第九次临时股东会审议。 公司《关于拟变更会计师事务所的公告》（公告编号：2025-207 号）详见公 司指定信息披露媒体《证券时报》《中国证券报》《证券日报》《上海证券报》 及巨潮资讯网（www.cninfo.com.cn，下同）。 （二）审议通过《关于召开公司 2025 年第九次临时股东会的议案》 公司决定于 2025 年 12 月 31 日采用现场结合网络投票的方式召开公司 2025 云南恩捷新材料股份有限公司（以下简称"公司"）第五届董事会第五十次 会议（以下简称"本次会议"）于 2025 年 12 月 15 日下午 16 时在公司控股子公 司上海恩捷新材料科技有限公司三楼会议室以现场及通讯方式召开。本次会议由 董事长 Paul Xiaoming Lee 先生主持，会 ...