Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the cyclical nature of the lithium battery industry, emphasizing the price and stock performance trends during the last lithium cycle [8]. - It notes that the price of lithium carbonate and other materials has shown significant fluctuations, impacting the profitability of companies within the supply chain [12][19][23]. - The report indicates that the stock prices of major lithium battery companies peaked in late 2021, with a notable lag behind the price peaks of raw materials [39]. Summary by Sections Section 1: Market Review - The previous lithium cycle saw a dramatic increase in prices, with 6F prices rising from 70,000 CNY/ton in mid-2020 to 425,000 CNY/ton by August 2021, while lithium carbonate prices surged to 500,000 CNY/ton by early 2022 [12]. - The report discusses the impact of long-term contracts on pricing stability, noting that leading companies maintained higher prices even as market prices began to decline [12]. Section 2: Price Trends of Key Materials - Iron lithium processing fees increased significantly from Q1 2021 to Q1 2022, with a total rise of approximately 20,000 CNY/ton, before stabilizing and then declining in 2023 [19]. - The report details the price trends of negative electrode materials, indicating a price increase of 10,000 CNY/ton from H2 2021 to Q1 2022 due to supply constraints [23]. - Wet-process separator prices saw a modest increase of 0.2-0.3 CNY/sq.m from H2 2021 to H1 2022, with a subsequent decline starting in Q1 2023 [26]. Section 3: Battery Cost and Profitability - The report estimates that the costs for iron lithium and ternary batteries were 0.77 and 0.91 CNY/Wh respectively in Q2 2022, reflecting an increase from Q1 2021 [31]. - It notes that battery companies were able to pass on cost increases to automakers starting in Q2 2022, leading to stable unit profitability despite earlier cost pressures [31]. Section 4: Stock Performance Review - The report provides a detailed review of stock performance across key companies in the lithium battery sector from 2019 to 2022, highlighting significant gains during the electric vehicle boom [37]. - It notes that the stock prices of most companies peaked in November 2021, with a subsequent decline observed in the following year [39]. - The report emphasizes that the price peaks of raw materials often lagged behind stock price peaks, indicating a complex relationship between market dynamics and stock performance [39].

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, and the energy storage sector expected to grow at an impressive rate of 48.3% [5]. - The demand surge will create substantial pressure on the supply of battery cells and upstream materials, highlighting the need for a stable and efficient supply chain to capitalize 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 core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Participants - The main forum will cover topics such as lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery key electrolyte materials, and high-performance in-situ polymerized electrolytes [9]. - Notable participants include Tianqi Lithium Corporation, Liyang Zhongke Solid Energy New Technology Co., and various leading battery manufacturers and material suppliers [9][10]. Group 4: Participation and Sponsorship - 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 [16]. - Sponsorship opportunities are available for companies interested in promoting their brand at the event [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 "dual increase in volume and price + technological leap" pattern [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, and the energy storage sector projected to grow at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in battery cells and various materials, necessitating a stable and efficient supply chain to capitalize 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 core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Participants - The main forum will cover lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery key electrolyte materials, and high-performance in-situ polymer electrolytes [9]. - Notable participants include Tianqi Lithium Corporation, Liyang Zhongke Solid Energy New Technology Co., and various leading battery manufacturers and material suppliers [9][10]. Group 4: Participation and Sponsorship - The participation fee is set at 2800 yuan per person, with limited free attendance available for the first 200 registrants [16]. - Sponsorship opportunities are available for companies interested in participating in the event [16].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles are expected to continue growing, with a projected 20% year-on-year increase in domestic sales by 2025, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is anticipated to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak, leading to price fluctuations in the supply chain [1]. - The wind power sector is expected to see sustained growth, with government support for new projects [1]. - The energy storage market remains robust, with rising prices in upstream materials affecting downstream integration [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1]. Summary by Sections New Energy Vehicles - The fourth quarter is a peak sales season, with a forecast of 1.72 million new energy vehicles sold in November 2025, a 20% year-on-year increase [2]. - Cumulative wholesale figures for the year show a 29% increase, totaling 13.78 million vehicles [2]. Battery Industry - The planned production for December 2025 is 148.84 GWh, reflecting a 2.27% month-on-month increase [2]. Photovoltaic and Wind Power - The utilization rates for wind and photovoltaic power are projected at 96.4% and 94.8% respectively for October 2025 [2]. - The announcement of new brands for polysilicon futures is expected to have limited impact on the supply landscape [1]. Energy Storage - By November 2025, 10 GW/29.7 GWh of energy storage systems have been tendered, with independent storage projects making up 90% of this [2]. - The demand for energy storage remains high, with upstream material price increases pushing up costs in downstream integration [1]. Hydrogen Energy - The National Energy Administration has announced pilot projects for hydrogen energy, indicating a growing focus on this sector [2]. Market Trends - The electric equipment and new energy sector saw a slight increase of 0.22% this week, with wind power leading the gains at 3.48% [10]. - The lithium battery index experienced a decline of 3.53%, indicating market volatility [13]. Price Observations - The price of lithium carbonate remains high, with battery-grade prices around 91,000 RMB per ton, reflecting a 2.6% increase [25]. - Energy storage cell prices are stable, with square lithium iron phosphate cells priced between 0.270-0.420 RMB per watt-hour [26].

恩捷股份称，与此次交易的部分主要交易对方已签署了《意向协议》，初步达成购买资产的意向。最终股份转让数量、比例、交易价格、支付方式、业绩补 偿安排、股份锁定安排、违约条款等由交易各方另行签署正式股份收购协议确定。 当前锂电池隔膜行业因产能集中释放，"价格战"激烈。2025年第三季度，恩捷股份实现营收37.8亿元，同比增长40.98%；实现归母净利润679.08万元，同比 下降95.55%。2025年前三季度，恩捷股份实现营收95.43亿元，同比增长27.85%；实现归母净利润-8632.3万元，同比下滑119.46%。 在业绩承压背景下，恩捷股份此次拟收购设备商中科华联有望稳定核心生产设备供应，通过内部协同压降装备及制造成本。同时，恩捷股份可绑定中科华联 的研发能力，联合开发面向半固态乃至全固态电池的新一代隔膜产品和生产线，为未来技术切换预留空间。 值得注意的是，隔膜环节正在面临来自固态电池产业化推进的冲击。行业数据预计，2026年全球锂电整体需求增速或达30%，储能和高端动力仍将拉动湿法 隔膜出货，半固态电池在部分车型与储能场景中也将在相当一段时间内继续搭配改良型隔膜，短期内对恩捷等龙头仍具支撑。 中长期来看 ...

Core Viewpoint - The lithium battery separator industry is experiencing a significant price increase, driven by a reversal in supply-demand dynamics, cost pressures, and policy guidance, marking a shift from price competition to product quality competition [10][12][15]. Group 1: Price Adjustments and Market Dynamics - Leading separator manufacturer Xingyuan Material announced a 30% price increase for its wet-process separator products, attracting significant market attention [5]. - The separator industry began a reversal trend in August 2025, with wet-process separator prices rising by 10% by the end of October [7]. - The price increase from leading companies signals a clear shift in the supply-demand balance, indicating that the industry has reached a turning point after two years of price wars [8]. Group 2: Supply-Demand Reversal and Structural Shortages - The core feature of the lithium battery separator industry in 2025 is a structural shortage due to supply-demand mismatch, with a 47.6% year-on-year increase in separator shipments [12]. - The demand for high-end wet-process separators is driven by the energy density and power performance requirements in the energy storage market, leading to a significant increase in their market share [12]. - Major manufacturers are operating at over 90% capacity utilization, with wet-process separators rapidly replacing dry-process ones due to performance advantages [13]. Group 3: Cost Pressures and Policy Influence - Rising raw material costs and previous price wars have led to thin or negative profit margins for many companies, making price increases a necessary step for profit recovery [15]. - The Ministry of Industry and Information Technology's meetings aimed at curbing "involution" in the industry have fostered a policy environment conducive to price recovery, breaking the cycle of irrational competition [10][11]. Group 4: Future Outlook and Strategic Moves - If the current price increases are successful, it will shift the pricing model from cost-based to market-driven, enhancing the industry's confidence in further price hikes [17]. - Major separator manufacturers are expected to strengthen strategic partnerships with battery manufacturers to ensure stable supply amid rising prices [17]. - The industry is likely to face a continued structural shortage of high-end separators, particularly 5μm products, due to high production requirements and limited capable manufacturers [19].

当下，新能源行业热度持续攀升，每一场收购都备受瞩目。锂电隔膜龙头恩捷股份(002812.SZ)这次出手，瞄准了产业链上游的"命门"。11月30日，公司公 告称，拟发行股份收购中科华联全部股权，收购青岛中科华联新材料股份有限公司(下称：中科华联)100%股权，并募集配套资金。 要知道，此次收购标的中科华联，是国内为数不多能提供湿法隔膜整线解决方案的企业，堪称行业"卖铲人"，其作为专精特新"小巨人"企业的特质，有望 助力恩捷股份在下一代电池材料领域进一步巩固其关键地位。这也意味着，此次交易若顺利完成，恩捷股份将达成从隔膜材料到核心生产设备的全链条闭 环布局。 由于筹划收购，恩捷股份自12月1日开市起停牌，预计在不超过10个交易日的时间内披露本次交易方案。截至11月28日收盘，恩捷股份股价报55.35元/股， 市值544亿元。 资深企业管理专家、高级经济师董鹏认为，恩捷股份此次收购远非简单的产能扩张，而是中国锂电材料行业进入"深水区"竞争的战略标志。其核心逻辑是 从单一的"产品竞争"升维至"核心技术装备自主可控的供应链体系竞争"。此次收购，不仅能够构筑极深的技术护城河和成本优势，更能打通从设备研发到 材料工艺的协同 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002812股票简称：恩捷股份公告编号：2025-197 云南恩捷新材料股份有限公司 关于筹划发行股份购买资产并募集配套资金事项的停牌进展公告 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。 云南恩捷新材料股份有限公司（以下简称"公司"）正在筹划通过发行股份等方式购买资产并募集配套资 金事项，因有关事项尚存不确定性，为了维护投资者利益，避免对公司证券交易造成重大影响，经向深 圳证券交易所申请，公司股票（证券简称：恩捷股份，证券代码：002812）自2025年12月1日开市时起 开始停牌，预计停牌时间不超过10个交易日。具体内容详见公司于2025年12月1日在指定信息披露媒体 《证券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯网（www.cninfo.com.cn）刊登 的《关于筹划发行股份购买资产并募集配套资金事项的停牌公告》（公告编号：2025-196号）。 截至本公告披露之日，公司及有关各方正在积极推进本次交易的各项工作，相关各方正在就交易方案进 行协商、论证和确认。为了维护投资者利益，避免公司 ...

格隆汇12月4日｜恩捷股份公告，公司正在筹划通过发行股份等方式购买资产并募集配套资金事项，因 有关事项尚存不确定性，为了维护投资者利益，避免对公司证券交易造成重大影响，经向深圳证券交易 所申请，公司股票自2025年12月1日开市时起开始停牌，预计停牌时间不超过10个交易日。截至本公告 披露之日，公司及有关各方正在积极推进本次交易的各项工作，相关各方正在就交易方案进行协商、论 证和确认。为了维护投资者利益，避免公司证券交易价格出现异常波动，根据深圳证券交易所的相关规 定，公司股票继续停牌。 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-197 云南恩捷新材料股份有限公司 截至本公告披露之日，公司及有关各方正在积极推进本次交易的各项工作， 相关各方正在就交易方案进行协商、论证和确认。为了维护投资者利益，避免公 司证券交易价格出现异常波动，根据深圳证券交易所的相关规定，公司股票继续 停牌。 停牌期间，公司将根据本次交易相关事项的进展情况及时履行信息披露义务。 公司将严格按照法律法规、规范性文件的有关规定积极推进本次交易筹划事项的 各项工作，履行必要的审议程序，及时向深圳证券交易所提交和披露符合相关规 定的文件并申请股票复牌。公司所有信息均以在指定信息披露媒体披露的内容为 准。因本次交易最终能否实施尚存在较大不确定性，敬请广大投资者注意投资风 险。 特此公告。 云南恩捷新材料股份有限公司董事会 二零二五年十二月四日 关于筹划发行股份购买资产并募集配套资金事项的停牌进展公告 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。 云南恩捷新材料股份有限公司（以下简称"公司"）正在筹划通过发行股份等 方式购买资产并募集配套资金事项，因有关事项尚存不确定性 ...