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, and the energy storage sector projected to grow by 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 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 electrolytes, and high-performance electrolyte research [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].

12月9日，国家电投集团产融控股股份有限公司（下称"电投产融"）披露重大资产置换及发行股份购买资产并募集配套资 金暨关联交易报告书（草案），拟通过资产置换、发行股份购买资产及募集配套资金"三步走"战略，将上市公司主营业务从当 前的金融与能源双主业，彻底转型为专注于核能发电的单一主业，打造国家电力投资集团有限公司旗下核电运营资产整合平 台。 根据交易方案，电投产融拟以所持国家电投集团资本控股有限公司100%股权（作价151.08亿元）作为置出资产，与国家核 电技术有限公司（下称"国家核电"）所持国电投核能有限公司（下称"电投核能"）股权的等值部分进行置换；差额部分402.85 亿元由上市公司向国家核电及中国人寿保险股份有限公司发行股份支付，同时拟向不超过35名特定投资者募集配套资金不超过 50亿元，全部用于山东海阳核电站3、4号机组建设。交易完成后，电投核能100%股权（作价553.94亿元）将注入上市公司。 同日，哈尔滨威帝电子股份有限公司（以下简称"威帝股份"）发布公告，公司与胡涛、万红娟签署《股权收购意向性协 议》，拟通过支付现金受让江苏智越天成企业管理有限公司51%股权及标的公司江苏玖星精密科技股权有限 ...

（编辑 袁冠琳） 证券日报网讯 12月9日，恩捷股份在互动平台回答投资者提问时表示，公司正在筹划发行股份购买资 产，同时拟募集配套资金。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，根据深圳证券交易所的相关规定，经公司申请，公司股票自2025年12月1日开市时起开始停 牌。公司预计在不超过10个交易日的时间内披露本次交易方案，即在2025年12月15日前按照《公开发行 证券的公司信息披露内容与格式准则第26号——上市公司重大资产重组》的要求披露相关信息。 ...

上一轮锂电周期的价格和 股价是如何演绎 2025-12-08 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 长江证券研究所电力设备与新能源研究小组 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 叶之楠 联系人 王晓振 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520090003 SFC执业证书编号：BQK482 %% %% %% %% research.95579.com 2 01 景气复盘：6F先行，碳酸锂持续，材料依次 02 股价复盘：景气周期看弹性，中期格局为先 目 录 %% research.95579.com 3 01 景气复盘：6F先行，碳酸锂 持续，材料依次 %% %% %% %% research.95579.com 4 01 复盘丨6F：20Q4-22Q1大涨，报表有长单平滑 ➢ 上一轮6F从2020年中的7万开始上涨，2020年底散单价格达到10-12万；2021年8月底在碳酸锂温和上涨至10万的背景下，6F散单大 幅上 ...

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 ...