Investment Rating - The industry is rated as "Strongly Outperforming the Market" due to robust demand for power batteries and energy storage batteries, along with a rebound in lithium battery material prices [3]. Core Insights - The production of positive electrode materials has significantly increased, with domestic battery production reaching 176.3 GWh in November 2025, a year-on-year increase of 49.66% [3]. - Lithium carbonate prices have risen sharply, reaching 101,000 CNY per ton as of December 19, 2025, with a weekly increase of 7.44% [3]. - The demand for lithium iron phosphate batteries has surged, with a monthly loading volume of 75.3 GWh in November 2025, marking a year-on-year increase of 43.62% [3]. Summary by Sections Production - In November 2025, domestic battery production and lithium iron phosphate positive electrode material production were significantly higher than in the same period of 2024, with production utilization rates at 62.53% [3][4]. Prices - The price of industrial-grade lithium carbonate has increased to 101,000 CNY per ton, while lithium iron phosphate prices remained stable at 39,100 CNY per ton [3][4]. Domestic Demand - The monthly loading volume for lithium iron phosphate batteries reached a record high in November 2025, with a notable increase in new energy storage project bidding capacity compared to 2024 [3][4]. Overseas Demand - In November 2025, China's power battery exports reached 21.2 GWh, a year-on-year increase of 69.60%, indicating strong international demand [3][4].

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-164 惠州亿纬锂能股份有限公司 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 关于亿纬马来西亚完成注册资本变更登记的公告 为满足惠州亿纬锂能股份有限公司（以下简称"公司"）下属公司EVE Energy Malaysia Sdn. Bhd.（以下简称"亿纬马来西亚"）经营发展的资金需求，增强可持续 发展能力，公司子公司亿纬亚洲有限公司（以下简称"亿纬亚洲"）使用自有资金 236,762,400令吉向亿纬马来西亚增资。本次增资完成后，亿纬马来西亚注册资本将由 507,887,000令吉变更为744,649,400令吉，公司通过亿纬亚洲间接持有其100%的股权。 2025 年 12 月 23 日 1 / 1 名称：亿纬锂能马来西亚有限公司（EVE Energy Malaysia Sdn. Bhd.） 类型：有限责任公司 注册地：马来西亚吉打州 董事：刘金成、乔富军、何盈深 注册资本：744,649,400令吉 近日，亿纬马来西亚已完成注册资本变更登记手续，变更登记后的相关信息如下： 经营范围：电池合成 ...

Domestic News - Guangzhou's 14th Five-Year Plan aims to accelerate the automotive industry's "curve overtaking," focusing on electric vehicle transformation, brand renewal, and international market expansion, targeting a trillion-level smart connected new energy vehicle industry cluster [7] - Haikou's 14th Five-Year Plan emphasizes the development of smart connected vehicles and other emerging industries, enhancing energy infrastructure and expanding new consumption fields [8] - China's electric vehicle charging infrastructure reached 19.322 million units by November 2025, a 52% year-on-year increase, with public charging facilities at 4.625 million units, up 36% [9] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been implemented, allowing for expedited customs procedures for exported new energy vehicles, reducing port stay time and storage costs by over 70% [10] - Geely Auto announced the completion of the privatization of Zeekr, making it a wholly-owned subsidiary [12] - Li Auto has partnered with Air China to offer a program where new car owners can accumulate flight mileage based on driving distance [13] - Jianghuai Automobile Group has opened a subsidiary in Italy, marking a significant step in its global development strategy [14] - EVE Energy's headquarters and AI robotics center project has commenced construction, with a total investment of approximately 1 billion yuan [15] International News - Thailand's automotive production in November increased by 11.06% year-on-year, reaching 130,222 units, while domestic sales rose by 20.65% [16] - Germany's automotive exports to the U.S. fell by nearly 14% in the first three quarters of the year, significantly impacted by new tariff policies [17] - Malaysia's automotive sales in November grew by 5.5% year-on-year, driven by the impending expiration of tax exemptions and year-end promotions [18] - Uber has partnered with Baidu to conduct trials of autonomous taxis in London, with plans to launch a pilot project in the first half of 2026 [19] Commercial Vehicles - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first company focused on intelligent driving for commercial vehicles [20] - Foton Ouhui has launched a new L4 level intelligent driving bus, showcasing its technological advancements and market competitiveness [22] - Jiushi Intelligent's manufacturing base in Huai'an has officially commenced production, supporting the global RoboVan industry with advanced technology and operational experience [23] - FAW Liberation's new factory in Foshan has officially started production, enhancing its presence in the southern new energy commercial vehicle market [24]

Group 1 - The company Zhongke Electric has established long-term cooperative relationships with well-known lithium battery manufacturers both domestically and internationally, including CATL, BYD, and LGES [2] - The company's lithium battery anode business is positioned to benefit from these partnerships, indicating a strong market presence and potential for growth in the lithium battery sector [2] - The collaboration with major players in the industry suggests a robust supply chain and increased credibility for Zhongke Electric in the competitive landscape of lithium battery production [2]

（文章来源：证券日报） 证券日报网讯 12月23日，硕贝德在互动平台回答投资者提问时表示，公司为宁德时代、亿纬锂能、阳 光电源部分客户提供逆变器的散热器及动力电池包的液冷板等产品。 ...

Group 1 - The lithium battery industry chain has seen a continuous increase in demand since December, driven by the energy storage sector, leading to price hikes across multiple segments [1] - Prices for lithium hexafluorophosphate, VC additive (ethylene carbonate), and FEC (fluoroethylene carbonate) are on the rise due to an expanding supply-demand gap [1] - Several lithium iron phosphate companies have announced price increases, with Suzhou Dejia Energy Technology Co., Ltd. planning a 15% price hike for its battery products starting December 16 [1] Group 2 - EVE Energy is planning to build a nearly 30GWh cylindrical battery factory near BMW's plant in Hungary, expected to be operational by 2026 [2] - The new generation BMW iX3, equipped with EVE Energy's cylindrical battery, achieved a real-world range of 1007.7 km, surpassing the official WLTP range of 805 km [2] - The lithium iron phosphate market is projected to see significant demand growth, with production expected to rise from 3.9 million tons in 2025 to 5.8 million tons by 2026 [2] Group 3 - As of December 22, 2025, the battery ETF has seen a significant growth of 1.05 billion yuan in scale over the past week [3] - The battery ETF has also experienced a substantial increase in shares, with a growth of 19.46 billion shares over the past three months [3] - The storage battery ETF has surged over 2%, with constituent stocks like Tongfei Co. and Penghui Energy showing notable gains [3] Group 4 - The battery ETF (159755) closely tracks the National Index for New Energy Vehicle Batteries, focusing on the electric vehicle battery industry chain [4] - The storage battery ETF (Guangfa, 159305) tracks the National Index for New Energy Batteries, emphasizing the storage battery sector and selecting 50 stocks with high market capitalization and liquidity [4]

Core Insights - The Chinese lithium battery storage industry is undergoing significant expansion, with 132 new lithium-ion battery manufacturing projects planned to achieve an annual capacity of 1803 GWh by the end of 2025, backed by a total investment of approximately 428.27 billion yuan [1][23][20] Regional Distribution - The geographical distribution of lithium battery production capacity is shifting from a previously concentrated model in the southeast coastal regions to a more collaborative structure involving East China leading, Central China rising, and Southwest China advancing [3][25] - East China remains a cornerstone, with Shandong, Jiangsu, and Zhejiang leveraging their mature chemical industry foundations and supply chain advantages to become core manufacturing hubs [3][25] - Central China, particularly Hubei, is emerging as a significant player with a storage industry cluster generating over 60 billion yuan, achieving over 20% of the national power battery capacity [5][28] - Southwest China, led by Sichuan, is attracting large-scale energy-sensitive storage battery projects due to its abundant hydropower resources and lower electricity costs [8][31] Technological Developments - Phosphate iron lithium (LFP) batteries maintain a dominant position, accounting for 81.2% of the loading volume in power and storage sectors, with a 51.4% year-on-year increase in exports [9][32] - Sodium-ion batteries are transitioning from laboratory to industrial production, presenting a strategic reserve for addressing lithium resource fluctuations [11][34] - Solid-state batteries are making strides in industrialization, with projects in Sichuan and Anhui exceeding 5 billion yuan in total investment [11][34] - The penetration of large cylindrical batteries is accelerating, with projections indicating global production capacity could exceed 300 GWh by 2026 [11][34] Competitive Landscape - Leading companies like CATL are expanding aggressively, with individual project investments exceeding 10 billion yuan and capacity planning reaching 10 GWh [12][35] - The second-tier players are intensifying their positioning battles, with companies like Guoxuan High-Tech and others focusing on niche markets and specific technologies [12][38] - The number of newly registered lithium battery-related companies reached approximately 37,000 in the first 11 months of 2025, indicating strong capital and entrepreneurial interest in the sector [12][38] Project Progress - As of November 2025, 74 projects are in substantial stages of construction, representing nearly 70% of the total planned projects, with 30 newly started, 23 under construction, and 21 already in production [16][39] - There are 28 projects in preliminary stages, with 12 already partially completed, indicating a steady influx of new capacity into the market [19][42] Structural Changes - The expansion of capacity is characterized by a supply-side structural reform, focusing on high-quality replacements rather than low-level repetitive construction [20][43] - New production lines are targeting high-capacity cells of 314 Ah and above, leading to the exit of outdated capacities under price and technological pressures [20][43] - Companies with integrated capabilities from lithium mining to recycling are gaining advantages in cost control and supply chain security [20][43] - Chinese storage enterprises are accelerating localized capacity layouts in Southeast Asia, Europe, and North Africa to navigate complex international trade environments [22][45]

Core Viewpoint - EVE Energy announced the groundbreaking ceremony for the "EVE Sodium Energy Headquarters and Jinyuan Robot AI Center" project, indicating a strategic move to capitalize on the explosive growth of the sodium battery industry and rapid advancements in AI and robotics technology [3][6]. Group 1: Project Overview - The project involves a total investment of approximately 1 billion yuan, with a planned total construction area of about 90,000 square meters, aimed at creating an integrated innovation platform for "R&D - pilot testing - mass production" in the sodium battery sector [6]. - The sodium battery products will feature characteristics such as "non-combustible" and "no trace," utilizing low-carbon materials for self-degradation without the need for recycling, aligning with the goal of achieving "zero-carbon sodium batteries" [6][5]. Group 2: AI and Robotics Integration - The Jinyuan Robot AI Center will cover an area of approximately 50,000 square meters, encompassing the entire process of robot mass production R&D, from "R&D - trial production - pilot testing - final assembly - skills training" [7]. - The project aims to leverage a "robot + generative AI" dual-engine approach to break down collaboration barriers between robots, equipment, and personnel, creating a comprehensive intelligent solution model [7]. Group 3: Future Directions - The company plans to focus on developing comprehensive energy storage solutions that integrate hydrogen, lithium, and sodium, which are key elements in the periodic table and crucial for the future of renewable energy [5]. - EVE Energy aims to achieve a highly automated and intelligent lithium battery manufacturing system, with the vision of "robots manufacturing batteries for robots," providing strong industrial support for the implementation of comprehensive energy storage solutions [6].

如何做好出海业务？多位与会嘉宾均提到"长期主义"。 亿纬储能总裁陈翔表示，回想5年前甚至更早的时候，储能用的电芯都是淘汰下来的动力电池。如今， 企业认真研发500Ah以上的电芯，开始定义下一代储能电芯，储能行业已经有了巨大的飞跃，行业开始 认真思考储能行业未来如何发展。长期主义不仅是做锂电企业的基础，也是出海的基础，不管业务规模 是大是小。 易辉琼也认为，出海的长期主义包含产品创新，以及全球产业链布局。瑞浦兰钧的出海，不仅仅是电池 产能布局。她指出，从瑞浦兰钧成立开始，青山集团就一直致力于布局整个新能源产业链，从矿产到原 材料，到电池，再到终端和客户。青山集团在不锈钢和镍两个产业都做到全球最大，而且市占率超过 30%。 "世界的储能是中国的，中国的储能也是世界的。"12月11日，在深圳举办的2025高工储能年会上，这句 话反复被宁德时代（300750）、亿纬锂能（300014）等企业的发言嘉宾提及。前半句意为，中国储能电 池和储能系统在全球市场的份额分别达90%和70%，已形成主导之势；后半句则是指，海外储能市场目 前占据一半体量且利润更为丰厚，成为中国储能企业必须去的远方。 会上，储能头部企业分享了征战海外 ...

Core Viewpoint - The report highlights a significant growth potential in the lithium iron phosphate (LFP) market, predicting a demand surge in 2026, with production expected to reach 5.8 million tons, up from 3.9 million tons in 2025. The supply of fourth-generation LFP remains tight, with only a few stable suppliers available [1][2]. Industry Strategy - The overall strategy emphasizes the importance of repositioning at the bottom of the market, driven by the continuous implementation of new technologies and favorable supply-demand dynamics in the upstream sector. There is a focus on enhancing pricing power in the mid and upstream segments, suggesting that current market conditions present a good opportunity for investment in leading companies and upstream flexibility [1]. New Energy Vehicle Industry Insights - The new cycle in the new energy vehicle (NEV) industry has begun, with innovations in battery technology such as large cylindrical and solid-state batteries benefiting companies like CATL, EVE Energy, and Putailai. For instance, the new generation BMW iX3, equipped with EVE Energy's large cylindrical battery, achieved a real-world range of 1007.7 km, surpassing its official WLTP range of 805 km. EVE Energy is also planning a new 30 GWh cylindrical battery factory in Hungary, expected to be operational by 2026 [1][2]. Lithium Battery Cathode Supply Chain - The lithium battery cathode supply chain is expected to remain strong, with companies like Hunan Youneng, Rongbai Technology, and Tianci Materials poised to benefit. The cost of lithium iron phosphate has been rising, with November costs reported between 16,798.2 and 17,216.3 yuan per ton, an increase of 89.6 yuan per ton from October. The average market price also rose by 279.3 yuan per ton to 14,704.8 yuan [2]. Solar Energy Storage Industry Insights - The solar energy sector is witnessing a gradual uplift in the mid-term bottom, with ongoing efforts to combat "internal competition" among leading companies like Longi, Aiko, and GCL-Poly. A self-regulatory initiative has been formed, focusing on eliminating export tax rebates and controlling silicon material supply to stabilize the market. The Ministry of Industry and Information Technology has outlined six key tasks for the solar industry by 2026, emphasizing capacity regulation and innovation [2]. AI and New Energy Integration - The integration of AI in the new energy sector is gaining traction, with companies like Ningde Times and Keda Li benefiting from the application of humanoid robots in manufacturing. Ningde Times has launched the world's first production line for humanoid robots in battery pack production, marking a significant advancement in smart manufacturing [3]. Wind Power Industry Insights - The global wind power market is performing better than expected, with significant project bids reported. From January to November 2025, state-owned enterprises have opened bids for 117.97 GW of wind power projects, with onshore wind accounting for 91.33% of the total. Companies like Goldwind, Envision Energy, and others dominate the market, holding a combined share of 68.02% [4].