Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月12日丨当升科技(300073.SZ)公布，截至本公告披露日，公司股权增持计划已通过"云南国际 信托有限公司－云南信托－与奋斗者同行当升科技员工持股第六期管理服务信托"从二级市场以市价累 计买入了公司股票合计283,200股，占公司总股本的0.05%，成交均价为55.83元/股，成交总金额为 15,810,291.36元。 责任编辑：钟离 ...

北京当升材料科技股份有限公司 关于 2025 年管理层与核心骨干股权增持计划实施进展的公告 证券代码：300073 证券简称：当升科技 公告编号：2025-085 北京当升材料科技股份有限公司 实施进展的公告 本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。 北京当升材料科技股份有限公司（以下称"当升科技"或"公司"）2025 年第三次临时股东大会于 2025 年 8 月 12 日审议通过了《<2025 年管理层与核心 骨干股权增持计划（草案）>及摘要》（以下称"股权增持计划"）。根据中国 证券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》的相 关要求，现将公司本次股权增持计划实施进展情况公告如下： 截至本公告披露日，公司股权增持计划已通过"云南国际信托有限公司－云 南信托－与奋斗者同行当升科技员工持股第六期管理服务信托"从二级市场以 市价累计买入了公司股票合计 283,200 股，占公司总股本的 0.05%，成交均价为 55.83 元/股，成交总金额为 15,810,2 ...

| 权益类证券大宗交易(协议交易) | | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | | | | | (元) | (万股/万份) | (万元) | | | | | 2025-12-11 | 300073 | 当升科技 | 46.91 | 13.00 | | 609.83 中信建投证券股份 | 中信建投证券股份 | | | | | | | | | 有限公司甘肃分公 | 有限公司甘肃分公 | | | | | | | | I | | I | | 12月11日，当升科技大宗交易成交13万股，成交额609.83万元，占当日总成交额的0.95%，成交价46.91 元，较市场收盘价57.72元折价18.73%。 ...

Group 1: Company Lithium Iron Phosphate Business Progress - The company has rapidly developed its lithium iron phosphate (LiFePO4) business, with significant increases in shipment volume, becoming a major source of revenue. The main products are third and fourth generation, with the fourth generation's share steadily increasing. The company is accelerating the development and introduction of fifth generation products, expected to enter mass production in the second half of 2026 [1] - The company has a total planned capacity of 300,000 tons for its lithium iron phosphate production base in Panzhihua, with the first phase project having an annual output of 120,000 tons already completed. Due to strong demand in the downstream energy storage market, the company is facing capacity shortages and is actively planning capacity expansion in the Southwest region [2] Group 2: Market Development and Customer Base - The global energy storage market is rapidly developing, positively impacting the company's lithium iron phosphate business, which has become a significant revenue source. The company has established itself as a strategic supplier to major domestic lithium iron phosphate battery manufacturers, with a focus on overseas end markets [3] - The company's lithium iron phosphate materials are in high demand, with products being supplied to major domestic energy storage and power battery customers such as CATL, EVE Energy, and others. The acceleration of the Panzhihua new materials industrial base project will meet the urgent needs of downstream customers and support business growth [5] Group 3: Raw Material Prices and Supply Chain Management - The company closely monitors raw material market dynamics and price fluctuations, establishing long-term strategic partnerships with key suppliers and adopting diversified procurement strategies to optimize supply chain management and ensure raw material supply security and cost advantages [4] Group 4: Technological Development and Future Prospects - The introduction of manganese in lithium manganese phosphate materials significantly enhances battery energy density, showing great potential in power batteries and energy storage. The company has developed solutions to address technical challenges, achieving breakthroughs in energy density, low-temperature performance, and fast charging capabilities [6] - The company is actively developing sodium battery cathode materials and solid-state electrolyte materials, with products entering batch verification stages with major customers, indicating strong market potential [7][8] Group 5: International Expansion and Future Capacity Plans - To seize overseas market opportunities, the company is accelerating the construction of a new materials industrial base in Finland, which is expected to be operational in the second half of 2026. This project will enhance the company's international business advantages and support global market share growth [11] - The company has a planned capacity of 500,000 tons for its European new materials industrial base, including 300,000 tons of lithium iron phosphate, with phased construction based on market trends and customer demand [12]

郭晨凯 制图 ◎记者 王乔琪 李少鹏 12月9日，国内锂电池厂商德加能源发布通知，宣布因上游原材料价格持续上涨，电池生产成本提升， 公司决定自12月16日起对旗下电池系列产品售价上调15%。同日，孚能科技也向市场透露：公司正在和 客户沟通涨价事宜，部分产品已经实现涨价。其还表示"当前部分原材料价格有所上涨，叠加市场需求 持续扩大，锂电池价格上涨是行业趋势"。 伴随产业链价格传导，行业头部企业正加速通过长期协议锁定上游产能与供应链，巩固规模与成本优 势。"抢产能就是抢未来！"对于近期行业变化，一位头部电池企业高管向上证报记者如此感慨。 今年下半年以来，从上游的正极材料、电解液、铜箔，到终端的电芯与储能系统，一场以"锁量"为核心 的订单潮席卷产业链，产能紧俏、价格跳涨已成为常态。与此同时，行业龙头正通过技术迭代和全球化 布局，开拓增量市场，抢占技术制高点。业内预计，在储能需求爆发与全球能源转型的双重机遇下，中 国锂电企业依托技术与产能优势，将进一步提高全球产业话语权，重塑全球产业竞争格局。 储能引爆需求 锂电产业链满产满销 2025年下半年以来，锂电产业链"供不应求"的信号在多个环节同时释放。 "目前公司主要储能 ...

每经AI快讯，12月8日，当升科技在互动平台表示，公司全固态电池关键材料技术和客户开发进展顺 利。全固态正极材料方面，公司全固态专用超高镍多元材料在全固态电池当中的性能发挥（循环、容量 等）已经接近液态电池的水平，可满足超过400Wh/kg电池能量密度需求，远超当前液态电池的能量密 度水平。超高容量富锂锰基材料可使全固态电池能量密度达到500Wh/kg，性能行业领先。固态电解质 方面，公司全方位布局硫化物、氧化物、卤化物等不同技术路线，已率先开发出氯碘复合的新型硫化物 电解质，在保持高离子电导率的同时显著降低界面压力，有效解决固固界面接触难题，产品已在头部客 户进入批量验证阶段。2025年前三季度，公司全固态电池用关键材料已实现20吨级以上批量供货。 ...

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].

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：您好！请问，下游储能市场是否热度较高，下游客户 有无抢单、预定公司产品？谢谢！ 当升科技（300073.SZ）12月5日在投资者互动平台表示，您好，全球储能市场高速发展带动了对磷酸 （锰）铁锂材料的旺盛需求。目前公司磷酸（锰）铁锂业务产销两旺并实现盈利，已跻身国内磷酸铁锂 电池主流厂商战略供应商行列，其中终端应用市场以海外为主。公司攀枝花磷酸（锰）铁锂生产基地首 期项目年产12万吨磷酸（锰）铁锂材料已建成投产，为满足未来订单增长、扩大市场份额提供了有力保 障。谢谢。 ...

Core Viewpoint - The report highlights the challenges faced by the lithium battery industry due to intense competition leading to price declines that have surpassed cash costs for many companies [1][2]. Industry Overview - The lithium battery supply chain has seen significant expansion, with market shares for domestic anode, cathode, electrolyte, and separator materials projected to reach 90%, 97%, 85%, and 83% respectively by the end of 2024 [1][2]. - Financially, the net profit margins for various materials in Q4 2024 are concerning, with cathode materials at -2.2%, anode materials at 1.9%, separators at -22%, electrolytes at 0.6%, and copper foil at -4.2%, indicating widespread losses across the industry [2]. Government and Industry Response - The Ministry of Industry and Information Technology (MIIT) has organized discussions to address irrational competition in the battery sector, emphasizing the need for policy measures to regulate capacity and enhance product quality [1][3]. - Industry associations have held multiple meetings to combat internal competition, fostering a consensus among companies to improve the situation [3]. Market Outlook - There is optimism for price increases and performance recovery, as processing fees for key materials have risen significantly, with increases of 215% for lithium hexafluorophosphate and 245% for vinyl carbonate since the second half of the year [3]. - The production of battery cells and materials has shown a positive trend, with a 7% month-on-month increase in November for cell production and a 2-3% increase for material production, driven by demand recovery [3]. Investment Recommendations - The report suggests a positive outlook for the industry, recommending investments in segments with strong certainty and potential for growth, particularly in electrolytes, additives, copper foil, and lithium iron phosphate [4]. - Specific companies to watch include Huasheng Lithium Battery, Jiayuan Technology, Putailai, and others, indicating a focus on firms positioned to benefit from the anticipated recovery [4].