Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300568 证券简称：星源材质 公告编号：2026-002 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市星源材质科技股份有限公司（以下简称"公司"）于2025年12月26日召开第六届董事会第二十一次 会议，于2026年1月12日召开2026年第一次临时股东会，审议通过了《关于注销回购股份的议案》。具 体内容详见公司在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。鉴于公司于2023年1月回购完 成的股份尚未使用且存续时间即将期满36个月，公司拟将存放于回购专用账户的2,413,500 股回购股份 予以注销。 上述注销回购股份事项完成后，公司注册资本由人民币1,348,124,139元变更为人民币1,345,710,639元， 公司股份总数由1,348,124,139股变更为1,345,710,639 股。 由于本次公司注销回购股份涉及总股本减少、注册资本变动，根据《中华人民共和国公司法》（以下简 称"《公司法》"）等相关法律、法规的规定，公司特此通知债权人，债权人自本公告 ...

会杜德师事务所 NG&WODD IFSONS 28th Floor, China Resources To 2666 Kevuan South Road Nanshan District Shenzhen, Guanadona 518052 P.R. China T +86 755 2216 3333 F +86 755 2216 3380 www.kwm.com 北京市金杜（深圳）律师事务所 关于深圳市星源材质科技股份有限公司 2026 年第一次临时股东会 之法律意见书 致:深圳市星源材质科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深圳市星源材质科技 股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称 《证券法》)、《中华人民共和国公司法》(以下简称《公司法》)、中国证券监督管 理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规 则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包 括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、 行政法规、规章、规范性文件和现行有效的公司章程有关规定，指派律师出席了 ...

证券代码：300568 证券简称：星源材质 公告编号：2026-002 上述注销回购股份事项完成后，公司注册资本由人民币 1,348,124,139 元变 更 为 人 民 币 1,345,710,639 元 ， 公 司 股 份 总 数 由 1,348,124,139 股 变 更 为 1,345,710,639 股。 由于本次公司注销回购股份涉及总股本减少、注册资本变动，根据《中华人 民共和国公司法》（以下简称"《公司法》"）等相关法律、法规的规定，公司特 此通知债权人，债权人自本公告之日起四十五日内，有权要求本公司清偿债务或 者提供相应的担保。债权人未在规定期限内行使上述权利的，本次注销将按法定 程序继续实施。 公司债权人如要求本公司清偿债务或提供相应担保的，应根据《公司法》等 法律、法规的有关规定向本公司提出书面要求，并随附有关证明文件。 特此公告。 深圳市星源材质科技股份有限公司董事会 2026 年 1 月 12 日 深圳市星源材质科技股份有限公司 关于注销回购股份减资暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市星源材质科技股 ...

证券代码：300568 证券简称：星源材质 公告编号：2026-001 深圳市星源材质科技股份有限公司 2026 年第一次临时股东会决议公告 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。 特别提示： 4、会议召集人：公司董事会 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议开始时间：2026 年 1 月 12 日（星期一）14:30 （2）网络投票时间：2026 年 1 月 12 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2026 年 1 月 12 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票 系统进行网络投票的具体时间为 2026 年 1 月 12 日 9:15-15:00 期间的任意时间。 2、会议地点：深圳市光明区公明办事处田园路北（星源先进材料产业园 2 栋 10 楼会议室） 3、会议召开方式：采用现场投票表决与网络投票相结合的方式召开 5、会议主持人：职工 ...

Summary of Conference Call Notes Industry Overview - The focus is on the **Battery and Battery Components** industry in **China**. - The report discusses the performance and outlook of two companies: **Tinci** and **Shenzhen Senior**. Key Points on Tinci - **Downgrade**: Tinci's stock rating has been downgraded from **Overweight** to **Equal-weight** due to high expectations already priced in and unattractive valuations [1][2] - **Earnings Performance**: Tinci has realized a **LiPF6 price** of over **Rmb100,000/t** and an **electrolyte unit net profit** of **Rmb4,000/t** in **4Q25**. This indicates a payback period of less than a year, suggesting that further upside may not be sustainable [3][9] - **Valuation Adjustment**: The stock is now valued using a **20x 2026e P/E** multiple, leading to a new price target of **Rmb49**. The previous valuation was based on long-term profit estimates rather than actual profit [3][10] - **Market Position**: Tinci is positioned to benefit from a demand boom due to a favorable competitive landscape, but the sustainability of high prices is questioned as the top three LiPF6 producers have significant capacities ready to start [9][10] - **Earnings Forecasts**: The earnings forecasts for **2025/26/27** have been raised, reflecting the higher LiPF6 price estimates [10] Key Points on Shenzhen Senior - **Downgrade**: Shenzhen Senior's stock rating has also been downgraded from **Overweight** to **Equal-weight** as its sales volume guidance for **2026** is below industry averages [1][4] - **Sales Volume Guidance**: The company expects a **30% YoY sales volume growth** in **2026**, which is lower than the **35-40%** expected by peers. This is attributed to a higher overseas customer mix and a potential shift from dry to wet separators by some battery producers [4][35] - **Earnings Forecasts**: The earnings forecasts for **2025/26/27** remain unchanged, based on a reasonable long-term **ROIC** of **15%** for separator makers, with a maintained price target of **Rmb16** [4][36] Additional Insights - **Market Dynamics**: The ongoing price negotiations between battery makers and battery material makers are highlighted, indicating a competitive environment [2] - **Capacity Concerns**: The report notes that Tinci and its competitors have ready-to-start capacities that could significantly impact market prices and profitability [3][9] - **Long-term Outlook**: Both companies are expected to face challenges in sustaining high profit levels due to market saturation and competitive pressures [3][4][9] Conclusion - The downgrades for both Tinci and Shenzhen Senior reflect a cautious outlook on their stock valuations amid high expectations and competitive market dynamics. The focus on earnings performance and market positioning will be critical for future assessments in the battery components industry.

Group 1 - Morgan Stanley downgraded the ratings of Tianqi Lithium and Xingyuan Material from "overweight" to "market weight" due to current valuations being fully priced in for profit recovery expectations from the industry reversal [1][2] - For Tianqi Lithium, the target price was raised to 49 yuan, with the current stock price at 44 yuan per share. The projected average price for lithium hexafluorophosphate (LiPF6) in Q4 2025 is over 100,000 yuan/ton, and the net profit per ton of electrolyte is expected to reach 4,000 yuan, indicating a payback period of less than one year [1][2] - Xingyuan Material's target price remains at 16 yuan, but the stock is considered "at target" due to its sales growth guidance of approximately 30%, which lags behind the industry average expected growth of 35%-40% for 2026 [1][3] Group 2 - The report indicates a shift in valuation methodology from a growth-oriented P/B approach to a cycle-oriented P/E approach, reflecting concerns over potential supply expansion and competition due to short payback periods [4][5] - The report highlights that the top three LiPF6 producers in China, including Tianqi, have significant production capacity that can be released, with an expected addition of 80,000 tons of capacity by the second half of 2026, representing about 20% of total industry capacity [2][5] - The report emphasizes that while high profits are being realized, the industry may be at a cyclical peak, with concerns that any demand weakness or capacity expansion could lead to a return to mid-cycle pricing levels [5][7]

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle 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 expected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, particularly in the energy storage sector, which may see a remarkable growth rate of 48.3% [5]. - The demand surge will significantly impact the supply of battery cells and four key upstream materials, highlighting a potential supply gap that needs to be addressed for stable and efficient supply chains [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Application 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 Speakers - The main forum will cover topics such as the outlook for lithium ore resource supply, operational strategies for lithium carbonate in the current market environment, and advancements in high-energy-density power battery technology [9]. - Sub-forums will address critical materials for power batteries and energy storage, including market trends, solid-state battery technology, and the impact of policies on energy storage projects [10][11]. Group 4: Participation and Costs - 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 [17].

Group 1 - The chemical sector experienced a slight pullback on January 7, with the Chemical ETF (516020) fluctuating around the waterline before closing down 0.44% [1][7] - Key stocks in the sector, including Tianqi Lithium and Duofu, saw declines exceeding 4%, while several others dropped over 2%, negatively impacting the overall sector performance [1][7] - Despite the pullback, the basic chemical sector attracted significant capital inflow, with a net inflow of 5.915 billion yuan on the day, ranking fourth among 30 primary industries [9][10] Group 2 - The Chemical ETF (516020) has been a popular investment tool, with a net subscription of 525 million yuan over the past five trading days [10] - A meeting was held by multiple departments to discuss the regulation of competition in the power and energy storage battery industry, with participation from over ten leading companies [10] - Dongxing Securities forecasts a potential recovery in the chemical industry, expecting improvements in supply-demand dynamics and a decrease in raw material costs by 2026, presenting investment opportunities [11][12] Group 3 - The Chemical ETF (516020) tracks the CSI sub-industry index, with nearly 50% of its holdings concentrated in large-cap leading stocks, including Wanhua Chemical and Salt Lake Chemical [11][12] - The ETF also includes investments in sub-sectors such as phosphate and fluorine chemicals, nitrogen fertilizers, and high-end chemical new materials, aiming to capture comprehensive investment opportunities in the chemical sector [11][12]

Core Viewpoint - The article suggests that 2026 is expected to mark the beginning of a new healthy and orderly development cycle for China's lithium battery new energy industry [3][19]. Investment Overview - In 2025, over 282 public investment projects related to the lithium battery industry chain in China are anticipated, with a total investment exceeding 820 billion yuan, representing a year-on-year growth of over 74% [4]. - The investment projects are primarily concentrated in East and Central China, with regions like Fujian, Shandong, and Jiangsu leading in lithium battery and material manufacturing due to their rich chemical resources and strategic enterprise layouts [6]. Regional Distribution - The Southwest region, particularly Sichuan, is expected to dominate the investment in lithium battery positive materials, accounting for 59% of the projects, with a significant production capacity of over 350 GWh [11]. - Negative materials investment is more evenly distributed, with North and Northwest China favored due to lower electricity costs [11]. - The electrolyte projects are mainly concentrated in East China, benefiting from a robust industrial chain and proximity to downstream markets [11]. Overseas Expansion - Chinese lithium battery companies are increasingly focusing on overseas markets, with significant investments in Thailand, Spain, and Portugal, driven by favorable geopolitical conditions and local demand [7]. - Notable projects include the establishment of a zero-carbon AI super factory in Portugal and a joint venture factory in Spain by CATL and Stellantis [7]. Solid-State and Sodium Battery Development - In 2025, solid-state battery projects are expected to be concentrated in East China, with planned capacities of 74 GWh and total investments of 28 billion yuan [15]. - The sodium battery sector is projected to see significant growth, with planned capacities of 81 GWh and total investments of 32.2 billion yuan, primarily in the Southwest region [15]. Market Outlook - The lithium new energy industry is emerging from a challenging period characterized by supply-demand imbalances and declining prices, with positive signals indicating a recovery starting in 2025 [18]. - The demand for solid-state batteries and sodium batteries is expected to accelerate, with the latter projected to achieve a 100% increase in shipments by 2026 [19].