Core Insights - The industry is moving towards a more rational pricing ecosystem with the establishment of a cost index for lithium iron phosphate materials, which aims to provide transparent value references for companies and assist in market decision-making [2][3][5] Group 1: Industry Developments - The China Chemical and Physical Power Industry Association has released a cost index for lithium iron phosphate materials, based on audited data from seven leading companies, indicating an average cost range of 15,714.8 to 16,439.3 yuan per ton (excluding tax) [2] - The association's initiative aims to curb "involution" and promote quality competition over scale competition within the industry [3] Group 2: Company Responses - Leading companies, including Hunan YN and Wanrun New Energy, have responded positively to the association's call for cautious capacity expansion, emphasizing the need to align production with market conditions and profitability [4] - Hunan YN and Wanrun New Energy have both stated their commitment to carefully manage capacity layout and expansion decisions based on market demand and industry trends [4] Group 3: Future Outlook - With the establishment of the cost index and the cautious expansion stance of leading companies, the lithium iron phosphate industry is expected to move away from long-standing "involution" and experience a price recovery trend [5] - The industry is anticipated to develop a dynamic balance of supply and demand, continuous technological innovation, and improved product quality, contributing to high-quality development in the new energy industry chain [5]

（编辑 袁冠琳） 证券日报网讯 湖南裕能11月25日发布公告，在公司回答调研者提问时表示，根据中汽协近期发布的数 据，2025年10月新能源乘用车国内销量占乘用车国内销量比例为57.6%，未来新能源乘用车市场仍具备 可观的增量空间。在新能源商用车领域，重卡、挖掘机等细分市场电动化进程也显著加速，渗透率持续 攀升，展现出巨大的市场潜力。此外，伴随新能源汽车平均单车带电量呈上升趋势，进一步强化了对动 力电池市场的需求支撑。长期来看，动力电池需求增长具备较强的持续性，这也将为磷酸盐正极材料需 求带来广阔的市场空间。 ...

证券日报网讯湖南裕能11月25日发布公告，在公司回答调研者提问时表示，公司目前正稳步推进西班牙 年产5万吨锂电池正极材料项目环评审批工作，具体投产时间需以实际情况为准。 （文章来源：证券日报） ...

Core Insights - Hunan YN Energy announced on November 25 that it is steadily enhancing its production and sales scale while optimizing its customer and product structures [2] Customer Structure - The company is building a more diversified customer matrix and has established strong partnerships with major domestic power and energy storage battery enterprises, which supports its business development [2] Product Structure - The company is keenly aware of the differentiated market trends in downstream demand and is continuously promoting product iteration and upgrades [2] - The CN-5 series, YN-9 series, and higher-end series products have received high recognition from customers, leading to a significant increase in their shipment proportion and ongoing optimization of the product structure [2] Market Opportunities - The company is actively seizing opportunities in the energy storage market, with an increasing proportion of products applied in the energy storage sector [2]

证券日报网讯湖南裕能11月25日发布公告，在公司回答调研者提问时表示，受益于下游动力电池和储能 电池旺盛的需求，公司目前满产满销，产能利用率保持行业领先。在产能规划方面，公司将根据市场情 况谨慎地把控好布局节奏。 （文章来源：证券日报） ...

Investment Rating - The industry is rated as "Outperform" compared to the market [2]. Core Views - The demand for energy storage lithium batteries is strong, and the prices of lithium battery materials are rising moderately [6]. - In October 2025, domestic battery production reached 170.6 GWh, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [6][2]. - The production of lithium iron phosphate (LFP) cathode materials in October 2025 was 266,900 tons, up 45.92% year-on-year and 8.36% month-on-month, with a capacity utilization rate of 63.54% [6][2]. - The prices of key raw materials have generally increased, with industrial-grade lithium carbonate exceeding 92,400 yuan/ton, a weekly increase of 10.13% [7][2]. - The monthly loading volume of LFP batteries in October 2025 was 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52% [15][2]. - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, a year-on-year increase of 79.63% [21][2]. Summary by Sections Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [6][2]. Prices - The prices of lithium battery raw materials have generally risen, with LFP prices at 38,100 yuan/ton and lithium hexafluorophosphate prices reaching 160,000 yuan/ton [7][2]. Domestic Demand - The monthly loading volume of LFP batteries reached a record high in October 2025, indicating strong domestic demand [15][2]. Overseas Demand - The global sales of new energy vehicles reached 2.1078 million units in September 2025, reflecting a year-on-year growth of 23.53% [21][2].

Core Viewpoint - Hunan Yuneng's net profit attributable to shareholders for Q3 2025 reached 340 million yuan, representing a year-on-year increase of 235.31% and a quarter-on-quarter increase of 61.26% [1] Financial Performance - The company is expected to continue increasing production, maintaining a positive outlook for profitability [1] - The improvement in operational trends is supported by a higher proportion of new products, which is anticipated to enhance processing fees as downstream demand rises [1] - Overall supply and demand dynamics are expected to reach a turning point due to better-than-expected demand, which may drive price increases and further enhance profitability [1] Production Capacity - The company's phosphate mine has commenced production, with capacity utilization gradually increasing, which is expected to provide some profit elasticity [1] - Considering the anticipated price increases and integrated layout, the company is projected to achieve a net profit of approximately 3 billion yuan in 2026, corresponding to a PE ratio of 18X [1]

在这一系列强劲驱动下，锂电需求测算数据十分亮眼。报告预计，2026年全球电动车销量将达2485万辆，同比增长17%。而储能需求则更为强劲，2025 年全球储能电池出货量预计同比大增70%至551GWh，2026年增速仍维持在40%的高位。动力与储能双双发力，共同推动2026年全球动储总需求达到 2482GWh，同比增长26%，增长势头明确且可持续。 慧博投研近日发布研究报告，对储能之锂电材料行业进行了深度梳理。报告指出，在全球能源转型与AI算力爆发形成历史性共振的背景下，锂电池行业 正迎来一轮坚实的"反转周期"。 历经两年价格磨底与产能出清后，在中美欧政策的强力支撑下，六氟磷酸锂、磷酸铁锂等核心材料价格快速反弹，行业产能利用率大幅提升，龙头企业 已率先实现满产满销。展望2026年，全球锂电材料需求缺口预计将进一步扩大，具备技术壁垒、成本优势及海外产能先发优势的企业，有望在这一轮行 情中实现"量利齐升"。 驱动行业复苏的核心引擎，来自储能需求的超预期爆发，特别是AI数据中心（AIDC）正成为一股不可忽视的新势力。政策面上，中国现货市场改革与补 贴政策提升了储能的经济效益；美国延长储能税收抵免至2036年，引发了 ...

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Group 1: Production and Market Demand - The company is currently operating at full capacity due to strong demand from downstream power and energy storage batteries, maintaining a leading industry capacity utilization rate [2] - According to recent data from the China Association of Automobile Manufacturers, in 2025, the domestic sales of new energy passenger vehicles accounted for 57.6% of total passenger vehicle sales, indicating significant growth potential in the new energy vehicle market [2] - The electrification process in the commercial vehicle sector, including heavy trucks and excavators, is accelerating, with increasing penetration rates showcasing substantial market potential [2] Group 2: Customer and Product Structure - The company is diversifying its customer base and maintaining strong partnerships with major domestic power and energy storage battery enterprises, which supports business development [3] - The company is continuously optimizing its product structure by responding to differentiated market trends, leading to increased recognition and sales of its CN-5 and YN-9 series products [3] - The proportion of products applied in the energy storage market has also increased, reflecting the company's proactive approach to market opportunities [3] Group 3: Capital Raising and Expansion Plans - The company is actively advancing its stock issuance to specific investors, currently in the inquiry response stage with the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [3] - The company is utilizing self-raised funds to initiate some fundraising project constructions while awaiting regulatory approvals [3] - The company is steadily progressing with the environmental assessment for its Spanish production base, which is expected to produce 5,000 tons of lithium battery cathode materials annually, with the specific production timeline dependent on actual circumstances [3]