【DT新材料】 获悉， 7月14日， 宁德时代 发布消息称，与全球领先的综合性资源公司 必和必拓（BHP） 签署合作备忘录。 宁德时代称，双方将在产品研发上开展合作，共同研究并开 发适用于重型采矿设备和铁路机车的电池解决方案，并配套落地相应的快充基础设施，探索储 能系统在必和必拓全球矿山的应用场景。 未来，双方还将优化电池回收流程，推动循环经济发展，建立更可持续的采矿业价值链。 资料显示， 必和必拓 总部位于澳大利亚墨尔本，由澳大利亚BHP公司与英国Billiton公司于2001年合并而成。目前，必和必拓在全球25个国家拥有多种金属矿产 的采矿业务， 是全球最大的综合性资源公司。 图片来源：弗迪电池 说明： 本文部分素材来自于 宁德时代、比亚迪 等各大公司官网及网络公开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代表对该观点赞同或支 持。如果有任何问题，请联系我们：15355132586（微信号：dtmaterial） 图片来源：宁德时代 同日，来自 比亚迪集团弗迪电池 的消息也显示，近日，比亚迪集团全资子公司弗迪电池有限公司（FDB）与必和必拓达成了谅解备忘录（MOU）。 根据 ...

Core Viewpoint - Recent collaborations between CATL, BYD's subsidiary FDB, and BHP focus on energy storage business partnerships, driven by the increasing demand for lithium, nickel, and other essential minerals due to the rise of renewable energy technologies [1][4]. Group 1 - BHP aims for net-zero greenhouse gas emissions by 2050, responding to the dual pressures of expanding mining operations and the need for decarbonization [4]. - The partnerships with CATL and FDB will explore the application of existing and emerging technologies in BHP's global mining operations [5]. - CATL emphasizes leveraging each party's strengths to promote electrification in mining operations through electric mining equipment, fast-charging infrastructure, energy storage, and battery recycling [6]. Group 2 - FDB aims to develop power battery system solutions for heavy mining equipment and locomotives, alongside fast-charging infrastructure, while exploring other sustainable technology applications in the mining sector [7].

Group 1: Battery Industry Developments - BHP has signed preliminary cooperation agreements with CATL and BYD to promote electrification in global mining operations, focusing on battery systems for heavy mining equipment and railway locomotives, as well as building fast-charging infrastructure [2][3] - ExxonMobil's 10GWh energy storage battery project is progressing, with construction expected to complete by the end of the year, aiming for an annual production value exceeding 6 billion yuan once fully operational [4][6] - Honeycomb Energy's global power battery installation volume increased by 110% year-on-year in the first half of 2025, with overseas shipments accounting for 30% of total sales [7][8] Group 2: Material Prices - The price of battery-grade lithium carbonate has risen for nine consecutive days, reaching 64,700 yuan per ton, marking a significant increase of 2,100 yuan over the past five days and 3,990 yuan over the past month [9][10] Group 3: Equipment Innovations - GAC Aion has applied for a patent related to solid-state battery manufacturing technology, which addresses issues of internal short circuits in solid-state batteries during application [11][12] Group 4: International Policies - The UK government is introducing new measures to promote electric vehicle sales, including a £63 million investment in charging infrastructure and a £2.5 billion fund to assist manufacturers in transitioning to zero-emission vehicles [13][14]

Domestic News - Guangxi has issued the first batch of road testing licenses for low-speed unmanned vehicles, marking the transition from closed testing to open road testing for autonomous vehicles [2] - Anhui province is offering a cash subsidy of 3,000 yuan per vehicle for consumers purchasing the "Hongmeng Zhixing" series of new energy vehicles, with a total budget of 3.6 million yuan for 1,200 vehicles [3] - Li Auto has expanded its service network to 642 stores across 225 cities in China, having opened 25 new locations from April to June [4] - China FAW Group has signed an agreement with the Changchun municipal government to promote high-quality development in the automotive industry, with plans to launch eight new energy models [5] - Huawei plans to launch a high-speed commercial solution based on L3 technology architecture in September, with expectations for ADS 4 to achieve commercial use by the fourth quarter of this year [6] - CATL has signed a memorandum of cooperation with BHP to collaborate on electric mining equipment, fast-charging infrastructure, and battery recycling [7] - Yika Technology has deepened its global cooperation with Samsung Group, integrating advanced technologies into its solutions to enhance the smart ecosystem in the automotive sector [8][9] - The China Electric Vehicle Charging Infrastructure Promotion Alliance has launched an open service platform to improve service levels and facilitate efficient circulation in the charging and battery swap industry [10] International News - In the Philippines, new car sales fell by 1.2% year-on-year in May, with total sales for the first five months showing a slight increase of 1.7% [12] - The UK plans to introduce new incentives to lower the cost of purchasing electric vehicles, including a £63 million investment in charging infrastructure [13] - Norway's new car registrations increased by 5% in June, with electric vehicles accounting for 96.9% of total sales, driven primarily by the Tesla Model Y [14] - VinFast has signed a strategic cooperation agreement with BatX Energies to enhance its local supply chain and optimize product lifecycle in India [15] Commercial Vehicles - Yutong has launched its high-end flagship light truck T6, showcasing its technological capabilities and responding to market demands [16] - Qingling has introduced the Lingkun electric truck in Shanghai, aiming to support the city's green logistics transformation [17] - Dongfeng Commercial Vehicle has signed a strategic cooperation agreement with XJ Group to enhance collaboration in high-end electric power equipment and new energy sectors [18] - The new generation of Junling A series has been launched in Zhengzhou, featuring advanced powertrains and design aimed at enhancing logistics efficiency and sustainability [19]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The signing of memorandums between BYD and CATL, two leading lithium - ion battery companies, and BHP has led to a significant rise in the lithium - ion battery sector [4][5]. - The cooperation establishes the first - mover advantage of CATL and BYD in the industrial battery field, and expands the application scenarios of new - energy lithium - ion batteries, driving the expected future demand growth and promoting the development of lithium - ion battery technology [5]. - Under recent positive stimuli, lithium carbonate is oscillating strongly in the range of 65,000 - 68,000 yuan per ton [5]. 3. Summary by Related Content Cooperation Details - BYD's wholly - owned subsidiary FDB and BHP will jointly research and explore power battery system solutions and supporting flash - charging infrastructure for heavy - duty mining equipment and locomotives, and explore the use of BYD commercial and light vehicles in BHP's mines to promote the diesel replacement technology process [4]. - CATL and BHP will cooperate in areas such as electrification of mining equipment, construction of fast - charging infrastructure, energy storage, and battery recycling to promote the electrification transformation of mine operations [4]. Market Performance - Lithium - ion battery stocks have hit the daily limit, and the sentiment has driven up lithium carbonate futures. As of the time of writing, the main contract price of lithium carbonate is 66,780 yuan per ton, with an intraday high of 68,360 yuan per ton [5]. Market Scale Forecast - According to BloombergNEF, the global market size of electrified mining equipment is expected to reach $28 billion by 2030 [5].

Core Viewpoint - CATL and BHP have signed a memorandum of cooperation to promote the electrification of mining operations and create a replicable model for green transformation in the mining industry [1][2]. Group 1: Partnership Details - The collaboration will focus on electric mining equipment, fast-charging infrastructure, energy storage, and battery recycling [1][2]. - Both companies aim to develop battery solutions for heavy mining equipment and railway locomotives, along with corresponding fast-charging infrastructure [2]. Group 2: Industry Context - The demand for critical minerals like lithium and nickel is increasing due to the rise of renewable energy technologies, driving the mining industry towards expansion [2]. - BHP has set a goal to achieve net-zero greenhouse gas emissions by 2050, positioning itself as a leader in the low-carbon transition [2]. Group 3: Future Outlook - The partnership aims to optimize battery recycling processes and promote a circular economy, establishing a more sustainable value chain in the mining industry [2]. - Continuous technological innovation is expected to create long-term value and drive the transformation of resource-based industries [3].

据 宁德时代消息，宁德时代与 必和必拓（BHP）于近日签署合作备忘录。双方将在采矿设备电动化、 快充基础设施建设、储能与 电池回收等领域展开合作。双方将在产品研发上开展合作，共同研究并开 发适用于重型采矿设备和铁路机车的 电池解决方案，并配套落地相应的快充基础设施，探索储能系统 在必和必拓全球矿山的应用场景。 ...

Investment Rating - The report rates the industry as "Positive" [6] Core Insights - Potassium is one of the three essential nutrients for crop growth, often referred to as "the grain of food" [2] - The global potassium fertilizer market is projected to reach USD 28.12 billion in 2024, with a compound annual growth rate (CAGR) of 3.9% expected until 2033 [27] - The supply of potassium is dominated by a few major players, leading to a clear oligopoly in the industry [2][44] Industry Overview - Potassium is essential for crop growth, with a market size exceeding USD 100 billion [15] - The potassium resource is divided into solid potassium ores and potassium brine, with solid potassium ores being the majority [28] - Global potassium resources are unevenly distributed, with China holding only 4% of the world's reserves, leading to significant reliance on imports [2][53] Demand Analysis - Global potassium fertilizer demand is expected to grow steadily due to population increases, with an average annual growth rate of 2.67% projected from 2024 to 2030 [3] - Key regions driving demand include China, Southeast Asia, and Brazil, with specific agricultural practices increasing potassium usage [3][18] - By 2030, global potassium fertilizer demand is anticipated to reach 85.2 million tons [3] Supply Analysis - Capital expenditures for greenfield potassium projects are substantial, with development cycles typically ranging from 7 to 10 years [4] - Major projects, such as BHP's Jansen project, are expected to significantly increase global potassium production capacity [4][20] - If current projects are completed on schedule, global potassium production could reach 90.9 million tons by 2030, with a CAGR of 2.35% from 2024 to 2030 [4] Price Trends - Short-term price trends for potassium fertilizers are expected to be strong, influenced by supply constraints and high demand in key markets [5] - The price of potassium fertilizers is projected to face upward pressure until 2026, after which it may stabilize as new projects come online [5][26] - The long-term price will be supported by marginal costs, despite potential oversupply in the future [5]

铜半年报 投资咨询业务资格 沪证监许可【2015】84 号 2025 年 7 月 8 日 紧平衡结构延续，铜价趋于上行 核心观点及策略 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1 / 30 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 要点 ⚫ IMF 下调 2025 年全球经济增长率预期至 2.8%，我们认 为贸易政策的不确定性将对全球供应链形成扰动，推 升美国经济的类滞涨风险，美联储或将谨慎抉择降息 时机；而欧元区显著摆脱高通胀和衰退压力，欧央行 或终止宽松周期。国内来看，中国经济面临稳增长和 外部承压的双重挑战， ...

Group 1 - BHP has signed a charter agreement with COSCO Shipping for two ammonia dual-fuel Newcastle-type bulk carriers [1] - The vessels are expected to be delivered in 2028 [1] - The primary purpose of the ships is to transport iron ore from Western Australia to Northeast Asia [1]