正负极+隔膜：锂电材料整合出清再升温

Core Viewpoint - The article discusses the recent trend of mergers and acquisitions in the lithium battery materials sector, particularly focusing on the diaphragm, positive and negative electrode segments, as companies shift from new capacity construction to consolidation and restructuring of existing assets amid a price war and capacity redundancy in the industry [2][9]. Group 1: Diaphragm Segment - Two significant mergers in the diaphragm segment have been initiated, with Enjie Co., Ltd. planning to acquire 100% equity of Qingdao Zhongke Hualian through a share issuance and raise matching funds [2] - Fusheng Technology has also disclosed plans to issue shares and pay cash for asset purchases, which have been approved by the Shenzhen Stock Exchange's merger and reorganization review committee [2]. Group 2: Positive Electrode Segment - Rongbai Technology announced plans to use its own funds of 342 million yuan to acquire a portion of Guizhou Xinren's equity and invest an additional 140 million yuan, resulting in a 93.2% ownership stake [4] - Guizhou Xinren currently has an annual production capacity of 60,000 tons of lithium iron phosphate and possesses rapid expansion potential [5]. Group 3: Negative Electrode Segment - Binhai Energy plans to acquire 51% equity of Xingtai Xuyang New Energy Technology Co., Ltd. for 18.44 million yuan, which is related to resolving industry competition and expanding the negative electrode material R&D base [6]. - China Baoan has announced its intention to lead the recruitment of investors for the substantial merger and restructuring of the Shanshan Group and its wholly-owned subsidiary, having already paid a due diligence deposit of 50 million yuan [6]. Group 4: Copper Foil Segment - Defu Technology disclosed plans to acquire 100% equity of Luxembourg-based CFL for 17.4 million euros, with the target company's value estimated at 21.5 million euros [7]. - Nord Shares announced plans to sell 70% equity of its wholly-owned subsidiary Jiangsu Lianxin for 70 million yuan to optimize its asset structure [8]. Group 5: Market Trends and Insights - The increase in mergers and acquisitions is linked to expectations of industry consolidation amid a backdrop of "anti-involution" [9]. - In August, key dry diaphragm enterprises reached a consensus on price discipline, scientific capacity release, and a pause on capacity expansion [10]. - The lithium iron phosphate market is projected to see a cumulative production of over 2.5 million tons from January to October 2025, with a year-on-year growth rate exceeding 50%, although high growth is accompanied by low profitability [10].