有色板块研发报告 碳酸锂 3 月报 2026 年 2 月 27 日 锂价高位运行，新高有待观察 第一部分 前言概要 【行情回顾】 2026 年 2 月碳酸锂市场先抑后扬，春节后现货与期货同步大幅上涨， 核心驱动来自冶炼厂检修导致的供给收缩、下游低库存补库需求释放，叠加 月末津巴布韦禁止未加工锂矿出口政策突发冲击，市场对原料供应收紧预期 急剧升温。期货主力合约 LC2605 从最低 12.4 万冲高至 18.77 万，逼近前 高 18.94 万，但指数持仓仍保持在 70 万手附近，反映强监管环境下流动性 不足导致资金冲击成本较高。 | 第一部分 | 前言概要 | 2 | | | --- | --- | --- | --- | | 【行情回顾】 | | 2 | | | 【市场展望】 | | 2 | | | 第二部分 | 市场回顾 | 3 | | | 第三部分 | 基本面情况 | 4 | | | 一、电池订单饱满，库销比仍在低位 | | 4 | | | 二、高价刺激供应增加，但资源国政策增添扰动 | | 10 | | | 第四部分 | 后市展望及策略推荐 | 15 | | | 免责声明 | | | 16 | 【市场 ...

周四（2月26日），全球金融市场在多重变量交织下呈现震荡格局：美联储官员释放鸽派降息信号，美股因英伟达 财报未能"点燃风险情绪"而回落，日元在加息预期拉扯中反弹，加密货币市场情绪与价格走势出现明显背离，而 美伊谈判进展反复则令原油价格上演V型波动。宏观、政策与地缘政治风险交织，成为当前资产定价的核心主线。 美联储官员放鸽，但市场仍押注按兵不动 美联储理事米兰（Stephen Miran）周四表示，尽管1月就业增长强劲是"非常积极的信号"，但美联储今年仍应累 计降息100个基点，以防范劳动力市场潜在风险。他在接受媒体采访时指出，现在"远未到可以宣布劳动力市场不 再需要支持的时候"，认为通胀已不再构成主要问题，近期略高于2%目标的读数可能将回落。 不过，利率市场显然并未完全采信这一激进宽松路径。根据CME FedWatch工具，联邦基金期货显示市场预计3月 18日的下次议息会议维持利率不变的概率高达98%。美国10年期国债收益率小幅上升至4.0518%。 与此同时，美国上周初请失业金人数小幅上升，而续请人数小幅下降，显示经济动能略显停滞。投资者正等待周 五公布的1月批发通胀数据，以进一步判断降息时点。 个股方面， ...

在这样的背景下，朱江明与齐普策的交流备受关注。双方围绕全球电动汽车发展趋势、智能驾驶技术演进、供应链合作以及碳中和目标下的产业转型等议 题进行了深入探讨。尽管宝马与零跑在部分市场存在竞争关系，但此次高层互动也释放出积极信号——在全球汽车产业百年变革之际，开放对话与潜在合 作或许比单纯竞争更能推动行业进步。 德国总理亲自带队与中国科技企业交流，反映出德国对华经贸关系的务实态度，尤其看重中国在电动化、智能化领域的创新活力。而零跑作为被选中的代 表性企业之一，其快速成长的国际化路径，正成为中国高端制造"走出去"的一个缩影。 此次会面不仅体现了中德两国在高端制造业和绿色出行领域的紧密合作，更凸显了中国新能源汽车品牌在全球舞台上的崛起。零跑汽车作为中国造车新势 力的代表，近年来凭借其全域自研的技术路线和高效的全球化战略，迅速打开了国际市场。 据悉，自2024年零跑汽车与全球第四大汽车集团Stellantis成立合资公司"零跑国际"以来，其出海进程显著提速。依托Stellantis强大的全球渠道网络与本地 化运营能力，零跑产品已成功进入欧洲、亚太、南美、中东及非洲等35个国家和地区，并建立了超过800家销售与服务网点。市 ...

新华社巴黎2月26日电（记者崔可欣）跨国汽车制造商斯泰兰蒂斯集团26日发布的财报显示，受美国加 征关税、调整电动汽车产业政策等因素拖累，企业2025年净亏损223亿欧元。 ...

豪华车的竞争正在从"品牌溢价战"转向"价值比拼战"。未来，能在市场中站稳脚跟的豪华产品，既要守 住品牌积淀的品质底线，又要跟上电动化、智能化的行业趋势；既要尊重消费者对性价比的追求，又要 维护品牌价值与老车主的利益平衡。盲目降价换量只会稀释品牌保值率、损害长期发展根基，唯有以技 术创新提升产品力，以真诚态度优化用户体验，才能在变革中实现可持续发展。 从市场背景来看，此次宝马7系降价有着清晰的现实逻辑。一方面，受新能源转型升级、供应链调整影 响，部分传统经销商面临一定库存压力，通过官方指导价下调叠加终端置换补贴、金融贴息等，能快速 盘活库存，保障渠道健康度。数据显示，宝马中国2025年销量62.55万辆，同比下滑12.5%；奔驰中国和 奥迪中国2025年销量也分别下滑19%和5%。 另一方面，国产高端新能源车型的集体崛起，让宝马7系面临前所未有的竞争压力。华为五界、蔚来 ET9、小鹏X9等中国品牌旗舰车型正在智能座舱、自动驾驶、补能体系上展现差异化优势，持续分流传 统豪华车的客群。当"豪华"的定义从品牌溢价、机械素质，延伸到智能体验、用户生态等领域，合资豪 华品牌坚守多年的价格体系自然需要重新校准。 宝马7系的 ...

广汽集团：2026年集团汽车产销要重回200万辆级 2月26日，广汽集团召开2026年高质量发展大会。会议明确，今年集团汽车产销要重回200万辆级，在地 产值实现正增长，经营效益持续改善。 中汽协：1月中国品牌乘用车共销售132.9万辆，同比下降8.9% 据中国汽车工业协会统计分析，2026年1月，中国品牌乘用车共销售132.9万辆，环比下降32.1%，同比 下降8.9%，占乘用车销售总量的66.9%，销量占有率比去年同期降低1.5个百分点。 梅赛德斯-奔驰中国与Momenta签署升级合作谅解备忘录 2月26日，梅赛德斯-奔驰中国与Momenta在京签署升级合作谅解备忘录，进一步深化双方在未来出行领 域的合作。目前双方合作开发的智能辅助驾驶系统可以覆盖高速、城区及泊车场景。 丰田1月全球销量82万辆，同比增加4.7% 丰田汽车公司2月26日公布的1月全球销量比上年同期增加4.7%至822577辆，创下历年1月新高。全球产 量减少6.0%至735097辆。 丰田计划通过金融机构出售190亿美元股票 特斯拉中国官宣新一轮购车金融优惠政策，推出五年零息购车方案 2月26日，特斯拉中国官宣新一轮购车金融优惠政策，在3 ...

Stellantis Publishes 2025 Annual Report and Files Form 20-F AMSTERDAM, February 26, 2026 – Stellantis N.V. announced today that it published its 2025 Annual Report and filed its 2025 Form 20-F with the United States Securities and Exchange Commission. Stellantis’ Annual Report and Form 20-F are available under the Investors section of the Stellantis corporate website, where they can be viewed and downloaded1. Shareholders may request a hard copy of these materials, free of charge, by writing to investors.r ...

US stocks recovered from steeper losses on Thursday but still broadly fell as Nvidia's (NVDA) stellar earnings failed to wow investors and left Wall Street juggling growing worries over AI's potential for payoff and disruption. The tech-exposed Nasdaq Composite (^IXIC) lost 1.2%. The S&P 500 (^GSPC) fell about 0.6%, while the Dow Jones Industrial Average (^DJI) rose above the flat line, following solid wins for stocks more broadly on Wednesday. Nvidia shares fell over 5% as the chip giant received a luk ...

At the end of last year, a Harvard University–led study revealed the lengths to which remote employees would go to continue working from the comfort of their home offices: Participants were, on average, willing to forgo 25% of their total compensation in order to have their identical job, except with partial or full remote work capabilities, instead of working in the office. New research from the Federal Reserve Bank of San Francisco suggests the opposite phenomenon is happening—at least for some worker ...

Summary of Ideal Power Business Update Conference Call Company Overview - **Company**: Ideal Power - **Industry**: Semiconductor, specifically focusing on power switching technology - **Key Products**: B-TRAN, a proprietary bidirectional semiconductor power switch Key Points and Arguments Leadership and Management - David Somo, President and CEO, has a background of 35 years in the semiconductor industry, including roles at ON Semiconductor and AMD [3][4] - Tim Burns, CFO, has been with Ideal Power for 13 years [2] - The leadership team includes Mark Russell (Chief Commercial Officer) and Clay Beltran (Chief Operating Officer), both with extensive industry experience [4][5] Financial Position - As of year-end, Ideal Power had 8.5 million shares outstanding for options and warrants, with a cash balance of $6.1 million [6] - Recently completed an offering raising net proceeds of $12.6 million, resulting in a clean balance sheet with no debt [6][54] Market Opportunity - Ideal Power's B-TRAN technology addresses large, high-growth markets including data centers, energy storage, and renewable systems [8] - The current serviceable available market (SAM) for static applications is over $3.5 billion, projected to grow to $6.6 billion by 2030 [14] - Future switching applications could double the SAM to over $14 billion by 2030 [16] Product Advantages - B-TRAN offers unique bidirectional capabilities, reducing the need for multiple devices and lowering conduction losses by over 50% compared to conventional solutions [10][11] - The technology allows for smaller, lower-cost system solutions, which is particularly beneficial for data centers and electric vehicles [11][30] Customer Engagement and Sales Funnel - Ideal Power has a qualified sales opportunity funnel of just under $200 million, with ongoing discussions with strategic customers for potential investments [8][22] - Initial markets for adoption are expected to be data centers, followed by energy storage and renewable energy installations, with product development cycles of 18-24 months [27] Strategic Priorities - Focus on expanding the sales funnel and converting opportunities into design-ins and revenue [24] - Initial sales orders expected later this year, ramping into 2027 [25][44] Competitive Landscape - Competitors include companies like ON Semiconductor and Infineon, which offer silicon carbide devices but lack the bidirectional capability of B-TRAN [48][49] - Ideal Power holds 100 granted patents and 78 patents in process, providing a strong competitive edge in the market [51] Concerns and Risks - Discussions around potential strategic investments from large multinational customers to deepen engagement with B-TRAN [36] - Concerns about intellectual property protection, particularly in China, have been addressed by emphasizing the strength of the patent landscape and the unique manufacturing process of B-TRAN [56][60] Conclusion - Ideal Power is positioned to capitalize on significant market opportunities with its innovative B-TRAN technology, backed by a strong leadership team and a solid financial foundation. The company is focused on accelerating commercialization and expanding its customer base in high-growth sectors.