万润新能(688275.SH)发布公告，广州期货交易所于2025年12月22日发布《关于调整碳酸锂期货指定交 割库的公告》(广期所发〔2025〕431号)，决定新增公司为碳酸锂期货指定交割厂库。本次公司被广州 期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、期货市场、交割厂库三者有机结合，进一 步增强公司的抗风险能力和市场竞争力，对公司未来拓展业务渠道和提高盈利水平将产生积极作用，促 进公司健康发展。 ...

广州期货交易所于 2025 年 12 月 22 日发布《关于调整碳酸锂期货指定交割 库的公告》（广期所发〔2025〕431 号），决定新增公司为碳酸锂期货指定交割 厂库。 本次公司被广州期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、 期货市场、交割厂库三者有机结合，进一步增强公司的抗风险能力和市场竞争力， 对公司未来拓展业务渠道和提高盈利水平将产生积极作用，促进公司健康发展。 特此公告。 湖北万润新能源科技股份有限公司董事会 2025 年 12 月 24 日 证券代码：688275 证券简称：万润新能 公告编号：2025-046 湖北万润新能源科技股份有限公司 关于被广州期货交易所指定为碳酸锂交割厂库的公告 本公司董事会、全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024 年 12 月 10 日，湖北万润新能源科技股份有限公司（以下简称"公司"） 召开第二届董事会第十七次会议、第二届监事会第十四次会议，审议通过了《关 于申请广州期货交易所碳酸锂指定交割厂库的议案》，现将有关进展公告如下： ...

Carbonate Lithium Futures Market Data Change Analysis - **Main Contract and Basis**: The main contract price of carbonate lithium increased from 111,400 yuan/ton on December 19, 2025, to 114,380 yuan/ton on December 22, 2025, with a 2.68% increase, indicating a slight price increase. The basis weakened from -11,800 yuan/ton to -13,580 yuan/ton, with a 15.08% decline [1][40]. - **Open Interest and Trading Volume**: The open interest slightly increased from 668,829 lots to 671,889 lots, with a 0.46% increase, showing an expansion in open interest. The trading volume increased from 928,963 lots to 1,007,441 lots, with an 8.45% increase, indicating an expansion in trading volume [1][40]. *** Industrial Chain Supply, Demand, and Inventory Change Analysis - **Supply Side**: The price of spodumene concentrate rose from 10,800 yuan/ton on December 19, 2025, to 11,025 yuan/ton on December 22, 2025, with a 2.08% increase, indicating rising raw material costs. The price of lepidolite concentrate remained flat. The capacity utilization rate of carbonate lithium remained stable at 83.52%. In terms of imports, the import volume of spodumene in November 2025 increased by 12% month-on-month to 729,000 physical tons, mainly from a 44% increase in Australia, but decreased from other sources. This implies that the supply side may face structural tightness, but overall supply has increased [2][41]. - **Demand Side**: The prices of downstream products such as power-type ternary materials and lithium iron phosphate increased slightly, indicating stable demand. The new energy vehicle sales data (from December 1 - 14) decreased slightly year-on-year but increased month-on-month. The progress of solid-state batteries may boost future demand expectations. Wanrun New Energy upgraded its production line to meet the demand for high-compaction lithium iron phosphate, indicating a shift in demand towards high-end products. The cell prices increased slightly or remained flat, reflecting stable demand [2][41]. - **Inventory and Warehouse Receipts**: The inventory of carbonate lithium decreased from 111,469 physical tons on December 12, 2025, to 110,425 physical tons on December 19, 2025, with a 0.94% decline, showing a slight decrease in inventory. The warehouse receipt data was not directly provided, but from the inventory trend, the supply is slightly tight [2][41]. *** Price Trend Judgment It is expected that the carbonate lithium futures price may continue to fluctuate upward in the next one to two weeks. The supply side is supported by rising raw material costs, and the demand side is stable. However, caution should be exercised regarding the cautious purchasing attitude of downstream buyers [3][46].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 大家好，今天的市场，三大指数震荡上涨，但仍有3800只个股待涨，一起看看发生了什么事 情。 震荡上涨 12月23日，市场全天冲高回落，三大指数小幅上涨。截至收盘， 沪指涨0.07%，深成指涨 0.27%，创业板指涨0.41%。 市场共 1512只个股上涨，68只个股涨停，3856只个股下跌。 | 代码 | | 涨幅%1 | 现价 | | --- | --- | --- | --- | | aso886 | 星辰科技 | p -13.31 | 24.88 | | 300516 | 久之洋 | -12.23 | 67.73 | | 301517 陕西华达 | | p -11.49 | 60.26 | | 300762 上海南讯 | | R -10.40 | 33.16 | | 300342 天银机电 | | p -10.31 | 26.26 | | 603679 华体科技 | | -10.01 | 15.65 | | 002562 | 顺灏股份 | D -10.00 | 14.13 | | 002115 | 三维通信 | ...

格隆汇12月23日丨万润新能(688275.SH)公布，广州期货交易所于2025年12月22日发布《关于调整碳酸 锂期货指定交割库的公告》（广期所发〔2025〕431号），决定新增公司为碳酸锂期货指定交割厂库。 本次公司被广州期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、期货市场、交割厂库三者 有机结合，进一步增强公司的抗风险能力和市场竞争力，对公司未来拓展业务渠道和提高盈利水平将产 生积极作用，促进公司健康发展。 ...

万润新能(688275.SH)发布公告，广州期货交易所于2025年12月22日发布《关于调整碳酸锂期货指定交 割库的公告》(广期所发〔2025〕431号)，决定新增公司为碳酸锂期货指定交割厂库。本次公司被广州 期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、期货市场、交割厂库三者有机结合，进一 步增强公司的抗风险能力和市场竞争力，对公司未来拓展业务渠道和提高盈利水平将产生积极作用，促 进公司健康发展。 ...

12月23日，万润新能盘中上涨2.06%，截至10:54，报72.93元/股，成交1.88亿元，换手率3.09%，总市值 91.98亿元。 资金流向方面，主力资金净流出93.89万元，特大单买入2015.18万元，占比10.73%，卖出1439.04万元， 占比7.66%；大单买入3986.09万元，占比21.22%，卖出4656.12万元，占比24.78%。 万润新能今年以来股价涨50.90%，近5个交易日涨1.07%，近20日跌7.05%，近60日涨43.70%。 今年以来万润新能已经6次登上龙虎榜，最近一次登上龙虎榜为11月28日，当日龙虎榜净买入-1944.43 万元；买入总计2.83亿元 ，占总成交额比20.05%；卖出总计3.03亿元 ，占总成交额比21.43%。 资料显示，湖北万润新能源科技股份有限公司位于湖北省十堰市郧阳经济开发区天马大道557号，成立 日期2010年12月24日，上市日期2022年9月29日，公司主营业务涉及锂电池正极材料的研发、生产、销 售和服务。主营业务收入构成为：磷酸铁锂96.49%，副产品2.83%，磷酸铁0.41%，其他0.27%。 万润新能所属申万行业为：电力设备 ...

Core Viewpoint - The article discusses the rapid expansion and aggressive strategies of Chuangneng New Energy, highlighting its significant contracts and ambitious plans to compete with industry leader CATL in the battery and energy storage sectors [4][21]. Group 1: Major Contracts and Market Position - In May, CATL signed a major contract with Wanrun New Energy for a total procurement of 1.3231 million tons of lithium iron phosphate from 2025 to 2030, amounting to 47 billion yuan based on a price of 35,500 yuan per ton [4]. - In November, Chuangneng New Energy and Longpan Technology increased their previously signed contract from 150,000 tons to 1.3 million tons, with a contract value exceeding 45 billion yuan [4]. - Chuangneng New Energy has achieved a battery production capacity of over 110 GWh and plans to expand to 500 GWh in the next three years, with approximately 300 GWh dedicated to energy storage [5][20]. Group 2: Investment and Expansion Strategy - Since its establishment, Chuangneng New Energy has planned investments totaling 159.5 billion yuan in the battery sector, indicating a rapid and aggressive expansion strategy [5]. - The company has established three major production bases in Wuhan, Xiaogan, and Yichang, with a total designed capacity of 350 GWh and an investment scale of 137.5 billion yuan [9]. - Chuangneng New Energy has developed over 40 energy storage and power battery products, achieving significant market penetration and securing contracts with major state-owned enterprises and global leaders in energy storage [11][12]. Group 3: Financial Backing and Leadership - Chuangneng New Energy has not engaged in large-scale external financing since its inception, relying on the financial support of its founder, Dai Deming, who holds a significant majority stake [14][16]. - Dai Deming has a successful background in various industries, including automotive distribution, and has built a substantial wealth portfolio through strategic investments in the stock market [17][18]. Group 4: Competitive Landscape and Challenges - Chuangneng New Energy aims to challenge CATL, which has a production capacity of 676 GWh and plans to expand its energy storage capacity significantly by 2026 [21]. - The company is also venturing into electric vehicle manufacturing, planning to launch a range-extended SUV to compete in the crowded EV market [21][22]. - Despite its rapid growth, Chuangneng New Energy faces challenges in maintaining competitiveness without solely relying on low-price strategies, as the industry is experiencing increasing consolidation and competition [25][26].

Report Summary 1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints - The report presents the latest data on the lithium carbonate market, including prices, trading volumes, and inventory levels. It also provides macro and industry news, such as price changes, factory warehouse expansion for futures delivery, and import data. The trend strength of lithium carbonate is -1, indicating a bearish outlook [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Contract Data**: The closing prices, trading volumes, and open interest of the 2601 and 2605 contracts are presented, showing fluctuations compared to previous periods. For example, the 2601 contract's closing price was 112,480, with a change of 2,760 compared to T - 1 [2]. - **Warehouse Receipts**: The warehouse receipt volume was 16,411 hands, an increase of 900 compared to T - 1 [2]. - **Basis**: The basis between spot and futures contracts, as well as between different futures contracts, is provided. For example, the spot - 2601 basis was -13,480 [2]. - **Raw Materials and Lithium Salts**: Prices of raw materials (lithium spodumene concentrate, lithium mica) and lithium salts (battery - grade lithium carbonate, industrial - grade lithium carbonate, etc.) are given, showing price increases compared to previous periods. For instance, battery - grade lithium carbonate was 99,000 yuan/ton, an increase of 1,350 yuan/ton compared to T - 1 [2]. - **Downstream Products**: Prices of downstream products such as lithium iron phosphate, ternary materials, and electrolyte are presented, with some showing price increases [2]. 3.2 Macro and Industry News - **Price Changes**: SMM's battery - grade lithium carbonate index price was 99,120 yuan/ton, a daily increase of 1,283 yuan/ton. Battery - grade lithium carbonate averaged 99,000 yuan/ton, up 1,350 yuan/ton, and industrial - grade lithium carbonate averaged 96,350 yuan/ton, up 1,300 yuan/ton [3]. - **Futures Delivery Warehouse Expansion**: The Guangzhou Futures Exchange announced the addition of several companies as lithium carbonate futures delivery factories and increased the maximum standard warehouse receipt volumes at multiple storage points [4]. - **Import Data**: In November 2025, China's lithium spodumene imports reached 729,000 physical tons, a 12% monthly increase, equivalent to about 81,000 tons of lithium carbonate equivalent (LCE). Australia was the main source of incremental imports, with a 44% monthly increase [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is -1, indicating a relatively bearish view on the market [4].

Report Industry Investment Ratings No specific investment ratings for the industry are provided in the report. Core Views of the Report The report offers insights and analyses on various commodities in the futures market, covering precious metals, base metals, energy, agricultural products, and more. It presents the current market trends, fundamental data, and macro and industry news for each commodity, along with corresponding trend intensities and trading suggestions. Summary by Commodity Category Precious Metals - **Gold**: Inflation is moderately declining, with a trend intensity of 0 [6]. - **Silver**: Reached a new high, with a trend intensity of 0 [6]. - **Platinum**: Domestic and international markets resonate, and the bullish sentiment remains unabated, with a trend intensity of 1 [26][28]. - **Palladium**: The climbing pace has slowed, with an upward trend in oscillations, and a trend intensity of 1 [26][28]. Base Metals - **Copper**: The price rose as the US dollar declined, with a trend intensity of 1 [10][12]. - **Zinc**: Narrow - range fluctuations, with a trend intensity of 0 [13][15]. - **Lead**: Reduced inventory supports the price, with a trend intensity of 0 [16]. - **Tin**: Supply has encountered new disruptions, with a trend intensity of 1 [18][22]. - **Aluminum**: Range - bound oscillations, with a trend intensity of 1; Alumina had a slight rebound, with a trend intensity of 0; Cast aluminum alloy follows the trend of electrolytic aluminum, with a trend intensity of 0 [23][25]. - **Nickel**: The fundamental contradictions have not changed significantly, and concerns about Indonesian policies have increased, with a trend intensity of 0 [30][34]. - **Stainless Steel**: The fundamentals show weak supply and demand, and the news of Indonesian nickel mines has caused disturbances, with a trend intensity of 0 [30][34]. Energy and Chemicals - **Crude Oil - Related**: Not specifically mentioned in a comprehensive way, but some related commodities like fuel oil and asphalt are covered. - **Fuel Oil**: The night - session price rose, and short - term volatility increased, with a trend intensity of 1 [139]. - **Low - Sulfur Fuel Oil**: Mainly followed the upward trend, and the spot price spread between high - and low - sulfur fuels rebounded slightly, with a trend intensity of 1 [139]. - **Asphalt**: The spot price had a narrow - range adjustment, remaining stable despite the oil price trend, with a trend intensity of 1 [80][89]. - **Chemicals**: - **PTA**: Do not chase the high price, and it is in a high - level oscillating market, with a trend intensity of 0 [63][70]. - **MEG**: The trend is relatively weak, with a trend intensity of 0 [63][70]. - **LLDPE**: Some full - density products have been redirected, and the valuation support is limited, with a trend intensity of 0 [94][96]. - **PP**: The PDH profit has been compressed again, and the trend is weakly oscillating, with a trend intensity of 0 [97][99]. - **Caustic Soda**: A short - term rebound, and attention should be paid to inventory changes, with a trend intensity of 0 [100][102]. - **Methanol**: Oscillations are supported, with a trend intensity of 0 [112][115]. - **Urea**: Oscillating, with a trend intensity of 0 [116][119]. - **Styrene**: Short - term oscillations, with a trend intensity of 0 [120]. - **Soda Ash**: The spot market has changed little, with a trend intensity of 0 [124][125]. - **LPG**: The external cost is relatively strong, with a trend intensity of 0 [127][132]. - **Propylene**: There are expectations of supply - demand tightening, and the short - term trend is supported, with a trend intensity of 0 [128][132]. - **PVC**: A short - term rebound, but the upward space may be limited, with a trend intensity of 0 [136][137]. Agricultural Products - **Palm Oil**: The production cut is gradually being realized, and there is a short - term rebound, with a trend intensity of 1 [168][174]. - **Soybean Oil**: The price of US soybeans rebounded, and it is recommended to conduct range - bound operations, with a trend intensity of 0 [168][174]. - **Soybean Meal**: The US soybeans rose overnight, and the Dalian soybean meal may rebound and oscillate, with a trend intensity of +1 [175][177]. - **Soybean**: Oscillating, with a trend intensity of 0 [175][177]. - **Corn**: Attention should be paid to the spot market, with a trend intensity of 0 [178][181]. - **Sugar**: There is an expectation of a weak basis, with a trend intensity of 0 [182][185]. - **Cotton**: The futures price is oscillating strongly, and attention should be paid to downstream pre - holiday stocking, with a trend intensity of 0 [187][191]. - **Eggs**: Oscillating and adjusting, with a trend intensity of 0 [193]. - **Hogs**: Hold the reverse spread, with a trend intensity of - 1 [195][200]. - **Peanuts**: Attention should be paid to the purchases of oil mills, with a trend intensity of 0 [202][204]. Others - **Logs**: Low - level oscillations, with a trend intensity of 0 [59][62]. - **Synthetic Rubber**: The oscillation center has moved up, with a trend intensity of 0 [77][79]. - **Paper Pulp**: Oscillating, with a trend intensity of 0 [104][106]. - **Glass**: The raw sheet price is stable, with a trend intensity of 0 [109][110]. - **Ferroalloys**: - **Silicon Iron**: The sector and fundamentals resonate, and the trend is strongly oscillating, with a trend intensity of 0 [50][54]. - **Manganese Silicon**: The long and short sentiments are intertwined, and the trend is widely oscillating, with a trend intensity of 0 [50][54]. - **Coke and Coking Coal**: Wide - range oscillations, with a trend intensity of 0 for both [55][58]. - **Container Freight Index (European Line)**: Near - term contracts should focus on the opening guidance, while far - term contracts should focus on the progress of the Gaza peace talks, with a trend intensity of 0 [141][155]. - **Short Fibre**: Short - term follow - up of raw materials, with compressed processing fees, with a trend intensity of 0 [157][158]. - **Bottle Chips**: Short - term follow - up of raw materials, with a trend intensity of 0 [157][158]. - **Offset Printing Paper**: It is recommended to wait and see, with a trend intensity of 0 [160]. - **Pure Benzene**: Short - term oscillations, with a trend intensity of 0 [165][166].