Core Insights - The Chinese lithium battery cathode material industry is projected to reach a market size of approximately 200 billion yuan in 2024, with a compound annual growth rate (CAGR) of 29.40% over the past five years [1][3] Industry Overview - Lithium-ion batteries utilize lithium ions as conductive ions, moving between the anode and cathode to convert chemical energy into electrical energy [1] - The cathode materials include ternary materials, lithium iron phosphate (LFP), lithium cobalt oxide, and lithium manganese oxide, with LFP and ternary materials being the largest segments in 2024, accounting for 74% and 20% of the market, respectively [2][3] Competitive Landscape - The industry is dominated by leading companies such as Hunan YN, Rongbai Technology, and Defang Nano, focusing on technological iteration, capacity expansion, and cost control [4] - Hunan YN is the leader in LFP with a market share exceeding 30% and a capacity of 726,000 tons, serving major clients like CATL and BYD [6] - Rongbai Technology leads in high-nickel ternary materials with a capacity of 300,000 tons, catering to top international battery manufacturers [6] - Defang Nano is recognized for its LFP technology, with a capacity of 300,000 tons and a focus on high energy density and fast-charging performance [6] - Other notable players include Huayou Cobalt, focusing on integrated resource layouts, and Dingsheng Technology, specializing in high-end ternary materials [6]

2026 年 01 月 26 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 40 期 20260118-20260124）：储能量价齐升， 太空、AI 主题延续 ◼ 走势比较 | 电站设备Ⅱ | 无评级 | | --- | --- | | 电气设备 | 无评级 | | 电源设备 | 无评级 | | 新 能 源 动 力 | 无评级 | | 系统 | | ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 39 期 20260111-20260117）：聚 焦涨价环节、AI+>>--2026-01-22 <<【太平洋新能源】新能源+AI 周报 （第 38 期 20251228-20260110）：储 能、AI+有望超预期，短期"太空光伏" 升温>>--2026-01-11 <<光伏行业 2026 年投资策略：反内 卷加速供需重塑，重视新技术、新场 景>>--2026-01-07 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：钟欣材 电话： 报告摘要 2、碳酸 ...

Core Viewpoint - The article highlights the significant growth potential of manganese iron phosphate production, projecting a production increase from 28,500 tons in 2025 to over 500,000 tons by 2030, driven by advancements in electric vehicle technology and increasing demand in various sectors [2][5]. Group 1: Production Growth - The production of manganese iron phosphate is expected to reach 28,500 tons in 2025, representing a year-on-year growth of 206.5% [2]. - By 2026, production is anticipated to rise to 70,000 tons, and by 2030, it is projected to exceed 500,000 tons [2]. Group 2: Key Drivers of Growth - The price increase of cobalt raw materials has led to a surge in the prices of ternary cathode materials, enhancing the price competitiveness of manganese iron phosphate [5]. - Trade frictions have prompted significant stocking and export actions in overseas digital markets, resulting in increased shipments of manganese iron phosphate [5]. - Technological improvements, such as element doping and carbon coating, have addressed issues related to manganese leaching, low conductivity, low packing density, and low specific capacity [5]. Group 3: End-Use Applications - In the power sector, Guoxuan High-Tech's "Qicheng Second Generation Cell" achieves an energy density of 240 Wh/kg and supports 5C fast charging, allowing a 60 kWh battery to charge to 80% in just 12 minutes [6]. - In the two- and three-wheeled electric vehicle market, Star Power has successfully industrialized manganese iron phosphate batteries, with major domestic brands using these batteries in 70% of their products, achieving over 10 million units sold globally [6]. - In consumer electronics, Henan Hengyi Lithium Energy's new battery, utilizing manganese iron phosphate and nano-silicon carbon, boasts double the capacity, a 30% increase in lifespan, and improved charging efficiency [6]. Group 4: Competitive Landscape - Leading companies in the manganese iron phosphate sector include Hanchuang Nano, Rongbai Science and Technology, Times Rui Xiang, Defang Nano, and Zhiliang New Materials [7]. - Hanchuang Nano has a stable production line of 15,000 tons and is accelerating a 30,000-ton expansion project [8]. - Rongbai Science and Technology has seen its manganese iron phosphate product shipments in the first half of 2025 exceed the total for 2024, with a 103% year-on-year increase in Q3 2025 [8]. - Times Rui Xiang's 20,000-ton manganese iron phosphate project was completed and began production in April 2025, achieving industry-leading performance [8].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry as the material basis for other industries [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include TSMC's plan to increase investment in advanced packaging technology, aiming to upgrade existing InFO equipment and establish a new WMCM production line, with a target capacity of approximately 60,000 wafers per month by the end of 2026 [6][40]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. - The successful launch of the Long March 12 rocket, which deployed 19 low-orbit satellites, demonstrates the capabilities of China's aerospace technology [8][50]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - By the end of 2025, China's power storage capacity is projected to reach 213.3 GW, a year-on-year increase of 54%, with new energy storage accounting for over two-thirds of this capacity [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - Significant advancements in agricultural biotechnology were reported, including breakthroughs in crop genetic improvement and the development of new wheat varieties [12]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [13]. - The government has initiated projects to support equipment upgrades across various sectors, with a total investment exceeding 460 billion yuan [14]. 6. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023 to 2025, indicating a generally positive outlook for the new materials sector [16].

2026 年 01 月 24 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李航 S0350521120006 | | | | lih11@ghzq.com.cn | | 证券分析师： | | 邱迪 S0350522010002 | | | | qiud@ghzq.com.cn | | 证券分析师： | | 王刚 S0350524020001 | | | | wangg06@ghzq.com.cn | | 证券分析师： | | 李昂 S0350525030002 | | | | lia@ghzq.com.cn | | 联系人 | ： | 吴亦辰 S0350125030017 | | | | wuyc@ghzq.com.cn | [Table_Title] 马斯克推动太空算力布局，美国本土光伏产能建 设加速 ——新能源行业周报 最近一年走势 | 行业相对表现 | | 2026/01/23 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | 10.6% | 14. ...

Core Viewpoint - The LMFP (Lithium Manganese Iron Phosphate) market is poised for explosive growth in 2025, with a projected shipment increase of 275% year-on-year, despite current production capacity exceeding actual demand. The expansion efforts by leading companies indicate a strong belief in the material's potential [2][11]. Group 1: Market Dynamics and Growth - In 2025, the domestic LMFP shipment volume is expected to exceed 30,000 tons, marking a significant increase from previous years, driven by technological advancements and performance improvements [2][11]. - Major companies like Hunan YN and others are investing heavily in LMFP production, with plans to significantly increase capacity, indicating confidence in future demand [1][10]. - The LMFP market is projected to reach 80,000 tons by 2026, with expectations of further growth to 500,000 tons by 2030, translating to a market size exceeding 20 billion yuan [11][14]. Group 2: Technological Advancements - Companies have made significant breakthroughs in LMFP technology, addressing previous performance limitations such as low density and poor cycle life, which have historically hindered its adoption [4][5]. - Innovations like the second-generation LMFP battery from Guoxuan High-Tech have improved energy density and charging capabilities, enhancing the battery's appeal for electric vehicles [5][6]. - The introduction of new manufacturing processes, such as solid-phase synthesis, has improved the material's conductivity and stability, further supporting its commercialization [5][6]. Group 3: Application and Market Penetration - LMFP batteries are now being utilized in various applications, including passenger and commercial vehicles, with significant adoption rates in the light vehicle sector [6][7]. - The low-temperature performance of LMFP batteries allows for broader application, particularly in colder climates, enhancing their competitiveness in the market [9][10]. - Companies like EVE Energy and Guoxuan High-Tech are successfully integrating LMFP materials into their product lines, indicating a shift towards more advanced battery technologies [7][9]. Group 4: Cost and Supply Chain Considerations - The cost advantages of LMFP, due to the abundance of manganese compared to nickel and cobalt, allow for a 10%-15% reduction in battery costs when mixed with high-nickel materials [10][15]. - The rapid expansion of LMFP production capabilities, with over 30 companies involved, is creating a competitive landscape that benefits downstream battery manufacturers [10][15]. - The supply chain for manganese is becoming increasingly critical, as demand for LMFP rises, necessitating strategic partnerships for resource acquisition [17].

Core Viewpoint - The company, as a leader in lithium battery cathode materials, is expanding its presence in the solid-state battery market due to its high energy density and safety advantages, which are leading to increased application scenarios [1] Company Summary - The company has systematically and proactively laid out solid-state lithium battery-related materials, achieving industry-leading technical performance indicators [1] - The company has successfully achieved batch supply of over 20 tons of cathode materials for all-solid-state batteries [1] - Solid electrolyte products have entered batch verification with leading customers, indicating progress in product development and market acceptance [1] Industry Summary - The solid-state battery market is expected to mature further, which will positively impact the company's performance [1]

证券日报网讯1月23日，当升科技（300073）在互动平台回答投资者提问时表示，股价受宏观经济、行 业政策、市场情绪等多方面因素影响，公司高度重视市值管理工作，努力提升公司内在价值和长期竞争 力，以稳健的业绩回报广大投资者。 ...

Group 1 - The Finnish government subsidy received by the company's subsidiary is based on the efficient advancement and significant achievements of the European new materials industry base phase one project [2] - This subsidy is recognition of the project's construction results and reflects the Finnish government's active guidance and strong support for the company's European project development [2] - The company plans to accelerate the construction and operation of the project to ensure it reaches production capacity on schedule, which will enhance its market share by responding quickly to the localization supply and capacity needs of international major clients in the European electric vehicle industry chain [2]

Group 1: Company Overview - Dongsheng Technology's stock price increased by 5.22% to 64.05 CNY per share, with a trading volume of 1.601 billion CNY and a turnover rate of 5.04%, resulting in a total market capitalization of 34.862 billion CNY [1] - The company, established on June 3, 1998, and listed on April 27, 2010, is located in Fengtai District, Beijing, and specializes in the research, production, and sales of lithium-ion battery cathode materials and high-end intelligent equipment [1] - The revenue composition of Dongsheng Technology includes: diversified materials 60.83%, lithium iron phosphate and sodium battery cathode materials 29.37%, lithium cobalt oxide 7.44%, intelligent equipment 1.55%, and other businesses 0.82% [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Dongsheng Technology, having increased its holdings by 304,300 shares in the third quarter, totaling 6.3478 million shares, which represents 1.25% of the circulating shares [2] - The estimated floating profit from this investment is approximately 20.1862 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 144.69 billion CNY, yielding 12.39% year-to-date and 52.22% over the past year [2] Group 3: Fund Performance - The Southern New Energy Industry Trend Mixed A Fund (012354) holds 379,200 shares of Dongsheng Technology, accounting for 2.81% of the fund's net value, making it the ninth-largest holding [4] - The estimated floating profit from this position is around 1.2059 million CNY [4] - The Southern New Energy Industry Trend Mixed A Fund was established on August 25, 2021, with a current scale of 672 million CNY, showing a year-to-date return of 5.41% and a one-year return of 28.62% [4]