Core Insights - The report titled "2026 Global Lithium Battery White Paper" by Qidian Research Institute SPIR highlights the top five companies in the Chinese lithium battery mixing equipment market for 2025, which are Wuxi Lithium Technology, Honggong Technology, Shangshui Intelligent, Hongyun Machinery, and Jinyinhai [1][2]. Company Summaries - Wuxi Lithium Technology's revenue from 2022 to the first half of 2025 is reported as 619 million, 1.721 billion, 2.173 billion, and 1.189 billion respectively, with net profits of 107 million, 239 million, 270 million, and 150 million. The company primarily serves leading clients such as CATL, BYD, and LG Energy [2]. - Shangshui Intelligent's revenue for the same period is 397 million, 600 million, 637 million, and 398 million. Its top five clients in the first half of 2025 include Yiwei Lithium Energy, BYD, China Automotive New Energy, Ruipu Lanjun, and Pinxin Energy [2]. - Hongyun Machinery, established in 1993, is a veteran in the lithium battery mixing equipment sector, with nearly 500 employees and production capabilities of 1,500 sets annually across its two modern production bases in Guangzhou and Changzhou [2]. Market Rankings - The report outlines various segments of the lithium battery equipment market, including mixing machines, coating machines, roller presses, drying equipment, winding equipment, and packaging equipment, with rankings for the top five companies in each category for 2025 [5][6].

Group 1 - The top five companies in the Chinese lithium battery roller press equipment market for 2025 are: Naconor, Haiyu Baite, Yinghe Technology, Haoneng Technology, and Yihong Intelligent [2][3] - The rankings for various segments of lithium battery equipment are expected to be released soon, covering areas such as mixing machines, coating machines, and drying equipment [4][5] Group 2 - The report titled "2026 Global Lithium Battery Industry White Paper" is available for purchase at a price of 30,000 yuan, covering topics such as battery classification and production processes [6] - Qidian Research Institute SPIR specializes in the new energy and new materials industry chain, with over 15 years of research experience and a focus on lithium batteries, sodium batteries, solid-state batteries, and energy storage materials [7]

Market Size and Forecast - The global lithium battery copper foil sales are expected to reach 1.487 million tons by 2025, driven by the growth in demand for downstream power batteries and energy storage batteries, representing a year-on-year increase of 49.1%. By 2030, the global lithium battery copper foil market size is projected to reach 4.184 million tons [2]. Price Trends and Forecast - From 2021 to 2035, the global lithium battery copper foil prices are generally expected to decline, with significant volatility. In 2025, the average price is projected to rebound to approximately 96,000 yuan per ton. The price trend from 2026 to 2027 is anticipated to show an "initial increase followed by high-level fluctuations," before entering a downward cycle. The growth factors include: 1) Increased demand from power and energy storage batteries leading to a surge in copper foil usage; 2) Rising costs of raw materials like copper and processing fees; 3) Long expansion cycles in the copper foil industry resulting in insufficient new supply [4]. 2025 Top 10 Lithium Battery Copper Foil Suppliers in China - The top 10 companies in terms of lithium battery copper foil shipments in China for 2025 are: 1. Defu Technology 2. Longdian Huaxin 3. Jiayuan Technology 4. Nord Shares 5. Huachuang New Materials 6. Zhongyi Technology 7. Tongguan Copper Foil 8. Jiangxi Copper Technology 9. Jiangxi Copper Industry 10. Far East Shares [7][8].

Core Insights - The report highlights the performance of major stock indices across different markets, indicating mixed results with some indices showing gains while others experienced declines [6][11]. - The report discusses significant developments in international and domestic news that may impact various industries, including economic forecasts and corporate actions [10][12][13]. International Market Overview - European markets showed slight gains with Germany's DAX30 up 0.02% at 25127.46 points and France's CAC40 up 0.12% at 8243.47 points, while the UK’s FTSE 100 fell 0.04% to 10044.69 points [11]. - In the US market, the Dow Jones increased by 0.55% to 49266.11 points, and the S&P 500 rose by 0.01% to 6921.46 points, whereas the Nasdaq dropped by 0.44% to 23480.02 points [11]. - The Asia-Pacific market saw the Hang Seng Index decline by 1.17% to 26149.31 points, and the Nikkei 225 fell by 1.63% to 51117.26 points, while the Korean Composite Index slightly increased by 0.03% to 4522.37 points [11]. Domestic News - The Ministry of Commerce is reviewing Meta's acquisition of Manus for $2 billion, emphasizing compliance with Chinese laws and regulations for foreign investments [12]. - The Ministry of Industry and Information Technology warned against irrational competition in the lithium battery industry, highlighting the need for regulatory measures to ensure sustainable development [13]. - Guangzhou's government plans to advance reusable rocket technology, aiming to establish a significant presence in the commercial aerospace sector by 2035 [14]. - The first domestic offshore recovery and reuse rocket production base has commenced construction in Hangzhou, marking a significant advancement in high-end manufacturing within the commercial aerospace field [15]. Important Company Developments - Chinese concept stocks saw a general increase, with the Nasdaq China Golden Dragon Index rising by 1.09% and notable gains in companies like Century Internet and WanGuo Data [16]. - Nvidia has requested overseas customers to pay in full for its H200 AI chips, with orders exceeding 2 million units, indicating strong demand [16]. - Apple announced that JPMorgan Chase will replace Goldman Sachs as the issuer of its credit card, which is expected to bring over $20 billion in credit card balances to the bank [16]. - OpenAI established an employee equity incentive pool equivalent to 10% of its total equity, valued at approximately $50 billion based on a $500 billion company valuation [16]. - China Petroleum and Chemical Corporation (Sinopec) is undergoing a restructuring with China National Aviation Fuel Group, aimed at enhancing the resilience of the aviation fuel supply chain [16].

Core Viewpoint - The company, Wankai New Materials, announced an investment of approximately 350 million yuan to enhance its production capacity of maleic acid through a technical transformation project, which aims to produce 100,000 tons of maleic acid and 8,939 Nm/h of hydrogen annually [1] Group 1: Project Details - The project will be constructed by the company's wholly-owned subsidiary, Sichuan Zhengda Kai Investment, with a construction period of 9 months [1] - The project aims to improve the utilization rate of existing ethylene glycol facilities, diversify product offerings, and strengthen market resilience [1] Group 2: Market Context - The demand for maleic acid is increasing due to the rapid development of the lithium battery industry, making it a core growth area for domestic applications [1] - Maleic acid is primarily used in the production of lithium iron phosphate through the ferrous maleate method, which can produce high-density, low-cycle degradation high-end lithium iron phosphate products [1]

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core View - The report indicates that lithium carbonate is expected to experience weak and volatile trends due to the expectation of production resumption and the off - season [1]. Summary by Directory 1. Fundamental Tracking - **Futures Data**: For the 2511 contract, the closing price was 77,160 yuan, down 3,460 yuan compared to T - 1; the trading volume was 428 lots, down 550 lots; and the open interest was 5,505 lots, down 275 lots. For the 2601 contract, the closing price was 78,560 yuan, down 3,720 yuan compared to T - 1; the trading volume was 975,978 lots, up 389,310 lots; and the open interest was 457,374 lots, down 67,810 lots [1]. - **Warehouse Receipts**: The warehouse receipt volume was 26,490 lots, down 800 lots compared to T - 1 [1]. - **Basis**: The basis of spot - 2511 was 3,740 yuan; spot - 2601 was 2,340 yuan; 2511 - 2601 was - 1,400 yuan; electric carbon - industrial carbon was 2,200 yuan; and spot - CIF was 11,448 yuan [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 931 US dollars, down 10 US dollars compared to T - 1; the price of lithium mica (2.0% - 2.5%) was 2,115 yuan, down 35 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 80,900 yuan, down 100 yuan compared to T - 1; the price of industrial - grade lithium carbonate was 78,700 yuan, down 100 yuan [1]. - **Related Products**: The price of lithium iron phosphate (power type) was 36,025 yuan, down 25 yuan compared to T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 147,825 yuan, unchanged [1]. 2. Macro and Industry News - The SMM battery - grade lithium carbonate index price was 80,903 yuan/ton, down 136 yuan/ton compared to the previous working day. Battery - grade lithium carbonate was in the range of 79,400 - 82,400 yuan/ton, with an average price of 80,900 yuan/ton, down 100 yuan/ton. Industrial - grade lithium carbonate was in the range of 78,100 - 79,300 yuan/ton, with an average price of 78,700 yuan/ton, down 100 yuan/ton [2]. - Samsung SDI is expected to reach a large - scale energy storage battery supply agreement worth over 3 trillion won (2.1 billion US dollars, 14.9 billion yuan) with Tesla, supplying about 10 GWh per year for 3 years, marking Samsung SDI's first entry into Tesla's supply chain [3]. 3. Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].

Core Insights - The article highlights the ongoing construction of the Nona New Materials project in Pizhou Economic Development Zone, which is a significant investment in lithium-ion battery electrolyte production with a total investment of 1.8 billion yuan [1] - The project aims to achieve an annual production capacity of 200,000 tons of lithium-ion battery electrolyte, with the main factory structure nearly completed and overall progress at 90% [1] - The project is expected to enter trial production preparation by the end of November, with an anticipated production capacity of 20,000 to 30,000 tons this year and a projected annual output value of 1.5 to 2 billion yuan in the first half of next year [1] Company Overview - Jiangsu Nona New Materials Co., Ltd. was established on July 13, 2023, with a registered capital of 100 million yuan, located in Pizhou Economic Development Zone, Jiangsu Province [1] - The company is led by legal representative Li Huawei and focuses on the production of lithium-ion battery electrolytes [1]

Macro and Industry - The State Administration for Market Regulation has initiated an antitrust investigation against Nvidia for violating the Anti-Monopoly Law of the People's Republic of China and the announcement regarding the approval of restrictive conditions for Nvidia's acquisition of Mellanox Technologies [1] - The Ministry of Industry and Information Technology is working on the "14th Five-Year" new battery industry development plan, focusing on supply-side structural reforms and regional coordinated development in the lithium battery industry [5] Fund Sales and Performance - The Asset Management Association of China released the top 100 fund sales institutions for the first half of the year, with Ant Group leading in various categories, including equity fund scale and non-monetary fund scale, both exceeding one trillion [2] - In the first eight months, the national public budget revenue reached 148.198 billion, with a year-on-year growth of 0.3%. The stamp duty on securities transactions amounted to 118.7 billion, reflecting a significant year-on-year increase of 81.7% [3] Listed Companies - Yaojie Ankang's stock price surged by 115% on its listing day, reaching a market value of over 120 billion HKD, marking a 30-fold increase since its IPO price of 13.15 HKD [6] - Puran Co. achieved a 20% limit-up in stock price after announcing plans to acquire a controlling stake in its affiliate, which is linked to a semiconductor company [7] - Tencent's market capitalization has returned to 6 trillion HKD, with a stock price increase of 290% since its lowest point in October 2022 [8] - Changfei Optical Fiber's stock has risen by 26.11% over three trading days, with a focus on the early-stage application of hollow-core fiber products [9] - Shanghai Construction's stock hit the limit down after a five-day winning streak, marking a significant drop from its recent high [10] Fund Managers - A total of 15 active equity fund managers have entered the "100 billion club" as of the second quarter of 2025, with notable managers from firms like China Europe Fund and Huitianfu Fund leading in management scale [12][13]

Core Viewpoint - The announcement of a new 20GWh lithium-ion battery production project in Anqing, Anhui Province, indicates significant investment and development in the battery manufacturing sector, which is expected to enhance the local industrial ecosystem and attract more upstream and downstream enterprises [2][5]. Project Details - The project has been approved and is now open for bidding, with a submission deadline set for August 15, 2025 [2]. - The project is initiated by Anhui Zhenyi Energy Technology Co., Ltd., covering a total construction area of approximately 260,000 square meters [3][5]. - The estimated budget for the project is around 1.7 billion yuan [3]. Construction Scope - The construction will include various facilities such as battery cell production plants, testing centers, warehouses, and a wastewater treatment station, among others [4][5]. - The design scope encompasses overall planning, preliminary design, and detailed construction drawings, including various engineering specialties [4][5]. Company Background - Anhui Zhenyi Energy Technology Co., Ltd. was established on July 3, 2025, with a registered capital of 500 million yuan and is wholly owned by Changzhou Yinan Industrial Investment Development Co., Ltd., a state-owned enterprise [5]. - The company operates in the battery manufacturing sector, including battery sales and recycling of used batteries, indicating a comprehensive approach to the battery lifecycle [5]. Regional Development - Anqing Economic and Technological Development Zone is one of the earliest development zones in central China, having been upgraded to a national-level development zone in 2010 [5]. - The region has established a strong industrial cluster focused on automotive and high-end equipment manufacturing, with the lithium battery industry at its core [5].

Group 1: Overview of Cobalt Tetroxide - Cobalt Tetroxide, with the chemical formula Co3O4, is a mixed valence compound containing both divalent and trivalent cobalt, with a theoretical cobalt content of 73.43% and oxygen content of 26.57% [1][2] - It is a crucial raw material for producing lithium cobalt oxide, which is the most commercially viable lithium-ion battery cathode material and has been widely used in high-end consumer electronics due to its high volumetric energy density and excellent packing density [1][2] Group 2: Market Dynamics - In 2024, China's apparent demand for Cobalt Tetroxide is projected to reach 91,000 tons, representing a year-on-year increase of 24% [1][13] - The production of Cobalt Tetroxide in China is expected to be 94,000 tons in 2024, with a growth rate exceeding 20% compared to the previous year [1][10] - The main production regions for Cobalt Tetroxide in China include Hunan, Zhejiang, Fujian, and Hebei, accounting for 82% of total production [1][12] Group 3: Supply and Demand - The supply of Cobalt Tetroxide is expected to increase significantly in 2024, driven by stable demand from major manufacturers and a recovery in the consumer electronics market [1][10] - The first quarter of 2024 saw increased orders for Cobalt Tetroxide due to low inventory levels and pre-holiday stocking, leading to a notable rise in production [1][10] - The demand for Cobalt Tetroxide is closely linked to the performance of lithium cobalt oxide manufacturers, with a notable increase in demand observed in the third quarter of 2024 [1][10] Group 4: Trade and Export - In 2024, China's Cobalt Tetroxide exports are expected to reach 3,509.5 tons, marking a year-on-year increase of 15.1%, while the export value is projected to be $6,385.4 million, down 17.9% [1][16] - South Korea is the largest destination for China's Cobalt Tetroxide exports, accounting for 61.4% of total exports, followed by Spain and Belgium [1][17] Group 5: Industry Structure - The domestic market for Cobalt Tetroxide is characterized by high concentration, with major players including Zhongwei Co., Huayou Cobalt, and Greeenme, which together hold over 50% of the market share [1][20] - Zhongwei Co. is recognized as the largest supplier of Cobalt Tetroxide globally [1][20] Group 6: Cobalt Tetroxide Applications - Cobalt Tetroxide is primarily used to produce lithium cobalt oxide, which is a key component in lithium-ion batteries, and its quality significantly impacts the performance and cost of the final product [1][28] - The production of lithium-ion batteries in China is expected to continue its growth trend, with total production reaching 1,170 GWh in 2024, a 24% increase year-on-year [1][30]