中信建投主要观点如下： 需求端：当前是2025年旺季来临下需求逐步走强的时刻，全年已经上修销量至1652万辆，预计2025年锂 电装机需求超过1899GWh，同比+28%，依然保持较高增速，比年初预期提升超80GWh；短期看，1-5 月电车销量561万辆，同比+44%；4月、5月受到美国政策扰动、国内强配取消呈现显著的波动，预计6 月电车销量138万辆，储能在5月国内见底后逐步企稳。 供给端：三年过剩周期结束，行业供需扭转开启，Q2涨价落地：根据供需比例，预计24Q4旺季部分紧 张的材料环节先行涨价，龙头企业涨价部分落地，25Q3起几乎亏钱的材料企业（铜箔、六氟磷酸锂、 磷酸铁锂、隔膜等）都有望进入盈利修复阶段。 智通财经APP获悉，中信建投证券发布研报称，电动车行业每年在终端旺季来临时有较强驱动，随着2- 4月行业终端数据逐步走强已上修全年预期。电动车方面，预计2025年国内电车销量1653万辆；美国尽 管受到IRA补贴预算停止、关税政策影响，1-5月销量仍有5%同比增长；欧洲九国1-4月同比+27%也表 现强势，为2025碳排放打好开局。 供给侧经历2年的价格下行当前已见底，根据中信建投的测算供需比例，预 ...

高工锂电15周年特别策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样"代表，也成为中国经济转型 升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具 挑战，交通电动化向全场景渗透，能源体系变革也加速走向纵深，这也意味着，新应用场景 开启，新技术与产品创新，新商业模式落地，新的产业生态与格局。 ● 全球化也将成为中国锂电产业新征程中的时代命题。如何从领跑全球，到真正融入全 球，并成长出一批具备跨国经营的国际企业，将成为中国锂电产业新 15年的最大考验。能 否在新的征程中续写新时代的辉煌，让我们期待中国锂电产业的时代答卷。 高工15年，与行业同行 ● 后浪奔涌，对话中国新能源新青年领袖 2.高工圆桌派 ● 新 15年，中国企业全球化时代命题 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业 ...

锂电前段制造走向更高效、更节能、更绿色。 过去五年，中国电池制造企业以"速度+规模"领跑全球，带动了整条供应链的大跃进。但进入2024年之后，制造话语权重构，电芯价格已来到0.3 元/Wh区间，主力企业出海加速，产线复制不再仅靠设备堆砌，精度、能效、空间利用率成为影响订单与交付的核心指标。 尤其在前段制浆—涂布—干燥环节，尽管自动化程度已较高，但仍长期面临高能耗、高占地、高碳排等结构性问题。传统热风烘箱依赖锅炉、导热油系 统，占地动辄数百平米， 运行能 耗 可占整条产线总耗的近三分之一。 随着出海项目逐步落地， 如何在"节能减排+快速交付"的双重约束下突破前段 工艺瓶颈，成为产业共识。 6月25-26日 ， 第十八届高工锂电产业峰会 将在 常州金坛万豪酒店 举办。 在25日下午的电池应用专场一上 ， 雷索新材料 将发布其 新一代高效涂 布干燥技术——平面红外系统 。作为热风干燥之外的一条"颠覆性工艺路线"，为锂电制造"精益化"与"绿色化"提供了可落地的新解法。 红外技术跃升前段干燥"主力" 红外干燥技术并非新概念，但传统灯管式红外由于温控粗放、波长短、转化效率低，在锂电前段一度只能作为热风的辅助。雷索此次发布 ...

倒计时18天 2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店 6月18日日本丰田通商株式会社宣布拟向韩国SK集团子公司SK Nexilis马来西亚投资1.1亿美元，目标是稳定采购和供应高品质的汽车电池生 产关键材料铜箔。 SK Nexilis是SKC集团旗下的高端电池铜箔专业供应商，生产全球总产量90%以上的宽幅产品， 在铜箔材料方面展现出雄厚实力。 SKC于2019年斥资1.2万亿韩元（约70亿人民币）收购的KCF Technologies Co（现更名为SK Nexilis）正在 韩国新建两座锂电铜箔工厂 ， 预计2022年一季度投入使用，届时年产能将达到5.2万吨。 此外，SKC还计划在 马来西亚、欧洲和美国新建产能 ，以实现到2025年铜箔总产能达到约25万吨/年，全球市场占有率超过35%的宏伟目 标。 （来源：综合整理） 往 期 回 顾 02 03 04 01 无感化产线适配与 化学稳定, 原生阻燃, 高延展性, 规模化布局; 抵 ...

及轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店 倒计时19天 2025第五届起点两轮车换电大会 6月18日晚间， *ST恒立（000622）发布多项公告，内容涉及公司收到行政处罚事先告知书、股票进入退市整理期交易、收到股票终止上 市决定等。 具体来看， *ST恒立因2023年度经审计的净利润为负值且营业收入低于1亿元，公司股票交易自2024年5月6日起被实施退市风险警示。截至 2025年4月30日，公司未在法定期限内披露过半数董事保证真实、准确、完整的2024年年度报告。 天眼查 App显示，去年8月，新余锂想新能源有限公司发生工商变更，原股东江西智锂科技股份有限公司退出，新增*ST恒立为全资股东，同 时公司法定代表人及主要人员均发生变更。 根据规定以及深交所上市审核委员会的审议意见，深交所决定 *ST恒立股票终止上市，并自2025年6月25日起进入退市整理期。退市整理期 的期限为十五个交易日，退市整理期届满的次一交易日，深交所所对公司股票予以摘牌。 资料显示， *ST恒立 ...

高工锂电15周年特别策划 高工15年，与行业同行 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业变化的温度，用杂志、网 站、微信传递行业信息，用会议搭建行业间交流桥梁，记录行业的起伏波澜，低谷时注入信 心，疯狂时给予警醒。15年来，高工锂电是中国动力电池产业成长的见证者和记录者。 ● 2025年，高工锂电成立15周年，站在时代的转折点上，我们特别策划了主题为"激荡15 年 瞭望新征程"的系列活动，回望15年发展的得与失，瞭望新15年的机会与挑战，并将实 地调研走访置身其中的超100家产业链代表企业，与他们对话、畅谈，记录产业转折点上的 行业与企业印记。 ● 活动时间： 2025年3月~2025年12月 ● 活动形式： 调研走访、视频专访、深度报道、 15周年行业盛典 高工锂电15周年系列策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样 ...

Core Viewpoint - The Chinese lithium battery industry is strengthening its global influence, with significant growth in battery shipments and material innovations driving the transition from capacity competition to capability competition [1][2]. Group 1: Industry Growth and Trends - In Q1 2025, China's lithium battery shipments reached 314 GWh, a year-on-year increase of 55%, with power batteries and energy storage batteries growing by 41% and 120%, respectively [1]. - The positive performance in the positive electrode materials sector saw shipments reach 1 million tons, up 68% year-on-year, with lithium iron phosphate materials growing by 94% and surpassing a 75% market share [2]. - The wet separator market experienced a 75% year-on-year increase in shipments, achieving an 81.6% market share, while electrolyte shipments grew by 63.8% [2]. Group 2: Material Innovations and Future Directions - The investment focus in the lithium battery materials sector is shifting towards technology-intensive directions, with 29 new projects signed or announced in 2025, totaling approximately 40 billion yuan, nearly half of which are related to solid-state batteries and materials [4]. - New technologies such as sodium-ion and lithium-metal batteries are in the commercialization verification stage, with key materials like silicon-carbon anodes and lithium-rich manganese-based materials accelerating their market entry [4]. - The recovery of the digital market and growth in AI terminal shipments are creating structural opportunities for lithium cobalt oxide and lithium manganese oxide materials [4]. Group 3: Awards and Recognition - The "2025 New Energy New Materials Innovation Enterprise" award aims to recognize companies that excel in technological breakthroughs and industry transformation across the entire materials chain [5][6]. - The evaluation criteria focus on technological innovation, industrialization, market recognition, and development potential [6]. - The award results will be announced at the 2025 High-Performance New Energy New Materials Industry Conference in July 2025 [6].

Core Viewpoint - The 18th High-tech Lithium Battery Industry Summit will focus on the restructuring of the industry chain and the resonance of all-scenario applications, gathering leaders from upstream and downstream lithium battery enterprises to discuss new opportunities in the lithium battery industry under the new cycle [2]. Group 1: Event Details - The summit will take place on June 25-26, 2025, at the Jin Tan Marriott Hotel in Changzhou, China [3]. - The summit will feature five main sessions, including an opening ceremony, two battery application sessions, a new materials technology session, and a closing ceremony, along with a product launch and dinner event [2]. Group 2: Participants - Leaders and executives from various companies in the lithium battery industry will participate, including representatives from companies such as Honeycomb Energy Technology Co., Ltd., and others [4][5][6]. - The event aims to facilitate brainstorming among industry leaders to predict the future trends of the lithium battery sector [2]. Group 3: Industry Focus - The summit will cover the entire lithium battery industry chain, addressing topics such as multi-dimensional integration development, battery demand under all-scenario resonance, and breaking technological boundaries in new materials [2]. - The discussions will aim to identify new patterns and opportunities in the lithium battery industry as it enters a new cycle [2].

Core Viewpoint - The company, Wenkang New Energy Materials (Hunan) Co., Ltd., reported a significant decline in revenue and an increase in net losses for the year 2024, primarily due to market demand changes, raw material price drops, and low capacity utilization [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 5.539 billion yuan, a year-on-year decrease of 48.37% [1]. - The net profit attributable to shareholders was -508 million yuan, compared to -124 million yuan in the same period last year, marking two consecutive years of losses with an expanding loss scale [1]. - The comprehensive gross profit margin for 2024 was 2.95%, down 1.75 percentage points year-on-year [1]. Product Analysis - The company primarily sells ternary cathode materials, lithium cobalt oxide cathode materials, spherical nickel, and lithium iron phosphate cathode materials, with significant applications in electric vehicles and consumer electronics [2][3]. - The sales volume of ternary cathode materials and precursors, lithium cobalt oxide, and lithium iron phosphate has been affected by market conditions and raw material costs [2][3]. Market Trends - From 2019 to 2024, global sales of new energy vehicles increased from 2.21 million to 18.236 million units, with a compound annual growth rate (CAGR) of 52.51% [4]. - The global output of power batteries is expected to grow from 125.2 GWh to 1,051.2 GWh during the same period, with a CAGR of 53.04% [4]. - The lithium-ion battery industry is experiencing rapid growth, driven by the increasing demand for new energy vehicles and energy storage solutions [4][5]. Raw Material Supply and Pricing - The supply of raw materials has increased significantly, leading to a substantial drop in prices, which has affected the pricing of lithium-ion battery cathode materials [6][7]. - The price of lithium iron phosphate has decreased from 150,000 yuan/ton to below 50,000 yuan/ton, while the price of ternary materials has dropped from 400,000 yuan/ton to below 150,000 yuan/ton [7][8]. Competitive Landscape - The company faces intensified competition within the lithium battery cathode materials industry, with many peers experiencing similar declines in performance [12][13]. - The gross profit margins of various companies in the industry have shown fluctuations due to raw material price volatility and market competition [12][13]. Capacity Utilization and Orders - The company's capacity utilization rate for cathode materials was approximately 41.75% in 2024, indicating room for improvement [15][16]. - As of the end of 2024, the company had signed supply agreements covering its main products, with a total order quantity of 2,714.85 tons and an order value of 235.0712 million yuan [16][17].

Core Viewpoint - The company, Hubei Huitian New Materials Co., Ltd., is a leading player in the domestic engineering adhesive industry, with strong R&D capabilities and a promising outlook for downstream industries, which supports future business growth [2][5]. Financial Performance - The company's total assets as of March 2025 are 65.86 billion, with equity attributable to shareholders at 28.94 billion [2]. - The company's total debt has increased, leading to weaker debt repayment indicators, indicating rising repayment pressure [6]. - Revenue for 2024 is reported at 39.89 billion, a slight increase from 39.02 billion in 2023, while net profit decreased from 2.98 billion in 2023 to 1.04 billion in 2024 [4][16]. Market Position and Growth - The company has maintained a high production and sales rate, with significant growth in the sales volume of its main products, particularly in the electronic and automotive sectors, which saw increases of 45.56% and 41.23% respectively [2][5]. - The company is focusing on expanding its market share in the renewable energy sector, particularly in photovoltaic silicone and solar cell back membranes, despite facing a 58.34% decline in sales in this segment due to increased competition and market saturation [18][19]. Risks and Challenges - The company faces risks related to changes in control, as the actual controller's shareholding is relatively low, which could impact governance [5][6]. - The profitability is sensitive to fluctuations in the downstream industry, with pressures from declining raw material prices and increased competition affecting profit margins [5][11]. - The company has a high proportion of receivables, which could strain working capital and increase the risk of bad debts, particularly in the photovoltaic sector where payment cycles are longer [6][18]. Industry Outlook - The adhesive industry in China is expected to grow, driven by demand from emerging sectors such as new energy vehicles and lithium batteries, although sales growth has not met expectations due to various challenges [11][12]. - The industry is projected to have an average annual growth rate of 4.2% in production and 4.3% in sales during the 14th Five-Year Plan period [12]. - The company is well-positioned to benefit from the ongoing transition to clean energy and the increasing demand for high-performance adhesives in various applications [14][15].