Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Short - term lithium carbonate futures may continue to oscillate strongly, but the risk of a high - level correction should be noted. The bullish sentiment driven by the capital side and the improvement in fundamentals resonate, but the lack of follow - up in the spot market may restrict the upside space. The price may face a phased adjustment under certain circumstances. It is expected to remain strong in the next 1 - 2 weeks, with the fluctuation center in the range of 95,000 - 103,000 yuan/ton [3] Summary According to Relevant Catalogs 1. Daily Market Summary 1.1 Lithium Carbonate Futures Market Data Changes - On November 19, the main lithium carbonate contract closed at 99,300 yuan/ton, up 5,780 yuan/ton from the previous trading day, breaking through the 100,000 yuan/ton mark and reaching a new high since June 2024. The basis further weakened to - 8,600 yuan/ton, a month - on - month increase of 4,780 yuan/ton [1] - The open interest of the main contract increased to 503,000 lots, and the trading volume soared to 1.767 million lots, indicating that funds are accelerating into the market to drive up prices [1] 1.2 Industry Chain Supply - Demand and Inventory Changes - **Supply side**: The price of spodumene concentrate remained flat at 8,670 yuan/ton, and the price of lepidolite concentrate rose 100 yuan/ton to 4,565 yuan/ton. The domestic lithium carbonate capacity utilization rate remained at a high of 75.34%. The production capacity of the Jiada Lithium Mine of Dazhong Mining is 50,000 tons of lithium carbonate per year, but the short - term supply increase is limited [2] - **Demand side**: From November 1 - 9, new energy vehicle retail sales decreased 5% year - on - year but increased 16% month - on - month. The demand for energy storage and power batteries remained resilient. The prices of lithium hexafluorophosphate and lithium iron phosphate materials increased, and the cell production schedule improved month - on - month, supporting lithium carbonate consumption [2] - **Inventory and warrants**: The total lithium carbonate inventory decreased for four consecutive weeks to 120,500 tons. The spot market transaction was light, but the expectation of accelerated inventory reduction in the futures market fermented, and the warrant pressure was marginally relieved [2] 1.3 Price Trend Judgment - Short - term lithium carbonate futures may continue to oscillate strongly, but the risk of a high - level correction should be noted. The price may face a phased adjustment if new energy vehicle sales do not meet expectations or the warrant pressure becomes obvious before delivery. It is expected to remain strong in the next 1 - 2 weeks, with the fluctuation center in the range of 95,000 - 103,000 yuan/ton [3] 2. Industry Chain Price Monitoring - On November 19, the main lithium carbonate contract was 99,300 yuan/ton, up 6.18% from the previous day; the basis was - 8,600 yuan/ton, down 125.13% from the previous day; the open interest of the main contract was 503,132 lots, up 3.88%; the trading volume was 1,767,428 lots, up 18.80% [5] - The market price of battery - grade lithium carbonate was 90,700 yuan/ton, up 1.11% from the previous day; the market price of spodumene concentrate remained flat at 8,670 yuan/ton; the market price of lepidolite concentrate was 4,565 yuan/ton, up 2.24% from the previous day [5] - The price of lithium hexafluorophosphate was 148,500 yuan/ton, up 2.77% from the previous day; the price of power ternary materials was 143,050 yuan/ton, up 0.35% from the previous day; the price of power lithium iron phosphate was 38,165 yuan/ton, up 0.97% from the previous day [5] 3. Industry Dynamics and Interpretations 3.1 Spot Market Quotations - On November 19, the SMM battery - grade lithium carbonate index price was 89,837 yuan/ton, up 1,870 yuan/ton from the previous trading day. The downstream enterprises were rational and cautious in procurement, and the overall market transaction was rare. The lithium salt plant maintained a high operating rate, and it is expected that the domestic lithium carbonate production in November can maintain the level of October [6] 3.2 Downstream Consumption - From November 1 - 9, the national new energy passenger vehicle market retail was 265,000 vehicles, a year - on - year decrease of 5% and a month - on - month increase of 16%. The national new energy vehicle wholesale was 306,000 vehicles, a year - on - year decrease of 3% and a month - on - month increase of 59% [7] 3.3 Industry News - On November 19, most concept stocks in the lithium - battery industry chain rebounded, and many stocks such as Rongjie Co., Ltd. and Yongshan Lithium Industry hit the daily limit. The main lithium carbonate futures contract exceeded 100,000 yuan/ton for the first time since June 2024 [9] - At the "Tenth International Summit on Power Battery Applications (CBIS2025)", many entrepreneurs said that solid - state batteries are the ultimate direction of power batteries, but solid - liquid hybrid batteries are the current realistic breakthrough for industrialization. The application scenarios of lithium batteries are expanding, but there is caution about the rapid implementation of solid - state batteries [9] - On October 28, Dazhong Mining's "Jiada Lithium Mine Mineral Resources Mining Plan" passed the review of the Ministry of Natural Resources. After reaching full production, it can produce about 50,000 tons of lithium carbonate per year, which is a key step in its strategic transformation [10]

Core Insights - Solid-state batteries are considered the ultimate form of lithium batteries, entering the pre-mass production phase, with major manufacturers expected to start mass production between 2027 and 2028 [1][2] - The global shipment of all-solid-state batteries is projected to reach 181 GWh by 2030 [1] Group 1: Industry Development - Solid-state batteries utilize solid electrolytes, offering advantages such as higher energy density, enhanced safety, and longer cycle life compared to liquid lithium batteries [1] - The solid-state battery production process is divided into three main stages: front-end, mid-end, and back-end, with significant changes in the front and mid-end processes compared to liquid battery production [3] Group 2: Technological Advancements - The solid-state battery technology is exploring various routes for electrolyte, cathode, and anode materials, with sulfide electrolytes showing the most promise despite high material costs and stringent processing conditions [2] - The cathode materials are expected to transition from ternary materials to high-nickel and lithium-rich manganese-based materials, while anode materials are moving from graphite to silicon-carbon composites [2] Group 3: Equipment and Manufacturing - Equipment manufacturers are likely to benefit from the shift to solid-state batteries, particularly those capable of delivering complete production lines and those adapting to process changes [1] - Key equipment changes include the replacement of wet processes with dry processes in the front-end, the introduction of stacking machines in the mid-end, and the need for high-pressure upgrades in back-end processes [3]

Group 1 - Huabao New Energy and EVE Energy signed a strategic cooperation agreement to advance solid-state battery technology in energy storage applications, focusing on outdoor power supply and small household green energy systems [2] - The collaboration aims to address key technical bottlenecks in energy density and safety for consumer-grade energy storage products, with plans for joint research and commercialization pathways [2] - EVE Energy recently announced the offline production of a 10Ah all-solid-state battery with an energy density of 300Wh/kg, with plans for a solid-state battery production line in Chengdu expected to be completed within the year [2] Group 2 - Shenzhen Exson New Energy and Xihang Investment (Chengdu) signed a strategic cooperation agreement to explore solid-state battery applications in aerospace and low-altitude economy [3] - The partnership will establish a joint laboratory focusing on solid-state battery materials, cell design, and process research, particularly for applications requiring high safety and lightweight characteristics [3] - The collaboration will also enhance manufacturing efficiency through automation and cost control mechanisms, while covering battery recycling and supply chain coordination [3] Group 3 - Exson New Energy, established in October 2021, specializes in electrochemical energy storage solutions and has a planned total production capacity of 74GWh across four production bases [4] - The company is actively pursuing advancements in solid-state battery technology as part of its product offerings, which include square batteries, cylindrical batteries, and sodium-ion batteries [4]

证券日报网讯紫建电子（301121）11月19日在互动平台回答投资者提问时表示，公司一直致力于固态电 池技术方面的研发工作，并取得了"一种满足高倍率充放电的固态电池"实用新型专利等系列技术成果； 目前，公司的半固态电池已向客户送样，正积极推进与相关方的交流和合作；另外，公司也在继续跟进 固态电池的研究、应用开发及产品测试等各项工作。 ...

格隆汇11月19日丨紫建电子(301121.SZ)在互动平台表示，公司一直致力于固态电池技术方面的研发工 作，并取得了"一种满足高倍率充放电的固态电池"实用新型专利等系列技术成果；目前，公司的半固态 电池已向客户送样，积极推进与相关方的交流和合作；另外，公司也在继续跟进固态电池的研究、应用 开发及产品测试等各项工作。 ...

智通财经APP获悉，中金发布研报称，据储能与电力市场统计，2025年第三季度，28个省备储项目4204 个，规模同比+343%。储能项目景气或拉动上游设备资本开支增长，且大储与动力电池产能间不通用， 新产能投资必不可少。预计全球2026年储能资本开支增速或达50%以上。三季度以来，储能下游需求明 显超预期，或带动锂电设备资本开支预期上修，近期中创新航(03931)、宁德时代(03750)陆续给出明年 产能指引超预期，四季度设备招标在即，看好2026年锂电设备企业订单加速。 固态电池新技术加持板块估值弹性 固态电池长期看解决能量密度天花板，或带来新一轮设备开支弹性；短期看制备路线、新材料等在技术 演变中创造板块估值弹性，此外固态电池一期项目验收结果公布在即，或为板块带来短期催化。 标的方面 看好锂电设备资本开支超预期及固态电池技术发展带来的业绩估值共振机会。建议关注，头部电池厂主 要设备供应商先导智能(300450.SZ)，3C与锂电周期共振低估值龙头联赢激光(688518.SH)等。 风险因素 储能项目持续性不及预期，锂电设备招标不及预期等。 中金主要观点如下： 独立储能快速增长，拉动锂电设备资本开支加速 1 ...

另外，从动力电池周期来看，2025年是国内头部企业资本开支拐点之年，受全球供应链转移影响，预计 2026年开始欧美国家电池产能本土化建设进程或加速，中国锂电设备企业全球竞争优势与市场份额领 先，或受益于海外产能建设。据摸排，预计2026年海外动力电池资本开支增速或延续20%—30%，并有 可能进一步超预期。 中金表示，看好锂电设备资本开支超预期及固态电池技术发展带来的业绩估值共振机会。建议关注，头 部电池厂主要设备供应商先导智能，3C与锂电周期共振低估值龙头联赢激光等。 中金指出，三季度以来，储能下游需求明显超预期，或带动锂电设备资本开支预期上修，近期中创新 航、宁德时代给出明年产能指引超预期，四季度设备招标在即，看好2026年锂电设备企业订单加速。 11月10日，国家发展改革委、能源局发布《关于促进新能源消纳和调控的指导意见》，提出健全新型储 能等调节性资源容量电价机制。该机构认为，随着多省容量电价补偿政策持续发布，储能项目经济性凸 显，或持续带来独立储能项目景气。据储能与电力市场统计，2025年第三季度，28个省备储项目4204 个，规模同比增长343%。储能项目景气或拉动上游设备资本开支增长，且大储与动 ...

Core Viewpoint - The company is committed to the development of solid-state batteries and aims for small-scale production by 2027, indicating a strong position in the industry [1] Group 1 - The company has confirmed ongoing investment in solid-state battery technology, which is at an industry-leading level [1] - There is a question from investors regarding the timeline for mass production of solid-state batteries and whether liquid batteries will be fully replaced [1]

Core Insights - The lithium battery industry is experiencing a price stabilization and recovery in 2023, driven by strong demand in the power battery and energy storage markets [1] - A new round of lithium battery production expansion has quietly begun, indicating growth in the sector [1] - The global industry is entering a new technological era, with solid-state technology leading the way, creating new application scenarios and investment opportunities [1] - The synergy between the new cycle and new technologies is injecting robust growth momentum into the lithium battery industry, providing long-term growth potential [1]

（文章来源：证券日报） 证券日报网讯赣锋锂业11月17日在互动平台回答投资者提问时表示，公司在固态电池技术上同步推进硅 基负极与锂金属负极两条路线。其中，第二代固液混合电池采用金属锂作为负极。公司生产的金属锂相 关产品可以作为固态电池的负极原材料。 ...