Core Viewpoint - The lithium market is currently experiencing a bottoming phase, and Tianqi Lithium is focusing on cost reduction, quality improvement, and efficiency enhancement to navigate this challenging environment [1][2][6]. Company Performance - Tianqi Lithium's 2024 revenue is projected to be 13.063 billion yuan, a year-on-year decrease of 67.75%, with a net loss of 7.905 billion yuan, marking a shift from profit to loss due to declining lithium salt prices [5]. - The benchmark price for battery-grade lithium carbonate in China was 65,633 yuan per ton as of May 13, down 43.52% year-on-year [5]. Market Dynamics - The lithium salt market is expected to face oversupply starting in 2024, influenced by a surge in new market entrants during the previous lithium boom from 2019 to 2022, when prices skyrocketed from 70,000 yuan to around 600,000 yuan per ton [5][6]. - The current lithium salt prices are in a bottoming phase, and the duration of this process is uncertain, with competition expected to remain intense [5][6]. Production and Sales - In the previous year, Tianqi Lithium's sales volume of lithium chemical products reached 102,800 tons, an increase of 81.46% year-on-year, while production volume was 70,700 tons, up 39.44% year-on-year [7]. - The company's lithium salt inventory decreased by 43.64% year-on-year, indicating effective resource management [7]. Resource Expansion Strategy - Tianqi Lithium is shifting its strategy to seek both external and internal lithium resources, with ongoing developments at the Yajiang Cuola lithium spodumene mine, which could become the company's first domestic source of lithium concentrate [1][10]. - The company is also exploring potential asset injections from its controlling shareholder, Tianqi Group, which holds various lithium mining rights [10][11]. Future Outlook - The company is preparing for the next generation of battery materials by increasing R&D investments and collaborating with downstream customers to innovate [12]. - Tianqi Lithium aims to play a crucial role in the solid-state battery sector, focusing on core materials such as lithium sulfide and lithium metal, and has successfully developed battery-grade lithium sulfide micro-powder [12][13].

证券代码：002460 证券简称：赣锋锂业 江西赣锋锂业集团股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系 | □特定对象调研□分析师会议 □现场参观 | | | --- | --- | --- | | 活动类别 | □媒体采访 ■业绩说明会 □路演活动 | | | | □新闻发布会 □其他 | | | 参与单位名称 | 投资者网上提问 | | | 及人员姓名 | | | | 时间 | 年 月 日（星期三）下午 2025 21 15:00-17:00 | 5 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待 | 公司董事兼财务总监黄婷 | | | 人员姓名 | 公司董事会秘书任宇尘 | | | | 1、碳酸锂价格持续下跌，公司有什么应对策略？ | | | | 答：投资人您好，公司目前已经有多个自有资源项目开 | | | | 发并投产，包括阿根廷 Cauchari-Olaroz 项目、马里 Goulamina | | | | 项目、阿根廷 项目等，均属于在长周期来看 ...

证券研究报告 | 策略点评 2025 年 05 月 21 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250521 今日关注 指数涨跌情况：今日 A 股主要指数多数涨跌互现。截止收盘，沪指涨 0.21%， 收报 3387.57 点；深证成指涨 0.44%，收报 10294.22 点；科创 50 跌 0.22%， 收报 995.49 点；创业板指涨 0.83%，收报 2065.39 点。总体上，全天个股跌 多涨少，Wind 数据显示，全市场 3599 只个股下跌，1615 只个股上涨，197 只个股收平。沪深两市今日成交额合计 11734 亿元，较上个交易日放量 37.64 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，煤炭、有色金属、电力设备、 银行、医药生物、交通运输等行业领涨，美容护理、电子、传媒、社会服务、 机械设备、商贸零售等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为黄金珠宝、航空运输精选、动力电 池、煤炭开采精选、央企煤炭、锂电负极、磷酸铁锂电池、固态电池、钠离 子电池、汽车整车精选 ...

【DT新材料】 获悉。5月19日， 上海化工研究院 与 河北金力新能源科技股份有限公司 签约战略合作协议。 根据协议，双方将整合在聚烯烃材料领域的研发能力和锂电池隔膜行业的产业优势，聚焦技术联合攻关、产品协同开发等开展深度合作，共同推进我国 高性能超高分子量聚乙烯隔膜材料的创新发展和技术升级。 河北金力新能源科技股份有限公司 2010年成立于河北省邯郸市，专注于锂电池湿法隔膜及涂覆隔膜研发、生产和销售，公司的产品包括湿法隔膜、涂 覆隔膜和透气膜等，主要应用于新能源汽车、储能电站、电动工具、电动两轮车、3C电子产品等下游领域。金力股份的主要客户包括比亚迪、宁德时 代、国轩高科、亿纬锂能等知名锂电池厂商。目前， 公司已实现 3μm超薄隔膜 的量产，可使电池体积能量密度提升15%以上，满足高端消费电子与长 续航电动汽车的需求。此外，公司的隔膜产品还兼容固态电池 、钠硫电池及燃料电池等新兴技术，为其在下一代能源存储领域抢占先机。 上海化工研究院 成立于1956年，隶属国家化学工业部，后经历公司制改制，并于2021年整合集团技术研究院，打造上海华谊集团中央研究院。原化工 部上海化工研究院在90年初开发成功万吨超高分子量 ...

证券代码：000155 证券简称：川能动力 四川省新能源动力股份有限公司 投资者关系活动记录表 编号：20250520 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | 投资者关系活 | ☐媒体采访 业绩说明会 | | 动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年5月20日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待 | 副董事长、总经理万鹏先生 | | 人员姓名 | 财务总监王大海先生 | | | 董事会秘书欧健成先生 | | 投资者关系活 | 1.川能动力收购能投风电30%股权资产评估， 请对比一下过去川投能源收购雅砻江水电48%股权资 | | | 14.5亿的净资产竟然能评估到65亿，增值高达349%！ | | | 产评估，53亿的净资产只评估到68亿，增值28%。能 | | 动主要内容介 | 投风电的资产已 ...

Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]

碳酸锂日报 碳酸锂日报（2025 年 5 月 20 日） 一、研究观点 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约跌 2.27%至 61180 元/吨。现货价格方面，电池级碳酸锂平均跌 800 元/吨 至 63700 元/吨，工业级碳酸锂平均价跌 800 元/吨至 62050 元/吨，电池级氢氧化锂（粗颗粒）下跌 200 元/吨至 65490 元/吨，电池级氢氧化锂（微粉）下跌 200 元/吨至 70635 元/吨。仓单方面，昨日 仓单库存增加 60 吨至 36684 吨。 2. 价格方面，锂矿端报价亦在下降，根据中联金澳洲锂辉石 5.5-6%最低价 645CIF 美元/吨。供应端， 周度产量环比增加 575 吨至 16055 吨，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗 碳酸锂量预计环比小幅增加；电芯端依旧保持景气。库存端，周度库存重回累库，周度环比增加 351 吨至 131920 吨，其中下游和其他环节去库，冶炼厂累库。 3. 当前市场矛盾实际仍应关注供应，锂矿价格延续下跌和供应减量仍然较低，导致市场仍较为悲观， 但需 ...

5月16日至17日，国轩高科在安徽合肥盛大举办2025全球科技大会。本次大会，国轩高科集 中发布六款电池等新品，包括业界期待已久的全固态电池，目前已进入预量产阶段；同时发布 了续航达1000公里的G垣准固态电池，可连续使用12年的G行重卡标准箱、全球首款单舱 20MWh的储能系统等全新电池产品。诺贝尔物理学奖得主，英国曼彻斯特大学教授 Konstantin Novoselov，大众汽车集团（中国）执行副总裁Olaf Korzinovski出席并发言。 金石全固态电池：首条0.2GWh中试线，核心设备100%国产化，已开启装车路测 2024年金石电池首次发布，2025年实现质的飞跃。材料创新上，硫化物电解质的离子电导率 提升60%，空气稳定性显著提高，正负极材料的克容量也实现较大突破，在材料科学方面为全 固态电池的发展筑牢根基。此外，国轩高科首条全固态实验线正式贯通，100%线体自主开 发，设计产能达0.2GWh，通过高精密涂布等关键技术，实现高达90%的良品率。历经365天 极限验证，金石电池单体容量提升150%，预紧力下降90%，无惧针刺、热箱、外短、过充、 挤压等严苛考验，安全性能全方位提升。发布会现场， ...

投资建议 天风证券（601162）股份有限公司孙潇雅近期对天赐材料（002709）进行研究并发布了研究报告《电解液 格局有望出清，新品类加大投入》，给予天赐材料中性评级。 天赐材料 公司2024年年度和2025年第一季度经营情况如下： 2024Y实现营收125.2亿元，YOY-18.74%；归母净利润4.8亿元，YOY-74.4%；扣非归母净利润3.8亿元， YOY-79.08%。 2025Q1实现营收34.9亿元，YOY+41.64%；归母净利润1.5亿元，YOY+30.8%；扣非归母净利润1.34亿 元，YOY+33.35%。 电解液业务竞争仍然激烈，市场有望持续出清。中国新能源汽车渗透率突破50%，锂电池材料行业需求进 入平稳时期，电解液市场整体增速放缓，整个锂电池上下游产业链以消化库存和减缓资本开支为主；并且 随着未来市场供大于求的趋势逐渐演变，预计未来一到两年行业仍然维持较为激烈的竞争关系，落后产能 将持续出清。 公司在高能量密度、高电压、超充、高功率、高安全、低成本及长寿命电解液的开发上展现出显著的研发 优势，并且同时具备较大的市场产能和与下游头部客户的深度绑定关系，预计在行业出清后集中度将持续 ...

Core Viewpoint - Tianqi Co., Ltd. plans to introduce Qingdao Huatie Fund as an investor in its wholly-owned subsidiary, Jiangxi Tianqi Jintai Ge Cobalt Co., Ltd., through a capital increase and share expansion, raising a total of RMB 70 million for a 2.8% equity stake [1][2] Group 1: Investment Details - Qingdao Huatie Fund will invest RMB 70 million to acquire 2.8% of Tianqi Jintai Ge's equity, with RMB 360,082.4 allocated to registered capital and the remaining RMB 66,639,917.6 to capital reserves [1] - Following the investment, Tianqi Jintai Ge's registered capital will increase from RMB 125 million to RMB 129 million, reducing Tianqi Co., Ltd.'s ownership from 100% to 97.2% [1][2] Group 2: Strategic Importance - Tianqi Jintai Ge is a core subsidiary focused on the recycling of lithium batteries, including ternary lithium batteries and lithium iron phosphate batteries, with leading capacity, technology, and channel development in the industry [2] - The investment aligns with Tianqi Co., Ltd.'s long-term strategic goals to enhance financial strength and consolidate its core competitiveness in the lithium battery recycling industry [2] Group 3: Partner Profile - Qingdao Huatie Fund is a specialized investment fund under Shandong Railway Investment Holding Group, which has diversified operations in high-speed rail investment, fund management, and various sectors including new energy and modern logistics [2] - The partnership aims to leverage Shandong Railway Investment Holding Group's resources and expertise in the new energy and storage sectors to achieve mutual benefits in lithium battery recycling [2]