Group 1 - The Shanghai Composite Index closed at 4029 points on November 13, marking a 0.73% increase, while the Shenzhen Component Index rose by 1.78% to 13476 points, and the ChiNext Index increased by 2.55% to 3201 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 20,420 billion RMB, an increase of about 969 billion RMB compared to the previous trading day [1] - The energy metals sector, particularly lithium, saw significant gains, with the energy metals sector rising by 8.55%, leading all industry sectors in A-shares [1] Group 2 - The price of lithium hexafluorophosphate has surged recently, with prices increasing from 61,000 RMB per ton on October 1 to 121,500 RMB per ton by November 7, and some market quotes reaching as high as 150,000 RMB per ton [1] - Analyst Ji Yongjie from Shanxi Securities noted that the rebound in lithium hexafluorophosphate prices is driven by increased demand from the downstream electric vehicle and energy storage industries, leading to a significant rise in procurement by electrolyte manufacturers [2] - The overall supply of lithium hexafluorophosphate remains tight due to previous years' overcapacity leading to industry consolidation, making it difficult for many small and medium enterprises to quickly resume production [2]

Core Viewpoint - The global energy storage industry has experienced a compound annual growth rate (CAGR) exceeding 50% over the past 1 to 2 years, with positive prospects for continued growth in the coming year due to supportive policies and market conditions [1] Industry Summary - The domestic energy storage market is expected to benefit from the implementation of capacity pricing policies and supporting measures from various provinces, leading to improved terminal yield and sustained growth across the entire supply chain from bidding to installation [1] - The energy storage industry is projected to maintain a growth rate above 50% in the next year, supported by national policies and the backdrop of global energy shortages, indicating a promising future for the sector [1]

Group 1 - The core viewpoint of the news highlights the strong performance of CATL, with significant increases in both A-shares and H-shares, driven by robust export figures in the lithium battery sector [1] - CATL's chairman reported that the total export value of the "new three items" exceeded 900 billion yuan in the first three quarters, with lithium batteries contributing nearly 400 billion yuan, accounting for over 40% [1] - CATL exported 120 GWh of lithium batteries, representing nearly 60% of the total export volume of around 200 GWh [1] Group 2 - Citic Securities predicts that global energy storage installations will reach approximately 290 GWh by 2025, with potential growth to 1.17 TWh by 2030, indicating significant growth potential for the industry [1] - The domestic energy storage supply chain is noted to have clear advantages, with increasing global market share in battery cells and energy storage systems [1] - A report from Credit Lyonnais indicates concerns about potential sell-offs due to the upcoming lock-up period expiration for cornerstone investors in CATL's Hong Kong IPO, but does not foresee a significant price correction [2] Group 3 - Credit Lyonnais maintains a bullish outlook on CATL, expecting a recovery in stock price once uncertainties are resolved, driven by strong global energy storage system development and improved battery supply-demand dynamics by 2026 [2] - The firm reiterates a "buy" rating for both A-shares and H-shares of CATL, with a target price of 500 yuan for A-shares and 685 HKD for H-shares [2]

Group 1 - The price of lithium hexafluorophosphate has rebounded strongly, rising from below 50,000 yuan/ton in July to over 120,000 yuan/ton by early November 2025, indicating potential for further increases in the short term [1] - Demand from the electric vehicle and energy storage industries has significantly boosted electrolyte procurement, while supply constraints due to previous capacity reductions have led to a tight overall supply situation, suggesting a recovery in industry profitability [1][2] - The overall revenue of the lithium battery supply chain reached 636.19 billion yuan in the first three quarters of 2025, a year-on-year increase of 16.12%, with net profit rising by 40.37% compared to the same period last year [1] Group 2 - In October 2025, China's new energy vehicle sales reached 1.715 million units, a year-on-year increase of 19.93%, with the monthly sales share surpassing 50% for the first time [2] - The price of battery-grade lithium carbonate increased by 15.65% since early October, reflecting a generally upward trend in raw material prices, which presents investment opportunities in the lithium battery sector [2] - The recent price increase of lithium hexafluorophosphate is primarily due to a mismatch between supply and demand, with a surge in downstream market demand and a contraction in supply from small and medium enterprises exiting the market [2] Group 3 - As of November 13, 2025, the CSI Rare Metals Theme Index rose by 5.20%, with the Rare Metals ETF (159608) increasing by 5.04%, and a cumulative increase of 28.53% over the past three months [3] - The top ten weighted stocks in the Rare Metals ETF account for 60% of the index, with significant gains from companies like Tianhua New Energy and Rongjie Co., indicating strong performance in the sector [3] - The Rare Metals ETF closely tracks the CSI Rare Metals Theme Index, which includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals, reflecting the overall performance of the rare metals sector [3]

Core Insights - The company Huazi Technology (300490.SZ) has confirmed that its fundraising efforts for the energy storage industry have successfully transitioned into normal operations [1] - Currently, the company owns and operates two independent energy storage power stations [1]

Core Viewpoint - The company has successfully established its energy storage business, which is now operational, following significant fundraising efforts [1]. Group 1: Company Operations - The company has invested several billion in the energy storage industry, which is now functioning normally [1]. - Currently, the company owns two independent energy storage stations [1]. Group 2: Industry Outlook - The company's main business in renewable energy (including generation, grid, load, and storage) is developing steadily [1]. - The overall industry outlook is promising, indicating a broad future potential [1].

Core Viewpoint - The 14th Energy Storage International Conference and Expo (ESIE 2026) will be held from April 1-3, 2026, at the Capital International Exhibition and Convention Center in Beijing, showcasing significant advancements in the energy storage industry [2][4][18]. Event Overview - The exhibition area will cover 160,000 square meters, featuring six themed pavilions with over 1,000 exhibitors/sponsors and more than 50,000 industry participants [2][4]. - The B1 Energy Storage Application Hall will be named after CRRC Zhuzhou Institute, highlighting its commitment to innovation in the energy storage sector [8][9]. Company Profile - CRRC Zhuzhou Institute, established in 1959, is a wholly-owned subsidiary of CRRC Corporation Limited, with a strong focus on transportation and energy sectors [7]. - The institute has nearly 10,000 R&D personnel, including one academician of the Chinese Academy of Engineering and over 270 PhDs, emphasizing its robust research capabilities [7]. Industry Collaboration - CRRC Zhuzhou Institute maintains a deep collaborative relationship with the ESIE, aiming to empower the innovative development of the energy storage industry [8]. - The B1 Energy Storage Application Hall will showcase a diverse range of energy storage products, including household storage, industrial storage, and portable power solutions [9]. Exhibitor Participation - Notable companies confirmed to participate in the B1 China CRRC Pavilion include Huawei Digital Energy, Gotion High-Tech, and others, indicating a competitive landscape among global energy storage leaders [12]. Exhibition Opportunities - Limited exhibition spaces remain available in the B1 Pavilion, with core positions already sold out, reflecting high demand for participation [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Industrial Silicon - This week, the spot price of industrial silicon remained largely stable with minor fluctuations, while the futures price oscillated downward. The downstream demand decreased slightly, and the procurement sentiment was poor. The overall supply - demand was relatively loose, but there were also some bullish factors such as cost increases and production cuts in the southwest [6]. - The recommended strategy is to maintain a short position when the price rises, with an upper pressure level of 9,500 yuan/ton [7]. Polysilicon - The spot price of polysilicon was largely stable with minor fluctuations, and the market atmosphere was sluggish. The futures price oscillated strongly due to expectations of production reduction and the establishment of a storage platform. In the short - term, the price is expected to oscillate weakly [12]. - The recommended strategy is to hold the previous short position, with an oscillation range of 48,000 - 52,000 yuan [13]. 3. Summary by Directory 3.1 Weekly Core Points and Strategies Industrial Silicon - **Market Situation**: The spot price decreased slightly, and the futures price oscillated downward. The southwest region gradually reduced production, and the downstream demand was weak [6]. - **Logic Analysis**: - **Bearish Logic**: High supply in October, high inventory, and limited demand growth in the fourth quarter [6]. - **Bullish Logic**: Cost increase, production cuts in Xinjiang and the southwest, and expectations of the dry season in the southwest [6]. - **Recommended Strategy**: Short positions can be established when the price rises, with an upper pressure level of 9,500 yuan/ton [7]. Polysilicon - **Market Situation**: The spot price was stable with minor fluctuations, and the futures price oscillated strongly. The market was in a state of "strong expectation" and "weak reality" [12]. - **Logic Analysis**: - **Bearish Logic**: High inventory, loose supply, weak downstream transactions, and poor fundamentals [12]. - **Bullish Logic**: Rising component tender prices, policy support, and industrial linkage effects [13]. - **Recommended Strategy**: Hold the previous short position, with an oscillation range of 48,000 - 52,000 yuan [13]. 3.2 Industrial Silicon Data Review Price Data - **Futures**: The closing price of the main contract Si2601 was 9,220 yuan/ton, up 1.32% from last week. The trading volume increased by 29.79%, and the open interest increased by 17.38% [27]. - **Spot**: The prices of Tongyang 5530 and Tongyang 4210 in the East China market remained unchanged from last week [27]. - **Basis and Spread**: The basis of Si2601 (East China 553) decreased by 52.17%, and the basis of Si2601 (East China 421) decreased by 25% [27]. Supply and Demand Data - **Supply**: The overall industrial silicon production decreased by 7.85% this week, and the opening rate decreased to 34.30%. The southwest region saw a significant decline in production, while the northwest region also had a slight decrease [28][58]. - **Demand**: The demand from downstream industries such as polysilicon, organic silicon, and aluminum alloy was weak. The production of polysilicon decreased by 5.05%, and the production of organic silicon increased by 5.22% [28]. - **Inventory**: The social inventory increased to 554,800 tons, up 4.8% from last week, while the futures inventory decreased by 505 tons [28][80]. Cost and Profit Data - **Cost**: The production cost increased mainly due to the rising price of petroleum coke and electricity in the southwest region [78]. - **Profit**: The profit decreased slightly this week, and it is expected to continue to decline next week [78]. 3.3 Polysilicon Data Review Price Data - **Spot**: The price of P - type polysilicon remained unchanged at 44,000 yuan/ton, and the price of N - type polysilicon decreased by 1.54% to 51,000 yuan/ton [119]. - **Futures**: The futures price oscillated strongly due to expectations of production reduction and the establishment of a storage platform [12]. Supply and Demand Data - **Supply**: In November, the polysilicon production is expected to decrease, with a north - south difference in production changes. The overall supply is still at a high level, and the inventory continued to rise [126]. - **Demand**: The downstream demand was weak. The production of silicon wafers, battery cells, and components decreased, and the procurement sentiment was poor [119][126]. Cost and Profit Data - **Cost**: The average production cost decreased to 41,553 yuan/ton, a decrease of 0.2% [132]. - **Profit**: The gross profit and gross margin increased slightly, but the overall profit level was still low [132].

Group 1 - The core viewpoint of the articles highlights the significant increase in electrolyte prices driven by the rising penetration of electric vehicles and explosive growth in the energy storage industry, with a price surge exceeding 2% in just two days [1] - Electrolyte is described as the "blood" of lithium batteries, crucial for the migration of lithium ions between the anode and cathode, directly affecting battery energy density, safety stability, and fast charging capabilities [1] - The research team from招商电新 expresses optimism for a new market cycle, particularly for hexafluorophosphate and additives in lithium battery materials, as many hexafluoride companies currently have single-digit valuations [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the 中证细分化工产业主题指数 (000813) include 万华化学, 盐湖股份, 天赐材料, 巨化股份, 藏格矿业, 金发科技, 宝丰能源, 华鲁恒升, 恒力石化, and 云天化, collectively accounting for 44.83% of the index [2] - The 化工ETF (159870) closely tracks the 中证细分化工产业主题指数, which consists of seven sub-indices reflecting the overall performance of listed companies in related sub-industries [1][2][3]

Core Insights - China's new energy storage installed capacity has exceeded 100 million kilowatts, growing over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total, making it the world's largest [1] - The electrolyte market is entering an upward cycle, with prices recovering and signals of capacity expansion and technological upgrades [1][2] - The demand surge in the energy storage and new energy vehicle sectors is driving the electrolyte industry's recovery [2] Industry Recovery - Electrolyte prices have risen from approximately 17,500 yuan/ton at the beginning of 2025 to 25,500 yuan/ton as of October 27 [2] - Lithium hexafluorophosphate prices have also increased, surpassing 110,000 yuan/ton recently, with an average price of 118,500 yuan/ton as of November 6 [2] - The demand explosion in the energy storage sector and the new energy vehicle market is a core driver of the electrolyte industry's recovery [2][3] Market Dynamics - In the first nine months of 2025, China's new energy vehicle production and sales reached 11.24 million and 11.23 million units, respectively, with a year-on-year growth of 35.2% and 34.9% [3] - The differentiation in performance requirements for electrolytes is pushing companies to increase R&D investments for high-performance customized products [3] - The electrolyte shipment volume in China is expected to reach 1.47 million tons in 2024, a year-on-year increase of 32%, and is projected to exceed 1.67 million tons in 2025 [3] Concentration of Orders - The domestic electrolyte industry is highly concentrated, with leading companies benefiting from vertical integration, scale effects, and technological advantages [4] - Major companies like Tianqi Materials, Xinzhou Bang, and Jiangsu Guotai reported significant year-on-year profit growth in the first three quarters of 2025 [4] - The market is shifting towards leading enterprises as smaller companies face survival pressures due to overcapacity [4] Capacity Expansion and Strategic Moves - Leading companies are increasing capacity and optimizing product structures to drive sustained growth [5] - Tianqi Materials has signed a contract with Guoxuan High-Tech for the procurement of 870,000 tons of electrolyte products from 2026 to 2028 [5] - New projects, such as Tianqi's 150,000-ton electrolyte integration project in Morocco, are set to commence construction by early 2026 [5] Strategic Partnerships - Haike New Source has signed a strategic cooperation agreement with Hefei Qianrui Technology for the purchase of 200,000 tons of electrolyte solvents and additives [6] - Leading electrolyte companies are advised to seize opportunities by addressing supply-demand gaps, focusing on high-end formulation R&D, and expanding into overseas markets [6]