Core Viewpoint - The company is optimistic about the future growth prospects of the phosphate cathode material market, driven by increasing demand in both the power battery and energy storage sectors [1] Group 1: Power Battery Sector - The penetration of new energy vehicles (NEVs) is accelerating, with commercial vehicles also moving towards electrification [1] - The average battery capacity per vehicle is gradually increasing, indicating continued growth potential in the power battery market [1] Group 2: Energy Storage Sector - Advancements in large battery cell technology are enhancing the economic viability of energy storage systems [1] - Policy support from electricity market reforms and capacity price compensation is fostering growth in the energy storage market [1] - Emerging applications such as AI data centers are increasing demand for energy storage solutions, alongside rapid growth in overseas energy storage needs [1] Group 3: Market Outlook - The demand for phosphate cathode materials is expected to maintain strong growth momentum, driven by the dual forces of power batteries and energy storage batteries [1]

联合研究丨行业深度 [Table_Title] SOFC 深度报告：北美负荷需求迎大级拐点， SOFC 迎发展新机遇 %% %% %% %% [Table_Summary] 美国缺电大背景下，固体氧化物燃料电池（SOFC）凭借与 AI 数据中心需求的高度适配性，有 望迎来商业化加速。本篇对 SOFC 的特点、经济性、市场空间、产业推进等进行深度分析。海 外龙头 Bloom Energy 已实现商业化，关注国内相关标的投资机会。 分析师及联系人 [Table_Author] 徐科 曹海花 赵智勇 SAC：S0490517090001 SAC：S0490522030001 SAC：S0490517110001 SFC：BUV415 SFC：BRP550 王贺嘉 高伊楠 贾少波 SAC：S0490520110004 SAC：S0490517060001 SAC：S0490520070003 SFC：BUX462 SFC：BUW101 李博文 SAC：S0490524080004 请阅读最后评级说明和重要声明 2 / 20 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 %% %% ...

Supply Chain and Market Trends - The company maintains strong relationships with major wafer suppliers through long-term agreements, ensuring supply chain resilience and diversity [2] - Recent trends show a price increase in storage products due to high demand from North American cloud service providers investing in AI, leading to a tightening supply for consumer and embedded storage products [3] Business Performance and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with ongoing expansion in enterprise storage product offerings [3] - The company has launched four series of self-developed controller chips, with over 100 million units deployed, indicating rapid growth in deployment scale [5] New Product Innovations - The company is actively developing high-performance storage products for data centers, including the newly released SOCAMM2, designed specifically for AI data centers, which shows significant improvements in bandwidth and power consumption [4] - The UFS4.1 product, developed in collaboration with SanDisk, has demonstrated superior performance in process, read/write speed, and stability compared to market alternatives, with accelerated adoption among Tier 1 clients [5]

Market Overview - On November 19, A-shares experienced fluctuations, with the Shanghai Composite Index closing up 0.18% at 3946.74 points, while the Shenzhen Component Index slightly declined to 13080.09 points. The ChiNext Index rose by 0.25% to 3076.85 points, and the SSE 50 Index increased by 0.58% [1][2]. Aquaculture Sector - The aquaculture sector saw a significant surge, with the aquaculture index rising by 9.52% by the end of the trading day. Notable stocks included Guolian Aquatic, which hit a 20% limit up, and other stocks like Zhanzi Island, Dahu Co., and Zhongshui Fishery also reached their daily limits [3][5][6]. Financial Sector - The financial sector, particularly insurance and banking, showed strong performance. China Bank surged nearly 4%, reaching a historical high, while other banks like Everbright Bank and Ping An Bank rose by nearly 2% [7][8]. Analysts suggest that the banking sector's low valuation presents significant investment opportunities, especially as year-end approaches [8]. Lithium Battery Sector - The lithium battery sector experienced a notable rise, with stocks like Jinyuan Co. and Rongjie Co. hitting their daily limits. The price of lithium carbonate futures surpassed 100,000 yuan per ton, driven by surging demand in energy storage and the steady growth of the electric vehicle market [10][12][13]. Gold Sector - The gold sector also saw a rise, with stocks like Shenhua A and Zhongjin Gold reaching their daily limits. Analysts indicate that gold prices have established a strong mid-term trend, supported by factors such as policy easing and ongoing demand for safe-haven assets [15][17].

Group 1: Core Insights - Rio Tinto's iron ore profit margin is projected to decline from 81% in 2023 to 48% in 2026, indicating a significant shift in revenue sources as global steel demand decreases [1] - The copper business of Rio Tinto has shown substantial growth, with EBITDA reaching $3.105 billion in the first half of 2025, a 69% increase year-on-year, and now accounting for over 20% of the group's EBITDA [3] - BHP's copper production reached a record 2.017 million tons in the 2025 fiscal year, marking a 28% increase from the previous year, with copper contributing 45% to the group's EBITDA [3][5] Group 2: Company Strategies and Investments - BHP plans to invest between $7.3 billion and $9.8 billion for technological upgrades and new concentrator plants, aiming to stabilize copper production at around 1.4 million tons annually by 2031 [5] - Rio Tinto's key copper assets include the Oyu Tolgoi mine in Mongolia and the Escondida mine in Chile, with plans to expand copper resources significantly through various projects [6] - Vale's copper production is expected to grow, with a target of reaching 700,000 tons annually by 2030, reflecting the increasing focus on copper as a strategic asset [7] Group 3: Market Trends and Demand - The demand for copper is surging due to its applications in renewable energy, electric vehicles, and AI data centers, prompting mining companies to invest heavily in copper assets [9] - Despite a stable demand for iron ore, the supply is slightly increasing, indicating a potential shift in market dynamics as companies explore copper resources in various regions [9]

Group 1: Business Performance - The consumer electronics business is a traditional sector for the company, maintaining a strong market position and high product market share, with strategic partnerships with major domestic and international clients [2][3] - The company is experiencing steady growth in the consumer electronics sector, driven by rapid increases in new product shares and overall market share, supported by a recovering industry environment [2][3] Group 2: AI Data Center Development - The AI data center is a key strategic market for the company, focusing on miniaturization, high precision, and high power density technology advantages [3] - The company provides a comprehensive solution for AI server clients, covering various power supply needs, and has secured a full order book with rapid growth in related business, particularly in overseas markets [3] Group 3: Tantalum Capacitor Product Layout - The company has invested in the tantalum capacitor field for years, developing new series products that can be widely applied in communications, consumer electronics, AI data centers, automotive electronics, and industrial control [3][4] - New tantalum capacitor products have gained recognition from major clients due to their thin profile and low ESR values, aligning with trends in high-end consumer electronics [3] - The company’s tantalum capacitors meet the high reliability and stability requirements of automotive electronics, particularly in electric vehicles and advanced driver-assistance systems [3] Group 4: Pricing and Capital Expenditure - The pricing of the company's electronic components generally follows market trends, with a focus on maintaining core competitiveness and long-term partnerships with major global clients [4] - Recent infrastructure projects include three industrial parks and a research center, with significant progress in construction and production ramp-up, while future capital expenditures will focus on emerging markets and new product capacity [4]

编号：2025-011 证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | ☑ 其他（电话会议） | | 参与单位名称 | 鹏华基金、太平资产、汇丰资管、花旗环球、东吴证券 | | 时间 | 2025 年 11 月 18 日 | | 地点 | 电话会议 | | 上市公司接待 | 董事、常务副总经理兼董事会秘书 汪咏梅 | | 人员姓名 | 证券事务代表 何美萱 | | | 1、请问公司认为本轮涨价的契机是什么？落地情况如何？ | | | 回复：主要是基于两方面因素：一是公司产品处于供不应求的 | | | 状况，尤其新产品供需矛盾比较突出；二是部分原材料价格上涨带 | | | 来成本压力。公司与客户积极开展商务谈判，目前已取得了较好的 | | | 效果。 | | 投资者关系活 | 2、公司磷矿开采的进展如何？预计对利润有多少贡献？ | | 动主要内容介 | 回复：自 ...

与此同时，政策层面也在积极发力。财政部门正积极推动扩大内需，支持消费贷款的贴息政策已经落地，海南免税商品的范围也扩大至47大类。传统消费品 正积极去库存，新消费场景也在不断拓展。这些政策举措，如同托起消费板块的双手，也在不断增强市场信心。 市场情绪在周末被彻底点燃，一场由存储芯片巨头三星引发的价格风暴，正悄然酝酿着周一A股市场的爆发。三星突然宣布将其32GB DDR5模组的价格大幅 上调近60%，从149美元直接飙升至239美元，犹如一颗重磅炸弹，瞬间引爆了整个行业。 与此同时，美股科技股也经历了一场惊心动魄的过山车行情。英伟达盘中一度暴跌5%，随后又奇迹般地强势反弹，最终以超过1%的涨幅收盘。这一幕无疑 为即将到来的A股市场增添了更多想象空间。 为何三星敢于如此大幅度提价？究其根本，是AI数据中心对高性能内存的渴求已经达到了前所未有的程度。海量数据和庞大算力的需求，迅速消耗着高端 内存的库存，导致供应链出现紧张信号。面对供不应求的局面，客户们纷纷恐慌性下单，厂商订单簿瞬间爆满，价格自然水涨船高。 值得注意的是，国内存储芯片厂商并非孤立于全球市场之外。事实上，它们与三星、美光等国际巨头在供应链上早已形成了紧密 ...

行业 铝日报 日期 2025 年 11 月 18 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 铝观点： 17 日沪铝延续回落走势，主力 2601 收盘报 21725，下跌 1.14%，总持仓较上 一交易日减少 41911 至 741668 手，处于历史高位水平。现货上，铝价虽有所下行 但绝对价仍处于较高位置，下游维持按需采购，日内华东报平水，中原贴水-140， 华南贴水-150。进口窗口关闭，现货进口亏损收窄至-2000 元/吨左右。国产矿相 对坚挺，几内亚矿价低位徘徊，氧化铝运行产能保持高位，过剩压力显著，但随 着月均价下行北方的高成本企业已经有亏损减产风险，氧化铝成本支撑逻辑逐渐 凸显，关注低位企稳的可能性。电解铝海外供应收紧逻辑仍存，冰岛铝厂因电气 设备故 ...

Core Insights - The photovoltaic industry is experiencing significant price declines due to excessive competition, leading to a focus on "anti-involution" as a key theme for 2023 [1][5][6] - The energy storage sector is showing signs of recovery, partly driven by falling prices in the photovoltaic supply chain, although some industry players remain cautious about market conditions [3][4][10] Industry Overview - The "2025 8th China International Photovoltaic and Energy Storage Industry Conference" highlighted the need for companies to maintain a broader perspective while competing, ensuring the overall health of the industry ecosystem [3][6] - The photovoltaic industry is currently facing a supply-demand imbalance, with prices for polysilicon, silicon wafers, batteries, and modules dropping approximately 10%, 20%, 15%, and 2% respectively since the beginning of the year [5][12] Company Strategies - Companies are focusing on cost reduction and efficiency improvements while also increasing innovation to survive in a challenging market [4][11] - The production capacity of major companies, such as Meike Co., is currently at 60 GW, primarily in the silicon wafer sector, indicating a supply surplus [4] Market Dynamics - The energy storage market is experiencing high demand, particularly for lithium iron phosphate batteries, driven by changes in clean energy integration costs [10][11] - The anticipated growth in energy storage installations is significant, with projections indicating that by the end of 2024, new energy storage installations will reach 73.76 million kW, accounting for over 40% of global installations [11] Technological Advancements - New technologies in photovoltaic cells, such as perovskite and various combinations of existing technologies, are being explored, with the next five years seen as critical for assessing their viability [9][12] - The industry is urged to focus on core technology independence to enhance competitiveness and ensure sustainable growth [12][13] Future Outlook - The photovoltaic industry is expected to evolve towards a more integrated energy system, combining generation, storage, and consumption, particularly in regions with high renewable energy output [15] - The establishment of a fair and efficient market mechanism for energy resources is deemed essential for the sustainable development of the industry [13][15]