本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铝类产业日报 2025/11/19 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 21,570.00 | +105.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,740.00 | -40.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -55.00 | +5.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -64.00 | -3.00↓ | | | 主力合约持仓量:沪铝(日,手) | 347,833.00 | -8714.00↓ 主力合约持仓量:氧化铝(日,手) | 426,124.00 | +21114.00↑ | | | LME铝注销仓单(日,吨) | 25,850.0 ...

Core Viewpoint - The recent quarterly earnings reports from electric vehicle manufacturers, particularly Xiaopeng Motors and Leap Motor, have raised concerns in the market, leading to significant stock price declines. The automotive industry is expected to undergo changes due to factors such as price reductions in electric vehicles and the reintroduction of vehicle purchase taxes in 2026 [2][4][9]. Company Performance - Xiaopeng Motors reported a revenue of 20.38 billion yuan for Q3, a year-on-year increase of nearly 100%, with total deliveries of approximately 116,000 units, up 149.3% year-on-year. However, the company incurred a net loss of 380 million yuan, although this represented a narrowing of losses compared to previous periods. The forecast for Q4 deliveries is between 125,000 and 132,000 units, indicating a year-on-year growth of 36.6% to 44.3% [5][6]. - Leap Motor achieved a revenue of 19.45 billion yuan in Q3, nearly doubling year-on-year, and reported a net profit of 150 million yuan, marking a return to profitability despite an 8% decline from the previous quarter. The total delivery volume for Q3 was 173,800 units, with October deliveries reaching 70,300 units [5][6]. - Geely Automobile, as a traditional automaker, reported Q3 revenue of 89.2 billion yuan, a 27% increase year-on-year, and a net profit of 3.82 billion yuan, up 59% year-on-year. The total sales volume for Q3 was 761,000 units, reflecting a 43% year-on-year growth [5][6]. Market Trends and Future Outlook - The stock prices of Xiaopeng and Leap Motor fell significantly after their earnings reports, with Xiaopeng's stock dropping by 10.47% to 85.85 HKD, while Geely's stock saw a smaller decline of 1.16% [4][8]. - Analysts suggest that the automotive sector is experiencing a weak performance, with declining sales data and concerns over the impact of the vehicle purchase tax reinstatement in 2026. This may lead to a slowdown in growth for the industry, prompting companies to enhance sales volumes to mitigate margin pressures [6][10]. - The average price reduction for electric vehicles in October was 18,000 yuan, a decrease of 11.1%, indicating a competitive pricing environment as companies prepare for the upcoming tax changes [9][10].

碳酸锂产业日报 2025/11/19 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 99,300.00 | +5780.00↑ 前20名净持仓（日，手） | -177,098.00 | +429.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 503,132.00 | +18775. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 122.71 [6][14]. Core Insights - The company reported Q3 2025 revenue of RMB 20.4 billion, a year-on-year increase of 120%, and a net loss of RMB 3.8 billion, narrowing losses by 79% year-on-year [1][4]. - The gross margin for Q3 2025 reached 20.1%, marking a significant improvement due to scale effects and cost control measures [2][4]. - The company is optimistic about its growth prospects in Q4 2025 and 2026, driven by multiple growth avenues including "dual energy + AI + robotics + external collaborations" [1][4]. Financial Performance - Q3 2025 revenue was RMB 20.4 billion, with a quarter-on-quarter increase of 12% and a year-on-year increase of 102% [1][19]. - The gross margin improved to 20.1%, up 4.8 percentage points year-on-year, with vehicle gross margin at 13.1% [2][19]. - The company expects Q4 2025 deliveries to be between 125,000 and 132,000 units, projecting revenue of RMB 21.5 to 23 billion [2][19]. Business Segments - The automotive sales segment is projected to generate RMB 118 billion in revenue for 2026, with a price-to-sales ratio of 0.95x [4][11]. - The humanoid robot business is valued at approximately RMB 40 billion, with significant advancements in humanoid capabilities expected by the end of 2026 [4][11]. - The Robotaxi business is estimated to be worth RMB 33 billion, with plans to launch three models by 2026 [4][11]. Market Position and Collaborations - The company is set to launch the new X9 super range extender vehicle, which is expected to achieve high sales volumes due to its advanced features [2][4]. - Collaboration with Volkswagen is anticipated to enhance revenue through technology service fees and new model launches [4][13]. Valuation - The overall market capitalization of the company is estimated at approximately RMB 215 billion, with a target price adjustment to HKD 122.71 [4][14]. - The report employs a segmented valuation approach, considering automotive sales, robotics, and Robotaxi businesses [4][11].

Group 1: Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.18% at 3946.74 points, while the Shenzhen Component fell slightly to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points [2] - The total trading volume in the Shanghai and Shenzhen markets was approximately 17,428 billion yuan, consistent with the previous day's trading volume [2] Group 2: Sector Performance - The water sector saw a significant surge, with the water index rising by 9.52% by the end of the trading day [3] - Notable stocks in the water sector included Guolian Aquatic (涨停 20.09%), Zhanzi Island (涨停 10.10%), and Zhongshui Fishery (涨停 9.96%) [5][6] - The banking and insurance sectors also performed well, with China Bank rising nearly 4% and several insurance companies seeing gains of around 3% [7] Group 3: Lithium Battery Sector - The lithium battery sector experienced strong performance, with stocks like Jinyuan Co. and Rongjie Co. hitting the daily limit [8] - The price of lithium carbonate futures reached over 100,000 yuan per ton, driven by surging demand in the energy storage and electric vehicle markets [10] Group 4: Gold Sector - The gold sector saw a notable rise, with stocks like Shenhua A and Zhongjin Gold hitting the daily limit, and others like Chifeng Gold and Shandong Gold rising over 5% [11] - Analysts suggest that gold prices are supported by factors such as policy easing, de-dollarization, and ongoing demand for safe-haven assets [13]

Core Viewpoint - Lithium hexafluorophosphate is a key raw material for electrolytes, significantly impacting battery energy density, fast charging performance, and safety stability [2][3] Supply and Demand Analysis - The demand for lithium hexafluorophosphate has surged due to the explosive growth in the downstream electric vehicle and energy storage industries, leading to a significant increase in procurement by electrolyte manufacturers [2] - Despite leading companies operating at full capacity, the overall supply remains tight due to the industry clearing caused by previous years of overcapacity, making it difficult for many small and medium-sized enterprises to quickly resume production [2] - As of November 17, 2025, the price of lithium hexafluorophosphate has risen to 160,000 yuan/ton, more than tripling from the price bottom of 50,000 yuan/ton in July 2025, with potential for further price increases as market supply tightness may persist until 2026 [2][3] Price Trends of Additives - The explosive demand for energy storage has also driven up the price of an important additive in electrolytes, vinylene carbonate (VC), which has increased to 60,000 yuan/ton, representing a more than 30% rise from its bottom price [3] - The new production capacity for VC takes approximately 12 months to establish, while the resumption of idle production lines requires 3-4 months, indicating that short-term supply cannot quickly fill the gap [3] - VC is characterized by high entry barriers due to its heavy asset nature, and companies in the industry have been cautious about expanding production after years of losses, with the average price expected to reach 100,000 yuan/ton by 2026 [3] Investment Recommendations - Companies to watch in the lithium hexafluorophosphate supply chain include Tianji Co., Ltd. (002759.SZ), Tianci Materials (002709.SZ), Xinzhou Bang (300037.SZ), Shenzhen New Star (603978.SH), and Duofluor (002407.SZ) [2] - For VC, recommended companies include Huasheng Lithium Battery (688353.SH), Haike New Source (301292.SZ), Lianhong Technology, and Taihe Technology (300801.SZ) [3]

人民网巴西库里蒂巴11月18日电 （记者陈一鸣）当地时间11月18日，吉利控股集团和吉利汽车控股有限公司（以 下统称"吉利"）与雷诺集团战略合作启动仪式在巴西巴拉那州首府库里蒂巴附近的埃尔顿・塞纳工业园举行，巴西副 总统杰拉尔多·阿尔克明出席活动。 雷诺集团首席增长官、雷诺品牌首席执行官法布里斯·坎博利夫表示，雷诺与吉利在巴西的战略合作将聚焦潜力市 场，整合工业制造能力、营销网络和先进的电动化平台，共同打造具有市场竞争力的产品矩阵，促进销售增长，加速 雷诺与吉利的全球化布局。 雷诺集团首席增长官、雷诺品牌首席执行官法布里斯·坎博利夫在活动上致辞。吉利控股集团和吉利汽车控股有限公司 供图 杰拉尔多·阿尔克明在活动中表示，巴西欢迎中国企业积极参与巴西的绿色新能源转型进程，愿与中国企业携手推 动可持续发展，实现互利共赢。巴西政府2023年底启动汽车行业税收优惠政策，吉利与雷诺的战略合作进一步巩固了 巴西汽车行业在这一政策推动下形成的创新、可持续和竞争力并重的发展环境。 吉利控股集团高级副总裁杨学良在致辞中介绍，根据双方的战略合作协议，吉利EX5和吉利EX2（星愿）两款车 型已通过雷诺经销网络在巴西上市，接下来双方将 ...

邓承浩在发布会上表示，深蓝汽车是中国长安汽车旗下面向年轻人群的中高端新能源汽车品牌。打造科 技运动品牌，这是未来深蓝汽车的品牌定位和努力方向。 （文章来源：新京报） 新京报贝壳财经讯（记者王琳琳）11月18日，深蓝L06正式上市，新车共推出4款车型，官方指导价为 13.49万元-15.69万元。深蓝汽车董事长邓承浩表示，深蓝L06是一台为年轻人打造的车。他表示，年轻 人的第一台车，安全比速度更重要。 据邓承浩介绍，深蓝L06是第一个量产搭载磁流变悬架的车型。此外，深蓝L06全系标配激光雷达，首 发搭载深蓝智能驾驶辅助系统DEEPAL AD Max，支持高速领航辅助、城市领航辅助、智能泊车辅助、 停车场领航辅助等。深蓝L06全球首发天玑座舱S1Ultra 3纳米车规级座舱芯片，可实现车道级精准导航 等。此外，纯电车型搭载68.8kWh磷酸铁锂电池，CLTC工况下续航最高670km。 ...

Group 1 - The core viewpoint of the article highlights significant growth in the production and sales of power and other batteries in October 2025, with a year-on-year increase of 50.5% in production and 50.8% in sales [5][12][14]. - In October 2025, the total production of power and other batteries reached 170.6 GWh, with a month-on-month increase of 12.9% and a cumulative production of 1,292.5 GWh for the year, reflecting a 51.3% year-on-year growth [10][11]. - The sales volume of power batteries in October was 124.3 GWh, marking a 56.6% year-on-year increase, while the cumulative sales for the year reached 910.3 GWh, up 49.9% compared to the previous year [19][36]. Group 2 - The export volume of power and other batteries in October 2025 was 28.2 GWh, showing a month-on-month increase of 5.5% and a year-on-year increase of 33.5% [24][25]. - Power battery exports alone reached 19.4 GWh in October, with a year-on-year growth of 76.7%, while the cumulative export for the year was 148.5 GWh, reflecting a 37.2% increase [25][41]. - The article notes that the cumulative export of other batteries for the year increased by 58.3% [26]. Group 3 - In October 2025, the domestic power battery installation volume was 84.1 GWh, with a month-on-month increase of 10.7% and a year-on-year increase of 42.1% [45]. - The cumulative installation volume for the year reached 578.0 GWh, reflecting a 42.4% year-on-year growth [45]. - The article details that the installation volume of lithium iron phosphate batteries accounted for 80.3% of the total, with a year-on-year increase of 43.7% [45][51]. Group 4 - The article provides insights into the market concentration of power battery installations, indicating that the top 10 companies accounted for 94.7% of the total installation volume in October 2025 [57]. - The leading companies in terms of installation volume include CATL, BYD, and Zhongchuang Innovation, with significant market shares [62][68]. - The average battery capacity per vehicle in October was 55.0 kWh, remaining stable compared to the previous month [58].

作者丨彭鑫 目前，吉利EX5和吉利EX2（星愿）已通过雷诺经销网络在巴西上市。接下来，双方将致力于构建完善的本地生态体系，进一步提升本地化制造、供应链、 销售与服务能力，推动品牌在巴西及拉美市场实现快速、可持续增长。此次投资是继双方携手推进韩国整车合作项目、共同成立全球动力总成公司浩思 （HORSE Powertrain）之后，吉利与雷诺战略合作的又一重要举措。 本月初，吉利控股集团与吉利汽车控股有限公司与雷诺集团正式签署巴西战略合作最终协议。双方将进一步深化合作，通过雷诺巴西公司生产和销售吉利与 雷诺的新能源车型。根据协议，吉利将收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报表。 据《中国汽车报》报道，巴西作为拉美地区最大的汽车市场，正成为全球新能源汽车竞争的重要区域。吉利与雷诺的合作将增强双方在巴西市场的竞争力： 雷诺可借助吉利的新能源技术扩展产品线，吉利则可通过雷诺的经销商网络快速进入巴西市场，形成"技术输出—产能共享—市场共创"的全球化梯度布局。 内容综合自中国汽车报、吉利官方资料等 图源：吉利官方 这是吉利与雷诺集团宣布成立雷诺-吉利巴西公司后取得的实质性进展。 根据投资 ...