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 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 行业 镍日报 日期 2025 年 11 月 18 日 有色金属研究团队 ＃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 镍观点： 受宏观转弱以及基本面高库存压制，沪镍破位下行，主力合约刷新数年低点 至 11.63 万/吨附近。金川镍平均升水较上日持平报 3900，国产电积镍升贴水报 -50-400。8-12%高镍生铁均价下跌 3 至 902.5 元/镍点，电池级硫酸镍均价较上日 下跌 10 至 28390 元/吨。印尼矿端周度下跌，短期支撑转弱。而镍终端需求拖累 显著。不锈钢市场已进入年末的消费淡季，下游需求持续低迷，且上周不锈钢的 社会库存也结束了连 ...

目前，菲仕技术由任文杰及其配偶胡瑾共同持股49.48%。先进制造、黄山赛富、京津冀基金等机构曾投资入股，成为公司重要股东。2024年2月完成C轮融 资后，公司估值已达40.02亿元人民币。 2025年以来，卧龙电驱(600580.SH)、大洋电机(002249.SZ)、埃斯顿(002747.SZ)、兆威机电(003021.SZ)等A股上市公司向港交所递交招股书，寻求"A+H"两 地上市。 经过二十余年发展，菲仕技术已在电驱行业占据一席之地。以2024年销售收入计，公司是中国工业控制领域第二大专用电驱动解决方案供应商；以2024年销 量计，公司亦位列中国乘用车电驱动系统第三方供应商第六名。 菲仕技术的产品广泛应用于风力发电、煤炭、数控机床、新能源汽车等多个领域。2024年，公司通过收购意大利公司NGTEC，以获取尖端的机器人技术， 并进一步巩固其在工业自动化领域的技术优势。 此前，时代电气（03898.HK）、德昌电机（00179.HK）等电驱领域企业已成功登陆港交所。 在转向港股之前，菲仕技术的上市之路并不平坦。 近日，曾两度冲刺A股未果的宁波菲仕技术股份有限公司（以下简称"菲仕技术"）转向港股市场，其招股书 ...

Group 1 - Alibaba officially launched the "Qianwen" project to enter the AI to C market, with the Qianwen App now in public beta, aiming to compete with ChatGPT [2] - Apple plans to change its iPhone release strategy starting in 2026, moving to two launches per year instead of one, with flagship models in September and entry-level models in spring [3] - Foton Motor announced that its jointly developed semi-solid-state batteries have been mass-produced and are performing well in the market [4] Group 2 - Xpeng Motors expects fourth-quarter deliveries to be between 125,000 and 132,000 units, representing an annual increase of approximately 36.6% to 44.3% [6] - Yum China aims for KFC's operating profit to exceed 10 billion RMB by 2028, with plans to increase the number of stores by about one-third to over 17,000 [6] - Zhiyuan Robotics plans to open-source its self-developed robot operating system "Lingqu OS" by the end of this year [7] Group 3 - Momenta and BMW announced the development of a new generation of intelligent driving assistance solutions for the Chinese market, set to be first implemented in the domestic BMW iX3 [8] - Huawei will hold a product launch event on November 25, where it will unveil the Mate 80 series and other new products [9] - Taobao reported significant growth in its Double 11 overseas sales, with dozens of brands achieving over 10 million in transactions [10] Group 4 - Google committed to investing $2.25 million to support the modernization of public data systems in Africa for AI readiness [11] - A McKinsey report indicated that nearly three-quarters of fashion industry executives expect to raise prices next year due to rising tariffs and costs, a significant increase from about half a year ago [12] - Indonesia plans to impose an export tax of 7.5% to 15% on gold products starting next year [13] Group 5 - LG Energy plans to start producing lithium iron phosphate (LFP) batteries in South Korea by 2027, with an initial production capacity of 1 GWh [14] - Samsung announced a total investment of 450 trillion KRW in South Korea over the next five years, focusing on R&D and semiconductor expansion [15] - Pobeda Airlines in Russia has become the first airline to deploy humanoid robots as cabin crew members, showcasing the potential for human-robot collaboration [16]

智通财经APP获悉，11月18日，岚图汽车全新旗舰SUV车型岚图泰山正式上市，新车共推出Max版、 Max+版、Ultra版、黑武士版四大版型，官方指导价区间为37.99万元至50.99万元。新车上市21分钟，大 定突破10000台。 2025年10月2日，岚图汽车正式向香港联合交易所递交主板上市申请，企业资本化进程步入新阶段。目 前港股上市工作正在积极推进中。 据了解，岚图汽车从2022年到2024年，销量复合年增长率高达103.2%，收入复合增长率达78.9%，在 2024年第四季度首次实现单季度盈利。根据灼识咨询的资料，岚图汽车是行业内最快实现单季度盈利、 经营现金流转正最快的新能源车企。 新车搭载了国内首款三腔空气悬挂、800V岚海智能超混系统、双向16°后轮转向等百万级机械素质配 置，并全面搭载了华为乾崑智驾 ADS 4与鸿蒙座舱5，以最强底盘、最强三电、最强智驾的价值"铁三 角"，重塑真旗舰三大标准。 ...

新华财经北京11月18日电盛新锂能（002240.SZ)公告称，公司拟与华友控股集团就锂盐产品业务合作签 署《2026-2030年合作框架协议》，华友控股集团在2026年至2030年期间预计向公司采购锂盐产品22.14 万吨。本次交易构成关联交易，尚需提交公司股东会审议。本协议对公司本年度经营业绩不会产生影 响，对公司未来年度经营业绩的影响将视后续签订的具体协议以及实施情况而确定。随着全球新能源汽 车和储能行业的快速发展，锂产品市场需求持续增长，为公司提供了巨大的市场空间及发展机会。公司 作为领先的锂盐生产企业，积极拓展、巩固下游优质客户，持续提升市场竞争力。公司与华友控股集团 签署《2026-2030年合作框架协议》，有利于公司锂盐业务的拓展，有利于强化公司与优质客户之间长 期稳定的战略合作伙伴关系，有利于提升公司未来经营的稳定性和可持续性，增强市场竞争力，符合公 司的经营发展战略。 （文章来源：新华财经） ...

Core Viewpoint - Buick's new flagship electric MPV, the "Zhijing Shijia," will debut at the 23rd Guangzhou International Auto Show, aiming to elevate the value of luxury electric MPVs to a new level [1] Group 1: Product Features - The Zhijing Shijia features a large body size of 5260×2023×1820mm and a long wheelbase of 3160mm, achieving a low drag coefficient of 0.258 [3] - The vehicle includes advanced lighting features such as the "Crystal Wing" headlights with a range of 410 meters and a unique "Xiaoyao Zhixing" blue light as a technology identifier [6][5] - The interior boasts a spacious cabin with over 3.6 meters in length and 1.3 meters in height, providing a high "usable area" of 80% [5] Group 2: Technology and Entertainment - The Zhijing Shijia is equipped with an 8-screen digital space, including a 50-inch AR-HUD and multiple other screens, all providing high-definition visuals and low blue light certification [7][11] - It features a powerful AI assistant capable of controlling over 700 vehicle functions and providing interactive services [7][12] Group 3: Performance and Driving Experience - The vehicle is powered by a dual-motor hybrid system with a total power of 462kW and torque of 755N·m, achieving 0-100 km/h acceleration in under 5 seconds [12] - It offers a pure electric range of 224 km and a combined range of up to 1320 km, with fast charging capabilities [12] Group 4: Market Positioning - With 26 years of experience in the MPV market and over 2 million users, Buick aims to strengthen its position in the electric MPV segment with the Zhijing Shijia [15]

Group 1 - In October, BYD achieved a monthly sales record of 441,700 vehicles, marking the highest sales in 2023, with a cumulative sales of 3.7019 million vehicles from January to October, representing a year-on-year growth of 13.9% and exceeding 80% of its annual sales target [1][6] - The market share of new energy vehicles in China surpassed 50% for the first time, reaching 51.6%, indicating a shift towards a new era dominated by electric vehicles [6] - BYD's sales in the first ten months approached the combined total of the second to fourth ranked competitors, with its Dynasty and Ocean series selling 395,000 vehicles in October and 3.38 million vehicles cumulatively [6] Group 2 - BYD's R&D investment reached 43.75 billion yuan in the first three quarters of the year, a 31% increase year-on-year, solidifying its position as the leader in R&D among over 5,400 A-share listed companies [6] - The "Tianshen Eye" advanced driver-assistance system has seen cumulative sales of over 2 million vehicles by the end of October, generating over 130 million kilometers of driving data daily [6][10] Group 3 - In the October sales ranking for intelligent driving models, BYD ranked first with a sales figure of 279,724 vehicles, significantly outpacing the second-place competitor by more than four times [9][11] - The Fangcheng Leopard brand achieved a remarkable 415% year-on-year increase in sales, surpassing 31,052 vehicles for the first time, marking a significant milestone for domestic high-end brands [14] Group 4 - BYD's overseas sales of passenger cars and pickups reached 83,524 vehicles in October, a year-on-year increase of 155.5%, with cumulative exports exceeding 780,000 vehicles from January to October, reflecting a growth of over 130% [14] - BYD's global presence has expanded to 117 countries and regions, demonstrating a multi-point breakthrough and collaborative development strategy [14][16]

今年以来，成都经开区产业升级的举措不断。在2025成都经开区汽车产业生态链重大项目集中签约仪式 上，17个重大项目签约落户，总投资133.5亿元，覆盖新能源汽车电池、智能座舱、自动驾驶等前沿领 域。同时，一汽—大众捷达品牌焕新升级、东风集团新能源车型加速导入、吉利新能源整车基地全面启 动，亿纬锂能"龙泉二号"全固态电池成功下线，中创新航二期重大项目集中开工，展现出产业链整体跃 升的强劲态势。 据介绍，作为四川省汽车产业重要阵地，成都经开区目前已聚集一汽—大众、一汽丰田、吉利、东风神 龙等9家整车企业，博世、中创新航等关键零部件企业500余家，其中规上企业168家，占比36.78%，构 建起百万级整车生产平台。 （文章来源：新华财经） 近期，一汽—大众成都分公司与成都经开区管委会签署合作协议，推动企业向电动化转型。根据规划， 捷达品牌将在2028年前推出5款全新产品，其中包含4款新能源车型，首款新能源车型预计2026年上市。 "目前，全区已搭建完成百万辆新能源整车生产平台，主要产品包括A、B级轿车、中型SUV、纯电动轻 卡、氢燃料电池客车等多类别车型。"成都经开区相关负责人表示，预计2025年全年，全区新能源汽 ...

Domestic News - Momenta and BMW Group announced the development of a new generation of intelligent driving assistance solutions, set to be first implemented in the domestically produced BMW iX3, with production planned for 2026 [7] - Xiaomi's HAD driving assistance system is set to upgrade to the new XLA architecture in Q4 2025, with an initial investment of 5.79 billion yuan and a team of over 1,800 people [8] - Geely plans to launch approximately ten new models in 2026, with a focus on expanding its export capabilities to build a million-unit export system by 2027 [9] - GAC Group announced a new leadership team, aiming for a market-oriented management approach to drive reform [10] - CATL and Haibos have signed a ten-year strategic cooperation agreement to explore new business models in the energy storage sector [11] - Aptiv announced the establishment of a new factory in Wuhan, expected to start production in the second half of 2026, focusing on automotive wiring harness development and manufacturing [12] - Huawei's market share in the ADAS sector reached 4.6% in the first nine months of 2025, with a significant presence in the lidar market, holding a combined 75% market share with Hesai Technology [13] - Magic Vision Technology has secured contracts to provide intelligent driving systems for multiple mainstream models from Chery [15] International News - Canada reported a record high in zero-emission vehicle sales for September 2025, reaching 17,192 units, with a market penetration rate of 10.2% [16] - Hyundai Motor Group plans to invest 125.2 trillion won (approximately 605.8 billion yuan) in South Korea from 2026 to 2030, focusing on AI, SDV, electrification, and hydrogen energy [17] - Turing, a Japanese AI startup, has partnered with Denso to develop fully autonomous vehicles following a new funding round of 9.77 billion yen (approximately 63 million USD) [18] - Ford has officially opened its new global headquarters in Michigan, designed to enhance collaboration and support its electric vehicle strategy [20] Commercial Vehicles - King Long launched a new generation of RVs, the C6E, at an event in Xiamen, marking a significant breakthrough in the RV sector [21] - Weishi Energy signed strategic cooperation agreements in Brazil to promote hydrogen energy and fuel cell technology in the Latin American market [22] - Xinyuan Automotive is conducting a promotional campaign offering substantial discounts on both new energy and fuel vehicles [23][24][25][26] - Chery Commercial Vehicles and Qingzhou Zhihang have signed a strategic cooperation agreement to advance the commercialization of unmanned logistics vehicles [27]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may be in a situation of both supply and demand increasing. Due to the good demand growth rate and expectations, the industrial inventory continues to decline. Suggest light - position oscillatory trading and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 93,520 yuan/ton, down 1,680 yuan; the net position of the top 20 is - 177,527 lots, up 15,757 lots; the position of the main contract is 484,357 lots, down 78,597 lots; the spread between near and far - month contracts is - 20 yuan/ton, down 380 yuan; the warehouse receipts of GZEE are 26,611 lots/ton, down 342 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 87,400 yuan/ton, up 1,250 yuan; the average price of industrial - grade lithium carbonate is 85,050 yuan/ton, up 1,250 yuan; the basis of the Li₂CO₃ main contract is - 6,120 yuan/ton, up 2,930 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 1,010 US dollars/ton, up 11 US dollars; the average price of amblygonite is 9,900 yuan/ton, up 75 yuan; the price of lepidolite (2 - 2.5%) is 3,545 yuan/ton, up 74 yuan [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 51,530 tons, up 4,390 tons; the monthly import volume is 19,596.9 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the monthly operating rate of lithium carbonate enterprises is 47%, unchanged; the monthly output of power batteries is 170,600 MWh, up 19,400 MWh; the price of lithium manganate is 34,000 yuan/ton, up 1,000 yuan; the price of lithium hexafluorophosphate is 170,000 yuan/ton, up 10,000 yuan; the price of lithium cobaltate is 343,500 yuan/ton, unchanged; the price of ternary material (811 type): China is 165,500 yuan/ton, unchanged; the price of ternary material (622 power type): China is 146,000 yuan/ton, unchanged [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 157,000 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 52%, down 1%; the price of lithium iron phosphate is 37,300 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathode is 64%, up 5%; the monthly output of new energy vehicles (CPCA) is 1,772,000 vehicles, up 155,000 vehicles; the monthly sales volume of new energy vehicles (CPCA) is 1,715,000 vehicles, up 111,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CPCA) is 46.75%, up 0.66%; the cumulative sales volume of new energy vehicles and year - on - year increase is 12,943,000 vehicles, up 3,193,000 vehicles; the monthly export volume of new energy vehicles is 256,000 vehicles, up 34,000 vehicles; the cumulative export volume of new energy vehicles and year - on - year increase is 2,014,000 vehicles, up 956,000 vehicles; the 20 - day average volatility of the underlying is 46.45%, up 1.12%; the 40 - day average volatility of the underlying is 35.56%, up 0.36% [2] 3.6 Option Situation - The total subscription position is 171,798 lots, down 6,463 lots; the total put position is 167,227 lots, up 28,714 lots; the put - call ratio of the total position is 97.34%, up 19.637%; the implied volatility of at - the - money IV is 0.44%, up 0.0914% [2] 3.7 Industry News - The secretary - general of the Passenger Car Association, Cui Dongshu, said that in 2025, the investment growth rate of the automobile industry reached 17.5%. In the first 10 months of 2025, automobile production was 27.33 million units, a year - on - year increase of 11%; new energy vehicle production was 12.67 million units, a year - on - year increase of 28%, with a penetration rate of 46%; fuel vehicle production was 14.65 million units, unchanged year - on - year. In October 2025, automobile production was 3.28 million units, a year - on - year increase of 11%; new energy vehicle production was 1.71 million units, a year - on - year increase of 19%, with a penetration rate of 52%; fuel vehicle production was 1.57 million units, a year - on - year increase of 4%. In October, the export of new energy vehicles was 256,000 units, a month - on - month increase of 15.4% and a year - on - year increase of 99.9%. From January to October, the export of new energy vehicles was 2.014 million units, a year - on - year increase of 90.4%. The price of lithium iron phosphate, the "cost - effective champion" of batteries, has recovered, rising about 10% since October [2]