ESIE 2026 储能产业发展的风向标 预定展位详情咨询： 曹先生 13 552 71 2 189 王先生 13 581 88 5 520 李先生 13 581 74 1 680 赵先生 18 210 18 8 771 柏女士 18 031 45 1 007 相关阅读 11月20日，甘肃省张掖市甘州区旭储景能200MW/800MWh独立储能电站示范项目竣工仪式在项目现场举行。 该项目总投资约9亿元，于2025年7月10日开工建设，仅用4个月时间实现竣工，较西北地区同类储能电站平均建 设周期缩短近一半，创造了单体大容量储能项目建设"张掖速度"。 文 | 中关村储能产业技术联盟 项目位于甘肃省张掖市甘州区南滩光伏产业园，由张掖市旭储景能新能源科技有限公司投资建设，总投资约9亿 元，于2025年7月10日开工，建设200MW/800MWh 储能电站 、330kV/35kV/10kv升压变电站以及配套送出 工程和综合楼、危废品间、消防泵房及其它附属配套设施等。 联盟官微 关注政策、项目、企业、市场活动 联盟官方小秘书 入会、入群、产业交流、活动对接 新型储能飙涨超3000%！中国储能在海外市场集中爆发 甘肃300M ...

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The macro - risk appetite in the aluminum market is under pressure, but in the medium - term, the growth potential of aluminum due to AI - related energy and storage demand is still worthy of attention. However, there are also negative factors such as Indonesia's over - expected electrolytic aluminum production and pessimistic photovoltaic demand. In the short - term, the end - of - year destocking of aluminum depends on photovoltaic production and imports [3]. - The fundamental pressure of alumina remains unresolved. The rigid production supply puts pressure on prices, and the price may continue to be under pressure in the short - term [4]. Summary by Relevant Catalogs Aluminum - **Macro and Medium - term Outlook**: The macro risk appetite is under pressure, and the AI narrative bubble is deflating. In the medium - term, the demand for aluminum in the energy and storage sectors related to AI is expected, but there are negative factors like Indonesia's over - expected electrolytic aluminum production and pessimistic photovoltaic demand. In the short - term, the end - year destocking depends on photovoltaic production and imports [3]. - **Short - term Micro - supply and Demand**: The destocking at the end of the year depends on the year - on - year decline in photovoltaic production in late November and December and the reduction in aluminum ingot imports under processing trade. The aluminum ingot social inventory decreased by 0.1 million tons to 61.3 million tons this week [3]. - **Downstream Demand**: The downstream demand is relatively resilient but not strong. The total weekly output of aluminum plate, strip, and foil decreased, and the aluminum profile construction continued to decline slightly. The aluminum rod processing fee increased [3]. Alumina - **Fundamentals**: The fundamental pressure remains unresolved. The rigid production supply puts pressure on prices, and the price may continue to be under pressure in the short - term. The total inventory continued to increase this week [4]. - **Spot and Futures**: The spot price is relatively stable, but if the futures price continues to fall, the spot price may follow. The current spot inventory of futures - cash traders is low, and they are waiting for the right time to sell [4]. - **Inventory**: The total inventory of alumina continued to increase, with the factory inventory decreasing, the electrolytic aluminum factory's alumina inventory increasing slightly, the port inventory decreasing, and the platform/in - transit inventory increasing slightly [43]. Transaction - related (Spread, Volume, and Open Interest) - **Term Spread**: This week, the A00 spot premium/discount was differentiated, and the alumina spot premium strengthened. The average SMM A00 aluminum premium remained at 0 yuan/ton, while the average SMM A00 aluminum (Foshan) premium increased from - 145 yuan/ton to - 115 yuan/ton. The premium of Shandong alumina to the current month increased from - 43 yuan/ton to 41 yuan/ton, and that of Henan alumina increased from 42 yuan/ton to 131 yuan/ton [10]. - **Monthly Spread**: The monthly spread of SHFE aluminum fluctuated slightly [11]. - **Volume and Open Interest**: The open interest of the SHFE aluminum main contract decreased significantly, and the trading volume decreased slightly. The open interest of the alumina main contract increased slightly and is at a historical high, while the trading volume decreased slightly [13]. - **Open Interest - to - Inventory Ratio**: The open interest - to - inventory ratio of SHFE aluminum decreased, and that of alumina continued to decline and is at a historical low [18]. Inventory (Bauxite, Alumina, Electrolytic Aluminum, and Processed Products) Bauxite - **Port Inventory**: As of November 21, the port inventory of imported bauxite decreased by 49.87 million tons week - on - week, and the port inventory days remained basically the same [23]. - **Enterprise Inventory**: As of October, the bauxite inventory of 43 sample enterprises increased by 67 million tons month - on - month, and the inventory days in the alumina factory increased [28]. - **Port Shipment and Floating Inventory**: As of November 21, the weekly shipment volume from Guinea and Australia ports decreased, and the floating inventory in Guinea increased while that in Australia decreased [29]. - **Out - port and In - port Volume**: As of November 14, the out - port volume from Australian ports decreased, while that from Guinean ports increased. The in - port volume increased significantly [34]. Alumina - **Total Inventory**: The total inventory of alumina continued to increase, with the factory inventory decreasing, the electrolytic aluminum factory's alumina inventory increasing slightly, the port inventory decreasing, and the platform/in - transit inventory increasing slightly [43]. Electrolytic Aluminum - **Seasonal Pattern and Current Inventory**: According to the seasonal pattern, the domestic electrolytic aluminum social inventory usually reaches its peak in the fifth or sixth week after the holiday and then enters a destocking cycle. As of November 20, the social inventory of aluminum ingots decreased by 0.1 million tons to 61.3 million tons [51]. Processed Products - **Aluminum Rod**: The spot inventory and factory inventory of aluminum rods showed a differentiated trend this week [57]. - **Aluminum Profile and Plate, Strip, and Foil**: As of October, the finished - product inventory ratio of SMM aluminum profiles decreased slightly, and the raw - material inventory ratio increased slightly. For SMM aluminum plate, strip, and foil, the finished - product inventory ratio increased slightly, and the raw - material inventory ratio decreased slightly [60]. Production (Output, Capacity, and Operating Rate) Bauxite - **Domestic Supply**: The domestic bauxite supply is mainly stable. In October, the SMM - caliber domestic bauxite output decreased slightly. Imported bauxite is an important factor driving the growth of the total supply. By province, the bauxite output in Shanxi showed different trends in different calibers, and the output in Henan decreased while that in Guangxi increased [65]. Alumina - **Capacity Utilization and Output**: The capacity utilization rate of alumina remained basically stable. As of November 21, the total operating capacity of alumina in the country was 96.6 billion tons, with a weekly increase of 0.6 billion tons. The domestic metallurgical - grade alumina output was 1.845 billion tons this week, an increase of 0.002 billion tons from last week, remaining at a high level in recent years. The short - term supply of alumina remains loose [70]. Electrolytic Aluminum - **Operating Capacity and Output**: As of October, the operating capacity of electrolytic aluminum remained at a high level, and the capacity utilization rate was high due to profit recovery. As of November 20, the weekly output of electrolytic aluminum was 0.8547 billion tons, an increase of 0.0003 billion tons from last week, remaining at a six - year high. During the peak consumption season, the proportion of molten aluminum increased, and the ingot casting volume is expected to decrease [73]. Downstream Processing - **Output**: The output of recycled aluminum rods decreased by 500 tons this week. The output of aluminum rods increased by 0.31 million tons, and the output of aluminum plate, strip, and foil decreased by 0.14 million tons [76]. - **Operating Rate**: The operating rate of domestic aluminum downstream leading enterprises remained unchanged. The operating rate of aluminum plate and strip increased slightly, while that of aluminum foil decreased. The operating rate of aluminum profiles decreased slightly, and that of aluminum cables increased slightly. The operating rates of recycled and primary aluminum alloys remained unchanged [77]. Profit Alumina - **Overall and Provincial Profits**: The profit of alumina decreased slightly this week. The profit of metallurgical - grade alumina was 135.4 yuan/ton. By province, the profits in Shandong, Shanxi, and Henan remained stable, and the profit in Guangxi was better due to relatively firm cost [83]. Electrolytic Aluminum - **Profit Level and Uncertainties**: The profit of electrolytic aluminum remains at a high level, but the complex global macro - economic situation, overseas geopolitical conflicts, and changing trade policies have increased uncertainties and affected market expectations [95]. Downstream Processing - **Aluminum Rod Processing Fee and Profit**: The aluminum rod processing fee increased by 170 yuan/ton this week, but the downstream processing profit remains at a low level [96]. Consumption Import and Export Profit and Loss - **Import**: The import profit and loss of alumina and SHFE aluminum narrowed [105]. - **Export**: In October 2025, the export of un - wrought aluminum and aluminum products decreased by 1.7 million tons month - on - month. The export demand for aluminum products is blocked by trade policy adjustments, and the export profit and loss of aluminum processed products is differentiated [107]. Apparent Demand - **Consumption Volume**: The commercial housing transaction area decreased, and the automobile production increased month - on - month [115].

Core Viewpoint - The new materials sector has shown positive performance this week, with the new materials index rising by 0.32%, outperforming the ChiNext index by 3.33% [1][2]. Market and Sector Performance - The synthetic biology index increased by 5.04% over the past five trading days, while semiconductor materials decreased by 1.82%, electronic chemicals fell by 2.23%, biodegradable plastics rose by 1.10%, industrial gases dropped by 0.24%, and battery chemicals surged by 13.83% [1][2]. Price Tracking of Industry Chain - Amino acids: Valine remains at 12,550 CNY/ton, Arginine decreased by 0.47% to 21,400 CNY/ton, Tryptophan remains at 32,500 CNY/ton, and Methionine decreased by 2.22% to 19,800 CNY/ton [3]. - Biodegradable materials: PLA (FY201 injection grade) remains at 17,800 CNY/ton, PLA (REVODE201 film grade) at 17,000 CNY/ton, PBS at 17,500 CNY/ton, and PBAT at 9,800 CNY/ton [3]. - Vitamins: Vitamin A remains at 63,000 CNY/ton, Vitamin E at 52,500 CNY/ton, Vitamin D3 at 212,500 CNY/ton, Calcium Pantothenate at 42,000 CNY/ton, and Inositol at 30,500 CNY/ton [3]. - Industrial gases and wet electronic chemicals: UPSSS grade hydrofluoric acid remains at 11,000 CNY/ton, and EL grade hydrofluoric acid at 6,100 CNY/ton [3]. - Plastics and fibers: Carbon fiber remains at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton, and aramid at 81,800 CNY/ton, which decreased by 13.44% [3]. Investment Recommendations - The demand for the energy storage industry is surging, leading to continuous price increases for lithium battery materials. Lithium hexafluorophosphate, a key raw material for electrolytes, is crucial for battery performance [4]. - Despite leading companies operating at full capacity, the overall supply remains tight due to previous overcapacity issues, with lithium hexafluorophosphate prices rising to 160,000 CNY/ton, a threefold increase from the July 2025 low of 50,000 CNY/ton [5]. - The price of VC (vinylene carbonate), an important additive in electrolytes, has also increased to 60,000 CNY/ton, reflecting a more than 30% rise from its lowest point [5].

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]

Market Overview - The market experienced narrow fluctuations with both the Shanghai Composite Index and the ChiNext Index closing in the green. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, a decrease of 200.2 billion yuan compared to the previous trading day. Over 4,100 stocks fell across the market [1] Sector Performance Aquaculture Sector - The aquaculture sector saw a collective surge, with stocks like Zhongshui Fishery and Guolian Aquatic reaching their daily limit. Longjiang Securities predicts a significant recovery in China's aquaculture industry by 2025, with major aquatic product prices rebounding to historical highs. For instance, the price of grass carp reached 14 yuan/kg, up 25% from the beginning of the year [2][3] Military Industry Sector - The military sector showed strong performance, with stocks such as Jianglong Shipbuilding and Yaxing Anchor Chain hitting their daily limit. Dongwu Securities forecasts a dual turning point for the defense and military sector in 2025, transitioning into a high-quality development phase driven by order fulfillment and performance [2] Lithium Battery Sector - The lithium sector became active again, with stocks like Jinyuan Co. and Rongjie Co. hitting their daily limit. The price of lithium carbonate futures rose nearly 5%, breaking the 100,000 yuan/ton mark for the first time since June 2024. Zhongyou Securities anticipates a sustained growth cycle for China's energy storage industry over the next 3-5 years, driven by the demand from AI data centers [3] Individual Stocks - In individual stock performance, speculative trading saw a slight recovery, with stocks like Zhenai Meijia and Jiuwu Wang achieving six consecutive limits. However, high-profile stocks like Furui Co. and Dongbai Group continued to decline, with several hitting their daily limit down [5] Future Market Analysis - The market showed signs of divergence, with the Shanghai Composite Index and ChiNext Index slightly up, but over 4,000 stocks continued to decline. There is a potential for short-term recovery, but the market remains under pressure. Key sectors to watch for a rebound include new energy and technology, which are critical for market sentiment [7] Market News Highlights 1. Flash memory prices have surged significantly, with the highest increase reaching 38.46%. For example, the price of 1Tb QLC rose by 25% to $12.50 [9] 2. Due to a cold wave, the price of duck down has skyrocketed from 170,000 yuan to 580,000 yuan per ton, significantly impacting the cost of down jackets [9]

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The demand for energy storage is surging, leading to a continuous increase in lithium battery material prices. Lithium hexafluorophosphate, a key raw material for electrolytes, has seen its price rise to 160,000 CNY/ton, a threefold increase from the low of 50,000 CNY/ton in July 2025. This price surge is expected to persist due to tight supply conditions, which may last until 2026 [4][5]. - The report highlights the significant growth in procurement volumes for lithium hexafluorophosphate by electrolyte manufacturers, driven by the booming demand from the electric vehicle and energy storage sectors [4]. - The report suggests focusing on the lithium hexafluorophosphate supply chain, recommending companies such as Tianji Co., Tianqi Materials, Xinzhou Bang, Shenzhen New Star, and Duofluo [4]. Summary by Sections 1. Market Performance - The new materials index increased by 0.32%, outperforming the ChiNext index by 3.33%. Over the past five trading days, the battery chemicals sector rose by 13.83%, while semiconductor materials and electronic chemicals declined by 1.82% and 2.23%, respectively [2][17]. 2. Price Tracking - As of November 14, 2025, the price of valine remained stable at 12,550 CNY/ton, while arginine decreased by 0.47% to 21,400 CNY/ton. The price of vitamin D3 was 212,500 CNY/ton, unchanged from the previous week [3][28]. - The price of biodegradable plastics, such as PLA, remained stable at 17,800 CNY/ton for injection molding grade and 17,000 CNY/ton for film blowing grade [32]. 3. Investment Recommendations - The report emphasizes the high entry barriers in the industry and the cautious expansion of companies due to years of losses. It predicts that the average price of VC (vinylene carbonate), an important additive in electrolytes, could reach 100,000 CNY/ton by 2026 [5]. - Companies to watch include Huasheng Lithium Battery, Haike New Source, Lianhong Technology, and Taihe Technology [5].

A股市场上，盐湖提锂板块涨幅居前。截至发稿，金圆股份涨停，中电环保、盐湖股份、倍杰特、天齐 锂业、赣锋锂业、亿纬锂能等纷纷跟涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨幅� | | --- | --- | --- | --- | --- | | 000546 | 金圆股份 | 7.60 | +0.69 | +9.99% | | 300172 | 中电环保 | 6.21 | +0.44 | +7.63% | | 000792 | 盐湖股份 | 27.79 | +1.44 | +5.46% | | 300774 | 倍杰特 | 17.28 | +0.90 | +5.37% | | 002466 | 大齐锂业 | 63.13 | +3.19 | +5.32% | | 300631 | 久吾高科 | 31.86 | +1.58 | +5.22% | | 000155 | 川能动力 | 13.86 | +0.67 | +5.08% | | 301092 | 争光股份 | 66'EE | +1.46 | +4.52% | | 002460 | 赣锋锂业 | 72.44 | +2.52 | +3.60% | | 6 ...

Core Viewpoint - The article emphasizes the significance of the energy storage industry in addressing the supply-demand mismatch in electricity, particularly in the context of the rapid growth of artificial intelligence and its energy consumption needs [3]. Group 1: Energy Demand and Supply - The development of artificial intelligence is heavily reliant on electricity, with a large data center consuming approximately 100 million kWh annually, equivalent to the annual electricity usage of 30,000 households [3]. - Despite the rapid growth of renewable energy sources like wind and solar power, the real challenge lies in managing the temporal and spatial discrepancies in electricity supply and demand, which underpins the logic of the energy storage industry [3]. Group 2: Energy Storage Solutions - Among various emerging electrochemical energy storage technologies, pumped hydro storage remains the most mature and economically viable option, with a competitive landscape dominated by only a few key players, namely State Grid and two companies under Southern Power Grid [4].

Core Viewpoint - The energy storage market has seen a significant surge in demand for lithium battery materials, leading to substantial price increases, making the lithium battery materials sector a standout performer in the A-share market [1] Group 1: Market Demand and Supply - Since Q3 of this year, the demand for lithium battery materials such as lithium hexafluorophosphate, lithium iron phosphate, and lithium carbonate has rapidly increased due to the explosion of the energy storage market [1] - A carbon lithium production company in Sichuan reported that even with full production capacity, they cannot meet customer demand, indicating a strong market demand [1] - The chairman of Ganfeng Lithium predicts that global lithium carbonate demand will reach 1.55 million tons in 2025, with a potential increase to 1.9 million tons by 2026, suggesting a tightening supply-demand balance [1] Group 2: Price Trends - The price of lithium carbonate is currently low due to an oversupply of about 200,000 tons, but there is potential for price increases if demand growth exceeds 30% next year, possibly reaching 150,000 to 200,000 CNY per ton [1] - The downstream investment and operation segments of energy storage are expected to pass on excess profits to upstream materials, batteries, and integration sectors, indicating a potential for price increases across the lithium battery supply chain [2] Group 3: Industry Opportunities - CITIC Securities continues to favor materials, particularly lithium hexafluorophosphate, lithium iron phosphate, anode materials, separators, and battery segments, highlighting opportunities in these areas [3] - The upcoming peak production season is expected to lead to a supply-demand imbalance, driving prices higher [4] - Changes in pricing models are anticipated, which could further impact the market dynamics [5] Group 4: Related Companies - Key companies in the lithium battery materials sector include Ganfeng Lithium, Tianqi Lithium, and Zhongwei New Materials, while energy storage companies include BYD and CATL [6]

长江商报消息 ●长江商报记者 沈右荣 "宁王"一纸百亿减持公告引发资本市场震动。 11月17日，宁德时代（300750.SZ，03750.HK）A股、H股股价齐跌，A+H股总市值约为1.8万亿元，退 居A股市场第六位。 股价下跌是受减持消息短期冲击。 近日，宁德时代公告，公司股东黄世霖拟通过询价转让方式，转让公司股份4563.24万股。11月17日晚 间，询价申购情况披露，初步确定询价转让价格为376.12元/股。以此计算，黄世霖将套现171.63亿元。 黄世霖不是宁德时代的普通股东。公开信息显示，黄世霖是宁德时代的联合创始人，曾担任公司副董事 长、副总经理，2022年8月辞职。目前，黄世霖直接持有宁德时代10.21%的股权，为公司第三大股东。 黄世霖减持，原因是自身资金需求。市场预期，黄世霖大举套现，是为了大力加码其储能产业布局，抢 占新兴赛道先机。 联合创始人、第三大股东大手笔减持，并非宁德时代的发展遭遇不测，相反，公司发展形势较好。 宁德时代采取动力电池与储能电池双轮驱动发展模式，两大产品均在全球市场处于领先地位。财报显 示，2025年前三季度，宁德时代盈利逾490亿元，创了新高，同比增长逾36%。 黄 ...