长阳科技所属申万行业为：电子-光学光电子-面板。所属概念板块包括：锂电池、固态电池、光伏玻 璃、储能、新材料等。 长阳科技今年以来股价涨62.79%，近5个交易日涨3.28%，近20日涨29.98%，近60日涨16.85%。 今年以来长阳科技已经1次登上龙虎榜，最近一次登上龙虎榜为3月31日，当日龙虎榜净买入1.60亿元； 买入总计2.23亿元 ，占总成交额比43.31%；卖出总计6297.64万元 ，占总成交额比12.22%。 资料显示，宁波长阳科技股份有限公司位于浙江省宁波市江北区庆丰路999号，成立日期2010年11月16 日，上市日期2019年11月6日，公司主营业务涉及反射膜、背板基膜、光学基膜及其它特种功能膜的研 发、生产和销售。主营业务收入构成为：反射膜71.84%，其他(补充)10.66%，其他9.50%，光学基膜 8.01%。 9月18日，长阳科技盘中上涨2.05%，截至10:39，报23.93元/股，成交2.80亿元，换手率4.12%，总市值 68.77亿元。 资金流向方面，主力资金净流出928.74万元，特大单买入1449.09万元，占比5.18%，卖出1890.96万元， 占比6.76 ...

Core Viewpoint - Wanma Co., Ltd. has shown significant stock performance with a year-to-date increase of 118.91%, indicating strong market interest and potential growth in the electric cable sector [1][2]. Financial Performance - For the first half of 2025, Wanma Co., Ltd. achieved a revenue of 9.272 billion yuan, representing a year-on-year growth of 8.58%, while the net profit attributable to shareholders was 250 million yuan, up 21.80% [2]. - The company has distributed a total of 685 million yuan in dividends since its A-share listing, with 155 million yuan distributed over the last three years [3]. Stock Market Activity - As of September 18, the stock price of Wanma Co., Ltd. was 18.41 yuan per share, with a trading volume of 5.45 billion yuan and a market capitalization of 18.673 billion yuan [1]. - The stock has been actively traded, with 10 appearances on the "Dragon and Tiger List" this year, indicating significant buying interest from institutional investors [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 183,200, with an average of 5,485 shares held per shareholder, reflecting a slight decrease of 0.51% [2]. - Notable institutional shareholders include Southern CSI 1000 ETF, which increased its holdings by 1.4119 million shares, and Huaxia CSI 1000 ETF, which also saw an increase in holdings [3]. Business Overview - Wanma Co., Ltd. specializes in the research, production, and sales of electric cables, with its main revenue sources being electric products (68.11%), polymer materials (28.63%), and communication products (1.70%) [1]. - The company operates within the electric equipment sector, specifically focusing on cable components and related technologies [2].

Company Overview - Jintongling Technology Group Co., Ltd. is located at 135 Zhongxiu Middle Road, Nantong City, Jiangsu Province, and was established on April 9, 1993. The company was listed on June 25, 2010. Its main business includes the research, manufacturing, application, and system integration of high-end fluid machinery products such as large industrial blowers, multi-stage high-pressure centrifugal blowers, compressors, and high-efficiency steam turbines [2]. Business Segmentation - The revenue composition of Jintongling is as follows: blowers account for 38.82%, system integration construction projects 16.34%, boiler sales 13.12%, compressors 12.00%, others 9.68%, system integration operation projects 6.33%, and steam turbines 3.71% [2]. Financial Performance - For the first half of 2025, Jintongling achieved operating revenue of 370 million yuan, a year-on-year decrease of 48.70%. The net profit attributable to the parent company was -202 million yuan, a year-on-year decrease of 167.72% [2]. Stock Performance - On September 18, Jintongling's stock price increased by 2.28%, reaching 3.14 yuan per share, with a trading volume of 82.36 million yuan and a turnover rate of 1.81%. The total market capitalization is 4.676 billion yuan [1]. - Year-to-date, Jintongling's stock price has risen by 53.17%, with a 5-day increase of 5.72%, a 20-day increase of 6.80%, and a 60-day increase of 7.53% [1]. Capital Flow - In terms of capital flow, there was a net inflow of 14.79 million yuan from main funds, with large orders amounting to 33.11 million yuan, accounting for 40.20% of the total, while sales amounted to 18.31 million yuan, accounting for 22.24% [1]. Shareholder Information - As of June 30, the number of shareholders of Jintongling was 45,500, a decrease of 19.77% from the previous period. The average circulating shares per person increased by 24.64% to 32,436 shares [2]. Dividend History - Since its A-share listing, Jintongling has distributed a total of 109 million yuan in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - Shangtai Technology's stock has shown significant growth this year, with a year-to-date increase of 1.65% and a notable 38.91% rise over the past 60 days, indicating strong market interest and performance [1][2]. Company Overview - Shangtai Technology, established on September 27, 2008, and listed on December 28, 2022, specializes in the research, production, and sales of lithium-ion battery anode materials and carbon products [1]. - The company's revenue composition includes 91.57% from anode materials, 4.29% from graphitized coke, 3.62% from other sources, and 0.52% from diamond carbon sources [1]. Financial Performance - For the first half of 2025, Shangtai Technology reported a revenue of 3.388 billion yuan, reflecting a year-on-year growth of 61.83%, and a net profit attributable to shareholders of 479 million yuan, up 34.37% year-on-year [2]. - The company has distributed a total of 676 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 10, 2025, the number of shareholders increased by 20.10% to 29,100, while the average number of circulating shares per person decreased by 16.74% to 5,552 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.1699 million shares, a decrease of 4.0239 million shares from the previous period [3].

2025 年 9 月 18 日 碳酸锂：储能需求旺盛，震荡运行 | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2511合约（收盘价） | 73,640 | 460 | 2,920 | 1,760 | -15,600 | 13,880 | | | | 2511合约（成交量） | 343,863 | -156,404 | -407,617 | -98,937 | -692,465 | 326,013 | | | | 2511合约（持仓量） | 294,624 | -5,813 | -46,190 | -51,424 | -126,482 | 227,141 | | | 盘面 | 2601合约 ...

根据安科泰数据统计，25年初电池级碳酸锂价格约为7.6万元/吨，但上半年价格持续下滑，至6月底最 低跌至约6.0万元/吨，这也是上半年公司盈利能力低迷的主要原因;而下半年随着国内"反内卷"的推进， 碳酸锂价格触底反弹，8月最高价反弹至8.6万元/吨，9月最新价格为7.25万元/吨;该行认为当前碳酸锂价 格已度过低谷，在新能源汽车稳健成长、储能持续爆发背景下，碳酸锂需求端仍在扩张，供给端反内卷 优化格局，供需格局将有所改善，预计下半年公司相关业务盈利能力将有所修复。 新项目顺利推进，提升综合竞争力 锂辉石方面，公司马里Goulamina锂辉石项目一期已正式投产，公司正在积极加快推动该项目产能爬坡 进度;盐湖卤水方面，公司阿根廷Cauchari-Olaroz盐湖项目已在稳定产能爬坡过程中，该项目碳酸锂设计 产能4万吨/年，阿根廷Mariana项目一期也于2025年初正式投产，该项目氢氧化锂设计产能2万吨/年。 海通国际发布研报称，考虑行业盈利拐点显现，赣锋锂业(01772)行业领先地位稳固，多项业务发展齐 头并进，给予公司25年1.8倍PB，对应目标价40.36港元，予优于大市评级。 海通国际主要观点如下： 20 ...

海通国际主要观点如下： 2025年上半年经营业绩 2025年上半年，公司实现营业收入82.58亿元，同比下降13.82%，实现净利润-5.36亿元，同比亏损减少 2.23亿元，综合毛利率为10.78%，同比下降0.38个pct;2025年第一、第二季度净利润分别为-3.56亿 元、-1.80亿元，Q2亏损环比减少1.75亿元;2025年上半年，全球锂盐行业经历深度调整，受供需格局转 变、锂产品市场波动的影响，锂盐及锂电池产品销售价格下跌是上半年亏损的主要原因。 碳酸锂价格触底反弹，助力下半年盈利能力提升 智通财经APP获悉，海通国际发布研报称，考虑行业盈利拐点显现，赣锋锂业(01772)行业领先地位稳 固，多项业务发展齐头并进，给予公司25年1.8倍PB，对应目标价40.36港元，予优于大市评级。 锂辉石方面，公司马里Goulamina锂辉石项目一期已正式投产，公司正在积极加快推动该项目产能爬坡 进度;盐湖卤水方面，公司阿根廷Cauchari-Olaroz盐湖项目已在稳定产能爬坡过程中，该项目碳酸锂设计 产能4万吨/年，阿根廷Mariana项目一期也于2025年初正式投产，该项目氢氧化锂设计产能2万吨/年。 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 09 月 17 日 [Table_Title] 资产配置日报：买在预期落地前 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数 | 收盘 | 涨跌 | 幅度（%） | 五日走势 | | 上证指数 | 3876.34 | 14.48 | 0.37% | | | 沪深 300 指数 | 4551.02 | 27.69 | 0.61% | | | 中证可转债指数 | 479.44 | 2.72 | 0.57% | | | 7-10 年国开债指数 | 264.09 | 0.57 | 0.22% | | | 3-5 年隐含 AA+信用指数 | 189.61 | 0.02 | 0.01% | | 复盘与思考: 9 月 17 日，股债双牛，股市维持"大盘慢涨，主题轮动"的状态，AI算力板块流出的资金试图在固态、储 能、机器人等板块建立新的共识，创业板指再度成为领跑指数，单日上涨 1.95%，大盘板块则稳中有进，上证指 数、沪深 300 分别上涨 0.37%、0.61%。债市进一步对股市脱敏，演绎 ...

投资事件 维持盈利预测，我们预计公司2025-2027 年收入分别为4,752/5,170/5,569 亿元，yoy 分别为 +9%/+9%/+8%；归母净利润分别为92/100/113 亿元， yoy 分别为+10%/+9%/+12%。现价对应2025 年PE 约11x。公司作为能源基建"国家队"，氢能/储能等新兴业务不断开花结果，战略转型持续深化，增长前 景可期。经营质量或有持续改善机会，股东回报重视度持续提升，维持"买入"评级。 公司公告2025 年半年报，2025H1 公司收入、归母净利、扣非归母净利分别为2,121、28、25 亿元，yoy 分别为+9%、+1%、+8%；其中2025Q2 公司收入、归母净利、扣非归母净利分别为1,117、12、11 亿 元，yoy 分别为+15%、-9%、-6%。 风险提示：公司战略执行效果弱于预期、电力及基建投资弱于预期、减值风险。 收入保持较快增长，境外表现好于境内 2025H1 及Q2 公司综合毛利率yoy 分别-0.9/-2.3pct 至11.3%/11.4%。2025H1 公司设计咨询/工程建设/投 资运营/工业制造业务毛利率yoy 分别+2.8/-0.8 ...

Group 1: Battery Developments - Xingke Energy is progressing on a 3GWh all-solid-state battery R&D and production project, with an investment of 1 billion yuan and an annual production capacity of 0.6GWh planned after completion [2] - Yiwei Lithium Energy reports that its energy storage batteries are currently at full production capacity, with saturated order demand and rising prices for mainstream cell models due to a "chip shortage" in the market [3][4] - Funeng Technology plans to launch its third-generation sulfide all-solid-state battery by 2027, aiming for an energy density exceeding 500Wh/kg [5][7] Group 2: Material Projects - Hunan Youneng's project for producing 30,000 tons of battery-grade lithium carbonate is advancing through the approval process, with a total investment of 480 million yuan [8][9] - Dangsheng Technology has achieved stable ton-level production of solid-state electrolytes and has begun shipping specialized positive materials for all-solid-state batteries, with applications in drones and partnerships with multiple automakers [10] - Tianqi Lithium has initiated a pilot project for producing 50 tons of lithium sulfide, which is essential for the next generation of high-performance lithium batteries [11][12] Group 3: International Expansion - Sungrow Power plans to establish a 10GW energy storage battery factory in Egypt, as discussed in a meeting between its chairman and the Egyptian president [13][14][15]