储能需求超预期，锂价震荡偏强 碳酸锂周报20250922 研究员：张重洋 研究员：王艳红 从业资格号：Z0020996 投资咨询号：Z0010675 Email：zhangcy@zxqh.net Email：wangyh@zxqh.net Tel：027-68851554 Tel：027-68851554 2 核心观点 产业基本面-供给端 1 4 其他重要影响因素 3 产业基本面-需求端 目 录 核心观点 供给端：本周国内碳酸锂产量环比增加400吨至2.04万吨，各原料端的产量均小幅增加。8月智利出口至中国碳酸锂量 为1.3万吨，环比减少4.8%，同比增加6.9%，预计这部分碳酸锂将于9月下旬-10月陆续到达国内。本周国内碳酸锂社会 库存环比减少981吨至13.75万吨，延续去库趋势。冶炼厂、下游和其他环节的库存分别为3.45、5.95和4.36万吨。冶 炼厂和其他环节去库，下游累库； 需求端：据调研，9月下游排产环比增长约5%，海外储能需求表现亮眼。消息面上，宁德对供应商2026年排产指引上修 至1100GWh，同比增长46%，超市场预期； 成本端：本周锂辉石精矿价格环比上涨3.8%，锂云母精矿价格环比上涨 ...

作者丨彭鑫 编辑丨安安 9月19日，传祺向往S9乾崑上市发布会在广汽集团广州番禺总部举行。以华为乾崑、宁德时代、智电四驱三大全系标配、全员满配的舒享关怀及广汽大厂的 品质保障，传祺向往S9乾崑成为22万级唯一标配智电三大件的华系插混"王"，是家庭幸福生活进阶首选。传祺向往S9乾崑上市指导价22.99万元起，可选五 六座，满足不同用户购车需求。 图源：传祺官方 新车全系标配华为乾崑智驾ADS 4 Max超阶版，以超阶智能预判风险，为驾驶主动护航。向往S9搭载192线激光雷达+3个4D毫米波雷达，全车拥有29个感知 单元，看更远更清更广更安全。城区通勤，可实现车位到车位无断点辅助驾驶，流畅通过收费闸机、岔路环岛、精准识别各种异形红绿灯；依托全维防碰撞 CAS 4.0系统，在遭遇儿童横穿马路、行人+二轮车"鬼探头"、雨雾天气、夜间逆光等极端场景时能及时预判避险。 图源：传祺官方 融入广汽第三代设计语言"藏锋于润"，向往S9外观尽显"大方之美，豪车气场"。车尾的AI光幕智能尾灯，支持8+N种智慧灯语自由切换，让车成为表达情感 的工具。 车内饰板全系标配源自北美的黑胡桃实木，木质坚韧、纹理自然，营造低调轻奢氛围。前排座 ...

底盘方面，全系搭载FSD可变阻尼悬架与HRS液压回弹止动器，提升滤震与车身稳定性。智能座舱采用 高通骁龙8295P芯片，支持AI语音交互、多屏联动和情景模式自定义。 全新深蓝S07正式上市，定位为"科技智能中型SUV"，共推出5款配置车型，价格区间为15.69万元至 17.39万元。该车全系标配华为乾崑ADS SE智能驾驶辅助系统，搭载25个传感器，支持高速领航辅助、 城区巡航辅助及智能泊车等功能。 新车提供纯电与增程两种动力版本。增程版搭载超级增程2.0系统，匮电油耗低至3.8L/100km，纯电续 航最高达300km，综合续航可达1385km；纯电版续航最高为550km，全系支持3C超充，30%至80%充电 时间不超过15分钟。 深蓝S07车身尺寸为4750×1930×1625mm，轴距2900mm，配备隐藏式门把手、无框车门及电动尾翼，风 阻系数较低。内饰采用环抱式游艇设计，提供超纤绒感麂皮包覆和10.7㎡软质材料覆盖，配备15.6英寸 中控屏、55英寸AR-HUD及4.2英寸后排触控屏。高配车型可选装前排双零重力座椅，支持多向调节与 按摩功能。 ...

东方电热（300217.SZ）9月22日在投资者互动平台表示，今年下半年到目前为止，新能源汽车元器件业 务订单饱满，正在建设新的生产线；预镀镍材料每月生产2000吨左右，较上半年订单明显增长。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：今年五月份的时候，在业绩说明会上公司高层预计 2025年全年业绩将在下半年出现好转，请问公司如何保证这一承诺会实现，具体采取了哪些措施？目前 公司订单是否可以满足生产线产能？ ...

转自：新湖南 9月21日，中国中小城市发展指数研究课题组、国信中小城市指数研究院分别在《光明日报》《经济日报》等发布2025年中国中小城市高质量发展指数研 究成果，长沙县稳居2025年度全国综合实力百强县市榜单第五名，持续巩固中西部首强地位。 | | RS | 2020年度王国际百头 儿日出去 中 | | | --- | --- | --- | --- | | 排名 | 城市 | 排名 | 城市 | | | 江苏昆山市 | 51 | 辽宁瓦房店市 | | 2 | 江苏江阴市 | 52 | 江苏句容市 | | 3 | 江苏常熟市 | 53 | 浙江象山县 | | | 江苏张家港市 | 54 | 江苏东台市 | | 5 | 湖南长沙县 | 55 | 陕西神木市 | 在同步发布的绿色发展、投资潜力、科技创新、新型城市化质量等系列榜单中，长沙县同样表现亮眼，分别位居全国投资潜力百强县市第3、全国绿色发 展百强县市第4、全国科技创新百强县市第4、全国新型城市化质量百强县市第4。 大县挑大梁，强县强担当。近年来，长沙县始终锚定"三高四新"美好蓝图，向着"三个高地"先行区目标，创新实干、勇立潮头、踔厉奋发，在推进中国式 现 ...

9月22日，国内期市有色金属板块涨跌互现。其中，沪铝期货呈现震荡走势，截至发稿主力合约报 20760.00元/吨，震荡走低0.29%。 成本端，据金瑞期货介绍，国内煤炭价格涨幅略扩大、氧化铝小幅下跌、炭块价格持稳；海外欧洲天然 气价基本持稳、电价跌至低位。 供应方面，中金财富期货指出，几内亚铝土矿复产预期增强，国内港口库存维持高位，开工率较高，过 剩格局未变。国内电解铝供应端产能已达4400万吨，接近产能天花板，未来增量空间非常有限。 需求端，华联期货分析称，目前下游需求已经进入"金九银十"旺季阶段，产业端下游进入传统消费旺 季，开工率回升，国内铝锭累库压力不大，铝材出口有韧性。但高价对消费的抑制效应同样明显，铝价 攀升抑制下游采购意愿。短期关注国庆中秋双节前市场备库需求影响，中期关注风电、光电、特高压输 电、新能源汽车等板块是否维持较高的增长预期。 后市来看，国投安信期货表示，铝下游开工持续季节性回升，年内没有明显过剩预期。但铝锭社库仍未 现拐点，继续关注旺季需求反馈。当前产业驱动不强，沪铝在3月高点位置具备阻力。 ...

距离仰望U8L鼎世版上市仅8天，仰望汽车再次推出新车型。9月20日，仰望汽车正式宣布，旗下仰 望U9赛道特别版车型定名为仰望U9 Xtreme(以下简称"仰望U9X")，全球限量发售30台，并为每一台提 供独一无二的整车定制方案。 据仰望汽车方面介绍，仰望U9X命名来源于英文单词"extreme"，意为极限、极致，而字母"X"寓意 未知与边界，二者组成的"Xtreme"象征着仰望U9X突破边界、追求极限的探索精神。 仰望U9X能取得如此成绩，得益于不断升级的技术加持。新车搭载全域1200V超高压平台，配备四 个转速高达30000rpm的高性能电机，采用高强度航空铝壳体、高速轴承及970MPa转子等顶级材料，整 车综合马力超3000Ps，推重比高达1217 Ps/t。 在此基础之上，仰望U9X搭载与现款仰望U9同根同源的易四方+云辇-X技术架构，同时将"车身姿 态控制"引入赛道场景，不仅实现性能质变，更通过重塑物理极限，将纯电超跑的综合性能推至全新高 度。 为匹配全面进化的赛道动态性能，仰望U9X重构了整车冷却系统，采用大流量油泵和立体电机冷却 方案，使冷却系统总功率提升133%，确保峰值性能全程稳定。赛道级刀 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The lithium carbonate market shows a situation of both supply and demand booming, with support for lithium prices. The total inventory has been decreasing for six consecutive weeks, and the inventory of upstream smelters is significantly lower than the same period last year. Near the end of the month, the issue of mining licenses in Jiangxi may attract the attention of funds again. Lithium carbonate should be treated with a low - buy strategy [5]. 3. Summary by Relevant Catalogs Macro Overview - In August, China's economic data showed characteristics of "slow industry, weak investment, and light consumption", and the expectation of a new round of policy easing has increased. The Federal Reserve cut interest rates by 25 basis points as expected, emphasizing the downward risk of employment and an increase in inflation, and is expected to cut interest rates twice this year and once next year. The Bank of Canada cut interest rates by 25 basis points as expected, while the Bank of England kept interest rates unchanged and slowed down the pace of quantitative tightening [3]. Supply Side - This week, the production of lithium carbonate continued to increase, with the weekly production maintaining above 20,000 tons and reaching a new high this year. The production of all raw materials increased slightly. As of September 19, the production of lithium carbonate was 21,125 tons, a week - on - week increase of 125 tons, and the enterprise operating rate was 48.93%, a week - on - week increase of 0.29% [3][10]. - As of September 19, the production of lithium hydroxide was 5,360 tons, a week - on - week increase of 125 tons, and the enterprise operating rate was 36.9%, a week - on - week increase of 0.86%. This week, the production of lithium hydroxide was still restricted by the high price of externally purchased raw materials and the maintenance of some production lines, with limited production release [12]. - As of September 19, the production of lithium iron phosphate was 78,226 tons, a week - on - week decrease of 81 tons, and the enterprise operating rate was 68.84%, a week - on - week decrease of 0.06%. The "Special Action Plan for the Large - scale Construction of New Energy Storage (2025 - 2027)" has driven the significant growth of orders from mainstream battery enterprises recently, which has led to the demand for shipments from lithium iron phosphate manufacturers [14]. Demand Side - From September 1 - 14, the retail sales of the new - energy passenger vehicle market in China were 438,000 units, a year - on - year increase of 6% compared with the same period in September last year and a 10% increase compared with the same period last month. The retail penetration rate was 59.8%. The cumulative retail sales this year were 8.008 million units, a year - on - year increase of 25%. The wholesale volume of new - energy passenger vehicles from manufacturers was 447,000 units, a year - on - year increase of 10% compared with the same period in September last year and a 21% increase compared with the same period last month, and the wholesale penetration rate was 57.7% [3]. Cost Profit - This week, the price of the mining end increased month - on - month. The quotation of African SC 5% was 610 US dollars per ton, unchanged from last week; the CIF price of Australian 6% spodumene was 830 US dollars per ton, a week - on - week increase of 30 US dollars per ton; the market price of lithium mica was 2,330 yuan per ton, unchanged from last week. As of September 19, the production cost of lithium carbonate was 68,169 yuan per ton, a week - on - week increase of 2,802 yuan, and the industry profit was 5,213 yuan per ton, a week - on - week decrease of 2,595 yuan [4][46]. - As of September 19, the production cost of lithium hydroxide was 68,462 yuan per ton, a week - on - week decrease of 52 yuan, and the industry profit was 6,571 yuan per ton, a week - on - week decrease of 29 yuan [51]. - As of September 19, the production cost of lithium iron phosphate was 34,583 yuan per ton, a week - on - week increase of 220 yuan per ton, and the loss was 735 yuan per ton, a week - on - week decrease of 207 yuan per ton [53]. Total Inventory - As of September 18, the total inventory of lithium carbonate was 137,531 tons, a decrease of 981 tons from last week. Among them, the inventory of upstream smelters was 34,456 tons, a week - on - week decrease of 1,757 tons. The total inventory of lithium carbonate continued to decline, the inventory of smelters decreased rapidly, the downstream production schedule was good, maintaining the restocking rhythm, traders actively shipped, the inventory decreased, and the restocking sentiment was strong [5][32]. - As of September 19, the total inventory of the lithium iron phosphate industry was 50,450 tons, an increase of 900 tons from last week. This week, the finished - product inventory of lithium iron phosphate increased significantly. The industry is in a situation of both supply and demand booming, and the supply of the lithium iron phosphate industry in September increased by more than 5% month - on - month [35]. Market Price - As of September 19, LC2511 closed at 73,960 yuan per ton, a 3.9% increase from last week. The spot price of battery - grade lithium carbonate was 73,000 yuan per ton, a 2.82% increase from last week, with a basis discount, and the position of the main contract was 280,000 [8]. - The prices of various lithium - related products showed different trends. For example, the price of 6% spodumene increased by 3.75% week - on - week, the price of battery - grade lithium carbonate increased by 2.82% week - on - week, and the price of industrial - grade lithium carbonate increased by 2.88% week - on - week [6].

高压连接器是一种电气元件，用于连接高压电缆或电导线，以实现高压电力系统的传输和分配，它们在多个行业中扮演着关键角色，尤其是在新 能源汽车、工业设备等领域。新能源汽车高压连接器是一种被广泛应用于新能源汽车电气系统中的连接设备，主要用于连接电池组、电机控制器 和电机等高压电气元器件。 0 1 中国高压连接器市场规模现状及趋势 202 4 年，中国高压连接器市场规模达到了 19,909.19 百万元，预计 2031 年将达到 36,166.88 百万元，年复合增长率（ CAGR ）为 8.64% 。 800V 及以上高压平台将成为新能源汽车主流，高压快充技术加速行业升级，充电功率向 350kW 及以上发展，这要求连接器具备更高耐压能力与安全 性，将推动液冷充电桩、智能监测系统等技术配套，促使相关企业加大研发投入，为高压连接器企业带来技术升级机遇。新能源汽车是高压连接 器的主要应用领域，中国新能源汽车产业发展迅猛，产销量持续增长。电动汽车中高压连接器平均单车用量约 15-20 个，市场前景广阔。 目前中国高压连接器市场主要厂商包括中航光电、 TE Connectivity 、瑞可达、 Amphenol 、 Yazak ...

沪镍&不锈钢周报（9.15-9.19） 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 目 录 1 观点和策略 2 基本面 3 技术分析 4 产业链梳理总结 一、观点和策略 沪镍观点：本周镍价偏弱运行，下游刚需采购，成交一般。产业链上，镍矿价格坚挺，海 运费受煤炭价格上升也稳中有升。镍铁价格继续小幅上涨，成本线进一步上移，但总体镍 铁企业仍然亏损。不锈钢库存继续回落，金九银十去库存良好。新能源汽车产销数据良好， 三元电池装车仍然呈现下降，对镍需求提升有限。中长线过剩格局不变。 操作策略： 沪镍主力：20均线上下震荡运行。 不锈钢主力：20均线上下宽幅震荡。 二、基本面分析 1、产业链周度价格变化 2、镍矿市场状况分析 3、电解镍市场状况分析 4、镍铁市场状况分析 5、不锈钢市场状况分析 6、新能源汽车产销 ...