Core Viewpoint - The conference held on July 14 aimed to establish a first-class battery industry platform led by central enterprises, focusing on collaboration among various partners to build an integrated industrial ecosystem [1][10]. Group 1: Conference Highlights - The conference was attended by key officials including Tianjin municipal leaders and representatives from various institutions, emphasizing the importance of collaboration in the battery industry [1][11]. - A total of over 40 partnerships were signed to enhance the production, learning, research, and application ecosystem [1][10]. Group 2: Company Development and Strategy - Liu Yigong expressed gratitude towards various stakeholders and highlighted the need for China FAW to seize opportunities, accelerate innovation, and deepen cooperation to foster a new ecosystem for industry integration [5]. - The company aims to leverage technology to produce strategic and original results, reform to create a new model of professional integration, and build a talent base in the power battery industry [5]. Group 3: Technological and Collaborative Initiatives - The conference included the unveiling of the headquarters and innovation research institute of China Automotive New Energy, indicating a commitment to technological advancement [3][7]. - A technology committee was established, with experts receiving appointments to enhance the technological capabilities of the company [8].

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - The spot price of lithium carbonate has increased with the improvement of industry expectations, driving up the quotation of lithium ore prices, and the hedging opportunities in the futures market have also increased the demand for raw materials from lithium salt plants. However, the industry's supply is still under pressure, with high inventory levels, and downstream inventory - building willingness is relatively cautious. Therefore, current lithium price trading should be treated with caution. - Technically, the 60 - minute MACD shows that the double - lines are above the 0 - axis, and the red bars are slightly converging. - The recommended operation is to lightly short at high prices and pay attention to controlling risks in trading rhythm. [2] 3. Summary by Directory Futures Market - The closing price of the main contract is 66,660 yuan/ton, up 180 yuan; the net position of the top 20 is - 115,519 hands, down 30,622 hands; the position volume of the main contract is 342,146 hands, down 14,015 hands; the spread between near - and far - month contracts is 760 yuan/ton, up 820 yuan; the Guangzhou Futures Exchange warehouse receipt is 11,203 hands/ton, down 1 hand. [2] Spot Market - The average price of battery - grade lithium carbonate is 64,900 yuan/ton, up 250 yuan; the average price of industrial - grade lithium carbonate is 63,300 yuan/ton, up 250 yuan; the basis of the Li₂CO₃ main contract is - 1,760 yuan/ton, up 70 yuan. [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 698 US dollars/ton, unchanged; the average price of amblygonite is 5,450 yuan/ton, down 50 yuan; the price of lepidolite (2 - 2.5%) is 1,759 yuan/ton, unchanged. [2] Industry Situation - Lithium carbonate production is 42,100 tons per month, down 5,800 tons; imports are 21,145.78 tons per month, down 7,190.11 tons; exports are 286.74 tons per month, down 447.55 tons; the enterprise operating rate is 47%, down 6 percentage points. The production of power batteries is 129,200 MWh per month, up 5,700 MWh. [2] Downstream and Application Situation - The operating rate of ternary cathode materials is 55%, up 2 percentage points; the operating rate of lithium iron phosphate cathode is 49%, up 2 percentage points. The monthly production of new energy vehicles is 1,268,000 units, down 2,000 units; the monthly sales are 1,329,000 units, up 22,000 units; the cumulative sales penetration rate is 44.32%, up 0.33 percentage points; the monthly export volume is 205,000 units, down 7,000 units. [2] Option Situation - The total subscription position is 155,979 contracts, up 22,108 contracts; the total put position is 60,607 contracts, up 8,513 contracts; the put - call ratio of total positions is 38.86%, down 0.0577 percentage points; the at - the - money IV implied volatility is 0.29%, up 0.0460 percentage points. [2] Industry News - In the first half of the year, 5.622 million new - energy vehicles were newly registered in China, a year - on - year increase of 27.86%, accounting for 44.97% of newly registered vehicles. - An A - share lithium mining enterprise executive said that the company's focus has shifted to cost reduction and control, and the current lithium price is still below most manufacturers' break - even lines. - The global power battery installed capacity increased by 110% year - on - year, and overseas shipments accounted for 30%. [2]

Group 1 - Global sales of electric and plug-in hybrid vehicles reached 1.8 million units in June, representing a 24% increase year-on-year [1] - The end of inventory destocking in the industry is expected to reverse the declining profitability in the materials sector for 2023-2024, with the European market poised for a second growth phase and the domestic market likely to maintain high growth driven by extended-range passenger vehicles and pure electric commercial vehicles [1] - As of July 15, 2025, the CSI New Energy Vehicle Industry Index (930997) fell by 0.29%, with mixed performance among constituent stocks, including a 3.18% increase in Defu Technology (301511) and a 4.22% decline in Shengxin Lithium Energy (002240) [1] Group 2 - The management fee for the New Energy Vehicle ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2] - The CSI New Energy Vehicle Industry Index closely tracks the performance of 50 listed companies involved in the new energy vehicle sector, reflecting the overall performance of leading companies in the industry [2] - As of June 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index accounted for 55.74% of the index, including companies like CATL (300750) and BYD (002594) [2]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting changes in control, major asset acquisitions, and performance forecasts for the first half of 2025. Group 1: Control Changes and Stock Suspension - Yangdian Technology is planning a change in control, leading to a stock suspension starting July 14, 2025, for up to 2 trading days [3] - Yuanli Co. is also planning to acquire control of Fujian Tongsheng New Materials Technology, resulting in a stock suspension starting July 14, 2025, for up to 10 trading days [5] - Kanghua Bio is planning a change in control, with stock suspension starting July 14, 2025, for up to 2 trading days [6] - Fuda Alloy is planning to acquire at least 51% of Guangda Electronics, which constitutes a major asset restructuring but will not change the actual controller [7] Group 2: Performance Forecasts - Limin Co. expects a net profit of 260 million to 280 million yuan for H1 2025, a year-on-year increase of 719.25% to 782.27% due to rising sales and prices [9] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for H1 2025, a year-on-year increase of about 54% [10] - Chunqiu Electronics forecasts a net profit of 90 million to 110 million yuan for H1 2025, an increase of 236.05% to 310.72% [11] - Jinqilin expects a net profit of around 106 million yuan for H1 2025, a year-on-year increase of 222.36% [12] - Beihua Co. anticipates a net profit of 98 million to 111 million yuan for H1 2025, a year-on-year increase of 182.72% to 220.23% [14] - Guojin Securities expects a net profit of 1.092 billion to 1.137 billion yuan for H1 2025, a year-on-year increase of 140% to 150% [15] - Jiu Yuan Silver Sea forecasts a net profit of 26.49 million to 32.25 million yuan for H1 2025, a year-on-year increase of 130% to 180% [16] - Lankai Technology expects a net profit of 1.1 billion to 1.2 billion yuan for H1 2025, a year-on-year increase of 85.5% to 102.36% [17] - Changcheng Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan for H1 2025, a year-on-year increase of 85% to 95% [18] - Weilan Lithium Core expects a net profit of 300 million to 360 million yuan for H1 2025, a year-on-year increase of 79.29% to 115.15% [19] - Yinlong Co. forecasts a net profit of 161 million to 181 million yuan for H1 2025, a year-on-year increase of 60% to 80% [21] - Aopumai expects a net profit of approximately 37 million yuan for H1 2025, a year-on-year increase of 53.28% [22] - Bailong Dongfang anticipates a net profit of 350 million to 410 million yuan for H1 2025, a year-on-year increase of 50.21% to 75.97% [23] - Shanghai Electric expects a net profit of 1.754 billion to 2.087 billion yuan for H1 2025, a year-on-year increase of 32.18% to 57.27% [24] - Huazhong Securities expects a net profit of 1.035 billion yuan for H1 2025, a year-on-year increase of 44.94% [25] - Bailong Chuangyuan anticipates a net profit of 171 million yuan for H1 2025, a year-on-year increase of 42.68% [26] - Chengyi Pharmaceutical expects a net profit of 107 million to 119 million yuan for H1 2025, a year-on-year increase of 40% to 55% [27] - Jinhai Biological anticipates a net profit of 127 million to 141 million yuan for H1 2025, a year-on-year increase of 40% to 55% [28] - Kanda New Materials expects a net profit of 50 million to 55 million yuan for H1 2025, turning from loss to profit [29] - China Shenhua expects a net profit of 23.6 billion to 25.6 billion yuan for H1 2025, a year-on-year decrease of 8.6% to 15.7% [30] - ST Songfa anticipates a net profit of 580 million to 700 million yuan for H1 2025, turning from loss to profit [31] - Chengxing Co. expects a net profit of 16 million to 23 million yuan for H1 2025, turning from loss to profit [33] - Ningbo Fubon anticipates a net profit of 8 million to 12 million yuan for H1 2025, turning from loss to profit [34] - ST Yundong expects a loss of 100 million to 150 million yuan for H1 2025, worsening from the previous year [35] - Kairuide expects a loss of 15 million to 22 million yuan for H1 2025, turning from profit to loss [36] Group 3: Shareholding Changes - Defu Technology's shareholders plan to reduce their holdings by up to 4.04% [38] - Jinzhen Co.'s shareholders plan to reduce their holdings by up to 3.04% [39] - Shikong Technology's shareholder plans to reduce their holdings by up to 3% [40] - Qilu Bank's shareholder plans to reduce their holdings by up to 1.1% [41] - Zhongci Electronics' shareholder plans to reduce their holdings by up to 1% [42] - Jiamei Packaging's shareholders plan to reduce their holdings by up to 1% [43] - Saike Xide's shareholder plans to reduce their holdings by up to 1% [44] - Gongda High-tech's general manager plans to reduce their holdings by up to 0.3424% [46] - Qingyuan Co.'s shareholder plans to reduce their holdings by up to 273,800 shares [47] Group 4: Major Contracts - Dashijiang expects to win a procurement project worth 122 million yuan [49] - Robotech signed significant daily operational contracts worth approximately 14.18 million USD [50]

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 90 million to 110 million yuan for the first half of 2025, representing an increase of 63.2179 million to 83.2179 million yuan compared to the same period last year, which is a year-on-year increase of 236.05% to 310.72% [1][2] - The company anticipates a net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, between 65 million to 85 million yuan, which is an increase of 49.2481 million to 69.2481 million yuan compared to the same period last year, reflecting a year-on-year increase of 312.65% to 439.62% [1][2] - The main reasons for the profit increase include the rapid penetration of AIPC in the notebook computer structural components business and the growth of the magnesium alloy material application in the new energy vehicle industry, alongside the company's strategic focus on resource optimization and internal management to enhance operational efficiency and market competitiveness [2] Group 2 - The previous year's net profit attributable to shareholders of the parent company was 26.7821 million yuan, with a total profit of 20.2725 million yuan and a net profit excluding non-recurring gains and losses of 15.7519 million yuan [2] - The earnings per share for the previous year was 0.06 yuan [2]

Group 1 - The Beijing government has issued a plan to optimize small car license plate allocation to better serve family vehicle needs [1] - The plan includes measures to promote the second-hand car market, such as "reverse invoicing" and cross-regional transaction registration [1] - The initiative aims to enhance information sharing in the automotive sector and support the development of third-party second-hand car information platforms [1] Group 2 - Longzhong Securities highlights opportunities in the automotive sector, particularly in the context of the new round of intelligent driving upgrades [1] - The report suggests a focus on strong intelligent driving vehicles and identifies leading manufacturers that may benefit from recent price reductions by joint ventures [1] - There is an emphasis on the structural growth of new energy vehicle exports despite a slowdown in overall export growth [1] Group 3 - As of July 11, 2025, the China Securities New Energy Vehicle Industry Index has increased by 0.80%, with notable gains in stocks such as Shengxin Lithium Energy and Tianqi Lithium [2] - The New Energy Vehicle ETF has also seen a rise of 0.72%, with a one-month cumulative increase of 4.45% [2] Group 4 - The New Energy Vehicle ETF has a management fee of 0.15% and a custody fee of 0.05%, making it one of the lowest in comparable funds [3] - The index tracks 50 companies involved in various aspects of the new energy vehicle industry, reflecting the performance of leading listed companies [3] - As of June 30, 2025, the top ten weighted stocks in the index account for 55.74% of the total, including companies like CATL and BYD [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of lithium carbonate still show a situation of excessive supply and weak demand for now, but industry expectations have improved, and the supply - demand situation may gradually improve. The option market sentiment is bullish, with the implied volatility slightly decreasing. The operation suggestion is to conduct light - position short - selling transactions at high prices and control risks by paying attention to trading rhythms [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 64,400 yuan/ton, up 520 yuan; the net position of the top 20 is - 93,307 hands, down 23,240 hands; the position of the main contract is 326,895 hands, down 11,139 hands; the spread between near and far - month contracts is 540 yuan/ton, down 820 yuan; the Guangzhou Futures Exchange warehouse receipt is 12,655 hands/ton, down 2,900 hands [2]. Spot Market - The average price of battery - grade lithium carbonate is 63,300 yuan/ton, up 400 yuan; the average price of industrial - grade lithium carbonate is 61,700 yuan/ton, up 400 yuan; the basis of the Li₂CO₃ main contract is - 1,100 yuan/ton, down 120 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 696 US dollars/ton, unchanged; the average price of amblygonite is 5,340 yuan/ton, up 80 yuan; the price of lepidolite (2 - 2.5%) is 1,716 yuan/ton, up 25 yuan [2]. Industry Situation - The monthly output of lithium carbonate is 42,100 tons, down 5,800 tons; the monthly import volume is 21,145.78 tons, down 7,190.11 tons; the monthly export volume is 286.74 tons, down 447.55 tons; the monthly operating rate of lithium carbonate enterprises is 47%, down 6 percentage points; the monthly output of power batteries is 123,500 MWh, up 5,300 MWh [2]. Downstream and Application - The prices of some downstream products such as manganese - acid lithium are rising, while the prices of some others like cobalt - acid lithium remain unchanged. The production, sales, and export of new energy vehicles are increasing, and the cumulative sales penetration rate is also rising. The 20 - day and 40 - day average volatilities of the underlying are decreasing, and in the option market, the total subscription position and the total put position are increasing, and the put - call ratio of the total position is decreasing [2]. Option Situation - The total subscription position is 126,217 contracts, up 16,240; the total put position is 45,203 contracts, up 847; the put - call ratio of the total position is 35.81%, down 4.5184%; the implied volatility of at - the - money IV is 0.23%, down 0.0016% [2]. Industry News - In June, the production and retail of passenger cars and new energy vehicles increased year - on - year. From January to June, the production and retail of passenger cars and new energy vehicles also increased year - on - year. In 2024, the national new energy vehicle ownership increased more than five - fold compared to the end of the 13th Five - Year Plan. From January to May 2025, the automobile production increased year - on - year, but the profit decreased. A super - large lithium deposit has been discovered in Linwu County, Hunan Province [2]. Technical Analysis - On the 60 - minute MACD chart, the double lines are above the 0 - axis, and the green bars have just appeared [2].

Group 1 - The company held its sixth meeting of the third board of directors on July 2, 2025, with all seven directors participating, and the meeting complied with relevant laws and regulations [2][4]. - The board approved the use of part of the raised funds amounting to 190 million yuan for capital increase to its wholly-owned subsidiary, Wuhu Vmax New Energy Co., Ltd., for the construction of a new project related to the production base of electric drive assembly products for new energy vehicles [3][55]. - The project aims to enhance the company's market competitiveness and consolidate its leading position in the market, aligning with national industrial policies and the company's strategic development needs [3][52]. Group 2 - The company plans to hold the fourth extraordinary general meeting of shareholders on July 18, 2025, combining on-site and online voting methods [6][22]. - The meeting will discuss the proposal regarding the use of raised funds for the capital increase to the subsidiary, which has already been approved by the board and the supervisory board [6][25]. Group 3 - As of June 30, 2025, the company has repurchased a total of 2,642,831 shares, accounting for 0.6278% of the total share capital, with a total payment of approximately 66.68 million yuan [12]. - The repurchase was conducted under the plan approved in previous board and shareholder meetings, with a maximum repurchase price adjusted to 34.38 yuan per share [11][12]. Group 4 - The new project, named "New Energy Vehicle Electric Drive Assembly Production Base Project," has a total investment of 190 million yuan, covering various costs including engineering, equipment purchase, and working capital [38][43]. - The project is expected to take 12 months for construction and aims to respond to the growing demand in the new energy vehicle sector, enhancing the company's production capacity and market competitiveness [45][50].

碳酸锂产业日报 2025/7/2 | 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） | 63,960.00 | +1180.00↑ 前20名净持仓（日，手） | -54,211.00 | +7329.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 325,574.00 | -1102.00↓ 近远月合约价差（日，元/吨） | 280.00 | -120.00↓ | | | 广期所仓单（日，手/吨） | 23,180.00 | +240.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 61,650.00 | +350.00↑ 工业级碳酸锂平均价（日，万元/吨） | 60,050.00 | +350.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -2,310.00 | -830.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 694.00 | 0.00 磷锂铝石平均价 ...

消息面上，经历抢装潮短期提振后，光伏玻璃再次进入价格下行区间，头部企业或将发起新一轮联合减 产以稳定市场价格。据业内人士透露，由于目前需求低迷及持续亏损情况下，部分光伏玻璃企业采取减 产或者冷修工作，整体产能呈现下降趋势。 新能源车方面，车企集中公布了6月成绩单，比亚迪继续雄踞榜首，6月销量超38万辆；小鹏汽车交付量 同比增224%，连续8个月超3万台。鸿蒙智行全系交付5.3万辆，零跑汽车交付4.8万辆，均再创新高。理 想汽车交付3.6万辆，同比下降24%。极氪连续四个月销量超4万台；小米汽车交付超2.5万台；蔚来交付 2.5万辆。 华泰证券指出，25年1-5月主流整车企业销量目标完成率普遍在25-45%之间，比亚迪、吉利、赛力斯完 成度高，Q3预计"淡季不淡"。对多品牌的全年销量目标进行统计，国内传统车企和新势力车企平均目 标达成率为35%/30%。比亚迪、吉利、小鹏、零跑达成率超越24年同期，其中吉利、小鹏目标达成率较 高，在40%以上。该机构认为，补贴政策和新能源车优质供给周期（银河A7、方程豹钛7、小鹏G7、理 想i8、零跑B01等）共振，预计Q3-Q4自主品牌销量趋势及市占率持续向上。 截至2025 ...