各位朋友好，我是帮主郑重。最近不少朋友跟我抱怨，说A股就像一潭死水，大部分板块每天都是"心电图"走势，买啥啥不动，卖啥啥起飞，简直让人抓心 挠肝。其实啊，这恰恰说明市场进入了典型的"存量博弈"阶段——场内资金在互相博弈，场外增量资金观望不前，这种时候要是还闷头乱冲，大概率要栽跟 头。 先给大家泼盆冷水：在没有大量新增资金入场的情况下，未来很长一段时间都会是结构性行情。啥意思？就是说，市场很难出现全面普涨，只有某个板块突 然被政策利好砸中，或者有主力资金悄悄布局，才会走出局部行情。比如前阵子AI算力突然爆发，固态电池概念旱地拔葱，背后都是主力资金在"点火"。这 时候如果你还抱着"躺平式炒股"的心态，盯着大盘指数等普涨，大概率会错过机会，甚至被诱多陷阱套住。 那怎么在这种僵局里找到机会？关键就三句话：看懂市场状态，看透主力意图，想清自己节奏。 先说看懂市场状态。现在的盘面就像一场"猫鼠游戏"，主力资金就像鳄鱼一样潜伏在水草里，平时不动声色，一旦发现猎物（比如政策风口、行业拐点）， 就会突然发动攻击。这时候你得学会看"水位"——也就是成交量和资金流向。如果某个板块连续几天温和放量，股价却没怎么涨，那可能是主力在悄悄 ...

消息面上，央视新闻报道称，中国科学院金属研究所沈阳材料科学国家研究中心王春阳研究员联合国际团队近期 取得重要突破，利用原位透射电镜技术首次在纳米尺度揭示了无机固态电解质中的软短路－硬短路转变机制及其 背后的析锂动力学，研究成果5月20日发表在《美国化学会会刊》。 同时，国轩高科也于近日宣布已建成0.2GWh全固态电池中试线，同步发布了包括G垣准固态电池在内的6项新产 品，且这款准固态电池已有4家以上客户上车测试。股民也是资深媒体人的刘先生对《华夏时报》记者表示："现 在看国轩高科等是涨停了，金龙羽也2连板了，但固态电池还需要契机和观察，也需要固态电池品种连板打出高度 来引领这个行业发展。" 华夏时报（www.chinatimes.net.cn）记者 温冲 于建平 北京报道 5月21日，固态电池概念集体走强。截至收盘，海辰药业、领湃科技、滨海能源、圣阳股份、金龙羽、国轩高科、 龙蟠科技7家涨停，灵鸽科技、武汉蓝电涨超10%。 "半固态过渡+全固态突破"策略落地 在产业链多方合力推进下，固态电池产业化在近期取得长足进展，车企、电池厂相关产品密集发布。 根据液态电解质的含量，电池可分为液态、半固态、准固态和全固态四 ...

Market Overview - The three major stock indices rose collectively, with the ChiNext Index showing strong performance, closing at 2065.39 points, up 0.83% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1214.6 billion yuan, similar to the previous day [1] - Sectors such as coal, banking, pharmaceuticals, and liquor saw gains, while sectors like chemical fiber, semiconductors, tourism, agriculture, and home appliances declined [1] Investment Opportunities - The foldable device market is expected to grow rapidly, with Huawei launching the world's largest foldable screen laptop, MateBookFold [2] - IDC forecasts that China's foldable smartphone market will reach around 10 million units by 2025, representing an 8.3% year-on-year growth [2] - The demand for foldable devices is anticipated to drive the need for related upstream materials [2] Banking Sector - The one-year and five-year LPR were adjusted to 3% and 3.5%, respectively, down by 10 basis points [3] - The overall impact of the LPR and deposit rate cuts is expected to boost the net interest margin of listed banks by 3.1 basis points [3] - The banking sector is projected to maintain a stable fundamental outlook, with high dividend yield attractiveness under the current interest rate environment [3] AI Industry - The development of Agent products is expected to drive the AI industry chain upward, with significant products emerging in the C-end market [4] - There is a divergence in development strategies between North American and Chinese companies regarding Agent applications [4] Automotive Sector - Huawei's new product orders have shown strong performance, with the M8 model achieving 80,000 pre-orders in 34 days, setting a record for the brand [5] - The upcoming launch of the ZunJie S800 on May 30 is expected to further enhance Huawei's brand strength [5][6] Policy Support - Eight government departments have issued measures to support small and micro enterprises in listing on the New Third Board [7] - Shanghai's government has launched a consumption promotion plan, including incentives for vehicle and home appliance upgrades [8] Technological Advancements - A breakthrough in solid-state battery technology has been reported, revealing mechanisms behind short-circuit transitions in inorganic solid electrolytes [11] - The successful implantation of a closed-loop spinal nerve interface marks a significant advancement in the field of neural interfaces [10] Robotics - Tesla released a new video showcasing its humanoid robot performing various tasks, indicating advancements in robotics technology [9]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3387.57, up by 0.21% [2] - The Shenzhen Component Index and the ChiNext Index also experienced gains of 0.44% and 0.83% respectively, while the Sci-Tech 50 Index declined by 0.22% [2][6] - The overall market capitalization of the Shanghai Composite Index is 6511.95 billion, with a PE ratio of 11.97 and a PB ratio of 1.24 [3] Industry Dynamics - Jinlongyu New Energy has secured an order for 100,000 solid-state batteries, marking a significant milestone in the high-performance customized battery market for drones [24] - Google announced a partnership with XREAL to launch the first AR glasses designed for the Android XR platform, indicating a pivotal moment for the AR industry [26] - The smartphone market in the Middle East saw a 4% decline in shipments in Q1 2025, attributed to slowing retail demand and cautious consumer behavior [27] Company Updates - David Medical (300314.SZ) has added new models of medical infant beds and completed the registration change for Class I medical devices, enhancing its product line and competitiveness [29] - Haisco (002653.SZ) received a drug registration certificate for its innovative drug Anruikefen injection, which is significant for pain management post-abdominal surgery [30] - Weiling Co., Ltd. (002667.SZ) successfully acquired a 74.3% stake in Hunan Linwu Jiayu Mining Co., indicating strategic expansion in the mining sector [33]

Market Performance - The Shanghai Composite Index closed at 3387.57, with a slight increase of 0.21% or 7.10 points [2] - The Shenzhen Component Index rose by 0.44%, closing at 10294.22, gaining 45.05 points [2] - The CSI 300 Index increased by 0.47%, closing at 3916.38, with a gain of 18.21 points [2] - The ChiNext Index saw a rise of 0.83%, closing at 2065.39, up by 16.93 points [2] - The STAR 50 Index decreased by 0.22%, closing at 995.49, down by 2.19 points [2] - The Beijing Stock Exchange 50 Index increased by 0.39%, closing at 1479.81, gaining 5.82 points [2] Sector Performance - The top-performing sectors included coal (2.55%), non-ferrous metals (2.05%), and electric power equipment (1.11%) [3] - The bottom-performing sectors included beauty care (-1.09%), electronics (-0.93%), and media (-0.87%) [3] - Concept sectors that performed well included graphite electrodes (2.57%), recombinant proteins (2.52%), and gold concepts (2.06%) [3] - Underperforming concept sectors included PEEK materials (-1.79%), camping economy (-1.56%), and WiFi 6 (-1.55%) [3] Market Outlook - The report indicates that the A-share market shows strong resilience and strategic determination, with the potential for further upward movement despite significant selling pressure above [5] - The report suggests a focus on sectors such as finance, public utilities, retail, food and beverage, non-ferrous metals, and TMT for investment opportunities [5] - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to enhance regional economic integration and supply chain connectivity [4]

Core Viewpoint - Tianqi Lithium Industry Co., Ltd. has shown signs of recovery in its performance, achieving a net profit of 1.04 billion yuan in Q1 2025, indicating a turnaround from previous losses [1] Group 1: Financial Performance - In Q1 2025, the company reported an operating income of 25.84 billion yuan and a net profit attributable to shareholders of 1.04 billion yuan, marking a return to profitability [1] - The lithium carbonate market price remains low, hovering above 60,000 yuan per ton, which has exerted pressure on the overall lithium industry [1] Group 2: Industry Outlook - The lithium salt market is currently experiencing oversupply, and companies with advantages in resources, technology, and international operations are expected to thrive in the long term [2] - The core growth drivers for the lithium battery industry will continue to be the electric vehicle and energy storage markets, with emerging applications in low-altitude flying vehicles and drones expanding market opportunities [2] Group 3: Strategic Development - Tianqi Lithium is committed to a long-term strategy of strengthening its upstream resources, enhancing its midstream capabilities, and penetrating downstream markets [2] - The company is actively pursuing high-quality lithium resource projects globally, considering factors such as economic viability, resource assessment, and local political environments [2] Group 4: Project Updates - The company’s controlled Australian Talison Greenbushes lithium concentrate has an annual capacity of 1.62 million tons, and the construction of the chemical-grade lithium concentrate processing plant is underway [2] - The Zola lithium spodumene project is in the preparatory phase for construction, with the feasibility study being updated [3] Group 5: Research and Development - Tianqi Lithium has made significant advancements in solid-state battery technology, successfully preparing for the industrialization of lithium sulfide, a key material for next-generation solid-state batteries [3] - The company has developed a new battery-grade lithium sulfide micro-powder with improved uniformity and activity, while also reducing production costs through advanced recycling techniques [3] - Collaborative research efforts with battery manufacturers and related downstream companies are ongoing, positioning the company as a key player in the development of efficient battery technologies [3]

Core Viewpoint - The lithium market is currently experiencing a bottoming phase, and Tianqi Lithium is focusing on cost reduction, quality improvement, and efficiency enhancement to navigate this challenging environment [1][2][6]. Company Performance - Tianqi Lithium's 2024 revenue is projected to be 13.063 billion yuan, a year-on-year decrease of 67.75%, with a net loss of 7.905 billion yuan, marking a shift from profit to loss due to declining lithium salt prices [5]. - The benchmark price for battery-grade lithium carbonate in China was 65,633 yuan per ton as of May 13, down 43.52% year-on-year [5]. Market Dynamics - The lithium salt market is expected to face oversupply starting in 2024, influenced by a surge in new market entrants during the previous lithium boom from 2019 to 2022, when prices skyrocketed from 70,000 yuan to around 600,000 yuan per ton [5][6]. - The current lithium salt prices are in a bottoming phase, and the duration of this process is uncertain, with competition expected to remain intense [5][6]. Production and Sales - In the previous year, Tianqi Lithium's sales volume of lithium chemical products reached 102,800 tons, an increase of 81.46% year-on-year, while production volume was 70,700 tons, up 39.44% year-on-year [7]. - The company's lithium salt inventory decreased by 43.64% year-on-year, indicating effective resource management [7]. Resource Expansion Strategy - Tianqi Lithium is shifting its strategy to seek both external and internal lithium resources, with ongoing developments at the Yajiang Cuola lithium spodumene mine, which could become the company's first domestic source of lithium concentrate [1][10]. - The company is also exploring potential asset injections from its controlling shareholder, Tianqi Group, which holds various lithium mining rights [10][11]. Future Outlook - The company is preparing for the next generation of battery materials by increasing R&D investments and collaborating with downstream customers to innovate [12]. - Tianqi Lithium aims to play a crucial role in the solid-state battery sector, focusing on core materials such as lithium sulfide and lithium metal, and has successfully developed battery-grade lithium sulfide micro-powder [12][13].

Group 1: Fiscal Revenue and Expenditure - In the first four months of the year, China's general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%, which is an improvement from the first quarter's decline of 1.1% [1] - Tax revenue for the same period was 65,556 billion yuan, down 2.1%, but the decline narrowed by 1.4 percentage points compared to the first quarter. Notably, April saw a 1.9% year-on-year increase in tax revenue, marking the first positive growth this year [1] - General public budget expenditure reached 93,581 billion yuan, up 4.6% year-on-year, indicating a faster growth rate than revenue and completing 31.5% of the annual budget in the first four months, the fastest pace since 2020 [1][2] Group 2: China-ASEAN Free Trade Agreement - The negotiations for the China-ASEAN Free Trade Area 3.0 have been completed, which includes nine new chapters focusing on digital economy, green economy, and supply chain connectivity among others [3] - This agreement is expected to enhance the integration of production and supply chains between China and ASEAN, which are significant trade and investment partners [3][4] Group 3: China's Direct Investment in Europe - For the first time in seven years, China's direct investment in Europe has increased, driven by electric vehicle and battery projects in Hungary, with a 47% rise in total investment to 10 billion euros [5] - Major Chinese companies like CATL and Tencent are leading this investment, particularly in the electric vehicle supply chain [5][6] Group 4: Japan's Trade Deficit - Japan experienced a trade deficit of 115.8 billion yen in April, contrary to market expectations of a surplus, with exports growing by only 2% [7][8] - The trade tensions with the U.S. have negatively impacted Japan's exports, particularly in the automotive sector, which is crucial for its economy [8] Group 5: Bilibili's Financial Performance - Bilibili reported a revenue of 7 billion yuan in Q1 2025, a 24% year-on-year increase, with a net loss of 10.7 million yuan, narrowing by 99% compared to the previous year [13][14] - The gaming segment saw a significant revenue increase of 76%, primarily due to the performance of the exclusive game "Three Kingdoms: Strategizing the World" [13]

Group 1: Company Strategy and Future Plans - The company is closely monitoring market trends and will adjust its business strategy accordingly, particularly in relation to upstream and downstream product developments [2][3]. - There are no current plans to integrate Mader Chemical and Jinlong Chemical into the listed company timeline, but significant investment projects will be disclosed in a timely manner [2][3]. - The company is exploring potential involvement in the solid-state battery supply chain, depending on market conditions and production capabilities [3]. Group 2: Stock and Market Performance - The company's stock will have its risk warning lifted starting May 22, 2025, as per the announcement made on May 21, 2025 [3]. - The company emphasizes that there are no undisclosed significant developments related to its stock performance or connections to solid-state battery concepts [3][4]. Group 3: Operational and Financial Management - The company is committed to long-term development, balancing challenges and opportunities in the current economic climate [4]. - Key operational strategies include enhancing production quality and scale, maintaining safety and environmental standards, reducing operational costs, and implementing lean management practices [4]. - The company is focused on sustainable development, digital economy growth, and innovative practices to establish a new development framework [4]. Group 4: Production and Environmental Compliance - Recent production operations are reported to be normal, with no significant impacts from environmental regulations [5].

Group 1: Production Capacity - The company's production capacity as of the end of Q1 2025 includes: 26,500 metric tons of cobalt products, 10,000 metric tons of nickel products, 10,000 metric tons of manganese products, 5,000 metric tons of lithium carbonate, and 60,000 metric tons of copper products [2][3]. Group 2: Price Adjustments - Following the export ban on cobalt from the Democratic Republic of Congo (DRC), the prices of cobalt products have increased, as reflected in the quotations from Shanghai Metal Market and London Metal Bulletin [3]. Group 3: Management Expenses - Management expenses increased by 38% year-on-year, primarily due to growth in business scale, increased employee compensation, administrative expenses, and the recognition of stock incentive plan costs [3]. Group 4: Market Value Management - The company has implemented several measures for market value management, including enhancing core business operations, engaging in share buybacks, and maintaining a consistent dividend policy with cumulative dividends exceeding 1.2 billion yuan [3][4]. Group 5: Solid-State Battery Development - The company is positioned in the upper reaches of the new energy industry chain, supplying high-quality products for solid-state battery materials, including cobalt sulfate, nickel sulfate, and lithium carbonate [4]. Group 6: Mining Exploration - The company is actively exploring joint development and exploration opportunities with other quality mining rights holders to secure stable resource supply [5]. Group 7: Production Challenges - The company's net profit for Q1 2025 declined due to power shortages affecting copper production capacity, with ongoing efforts to enhance power supply through project construction and diesel generator projects [5]. Group 8: Regulatory Compliance - The company’s operations in the DRC remain normal despite reports of mining rights issues, and it is closely monitoring the situation regarding the cobalt export ban [5]. Group 9: Inventory Management - The company maintains a safety stock of raw materials and is prepared to adapt its production pace based on market conditions and regulatory developments [5].