以下文章来源于棱镜 ，作者温世君 棱镜 . 支撑这轮行情的，除了这家以有色金属为主业的民营上市公司拥有的锌精矿、硫铁矿、铅精矿的核心产能外，还有近期连续释放的利好消息： 图源：网络 "我有哥哥、有妹妹，我们性格也不一样"，10月16日的专访中，"中国巴菲特"段永平谈及了自己的家人。11月2日，段永平又在社交媒体上分享了一些他兄妹的信 息："段力平是段博士，是我们家学位最高的。妹妹是硕士，我是学士。" 出生于1961年的段永平是小霸王和步步高的缔造者，也是OPPO/vivo、小天才等一众步步高系企业幕后的大佬——之所以这么说，是因为他2001年拿到绿卡，2002 年就开始定居美国、淡出企业一线管理工作，此后23年来，以投资为业。 与弟弟段永平不同，持有中国香港永居权和中国国籍的段力平，仍旧活跃在国内。即便不如弟弟"声名显赫"，今年8月16日，在当当网创始人李国庆与其北大校 友、德籍华人张丹红那场大佬云集的婚礼现场，步步高投资董事长张源还介绍段力平："段永平的哥哥"。 但或许没有被太多人关注到的是，段力平近年来在资本市场上却身影渐频。 夫妻早已埋伏在翻倍股里 黄金涨了白银涨，白银涨了有色涨，这一两年金属价格的传导 ...

通过双品牌协同发力，比亚迪致力于全面满足泰国消费者多样化需求，进一步巩固其在东南亚新能源汽车市场的领先地位，为全球绿色出行注入更多可 能。 展会现场。人民网记者简承渊摄 展会现场。人民网记者 简承渊摄 人民网曼谷11月29日电 （记者简承渊）当地时间28日，第42届泰国国际汽车博览会在曼谷会展中心开幕，比亚迪携旗下主品牌BYD与高端品牌DENZA （腾势）双品牌登场，全面展示其在新能源领域的领先技术与创新实力。 比亚迪亚太汽车销售事业部总经理刘学亮在开幕式上表示，比亚迪泰国工厂自破土动工至首车下线仅用16个月，并在随后16个月内实现从第一万台到第 七万台新能源汽车下线。作为深耕泰国本土化的中国汽车品牌，比亚迪持续推进本土人才培养与供应链建设，助力多款车型在泰国多个细分市场夺得销量冠 军。 ...

来源：泰山财经 泰山财经记者 唐轩 11月28日，特锐德（300001.SZ）发布公告，宣布回购上海久事产业投资基金合伙企业（简称"上海久事"）所持子公 司特来电新能源股份有限公司（简称"特来电"）342万股股份，回购价格为16.13元/股，总耗资约为5516.46万元。回 购完成后，上海久事将从特来电退出。 据了解，特来电2014年成立，注册资本92998万元，曾是特来电全资子公司，主要经营新能源汽车充电业务。2020 年，特锐德启动特来电分拆上市计划，当年12月特来电开始接受上市辅导，至今完成A+轮融资，特锐德持股比例下 降至77.7%。 2021年12月，上海久事参与投资特来电，获得特来电342万股股份，目前占公司总股本的0.3721%。几乎同期，久事集 团也与特来电启动业务合作，入股特来电子公司上海特来电新能源有限公司，目前持有该公司15.11%股份。 虽然特锐德表示本次回购上海久事所持特来电股份，是基于对新能源汽车和充电基础设施产业发展前景的认可以及对 特来电未来发展的信心，但特来电辅导5年仍未上市的情况确实引发了部分投资人的焦虑。 记者注意到，今年5月，国新资本有限公司、新业（广州）股权投资合伙企 ...

文 | 牛星钧 近期，A股锂电池电解液板块表现活跃，多只个股大幅上涨。其中，海科新源11月27日收盘封死20CM涨停，股价创历 史新高，报收75.13元。11月28日，涨幅7.31%，报收80.62元，股价再创新高。 自10月以来，该股已累计上涨超过230%，成为本轮电解液概念反弹中的明星股。 锂电材料市场正迎来一轮强劲复苏，电解液价格上涨推动产业链企业迎来"高光时刻"。 电解液价格上涨，供需格局逆转 上海有色网数据显示，截至11月25日，电解液均价已达54250元/吨，而今年年初价格约为19400元/吨，涨幅近180%；核 心原材料六氟磷酸锂涨势更为迅猛，从7月份约49300元/吨的低点飙升至11月25日的160500元/吨（均价）。 行业基本面改善源于供需关系的彻底逆转。需求端，新能源汽车销量持续高增，2025年1—10月渗透率已达35%，直接 拉动电解液需求。 以海科新源为例，这家专注于锂离子电池电解液溶剂和精细化学品的公司，近期经营数据显著改善。 据三季度报，公司前三季度实现营收36.53亿元，同比增长43.17%；净利润亏损1.28亿元，亏损同比收窄40.06%。单看 第三季度，营收达到13.37亿 ...

新汽车生态合作，报名中国版CES！ 据《汽车商业评论》独家获悉，一汽丰田旗下经销商集团明年的宣传策略将转向售后服务，他们甚至对用户的交车方式都在寻求创新。 "宣传从卷产品向卷售后转移，明年我们会有实际的预算来支持这部分传播。"一位一汽丰田内部人士告诉《汽车商业评论》。 和其他市场相比，中国市场对丰田来说可能更富挑战，尤其加上近期的政治因素。 2025年11月27日，丰田官方公布了2025年1-10月的产销量。丰田汽车全球累计销售约870.5万辆，同比增长约4.5%。在中国市场你死我活的焦灼 竞争中，丰田的全球业绩仍保持了持续增长。 | Sales | | | | | | @ shows a record high for a single month, and O shows a record high for the corresponding month | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | The second row of each section denotes year-on-ye ...

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 ，看我们就够啦～ 今日新闻要点： 1、 新款奔驰EQE上市 售价47.8-62.7万元 近日， 新款奔驰EQE上市。新车共推出3款车型，售价47.8-62.7万元。 | 2026款奔驰EQE 官方售价 | | | --- | --- | | 车型 | 售价（万元） | | EQE 500 4MATIC 先锋版 | 47.8 | | EQE 500 4MATIC 豪华版 | 49.6 | | EQE 500 4MATIC 旗舰版 | 62.7 | 外观方面，新车依然与现款车型保持相同，采用黑色封闭式格栅，并与分体式大灯相连，尾部则为贯穿式尾灯，采用弹出式隐藏门把手、溜背造型，以及迷你 小鸭尾，整体车身修长。尺寸方面， 新车长宽高分别为4969/1906/1514mm，轴距为3120mm，定位中大型车。 新款奔驰EQE上市，售价47.8-62.7万元； 阿维塔提交港股上市申请书； 内饰方面，新车采用三幅式方向盘，并集成了大量功能按键，前方岛台大面积木纹饰板，并有 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Fundamental improvements continue to boost bullish sentiment, and there is strong support during price pullbacks. However, there are significant differences in future demand expectations, and concerns about the sustainability of consumption at the end of the peak season still exist. The realization of energy storage demand next year depends on system costs and policy support. The rumored acceptance of the mining license change for the Jianxiawo mine is a short - term positive for the spot market, but it will be a long - term negative as supply increases. With deepening contradictions in lithium carbonate positions, prices fluctuate significantly. It is recommended to wait and see or use options tools. In the future, attention can be paid to the battery cell production schedule in the first quarter and the atmosphere in the equity market [11]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Weekly Highlights Summary** - **Futures and Spot Market**: On November 28, the MMLC spot index of lithium carbonate reported 93,069 yuan in the morning, down 0.26% week - on - week. The average price of MMLC battery - grade lithium carbonate was 93,300 yuan. On the same day, the closing price of LC2605 on the Guangzhou Futures Exchange was 96,420 yuan, up 4.85% this week [12]. - **Supply**: On November 27, SMM reported the weekly output of domestic lithium carbonate at 21,865 tons, a 1.2% decrease from the previous week. In October 2025, China imported 23,881 tons of lithium carbonate, a 21.9% increase from the previous month and a 3% increase year - on - year. From January to October, the total import volume of lithium carbonate in China was about 197,000 tons, a 4.9% increase year - on - year. In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% increase from the previous month. The amount exported to China was 16,200 tons, a 4.5% decrease year - on - year and a 46.0% increase from the previous month [12]. - **Demand**: According to the Passenger Car Association, from November 1 - 23, the retail sales of the new - energy passenger vehicle market nationwide reached 849,000 units, a 3% increase compared to the same period in November last year and an 8% increase from the previous month. The cumulative retail sales this year reached 10.998 million units, a 20% increase compared to the same period in November last year. From November 1 - 23, the wholesale volume of new - energy passenger vehicles by manufacturers nationwide was 995,000 units, a 4% increase compared to the same period in November last year and a 13% increase from the previous month. The cumulative wholesale volume this year was 13.051 million units, a 27% increase year - on - year [12]. - **Inventory**: On November 27, the weekly inventory of domestic lithium carbonate was reported at 115,968 tons, a decrease of 2,452 tons (-1.7%) from the previous week. The inventory days of lithium carbonate were about 26.3 days. After the centralized cancellation of warehouse receipts on November 28, 5,441 tons remained [12]. - **Cost**: The increase in lithium salt prices was transmitted upstream. On November 28, the SMM quoted the price of imported Australian SC6 lithium concentrate at 1,185 - 1,250 US dollars per ton, a weekly increase of 4.06%. In October, China imported 531,000 tons of lithium concentrate, a 5.3% increase year - on - year and a 2% increase from the previous month. From January to October, China imported 4.9 million tons of lithium concentrate, a 3.6% increase compared to last year. From January to October, the import of lithium concentrate from Australia increased by 5.1% year - on - year, and the import from Africa increased by 1.8% year - on - year (a 5.8% decrease in the first 9 months). The supply pressure of high - cost hard - rock mines has eased, and lithium ore imports have significantly supplemented the supply [12]. 3.2 Futures and Spot Market - On November 28, the MMLC spot index of lithium carbonate reported 93,069 yuan in the morning, down 0.26% week - on - week. The average price of MMLC battery - grade lithium carbonate was 93,300 yuan. The closing price of LC2605 on the Guangzhou Futures Exchange was 96,420 yuan, up 4.85% this week [12][20]. - The average discount in the exchange - standard electric carbon trading market was - 1,650 yuan (referring to the main contract LC2605). The net short position of the main lithium carbonate contract remained the same as last week [23]. - The price difference between battery - grade and industrial - grade lithium carbonate was 2,450 yuan, and the price difference between battery - grade lithium carbonate and lithium hydroxide was 11,670 yuan [26][27]. 3.3 Supply Side - **Domestic Production** - On November 27, SMM reported the weekly output of domestic lithium carbonate at 21,865 tons, a 1.2% decrease from the previous week. In October 2025, the domestic lithium carbonate output was 92,260 tons, a 5.7% increase from the previous month and a 54.6% increase year - on - year. The cumulative output in the first 10 months increased by 43.2% year - on - year [32]. - In October, the output of lithium carbonate from lithium spodumene was 57,150 tons, a 2.1% increase from the previous month and a 74.0% increase year - on - year. The cumulative output in the first ten months increased by 74.6% year - on - year. The output of lithium carbonate from lithium mica was 12,720 tons, a 9.8% increase from the previous month, and the cumulative output in the first ten months increased by 17.8% year - on - year [35]. - In October, the output of lithium carbonate from salt lakes increased by 15.7% to 13,840 tons, and the cumulative output from January to October increased by 9.9% year - on - year. Some salt lakes reduced production or stopped production, and the output of lithium carbonate from salt lakes decreased year - on - year during the peak season. Subsequently, Zangge Lithium Industry will resume production, and a new project of Salt Lake Co., Ltd. will be put into operation, with limited reduction during the traditional production off - season. The output of lithium carbonate from the recycling end in October was 8,550 tons, a 10.0% increase from the previous month, and the cumulative output from January to October increased by 25.2% year - on - year [38]. - **Imports** - In October 2025, China imported 23,881 tons of lithium carbonate, a 21.9% increase from the previous month and a 3% increase year - on - year. From January to October, the total import volume of lithium carbonate in China was about 197,000 tons, a 4.9% increase year - on - year. In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% increase from the previous month. The amount exported to China was 16,200 tons, a 4.5% decrease year - on - year and a 46.0% increase from the previous month [41]. 3.4 Demand Side - The battery sector dominates lithium demand. In 2024, it accounted for 87% of global consumption. Future growth in lithium salt consumption mainly depends on the growth of the lithium - battery industry, while traditional application areas have limited share and weak growth [45]. - From November 1 - 23, the retail sales of the new - energy passenger vehicle market nationwide reached 849,000 units, a 3% increase compared to the same period in November last year and an 8% increase from the previous month. The cumulative retail sales this year reached 10.998 million units, a 20% increase compared to the same period in November last year. The wholesale volume of new - energy passenger vehicles by manufacturers nationwide was 995,000 units, a 4% increase compared to the same period in November last year and a 13% increase from the previous month. The cumulative wholesale volume this year was 13.051 million units, a 27% increase year - on - year [48]. - From January to September, the total sales volume of new - energy vehicles in Europe was 2.716 million units, a 27.6% increase compared to last year. From January to September, the total sales volume of new - energy vehicles in the United States was 1.232 million units, a 11.4% increase compared to last year. Subsequently, the subsidy for electric vehicles in the United States will be cancelled, and the penetration of new - energy vehicles will face pressure [51]. - According to the China Automotive Power Battery Industry Innovation Alliance, in October, the sales volume of power and other batteries in China was 166.0 GWh, a 13.3% increase from the previous month and a 50.8% increase year - on - year. Among them, the sales volume of power batteries was 124.3 GWh, a 12.4% increase from the previous month and a 56.6% increase year - on - year; the sales volume of other batteries was 41.7 GWh, accounting for 25.1% of the total sales volume, a 15.9% increase from the previous month and a 35.7% increase year - on - year. From January to October, the cumulative sales volume of power and other batteries in China was 1,233.2 GWh, a 55.1% increase year - on - year. Among them, the cumulative sales volume of power batteries was 910.3 GWh, accounting for 73.8% of the total sales volume, a 49.9% increase year - on - year; the cumulative sales volume of other batteries was 322.8 GWh, accounting for 26.2% of the total sales volume, a 71.9% increase year - on - year [54]. - From January to October, the cumulative output of domestic lithium iron phosphate increased by 50.0% year - on - year, and the output of domestic ternary materials increased by 18.3% year - on - year. It is expected that the output of battery materials in November will reach the annual peak, driving the continued growth of lithium carbonate demand [57]. 3.5 Inventory - On November 27, the weekly inventory of domestic lithium carbonate was reported at 115,968 tons, a decrease of 2,452 tons (-1.7%) from the previous week. The inventory days of lithium carbonate were about 26.3 days. The registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange on November 27 were 26,781 tons, a 0.5% decrease during the week. After the centralized cancellation of warehouse receipts on November 28, 5,441 tons remained [64]. - The inventory of cathode materials is at a high level, and downstream demand is strong. The consumption of power batteries and energy - storage batteries is booming, and the inventory is at a recent low [67]. 3.6 Cost Side - On November 28, the SMM quoted the price of imported Australian SC6 lithium concentrate at 1,185 - 1,250 US dollars per ton, a weekly increase of 4.06% [74]. - In October, China imported 531,000 tons of lithium concentrate, a 5.3% increase year - on - year and a 2% increase from the previous month. From January to October, China imported 4.9 million tons of lithium concentrate, a 3.6% increase compared to last year. From January to October, the import of lithium concentrate from Australia increased by 5.1% year - on - year, and the import from Africa increased by 1.8% year - on - year (a 5.8% decrease in the first 9 months). The supply pressure of high - cost hard - rock mines has eased, and lithium ore imports have significantly supplemented the supply [77].

短期供给扰动，预计 锡价偏强震荡 锡周报 2025/11/29 刘显杰（联系人） 0755-23375125 liuxianjie@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03130746 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 周度评估及策略推荐 04 供给端 02 期现市场 周度评估及策略推荐 ◆ 成本端：10月国内进口锡精矿增量明显，原料端供应紧缺略有缓解。但短期刚果（金）冲突恶化，对锡矿运输造成扰动，市场担忧情绪有所 升温。根据中国海关公布的数据，10月锡矿砂及其精矿进口量11632实物吨（折合约4938金属吨），同比下降15.74%，环比增加43.36%。其 中从缅甸的进口量为2367吨（折合约861金属吨），同比下降43.64%，环比增加1.50%；除缅甸外10月从其他国家合计进口量为9266吨（折合 约4077金属吨），同比下降5.90%，环比增加57.05%。 ◆ 供给端：缅甸佤邦锡矿复产进度缓慢，出口量维持低位，云南地区冶炼企业原材料紧张现象仍存，短期开工率持稳，但进一步上行动力不足。 江西地区则因废料显著减少，粗锡供应不足，精锡 ...

随着2025年三季报落定，全球车市"东升西降"的图景已愈发清晰。中国主流车企以稳健增长领跑赛道， 海外传统巨头步伐显著放缓，全球汽车产业的竞争天平正悄然向东方倾斜。 中国车企销量、营收跑出"加速度" 从销量维度看，全球主流车企阵营中，海外巨头的表现分化明显。前三季度，丰田以835.8万辆的销量 居首，同比增长6%；大众、福特等品牌销量增速仅1%，斯特兰蒂斯、通用、本田等出现2%-7%的销量 下滑，梅赛德斯-奔驰销量跌幅达9%。 | | | 2025年前三季度全球主流车企销量及营收情况 | | 里好 亿元人民 | | --- | --- | --- | --- | --- | | 企业名称 | 销量(万辆) | 同比增减 | 营业收入 | 同比增减 | | 丰田汽车 | 835.8 | 6% | 16723.8 | 8% | | 大众集团 | 660.4 | 1% | 19551.3 | 1% | | 斯特兰蒂斯 | 402.4 | -2% | 9131.2 | -6% | | 福特 | 331.2 | 1% | 10024.3 | 3% | | 现代汽车 | 310.5 | 13% | 6754.3 | 8% ...

来源：市场资讯 （来源：车联新生态） 11月27日晚间，据港交所文件显示，阿维塔科技（重庆）股份有限公司向港交所提交上市申请书。阿维 塔科技表示，此次赴港上市所募集资金将主要用于产品开发、平台和技术开发、品牌建设、销售服务网 络建设，以及补充运营资金，进一步增强核心竞争力。据了解，阿维塔科技拟于明年二季度完成上市。 阿维塔科技的前身是长安蔚来新能源汽车科技有限公司，成立于2018年7月，由长安汽车和蔚来分别出 资50%成立，其中蔚来董事长李斌任董事长。长安蔚来的诞生是长安汽车预与蔚来合作打造高端新能源 品牌，但公司成立多年并没有太多进展，蔚来因为深陷亏损也分身乏术，最后蔚来股权被稀释，从50% 降到4.6%，李斌也卸任长安蔚来董事长，由谭本宏出任董事长。2021年5月，长安蔚来正式更名为阿维 塔科技有限公司（以下简称"阿维塔科技"）。2021年8月，阿维塔科技开始进行增资扩股，引入外部投 资者。据股权架构显示，目前长安汽车持股41%，宁德时代持股9%，其它公司合计持股50%。 | 智能新能源乘用車型 | 截至12月31日止年度 | | | 截至6月30日止六個月 | | | --- | --- | --- | ...