赣锋锂业 20251103 摘要 赣锋锂业下游业务占比近 50%，储能和电池业务改善显著，上游锂矿和 锂盐业务亦有复苏。2025 年三季度碳酸锂价格虽有波动，但整体保持 在 8 万元左右，库存去化明显，储能需求旺盛支撑价格。 展望 2026 年，预计供给增速放缓，储能需求超预期，低空飞行器和机 器人等新兴领域带来新增量，市场供需紧张，均衡价格或需超过 8 万元 以刺激供给。 赣锋锂业自有矿项目资源优质，成本效益良好，正推进与 LAR 合作的 PPT 盐湖项目，规划产能 15 万吨。融资顺利将大幅提升自有碳酸锂产 量，提高自给率。 公司通过上下游一体化布局，覆盖从上游资源到储能电站全产业链，增 强抗周期能力。注重项目质量而非数量，全产业链运营模式提升应对市 场变化的能力。 赣锋锂业预计 2026 年产能达 23 万吨，成为中国最大生产商之一。产 能提升主要来自蚂蚁项目、CO 圆弧项目和玛丽亚娜盐湖项目，自有碳 三产出量预计达 60%左右。 Q&A 请简要介绍赣锋锂业在 2025 年第三季度的生产经营情况及市场表现。 2025 年第三季度，赣锋锂业的整体表现较为积极。三季度锂价经历了一次上 涨，虽然在三季度末有所 ...

有分析指出，前三季度"三桶油"（中国石油、中国石化、中国海油）业绩相较海外巨头韧性凸显，体现穿越周期属性，长期 投资价值凸显。另外，煤炭板块具备周期与红利的双重属性，随着旺季临近，下游采购力度逐渐加强，煤炭价格有望迎来新 一轮上行。 能源股，集体异动！ 今日盘中，石油、煤炭板块集体走强，中国海油涨幅一度超过5%，中国石油涨超4%。安泰集团开盘后5分钟内就被资金直 线拉升至涨停板，洲际油气盘中也直线涨停。而临近午盘时分，惠博普也封死了涨停板。 石油股拉升 今年前三季度，中国石油、中国石化、中国海油归母净利润增速同比分别下降4.9%、32.2%、12.6%；第三季度单季，中国 石油、中国石化、中国海油归母净利润分别同比下降3.9%、0.5%、12.2%。光大证券指出，得益于产量持续上升和优异的成 本控制能力，中国石油、中国海油当期业绩水平高于历史油价水平接近时期。2025年三季度，受油价下跌和炼化景气度低迷 影响，国际油气巨头的经营业绩同比下滑，埃克森美孚、雪佛龙、壳牌、道达尔归母净利润分别同比下降14.3%、33.9%、 9.6%、13.4%，中国石油、中国海油前三季度归母净利润跌幅小于多数国际油气巨头，在油价 ...

Core Insights - The company reported a revenue of 5.18 billion yuan and a net profit attributable to shareholders of 380 million yuan for Q3 2025, with a net profit excluding non-recurring items of 343 million yuan [1] - The company faced challenges due to extreme weather conditions affecting LPG transportation and temporary maintenance at the Guangzhou Huakai receiving station, impacting pre-tax profit by approximately 82 million yuan [1] Business Performance - The LNG business showed steady growth in gross profit, with a resilient performance despite a market characterized by "ample supply and price pressure," leading to an increase in gross profit per ton year-on-year and quarter-on-quarter [2] - The company has established a "dumbbell-shaped" business model, integrating upstream and downstream operations, which enhances its competitive advantage in pricing [2] Strategic Developments - The company plans to invest in a coal-to-natural gas project in collaboration with Xinjiang Qinghua and Henan Silk Road, with a total investment of 23.033 billion yuan, aiming to fill the gap in its equity gas resources [3] - This project will allow the company to diversify its upstream resource pool and expand its customer base in various sectors, including industrial users and city gas [3] Future Outlook - The special gases business is emerging as a key area for growth, particularly in the aerospace sector, with the company successfully supporting a recent rocket launch [4] - The helium production capacity has increased to 1.5 million cubic meters per year, with expectations to meet the growing demand from commercial aerospace [4] - The company anticipates improved LPG sales in Q4 following the completion of maintenance at the Guangzhou Huakai receiving station and the resolution of weather-related disruptions [5] - The company is well-positioned to benefit from the recovery of domestic natural gas prices in Q4, supported by strong supply assurance and pricing capabilities [5]