据了解，随着供给收紧预期不断提升，碳酸锂价格一路飙涨。 赣锋锂业董事长李良彬在2025年11月曾公开表示，如果2026年需求增速超过30%，甚至达到40%，短期 内供应无法平衡，碳酸锂价格可能会突破15万元/吨甚至20万元/吨。 从需求来看，华金期货认为，2026年受新能源装机高速增长等影响，全球电化学储能需求将维持较高增 速，预计储能电池需求将新增25万吨，同比增长60%。同时，动力电池需求增速或有所下降，预计将新 增23万吨，同比增长25%。储能新增需求将首次超过动力电池新增需求，预计全球碳酸锂需求202万 吨，新增需求49.5万吨，同比增长32%。 在供给方面，由于此前锂价疲软导致部分锂矿项目进度放缓，锂矿产能增长速度不会过快。目前来看， 国内盐湖产量放量、江西锂云母矿复产或成为主要新增部分。对此，有机构预计，2026年国内碳酸锂供 应同比将增长约59%。海外市场，如非洲锂辉石矿增产、南美盐湖扩产，将使得供应增长18%。预计 2026年全球碳酸锂产量为213万吨，新增产量46万吨，同比增长28%。 1月8日，A股储能、锂电池板块早盘持续上涨，板块内多只个股涨停。碳酸锂期货价格逼近15万元/吨。 消息面上 ...

锂钴研究：2026Q1 正极排产解析，全年需求展望 20260107 摘要 2025 年全球新能源汽车销量达 2,110 万辆，同比增长超 20%，中国市 场受益于新能源商用车和购置税减免政策，增幅接近 30%。预计 2026 年中国新能源汽车销量同比增长约 17%，全球动力电池装机容量预计同 比增长约 30%。 2025 年储能电池出货量超 620GWh，同比增长超 70%。预计 2026 年全球储能电池出货量将超过 1TWh，并于 2027 年维持强劲装机状态。 整体电池需求预计同比增长 25.5%，达 2,900GWh 左右。 锂材料价格显著上涨，碳酸锂均价约 7.2 万元/吨，预计 2026 年均价将 超 10 万元/吨，一季度有望达 15 万元/吨，若复工节奏超预期，或冲击 20 万元/吨。锂矿供应虽有非洲、南美增量预期，但政策和政局不稳定 因素可能影响实际投放量。 三元材料产能过剩，有效产能超 300 万吨，实际需求仅百万吨级别。铁 锂方案逐渐被下游认可，海外企业也开始提升铁锂产品出货，这一趋势 将在未来几年继续增强。 Q&A 2026 年锂电池市场的整体预期如何？ 根据初步统计，2025 年全球 ...

内容概况：作为连接原料沥青与高性能碳材料的关键桥梁，中国中间相碳微球（MCMB）行业正处在 由高速增长向高质量发展的关键转折点。2024年，中国中间相碳微球行业市场规模约为75.59亿元，同 比增长4.46%。技术方面，通过对热缩聚法、悬浮法、乳化法等核心制备工艺的持续优化，实现了粒径 均一性的精准调控，表面改性技术将比容量提升等。这一系列创新不仅解决了传统MCMB能量密度偏 低的痛点，更强化了其在快充、低温、长循环等场景下的不可替代性，为下游应用提供了坚实的技术支 撑。 相关上市企业：宝泰隆（601011）、贝特瑞（920185） 相关企业：宝丰能源集团股份有限公司、山西焦化股份有限公司、中国石油化工股份有限公司、中国石 油天然气股份有限公司、宁波杉杉股份有限公司、上海璞泰来新能源科技股份有限公司、江西黑猫炭黑 股份有限公司、龙星化工股份有限公司、山西永东化工股份有限公司 关键词：中间相碳微球、中间相碳微球市场规模、中间相碳微球行业现状、中间相碳微球发展趋势 一、行业概述 中间相碳微球（Mesocarbon Microbeads，MCMB）是沥青、煤焦油等重质芳烃化合物在热处理过程 中，通过热缩聚反应生成的 ...

格隆汇1月5日｜有投资者在互动平台向博力威提问：储能电池行业前景广阔，目前公司储能电芯的产能 是多少？2026年是否会根据需求增长逐步扩大产能？ 博力威回复称，公司现有34145全极耳大圆柱电芯产能约1.5GWh，可用于电动轻型车、便携式储能、中 小工商业储能等领域，已于今年达到满产。公司将通过本次定增，在原有电芯生产基地内增加建设全极 耳大圆柱电芯生产线。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：起点锂电） 港股IPO浪潮中，头部电池企业亿纬锂能的进度备受关注！ 据此前6月信息显示，亿纬锂能港股IPO拟募资300亿港元，用于匈牙利30GWh大圆柱电池项目、马来西亚38GWh储能电池三期项目、补充营运资 金及一般企业用途，以支持其全球化战略落地。 就在2025年年底12月30日，港交所信息显示，亿纬锂能首次递交的港股IPO招股书资料已"失效"，此时距离递交日期2025年6月30日已满6个月。 这则消息迅速引发行业聚焦，不少媒体和机构认为，对于亿纬锂能这样的龙头企业而言，招股资料的失效或许为其上市之路蒙上一层迷雾。毕竟 在此之前，同行业的宁德时代于2025年2月11日递交A1申请文件，2025年5月20日在香港联交所主板挂牌交易，中间耗时不到百日，仅为98天。 实际上针对此次失效，亿纬锂能及时进行了回应，其表示由于目前市场环境下港股上市流程从首次递交A1招股书后计普遍超过6个月，因此重新 递交属于正常流程。公示将按照香港联交所上市规则尽快安排重新递交上市申请文件，对公司整体港股IPO进程无重大影响。 据起点锂电观察，在上市过程中，递交的相关资料失效 ...

Core Viewpoint - The article discusses the recent developments regarding EVE Energy's IPO process in Hong Kong, highlighting the implications of the expiration of its initial application and the subsequent resubmission of its listing documents, along with updates on its business performance and funding plans [2][4][5]. Group 1: IPO Process and Market Response - EVE Energy's initial IPO application submitted on June 30, 2025, has expired as of December 30, 2025, leading to concerns about its listing progress [2]. - The company responded by stating that the resubmission of documents is a normal procedure due to the extended IPO process in the current market environment, asserting that it will not significantly impact the overall IPO timeline [2][4]. - EVE Energy has refiled its application with the Hong Kong Stock Exchange in early January 2026, with CITIC Securities as its sole sponsor [4]. Group 2: Business Performance and Financials - EVE Energy is recognized as a leading lithium battery platform globally, excelling in consumer, power, and energy storage battery sectors, with a comprehensive R&D platform [4]. - The company reported revenues of 36.30 billion yuan in 2022, 48.78 billion yuan in 2023, and 45.00 billion yuan in the first nine months of 2025, with profits showing a steady increase [6]. - The latest financial data indicates a consistent upward trend in gross profit, with figures of 5.79 billion yuan in 2022, 8.12 billion yuan in 2023, and 7.18 billion yuan in the first nine months of 2025 [6]. Group 3: Funding and Project Updates - EVE Energy's funding plans have shifted; the latest IPO proposal indicates that the net proceeds will be used solely for the construction of its Hungarian production base and for working capital, excluding the previously planned Malaysian project [5][6]. - The Hungarian project, which is set to supply BMW's European market, has commenced construction and is expected to be operational by 2027 with a planned capacity of 30GWh [6]. Group 4: Market Expansion and Product Development - EVE Energy has expanded its customer base in the power battery sector, partnering with multiple automakers and increasing the number of models it supplies [8]. - The company achieved a total installed capacity of over 27GWh in the domestic market from January to November 2025, ranking fifth in the industry [9]. - In the commercial vehicle market, EVE Energy's installed capacity reached 16.43GWh, holding a market share of approximately 13% [10]. Group 5: Energy Storage Sector Growth - EVE Energy's energy storage segment has also seen significant growth, with total shipments of 48.41GWh in the first three quarters of 2025, surpassing the power segment [12]. - The company has secured over 69GWh in energy storage orders, benefiting from a surge in domestic and international demand [12][14]. - EVE Energy is actively expanding its energy storage battery production capacity, with ongoing projects in both domestic and overseas markets [16].

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 每日核心期货品种分析 发布日期：2025 年 12 月 26 日 商品表现 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 数据来源:Wind、冠通研究咨询部 期市综述 截止 10 月 16 日收盘，国内期货主力合约多数上涨。铂涨超 9% ...

证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 刘宏达 A0230524020002 程恺雯 A0230524080009 苏萌 A0230524080011 联系人：何佳霖 A0230523080002 2025.12.24 证 券 研 究 报 告 "制造强国"实干系列周报(12/21期) 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端关 注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点关注 标的：1）卫星制造：上海瀚迅+臻镭科技+航天电子，2）应用终端：海格通信+国博电子+通宇通讯，3）运营 ...

格隆汇12月24日丨西陇科学(002584.SZ)在投资者互动平台表示，公司目前磷酸铁锂正极材料主要用于 电动汽车和储能电池领域。 （原标题：西陇科学(002584.SZ)：公司目前磷酸铁锂正极材料主要用于电动汽车和储能电池领域） ...

Report Industry Investment Ratings No specific investment ratings for the industry are provided in the report. Core Views of the Report The report offers insights and analyses on various commodities in the futures market, covering precious metals, base metals, energy, agricultural products, and more. It presents the current market trends, fundamental data, and macro and industry news for each commodity, along with corresponding trend intensities and trading suggestions. Summary by Commodity Category Precious Metals - **Gold**: Inflation is moderately declining, with a trend intensity of 0 [6]. - **Silver**: Reached a new high, with a trend intensity of 0 [6]. - **Platinum**: Domestic and international markets resonate, and the bullish sentiment remains unabated, with a trend intensity of 1 [26][28]. - **Palladium**: The climbing pace has slowed, with an upward trend in oscillations, and a trend intensity of 1 [26][28]. Base Metals - **Copper**: The price rose as the US dollar declined, with a trend intensity of 1 [10][12]. - **Zinc**: Narrow - range fluctuations, with a trend intensity of 0 [13][15]. - **Lead**: Reduced inventory supports the price, with a trend intensity of 0 [16]. - **Tin**: Supply has encountered new disruptions, with a trend intensity of 1 [18][22]. - **Aluminum**: Range - bound oscillations, with a trend intensity of 1; Alumina had a slight rebound, with a trend intensity of 0; Cast aluminum alloy follows the trend of electrolytic aluminum, with a trend intensity of 0 [23][25]. - **Nickel**: The fundamental contradictions have not changed significantly, and concerns about Indonesian policies have increased, with a trend intensity of 0 [30][34]. - **Stainless Steel**: The fundamentals show weak supply and demand, and the news of Indonesian nickel mines has caused disturbances, with a trend intensity of 0 [30][34]. Energy and Chemicals - **Crude Oil - Related**: Not specifically mentioned in a comprehensive way, but some related commodities like fuel oil and asphalt are covered. - **Fuel Oil**: The night - session price rose, and short - term volatility increased, with a trend intensity of 1 [139]. - **Low - Sulfur Fuel Oil**: Mainly followed the upward trend, and the spot price spread between high - and low - sulfur fuels rebounded slightly, with a trend intensity of 1 [139]. - **Asphalt**: The spot price had a narrow - range adjustment, remaining stable despite the oil price trend, with a trend intensity of 1 [80][89]. - **Chemicals**: - **PTA**: Do not chase the high price, and it is in a high - level oscillating market, with a trend intensity of 0 [63][70]. - **MEG**: The trend is relatively weak, with a trend intensity of 0 [63][70]. - **LLDPE**: Some full - density products have been redirected, and the valuation support is limited, with a trend intensity of 0 [94][96]. - **PP**: The PDH profit has been compressed again, and the trend is weakly oscillating, with a trend intensity of 0 [97][99]. - **Caustic Soda**: A short - term rebound, and attention should be paid to inventory changes, with a trend intensity of 0 [100][102]. - **Methanol**: Oscillations are supported, with a trend intensity of 0 [112][115]. - **Urea**: Oscillating, with a trend intensity of 0 [116][119]. - **Styrene**: Short - term oscillations, with a trend intensity of 0 [120]. - **Soda Ash**: The spot market has changed little, with a trend intensity of 0 [124][125]. - **LPG**: The external cost is relatively strong, with a trend intensity of 0 [127][132]. - **Propylene**: There are expectations of supply - demand tightening, and the short - term trend is supported, with a trend intensity of 0 [128][132]. - **PVC**: A short - term rebound, but the upward space may be limited, with a trend intensity of 0 [136][137]. Agricultural Products - **Palm Oil**: The production cut is gradually being realized, and there is a short - term rebound, with a trend intensity of 1 [168][174]. - **Soybean Oil**: The price of US soybeans rebounded, and it is recommended to conduct range - bound operations, with a trend intensity of 0 [168][174]. - **Soybean Meal**: The US soybeans rose overnight, and the Dalian soybean meal may rebound and oscillate, with a trend intensity of +1 [175][177]. - **Soybean**: Oscillating, with a trend intensity of 0 [175][177]. - **Corn**: Attention should be paid to the spot market, with a trend intensity of 0 [178][181]. - **Sugar**: There is an expectation of a weak basis, with a trend intensity of 0 [182][185]. - **Cotton**: The futures price is oscillating strongly, and attention should be paid to downstream pre - holiday stocking, with a trend intensity of 0 [187][191]. - **Eggs**: Oscillating and adjusting, with a trend intensity of 0 [193]. - **Hogs**: Hold the reverse spread, with a trend intensity of - 1 [195][200]. - **Peanuts**: Attention should be paid to the purchases of oil mills, with a trend intensity of 0 [202][204]. Others - **Logs**: Low - level oscillations, with a trend intensity of 0 [59][62]. - **Synthetic Rubber**: The oscillation center has moved up, with a trend intensity of 0 [77][79]. - **Paper Pulp**: Oscillating, with a trend intensity of 0 [104][106]. - **Glass**: The raw sheet price is stable, with a trend intensity of 0 [109][110]. - **Ferroalloys**: - **Silicon Iron**: The sector and fundamentals resonate, and the trend is strongly oscillating, with a trend intensity of 0 [50][54]. - **Manganese Silicon**: The long and short sentiments are intertwined, and the trend is widely oscillating, with a trend intensity of 0 [50][54]. - **Coke and Coking Coal**: Wide - range oscillations, with a trend intensity of 0 for both [55][58]. - **Container Freight Index (European Line)**: Near - term contracts should focus on the opening guidance, while far - term contracts should focus on the progress of the Gaza peace talks, with a trend intensity of 0 [141][155]. - **Short Fibre**: Short - term follow - up of raw materials, with compressed processing fees, with a trend intensity of 0 [157][158]. - **Bottle Chips**: Short - term follow - up of raw materials, with a trend intensity of 0 [157][158]. - **Offset Printing Paper**: It is recommended to wait and see, with a trend intensity of 0 [160]. - **Pure Benzene**: Short - term oscillations, with a trend intensity of 0 [165][166].