证券研究报告 | 策略点评 2025 年 10 月 10 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251010 今日关注 今日主要指数涨跌幅：沪指涨跌幅为-0.94%，深证成指涨跌幅为-2.7%， 创业板指涨跌幅为-4.55%。 申万一级行业表现：建筑材料、煤炭、纺织服饰在行业涨跌幅榜居前； 有色金属、传媒、通信在行业涨跌幅榜居后。 概念板块表现：总体来看，预增、动物疫苗、连板概念表现相对较好； 动力电池、锂电电解液、半导体概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 策略点评 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / ...

六氟磷酸锂（LiPF6）散单价格 10 月已上涨至 6.5-6.7 万元/吨，较三季 度均价 6.1-6.2 万元/吨上涨约 5,000 元，主要受碳酸锂等原材料涨价和 储能需求超预期增长驱动，其中碳酸锂涨价贡献约 30%-40%的涨幅。 储能市场需求激增，导致六氟磷酸锂在储能领域的应用比例从往年的 20%提升至近 40%，预计高景气度将维持到 2026 年中，下游排产计划 饱满，但需持续关注后续增量情况。 头部企业正就长单合同价格进行谈判，预计 10 月下旬新价格将落地并 可能上调，反映涨价趋势已影响长单市场。市场预期年底六氟磷酸锂价 格可能达到 7 万元/吨，散单和长单均价或将向此靠拢。 头部企业如天赐、多氟多、天际产能利用率维持高位，分别拥有 11 万 吨、6.2-6.3 万吨、3.7-3.8 万吨产能，占据市场有效产能约 70%。头 部企业暂缓新增产能计划，以避免议价能力下降和利润率降低。 长单计价模式基于碳酸锂价格波动模型，价格在一定范围内波动时，六 氟磷酸锂价格随之调整；超出范围则需重新议价。重新议价机制在原材 料价格或订单量波动超过固定值时启动。 六氟磷酸锂涨价持续性研判 20251008 摘要 ...

截至发稿，中伟股份市值为462亿元。 每经AI快讯，中伟股份（SZ 300919，收盘价：49.25元）9月29日晚间发布公告称，中伟新材料股份有 限公司与厦门厦钨新能源材料股份有限公司于2025年9月29日签署《战略合作框架协议》。双方合作围 绕消费电子、动力电池、低空经济、AI及机器人等新兴领域的关键电池材料供应链展开，重点覆盖三 元材料、钴酸锂、固态/半固态锂电材料、富锂锰基等高成长性产品，并延伸至前驱体、循环回收、锂 产品及全球资源开发，充分发挥双方技术、工程、资源、产线、产能等优势，实现合作共赢。 2025年1至6月份，中伟股份的营业收入构成为：电池材料占比45.17%，新能源金属占比43.49%，其他 占比11.34%。 每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 （记者 曾健辉） ...

Group 1 - The core viewpoint of the article highlights that Yichang Technology (002420.SZ) has successfully developed liquid cooling plates primarily used in energy storage, power batteries, and vehicle controllers [1] - The company has successfully entered the charging pile sector, with related products already in mass production [1] - Currently, the company has not yet ventured into the computing power and hydrogen energy sectors [1]

Group 1 - The company,沃尔核材, announced that its subsidiary, 上海科特新材料股份有限公司, will invest up to 1 billion yuan in the construction of the 科特(苏州)新材料 project in Wujiang Economic and Technological Development Zone [1] - The project will focus on the research, production, and sales of high-performance products such as thermal runaway protection products for power batteries, refractory materials, and electronic components [1] - The total investment includes approximately 360 million yuan for infrastructure (including land auction costs), 240 million yuan for equipment, and 400 million yuan for working capital [1] Group 2 - The Wujiang Economic and Technological Development Zone will provide around 74 acres of land for the implementation of the project [1] - The announcement highlights the benefits of the rapid development of the new energy vehicle industry, which is driving the continuous growth of the market for thermal runaway protection products for power batteries [1]

Group 1: Macro and Industry Policy Tracking - The domestic industry policy shows a trend of multi-field efforts, balancing development promotion and strict regulation, focusing on stabilizing growth in the industrial sector and optimizing supply [2][13] - The industrial sector aims to enhance international competitiveness and support light industry in contributing to economic stability [13][14] - The artificial intelligence and transportation sectors emphasize technological innovation and application, promoting smart upgrades in convenience living circles and transportation data set construction [13][15] Group 2: Automotive and Financial Sector Developments - The automotive aftermarket is undergoing reforms to stimulate consumption, with the Ministry of Commerce supporting cities to innovate and deepen reforms [16] - Financial regulatory measures are being strengthened to ensure the stability of banking institutions and protect consumer rights [20] Group 3: Consumer and Energy Sector Initiatives - The "Hundred Cities and Hundred Districts" cultural and tourism consumption plan aims to boost consumer spending through various incentives, including over 330 million yuan in subsidies [21] - The energy sector is focused on achieving carbon neutrality goals, with significant advancements in renewable energy capacity ahead of the 2030 targets [22] Group 4: Asset Price and Market Performance - A-share market performance varied, with the top five sectors showing gains, including electrical equipment (+3.65%) and automotive parts (+3.28%) [25] - The popular concepts this week included significant gains in sectors like photolithography machines (+8.96%) and semiconductor equipment (+6.36%) [28]

Group 1 - The company, Zhongjie Automobile, focuses on precision components for automotive thermal management systems [2] - The future development will leverage existing core advantages to concentrate on energy-saving, environmental protection, new energy vehicles, power batteries, and energy storage batteries in thermal management applications [2] - The company has developed customized mechanical arms, positioning devices, detection devices, and molds that can interact with robot controllers, utilizing various measurement methods for a fully automated comprehensive detection solution [2] Group 2 - The automation process includes the integration of loading, machining, cleaning, and inspection for base plates and valve products, as well as automatic loading and processing for pipe bending products [2]

Core Insights - The development of new carbon materials by researchers at Monash University in Australia is expected to address the shortcomings of current power batteries, enhancing their performance [2][3] - The graphene aluminum-ion battery developed in Brisbane shows a charging speed 60 times faster than conventional lithium-ion batteries, potentially reducing charging time from one hour to about one minute [3][4] - The aluminum-ion battery achieves a power density of 7 kW/kg by using aluminum metal, which costs $2,078 per ton, compared to lithium metal at $13,000 per ton, indicating a significant cost advantage [3][4] Group 1: Battery Performance Improvements - The graphene aluminum-ion battery is anticipated to provide more stable and longer-lasting energy output for electric vehicles, potentially alleviating range anxiety [4] - This new battery design eliminates the need for a cooling system, simplifying the battery structure and reducing weight by 20% compared to traditional lithium batteries [4] - Graphene's unique properties, such as high conductivity and mechanical strength, enhance battery performance by improving charge and discharge efficiency and extending cycle life [7] Group 2: Industry Challenges and Innovations - Despite the promising advancements, large-scale commercialization of graphene batteries remains a challenge due to production and cost issues [9] - Current production methods, such as chemical vapor deposition (CVD), are limited in scale and high in cost, hindering the mass production of high-quality graphene [9] - The competitive landscape for graphene battery development is intensifying globally, with various countries investing in this technology to enhance the safety and efficiency of electric vehicles [10]

Summary of the Conference Call on Jinfa Technology and the Modified Plastics Industry Industry Overview - The global modified plastics market size is approximately $428.5 billion in 2023, with a year-on-year growth of 4.6% [2][6] - North America accounts for over 30% of the market share, while China's market size is close to 300 billion RMB, growing by 12.1% year-on-year, significantly outpacing GDP growth [2][6] - China's modification rate is currently at 26%, which is still below the overseas average of 50%, indicating substantial room for improvement [2][6] Key Trends and Developments - Future trends in China's modified plastics sector include an increase in the proportion of specialty engineering plastics and improvements in the quality of general plastics [2][7] - The steel-plastic ratio globally is approximately 1:1, while in China, the ratio for quick-drying pens is 3:7, indicating a significant gap compared to the U.S. (7:3) and Germany (63:37) [2][8] Demand Drivers - The demand for modified plastics in the new energy vehicle (NEV) sector is driven by both sales volume and per-vehicle usage [2][9] - Global NEV sales are projected to reach 17.3 million units in 2024, with China's production expected to be 11.71 million units, reflecting a year-on-year growth of 43.69% [2][10] - The household appliance industry is the largest application field for modified plastics, with an expected sales volume of 180 million units in 2024, growing by 5.41% year-on-year [2][11] Company Insights: Jinfa Technology - Jinfa Technology is one of the largest modified plastics producers globally, with a total capacity of 3.72 million tons and an additional 505,000 tons under construction [3][12] - The company has diversified into specialty engineering plastics, including high-temperature nylon, LCP, and PPSU, and has reduced external dependencies through acquisitions [3][13] - Jinfa's automotive materials sales reached 560,300 tons in 2025, a 21% increase year-on-year, benefiting from the rising penetration of NEVs and weight reduction demands [3][17] - The household appliance materials business grew by 20% in the first half of 2025, driven by customized high-performance ABS products [3][18] Technological Barriers - The modified plastics industry faces technological barriers, particularly in the complexity of modification processes and formulation development [5] - Physical and chemical modifications require precise control over the distribution of additives and specific formulations, which are core competencies of companies in the sector [5] Future Outlook - Jinfa Technology is actively investing in the robotics sector and has established partnerships to provide material solutions, indicating a strategic move towards high-growth industries [3][26] - The company is also focusing on environmental sustainability through the development of high-performance recycled plastics and expanding its recycling capabilities [3][22] Conclusion - The modified plastics industry, particularly in China, presents significant growth opportunities driven by advancements in technology, increasing demand in key sectors like NEVs and household appliances, and the strategic positioning of leading companies like Jinfa Technology [2][3][7][11]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 1.24% to close at 3812.51 points, while the Shenzhen Component Index rose by 3.89% to 12590.56 points. The ChiNext Index saw a significant increase of 6.55%, closing at 2958.18 points. Overall, 4855 stocks rose, 473 fell, and 97 remained unchanged across the market [1]. Industry Performance - Among the Shenwan first-level industries, all sectors except for banking experienced gains today. The leading sectors included power equipment, telecommunications, non-ferrous metals, electronics, comprehensive, and machinery equipment [1]. Sector Highlights - The top-performing concept sectors today were related to energy storage and lithium batteries, including categories such as power batteries, lithium battery anodes, lithium battery electrolytes, solid-state batteries, sodium-ion batteries, lithium iron phosphate batteries, lithium mining, and photovoltaic inverters. Notably, the Ningde Times supply chain and related sectors also performed well [1].