碳酸锂诸多谜题未解，十万下方窄幅波动蓄势待发 一、日度市场总结 碳酸锂期货市场数据变动分析 主力合约与基差 ：2025年12月15日，碳酸锂主力合约价格小幅回落至 97720元/吨，较12月12日下跌1160元/吨。基差走强，从12月12日的-6380 元/吨收窄至-3720元/吨。 持仓与成交 ：持仓量小幅扩大，12月15日增至636384手，较12月12日的 634283手增加2101手；成交量同步扩大至757689手，较前值744190手增加 13499手。 产业链供需及库存变化分析 供给端 ：锂辉石精矿市场价于12月15日小幅走高至9410元/吨，较12月12 日上涨350元/吨；锂云母精矿价格维持稳定在4990元/吨。产能利用率大幅 上升，12月12日达83.52%，较12月5日的75.34%提升8.18个百分点，主因新 产线投产及盐场工艺优化推动供应增长。资讯显示，12月国内碳酸锂产量 预计环比增长约3%，供应端压力持续。 需求端 ：下游需求整体持稳但分化明显。正极材料价格小幅上扬，12月15 日动力型三元材料涨至145800元/吨，动力型磷酸铁锂升至39680元/吨。电 芯排产高位，但乘联会数据 ...

丨 2025年12月16日 星期二 丨 NO.1天赐材料：LiFSI年产能约3万吨，预计添加比例将升至3%至4% NO.2洛阳钼业：子公司拟以10.15亿美元收购金矿项目 12月15日，洛阳钼业公告称，控股子公司CMOCLimited拟以10.15亿美元通过收购加拿大上市公司EQX 持有的LatAm和LGC100%股权，获得Aurizona金矿、RDM金矿、Bahia综合矿区100%权益。 12月15日，天赐材料在互动平台表示，目前公司LiFSI年产能约为3万吨。随着快充电池的逐渐普及，预 计LiFSI在电解液中的添加比例会逐渐提升到3%至4%。 点评：此举顺应输配电设备行业出海趋势，有助于公司拓宽国际融资渠道、提升全球品牌影响力与市场 竞争力，加速海外业务布局。短期事件提振市场情绪，中长期若成功上市，将强化资本实力，支撑技术 创新与产业链升级，优化资本结构并增强抗风险能力。 点评：LiFSI因高导电性和热稳定性，是快充电池核心添加剂，其添加比例提升将显著扩大市场空间。 天赐作为电解液龙头，产能优势突出，有望优先受益于需求增长，强化行业话语权和盈利弹性。短期事 件提振板块情绪，中长期需关注快充渗透率、LiFS ...

每经AI快讯，12月15日，天赐材料在互动平台表示，目前公司LiFSI年产能约为3万吨。随着快充电池的 逐渐普及，预计LiFSI在电解液添加比例会逐渐提升到3-4%。 ...

Core Viewpoint - The article highlights the successful launch and sales performance of Li Auto's i6 model, indicating a strategic shift towards the pure electric vehicle market while maintaining its presence in the extended-range vehicle segment [3][4][6]. Group 1: Product Launch and Sales Performance - Li Auto's i6, launched in September, achieved significant sales during the National Day holiday, with 23,000 units sold, marking a successful entry into the competitive pure electric SUV market [3][4]. - The i6 is positioned to compete with popular models like Xiaomi's YU7 and Tesla's Model Y, targeting a substantial user base in the 200,000 to 300,000 price range for pure electric SUVs [3][4]. - The entire production capacity for the i6 for 2025 has been sold out, with a new order delivery period of 13-16 weeks, which is faster than competitors [3][4]. Group 2: Technical Specifications and Innovations - The i6 features a 5C lithium iron phosphate (LFP) battery and an 800V high-voltage architecture, allowing for a rapid charging capability of 500 kilometers in just 10 minutes [4][5]. - Li Auto has partnered with CATL and Sunwoda to develop advanced battery technologies, including a joint venture focused on lithium-ion battery production [4][5]. - The article emphasizes the safety and performance of the i6's fast-charging battery, which meets and exceeds new national standards [5][6]. Group 3: Industry Trends and Future Outlook - The article notes a growing trend in the industry towards high-performance fast-charging solutions, with many battery manufacturers announcing advancements in LFP battery technology [5][6]. - Li Auto plans to establish 4,000 supercharging stations by the end of 2025, having already built 3,200 stations, positioning itself as a leader in charging infrastructure [5][6]. - The shift towards pure electric vehicles is supported by declining raw material prices and technological advancements, enhancing the overall user experience and cost-effectiveness of electric vehicles [6].

Core Viewpoint - Wanrun New Energy has secured a significant contract with CATL for the supply of lithium iron phosphate, ensuring stable sales for the next five years [1][4]. Company Summary - Wanrun New Energy signed a business cooperation agreement with CATL to supply approximately 1.3231 million tons of lithium iron phosphate from May 1, 2025, to May 1, 2030, averaging about 264,600 tons per year [1]. - The total value of the order is estimated to exceed 42.3 billion yuan, contributing approximately 8.46 billion yuan in annual revenue, compared to the company's total revenue of 7.52 billion yuan last year [1]. - The company reported a 38.21% year-on-year decrease in revenue last year due to falling lithium iron phosphate prices, resulting in a net loss of 870 million yuan [4][5]. - Wanrun New Energy's sales to its top five customers accounted for 88.21% of total sales, indicating a high dependency on a few clients [4]. Industry Summary - Lithium iron phosphate is primarily used in lithium-ion batteries, with a market share exceeding 80% in domestic power batteries last year, and 92.5% in global energy storage batteries in 2024 [3]. - The order with Wanrun New Energy is the largest lithium iron phosphate order of the year, valued at four times the previous largest order signed by Longpan Technology with LG Energy [1][3]. - The lithium iron phosphate industry is currently in a profit recovery phase, with Wanrun New Energy's gross margin improving by 3.51 percentage points to 2.66% in Q1, although the company continues to incur losses [5]. - The demand for high-density lithium iron phosphate, particularly for fast-charging batteries, is increasing, with major battery manufacturers like CATL and BYD focusing on this segment [5].

Core Viewpoint - The article highlights the significant growth of China's lithium battery market, which has increased its market share from less than 70% at the beginning of 2024 to over 80% currently, driven by domestic demand in the electric vehicle sector [2][3]. Group 1 - The Chinese market has contributed the majority of the global growth in the new energy vehicle market in 2024, leading to a notable year-on-year increase in lithium battery demand [3]. - Overseas demand remains weak, with only specific companies like Tesla and Renault showing some growth potential, while production plans from European and American battery manufacturers have been adjusted downward [3]. - There is still room for improvement in the penetration rate of Chinese manufacturers in the global market [3]. Group 2 - The article mentions various reports and research services offered by the company, focusing on solid-state batteries, fast-charging batteries, and other battery-related markets from 2024 to 2028 [4][5]. - The company provides insights into trends and competitive strategies for various battery materials and recycling processes, indicating a comprehensive approach to industry research [5].

Core Viewpoint - CATL is significantly increasing its investment in high-pressure solid-state lithium iron phosphate (LFP) batteries to meet the growing demand for fast-charging batteries, while also revealing intentions to enter the robotics manufacturing sector [2][4]. Investment and Collaboration - CATL has invested 400 million RMB in Jiangxi Shenghua, a subsidiary of automotive parts supplier Fulian Precision, acquiring an 18.74% stake, which indicates a strong confidence in the high-pressure solid-state LFP technology [2][3]. - This investment follows a previous collaboration in 2021, where CATL and Changjiang Chendao increased their stake in Jiangxi Shenghua, which included a buyback clause that was executed in 2024 [2][3]. Capacity Expansion - Jiangxi Shenghua is committed to launching new production capacity by April 30, 2025, with a target of reaching an annual production capacity of 80,000 tons by July 31, 2025, and an additional 200,000 tons in its Sichuan base by December 31, 2025 [3]. - Combined with CATL's previously announced 450,000 tons per year capacity in Yichang, the total planned expansion exceeds 700,000 tons [3]. Market Demand and Technology - The expansion aligns with the surging demand for fast-charging electric vehicle batteries, with CATL projecting that over 70% of its battery shipments will be fast-charging products by 2025 [3]. - High-pressure solid-state LFP technology is crucial for achieving higher energy density and improved fast-charging performance, with Jiangxi Shenghua's third-generation products achieving a powder density of over 2.52 g/cm³ [3]. Strategic Positioning - The investment reflects CATL's broader strategy to maintain profitability amid intense price competition, as the price of high-pressure solid-state LFP materials has been rising, with increases of up to 1,500 RMB per ton [4]. - CATL aims to secure its supply chain and control production capacity to enhance its bargaining power and protect profit margins [5]. Robotics Sector Entry - The agreement includes potential collaboration in the fields of automotive and intelligent robotics, indicating CATL's interest in diversifying its business [5]. - CATL has been quietly building a research team in Shanghai focused on industrial robotics, with initial projects likely to include robotic arms and automated guided vehicles (AGVs) for its battery production lines [5]. - This move into robotics represents a strategic effort to tap into the automation upgrade opportunities in manufacturing, showcasing CATL's intent to explore new growth avenues beyond its core battery business [5].

2025 年 03 月 04 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 124 期 20250224-20250302）：锂电、光伏短期景 气度向好 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 ◼ 推荐公司及评级 报告摘要 ⚫ 行业整体策略：锂电、光伏短期景气度向好 近期科技主题有调整，可重视景气度向好的锂电、光伏主产业链；从 锂电、光伏未来景气度趋势看，锂电的持续性较好；从新技术看，BC 等光伏新技术落地能力更强。 新能源汽车产业链核心观点：中下游新周期已开启 1）3 月锂电景气度向好，重视有涨价预期环节。3 月中国市场动力+储 能+消费类电池排产量预计为 108GWh，环比增 11.3%，同比增长 27.1%。有涨价预期的环节有：磷酸铁锂、负极、钴等，近期低端和中 端人造石墨价格均上涨 500 元/吨左右。 2）重视下游生态的变化，高端化、智能化是趋势。a）小米 SU7 Ultra 定价 52.99 万元，超市场预期；中国智能电动车高端化激活。b）理想 汽车正式发布首 ...