该标准对于进一步提高动力锂电池运输效率、提升运输安全管控能力具有重要意义，有利于更好建设新 能源产业链。 《 人民日报 》（ 2025年08月26日 02 版） (责编：杨光宇、胡永秋) 关注公众号：人民网财经 本报北京8月25日电 （记者林丽鹂）市场监管总局（国家标准委）日前批准发布《动力锂电池运输安全 及多式联运技术要求》国家标准，将于2026年2月1日起实施。 动力锂电池是新能源汽车的"心脏"，其安全高效运输是提高产业链供应链韧性的关键。 该标准规定了动力锂电池运输的分类与分级，以及运输包装、托运、装卸、临时存放、多式联运和应急 处置等要求，创新建立了动力锂电池运输分级标准，完善了在用电池、废旧电池包装性能要求。同时明 确动力锂电池多式联运的相关单证和信息共享要求，支撑解决各种运输方式之间单证不统一、信息重复 填报问题，促进动力锂电池便捷、高效运输。 ...

每经记者｜彭斐 每经编辑｜张海妮 在全球新能源产业链需求增速放缓、上游材料竞争加剧的背景下，电解液龙头石大胜华（603026.SH，股价38.18元，市值88.85亿元） 正面临严峻的经营挑战。 8月25日晚间，石大胜华发布的2025年半年报显示，公司上半年实现营业收入30.11亿元，同比增长14.87%，但营收的增长并未带来利 润改善，公司归属于上市公司股东的净利润（以下简称归母净利润）为-5633.78万元，而上年同期盈利3805.72万元。 造成这一局面的首要外部因素是核心产品处于行业"寒冬"期。石大胜华在半年报中指出，2025年上半年，国内电解液溶剂市场供需失 衡的局面延续，导致碳酸酯溶剂市场价格维持低位震荡走势。同时，MTBE（甲基叔丁基醚）等产品也因需求承压和产能释放，价格 承压下行。 作为国内规模较大、国际知名的锂电池电解液溶剂供应商，石大胜华在产业链价格下行周期中盈利能力受到影响。 《每日经济新闻》记者注意到，除了外部市场压力，石大胜华多个核心生产基地的亏损则构成了业绩下滑的内部主因。 石大胜华表示，公司是行业内为数不多的同时拥有四大生产基地的碳酸酯生产供应商（东营、济宁、泉州、武汉）。但根据 ...

交易咨询业务资格：证监许可【2012】1091号 镍价短期震荡难破，供需宽松格局延续 （2025.08.25） 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 行情回顾 沪镍价走势 数据来源：博易大师 | | | | 全球镍元素供给及预期(万镍吨) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | | 原生镍总供应 | | 256 | 269 | 306 | 331 | 338 | 369 | | 全球纯银产量 | | 85 | 78 | 81 | 82 | 90 | 99 | | 全球镍铁产量 | | 140 | 169 | 190 | 206 | 205 | 221 | | | NP ...

期货研究院 新能源产业链日度策略 New Energy Industry Chain daily Report 能源化工团队|有色贵金属与新能源团队 | 作者： | 魏朝明 | | --- | --- | | 从业资格证号： | F3077171 | | 投资咨询证号： | Z0015738 | | 联系方式： | 010-68578971 | | 作者： | 胡彬 | | --- | --- | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年08月20日星期三 更多精彩内容请关注方正中期官方微信 摘要 碳酸锂： 【市场逻辑】 据SMM，周三SMM电池级碳酸锂指数价格85752元/吨，环比上一 工作日下跌189元/吨；电池级碳酸锂8.44-8.7万元/吨，均价8.57 万元/吨，与上一工作日持平；工业级碳酸锂8.28-8.4万元/吨，均 价8.34万元/吨，与上一工作日持平。据SMM，供应方面，上周碳 酸锂产量19980吨，较前一周增加424吨;其 ...

Core Viewpoint - Indonesia's nickel industry is experiencing a profound internal contradiction, with nickel exports surpassing coal for the first time, marking a peak in the country's mineral downstream integration strategy initiated in 2014. However, the world's largest nickel producer, Tsingshan Holding, has paused some nickel smelting lines due to global oversupply and profit pressure, indicating structural risks in Indonesia's nickel-centric industrial strategy [2][3][4][5]. Group 1: Nickel Industry Dynamics - In H1 2025, Indonesia's nickel export value reached $16.5 billion, exceeding coal's $14.4 billion, making nickel the largest export commodity [3]. - The success of Indonesia's nickel industry, driven by a decade-long integration strategy, has led to a saturation point in value growth, prompting the government to accelerate a complex industrial transformation towards a complete new energy industry chain [4][6]. - The government plans to reduce nickel ore production quotas from 272 million tons to 150 million tons by 2025 to stabilize prices and encourage investment in high-value products like nickel hydroxide and nickel sulfate [16]. Group 2: Manufacturing and Economic Transition - Indonesia's manufacturing sector has been underperforming, contributing only 19% to employment in 2023, significantly lower than manufacturing-led countries like Vietnam, raising concerns about falling into a "middle-income trap" [9][10]. - The "Making Indonesia 4.0" strategy aims to increase manufacturing's GDP contribution from under 20% to 25% by 2030, focusing on automotive, electronics, chemicals, textiles, and food and beverage sectors [11]. - The strategy seeks to replicate and upgrade the successful model established in the nickel industry, leveraging Indonesia's resource advantages to attract foreign investment in downstream processing [12][14]. Group 3: Electric Vehicle Market Growth - The electric vehicle market in Indonesia is experiencing explosive growth, with domestic EV sales soaring by 215.2% in H1 2025, and BYD leading with a market share of nearly 39% [23][24]. - The government aims to have 1.3 million electric two-wheelers on the road by 2030, contributing 5-8 GWh of battery demand annually [28]. - The RUPTL plan outlines a target of adding 10.3 GW of battery storage capacity, creating a significant market for energy storage solutions [29]. Group 4: Infrastructure and Investment Challenges - Indonesia's aging infrastructure poses significant challenges, with the national grid unable to effectively absorb renewable energy from remote areas, necessitating the construction of nearly 48,000 kilometers of new transmission lines [37]. - The unique "Indonesian model" requires companies bringing foreign capital to also build infrastructure, leading to high upfront capital expenditures and creating barriers for smaller participants [38]. - The establishment of the INA sovereign wealth fund is seen as a key player in reducing project risks for foreign investments, signaling a shift towards a more favorable financing environment for emerging industries [39]. Group 5: ESG Considerations and Future Outlook - Indonesia's green energy transition heavily relies on high-carbon coal power, raising significant ESG risks that could impact product marketability in regions with strict carbon footprint regulations [46]. - Collaborative projects, such as the one between Greeenme and Vale, aim to establish environmentally friendly nickel processing facilities, aligning with global ESG standards [47]. - Despite challenges, Indonesia is on track to create a complete lithium battery ecosystem, encompassing upstream resource extraction, midstream material refining, and downstream battery manufacturing, positioning itself as a critical player in the global battery industry [40][49].

Core Viewpoint - The article highlights the strong performance of Huayou Cobalt in the first half of 2025, driven by significant growth in nickel and cobalt product sales, alongside strategic expansions in resource development and market positioning within the lithium battery industry [2][4][10]. Financial Performance - In the first half of 2025, Huayou Cobalt achieved total revenue of 37.20 billion yuan, a year-on-year increase of 23.78% [3] - The net profit attributable to shareholders reached 2.71 billion yuan, marking a 62.26% increase compared to the previous year [3] - The company's net profit after deducting non-recurring gains was 2.59 billion yuan, up 47.68% year-on-year [3] Product Performance - Nickel product shipments totaled 139,400 tons, representing an impressive year-on-year growth of 83.91% [5] - Revenue from nickel ore and intermediate products surged by 137.54% and 68.32%, respectively, significantly outpacing other product categories [6] - Nickel and nickel intermediate products accounted for 49.4% of total revenue and 57.9% of gross profit during the reporting period [7] Resource Development - The company is actively developing nickel-cobalt resources in Indonesia, with new investments in two nickel mines and ongoing projects aimed at increasing nickel production capacity [8] - The Pomalaa wet process project is expected to produce 120,000 tons of nickel annually, while the Sorowako project is in the preparatory stages for a 60,000-ton capacity [8] Market Dynamics - The global cobalt market has seen a significant improvement in supply-demand dynamics, with cobalt prices rebounding after a period of oversupply [9] - Huayou Cobalt's gross margin for cobalt products increased by 15 percentage points to around 32%, mitigating the impact of declining cobalt shipment volumes [9] Strategic Positioning - The company has established a strong presence in the supply chains of major electric vehicle manufacturers, including Tesla, Volkswagen, and BMW, through strategic agreements and product supply [9] - Huayou Cobalt is focusing on high-end applications and global partnerships, particularly in the large cylindrical battery materials market, which is expected to be a key growth area [10] Future Outlook - The company anticipates that the price stabilization of key raw materials like nickel and cobalt will support a recovery in market share for ternary materials in the battery sector [10] - Huayou Cobalt's integrated business model positions it well to navigate industry fluctuations and capitalize on future growth opportunities, with projections indicating potential revenue exceeding 100 billion yuan in the coming years [10]

Core Viewpoint - The National Standard for the safe transportation and multimodal transport technical requirements of power lithium batteries (GB/T45915—2025) has been approved and will be implemented on February 1, 2026, highlighting the importance of safe and efficient transportation in enhancing the resilience of the lithium battery supply chain and supporting high-quality development in the new energy vehicle industry [1] Group 1: Standard Overview - The new standard categorizes and classifies the transportation of power lithium batteries, detailing requirements for packaging, shipping, loading and unloading, temporary storage, multimodal transport, and emergency response [1] - It innovatively establishes a grading standard for the transportation of power lithium batteries based on the UN recommendations for the transport of dangerous goods, improving packaging performance requirements for used and waste batteries [1] Group 2: Industry Impact - The standard aims to enhance the efficiency of comprehensive transportation services for power lithium batteries and improve safety control capabilities, thereby supporting the construction of a complete and advanced new energy industry chain in China [1] - It addresses issues of document unification and redundant information reporting across various transport modes, facilitating convenient and efficient transportation of power lithium batteries [1]

Group 1 - Huayou Cobalt achieved a revenue of 37.2 billion yuan in the first half of 2025, representing a year-on-year growth of 23.78%, and a net profit of 2.711 billion yuan, up 62.26% year-on-year [1] - The increase in sales volume and prices of the company's main products, along with optimized production processes and cost reduction, significantly enhanced profitability [1] - The progress of the nickel-cobalt project in Indonesia is on track, which is expected to provide strong support for the company's future performance growth [1] Group 2 - China Shenhua announced plans to acquire 100% equity stakes in multiple energy-related companies, including Guoyuan Power and Xinjiang Energy, through the issuance of A-shares and cash payments [2] - This large-scale asset acquisition will significantly enhance the company's resource reserves and industrial scale, consolidating its leading position in the coal and electricity sectors [2] - The integration of these enterprises is expected to optimize the industrial chain structure and strengthen integrated operational capabilities [2] Group 3 - Hainan Mining plans to invest 300 million yuan to acquire a 15.7895% stake in Luoyang Fengrui Fluorine Industry Co., Ltd., which specializes in fluorite mining and production of anhydrous hydrofluoric acid [3] - Hydrofluoric acid, derived from fluorite, is a key raw material for the lithium battery industry, essential for producing lithium hexafluorophosphate, the core component of lithium battery electrolytes [3] - The investment is anticipated to provide Hainan Mining with long-term stable returns and enhance its competitive advantage in the industry, given the growing demand for fluorite and its downstream products due to the expansion of the global new energy vehicle market [3]

Core Insights - Jilin Province's Songyuan City is leveraging its wind and solar energy resources to establish new energy as a breakthrough for industrial transformation and upgrading [1] - In 2024, Songyuan City is expected to complete fixed asset investment of 14.81 billion yuan in the new energy sector, with a projected cumulative investment exceeding 100 billion yuan by the end of the 14th Five-Year Plan [1] - The city has a rich clean energy resource base and significant development potential, having introduced 10 leading enterprises in the new energy equipment manufacturing sector, including CRRC and Chint [1] - In 2024, the output value of scale enterprises in the equipment sector in Songyuan City is projected to reach 7.4 billion yuan [1]

Group 1 - Jilin Province's Songyuan City is leveraging its wind and solar energy resources to establish new energy as a breakthrough for industrial transformation and upgrading, aiming to build a full industrial chain development pattern of "source-network-load-storage + equipment manufacturing + hydrogen energy industry" [1] - In 2024, fixed asset investment in the new energy sector in Songyuan City is expected to reach 14.81 billion yuan, with a cumulative investment exceeding 100 billion yuan by the end of the 14th Five-Year Plan [1] - Songyuan City has introduced 10 leading enterprises in the new energy equipment manufacturing sector, achieving an output value of 7.4 billion yuan from scale enterprises in the equipment sector in 2024 [1] Group 2 - The green hydrogen production is a significant method for new energy consumption, with the China Energy Construction Songyuan Hydrogen Energy Industrial Park project being the largest integrated green hydrogen and ammonia project globally, with a total investment of 29.6 billion yuan [2] - Songyuan City is planning to construct 10 hydrogen-related projects, which will produce 500,000 tons of green hydrogen, 1.3 million tons of green ammonia, 1.8 million tons of green methanol, and over 1 million tons of high-purity iron from pure hydrogen metallurgy annually upon completion [2]