股价一路飙升，股东和高管却乘机高位减持套现，让投资者瞬间陷入纠结状态。 近日，全球电解液龙头天赐材料发布减持公告称，三位高管计划减持合计92.4万股，占总股本0.0457%，预计套现约3600万元。其中，副董事长徐三善拟 减持50万股（0.0247%），董事顾斌拟减持40万股（0.0198%），副总经理史利涛拟减持2.4万股（0.0012%）。 据悉，此次减持原因均为个人资金需求，计划在2025年12月29日至2026年3月28日期间通过集中竞价方式完成。 12月10日，天赐材料（002709）发布公告，宣布对2022年可转债募投项目中"年产4.1万吨锂离子电池材料项目（一期）"进行第二次延期，项目完工时间 由原计划的2025年12月31日调整至2026年7月31日，涉及募集资金8.34亿元。截至2025年11月30日，该项目已投入募集资金 8223.47 万元，占计划投入募集 资金的9.86%。本次延期后，建设周期延长至45个月，较原计划累计延长7个月。 股价上涨被打断 这份减持计划让两个月内暴涨198%至49.78元/股高位的天赐材料股价突然暂停。为了重新提振股价，12月7日深夜，该公司控股股东徐金富发声 ...

Core Viewpoint - The electrolyte sector has entered a price increase phase since September, with significant price hikes observed in various materials, particularly additives like VC and FEC, driven by increasing downstream demand [1][2]. Price Trends - In early October, the price of additive VC rose from 46,500 CNY/ton to 65,500 CNY/ton, marking an increase of over 40%. The upward trend accelerated into November [2]. - As of November 12, the market price for VC reached 100,000-120,000 CNY/ton, with an average daily increase of 68%, indicating a strong seller's market and ongoing upward price pressure [4]. Supply and Demand Dynamics - The supply of VC has shifted from a tight balance to a state of shortage due to sustained increases in downstream demand. The purchasing cycle has shortened, and cash payments are now required [4]. - Despite full production capacity, industry players are unable to meet market demand, leading to a mismatch in supply and demand in the short term [4]. Historical Context - The previous price increase cycle for VC began in 2020, peaking at 475,000 CNY/ton in October 2021. Current prices have surpassed 100,000 CNY, suggesting potential for further market developments [6][7].

Core Insights - The rapid increase in the prices of electrolyte and lithium hexafluorophosphate (LiPF6) since October is primarily driven by a short-term supply-demand imbalance in the lithium battery industry [1][2][3] Price Trends - As of October 27, the price of electrolyte reached 25,500 yuan/ton, a 25.62% increase from the beginning of October, while LiPF6 prices rose to 98,000 yuan/ton, marking a 63.33% increase [1][2] - The price surge of electrolytes is attributed to the increase in LiPF6 prices, which in turn is influenced by the rising costs of lithium carbonate [2] Supply-Demand Dynamics - The lithium battery industry is experiencing a significant demand increase, particularly in the electric vehicle (EV) and energy storage sectors, leading to a mismatch in supply and demand [2][4][5] - The demand for lithium batteries is expected to remain high, with a notable increase in sales of new energy vehicles and energy storage batteries [4][5] Industry Performance - The performance of the electrolyte sector is showing signs of improvement, with median revenue and net profit growth rates for the industry in 2025 reported at 16.73% and 14.59%, respectively [6][7] - The third-quarter reports indicate a continued positive trend, with median revenue and net profit growth rates of 24.05% and 67.57% for the companies that have reported [6][7] Future Outlook - Short-term price increases for LiPF6 and electrolytes are anticipated, with close monitoring of lithium battery demand growth, LiPF6 production capacity, and lithium carbonate price trends [3]