摘要 "做到容易，做好很难" 跨入TWh时代之后，中国锂电要在世界第一之后，再回答一个更难的问题——什么才是高质量发展的下一段路。 11月20日，在2025（第十五届）高工锂电年会的闭幕式（二）：新周期新展望，宁德时代董事长曾毓群博士、天赐材料董事长徐金富、思客琦董事长 兼总经理付文辉、容百科技董事长白厚善、龙蟠科技董事长石俊峰围绕长期主义、技术创新、全球布局、协同制造、能源体系重构等关键议题，分享了 对产业走向的深度思考。 在中国锂电池出货量跨入后TWh时代之际， 宁德时代董 事长曾毓 群博士 展望行业下一个十五年的高质量发展之路。 宁德时代董事长曾毓群博士 他指出，中国锂电已进入全球占比领先的新阶段，但创新不足、价格内卷和无序扩张等问题正在削弱竞争基础。未来十五年的关键，在规模继续放大的 同时，要看清行业属性，坚守行业自律，坚持长期主义。 他的判断从三个维度展开。 一、锂电属于能源行业。全球用电需求快速上升，中国新增用电量规模相当于发达国家的全年总量，电气化与清洁化趋势使锂电站在能源体系重构的核 心。 国内新能源汽车渗透率连续维持高位，电动商用车、电动飞机、电动船舶，以及数据中心和机器人等新兴领域正形成新 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 21世纪经济报道记者 吴霜 近日，中国保险资产管理业协会的官方微信公众号名称更名为"中国银行保险资产管理业协会"，新 增"银行"二字，意味着对于银行理财的自律监管组织又增一家。 此前，银行理财公司主要的自律组织包括：银行业理财登记托管中心和中国银行业协会理财业务专业委 员会。 目前，"中国银行保险资产管理业协会"官网的名称还暂未更改，其今年6月5日公布的理财子公司会员单 位中，就已经有光大理财、华夏理财、农银理财、平安理财和中银理财五家单位。 而在其8月19日公布的，理财公司会员单位中，已经有共30家会员单位，汇华理财和信银理财两家暂未 列入其中。 除了新加入的银行理财外，"中国银行保险资产管理业协会"会员单位还有公募基金公司及其子公司、证 券公司及其子公司、信托公司、期货公司及其子公司、私募基金公司、金融资产投资公司、基金销售机 构、交易所、律师事务所、投资咨询机构、科技企业、保险资产管理公司、保险机构等。 从功能上看，"中国银行保险资产管理业协会"更多是"发挥市场主体和监管部门之间的桥梁和纽带作 用"，面向参与保险资产管理业务的各类机构，实施行业自律，促进 ...

21世纪经济报道记者吴霜 近日，中国保险资产管理业协会的官方微信公众号名称更名为"中国银行保险资产管理业协会"，新增"银行"二字，意味着对于银行理财的自律监管组织又增 一家。 此前，银行理财公司主要的自律组织包括：银行业理财登记托管中心和中国银行业协会理财业务专业委员会。 前者是最重要、最核心的银行理财自律管理和基础设施机构，是经财政部、原银监会（现金融监管总局）批准，由中央国债登记结算有限责任公司（简称中 央结算公司）于2016年全资发起设立的中立性理财市场服务机构。主要职能包括：理财信息登记、理财登记托管结算、理财信息披露等。 实际上，根据21世纪经济报道了解，"中国银行保险资产管理业协会"的更名和扩容从去年年底就已经在酝酿。一家股份行理财子在2024年12月底就已经入 会，"我们比较关注协会的角色定位和管理职能"，彼时，一位业内人士对记者表示。 直到今年5月，部分国有行理财子和股份行理财子仍在陆续加入。 目前，"中国银行保险资产管理业协会"官网的名称还暂未更改，其今年6月5日公布的理财子公司会员单位中，就已经有光大理财、华夏理财、农银理财、平 安理财和中银理财五家单位。 而在其8月19日公布的，理财公司 ...

Core Viewpoint - The Hydrogen Energy Promotion Association, in collaboration with 40 leading hydrogen energy companies, has released the "Initiative for Healthy Development of China's Electrolyzer Industry" to address issues such as disorderly competition and price dumping in the electrolyzer market [1][2]. Group 1: Initiative Details - The initiative outlines ten core actions aimed at promoting a healthy and orderly development of the electrolyzer industry, focusing on self-discipline and fair competition [1]. - Key proposals include avoiding unrealistic project planning, discouraging blind pessimism due to project cancellations, and preventing low-cost competition below production costs [2]. Group 2: Market Insights - The average cost of alkaline electrolyzer equipment with a capacity of 1000 standard cubic meters per hour is reported to be between 3 million to 3.5 million yuan per unit, excluding additional costs [2]. - There has been a significant decline in the average bidding price for alkaline electrolyzers, dropping nearly 21% from approximately 340 million yuan per unit in January to around 270 million yuan per unit by September [2]. Group 3: Future Actions - The Hydrogen Energy Promotion Association plans to implement the initiative through industry self-regulation and standard establishment, aiming to transition the industry from low-level competition to high-quality development [3].

| 五、宏观信息 | | --- | | 中国向日方通报暂停进口日本水产品。外交部发言人毛宁在例行记者会上强调，当前形势下，即使日本水产品向中国出口也不会有市场。日本首相高市早苗涉 台错误言论损害中日关系政治基础，如果日方拒不撤回、甚至一错再错，中方将不得不采取严厉、坚决的反制措施，由此产生的一切后果由日方承担。 | | 国务院副总理张国清在贵州、重庆调研制造业数智化转型升级、国有企业创新发展等工作。他强调，要加快制造业数智化转型升级，扎实推进国有企业创新发 | | 展，坚持优化提升传统产业、培育壮大新兴产业、前瞻布局未来产业并举，因地制宜发展新质生产力。 | | 国家出入境管理局宣布，从11月20日起，扩大可签发一次有效台湾居民来往大陆通行证口岸数量至100个。 | | 俄罗斯总统普京表示，针对中国公民的免签政策将于近期生效。外交部发言人毛宁表示，两国实现互免签证将进一步加强人文交流，符合两国人民共同利益。 宏观信息 | | 京津冀签署自贸试验区全产业链协同创新行动方案，明确在先进制造、数字经济、现代物流三大重点产业领域开展协同创新。 | | 六、行业信息 | | 中指研究院表示，今年前10月，重点城市二手 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The industrial silicon market showed a significant increase today, and it remains in a short - term bullish trend, with attention on the upper pressure level of 9600 [2] - From the fundamental perspective of industrial silicon, the supply side will shrink next week as some enterprises in Southwest China plan to cut production due to the approaching dry season and expected sharp rise in electricity prices; the demand side varies in different downstream fields, with potential for increased demand in the organic silicon segment, a stable demand trend in the polysilicon segment, and limited pulling effect on industrial silicon from the aluminum alloy segment [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract was 9390 yuan/ton, up 410; the position of the main contract was 306669 lots, up 58650; the net position of the top 20 was - 72756 lots, down 23271; the warehouse receipts of GZEE were 43412 lots, up 10; the basis of the December - January industrial silicon contract closing price was 0, down 20 [2] Spot Market - The average price of oxygen - passing 553 silicon was 9450 yuan/ton, unchanged; the average price of 421 silicon was 9750 yuan/ton, unchanged; the basis of the Si main contract was 60 yuan/ton, down 410; the spot price of DMC was 13000 yuan/ton, unchanged [2] Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2410 yuan/ton, unchanged; the average price of clean coal was 1850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12250 yuan/ton, unchanged [2] Industry Situation - The monthly output of industrial silicon was 402800 tons, up 36000; the weekly social inventory of industrial silicon was 55.2 tons, up 1; the monthly import volume of industrial silicon was 1939.85 tons, up 602.27; the monthly export volume of industrial silicon was 70232.72 tons, down 6409.29 [2] Downstream Situation - The weekly output of organic silicon DMC was 4.49 tons, up 0.07; the average price of aluminum alloy ADC12 in the Yangtze River spot was 21400 yuan/ton, up 100; the overseas price of photovoltaic - grade polysilicon was 15.95 dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon was 6.5 dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy was 23495.34 tons, down 5568.37; the weekly operating rate of organic silicon DMC was 72.18%, up 2.92; the monthly output of aluminum alloy was 177.6 tons, up 14.1; the monthly export volume of aluminum alloy was 23495.34 tons, down 5568.37 [2] Industry News - On November 12th, Luxi Chemical (000830.SZ) led an organic silicon industry meeting. The industry aims to cut the operating rate by 30% starting in early December and raise the price target of organic silicon DMC to 13500 yuan/ton within half a month [2]

Core Viewpoint - The solar industry is facing challenges of disorderly competition, leading to significant price declines across key segments, with some product prices falling below cash costs for companies [1] Group 1: Industry Challenges - The solar industry has been experiencing severe price drops in the four major segments: silicon materials, silicon wafers, batteries, and modules since the end of 2023 [1] - Companies are urged to maintain a balanced competitive environment to avoid excessive competition while ensuring operational capabilities [1] Group 2: Company Insights - Tongwei Co., Ltd. is the largest silicon material producer globally, with a silicon material capacity exceeding 900,000 tons, solar cell capacity over 150 GW, and module capacity exceeding 90 GW as of mid-2023 [1] - The company emphasizes the need for industry self-discipline and the establishment of a platform company to manage silicon material production and prevent over-competition [1] Group 3: Proposed Solutions - The concept of "silicon material storage" is proposed to regulate supply and demand, akin to a water supply control system, to stabilize product prices and promote healthy industry development [2] - The industry is encouraged to retain some redundant capacity to adapt to dynamic demand changes, with the Chinese Photovoltaic Industry Association playing a crucial role in facilitating this process [2] - The example of OPEC is cited to illustrate how coordinated efforts can lead to stability in production and pricing, with a strong belief in achieving effective high-quality collaborative development in the solar industry over the next 5 to 10 years [2]

周度报告—工业硅/多晶硅 有机硅欲"反内卷" ，硅片企业联合挺价 | [T走ab势le_评R级an：k] | 工业硅：震荡/多晶硅：震荡 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 11 | 月 | 16 | 日 | [★Ta工bl业e_硅Summary] 根据铁合金在线，本周四川、福建、东北各减少 1 台开炉，内 蒙、甘肃新增 1、2 台开炉。西南枯水期预计仍有进一步停 炉，11 月月底四川开炉数预计将至 10 台内，云南开炉数预计 降至 12 台左右。北方生产较为稳定，关注历年来环保、限电 可能对开工造成的阶段性影响。SMM 工业硅社会库存环比-0.6 万吨，样本工厂库存环比+0.06 万吨。目前平衡表显示 11 月工 业硅小幅累库、12 月去库约 1 万吨。但若有机硅"反内卷"减 产执行到位，或导致 12 月工业硅也难以去库。 ★多晶硅 有 色 金 属 根据 Infolink，本周现货以交付前期订单为主，并无新签订 单。龙头一线厂家致密复投料价格维持 51-53 元/千克以上，颗 粒料维持 50 ...

中国光伏行业协会执行秘书长刘译阳表示，不要低估政策决心，光伏行业不走出内卷式恶性竞争誓不罢 休。在相关部委的坚强指导下努力推进行业自律和"反内卷"工作，从供需两端共同发力，市场化地推动 落后产能有序退出。行业自律，反内卷，核心目的就是要让市场恢复到公平竞争的环境中来，光伏行业 高质量发展就是要让重诺守信的企业发展得更好。 光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数从沪深市场中选取涉及硅材料、电池 片、组件、逆变器等光伏产业链环节的上市公司证券作为指数样本，以反映太阳能光伏发电相关业务的 整体表现。该指数聚焦新能源与环保领域，能够有效追踪光伏行业的发展趋势和市场动态。 （文章来源：每日经济新闻） ...

Report Industry Investment Ratings - Copper: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] - Aluminum: ★★★, suggesting a clearer long - term trend and a relatively appropriate investment opportunity [1] - Alumina: ★★★, showing a clearer long - term trend and a relatively appropriate investment opportunity [1] - Cast Aluminum Alloy: ★★★, representing a clearer long - term trend and a relatively appropriate investment opportunity [1] - Zinc: ★☆☆, meaning a bullish/bearish bias, with a driving force for price movement but limited operability on the trading floor [1] - Nickel and Stainless Steel: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] - Tin: ★★★, suggesting a clearer long - term trend and a relatively appropriate investment opportunity [1] - Lithium Carbonate: ★★★, showing a clearer long - term trend and a relatively appropriate investment opportunity [1] - Industrial Silicon: ★★★, representing a clearer long - term trend and a relatively appropriate investment opportunity [1] - Polysilicon: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] Report's Core Views - The overall sentiment in the non - ferrous metals market is affected by factors such as the US government's end of the shutdown, expectations of the Fed's interest rate cut, and industry - specific supply - demand and policy situations. Different metals show various price trends and investment opportunities [2][3][5] Summary by Metal Copper - On Thursday, the non - ferrous metals sector showed a rising trend with increased positions. The short - term prices of Shanghai copper and LME copper tested RMB 88,000 and $11,000 respectively. The SMM social inventory increased by 5,200 tons to 201,100 tons this week, and the spot copper price rose to RMB 87,210. The Shanghai copper still had a premium of RMB 50. Short - term attention should be paid to the performance at the upper integer levels [2] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum continued to rise with increased positions. The spot premiums and discounts in East, Central, and South China showed little change. The macro environment is positive, and the long - term supply - demand situation in the aluminum market is promising, but the short - term fundamentals are stable. The high point of Shanghai aluminum refreshed a three - year high, and the index increased positions by 30,000 lots to 820,000 lots. The price of Baotai ADC12 spot increased by RMB 100 to RMB 21,100. Alumina has an oversupply situation, and its price is expected to be weak with limited rebound space [2] Zinc - The external market remained strong, and the export window for zinc ingots opened. The domestic smelters' production cuts are gradually being implemented, and the spot in East China is tight. The SMM zinc social inventory decreased by 800 tons to 157,900 tons. The price difference between the internal and external markets has limited room for further expansion. The short - term rebound of Shanghai zinc is expected to reach RMB 23,200/ton [3] Aluminum - The new national standard for electric two - wheeled vehicles will be fully implemented on December 1st, which is expected to improve the consumption of lead - acid batteries. The domestic aluminum spot is tight, and there may be hoarding by traders. The SMM aluminum social inventory continued to rise to 34,900 tons, and the futures - spot price difference widened. The price of Shanghai aluminum may face pressure at RMB 17,800/ton, but it is expected to break through the upper space, with the fourth - quarter high expected to reach RMB 18,200 - 18,500/ton [5] Nickel and Stainless Steel - Shanghai nickel declined slightly, and the trading was active with increasing positions. The nickel industry chain was affected by overall overcapacity and showed a dull performance. The mainstream stainless - steel mills cancelled price limits and then lowered the stainless - steel prices. The market was sluggish, and the trading volume was low. The pure nickel inventory increased by 1,000 tons to 49,100 tons, the nickel - iron inventory increased by 500 tons to 29,600 tons, and the stainless - steel inventory decreased by 1,300 tons to 946,000 tons. The nickel price is expected to be weak [6] Tin - The weighted price of Shanghai tin touched the RMB 600,000 integer level, and the trading was active. The spot tin price rose to RMB 296,000, and the real - time discount to the delivery month widened to RMB 1,250. The short - term price may test the integer level again. From a fundamental perspective, a short - long and long - short strategy or the allocation of out - of - the - money call options is recommended [7] Lithium Carbonate - Lithium carbonate fluctuated at a high level, and the trading was active. The downstream battery factory orders increased due to the progress of pure - electric heavy - truck projects, the peak sales season of traditional vehicles, and the high demand for energy - storage batteries. The market inventory decreased by 3,400 tons to 124,000 tons. The short - term trend is expected to be strong with a fluctuating pattern [8] Industrial Silicon - The industrial silicon futures declined in the late trading, giving back the intraday gains. The expected production cuts and price increases of silicone monomer enterprises may drag down the demand for industrial silicon. The monthly production of industrial silicon is restricted by the dry season, and the production of downstream polysilicon has also significantly decreased. The short - term price is expected to weaken [9] Polysilicon - The polysilicon futures continued to rise, closing above RMB 54,000/ton. The disclosure of the significant achievements in the self - discipline of the photovoltaic industry by the National Energy Administration boosted market sentiment. The supply - demand situation has limited marginal improvement, but the industry has a strong willingness to support prices. The short - term spot price is expected to be stable, and the futures price will continue to fluctuate [10]