Group 1 - The sodium battery industry is expected to accelerate its implementation, with companies involved in the sodium-ion battery supply chain likely to benefit first [1] - Lithium carbonate prices have gained significant attention, with the main contract on the Shanghai Futures Exchange reaching a peak of 100,000 yuan on November 20, marking an increase of over 30% since October 9 [1] - Rongbai Technology has been designated as the first supplier of sodium battery cathode materials for CATL, with a commitment to purchase at least 60% of its total procurement volume if certain standards are met [1] Group 2 - Sodium batteries are anticipated to effectively complement lithium batteries, despite having lower energy density due to the lower specific capacity and capacity density of sodium [2] - The sodium battery supply chain has completed its initial setup and is poised for a period of industrial scale expansion, driven by the rapid rise of new energy vehicles since 2021 [2] - CATL's sodium-ion battery has achieved a single-cell energy density of 160 Wh/kg, with the ability to charge to 80% in just 15 minutes at room temperature, indicating significant advancements in technology [2]

国泰海通晨报 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【纺织服装研究】亚玛芬体育：公司 25Q3 收入/op margin 均超指引，所有地区加速增长，持 续看好中长期成长性。 2、【生物医药研究】老百姓：行业整体仍有所承压，公司积极加强门店聚焦于下沉策略，看好环 比向好趋势。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 盛开(分析师) 021-23154510 shengkai@gtht.com S0880525040044 钟启辉(研究助理) 021-23185686 zhongqihui@gtht.com S0880125042254 本次评级：增持 现价：34.76 元 海外报告：亚玛芬体育(AS.N)《25Q3 业绩超指引，所有地区实 现加速增长》2025-11-20 2025 年 11 月 21 日 投资建议：考虑到公司 Q3 表现优异，我们上调公司 2025-2027 年归母净利润 ...

Core Insights - The price of lithium carbonate is gaining significant market attention, with predictions of potential price surges due to increasing demand and supply constraints [2][3] - Sodium-ion batteries are expected to effectively complement lithium-ion batteries due to their favorable cost-performance ratio, rate capability, low-temperature performance, and stable electrochemical properties [3][4] - The sodium-ion battery industry has completed its initial phase and is poised for significant scale expansion, driven by rising lithium battery material prices and advancements in sodium battery technology [4] Summary by Sections Lithium Carbonate Price Trends - On November 20, the main contract for lithium carbonate on the Shanghai Futures Exchange surpassed 100,000 yuan, marking a more than 30% increase since October 9 [2] - Predictions from Ganfeng Lithium's chairman suggest that if lithium carbonate demand grows by over 30% to 40% by 2026, prices could exceed 150,000 yuan/ton or even 200,000 yuan/ton due to supply imbalances [2] Sodium-Ion Battery Developments - Sodium-ion batteries, while having lower energy density compared to lithium-ion batteries, are seen as having advantages in cost-effectiveness and performance in specific applications such as energy storage and lower-tier electric vehicles [3] - The collaboration between Rongbai Technology and CATL positions Rongbai as the primary supplier of sodium-ion cathode materials, with a commitment from CATL for significant annual procurement contingent on performance metrics [2] Industry Expansion and Future Outlook - The sodium-ion battery industry has established a foundational ecosystem, with significant advancements made by leading companies like CATL, which has developed sodium-ion batteries with a specific energy density of 160 Wh/kg [4] - The rising prices of lithium battery materials are narrowing the cost gap between sodium and lithium batteries, enhancing the market potential for sodium batteries under the leadership of major battery manufacturers [4]

Core Viewpoint - The partnership between Rongbai Technology and CATL aims to enhance collaboration in the battery and materials sector, focusing on market development, strategic planning, and supply chain optimization [1][2]. Group 1: Partnership Details - Rongbai Technology and CATL have signed a cooperation agreement to establish a comprehensive partnership in various aspects including market, strategy, business, technology, and product development [1]. - The agreement includes a commitment from CATL to source at least 60% of its total procurement from Rongbai Technology annually, with potential price reductions if annual purchases exceed 500,000 tons [1][2]. Group 2: Strategic Goals - The collaboration aims to leverage each party's expertise and resources to create a safer and lower-carbon new energy battery ecosystem, focusing on strategic alignment, long-term product supply, and new product development [2]. - Rongbai Technology's sodium-ion battery materials have been recognized for their technical strength and market position, marking a significant step towards becoming a comprehensive solution provider in the sodium-ion battery materials industry [2]. Group 3: Market Position and Future Outlook - Rongbai Technology has maintained a leading position in sodium battery technology, with strong performance metrics in various applications including power, energy storage, and start-stop power sources [2]. - The partnership is expected to positively impact Rongbai Technology's operational performance as collaboration deepens [3].

Group 1 - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [1][2] - The event is organized by GGII and sponsored by Zhongna Energy [2] - The 2025 Solid-State Battery Technology and Application Summit will take place on June 10, 2025, also at the Shangri-La Hotel in Suzhou [3] Group 2 - The Solid-State Battery Summit is organized by GGII and sponsored by Liyuanheng [3]

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 4 月 24 日，璞泰来与 Blue Solutions 签署《联合开发协议》，双方将整合各自优势资源，探索固态电池材料与装备的"最优解"。 璞泰来作为国内锂电材料与设备的综合服务商，在粘结剂、活性材料、集流体等关键部件领域拥有成熟的供应链和技术储备。 而 Blue Solutions 自 2011 年起专注于固态电池研发，其锂金属负极技术与固态电解质体系已实现商业化应用。 此次合作中，璞泰来将向 Blue Solutions 供应定制化材料，并开发适配固态电池生产的专用设备； Blue Solutions 则提供固态电池工艺经验，双方 联合升级产线设备，目标直指"国际一流制造水平"。 协议明确，双方将针对第四代固态锂金属 ...

Investment Rating - The report maintains a "Buy" rating for Ningde Times (300750 CH) with a target price of 314.49 CNY and for Fulin Precision (300432 CH) with a target price of 36.01 CNY [10][22]. Core Insights - Ningde Times launched three core technologies during its Technology Day on April 21, including an upgraded fast-charging battery, sodium-ion battery brand "Sodium New," and multi-core technology. The second-generation Shenxing battery can provide a range of 800 kilometers and charge for 5 minutes to achieve 520 kilometers of range. The sodium-ion batteries are set to enter mass production in December and June for passenger vehicles and heavy-duty trucks, respectively. The report suggests that advancements in the sodium battery industry are worth monitoring as product maturity increases, potentially accelerating large-scale deployment [1][12][23]. Sub-industry Summary - **New Energy Vehicles**: Positive outlook on new technologies following Ningde's product launches [2]. - **Energy Storage**: Continued optimism for household storage inverter segments with limited exposure to the U.S. market [16]. - **Photovoltaics**: The final ruling on anti-dumping measures in Southeast Asia has led to increased tax rates, impacting the economic viability of production in these regions [18]. - **Wind Power**: The UK plans to invest 300 million GBP (approximately 29.07 billion CNY) to strengthen its domestic supply chain for offshore wind power [20]. - **Industrial Control**: Attention on recovery opportunities in the robotics sector [15]. Key Companies and Developments - **Ningde Times**: Maintains its leading position in the battery industry and continues to expand its business footprint [3]. - **Fulin Precision**: A leader in high-pressure lithium iron phosphate batteries, expanding its robotics business [3].

Core Viewpoint - Japanese automotive companies are increasingly seeking collaboration with Chinese battery manufacturers as they accelerate their electrification efforts, marking a shift in their previously dismissive attitude towards electric vehicles [3][4]. Group 1: Industry Trends - Japanese automakers, traditionally skeptical about electrification, are now partnering with Chinese battery firms, as seen with Honda's collaboration with CATL and Toyota's establishment of a Lexus electric vehicle and battery R&D company in Shanghai [3][4]. - The penetration rate of pure electric vehicles in Japan is below 5%, lagging behind Europe and the US, indicating a slow adoption of electric vehicle technology [4]. - The global market share of Japanese battery companies, particularly Panasonic, is declining, with its share dropping to 3.9% in early 2023, down 1.6 percentage points from the previous year [5]. Group 2: Market Dynamics - The shift in Japanese automakers' strategy reflects a broader trend where foreign companies are increasingly looking to collaborate with China's electric vehicle supply chain, indicating a change in the competitive landscape [5]. - The success of China's electric vehicle market and the global adoption of lithium iron phosphate technology are influencing Japanese companies to soften their stance on electric vehicles [4].

钠电 英雄 贴 ——破界·共生· 突破 下一代 新 能源 主 战场 【 钠电发展 大势所趋】 锂资源卡脖子？储能成本居高不下？ 钠离子电池—— 资源之王 （钠储量≈锂的420倍）、 成本杀手 （理论成本低30%）、 安全卫士 （热失控风险极低），正在撕开万亿级能源革命的缺口！ 202 5，钠电产业化 "真" 元年已至！ 谁主技术高地？谁抢跑市场蓝海？谁定义下一代能源规则？ 答案在此——3.28 号深圳 钠电领袖峰会 ：第七届起点钠电论坛暨全球钠电排行榜发布会， 只等一个你！ 【五大必来理由】 1.巅峰对话：钠电江湖"华山论剑" 2.硬核数据：首曝钠电产业全景图谱 3.钱景无限：百亿资本现场"猎钠" · 思维碰撞 ： 钠电池龙 头 同台激辩 "钠电VS锂电终极战局"； · 技术 探讨 ： 正极材料龙头 揭秘 层状氧化物 /普鲁士蓝/聚阴离子 三大路线生死竞速； · 极致降本 ： 产业链上下游 解读 "钠电上车"时间表与供应链重构策略。 · 发布 《 2025 钠电全产业链地图》 （涵盖 钠离子电芯 、 正极材料、负极材料、电解液 等核心 环节出货量 数据）； · 揭晓 钠电度电成本突破 0.3元 的颠覆性技术路 ...