锂电股继续走高，截至发稿，赣锋锂业（002460）(01772)涨6.7%，报42.36港元；天齐锂业（002466） (09696)涨5.49%，报44.94港元；宁德时代（300750）(03750)涨3.38%，报565.5港元；中创新航(03931) 涨3.4%，报34.7港元。 而据央视财经报道，目前国内储能电芯的需求十分强劲。头部电池企业均表示工厂已处于满产状态，一 些订单已经排到明年年初。此外，根据《专项行动方案》提出的目标，到2027年，中国新型储能装机规 模将达到1.8亿千瓦以上，这将拉动新增项目投资约2500亿元。中信建投（601066）发布研报称，继续 看好储能、锂电板块景气度抬升。 消息面上，据智通财经报道，对于江西宜春8家涉锂矿山企业变更储量报告工作，记者从业内人士处获 悉：本周，国轩高科（002074）提交的矿种变更储量核实报告通过国家自然资源部审批，选矿试验和工 业论证、开采设计与生态修复方案一并获得通过。另据透露，与国轩高科一同提交报告并通过的企业还 有宁德时代。对于该消息，国轩高科方面表示属实，宁德时代方面未进行正面回应。根据宜春市自然资 源局7月发布的文件，矿企后续还需继续 ...

今日，A股三大指数集体上涨，深成指、创业板指均涨超2%；截至收盘，沪指涨0.9%报3862点，深证 成指涨2.05%，创业板指涨2.74%。全市场成交额2.18万亿元，较前一交易日增量120亿元，超3500股上 涨。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 上证指数 | 3862.53 | +34.43 | +0.90% | | 000001 | | | | | 深证成指 | 13479.43 | +270.43 | +2.05% | | 399001 | | | | | 创业板指 | 3238.01 | +86.48 | +2.74% | | 399006 | | | | | 北证50 | 1539.47 | +10.50 | +0.69% | | 899050 | | | | | 科创50 | 1470.41 | +19.59 | +1.35% | | 000688 | | | | | | | | 다해줄[ | 消息面上，央行会议指出，要落实落细适度宽松的货币政策，引导金融机构加大货币信贷投放力度，用 好证券、基金、保险公司互换便利和股票回 ...

2025年9月29日A股三大指数集体上涨，截至11点18分，创业板新能源ETF华夏（159368）高开高走上涨 3.11%。盘面上，该ETF持仓股湖南裕能、上能电气强势领涨，涨超10%，新宙邦、亿纬锂能等纷纷跟 涨，涨超8%。资金面上，创业板新能源ETF华夏（159368）近期持续受到资金青睐，近5个交易日吸金 2.32亿元，近10日吸金5.56亿元。 消息面上，固态电池又迎来新突破。9月25日，清华大学化学工程系发文称，张强团队合作在固态电池 聚合物电解质研究领域取得进展。其成功开发出一种新型含氟聚醚电解质，为开发实用化的高安全性、 高能量密度固态锂电池提供了新思路与技术支撑。相关成果9月24日在线发表于《自然》。 中信建投研报表示，继续看好储能、锂电板块景气度抬升。今年以来国内储能需求超预期，核心驱动在 于新能源全面入市推动峰谷电价差拉大，加上容量电价政策出台，推动储能IRR提升。储能需求驱动力 快速由新能源强制配储转向经济性驱动。海外市场，美国以外市场需求维持高速增长，"大而美"法案核 心限制2026年后开工项目，预计装机端需求影响有限。锂电方面，储能需求超预期带来的产业链量利齐 升逻辑持续兑现，当前核 ...

Group 1 - The storage battery sector experienced significant gains, with companies like EVE Energy, Penghui Energy, and Keda Li rising by 9.59%, 5.43%, and 5.15% respectively, while the storage battery ETF increased by 3.43%, expanding its year-to-date gain to 61.43% [1] - Domestic demand for storage cells is strong, with leading battery manufacturers reporting full production capacity and some orders extending into early next year [1] - The implementation of Document No. 136 has widened the peak-valley price difference in electricity, leading to a necessary increase in storage solutions, supported by better-than-expected bidding data for storage in August [1] Group 2 - CITIC Securities remains optimistic about the storage and lithium battery sectors, noting that domestic storage demand has exceeded expectations, driven by the introduction of capacity pricing policies and the widening peak-valley price difference [2] - The storage battery ETF, which tracks the National Certificate New Energy Battery Index, reached a scale of 1.495 billion yuan as of September 26, with a net inflow of 1.18 billion yuan over the past 20 days [2] - The goal set by the "New Type Storage Scale Construction Special Action Plan" aims for China's new storage installation capacity to exceed 180 million kilowatts by 2027, potentially driving an additional investment of approximately 250 billion yuan [1]

中信建投研报表示，继续看好储能、锂电板块景气度抬升。今年以来国内储能需求超预期，核心驱动在 于新能源全面入市推动峰谷电价差拉大，加上容量电价政策出台，推动储能IRR提升。储能需求驱动力 快速由新能源强制配储转向经济性驱动。海外市场，美国以外市场需求维持高速增长，"大而美"法案核 心限制2026年后开工项目，预计装机端需求影响有限。锂电方面，储能需求超预期带来的产业链量利齐 升逻辑持续兑现，当前核心矛盾为储能需求持续性是否能够带动26年需求预期在20%的增速上继续上 修，关注四季度储能招标、11月底电池企业要货预期以及2026年电动车以旧换新政策及锂电排产情况。 （文章来源：第一财经） ...

Core Viewpoint - As of September 25, 2023, CATL's A-share market capitalization has surpassed that of Kweichow Moutai, reaching 1,806.4 billion yuan compared to Kweichow Moutai's 1,805.6 billion yuan, indicating a significant shift in market dynamics between these two leading companies in their respective sectors [1]. Company Performance - CATL's stock price has shown a remarkable increase of 48.83% year-to-date, while Kweichow Moutai has experienced a decline of 3.82% during the same period [2]. - Over the last 60 days, CATL's stock has risen by 47.10%, contrasting with Kweichow Moutai's modest increase of 1.55% [2]. - In the past month, CATL's stock surged by 25.70%, while Kweichow Moutai's stock fell by 2.87% [2]. Industry Dynamics - The surge in CATL's stock is attributed to the seasonal increase in demand for power batteries, particularly in September, which is traditionally a peak delivery season for automotive batteries [3]. - The energy storage market is experiencing a significant demand increase, favoring leading companies with strong technological capabilities, such as CATL [3]. - CATL is currently facing production capacity constraints, with expectations for a substantial increase in battery production. Projections indicate that CATL's planned battery production could reach 1,000 GWh by 2026, representing a 43% increase from 2025, exceeding market expectations [3].

Core Viewpoint - The article highlights the challenges faced by Tianqi Materials, the global leader in electrolyte production, including a significant decline in cash reserves, ongoing profitability pressure, and the need for an IPO in Hong Kong to address liquidity risks and expand market share [2][3]. Group 1: Liquidity and Financial Performance - Tianqi Materials has seen its cash reserves shrink by 70% over three years, leading to increased borrowing and heightened liquidity pressure [3][12]. - The company's revenue and net profit have been declining since their peak in 2022, with revenue dropping from approximately 22.3 billion yuan in 2022 to about 12.5 billion yuan in 2024, a decrease of nearly 10 billion yuan [10]. - The gross profit has also decreased significantly, from about 8.47 billion yuan in 2022 to approximately 2.36 billion yuan in 2024, with the gross margin falling from 38% to 18.9% [10]. Group 2: Market Position and Client Relationships - Tianqi Materials holds the largest global market share in electrolyte production, with a 35.7% share as of 2024, and has established stable partnerships with eight of the top ten global battery manufacturers [4][7]. - The company has a high customer concentration, with the top five clients accounting for over 70% of revenue in recent years, indicating both strong ties and potential risks related to revenue volatility [5][9]. Group 3: Business Evolution and Strategic Focus - Founded in 2000, Tianqi Materials initially focused on daily chemical products before pivoting to lithium-ion battery materials, establishing a dual business model centered on battery materials and specialty chemicals [6][8]. - The company has been expanding its production capacity and global market presence, with a strategic emphasis on overseas expansion and production capabilities [6][7].

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) experienced a slight decline of 0.11% as of September 16, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Sanhua Intelligent Control (002050) and Yinlun Machinery (002126), both up by 10.01%, while Hangke Technology (688006) led the declines with a drop of 8.83% [1] - The New Energy Vehicle ETF (515700) decreased by 0.18%, with the latest price at 2.24 yuan, but showed a weekly increase of 1.72% as of September 15, 2025, ranking in the top half among comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index accounted for 54.55% of the index, including major players like CATL (300750) and BYD (002594) [2] - The New Energy Vehicle ETF has several off-market connection options, including Ping An's various linked funds [2]

Company News - New Dazheng plans to acquire at least 51% stake in Jiaxin Liheng Facility Management (Shanghai) Co., Ltd, which is expected to constitute a major asset restructuring. The company's stock has been suspended since September 15, with a market value of 2.96 billion yuan as of September 12 [9][10] - Yunsen Electronics announced that its subsidiary has recently received project notifications from two major automotive OEMs, with a total order value of approximately 15 billion yuan, set to start mass production in 2027. This project is expected to enhance future revenue but will not significantly impact the current year's performance [9][10] - Jingchen Co. plans to acquire 100% of Chip Micro Semiconductor (Jiaxing) Co., Ltd for a total consideration of 316 million yuan, which will make Chip Micro a wholly-owned subsidiary [10] - Shangluo Electronics intends to issue convertible bonds to raise up to 1 billion yuan for the acquisition of an 88.79% stake in Ligon Technology, aiming to gain actual control over the company [10] - Longjian Co. plans to acquire 100% of Guangdong Zhi Mao Construction Engineering Co., Ltd for 40,000 yuan, which will enhance its market development capabilities in the region [10] - Aoyang Health announced a share transfer agreement where its controlling shareholder will transfer 20% of its shares to Zhangjiagang Yuesheng Technology Partnership at a price of 3.87 yuan per share, totaling 593 million yuan [10] - CATL has announced that its sodium-ion battery has passed the new national standard certification, becoming the first sodium-ion battery globally to achieve this certification, with ongoing development and implementation with clients [10] Industry News - The National Foreign Exchange Administration has announced reforms allowing foreign investors to reinvest their foreign exchange profits in China, which may enhance foreign investment inflows [5] - The National Bureau of Statistics reported that in August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year, while the retail sales of consumer goods reached 39.668 billion yuan, growing by 3.4% year-on-year [5] - The real estate market showed a continued decline in housing prices, with first-tier cities seeing a 0.1% decrease in new residential prices month-on-month, while second and third-tier cities experienced varying degrees of price drops [6] - The China Automotive Industry Association has released a payment standard initiative for automotive supply chain contracts, which aims to promote industry norms and enhance collaboration between vehicle manufacturers and suppliers [7]

Group 1 - The core viewpoint of the news highlights the positive performance of the non-ferrous metal industry, particularly driven by the solid-state battery concept, with significant increases in lithium battery sales and prices [1][2] - As of September 15, 2025, the non-ferrous metal industry index (399395) rose by 0.78%, with key stocks such as Ganfeng Lithium (002460) increasing by 7.09% and Northern Copper (000737) by 5.65% [1] - The sales of power and other batteries in China reached 134.5 GWh in August, marking a month-on-month increase of 5.7% and a year-on-year increase of 45.6%, with power batteries accounting for 73.5% of total sales [1] Group 2 - The non-ferrous metal industry index (399395) includes 50 securities that are prominent in terms of scale and liquidity, reflecting the overall performance of listed companies in the non-ferrous metal sector [2] - The top ten weighted stocks in the non-ferrous metal industry index as of August 29, 2025, include Zijin Mining (601899) and Northern Rare Earth (600111), collectively accounting for 50.35% of the index [2]