2025年9月的A股市场，掀起了固态电池热。 这波搅动行业的浪潮背后，一家来自无锡的上市公司尤为亮眼——先导智能（300450.SZ）在一个月内股价暴涨80%，从8月28日的收盘价29.59 元/股，一路涨至10月10日收盘价54.79元/股，最新市值高达858.1亿元。其间公司市值更一度突破千亿元，并两度公告股票交易异常波动。 按照在上市公司29.31%的持股比例，公司创始人王燕清目前身家已超251亿元。 作为率先实现固态电池整线解决方案交付的设备企业，其亦有望率先受益于固态电池产业化前夜的业绩突破。 不过，面对荣耀和财富，王燕清却非常清醒。 此前他就对员工说："别被股价冲昏头，真正的比赛，2030年才开始。" 20多年前，全球锂电市场份额近乎被日韩等外资企业垄断。但在今天，我国已在全球锂电的核心供应链占据优势地位。中国锂电产业从追赶到 领先的跨越，离不开装备制造的突破，而先导智能的发展史正是这一进程的缩影。 1990年代，王燕清带着8万元启动资金白手起家创业。从不起眼的小作坊开始做起，凭借对技术的执念，打造成国内电容器设备龙头。2008 年，王燕清决定将当时已稳赚不赔的电容器成熟业务砍掉，全身心投入锂电装 ...

窄幅波动， 关注需求预期博弈 碳酸锂月报 2025/10/10 曾宇轲（联系人） 0755-23375139 zengyuke@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03121027 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 月度评估及策略推荐 04 需求端 02 期现市场 05 库存 03 供给端 06 成本端 01 月度评估及策略推荐 月度要点小结 ◆ 期现市场：10月10日，五矿钢联碳酸锂现货指数（MMLC）早盘报73011元，较9月初跌5.3%，其中MMLC电池级碳酸锂均价为73250元。同日广 期所LC2511收盘价72740元，较9月初跌3.73%。 ◆ 供给：10月9日，SMM国内碳酸锂周度产量20635吨，环比增0.6%。国内碳酸锂周产量延续新高。2025年9月国内碳酸锂产量87260吨，环比增 2.4%，同比增51.7%，前九月累计同比增41.7%。2025年9月智利出口碳酸锂1.59万吨，同比-13%，环比-6%；其中出口至中国1.11万吨，环比 -14%。2025年1-9月智利共计出口碳酸锂16.47万吨，同比-8.5%，其中 ...

（原标题：无锡"草根"工程师，打造千亿新能源"卖铲人"） 21世纪经济报道记者费心懿 2025年9月的A股市场，掀起了固态电池热。 这波搅动行业的浪潮背后，一家来自无锡的上市公司尤为亮眼——先导智能（300450.SZ）在一个月内股价暴涨80%，从8月28日的收盘价29.59元/ 股，一路涨至10月10日收盘价54.79元/股，最新市值高达858.1亿元。其间公司市值更一度突破千亿元，并两度公告股票交易异常波动。 按照在上市公司29.31%的持股比例，公司创始人王燕清目前身价已超251亿元。 作为率先实现固态电池整线解决方案交付的设备企业，其亦有望率先受益于固态电池产业化前夜的业绩突破。 不过，面对荣耀和财富，王燕清却非常清醒。 此前他就对员工说："别被股价冲昏头，真正的比赛，2030年才开始。" 这家新能源设备企业的掌门人王燕清，是从无锡桃农家庭走出的工程师。 他用26年时间，将公司从一间150平方米的"仓库工厂"发展为如今覆盖锂电、光伏、氢能的全球新能源装备的"千亿帝国"。 20多年前，全球锂电市场份额近乎被日韩等外资企业垄断。但在今天，我国已在全球锂电的核心供应链占据优势地位。中国锂电产业从追赶到领 先 ...

Group 1 - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will be held from November 6-8, 2025, in Guangzhou, with over 200 exhibitors and 20,000 professional attendees expected [1] - The event will feature the first batch of exhibitors and sponsors, including companies like Jin Na Technology, Ru Tian Technology, and Rong Jie Energy [1] - The conference aims to promote the solid-state battery industry and recognize outstanding contributions through the 2025 Qidian Solid-State Battery Golden Ding Award ceremony [1] Group 2 - The Chuangming cylindrical lithium battery project, with a total investment of 5 billion yuan, is being constructed in Yantai, Shandong, covering an area of approximately 350 acres [2] - The project includes the establishment of a fully automated cylindrical lithium battery production line and aims to serve as a northern battery base for Chuangming New Energy [2] - The project is expected to enhance the local lithium battery industry and create synergies with other bases in Southwest China [2] Group 3 - Chuangming New Energy has maintained its position in the top tier of the 32 series cylindrical battery market, being a pioneer in high-capacity cylindrical batteries [3][6] - The company has achieved seven capacity breakthroughs and is actively expanding its product range, including large cylindrical batteries and sodium batteries [6] - The 32 series cylindrical battery products are designed for various applications, including small-scale energy storage and smart home devices, with significant market demand [6][7] Group 4 - The global cylindrical battery shipments are projected to reach 151.2 GWh in 2024, representing a 24% year-on-year increase, with Chuangming New Energy ranking tenth in overall shipments [7] - The company is positioned eighth in the large cylindrical battery segment, indicating strong market presence and growth potential [7] Group 5 - Major players in the lithium battery market, including CATL, BYD, and Xinwanda, are investing over 100 billion yuan in Shandong, contributing to the local lithium battery industry's growth [8][14] - CATL has established a comprehensive industrial chain in Shandong, with a planned capacity of 160 GWh across multiple locations [9][10] - BYD's investment in Yantai includes a 560 billion yuan project for a new energy power industry park, which will significantly enhance local production capabilities [12][14]

智通财经记者 | 陶知闲 信德新材（301349.SZ）的股东们开始减持套现了。 这家公司的股东尚融宝盈（持有公司股份 584.52 万股，占总股本 5.73%，为第四大股东）及尚融聚源 （持有 30.76 万股，占总股本 0.3%）计划共同减持公司不超过 2% 的股权。 实际上，信德新材的业绩并不差。上半年公司营业收入 5.10 亿元，同比增长 41.31%；归属于上市公司 股东的净利润 981.37 万元，同比增幅高达 169.28%，相较于 2024 年同期的亏损 1416 万元的表现，似 乎实现了 "扭亏为盈" 的跨越。 那么，重要股东为何会选择套现？ 业绩表面逆袭难掩主业疲软 2025 年上半年，信德新材交出了一份看似亮眼的业绩答卷。公司在财报中甚至还解释，业绩改善的核 心驱动因素是 "主产品价格企稳回升与销量增长形成共振，叠加产品结构优化、供应链效率提升及科研 创新推动出货量与毛利率同步提升"。 但 "逆袭" 背后，却隐藏着主营业务盈利能力不足的真相 ——信德新材上半年扣非后净利润为亏损 378 万元，意味着剔除非经常性损益后，主业仍未摆脱亏损状态。 归母净利润的增长更像是短期因素的叠加，而非主业 ...

旺季底部支撑较强 碳酸锂周报 2025/09/20 曾宇轲（联系人） 0755-23375139 zengyuke@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03121027 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 库存 03 供给端 06 成本端 01 周度评估及策略推荐 周度要点小结 02 期现市场 期现市场 ◆ 期现市场：9月19日，五矿钢联碳酸锂现货指数（MMLC）早盘报72987元，周涨2.46%，其中MMLC电池级碳酸锂均价为73250元。同日广期所 LC2511收盘价73960元，周内涨3.93%。 ◆ 供给：9月18日，SMM国内碳酸锂周度产量20363吨，环比增2.0%。锂辉石提锂周产量上升，带动国内碳酸锂周产量创新高。2025年8月国内碳 酸锂产量85240吨，环比增4.6%，同比增39.5%，前八月累计同比增40.4%。2025年7月、8月智利碳酸锂出口数量为2.09万吨和1.69万吨，其 中出口到中国为1.36万吨和1.30万吨，分别同比减少13%和增长6.9%。 ◆ 需 ...

Core Insights - The lithium battery industry in China is emerging from a recession, with significant growth in revenue and profit reported for the first half of 2025 [2][4]. - The overall revenue of over 100 listed lithium battery companies reached 682.33 billion yuan, marking a year-on-year increase of 10.09%, with a notable acceleration in growth compared to 2024 [2][4]. - The net profit attributable to shareholders was 48.67 billion yuan, reflecting a year-on-year growth of 37.93%, significantly higher than the previous year's performance [2][4]. Financial Performance - Total assets for the industry amounted to 3,099.28 billion yuan, with an increase of 11.28% compared to the same period in 2023 [4]. - Total liabilities reached 1,778.37 billion yuan, also up by 11.88% year-on-year [4]. - The operating cash flow showed a robust increase of 45.26%, totaling 87.27 billion yuan [4]. Market Concentration - The top 20 companies in the lithium battery sector accounted for 68.29% of total revenue, 89.15% of net profit, and 89.22% of operating cash flow, indicating a significant concentration of resources and profits among leading firms [5][6]. - The financial strength of these top companies is evident, as they hold 90.40% of the total net asset value and 71.49% of the net financing cash flow [6]. Company Rankings - The leading companies by revenue include CATL with 178.89 billion yuan, followed by Huayou Cobalt and EVE Energy, showcasing varied growth rates among the top players [10][11]. - Notable performers include Jiangsu Guotai and Ganfeng Lithium, with significant year-on-year growth in revenue [10][11]. Investment Trends - The data indicates a shift in investment patterns, with total external investments by lithium battery companies amounting to 264.25 billion yuan, reflecting a decrease of 9.94% compared to the previous year [4][32]. - The industry is expected to continue evolving, with ongoing analysis and tracking of financial metrics to identify future trends and opportunities [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since August, lithium carbonate contracts have been significantly affected by sentiment. After supply disruptions in lithium mines such as Jianxiawo, lithium prices soared, with the main contract once reaching the 90,000 yuan mark. Recently, funds have rationally returned to the fundamentals, sentiment has continuously cooled, and the market has adjusted weakly. [11] - As the lithium - battery industry enters the traditional peak season, downstream demand has been released. Domestic lithium mica production has declined, the supply - demand relationship of lithium carbonate has improved, and social inventories of lithium carbonate have continuously decreased. [11] - In the first week of September, the lithium - battery sector in the equity market performed strongly, and the optimistic sentiment may drive the lithium carbonate futures to stabilize and rebound. At the same time, the resource supply in regions such as Jiangxi, Qinghai, and Africa is unstable, and attention should be paid to the impact of industry news on the market. [11] 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Spot and Futures Market**: On September 5, the MMLC spot index of lithium carbonate reported 73,657 yuan in the morning, down 4.44% week - on - week and up 5.5% compared to early August. The average price of MMLC battery - grade lithium carbonate was 74,000 yuan. On the same day, the closing price of LC2511 on the GZFE was 74,260 yuan, down 3.78% within the week. [12] - **Supply**: On September 5, SMM's weekly domestic lithium carbonate production was 19,419 tons, a 2% increase from the previous week. The estimated monthly production of lithium carbonate from lithium mica dropped to around 10,000 tons, basically in line with the expectation of large - mine shutdowns. The production of lithium carbonate from lithium spodumene continued to reach new highs, compensating for the reduction in mica production. In August 2025, domestic lithium carbonate production was 85,240 tons, a 4.6% increase from the previous month and a 39.5% increase year - on - year. The cumulative output in the first eight months increased by 40.4% year - on - year. In July and August 2025, Chile's lithium carbonate export volumes were 20,900 tons and 16,900 tons respectively, with exports to China being 13,600 tons and 13,000 tons, a 13% year - on - year decrease and a 6.9% year - on - year increase respectively. [12] - **Demand**: The Passenger Car Association estimated that the wholesale sales of new - energy passenger vehicles by domestic manufacturers in August were 1.3 million, a 24% year - on - year increase and a 10% month - on - month increase. From January to August this year, the cumulative wholesale sales were 8.93 million, a 34% year - on - year increase. The combined production of domestic lithium iron phosphate and ternary materials has remained at a high level since March. As the traditional peak season for lithium batteries approaches, the growth of lithium - battery demand has accelerated. In August, the production of lithium iron phosphate increased by 7.7% month - on - month, and it is expected to reach a new high in September. [12] - **Inventory**: On September 5, the weekly domestic lithium carbonate inventory was reported at 140,092 tons, a decrease of 1,044 tons (- 0.7%) from the previous week. On September 4, the registered warehouse receipts of lithium carbonate on the GZFE were 34,948 tons, a 20.7% increase from the previous week. The early industrial hedging products were accelerating into the warehouse. [12] - **Cost**: The ore price adjusted following the lithium salt price. On September 5, the SMM quoted the price of imported Australian SC6 lithium concentrate at 830 - 870 US dollars per ton, a 5.03% decrease from the previous week and a 14.09% increase compared to early August. The supply pressure of high - cost hard - rock mines in Africa has recently begun to ease. The lithium concentrate previously held back by Western Australian mining enterprises will be released, and it is expected that subsequent lithium ore imports will be significantly supplemented. [12] 3.2 Spot and Futures Market - The average discount price in the standard electric - carbon trading market of the exchange is about 50 yuan. The net short position of the main contract of lithium carbonate is about 100,000 lots. [23] - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan. The price difference between battery - grade lithium carbonate and lithium hydroxide is 800 yuan. In September, the lithium carbonate futures declined, while the spot price of lithium hydroxide adjusted with a lag, resulting in an inverted price difference. [26] 3.3 Supply Side - On September 5, SMM's weekly domestic lithium carbonate production was 19,419 tons, a 2% increase from the previous week. In August 2025, domestic lithium carbonate production was 85,240 tons, a 4.6% increase from the previous month, a 39.5% increase year - on - year, and a 40.4% cumulative year - on - year increase in the first eight months. [31] - In August, the production of lithium carbonate from lithium spodumene was 53,330 tons, a 19.0% increase from the previous month, an 83.3% increase year - on - year, and a 71.1% cumulative year - on - year increase in the first eight months. The production of lithium carbonate from lithium mica was 13,700 tons, a 23.9% decrease from the previous month, and a 17.5% cumulative year - on - year increase in the first eight months. [34] - In August, the production of lithium carbonate from salt lakes decreased by 11.5% month - on - month to 10,920 tons, with a 10.8% cumulative year - on - year increase from January to August. Some salt lakes reduced production or shut down, and the production of lithium carbonate from salt lakes showed a year - on - year decline during the peak season. The production of lithium carbonate from the recycling end in August was 7,290 tons, a 14.3% month - on - month increase, and a 21.3% cumulative year - on - year increase from January to August. [37] - In July 2025, China imported 13,845 tons of lithium carbonate, a 21.8% month - on - month decrease and a 42.7% year - on - year decrease. Among them, 8,584 tons were imported from Chile and 3,950 tons from Argentina. From January to July, the total import volume of lithium carbonate in China was about 132,000 tons, a 0.8% year - on - year increase. In July 2025, Chile's lithium carbonate export volume was 20,900 tons, a 43% month - on - month increase and a 4% year - on - year increase. Among them, 13,600 tons were exported to China, a 33% month - on - month increase and a 13% year - on - year decrease. In August, Chile exported 16,903 tons of lithium carbonate, a 19.2% month - on - month decrease. Among them, 12,982 tons were exported to China, a 4.8% month - on - month decrease and a 6.9% year - on - year increase. [40] 3.4 Demand Side - The battery field dominates lithium demand. In 2024, its global consumption accounted for 87%. The main growth point of future lithium salt consumption still depends on the growth of the lithium - battery industry, while the traditional application fields have limited proportion and weak growth. The proportion of lithium used in fields such as ceramic glass, lubricants, flux powder, air - conditioning, and medicine is only 5%. [44] - In July 2025, the global sales volume of new - energy vehicles was about 1.6 million, with a 25.1% cumulative year - on - year increase from January to July. The Passenger Car Association estimated that the wholesale sales of new - energy passenger vehicles by domestic manufacturers in August were 1.3 million, a 24% year - on - year increase and a 10% month - on - month increase. From January to August this year, the cumulative wholesale sales were 8.93 million, a 34% year - on - year increase. [47] - From January to July, the total sales volume of new - energy vehicles in Europe was 2.081 million, a 25.8% year - on - year increase. From January to July, the total sales volume of new - energy vehicles in the United States was 896,000, a 6.9% year - on - year increase. [50] - In July, the combined production of power and other batteries in China was 133.8 GWh, a 3.6% month - on - month increase and a 44.3% year - on - year increase. From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, a 57.5% cumulative year - on - year increase. [53] - In July, the production of lithium iron phosphate increased by about 3.1% month - on - month. In August, the production of cathode materials increased by 7.7% month - on - month. [56] 3.5 Inventory - On September 5, the weekly domestic lithium carbonate inventory was reported at 140,092 tons, a decrease of 1,044 tons (- 0.7%) from the previous week. On September 4, the registered warehouse receipts of lithium carbonate on the GZFE were 34,948 tons, a 20.7% increase from the previous week. [63] - The inventory cycle of cathode materials is about one week. The inventory - to - sales ratio of power batteries is at a recent median, and the inventory of energy - storage batteries is at a recent low due to export rush. [66] 3.6 Cost Side - The ore price adjusted following the lithium salt price. On September 5, the SMM quoted the price of imported Australian SC6 lithium concentrate at 830 - 870 US dollars per ton, a 5.03% decrease from the previous week and a 14.09% increase compared to early August. [74] - In July, the domestic import of lithium concentrate was 576,000 tons, a 4.8% year - on - year increase and a 34.7% month - on - month increase. From January to July, the domestic import of lithium concentrate was 3.38 million tons, a 0.6% cumulative year - on - year increase. From January to July, the import of lithium concentrate from Australia increased by 7.3% year - on - year, and the import from Africa decreased by 13.7% year - on - year. The supply pressure of high - cost hard - rock mines in Africa has recently begun to ease. The lithium concentrate previously held back by Western Australian mining enterprises will be released, and it is expected that subsequent lithium ore imports will be significantly supplemented. [77]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The suspension of Ningde Times' Jianxiakeng lithium mine has ignited the bullish sentiment. As the peak season approaches in the second half of the year, the market expects a significant supply shortage of domestic lithium carbonate. The improvement of the lithium salt supply - demand pattern depends on the substantial reduction in the mining end. Recently, the supply side will be the focus of the market. The emotional fluctuations brought by news are significantly greater than the actual changes in the fundamentals. The rise in lithium prices will drive the supply of hard - rock resources in Africa, Australia and other places to fill the gap of domestic mines. The extent of domestic lithium carbonate destocking remains to be observed. Currently, the uncertainty of capital gaming is high. It is recommended that speculative funds wait and see cautiously. Lithium carbonate holders can seize the entry point in a timely manner according to their own operations. In the future, attention should be paid to the industrial chain information and market atmosphere [12]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Period - spot Market**: On August 15, the morning quotation of the Mysteel MMLC lithium carbonate spot index was 82,832 yuan, with a weekly increase of 18.62%. The average price of MMLC battery - grade lithium carbonate was 83,000 yuan. On the same day, the closing price of LC2511 on the Guangzhou Futures Exchange was 86,900 yuan, with a weekly increase of 12.92% [12][20]. - **Supply**: On August 14, the weekly output of domestic lithium carbonate was 19,980 tons, a 2.2% increase from the previous week. The output of lithium carbonate from spodumene reached a record high, the operating rate of salt - lake lithium carbonate rebounded, and the output of lithium carbonate from lepidolite declined. The output in August was slightly revised downwards. In June, China imported about 10,200 tons of lithium carbonate from Chile, and the overseas supply pressure was relatively small in July. In July 2025, the export volume of lithium carbonate from Chile was 20,900 tons, a 43% increase from the previous month and a 4% increase year - on - year. Among them, 13,600 tons were exported to China, a 33% increase from the previous month and a 13% decrease year - on - year [12][32][41]. - **Demand**: In July 2025, the global sales of new energy vehicles were about 1.6 million, with a cumulative year - on - year increase of 25.1% from January to July. In July 2025, the production and sales of new energy vehicles in China were 1.243 million and 1.262 million respectively, with year - on - year increases of 26.3% and 27.4% respectively. From January to July 2025, the production and sales of new energy vehicles in China were 8.232 million and 8.22 million respectively, with year - on - year increases of 39.2% and 38.5% respectively. In July, the total production of power and other batteries in China was 133.8 GWh, a 3.6% increase from the previous month and a 44.3% increase year - on - year. From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, with a cumulative year - on - year increase of 57.5%. The production of lithium iron phosphate in July increased by about 3.1% from the previous month. It is expected that the month - on - month increase in the output of cathode materials will be slightly larger in August [12][48][57]. - **Inventory**: On August 14, the weekly inventory of domestic lithium carbonate was reported at 142,256 tons, a decrease of 162 tons (- 0.1%) from the previous week. On August 15, the registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange were 23,485 tons, a 24.7% increase from the previous week [12][64]. - **Cost**: The ore price adjusted following the lithium salt price. On August 16, the quotation of SMM Australian imported SC6 lithium concentrate was 960 - 1,020 US dollars per ton, a 26.1% increase from the previous week and an 18.5% increase in the past month. The pressure on high - cost hard - rock mines overseas has eased [12][75]. 2. Period - spot Market - On August 15, the MMLC lithium carbonate spot index quoted 82,832 yuan in the morning, up 18.62% week - on - week. The average price of MMLC battery - grade lithium carbonate was 83,000 yuan. The closing price of LC2511 on the Guangzhou Futures Exchange was 86,900 yuan, up 12.92% week - on - week [20]. - The average discount of the exchange - standard electric carbon trading market is about - 450 yuan. The net short position of lithium carbonate contract holdings has increased [23]. - The price difference between battery - grade and industrial - grade lithium carbonate is 2,300 yuan, and the price difference between battery - grade lithium carbonate and lithium hydroxide is 8,660 yuan [26][27]. 3. Supply Side - On August 14, the weekly output of domestic lithium carbonate was 19,980 tons, a 2.2% increase from the previous week. The output of lithium carbonate from spodumene reached a record high, the operating rate of salt - lake lithium carbonate rebounded, and the output of lithium carbonate from lepidolite declined. The output in August was slightly revised downwards. In July 2025, the domestic lithium carbonate output was 81,530 tons, a 4.4% increase from the previous month and a 25.5% increase year - on - year, with a cumulative year - on - year increase of 40.6% in the first seven months [32]. - In July, the output of lithium carbonate from spodumene was 44,810 tons, a 13.6% increase from the previous month and a 47.9% increase year - on - year, with a cumulative year - on - year increase of 73.8% in the first seven months. The output of lithium carbonate from lepidolite in July was 18,000 tons, a 7.6% decrease from the previous month, with a cumulative year - on - year increase of 21.0% in the first seven months [35]. - The output of salt - lake lithium carbonate in July decreased by 7.6% to 12,340 tons, with a cumulative year - on - year increase of 15.6% from January to July. Some salt - lake mines reduced production or stopped production, and the output of salt - lake lithium carbonate declined during the peak season. The output of recycled lithium carbonate in July increased by 9.8% to 6,380 tons, with a cumulative year - on - year increase of 17.4% from January to July [38]. - In June 2025, China imported 17,698 tons of lithium carbonate, a 16.3% decrease from the previous month and a 9.6% decrease year - on - year. Among them, 11,853 tons were imported from Chile and 5,094 tons from Argentina. The total import of lithium carbonate in China from January to June was about 118,000 tons, a 10.7% increase year - on - year. In June, Chile exported about 10,200 tons of lithium carbonate to China, and the overseas supply pressure was relatively small in July. In July 2025, the export volume of Chilean lithium carbonate was 20,900 tons, a 43% increase from the previous month and a 4% increase year - on - year. Among them, 13,600 tons were exported to China, a 33% increase from the previous month and a 13% decrease year - on - year [41]. 4. Demand Side - The battery field dominates lithium demand. In 2024, it accounted for 87% of global consumption. The main growth point of future lithium salt consumption still depends on the growth of the lithium - battery industry, while the traditional application fields have limited proportions and weak growth [45]. - In July 2025, the global sales of new energy vehicles were about 1.6 million, with a cumulative year - on - year increase of 25.1% from January to July. In July 2025, the production and sales of new energy vehicles in China were 1.243 million and 1.262 million respectively, with year - on - year increases of 26.3% and 27.4% respectively. From January to July 2025, the production and sales of new energy vehicles in China were 8.232 million and 8.22 million respectively, with year - on - year increases of 39.2% and 38.5% respectively [48]. - The total sales of new energy vehicles in Europe from January to June were 1.191 million, a 24.8% increase compared to the previous year. The total sales of new energy vehicles in the United States from January to June were 761,000, a 6.4% increase compared to the previous year [51]. - In July, the total production of power and other batteries in China was 133.8 GWh, a 3.6% increase from the previous month and a 44.3% increase year - on - year. From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, with a cumulative year - on - year increase of 57.5%. The production of lithium iron phosphate in July increased by about 3.1% from the previous month. It is expected that the month - on - month increase in the output of cathode materials will be slightly larger in August [54][57]. 5. Inventory - On August 14, the weekly inventory of domestic lithium carbonate was reported at 142,256 tons, a decrease of 162 tons (- 0.1%) from the previous week. On August 15, the registered warehouse receipts of lithium carbonate on the Guangzhou Futures Exchange were 23,485 tons, a 24.7% increase from the previous week [64]. - The inventory cycle of cathode materials is about one week. The sales - to - inventory ratio of power batteries is at a recent median, and the inventory of energy - storage batteries is at a recent low due to the rush for exports [67]. 6. Cost Side - The ore price adjusted following the lithium salt price. On August 16, the quotation of SMM Australian imported SC6 lithium concentrate was 960 - 1,020 US dollars per ton, a 26.1% increase from the previous week and an 18.5% increase in the past month [75]. - In June, the domestic import of lithium concentrate was 428,000 tons, a 18.1% decrease year - on - year and a 17.2% decrease from the previous month. From January to June, the domestic import of lithium concentrate was 2.806 million tons, a cumulative year - on - year decrease of 0.2%. In the first half of 2025, the import of lithium concentrate from Australia increased by 6.1% year - on - year, and the import from Africa decreased by 13.0% year - on - year. The supply pressure of high - cost hard - rock mines began to ease in July [78].

Core Insights - The Zaozhuang High-tech Zone lithium battery industrial park has established a complete industrial chain, allowing companies to access all necessary suppliers within a 15-minute drive, enhancing operational efficiency [2][4] - The park is a key engine for the city's lithium battery industry, encompassing upstream materials, midstream battery cells, and downstream applications [2][3] - The industrial energy storage cabinet developed by Shenzhou Xingheng can store 235 kWh and offers both grid-connected and off-grid functionalities, indicating a shift in energy storage from a cost center to a profit-generating asset [2][3] Company Developments - Shandong Yaoqian Electronic Technology focuses on small and medium-sized power lithium batteries and energy storage systems, benefiting from a tailored support system that helps companies expand into international markets [3] - Ding Teng New Energy, a joint venture, is addressing safety and low-temperature performance issues in sodium-ion batteries, achieving over 70% discharge at -40°C and over 50% at -50°C, with a cycle life exceeding 6000 times [3][4] - The Zaozhuang High-tech Zone lithium battery industrial park hosts both leading enterprises with over 1 billion yuan in output and emerging companies, fostering a diverse ecosystem [3][4] Strategic Initiatives - The park's strategy focuses on precise investment to strengthen the industrial chain, including attracting both major players and supporting enterprises to create a complete lithium battery ecosystem [4] - Future initiatives will include mapping the lithium battery industry, chain-based investment targeting upstream and downstream partners, and providing dedicated support for each company to enhance their growth [4]