碳酸锂日报（2025 年 8 月 26 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 1. 昨日碳酸锂期货 2511 合约跌 0.3%至 79380 元/吨。现货价格方面，电池级碳酸锂平均价下跌 1400 元/吨至 82500 元/吨，工业级碳酸锂平均价下跌 1400 元/吨至 80200 元/吨，电池级氢氧化锂（粗颗 粒）下跌 160 元/吨至 77330 元/吨。仓单方面，昨日仓单库存增加 640 吨至 25630 吨。 2. 基本面来看，供应端生产小幅放缓，减量主要还是由于云母停产所带来的，后续来看，随着前期价 格走强和海外进口的增加，锂辉石提锂依旧有望持续增加，对于供应来看，有更多的锂矿转化为碳 酸锂的形式存在，但需要注意的是，目前矿价成交价格维持高位，对碳酸锂价格仍有一定支撑；需 求端 8 月合计需求环比增加 6%，9 月迎来传统旺季，下游排产或表现依旧景气，叠加客供比例下 降，下游备货意愿较强。库存方面，社会库存维持 14.1 万吨水平，但呈现出两周小幅去库状态，且 结构上显现出来下游采购行为增加。 3. 已知资源项目的生产问题 ...

据悉，此榜单的评判标准综合考量企业的科技创新实力、市场影响力、全球化布局以及可持续发展 能力等多个维度，旨在探寻出生于中国、且正在影响世界的科技公司。 8月21日，2025年《财富》中国科技50强揭晓。 从锂电产业链的结构来看，这7家企业分别分布在上游材料、中游设备和下游电池制造及应用环 节，形成了一条完整且具有竞争力的产业链条。 上游材料环节： 万华化学 在锂电产业链上游材料领域，万华化学的入选凸显了中国在核心化工材料领域的突破。 凭借多个维度的领先性，宁德时代、比亚迪、大族激光、万华化学、欣旺达、新能安、远景等7家 锂电产业链相关企业成功入选。 这一结果既是对以上企业在科技创新、市场影响力等方面卓越表现的肯定，也印证了中国锂电产业 链在全球范围内的强劲实力与重要地位。 作为中国唯一拥有MDI自主知识产权并具备独立生产能力的企业，其在锂电材料领域的技术深耕 与产能布局持续突破——2025年上半年，第四代磷酸铁锂已完成量产供应，第五代也实现定型首 发； 在CIBF2025展会上推出的新一代高压实磷酸铁锂正极材料，通过工艺创新提升压实密度与能量密 度，既满足新能源汽车强动力、长续航需求，又为储能电芯提供长循环、 ...

碳酸锂日报 碳酸锂日报（2025 年 8 月 22 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 三、图表分析 3.1 矿石价格 1. 昨日碳酸锂期货主力合约跌 0.17%至 82760 元/吨。现货价格方面，电池级碳酸锂平均价下跌 500 元 /吨至 85200 元/吨，工业级碳酸锂平均价下跌 500 元/吨至 82900 元/吨，电池级氢氧化锂（粗颗粒） 下跌 50 元/吨至 77690 元/吨。仓单方面，昨日仓单库存增加 275 吨至 24320 吨。 2. 供应端，周度产量环比减少 842 吨至 19138 吨，其中锂辉石提锂环比增加 520 吨至 12179 吨，锂云 母提锂环比减少 1250 吨至 2650 吨，盐湖提锂环比减少 90 吨至 2650 吨，回收料提锂环比增加 78 吨 至 1757 吨。同时，预计 8 月供应环比仍小有增加 3%至 8.42 万吨。需求端，8 月两大正极材料耗锂 预计环比增加 8%至 8.6 万吨 LCE。库存端，社会库存环比减少 713 吨至 141543 吨，上游和其他环 节库存减少，下游延续 ...

Group 1 - The article presents a detailed distribution map of the global lithium battery industry chain, covering aspects from raw materials to battery manufacturing and end applications [3] - The distribution map includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, South Korea, and Southeast Asia [3] Group 2 - The distribution map measures 1.5 meters by 1 meter, providing a comprehensive visual representation of the lithium battery ecosystem [3] - To receive the distribution map for free, readers are encouraged to share the article on their social media and contact the editor [4]

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Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's battery production, particularly in lithium iron phosphate batteries, which accounted for 77.8% of total production in July, reflecting a year-on-year increase of 50.5% [1] - The total battery production reached 133.8 GWh in July, representing a year-on-year growth of 44.3%, indicating a robust demand in the market [1] - The export of batteries saw a year-on-year increase of 35.4%, with the export volume of power batteries accounting for 63.7% of total exports, which is a 48.4% increase compared to the previous year, showcasing strong overseas demand [1] Group 2 - The mechanical ETF (516960) tracks a specific mechanical index (000812) that includes listed companies from various segments of the mechanical equipment industry, reflecting the overall performance of representative enterprises in this sector [1] - The index emphasizes innovation and technological advancement within the industry, serving as an important indicator of the development level of China's manufacturing sector [1]

Summary of Key Points from Conference Call Records Industry Overview - The lithium battery industry is expected to see a growth rate exceeding 20% by 2026, driven by increased demand from domestic passenger vehicles, heavy trucks, the European new car cycle, and improvements in domestic energy storage business models [1][4] - The lithium battery supply chain is currently experiencing a positive outlook, with significant price increases in lithium carbonate and a focus on solid-state battery technology [2] Company Insights - CATL (宁德时代) is optimistic about demand, with a projected industry growth rate of over 20% by 2026 due to various factors including increased battery capacity in passenger vehicles and heavy trucks [1][4] - CATL is increasing its investment in solid-state batteries, establishing a solid-state engineering research center to meet the demands of emerging industries such as robotics [1][5] - CATL's stock in Hong Kong is trading at a premium of 30%-40% compared to A-shares, attributed to lower liquidity and high borrowing costs, with expectations that this premium will be maintained despite potential unlocks in November [1][4] Market Dynamics - The lithium hexafluorophosphate market is recovering in price due to the rise in lithium carbonate prices, with high capacity utilization in the midstream sector [7] - The PCB copper foil market is showing positive trends, with overseas companies raising prices, which domestic companies are expected to follow, contributing to profit elasticity [8] Solid-State Battery Developments - Solid-state batteries are seen as having strong long-term potential, with a policy directive aiming for mass production by 2027 [9] - New technologies in solid-state batteries are driving higher requirements for equipment, benefiting companies like Lianying Laser and Delong Laser [11][12] - Domestic and international collaborations in solid-state and semi-solid battery fields are advancing, with several companies expected to achieve small-scale or mass production by 2026 or 2027 [14] Price Trends and Future Outlook - Lithium carbonate prices have risen significantly following production halts at CATL, with future trends dependent on mining permit developments and new plant operations [15][17] - Cobalt prices are expected to rise above 300,000 yuan, driven by supply shortages and policy uncertainties in the Democratic Republic of Congo [18][19] Investment Opportunities - Investment opportunities in the lithium carbonate sector are identified in projects that are not affected by mining policies, including overseas resources and low-cost domestic projects [20] - In the cobalt sector, companies benefiting from increased production in Indonesia are highlighted as having investment value, alongside those with rich resource reserves [20]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map includes major lithium battery industry hubs in regions such as China, North America, Europe, Japan, and Southeast Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution of the maps is being carried out in order of registration [5]