1月8日，A股三大股指集体低开，其中，沪指跌0.2%报4077.72点，深成指跌0.42%，报13971.89点，创 业板指跌0.63%，报3308.74点，科创50指数跌0.15%，报1441.19点。稀土永磁板块盘初走低，华新环保 跌超4%，中科磁业跌超3%，格林美、九菱科技、银河磁体、厦门钨业跟跌；脑机接口板块盘初活跃， 创新医疗4连板创新高，爱朋医疗、南京熊猫、海南海药、岩山科技、菲沃泰跟涨；工业金属板块盘初 走低，中国铝业、天山铝业、江西铜业跌超2%，洛阳钼业、白银有色、西部矿业、中孚实业跟跌。 普利特：日前在机构调研时表示，公司的LCP薄膜产品凭借其极低吸水率、优异的高频传输性能、同时 生物相容性较好，适合作为脑机接口的柔性电极材料使用。随着脑机接口产业技术的不断成熟和商业化 进程加速，公司看好LCP薄膜产品在侵入式和非侵入式脑机接口领域的未来应用市场。LCP薄膜技术壁 垒极高，全球仅有三家企业具备大规模化量产能力，普利特是国内唯一实现该技术突破的企业。目前， 公司已与海外客户关于公司LCP薄膜在脑机接口领域的应用进行了共同开发以及验证工作，目前正在进 行临床试验工作，进展顺利。国内相关行业客户公 ...

Core Viewpoint - The lithium battery industry is entering a new cycle characterized by a surge in demand and supply optimization, leading to a significant increase in both volume and price across various segments. However, the industry faces challenges, particularly in the lithium iron phosphate (LFP) sector, where companies have been experiencing losses despite high shipment volumes [4][5]. Group 1: Industry Overview - The demand for lithium iron phosphate batteries has surged, with shipments in China reaching 1,050 GWh from January to October 2025, accounting for 78% of total lithium battery shipments, representing a 65% year-on-year increase [4]. - Despite high production and sales, LFP companies are still operating at a loss, with upstream material costs, such as lithium carbonate and phosphate, rising sharply, potentially exacerbating losses [4][5]. Group 2: Financial Performance of Key Companies - Major LFP companies have reported significant losses over the past three years, with a cumulative loss exceeding 10.9 billion yuan among five leading firms from 2023 to Q3 2025. Notably, De Fang Nano has incurred losses exceeding 3.5 billion yuan [6][7]. - The financial outlook for these companies remains bleak, with projected net profits for 2023 showing negative figures for most, except for Hunan Youneng, which is expected to maintain a slight profit [8]. Group 3: Industry Initiatives and Solutions - The industry is advocating for a collaborative approach to address the "involution" issue, with several companies proposing initiatives to promote self-discipline, price stability, and coordinated capacity release [10][12]. - Key initiatives include rebuilding market pricing logic based on costs, promoting innovation in new technologies, and ensuring a balanced supply-demand relationship to facilitate orderly capacity release [12][13]. - Companies are encouraged to establish long-term orders with upstream suppliers, optimize production processes, and implement cost control measures to mitigate financial losses [12][13].

Core Viewpoint - The lithium battery sector is experiencing significant stock price volatility, with companies like Jiangte Electric showing resilience amidst broader market declines [1][2]. Group 1: Company Performance - Jiangte Electric's stock price increased by 1.99% to 9.74 CNY per share, with a total market capitalization of 16.62 billion CNY, despite declines in Tianqi Lithium and Ganfeng Lithium [2]. - The company has faced substantial losses, with projected net losses of 950 million to 1.25 billion CNY for the first half of the year, following a loss of 640.66 million CNY in the same period last year [10][13]. - Jiangte Electric's stock has seen a cumulative decline of nearly 74% over a three-year adjustment period, reaching a low of 6.2 CNY per share [13]. Group 2: Lithium Resource Development - Jiangte Electric holds over 10 million tons of lithium resources, with the Qian坑 lithium mine being the most significant, having a mining license valid for 30 years [9][10]. - The Qian坑 lithium mine has a resource reserve of 72.93 million tons at an average Li2O grade of 0.44%, and up to 126.67 million tons at a grade of 0.39%, classifying it as a large lithium mine [10]. - The development of the Qian坑 lithium mine is expected to significantly enhance the company's self-sufficiency in lithium and reduce production costs, positively impacting profitability over the next 30 years [10]. Group 3: Strategic Initiatives - Jiangte Electric is focusing on humanoid robot joint module development through its subsidiary, Weier (Shenzhen) Intelligent Drive Co., Ltd., and is actively collaborating with leading robotics companies and suppliers [11]. - The company is undergoing a change in control, with the original controlling shareholders transferring their stakes to Wubai Yingli Technology, which now holds 50% of Jiangte Electric [17][19]. - Wang Xin, a well-known investor, has increased his stake in Jiangte Electric and is now the controlling shareholder, indicating confidence in the company's future [21].

Core Viewpoint - The "anti-involution" policy is reshaping market expectations and is seen as a 2.0 version of China's supply-side reform, particularly impacting emerging industries like lithium batteries, photovoltaics, and electric vehicles [2][3]. Group 1: Industry Overview - The lithium battery industry has experienced explosive growth over the past decade, with total production reaching 1170 GWh and industry output exceeding 1.2 trillion yuan in 2022, compared to just 29.868 GWh in 2014 [8]. - Despite significant growth, the industry faces challenges as rapid physical growth has not translated into corporate profits, with many companies selling inventory at prices just covering raw material costs [9][10]. - The lithium battery sector holds over 70% of the global market share, yet it is engaged in "bottom competition" internationally, leading to a decline in average prices [10]. Group 2: Policy and Legislative Changes - The "anti-involution" initiative has moved towards legislative depth, with new laws targeting price stability and fair trading conditions, including the prohibition of selling below cost [4]. - The government is addressing issues of homogeneous capacity caused by chaotic investment practices, emphasizing the need for transparent investment disclosures [5]. Group 3: Market Dynamics and Challenges - The industry is experiencing a price war, with over 30 car manufacturers reducing prices to clear inventory, leading to a significant drop in profit margins within the automotive sector [13]. - The lithium price has been on a downward trend since late 2022, with expectations of continued oversupply in the market, affecting upstream material suppliers [14]. Group 4: Future Directions and Innovations - The "anti-involution" marks a critical turning point for the lithium battery industry, focusing on the elimination of outdated capacity and driving technological upgrades [16][17]. - New investment trends are emerging, with a focus on battery recycling and solid-state batteries, indicating a shift towards a circular economy and technological innovation [20]. - Companies are increasingly investing in high-pressure lithium iron phosphate batteries, which are expected to enhance profit margins and meet rising demand for fast-charging solutions [21].