Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - As of December 26, 2025, the price of industrial-grade lithium carbonate rose to 116,000 yuan per ton, with a weekly increase of 14.85% [3]. - The price of phosphoric iron lithium (power type) reached 45,100 yuan per ton on December 26, up over 15% from December 19 [3]. - Prices for lithium hexafluorophosphate remained stable at 180,000 yuan per ton as of December 27 [3]. - The average price of square phosphoric iron lithium energy storage batteries remained stable, with slight increases in specific models [3]. Demand - In November 2025, the monthly loading volume of phosphoric iron lithium batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, achieving a new high for the year [4]. - The monthly loading volume of ternary power batteries was 18.2 GWh, reflecting a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The new bidding capacity for domestic new energy storage projects in January to October 2025 was higher than in the same period of 2024, with November slightly lower [4]. - In November 2025, China's battery exports reached 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The production of domestic batteries and phosphoric iron lithium cathode materials in January to November 2025 exceeded that of 2024, with stable raw material and cell prices, and an increase in monthly loading volumes and new energy storage bidding capacities [5]. - The industry is advised to focus on core enterprises in battery cells that lead in the collaborative layout of power batteries and energy storage, as well as those related to lithium battery materials [5]. - Recommended companies include CATL (300750), EVE Energy (300014), Xinwangda (300207), Hunan Youneng (301358), Rongbai Technology (688005), Tianci Materials (002709), and Dofluor (002407) [5].

Investment Rating - The industry is rated as "Outperform" compared to the market [3]. Core Insights - The demand for power and energy storage batteries is strong, with an increase in average prices for storage cells and systems [3][4]. - In November 2025, domestic battery production reached 176.3 GWh, a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [3]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [3]. - The price of industrial-grade lithium carbonate rose to 116,000 CNY/ton as of December 26, 2025, with a weekly increase of 14.85% [3]. - The average price of LFP (power type) reached 45,100 CNY/ton, increasing over 15% since December 19, 2025 [3]. - The average price of square LFP energy storage cells remained stable, with slight increases noted in December 2025 [3]. - In November 2025, the monthly loading volume of LFP batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [3]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% [3]. Summary by Sections Production - In November 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [3][4]. Prices - Prices for key materials such as lithium carbonate and LFP have seen substantial increases, indicating a tightening supply [3][4]. Domestic Demand - The domestic demand for batteries is robust, with record loading volumes and increased tender capacities for new energy storage projects [3][4]. Overseas Demand - The export market for Chinese power batteries is expanding, with notable year-on-year growth in November 2025 [3][4].

证券研究报告 行业研究 / 行业点评 2025 年 12 月 23 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：AI 与数据中 心景气延续，电力设备需求持续高企》 2025-12-22 《光储行业跟踪：11 月光伏组件出口额同比高 增，海外需求持续旺盛》2025-12-22 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 动力电池和储能电池需求旺盛，锂电材 料价格回升 强于大市 投资要点： 排产：11 月份正极材料产量同比增长。2025 年 1-11 月，国内电池和磷酸铁锂正极材料产 量显著高于 2024 年同期。2025 年 11 月，国内电池产量 176.3GWh，同比增长 49.66%， 环比增长 3.34%；2025 年 11 月，国内磷酸铁锂正极材料产 ...

倒计时1天 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点储能、起点研究院SPIR 赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远 东电池/诺达智慧/奥鸿智能/中天和/超业精密/北测新能源/蓝京新能源/贤辰智享/东唐智能/达力智能/ 亿鑫丰/爱签/和明机械/金力股份/孚悦科技/乾纳智能装备/多氟多/科迈罗/三合一体/果曼钠电/新能安/ 海辰储能/瑞浦兰钧/鹏辉能源/国轩吉泰美/创明新能源/德赛电池/先导智能/亿纬锂能/移族/新日股份/ 弘正储能/亮见钠电/易事特/清陶云能/信宇人/星恒电源/昆仑化学/星翼能源 /汇创新能源 /力通威 等 近期有媒体报道称， 江西悦海新能源有限公司的多名员工血铅含量异常，最高检测值接近700μg/L。 12月16日，江西贵溪经济技术开发区管理委 ...

| 公司/单位名称 | 职位 | 参会嘉宾姓名 | | --- | --- | --- | | 起点研究 | 董事长 | 李振頓 | | 蓝京新能源 | 董事长 | 郭春泰 | | 新日股份 | 副总经理/总工程师 | 電宝荣 | | 海裕百特 | 董事长 | 王留幸 | | 广东奥鸿智能 | 董事长 | 喻世民 | | 倍特力 | 董事长 | 龙翔 | | 金钢科技 | 董事长 | 杨维元 | | 先导智能 | 营销总经理 | 叶正平 | | 逸飞激光 | 市场总监 | 我前首 | | 小鲁锂电 | 营销中心总经理 | 沈星星 | | 时代联合 | 董事长 | 周富华 | | 江西远东电池 | 总经理 | 相江峰 | | 亿語 | 董事长 | 吴松彦 | | 诺达智慧 | 总经理 | 江国龙 | | 北測新能源 | 总经理 | 汪继云 | | 仲恺科促局粤港澳大湾区 | 招商办主任 | 凌紫皓 | | 弗迪电池 | 新能源产品总监 | 刘祥 | | 鹏辉能源 | 研发总监 | 周琰俊 | | 武汉亿纬储能 | 解决方案中心总经理 | 蒙玉宝 | | 多氟多新能源 | 前瞻技术研究院副院长 | 景绍芒 | | ...

Core Insights - The report from Guotai Junan indicates a strong performance in the new energy vehicle (NEV) sector for November, with production and sales showing significant year-on-year growth [1][2]. Production and Sales - In November, NEV production reached 1.88 million units, marking a 20% increase year-on-year, while the cumulative production from January to November totaled 14.907 million units, up 31.4% [1]. - NEV sales in November were 1.823 million units, reflecting a 20.6% year-on-year increase, with a penetration rate of 53.2%. The cumulative sales for the first eleven months reached 14.78 million units, a 31.2% increase, with a cumulative penetration rate of 47.5% [1]. Exports - NEV exports in November amounted to 300,000 units, representing a year-on-year increase of approximately 2.6 times and a month-on-month increase of 17.3%. Cumulatively, from January to November, NEV exports reached 2.315 million units, doubling year-on-year [2]. Battery Production and Sales - In November, the total production of power and other batteries was 176.3 GWh, a 49.2% year-on-year increase and a 3.3% month-on-month increase. Cumulatively, from January to November, the total production reached 1,468.8 GWh, up 51.1% [3]. - Battery sales in November were 179.4 GWh, a 52.2% year-on-year increase and an 8.1% month-on-month increase. Cumulatively, from January to November, total sales reached 1,412.5 GWh, a 54.7% increase [3]. Battery Installation - The domestic power battery installation volume in November was 93.5 GWh, showing a year-on-year increase of 39.2% and a month-on-month increase of 11.2%. Cumulatively, from January to November, the total installation volume reached 671.5 GWh, a 42.0% increase [4]. Investment Recommendations - With the rapid growth in demand for lithium batteries, companies in the power battery and related key materials sectors are expected to benefit. Recommended stocks include CATL (300750.SZ), BYD (002594.SZ), Guoxuan High-Tech (002074.SZ), Yiwei Lithium Energy (300014.SZ), Zhongchuangxin Hang (03931), Hunan Youneng (301358.SZ), and Tianci Materials. Related stocks include Dingsheng New Materials (603876.SH) and Tianji Shares (002759.SZ) [5].

2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 倒计时6天 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点储能、起点研究院SPIR 赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远 东电池/诺达智慧/奥鸿智能/中天和/超业精密/北测新能源/蓝京新能源/贤辰智享/东唐智能/达力智能/ 亿鑫丰/爱签/和明机械/金力股份/孚悦科技/乾纳智能装备/多氟多/科迈罗/三合一体/果曼钠电/新能安/ 海辰储能/瑞浦兰钧/鹏辉能源/国轩吉泰美/创明新能源/德赛电池/先导智能/亿纬锂能/移族/新日股份/ 弘正储能/亮见钠电/易事特/清陶云能/信宇人/星恒电源/昆仑化学/星翼能源等 港股上市的风吹到了电解液环节。 起点锂电获悉， 12 月 11 日新宙邦公告召开第六届董事会第二十六次会议，会上审议通过了港股上市相关议案。 新宙邦表示，为推进全球化 ...

倒计时15天 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点固态电池、起点储能、起点研究院SPIR 具体来看，其通过江西国轩先后成立了宜春国轩矿业有限责任公司、宜春科丰新材料有限公司、宜春国轩锂业股份有限公司、宜春国轩电池有 限公司四家子公司，主要从事矿山资源开发、碳酸锂提取、电池制造等业务。 其中宜春国轩矿业有限责任公司是由江西国轩与宜春市矿业公司共同出资成立，旗下资产为宜丰县白水洞采矿权和宜丰县割石里矿区水南矿段 瓷土（含锂）矿普查探矿权。 活动规模： 线下1200+，在线直播观看30000+ 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/新能安/多氟多/保力新/远 东电池/国轩吉美泰/诺达智慧/创明新能源/德赛电池/陀普科技/蓝京新能源/北测新能源/亿鑫丰/达力智 能/金力股份/苏州莫洛奇/鑫 ...

Core Viewpoint - Ningde Times reported a Q3 net profit attributable to shareholders of 18.549 billion yuan, representing a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.26% [1] Company Performance - The company’s power and energy storage battery revenue continues to grow, driven by scale expansion [1] - Inventory at the end of Q3 stood at 80.21 billion yuan, up 45.3% year-on-year, indicating a significant amount of unrecognized revenue related to energy storage [1] - The company maintains a high capacity utilization rate [1] Industry Outlook - The lithium battery industry is expected to remain in a high-growth phase, with 2025 projected to sustain high growth rates [1] - Anticipated growth in overseas non-American large storage, domestic large storage, and commercial vehicles in 2026 [1] - New model cycles in European power markets and increased battery capacity per vehicle in China are expected to support power demand [1] Strategic Recommendations - The company is recommended due to its accelerated capital expenditure and increased market share from capacity expansion [1] - The long-term layout of the company, including battery banks, zero-carbon grids, and solid-state batteries, is not fully priced in, providing business options [1] - The company is positioned to benefit from valuation expansion due to stable profitability in the global manufacturing sector [1] Financial Projections - Expected net profits for the company are projected to be 67.9 billion yuan in 2025 and 90 billion yuan in 2026, with a corresponding PE ratio of 19X for 2026 [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 16.832 billion yuan for Q3 2025, representing a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49%. The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter. However, the non-recurring net profit was 780 million yuan, down 22.04% year-on-year but up 130.04% quarter-on-quarter [2][4]. Financial Performance - In the first three quarters, the company shipped 34.59 GWh of power batteries, a year-on-year increase of 66.98%, and 48.41 GWh of energy storage batteries, a year-on-year increase of 35.51%. Overall shipments exceeded industry growth rates, leading to an increase in market share [11]. - The gross profit margin and net profit margin for Q3 2025 were 13.66% and 7.33%, respectively. Excluding stock incentive expenses and specific bad debt provisions, the operating profitability is expected to remain stable [11]. - The company’s operating cash flow was a net inflow of 2.531 billion yuan, with capital expenditures amounting to 3.032 billion yuan [11]. Future Outlook - The company has a positive outlook for future operations, particularly in energy storage, where price adjustments in Q4 2025 are expected to enhance profitability. The Malaysian energy storage base is anticipated to contribute excess profits as it ramps up production [11]. - The company is expected to benefit from structural improvements and tightening battery supply, with a projected net profit of 4.5 billion yuan for 2025 and 8 billion yuan for 2026, corresponding to a PE ratio of 18X for 2026 [11].