作者丨董鹏 编辑丨骆一帆 年内翻倍的股价，让天赐材料部分高管再起减持冲动。 12月5日晚间，公司发布减持预披露公告，副董事长徐三善、副总经理顾斌等人计划在公告披露之日起15个交易日后的3个月内，合计减持公司 92.4万股。 或许，是出于呵护公司股价的考虑，12月7日晚间天赐材料紧接着发布公告，控股股东徐金富承诺未来6个月不减持的公告予以"对冲"。 值得注意的是，历史上天赐材料的高管减持比较频繁。 历史公告显示，2022年以前，公司几乎每年都有高管减持股份；2022年以后，则是受到行业周期回落、公司大幅下跌的影响，高管减持阶段性暂 停。 直至今年下半年，电解液等相关环节成为锂电业领涨品种，这帮助天赐材料年内涨幅一度扩大至153%，减持机会开始重新出现。 而在抛出上述高管减持计划后，天赐材料依旧在公告中强调"董事及高级管理人员对公司发展前景持续坚定看好。" 基本面改善突出 电解液及其上游六氟磷酸锂、碳酸亚乙烯酯（VC），是今年四季度景气度提升最突出的上游原材料行业之一。 更为重要的是，明年天赐材料、多氟多、天际股份等企业的新增产能有限，业内整体普遍认为行业景气度中短期内能够得到延续。 少数卖方，甚至将公司2026 ...

Core Viewpoint - The article discusses the recent stock price surge of Tianci Materials, leading to a wave of insider selling by executives, while the controlling shareholder has committed to not selling shares in the near term, indicating a mixed sentiment about the company's future prospects [1][12]. Group 1: Executive Selling and Shareholder Commitments - Executives of Tianci Materials, including Vice Chairman Xu Sanshan and Vice General Manager Gu Bin, plan to sell a total of 924,000 shares within three months after a 15-day notice period [1]. - In response to the executive selling plans, controlling shareholder Xu Jinfeng announced a commitment to not sell shares for the next six months, which may help stabilize the stock price [1][12]. - Historically, Tianci Materials has seen frequent insider selling, particularly before 2022, with a pause in such activities due to a downturn in the industry [1][12]. Group 2: Industry and Market Conditions - The electrolyte and its upstream materials, particularly lithium hexafluorophosphate, have seen significant price increases, with prices rising from 61,000 yuan/ton in September to 180,000 yuan/ton by December, marking a 195% increase in the fourth quarter [2]. - Tianci Materials holds the largest production capacity for lithium hexafluorophosphate in China and is the leading company in electrolyte sales, which has led to improved profit expectations [4]. - Analysts predict that Tianci Materials' net profit for the fourth quarter could rise to 520 million yuan, with some forecasts for 2026 net profit reaching 5.1 billion yuan, comparable to the peak of the previous cycle in 2022 [4]. Group 3: Stock Performance and Market Reactions - Tianci Materials' stock price has increased by over 153% this year, peaking at 49.78 yuan in mid-November, but has since retreated to around 39.8 yuan by December 8 [4][7]. - The stock price fluctuations are influenced not only by fundamental improvements but also by market dynamics such as investor sentiment and sector rotation [4]. - Following the announcement of executive selling, the stock price experienced a slight increase, possibly due to the commitment from the controlling shareholder [13].