Core Insights - The export volume of lithium-ion batteries from China reached 2.567 billion units in the first seven months of 2025, marking an 18.74% year-on-year increase [1] - The export value for the same period was $41.143 billion, reflecting a 26.2% year-on-year growth, continuing a stable upward trend [1] - In July 2025, the export value was $7.047 billion, showing a 31.66% year-on-year increase and a 6.77% month-on-month increase [1] Export Market Dynamics - Germany has overtaken the United States as the largest export market for Chinese lithium-ion batteries since May 2025, with an export value of $7.753 billion in the first seven months, a 31.71% increase year-on-year [1] - The United States is the second-largest market, with an export value of $7.418 billion, a slight increase of 0.39% year-on-year [1] - Vietnam ranks third, with an export value of $2.263 billion, up 7.14% year-on-year [1] Provincial Contributions - Guangdong Province has become the largest source of lithium-ion battery exports in China, with an export value of $10.679 billion, a 39.87% year-on-year increase, accounting for 26% of the national total [2] - Fujian Province follows closely with an export value of $10.659 billion, a 22.77% increase, representing 25.9% of the total [2] - Jiangsu Province ranks third with an export value of $5.502 billion, showing a marginal increase of 0.06% [2] Monthly Export Trends - The monthly export values for lithium-ion batteries in 2025 show significant growth, with July's export value reaching $7.047 billion, a 31.66% increase compared to July 2024 [4] - The total export value for the first seven months of 2025 was $41.143 billion, compared to $32.602 billion in the same period of 2024, indicating a robust growth trajectory [4] Notable Growth Regions - The provinces with the highest growth in export value include Guangxi Zhuang Autonomous Region, Hubei Province, and Hunan Province, with increases of 122.9%, 102.5%, and 102.42% respectively [2] - In terms of export volume, Guangxi, Hunan, and Fujian also showed significant increases, with growth rates of 131.72%, 59.07%, and 29.49% respectively [2]

2025年1-6月出口金额增幅最大的三个省分别是广西壮族自治区、湖南省、湖北省，出口额分别增长 180.8%、127.5%和106.2%。出口数量增幅最大的三个省市分别广西壮族自治区、湖南省、福建省，出 口数量分别增长了151.2%、57.4%和28.9%。 智通财经APP获悉，根据海关最新统计数据，2025年1-6月锂离子电池出口数量为21.56亿个，同比增长 17.6%；2025年1-6月我国锂离子电池出口额为340.96亿美元，同比增加25.1%，延续了稳定增长势头。 其中，2025年6月份，出口额66亿美元，环比增长12.7%，6月份，出口数量为4.05亿个，环比增长 2.9%。 德国从5月份开始已经取代美国成为我国锂离子电池第一大出口市场，2025年1-6月出口金额为65.15亿 美元，同比增长11.5%，占我国锂离子出口总额的19.1%。第二大市场为美国，1-6月出口总金额为59.98 亿美元，同比增加18.6%，占我国锂离子电池出口额的17.6%。越南为第三大出口市场，出口金额为 18.39亿美元，同比增长2.7%，占我国锂离子电池出口额的5.4%。前十大出口国家中，同比增幅最大的 国家有沙特阿 ...

Report 1: Futures Research Report - Shanghai Zinc Morning Report 1. Report Industry Investment Rating - Zinc - Temporarily on the sidelines [1] 2. Core Viewpoints - The export level of automobiles is extremely high, and the demand for zinc in the early stage is relatively strong. However, in the medium - term, the supply of zinc is loose, and zinc prices still face downward pressure [1][2] 3. Summary by Directory Macro & Industry News - In 2025, China's import and export scale increased steadily with improved quality, but the export growth rate slowed down. Automobile and auto - parts exports reached extremely high levels, and motorcycle exports also grew strongly. The monthly export of lithium - ion batteries remained stable at about $5 billion [1] Mine End - In terms of TC changes, the mine end has become fully loose. The TC price in the zinc concentrate market continued to rebound, and the degree of looseness at the mine end increased again [1] Smelting - Smelting profits have been quickly repaired as processing fees rebounded. Pure smelting enterprises are profitable without considering by - product profits. Zinc concentrate enterprises' profits remain high, and the overall profits of integrated enterprises are at a high level. It is expected that smelting output will be high, and the supply side will be fully loose. If the TC price rises to about 4,000 yuan/ton under optimistic conditions, the maximum decline space of zinc prices is expected to remain above 20,000 yuan/ton [2] Demand - The profit of downstream galvanizing is in the process of repair, and the current level is at the middle position since 2018. The consumer - end profit is acceptable and the inventory is low, so the demand side may drive zinc prices to a certain extent. However, in the medium - term, the core contradiction of loose supply remains unchanged, and zinc prices still face downward pressure. Attention should be paid to the support at the previous low of 21,000 yuan/ton [2] Conclusion - Sino - US trade concerns still exist, but the market expects the US attitude to ease, and the sector sentiment has eased. Zinc ingot复产 is on the way, and the uncertainty of galvanizing output growth is still high, which may weaken in the medium - term [2] Operation Suggestion - Wait for an opportunity to short; if there is no rebound, the downward space is limited [3] Report 2: Futures Research Report - Nickel and Stainless Steel Morning Report 1. Report Industry Investment Rating - Nickel - Short after a rebound - Stainless steel - On the sidelines [4] 2. Core Viewpoints - Indonesia's new nickel product tax policy will be implemented, which will intensify nickel price fluctuations. In the short - term, nickel prices have rebounded, but the fundamental surplus trend remains unchanged [4][5] 3. Summary by Directory Macro & Industry News - The Indonesian government officially implemented a new tax policy for nickel products on April 26, 2025. The royalties for various nickel products are dynamically adjusted according to the benchmark price HMA, with ranges such as 14% - 19% for nickel ore, 5% - 7% for nickel pig iron, etc [4] Mine End - Indonesia plans to increase mining royalties in the second week of April, which may support the price framework. In the Philippines, the rainy season in the Surigao mining area continues, and nickel ore prices may rise slightly in the near future. However, the seasonal tightness of nickel ore will improve after April, and there is no continuous upward momentum for mine - end prices [4] Smelting - China imports relatively little pure nickel, while domestic production has recovered rapidly. Although the total supply of domestic electrolytic nickel has decreased month - on - month, the overall supply remains at the highest level in the same period of history. The production cost of electrowinning nickel reached 124,000 yuan/ton at the end of February. The upper pressure line can be determined by the cost of external procurement manufacturers and the critical point of downstream nickel sulfate. The demand support provided by the cost of downstream nickel sulfate is about 134,000 yuan/ton, and the profit critical point of external procurement manufacturers is about 137,000 yuan/ton, both of which have decreased compared with before [5] Demand - Stainless steel is not on the US tariff list. Therefore, under the premise that nickel is on the tariff list, the export demand for stainless steel may increase, forming a strong - weak relationship with nickel. The relatively firm price of nickel iron makes the profit of stainless steel manufacturers low, which may affect subsequent production and reduce the demand for nickel [5] Conclusion - Sino - US trade concerns still exist, but the market expects the US attitude to ease, and the sector sentiment has eased. Due to the previous price reaching the cost - expected level, nickel prices rebounded in the short - term. However, the fundamental surplus trend remains unchanged, and the support at the mine end is not sustainable. Attention should be paid to the improvement of the tight pressure at the mine end after the Philippines emerges from the rainy season and the difference in demand strength between stainless steel and nickel due to the US tariff policy [5] Operation Suggestion - Short after a rebound [6]