Core Viewpoint - Longpan Technology (603906.SH) has signed a significant sales agreement with Chuangneng New Energy, committing to sell 1.3 million tons of lithium iron phosphate cathode materials from 2025 to 2030, potentially generating over 45 billion yuan in revenue [1][2]. Group 1: Agreement Details - The agreement extends the deadline from April 30, 2030, to December 31, 2030, and includes a prepayment clause, indicating a strong demand from downstream battery manufacturers [2][3]. - The estimated price per ton of lithium iron phosphate is approximately 34,600 yuan, based on the total sales amount [1]. Group 2: Market Demand and Capacity - The lithium battery sector is experiencing explosive growth, particularly in energy storage batteries, driven by global policy changes and rapid technological advancements [5]. - Chuangneng New Energy, established in 2021, has a current effective capacity of 110 GWh, which is fully utilized, and is expanding its capacity to over 500 GWh [5]. Group 3: Company Performance - Longpan Technology has reported multiple large orders for lithium iron phosphate this year, including agreements with major companies like Ford and CATL [7][8]. - Despite the influx of orders, Longpan Technology reported a net loss of 110 million yuan in the first three quarters of the year, although this is an improvement from a loss of over 300 million yuan in the previous year [9]. Group 4: Industry Challenges - The lithium iron phosphate industry is facing significant challenges, including a price drop of approximately 80% from late 2022 to mid-2025, leading to widespread losses across the sector [10][12]. - The average asset-liability ratio for listed companies in the lithium iron phosphate sector is around 67.81%, indicating financial strain [14]. Group 5: Future Outlook - The price of lithium carbonate, a key raw material, has recently rebounded, but this increase has not yet translated into higher prices for lithium iron phosphate [14][15]. - Industry experts suggest that collaboration between upstream material suppliers and downstream battery manufacturers is essential to mitigate the competitive pressures and improve profitability in the lithium iron phosphate sector [15][16].

湖南裕能（301358.SZ）11月21日、11月24日两次调研活动中表示，公司将根据市场情况，谨慎地把握 产能布局节奏。11月25日，万润新能（688275.SH）也披露投资者关系活动记录表，关于扩产问题公司 表示将结合下游客户需求指引、是否有助于提升盈利能力、行业发展趋势等因素综合审慎决策扩产事 宜。同时，根据协会通知和行业良性发展要求，公司在盈利能力修复至一定水平前谨慎考虑扩产。 确立行业成本基准，共筑理性定价生态 作为行业领军企业，湖南裕能和万润新能迅速响应协会号召，并明确了谨慎扩产的发展策略。湖南裕能 在11月21日与24日的投资者关系记录表中，针对扩产问题明确表示公司将根据市场情况，谨慎地把握产 能布局节奏。万润新能在25日发布的投资者关系记录表中也表示公司高度重视会议精神和协会通知，将 采取实质性动作落实协会要求，以提升公司盈利能力、持续提升产品竞争力，促进行业良性发展为目标 进行经营决策。针对扩产事宜，公司表示在盈利能力修复至一定水平前谨慎考虑扩产。 业内人士表示，随着成本指数的确立和龙头企业明确谨慎扩产态度，磷酸铁锂行业有望结束长期的"内 卷"状态，价格回暖趋势预计将持续。未来，在政策引导和 ...

华西证券指出，磷酸铁锂行业在前期需求低迷后，2025年下半年国内外动力和储能需求共振带动开工率 高位，头部企业订单已排至2026年。行业平均成本区间公布后，价格具备参考标准，叠加阶段性需求恢 复和结构性供给不足，磷酸铁锂材料价格有望企稳上行。风电装备行业规范条件通过研发制造、质量管 理等门槛提升创新效率，强化质量管控，为行业健康发展提供指引。特高压作为新能源跨区外送重要通 道，未来建设将延续刚性需求，设备供应格局稳定且盈利可观。海外电力设备在AIDC建设放量和电网 升级驱动下维持高景气，布局欧美市场的国内企业迎来发展机遇。 （文章来源：每日经济新闻） 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及清洁能源、节能环保等方向的代表性企业证券作为指数样本，重点关注光伏、风电、新能 源汽车及相关产业链领域。成分股筛选注重高成长性和创新能力，旨在全面反映新能源产业上市公司证 券的整体表现。 ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 智通财经11月24日讯（记者 张晨静）磷酸铁锂需求持续回暖，龙蟠科技（603906.SH）今日公告称，与 楚能新能源全资子公司签署补充协议，预计总销售金额超450亿。 龙蟠科技今日公告，其控股子公司常州锂源及控股孙公司南京锂源与楚能新能源全资子公司签署《补充 协议二》，对原协议相关条款进行补充与修订。协议主要修订内容包括，销售数量从原定的15万吨磷酸 铁锂正极材料产品增至130万吨，协议有效期从原定的2030年4月30日延长至2030年12月31日。如按照预 计数量及市场价格估算，《补充协议二》与《原协议》总销售金额超人民币450亿元。 此外，《补充协议二》新增预付款约定，买方在一定期限内支付预付款至卖方账户，卖方开始供货后， 买方支付的相关货款优先从预付款内扣除。 公司同时提示风险，协议合作期限较长，可能存在未能及时供货、产品质量不达要求等情况；市场环境 变化可能导致协议无法如期或全面履 ...

Group 1: Core Insights - The report highlights a focus on enhancing industrial quality and efficiency, ensuring housing security, fostering a technology innovation ecosystem, and promoting financial connectivity to solidify the foundation for high-quality economic development [12][14][19] - The report indicates that the A-share market experienced a downward trend across major sectors, with the largest declines seen in industrial trade and comprehensive (-12.10%), electrical equipment (-9.54%), and daily consumer retail (-8.88%) [23][26] Group 2: Industry Policy Tracking - The Ministry of Commerce and six other departments have initiated the "East Silk West Solid" project to optimize the silk industry layout, aiming to establish around 10 leading enterprises with over 10 billion yuan in revenue by 2028 [13] - The China Chemical and Physical Power Industry Association is set to implement a cost disclosure system for lithium iron phosphate, addressing the industry's ongoing losses and promoting fair pricing practices [14] - The Ministry of Finance has announced early budget allocations for housing security projects, emphasizing the importance of effective fund management and oversight [15] Group 3: Sector Performance - In the automotive sector, sales of various types of truck-mounted cranes reached 1,907 units in October 2025, marking a year-on-year increase of 10.2%, with domestic sales growing by 2.41% [18] - The semiconductor design industry in China has maintained a compound annual growth rate of 19.6% from 2006 to 2025, indicating robust growth potential driven by advancements in artificial intelligence and electric vehicles [19] - The consumer market for collectible toys has seen significant growth, with retail sales projected to reach 55.83 billion yuan in 2024, highlighting a new economic growth point within the toy industry [20]

要闻速递 外交部：刚果（金）东部地区中国公民应立即撤离 11月23日，外交部和中国驻刚果（金）使馆郑重提醒：在刚果（金）东部地区特别是南基伍省驻留的中 国公民和企业，应立即向中国驻刚果（金）使馆报备信息并撤离该地区。如遇紧急情况，请及时报警并 同中国驻刚果（金）使馆联系。 两部门就规范大型网络平台个人信息保护公开征求意见 国家互联网信息办公室、公安部起草了《大型网络平台个人信息保护规定（征求意见稿）》，现向社会 公开征求意见。意见稿提出，大型网络平台服务提供者应当将在中华人民共和国境内运营中收集和产生 的个人信息存储在境内。确需向境外提供的，应当符合国家数据出境安全管理有关规定。大型网络平台 服务提供者应当按照国家有关规定，健全个人信息出境安全相关技术和管理措施，及时防范、处置个人 信息违法违规出境安全风险和威胁。 中国旅游集团牵头 组建新央企 据国务院国资委网站消息，11月21日，国务院国资委组织召开中央企业专业化整合推进会并举行重点项 目签约仪式。8组17家单位分两批进行了重点项目集中签约，主要涉及新材料、人工智能、邮轮运营、 检验检测、航空物流等关键领域。另据央视新闻报道，签约项目中，中国旅游集团牵头组 ...

1、 外交部：G20期间中方没有会见日方领导人安排。 就中日两国领导人是否有可能在G20期间进行接触相关问题，外交部发言人毛 宁在例行记者会上表示，李强总理没有会见日方领导人的安排。请日方自重。毛宁指出，日本应该记住，台湾是中国的台湾。台湾是 否有事，根本不是日本的事。借台湾生事，只会给日本找事！商务部召开例行新闻发布会表示，中方敦促日方收回错误言行，切实履 行对华承诺，为两国经贸合作创造良好环境。如果日方一意孤行，继续在错误的道路上越走越远，中方将坚决采取必要措施，一切后 果由日方承担。 2、 广东省加快建设国家数字经济创新发展试验区。 广东省发文加快建设国家数字经济创新发展试验区，明确目标到2027年，数字经 济核心产业增加值占GDP比重超过16%，数据产业规模年均复合增长率超15%，人工智能核心产业规模超过4400亿元。此举将有力推 动区域数字经济发展，提升相关产业竞争力。 3、 磷酸铁锂行业推进反内卷。 中国化学与物理电源行业协会将发布通知，建议企业以11月18日披露的行业平均成本区间作为报价参 考，不突破成本红线低价倾销。协会还将每月定期披露行业平均成本区间，为企业报价提供权威监管依据，以促进行业健 ...

Domestic Macro - On November 14, Premier Li Qiang chaired a State Council executive meeting to discuss the implementation of the "two重" construction work [5][16] - On November 17, Vice Premier He Lifeng co-hosted the fourth high-level financial dialogue between China and Germany [5][16] - On November 18, Premier Li Qiang stated at the Shanghai Cooperation Organization meeting that increasing tariffs and trade barriers severely impact international trade order, urging all parties to embrace free trade and reduce barriers [5][16] - On November 19, Vice Premier Zhang Guoqing conducted research on the digital transformation of manufacturing and innovation development of state-owned enterprises in Guizhou and Chongqing [5][16] - The National Immigration Administration announced the expansion of ports issuing valid travel permits for Taiwan residents to 100 starting November 20 [5][16] - On November 20, the Ministry of Finance and the Ministry of Commerce officially announced a list of 50 cities proposed for new consumption models and scenarios pilot [5][16] Industry Policy - On November 14, the People's Bank of China released the "Interbank Market Brokerage Business Management Measures" [6][18] - On November 15, the State Administration for Market Regulation published a notice soliciting opinions on the "Antitrust Compliance Guidelines for Internet Platforms" [6][18] - On November 17, the Ministry of Commerce decided to conduct a final review investigation on anti-dumping and countervailing measures applicable to imported propanol from the United States [6][18] - On November 18, the Ministry of Industry and Information Technology issued the "High-Standard Digital Park Construction Guidelines" [6][18] Local Policy - On November 14, a press conference was held in Hebei regarding the "14th Five-Year" high-quality development plan [7][19] - On November 15, Jiangsu Province raised the subsidy standard for automobile consumption promotion, with a maximum subsidy of 10,000 yuan [7][19] - On November 18, Beijing introduced a financial support plan to boost and expand consumption [7][19] - On November 19, the Beijing-Tianjin-Hebei region signed a collaborative innovation action plan for the free trade pilot zone [7][19] - On November 20, the Guangdong Provincial Government issued a plan for the construction of a national digital economy innovation development pilot zone from 2025 to 2027 [7][19] Overseas Dynamics - On November 14, China and Switzerland held the third round of negotiations to upgrade the free trade agreement in Beijing [8][20] - On November 17, China expressed strong protests to Japan regarding comments made by Japanese Prime Minister Fumio Kishida on Taiwan [8][20] - On November 18, Premier Li Qiang met with Russian President Vladimir Putin in Moscow, emphasizing the commitment to enhance bilateral cooperation [8][20] - On November 19, the U.S. and Saudi Arabia officially signed a strategic partnership agreement on artificial intelligence [8][20] - On November 20, the Ministry of Foreign Affairs stated that there were no arrangements for a meeting between Chinese and Japanese leaders during the G20 [8][20]

Wind数据显示，截至2025年11月21日A股收盘，仅上海金飘红，上涨0.07%。 上海金 消息面上，当地时间11月20日下午，美国白宫证实，美政府高级官员近期与乌克兰方面举行了会晤，双方就一项"有望被俄乌双方接受的和平计划"展开讨 论。美国国务卿以及美国中东问题特使参与了此次会谈，强调"美国政府正与冲突双方就如何结束冲突进行积极且富有成效的对话"。 广发证券指出，前期中东局势缓和，吉隆坡经贸磋商取得积极成果，伴随美国政府结束停摆，后期公布的美国经济数据或影响12月降息概率及幅度，把握金 价的阶段性底部。反映中国黄金市场价格变动的上海金ETF(518600)近10个交易日有8天获资金净流入，累计达3.26亿元。 截至2025年11月21日A股收盘，有色金属回调5.26%，寒锐钴业、西藏珠峰跌幅居前。电力设备回调5.17%，天华新能、海科新源跌幅居前。 有色金属 中泰证券研报称，看好有色板块全面牛市行情。新能源需求虽增速下滑但占比持续上升，AI带来的电力需求同样有望提供增量，工业金属将迎来宏观+基本 面共振的时刻，看好铜铝商品价格持续上涨。股票维度虽股价基本都在新高位置，但更多因为商品价格的上涨以及公司成长性 ...

Report Industry Investment Rating - Not provided Core Viewpoints - China's new LPR remains stable for the sixth consecutive month, and there is still a possibility of a downward adjustment in the future [2] - The phosphate iron lithium industry is promoting anti - involution, with the association providing cost reference and regular disclosure [2] - US employment and unemployment data show a complex situation, and the possibility of a Fed rate cut in December is low [2] - Guangzhou Futures Exchange adjusts trading fees and position limits for lithium carbonate futures [3] - Rebar production and apparent demand increase, while inventories continue to decline [3] Summary by Related Catalogs Hot News - China's new 1 - year and 5 - year - plus LPR are reported at 3.0% and 3.5% respectively, remaining stable for six consecutive months, and there may be a downward adjustment [2] - The China Chemical and Physical Power Sources Industry Association will guide the phosphate iron lithium industry to avoid low - price dumping [2] - US September non - farm payrolls increase, but previous data are revised down, and the unemployment rate rises [2] - Guangzhou Futures Exchange adjusts trading fees and position limits for lithium carbonate futures contracts [3] - Rebar production increases by 3.98% this week, and total inventory decreases by 22.83 tons [3] Plate Performance - Key focus: Urea, Shanghai copper, industrial silicon, asphalt, PP [4] - Night - session performance: Non - metallic building materials up 3.34%, precious metals up 29.29%, etc. [4] Plate Position - Shows the position changes of commodity futures plates in the past five days [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index has a daily decline of 0.40%, a monthly decline of 0.60%, and an annual increase of 17.28%, etc. [6] - Fixed - income: 10 - year treasury bond futures have a daily increase of 0.06%, a monthly decline of 0.18%, and an annual decline of 0.40%, etc. [6] - Commodity: CRB commodity index has a daily decline of 0.54%, a monthly decline of 1.63%, and an annual increase of 0.30%, etc. [6] - Other: The US dollar index has a daily increase of 0.09%, a monthly increase of 0.49%, and an annual decline of 7.62%, etc. [6]