| 上证指数 | 3885.92 | -45.13 | -1.15% | | --- | --- | --- | --- | | 000001 | | | | | 创业板指 | 2964.39 | -77.95 | -2.56% | | 399006 | | | | | 深证成指 | 12709.78 | -271.04 | -2.09% | | 399001 | | | | | 科创50 | 1298.67 | -29.52 | -2.22% | | 000688 | | | | | 北证50 | 1425.77 | -19.77 | -1.37% | | 899050 | | | | | 沪深300 | 4498.03 | -66.92 | -1.47% | | 000300 | | | | | 上证50 | 2980.14 | -28.15 | -0.94% | | 000016 | | | | 格隆汇11月21日｜A股主要指数走弱，沪指跌1.15%，深成指跌2.09%，创业板指跌2.56%。锂电产业 链、算力硬件、存储芯片等方向跌幅居前，沪深京三市下跌个股近4300只。 ...

Core Viewpoint - The article emphasizes the comprehensive distribution map of the global lithium battery industry chain, detailing its components from raw materials to end applications, and highlighting major regional hubs in the industry [3]. Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately illustrates the entire ecosystem of the lithium battery industry, covering raw materials, four main materials, battery manufacturing, and end applications [3]. Distribution Map Acquisition - To receive the distribution map for free, individuals are required to share the article on their social media and contact the editor via WeChat [4]. Distribution Map Delivery Details - The distribution maps are being dispatched in order of registration [5]. 2026 Silicon-based Anode and Solid-state Battery Summit - The summit will focus on breakthroughs in silicon-based anodes and the future of solid-state batteries, organized by Xinluo Information, with various sponsors and partners involved [8]. Summit Schedule - The summit is scheduled for November 12-13, 2025, in Shanghai, with activities including a company visit and a welcome dinner on November 11 and 12, respectively [9]. Summit Topics - Specific topics for discussion at the summit have not been detailed in the provided content [10]. Registration Information - Interested parties can register for the summit by contacting the provided WeChat number [11].

Industry Overview - The trade tensions between the US and China have escalated, with the US considering an additional 100% tariff on Chinese goods, which has led to significant declines in US stock markets and the Nasdaq Golden Dragon Index. This situation is expected to cause a notable pullback in the A-share market, which has reached a 10-year high. However, the impact may be less severe than previous tensions in April due to the timing of policy implementations [2]. Company Performance - Taiwan's leading PCB manufacturer, Zhen Ding Technology, reported a consolidated revenue of NT$47.366 billion for Q3, a quarter-on-quarter increase of 23.98%. The company anticipates record performance in Q4 due to ongoing demand from IC substrates and various customer orders [3]. - ASUS announced a revenue of NT$82.6 billion for September, reflecting a 31% quarter-on-quarter and 33% year-on-year growth. The Q3 revenue reached NT$200.3 billion, marking a 7% quarter-on-quarter and 20% year-on-year increase, driven by demand for servers, graphics cards, and commercial PCs [3]. - Hengdian East Magnetic (002056.SZ) expects a net profit of between RMB 1.39 billion and RMB 1.53 billion for the first three quarters of 2025, representing a year-on-year growth of 50.1% to 652%. The company benefits from strong demand in the new energy vehicle and AI server sectors, as well as effective cost control in the photovoltaic market [4]. - Jihong Co. anticipates a net profit of between RMB 257 million and RMB 270 million for the first three quarters of 2025, indicating a year-on-year increase of 95.07% to 105.31%. The growth is attributed to the expansion of cross-border e-commerce and strategic partnerships in the packaging sector [7].

Group 1 - The 2025 Suining International Lithium Battery Industry Conference was held in Suining, Sichuan, focusing on lithium resources, liquid lithium batteries, solid-state batteries, sodium batteries, and energy storage [1] - The theme of the conference was "Lithium Towards New Quality, Intelligent Victory in the Future," attracting over 300 industry experts and representatives from various countries [1] Group 2 - China's lithium battery industry has transitioned from "industrial advantage" to "strategic advantage" under the dual carbon strategy, supporting the development of new energy systems [3] - In the first half of this year, China's new energy vehicle production and sales reached 6.968 million units and 6.937 million tons, respectively, with year-on-year growth exceeding 40% [3] - Lithium carbonate production in China reached 389,000 tons in the first half of the year, marking a 29% year-on-year increase, indicating a positive development trend in the industry [3] Group 3 - The lithium raw material industry in China faces three structural challenges: insufficient domestic resource development, complex overseas resource development risks, and price fluctuations in the industry chain [4][5] - Domestic lithium resource development has not kept pace with demand, leading to a "hard gap" in supply security [4] - The "Asian Lithium Belt" has been discovered, spanning 2,800 kilometers across four provinces, which may enhance domestic lithium supply through technological breakthroughs and policy support [4] Group 4 - The global trend of resource nationalism and tightening policies in Latin America pose challenges for Chinese enterprises in overseas investments [5] - The lithium industry has experienced significant price fluctuations over the past decade, with prices peaking at 600,000 yuan per ton in November 2022 before dropping below 60,000 yuan [5] - The current lithium industry chain is in a recovery phase, with upstream, midstream, and downstream sectors facing various challenges [5] Group 5 - The lithium raw material industry must focus on "safety, innovation, green, and collaboration" to align with national strategies and plan for the 14th and 15th Five-Year Plans [6] - The year 2025 is seen as a critical transition year for the lithium raw material industry, moving from "scale leadership" to "quality leadership" [6] - Industry enterprises are encouraged to integrate their development with national dual carbon goals and new industrialization layouts [6]

Core Viewpoint - SANY International is positioned as a leading player in the domestic energy equipment industry, with a diversified portfolio across mining, logistics, oil and gas, and emerging industries such as solar energy and lithium batteries [1] Mining Equipment - Global capital expenditure remains high, with China's coal production stable and steadily increasing fixed asset investment in coal mining, projected to grow from 264.8 billion yuan in 2017 to 611.8 billion yuan in 2024 [2] - SANY International's coal machinery revenue is expected to rise from 1.3 billion yuan in 2017 to 10.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 34%, increasing market share from 2.0% to 8.5% [2] Logistics Equipment - China's container throughput is projected to reach 332 million TEUs in 2024, with a CAGR of 6.0% since 2010, indicating a growing market for port machinery [3] - SANY International holds a significant market share in small port machinery, with projected market shares of 68.3% for mobile cranes and 68.6% for stackers in 2024 [4] Oil and Gas Equipment & Emerging Industries - High oil prices are expected to support capital expenditure from major oil companies, with domestic "three barrels of oil" capital expenditure projected to reach 565.2 billion yuan in 2024, growing at a CAGR of 7.6% [5] - The solar energy sector is anticipated to see continued growth, with global new installations projected to reach 1,078 GW by 2030, reflecting a CAGR of 12.6% [6] - The lithium battery sector is rapidly developing, with China's new energy vehicle sales expected to reach 12.87 million units in 2024, growing at a CAGR of 61% [6] Investment Outlook - SANY International has established a comprehensive platform covering traditional mining, port logistics, oil and gas equipment, and emerging sectors like solar and lithium batteries, with expected revenue growth from 25.8 billion yuan in 2025 to 37.34 billion yuan in 2027 [7]

Core Viewpoint - The article discusses the ongoing trade tensions between the U.S. and China regarding graphite used in lithium battery anodes, highlighting the U.S. Department of Commerce's preliminary anti-dumping duty of 93.5% on imported anode graphite from China, which could lead to a total estimated tariff of around 160% by December 5 [1][2][5]. Group 1: Trade Dynamics - The trade conflict over graphite mirrors the previous tensions over rare earth elements, characterized by a short-term "hit and talk" approach and a long-term structural confrontation [2]. - Both graphite and rare earths are strategic resources for emerging industries, with overlapping applications in sectors such as new energy, aerospace, and military [2]. - The U.S. heavily relies on imports for both graphite and rare earths, with 100% dependence on natural graphite and 90% on spherical graphite, primarily sourced from China [6]. Group 2: Tariff Implications - The anti-dumping tax applies to all anode-grade graphite materials meeting a carbon content requirement of at least 90%, covering natural, synthetic, and mixed forms [3][4]. - The U.S. producers, represented by the American Anode Materials Producers (AAAMP), argue that the current 25% tariff is insufficient to counteract the alleged dumping practices by Chinese suppliers, with claims of dumping margins as high as 920% [5][6]. Group 3: Industry Reactions - The imposition of tariffs has faced opposition from the U.S. electric vehicle industry, including companies like Tesla and Panasonic, due to potential increases in battery costs [7]. - The tariffs are seen as part of a broader strategy that intertwines trade policy with macroeconomic and geopolitical considerations, aiming to elevate the price of Chinese battery products to align more closely with U.S. or allied nations' products [7]. Group 4: Globalization Challenges - The uncertainty surrounding globalization is increasing, with implications for China's lithium battery industry and its international expansion strategies [8].

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [2] - The distribution map includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, and Southeast Asia [2] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [3] - The distribution map is being dispatched in order of registration [4]

Core Viewpoint - The article discusses the escalating costs and risks associated with entering the U.S. market for companies, particularly in the context of new tariffs imposed by the U.S. government on products from Japan and South Korea, which were previously considered safe entry points for Chinese companies [2][5]. Group 1: U.S. Tariff Policy - On July 7, 2025, President Trump announced a 25% tariff on all products imported from Japan and South Korea, citing national security concerns due to trade deficits [2]. - The U.S. administration's strategy of "manufacturing return" continues to impact global supply chains, creating new challenges for companies looking to enter the U.S. market [2][4]. Group 2: Impact on Chinese Lithium Battery Industry - South Korea has become a popular location for Chinese lithium battery material companies to establish production facilities to circumvent U.S.-China trade tensions [3]. - The new tariff policy threatens to disrupt the established logic of using South Korea as a launchpad for entering the U.S. market, as products made in South Korea will also face the 25% tariff when exported to the U.S. [3][5]. - Chinese companies that have invested in South Korea for various stages of the lithium battery supply chain now face uncertainty regarding their export routes to the U.S. [3]. Group 3: Supply Chain Restructuring - The article notes a consensus in the industry that a "new round of supply chain restructuring" has begun, driven by the Inflation Reduction Act (IRA) which requires local production of key minerals and components for tax incentives [5]. - The combination of tariffs on South Korea, Japan, and Vietnam has made these regions less secure for Chinese companies looking to enter the U.S. market, leading to a re-evaluation of their export strategies [5].

Core Viewpoint - The article emphasizes the significance of the 2025 China Solid-State Battery Technology Development and Market Outlook Summit, highlighting the global lithium battery industry chain and its distribution across major regions [9]. Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately illustrates the entire ecosystem of the global lithium battery industry, covering raw materials, four main materials, battery manufacturing, and end applications [3]. - It includes major lithium battery industry clusters in China, North America, Europe, Japan, South Korea, and Southeast Asia [3]. Distribution Map Collection Eligibility - The distribution map can be collected on-site at the summit held on July 8-9, 2025, at the Holiday Inn in Pudong, Shanghai [4]. - Alternatively, it can be sent via SF Express, with shipping costs borne by the recipient [5]. Summit Details - The summit will take place on July 8-9, 2025, in Shanghai, organized by Xinluo Information [9][10]. - It will feature top experts, scholars, business leaders, and representatives from investment institutions to discuss the latest research advancements, industrialization paths, market application trends, and challenges and opportunities in solid-state battery technology [9].

Core Viewpoint - The article emphasizes the growing importance of solid-state battery technology in the global lithium battery industry, highlighting advancements in China and the need for further development and collaboration in the sector [8][9]. Group 1: Global Lithium Battery Industry Overview - The distribution map illustrates the entire ecosystem of the global lithium battery industry, covering raw materials, four main materials, battery manufacturing, and end applications [3]. - The map includes major lithium battery industry hubs in China, North America, Europe, Japan, and Southeast Asia [3]. Group 2: Solid-State Battery Developments - Major economies are incorporating solid-state battery technology research and industrialization into national strategic planning, increasing policy support and research investment [8]. - China has made significant breakthroughs in solid-state battery technology, achieving a production capacity of 5.2 GWh in 2024 [8]. - Challenges remain in the commercialization of solid-state batteries, including improving ionic conductivity of solid electrolytes and optimizing electrode/electrolyte interface stability [8]. Group 3: Upcoming Forum - A summit titled "2025 (Third) China Solid-State Battery Technology Development and Market Application Forum" will be held on July 8-9, 2025, in Shanghai, aimed at discussing the latest research, industrialization paths, and market trends in solid-state battery technology [9][10]. - The forum seeks to foster collaboration among experts, industry leaders, and investment representatives to accelerate innovation and sustainable development in the global solid-state battery industry [9].