智通财经记者 | 高菁 自2010年以来，锂电行业经历了两轮较大的价格波动周期。第一轮波动在2015-2019年，碳酸锂价格经 历了从4.2万元/吨低点涨至18万元/吨的高点，再跌至2019年底的4.8万元/吨。期间，碳酸锂峰值价格是 最低点的4倍多。 江特电机(002179.SZ)筹划控制权变更。 7月21日，江特电机公告披露，实际控制人朱军、卢顺民正在筹划公司控制权变更相关事项。目前各方 尚未签署相关正式交易协议，拟就相关事项进行进一步论证和磋商。若此次交易实施并完成，江特电机 的实际控制人可能将发生变更。 受上述事项影响，江特电机股票自7月22日上午开市起停牌，预计停盘时间不超过2个交易日。截至停盘 前一日收盘，江特电机股价报7.74元/股，总市值为132.1亿元。 就筹划控制权变更相关事宜，智通财经通过电话及邮件的方式联系江特电机，截至发稿，未收到回应。 江特电机成立于1995年，总部位于江西省宜春市，业务涵盖锂矿采选及锂盐制造业、电机产业。在锂矿 采选及锂盐制造业板块，其主要从事以碳酸锂为主的锂盐产品研发、生产和销售，该板块去年为江特电 机贡献了49.87%的营业收入。 江特电机并非首次筹划控制权变 ...

Group 1 - The core viewpoint of the news highlights the significant rise in the stock price of CATL (Contemporary Amperex Technology Co., Limited), with its Hong Kong shares reaching a new high shortly after its listing, reflecting a 62% increase from the issue price [2] - CATL's A-shares also experienced a notable increase, closing at 286.66 CNY per share, marking a new high since October 9 of the previous year [4] - The premium of CATL's Hong Kong shares over its A-shares is approximately 36%, which is an unusual occurrence in the A+H share market, breaking the previous trend where A-shares were more expensive than H-shares [5] Group 2 - The surge in CATL's H-shares is largely driven by foreign institutional investors, who are actively buying and recognizing the long-term value of leading companies in the new energy sector [6] - Major international investment banks have issued buy ratings for CATL's Hong Kong shares, with targets being raised, such as Citi's increase from 385 HKD to 447 HKD per share, citing growth potential in solid-state battery technology [6] - Goldman Sachs predicts CATL will achieve a revenue of 104.7 billion CNY and a net profit of 15.6 billion CNY in the second quarter, maintaining a buy rating for both A and H shares [7] Group 3 - The rise of CATL has positively impacted related sectors, with lithium battery and photovoltaic stocks also experiencing significant gains in both Hong Kong and A-share markets [9] - The lithium carbonate market has seen a strong increase, with prices rising over 20% since the low in May, driven by a recovery from previous irrational pricing and a shift away from a volume-driven business model [10] - The photovoltaic sector is also benefiting from a rebound in prices, with multi-crystalline silicon futures rising approximately 50% in July, supported by policies aimed at reducing competition [10][11]

访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 幕后到台前：锂电巨头海外订单暴涨 锂电厂的"野心"挡不住，集成商的"饭碗"也得自己守。 9个涨停板，智元机器人引爆市场 未来12个月，是对机器人企业起量的考验。 大厂"抢投"具身智能 "大厂们都希望能持续保持自身的高科技属性，布局任何可能颠覆自己基本盘的先进技术。" 智元、宇树扎堆上市，半年300亿融资背后，机器人赛道「太火了」？ 找到一个能落地的场景，形成商业闭环，比宏大的叙事更重要。 在亚马逊开店，茶颜悦色的北美野望 中国食品出海，是一场关于合规、本地化改造、消费者认知、供应链适应的一场挑战。 一大批香港老牌餐饮，倒在了2025上半年 内地品牌出海，"整顿"香港本土餐饮。 热点快讯 美商务部长：谈判不影响8月1日起加征关税 海关统计显示，今年上半年，长三角地区进出口规模超8万亿，达到8.16万亿元，同比增长5.4%，占同期全国进出口总值的37.4%，持续发挥全国外贸"稳定 器"和"压舱石"的作用。其中，出口超5万亿，达5.22万亿元，增长9.9%，占同期全国出口总值的40.1%，出口增长贡献率达54.0%；进口2.94万 ...

Core Viewpoint - The article highlights the rapid development and expansion of the new energy materials industry in Qionglai, Sichuan, emphasizing its complete industrial chain covering lithium battery anodes, cathodes, separators, and equipment manufacturing, which significantly supports the lithium battery production capacity in Chengdu [1][4]. Industry Development - Qionglai has formed a complete industrial chain for lithium battery materials, with anode and separator materials supporting over 50% of Chengdu's lithium battery production capacity [1][4]. - In 2024, the output value of the new energy materials industry in Qionglai is expected to reach 19.27 billion yuan, representing an 18.2% growth [1]. - The Qionglai new energy industry cluster has been recognized as an important node for transitioning from "resource output" to "technology output" in the western region of China [1]. Project Highlights - The construction of Hongli New Energy (Chengdu) Co., Ltd. was completed in just 86 days, with the first batch of products launched on May 2, 2023, aiming for full production by August [3]. - Qionglai's industrial park has attracted over 320 enterprises, including major players like Putailai and Rongjie Lithium Industry, creating a comprehensive coverage of power batteries, energy storage, and consumer batteries [4]. Strategic Initiatives - Qionglai is breaking industry barriers by integrating "new energy +" initiatives, focusing on new energy storage, low-altitude economy, and advanced materials [5]. - The region is expanding its cooperation radius by establishing a "R&D + production" cross-regional model with Tianfu New Area, facilitating technology support and innovation collaboration [6]. Policy Support - Qionglai has introduced a series of innovative policies to support high-quality industrial development, including financial incentives for R&D and support for high-tech enterprises [6]. - The establishment of the Tianlai Fund aims to provide capital support for strategic emerging industries and future industries in the Qionglai-Tianfu cooperation area [7]. - A talent policy system named "Phoenix Qilai" has been launched to attract high-level talents, offering various support measures to ensure their well-being and promote business growth [7].

Core Viewpoint - The lithium battery industry is experiencing a shift with improved profitability for leading battery manufacturers, a turning point for midstream materials, and continued pressure on upstream lithium mines [2]. Production and Sales Growth - In the first half of the year, China's lithium battery production reached 697.3 GWh, a year-on-year increase of 60.4%, while sales totaled 659.0 GWh, up 63.3% [2]. - The growth in production and sales is primarily driven by the expansion of the electric vehicle market, with new energy vehicle production and sales reaching 6.968 million and 6.937 million units, respectively, representing year-on-year growth of 41.4% and 40.3% [3][4]. Profitability of Leading Battery Manufacturers - Leading battery manufacturers such as CATL and BYD are expected to see significant profit growth, with CATL's production volume exceeding 100 GWh, reaching 128.6 GWh, accounting for 43.05% of the market [6]. - CATL's revenue for the second quarter is projected to be 104.7 billion RMB, with a net profit of 15.6 billion RMB, supported by an improved product mix [6]. - BYD's new energy vehicle sales have also increased by over 30% year-on-year, with net profit doubling to 9.155 billion RMB compared to the same period last year [6]. Midstream Material Performance - Negative electrode material companies are beginning to show signs of recovery, with Shanshan Co. expected to achieve a net profit of 160 million to 240 million RMB, a significant year-on-year increase of 810.41% to 1265.61% [9]. - The overall performance of differentiated technology layouts is validating the ability of companies to escape low-end competition, with companies like Zhongke Electric and Nord Co. seeing substantial profit increases due to early investments in high-value products [10]. Upstream Lithium Mining Challenges - The lithium mining sector is facing price declines, with companies like Shengxin Lithium Energy and Yongshan Lithium Industry predicting significant losses in the first half of the year [12][13]. - However, Tianqi Lithium has managed to turn a profit, with a projected net profit of up to 155 million RMB, supported by favorable external factors [13]. - Overall, the market anticipates that the oversupply of lithium will persist in the second half of the year, leading to continued price stabilization and industry restructuring [14].

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 highlights four major lithium battery industry clusters located in China, North America, Europe, and Northeast 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 currently being dispatched in order of registration [4]

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]

Investment Rating - The report maintains a recommendation for metals silicon, PBAT, and valine, indicating a positive outlook for these materials in the chemical industry [1]. Core Insights - The new materials sector outperformed the broader market and the basic chemical sector, with a weekly change of 1.37% for the new materials index compared to 1.17% for the basic chemical index and 1.09% for the CSI 300 index [8]. - Price increases were noted for metals silicon (+3.16%), PBAT (+0.51%), and valine (+0.35%), while significant declines were observed in electronic-grade hydrogen peroxide (-3.86%), 6F (-1.01%), and epoxy resin (-0.88%) [8][21]. - The report highlights the importance of the new materials sector, particularly in semiconductor materials, which showed significant gains [8][25]. Industry Updates - The Ministry of Industry and Information Technology held a meeting with photovoltaic companies to address low-price competition and promote the exit of outdated production capacity, aiming for sustainable development in the solar industry [9]. - The easing of trade tensions between China and the U.S. has led to a recovery in trade inquiries and shipping prices, positively impacting chemical prices [10]. - The report emphasizes the potential for growth in the new materials sector, particularly in areas that require domestic production capabilities and have been historically reliant on imports [11]. Trading Data - The Huachuang Chemical Industry Index stood at 73.06, reflecting a decrease of 0.22% week-on-week and a year-on-year decline of 25.03% [17]. - The industry inventory percentile is at 91.12%, indicating a high level of stock relative to the past five years [17].

消息面上，7月19日，雅鲁藏布江下游水电工程在西藏林芝正式开工。据了解，该工程采用截弯取直、隧洞引水模式，规划建设5座梯级电站，总投资约1.2 万亿元，电力以对外输送为主、兼顾西藏本地需求。作为国家级超级工程，其开工将推动西藏经济发展与能源结构优化，同时带动民爆、掘进等细分行业需 求增长。 中信证券认为，随着雅鲁藏布江下游水电工程的持续建设，将长期利好水电配套设备、电网外送工程核心设备等头部供应商。中信建投证券称，去年下半年 以来，中央层面多次强调整治"内卷式"竞争，治理企业低价无序竞争，推动落后产能有序退出。而目前光伏、锂电均处于盈利底部，其中光伏亏损更为明 显，"反内卷"有望成为推动新能源行业中长期盈利修复的关键推动力。 截至7月18日，央企现代能源ETF近6月净值上涨2.16%。从收益能力看，截至2025年7月18日，央企现代能源ETF自成立以来，最高单月回报为10.03%，最长 连涨月数为7个月，最长连涨涨幅为23.43%，涨跌月数比为13/10，上涨月份平均收益率为3.05%，年盈利百分比为100.00%，历史持有1年盈利概率为 66.10%。截至2025年7月18日，央企现代能源ETF近3个月超越 ...

Core Viewpoint - The article highlights the projected global shipment volume of lithium batteries, estimating it to reach 20.5 GWh in the first half of 2025 [1]. Summary by Relevant Sections - The article provides a statistical forecast for the lithium battery industry, indicating a significant growth in shipment volume by mid-2025 [1]. - It mentions the establishment of Xinluo Information in 2010, which focuses on research and consulting services in the carbon, lithium battery, and electric furnace steel industries [2]. - Xinluo Information offers a range of services including databases, industry forecasts, strategic consulting, and media promotion [2].