Core Viewpoint - The A-share market is witnessing a wave of positive earnings forecasts for 2025, with several representative companies from various sectors reporting expected net profit increases of over 25%, and some exceeding 300%, indicating strong growth momentum [2] Group 1: Company Performance - Salt Lake Co. expects a net profit of 8.29 billion to 8.89 billion yuan for 2025, representing a year-on-year increase of 77.78% to 90.65% [3] - Tianqi Lithium anticipates a net profit of 1.1 billion to 1.6 billion yuan for 2025, with a growth rate of 127.31% to 230.63% [4] - Hualing Steel forecasts a net profit of 2.6 billion to 3 billion yuan for 2025, reflecting a growth of 27.97% to 47.66% [7] - Shougang Co. expects a net profit of 920 million to 1.06 billion yuan for 2025, indicating a growth of 95.29% to 125.01% [8] - Chuanhua Zhihui anticipates a net profit of 540 million to 700 million yuan for 2025, with a significant increase of 256.07% to 361.57% [8] - Kidswant projects a net profit of 275 million to 330 million yuan for 2025, showing a growth of approximately 51.72% to 82.06% [9] Group 2: Growth Drivers - Salt Lake Co.'s growth is attributed to stable production and sales of potassium fertilizer and lithium carbonate, along with favorable pricing and new lithium salt projects [4] - Tianqi Lithium's performance is driven by increased demand for electric vehicle batteries and energy storage, rising raw material prices, and strong customer relationships [5][6] - Hualing Steel's growth is supported by its transformation towards high-end, green, and intelligent production, alongside stable operational performance [7] - Shougang Co. leverages technological innovation and digital empowerment to enhance its manufacturing and service capabilities [8] - Chuanhua Zhihui focuses on market demand and optimizes its logistics and chemical business strategies for significant performance improvement [8] - Kidswant's growth strategy includes expanding product categories and enhancing supply chain efficiency, alongside strategic acquisitions to strengthen its market position [9][10]

1月4日晚间，方大炭素（600516）披露《关于终止参与杉杉集团及其全资子公司实质合并重整的公 告》。 方大炭素称，公司按照杉杉集团有限公司（简称"杉杉集团"）管理人发布的公告要求，提交了报名材 料，缴纳了尽职调查保证金5000万元，签署了尽职调查保密协议，开展尽职调查，并与杉杉集团管理人 就尽调内容、产业协同、战略规划、标的资产估值等关键事项进行了多次沟通。 由于尽职调查时间短，尽职调查不充分，无法对标的资产做出合理的价值判断。基于整合后风险因素的 审慎评估，同时，结合方大炭素在新材料、新能源领域的战略规划，为切实维护上市公司和广大投资者 的利益，经公司审慎研究，决定终止参与杉杉集团及其全资子公司实质合并重整事项。 方大炭素称，终止参与重整事项，不会对公司的生产经营及财务状况产生不利影响。 彼时方大炭素表示，通过发挥自身在负极产业的技术、资本、渠道等优势，作为产业协同方参与杉杉集 团及其全资子公司朋泽贸易的实质合并重整，有利于公司加快负极产业布局，实现产业链一体化和供应 链长期稳定安全，充分发挥公司固态电池等新能源产业协同效应，增强公司盈利能力，提升公司核心竞 争力。 虽然母公司杉杉集团深陷重整泥潭，但上市 ...

2026 年 1 月 4 日 宏观经济 新增政策逐渐落地，经济环比改善 ——宏观与大类资产周报（2025.12.29—2026.01.04） 宏观周报 大类资产表现 A 股大势研判：上周市场整体窄幅震荡，主要宽基指数涨跌不一，上证 综指上涨 0.1%，沪深 300、创业板指分别下跌 0.6%、1.3%。日均成交金额 为 2.11 万亿元，较前周小幅放量。两融余额为 2.56 万亿元，较前周小幅上 升，但融资买入占比小幅下降。年前市场交投情绪温和修复，政策靠前发力， 题材轮动或成主流。海外方面，美联储新任主席人选公布在即，考虑到特朗 普对美联储降息的迫切诉求，或进一步强化弱美元预期。国内险资新规落地 后，增量资金即将入市，海内外流动性共振下，春季行情有望顺势启动。 A 股配置策略：商业航天、涨价有色金属及锂电材料有望成为主要进攻 方向，海外科技股映射品种、低位消费、周期与红利板块则有望轮动。商业 航天领域，2026 年有望实现密集发射，近期仍处于催化密集期。锂电材料行 业利好延续，可关注长协价格落地情况及排产数据。其他涨价品种中，化工 板块可继续关注有机硅、炼化、MDI。大消费板块，首推乳制品、白电等性 价比红 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **lithium battery industry** and its related sectors, particularly in the context of new energy vehicles (NEVs) and government policies impacting the market. Key Points and Arguments 1. **New Energy Vehicle Subsidy Policy**: - The 2026 NEV subsidy policy includes a shift from fixed subsidies to a percentage of vehicle price, with a maximum of 20,000 yuan for scrapping and 15,000 yuan for replacement [1][2] - The electric range requirement for plug-in hybrid vehicles will increase from 43 km to at least 100 km starting January 1, 2026 [2] - Overall, these changes are expected to significantly benefit the lithium battery sector, with a projected 15%-20% year-on-year growth in total demand for power batteries by 2026 [1][3] 2. **Market Dynamics**: - The demand for lithium batteries is expected to be positively influenced by the prioritization of scrapping electric trucks, as one heavy-duty electric truck's battery capacity is equivalent to 4-10 traditional passenger vehicles [3] - The pricing for lithium hexafluorophosphate (LiPF6) has seen a significant increase, with current industry quotes above 150,000 yuan, and expectations for January orders to stabilize around 140,000-150,000 yuan [5] 3. **Profitability and Growth Potential**: - The separator segment has seen a gross margin exceeding 30%, supporting an estimated earnings per share of approximately 0.2 yuan, with potential for further increases [4] - The aluminum foil processing fees are recovering to breakeven levels, with leading companies expected to see processing fees around 2,000 yuan, with potential increases to 3,000-4,000 yuan [4] - Recommendations include companies like Enjie, Xingyuan Material, and Fospower in the separator segment, and Dingsheng New Materials in the aluminum foil segment [4][7] 4. **Copper Foil and Iron Lithium Industry**: - The copper foil industry is expected to see a price increase of around 2,000 yuan, with leading companies currently achieving profits of about 1,000 yuan [10] - The iron lithium sector is facing increased operational pressures due to rising raw material costs, with anticipated price negotiations in January expected to range from 1,500 to 2,000 yuan [10] 5. **Future Outlook**: - The lithium battery materials sector is expected to experience a price uptrend starting from February to March 2026, driven by potential demand exceeding expectations [11] - Key companies to watch include CATL, Yiwei Lithium Energy, and Keda Li, among others, across various segments of the lithium battery supply chain [6] Additional Important Insights - The market for VC (Vinyl Carbonate) and solvents has also seen price increases, with VC prices expected to remain between 150,000 and 170,000 yuan in January [9] - The overall sentiment in the lithium battery industry is optimistic, with multiple segments showing signs of recovery and growth potential, indicating a favorable investment environment moving forward [11]

业内人士表示，当前正处于磷酸铁锂企业与下游电池厂商敲定明年价格的关键窗口期，头部企业集中减 产，实质是行业达成挺价共识的信号。此举将直接导致短期市场供给收紧，有望为磷酸铁锂价格上行提 供支撑。 事实上，涨价动作已率先启动。近期市场消息显示，多家磷酸铁锂厂商已向下游客户提出涨价诉求，调 价幅度在2000 元 / 吨至 3000 元 / 吨。目前头部企业已开启第二轮涨价谈判，而多数中小型材料厂商的 首轮涨价诉求尚未落地。 12月29日晚间，龙蟠科技(603906)发布公告，控股子公司常州锂源磷酸铁锂产线已超负荷运转，为确保 产线安全、稳定、高效运行，将自2026年1月1日起对部分产线按照预定计划进行减产检修，预计检修时 间为期一个月。 龙蟠科技表示，本次检修预计减少常州锂源磷酸铁锂产量5000吨左右，预计不会对公司2026年经营业绩 产生重大影响。 对于本次减产检修的影响，前述人士表示，一般来说1月为传统淡季，企业多通过库存与备用产能保障 交付，对全年订单影响有限。 龙蟠科技的减产举措，并非磷酸铁锂行业的孤例。 12 月 25 日至 26 日，湖南裕能、德方纳米、万润新能、安达科技等多家磷酸铁锂头部厂商密集发布减 ...

Group 1 - The core viewpoint of the article highlights the establishment of a 4.8 billion yuan lithium manganese iron phosphate (LMFP) production project by Jiangsu Hanchuang Nano Technology Co., Ltd. in Yinchuan, Ningxia, which aims to produce 130,000 tons annually [2] - The project will be constructed in two phases, with the first phase planning to build a production line with an annual capacity of 25,000 tons, expected to generate an annual output value of no less than 1 billion yuan and create over 100 jobs [2] - The company, established in February 2022, focuses on the research, production, and sales of core materials for new energy batteries, primarily lithium iron phosphate, with current major clients being leading manufacturers of electric two-wheelers and new energy vehicles [2] Group 2 - In 2022, the company’s first-phase base began production with an annual capacity of 5,000 tons of lithium iron phosphate, and by the end of 2023, it is expected to reach 15,000 tons [2] - The company is actively advancing plans to expand its capacity to 30,000 tons, projected to be operational by the end of 2026, aiming to enhance its innovation and scale advantages in the LMFP sector [2] - Multiple LMFP projects have been initiated across China this year, including a 100,000-ton project in Gansu and another in Shanxi, with various companies planning significant capacity expansions by 2025 and beyond [3]

人民财讯12月30日电，企查查APP显示，近日，福建紫新锂电材料有限公司成立，法定代表人为罗忠 岩，注册资本为1亿元，经营范围包含：电子专用材料制造；电子专用材料研发；电子专用材料销售； 新材料技术研发等。企查查股权穿透显示，该公司由紫金矿业（601899）全资子公司厦门紫金新能源新 材料科技有限公司、佛塑科技（000973）等共同持股。 ...

Group 1 - The company plans to engage in foreign exchange derivative trading to mitigate risks associated with foreign exchange market fluctuations, improve the efficiency of foreign currency usage, and reduce financial costs [2][6] - The total amount for the foreign exchange derivative trading is expected to be no more than $25 million or equivalent in other currencies, with a validity period of 12 months from the board's approval [3][9] - The trading will involve instruments such as foreign exchange forwards, swaps, and options, and will be conducted with banks and financial institutions [4][8] Group 2 - The company will use its own funds for the foreign exchange derivative trading, without involving raised funds or bank credit [7] - The trading strategy will adhere to hedging principles and will not engage in speculative trading [6][12] - The company has established a risk management framework, including a dedicated foreign exchange risk management team and protocols for monitoring and reporting [10][11] Group 3 - The company aims to enhance its financial stability and performance by using foreign exchange derivatives to protect against adverse currency fluctuations [12] - The board approved the foreign exchange derivative trading proposal on December 26, 2025, without requiring shareholder approval [9][14] - The company will ensure compliance with relevant accounting standards for the foreign exchange derivative transactions [13] Group 4 - The company also plans to use temporarily idle self-owned funds for cash management, with a maximum amount of 1 billion yuan, to improve fund utilization and increase returns for shareholders [17][19] - The cash management will involve purchasing safe and liquid financial products from banks and securities firms [20] - The board approved the cash management proposal on December 26, 2025, also without requiring shareholder approval [28]

Group 1: Polyester Industry Chain Price Trends - The prices of polyester industry chain products have increased as of December 25, with PX at 7318, PTA at 5040, polyester filament at 6450, polyester bottle chips at 5990, and BOPET at 7475 yuan/ton, reflecting increases of +7.88%, +8.39%, +2.79%, +5.27%, and +1.15% respectively compared to the previous week [1] Group 2: Production Capacity Insights - PX production is currently at 89% capacity, with no new capacity expected before Q4 2024. PTA has a 74% operating rate with significant pressure from 2025, and no new capacity is anticipated for 2026. Polyester filament is stable with a 90% operating rate and an annual expansion of 3-4% [1] Group 3: Demand and Consumption Forecast - From January to November this year, the apparent demand for polyester filament has only increased by 3.5%. Following a proactive inventory accumulation cycle in 2024, a destocking cycle is expected to begin in early 2025. By 2026, a return to an inventory accumulation cycle is anticipated, with consumption growth expected to return to the 5-10% range [1] Group 4: Profitability Analysis - Recent profitability trends show PX recovering from zero to 700 yuan/ton, PTA moving from cash flow losses to break-even, and polyester entering a state of slight losses. By 2026, PX profits are expected to expand further, while PTA is likely to maintain break-even, and polyester is projected to recover to a profit range of 100-200 yuan [1] Group 5: Lithium Battery Materials Sector - The lithium battery materials sector has seen a decline due to rumors of a 15% production cut by CATL in Q1 and speculation about 6F prices dropping below 110,000 yuan. However, ongoing negotiations indicate that pricing discussions are progressing as planned, and CATL's suppliers have stated that a 15% reduction is not feasible without losing market share [2] Group 6: Chemical ETF Performance - As of December 30, 2025, the CSI Sub-Industry Chemical Theme Index (000813) rose by 0.37%, with notable increases in constituent stocks such as Hengyi Petrochemical (000703) up by 5.21% and Hengli Petrochemical (600346) up by 2.95% [2]

易方达创业板ETF（159915）基金经理为成曦、刘树荣。 截至发稿，成曦累计任职时间9年240天，现任基金资产总规模2501.21亿元，任职期间最佳基金回报 131.04%， 任职期间最差基金回报-67.89%。 刘树荣累计任职时间8年168天，现任基金资产总规模1399.16亿元，任职期间最佳基金回报194.12%， 任职期间最差基金回报-48.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 12月30日，天华新能涨1.02%，截至发稿，报54.31元/股，成交8.25亿元，换手率2.31%，总市值451.18 亿元。 资料显示，苏州天华新能源科技股份有限公司位于江苏省苏州工业园区双马街99号，成立日期1997年11 月13日，上市日期2014年7月31日，公司主营业务涉及新能源锂电材料、防静电超净技术产品、医疗器 械产品的生产和销售。主营业务收入构成为：锂电材料产品99.10%，其他(补充)0.90%。 从天华新能十大流通股东角度 数据 ...