Core Viewpoint - Zhongwei Co., Ltd. has signed a strategic cooperation framework agreement with Xiamen Xatu New Energy Materials Co., Ltd. to collaborate on key battery material supply chains in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics [1] Group 1: Strategic Cooperation - The cooperation will focus on high-growth products including ternary materials, lithium cobalt oxide, solid/semisolid lithium battery materials, and lithium-rich manganese-based materials [1] - The partnership will extend to precursor materials, recycling, lithium products, and global resource development [1] Group 2: Expected Collaboration Volume - Over the next three years, the expected collaboration volume for ternary precursors, cobalt tetroxide, solid precursors, and lithium-rich manganese-based precursors is approximately 115,000 tons per year [1]

Core Viewpoint - Enjie Co., Ltd. has announced advancements in its ultra-thin high-strength separator technology, which significantly enhances the performance and safety of power batteries [1] Group 1: Technology Advancements - The company has optimized the polyethylene condensed structure design and combined it with low-temperature ultra-high-speed stretching technology, achieving a thickness reduction of over 28% while maintaining high strength and thermal stability [1] - The biaxial tensile strength of the separator exceeds 400 MPa, and the puncture strength reaches over 560 gf, representing an improvement of over 20% [1] - These advancements address the technical challenge of "thin being fragile," thereby enhancing the ultra-long endurance performance of power batteries [1] Group 2: Safety Improvements - The significant increase in the base film's puncture strength greatly reduces the risk of thermal runaway in battery cells, thereby improving safety [1]

Group 1: Industry Overview - The supply-demand dynamics in the diaphragm industry are improving due to a slowdown in new capacity additions, particularly in 2025, which is expected to benefit the overall industry [2] - The company's capacity utilization rate is leading in the industry, with a strong market position and increasing market share as downstream demand strengthens [2] Group 2: Product Innovations - The ultra-thin high-strength diaphragm has achieved a thickness reduction of over 28% while maintaining high strength and thermal stability, with a biaxial tensile strength exceeding 400 MPa and a puncture strength of over 560 gf, improving by more than 20% [3] - The significant enhancement in base film puncture strength reduces the risk of thermal runaway in battery cells, thereby improving safety [3] Group 3: Solid-State Battery Development - The company views semi-solid batteries as a transitional product towards all-solid-state batteries, which are currently in the early stages of industrial development and have higher costs [4] - The company is actively involved in the development of materials for both semi-solid and solid-state batteries, with production capabilities established for semi-solid battery diaphragms and ongoing investments in solid-state electrolyte materials [4][5] Group 4: Competitive Advantages - The company benefits from strong R&D capabilities and a comprehensive vertical innovation system, allowing for rapid product iteration and optimization [5] - Long-term stable partnerships with major global battery manufacturers enable the company to engage in technical exchanges and seize market opportunities effectively [5]

Summary of Xiamen Tungsten's Conference Call Industry and Company Overview - The conference call focuses on Xiamen Tungsten's subsidiary, Xiamen Tungsten New Energy, particularly its lithium cobalt oxide and ternary material businesses, as well as developments in solid-state batteries and lithium iron phosphate [2][3][4] Key Points and Arguments Lithium Cobalt Oxide Business - Xiamen Tungsten New Energy is a leading player in the global lithium cobalt oxide market with a market share exceeding 40% [3] - Expected shipment volume for 2025 is over 60,000 tons, representing a year-on-year growth of over 30%, with a profit contribution of approximately 10,000 yuan per ton [2][3] - The overall demand for lithium cobalt oxide is projected to grow alongside consumer electronics, with a production increase of 28% year-on-year in the first half of 2025 [6] Ternary Material Business - The company focuses on high-voltage nickel products, with an expected shipment volume of around 50,000 tons in 2025, maintaining the same level as the previous year [2][3] - The ternary cathode material market is expected to grow from 1.05 million tons in 2025 to 1.52 million tons by 2030, with a compound annual growth rate of nearly 10% [12] Solid-State Battery Development - Xiamen Tungsten New Energy has a competitive edge in lithium sulfide for solid-state batteries, with production capacity reaching 10 tons in the second half of 2024 [5] - The purity of lithium sulfide produced via CVD method is as high as 99.9995%, with a market potential estimated at over 20 billion yuan [5] - The company aims to expand production capacity significantly, targeting a market value increase to between 50 billion and 70 billion yuan [5][16] New Cathode Material NL - The new cathode material NL, developed in collaboration with ATL, improves energy density by 15% and rate performance by 75% compared to traditional lithium cobalt oxide [8] - This material is expected to strengthen the company's position in the high-end electronics market and drive future performance growth [8] Support from Xiamen Tungsten - Xiamen Tungsten, as the controlling shareholder, provides comprehensive support in metal material processing and smelting, enhancing R&D capabilities and supply chain stability [9] Other Business Segments - In lithium iron phosphate, the first phase of 20,000 tons is fully operational, with a second phase expected to reach full production by the end of the year [14] - The company has developed lithium supplement products for major clients, with expected shipments reaching several thousand tons by 2026 [14] Future Expansion Plans - The company plans to upgrade existing equipment for lithium sulfide production, aiming for a capacity expansion to 100 tons next year and the ability to scale to 1,000 tons rapidly [16] - Profit forecasts for 2025-2027 are projected at 800 million, 1 billion, and 1.2 billion yuan, respectively, with a potential market value exceeding 60 billion yuan [17] Additional Important Insights - The overall lithium cobalt oxide and ternary material businesses are expected to maintain steady growth, driven by technological advancements and market demand [4] - The company has established strong partnerships with major clients, including ATL, BYD, and others, enhancing its market position [7][13]

（责任编辑：郭健东 ） 东吴证券日前研报指出，当升科技固态锂电正极材料已实现10吨级批量出货，并导入多家固态电池 客户。同时，公司在富锂锰基材料方面已突破关键技术问题，开发出中高容量和超高容量产品。此外， 公司在固态电解质方面已成功开发出多种电解质体系，并实现规模化供应能力。三元构筑持续盈利基 石，铁锂后发优势逐步凸显。钴酸锂正极方面，25H1倍率型市占率超50%，我们预计25-27年出货 0.6/0.85/1万吨，同增100%/42%/18%，主供实达、亿纬、豪鹏、锂威、冠宇等。27年看，全固态NCM有 望实现千吨级出货，富锂锰基实现百吨级出货。公司开发液态LRM中高容量（220-250mAh/g），固态 LRM高容量（＞280mAh/g），综合性能行业领先。考虑公司盈利能力显著提升，上调2025-2027年盈利 预测，维持"买入"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

来源：市场资讯 （来源：石墨邦） 日前，上海杉杉科技与全球领先的矿物产品供应商益瑞石公司 (Imerys) 建立战略合作伙伴关系。双方将在欧洲携手建立高性能负极材料的本土化供应链， 共同为欧洲大陆未来电动汽车 (EV) 和储能发展贡献力量。 市场需求的有力支撑 此次合作双方将通过稳定高效的生产规模及强有力的供应保障体系，全力满足欧洲电动汽车和储能领域在能源转型下快速增长的市场需求。 Frank Wittchen 益瑞石石墨和碳公司总经理 "杉杉是全球排名第一的人造石墨负极生产商。与杉杉这样实力强劲、经验丰富的中国石墨行业领导者建立战略合作伙伴关系，对于构建欧洲电池价值链 至关重要。这将提供必要的工业规模和供应安全保障，以支持欧洲能源转型的庞大市场需求。" 丁晓阳 上海杉杉新材料科技有限公司执行总经理 打造富有韧性的欧洲供应链 杉杉与Imerys将着力构建安全、可持续且具有竞争力的区域性人造石墨负极材料供应体系，通过技术创新与本地化生产，更高效、更可持续地服务欧洲及 全球市场。 规模化的创新研发 通过结合杉杉全球领先的负极技术与Imerys深厚的材料科学实力，双方正在共同开发一系列负极石墨产品，旨在优化产品性能 ...

Company Overview - Xiamen Xiangtan New Energy Materials Co., Ltd. is located in the Xiamen area of the China (Fujian) Pilot Free Trade Zone, established on December 20, 2016, and listed on August 5, 2021. The company specializes in the research, production, and sales of lithium-ion battery cathode materials [1] Business Composition - The main business revenue composition includes: - Lithium Cobalt Oxide: 50.32% - Ternary Materials (including Lithium Iron Phosphate and others): 45.89% - Hydrogen Energy Materials: 3.07% - Others (supplementary): 0.72% [1] Stock Performance - On September 26, the stock price of Xiamen Xiangtan New Energy fell by 5%, reaching 80.17 CNY per share, with a trading volume of 606 million CNY and a turnover rate of 1.47%. The total market capitalization is 40.461 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Galaxy Fund holds shares in Xiamen Xiangtan New Energy. The Galaxy New Materials Stock Initiation A Fund (020276) held 8,899 shares in the second quarter, accounting for 4.24% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 37,600 CNY [2] Fund Performance - The Galaxy New Materials Stock Initiation A Fund (020276) was established on December 27, 2023, with a latest scale of 11.2819 million CNY. Year-to-date returns are 35.96%, ranking 1461 out of 4220 in its category; the one-year return is 60.39%, ranking 1399 out of 3824; and since inception, the return is 40.81% [2] Fund Manager - The fund manager of Galaxy New Materials Stock Initiation A Fund is Jin Ye. As of the report date, Jin Ye has a cumulative tenure of 3 years and 267 days, with total fund assets of 54.3398 million CNY. The best fund return during the tenure is 39.17%, while the worst return is -1.51% [3]

Group 1 - The company announced the signing of a technology export cooperation agreement with a Japanese enterprise and a target company, which is not disclosed due to confidentiality [2] - The collaboration aims to develop and produce NCMA/NCA/NCM precursors in Japan, with the target company acting as the project implementation entity [2] - The company will provide technology and processes to the target company and will receive a total of 4.8 billion Japanese yen (approximately 229.85 million RMB) in technical service fees, design fees, and operational technology usage fees, paid in installments based on project implementation stages [2] Group 2 - The Japanese enterprise is expected to invest between 9 billion and 12 billion Japanese yen in the target company, including an initial investment of 10 million Japanese yen [2] - The company plans to invest between 1 billion and 1.5 billion Japanese yen, equivalent to approximately 47.89 million to 71.83 million RMB [2]

Core Viewpoint - Rongjie Co., Ltd. (002192) announced on September 24 that its Guangzhou Rongjie Power Supply Cathode Material project is currently in the renovation and construction phase and has not yet commenced production [1] Company Summary - The Guangzhou Rongjie Power Supply Cathode Material project is under renovation and construction [1] - The project has not yet started production [1]

Core Viewpoint - The company has completed the construction of its lithium sulfide pilot production line and is currently ramping up production capacity while primarily supplying its own needs [2]. Group 1 - The company is currently focusing on self-supply of lithium sulfide while also sending samples to downstream customers for small batch shipments [2]. - The company is closely monitoring industry technological developments and dynamics to steadily advance its all-solid-state battery materials expansion [2].