碳酸锂日报 碳酸锂日报（2025 年 6 月 24 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2509 合约跌 0.77%至 59120 元/吨。现货价格方面，电池级碳酸锂平均价下跌 450 元/吨至 59950 元/吨，工业级碳酸锂平均价下跌 450 元/吨至 58350 元/吨，电池级氢氧化锂（粗颗 粒）下跌 250 元/吨至 58770 元/吨。仓单方面，昨日仓单库存减少 1014 吨至 26779 吨。 2. 供应端，周度碳酸锂产量环比有增，6 月碳酸锂产量环比增加超 9%。需求端，周度库存周转天数均 有增加，磷酸铁锂相对增加明显，6 月两大正极材料消耗碳酸锂环比下降 10%。库存端，社会总库 存延续增加，碳酸锂总库存周转天数上升至 2 个月左右，同时，锂矿库存环比小幅增加，6 月正值 财报披露季，海外发运量亦有增加，目前整体锂矿+锂盐库存水平达到 3.5 个月左右，库存压力较 大。 3. 当前价格水平基本处在阶段性底部位置，从锂矿价格 600-610 美金来看短期仍有支撑，但是基本面 仍未有拐点出现，市场情绪仍然偏空 ...

上证指数放量收涨1.15%，收复3400点；创业板指涨2.3%。 固态电概念股爆发，诺德股份、国轩高科、金龙羽涨停。 富国科创板新能源ETF溢价涨超9.4%；鹏华科创新能源ETF、汇添富电池50ETF、招商电池ETF涨超4%；电池 ETF嘉实、富国锂电池ETF、景顺长城电池30ETF、兴银电池龙头ETF、建信新能源车电池ETF、工银瑞信锂电 池ETF、广发电池ETF、易方达储能电池ETF、储能电池ETF广发涨超3%。 | 证券代码 | 证券商称 | 今日涨幅 | 管理人 | | --- | --- | --- | --- | | 588960.SH | 科创板新能源ETF | 9.44% | 昌国音关 | | 588830.SH | 科创新能源ETF | 4.71% | 腿在草等 | | 159796.SZ | 电池50ETF | 4.12% | 汇添富基金 | | 561910.SH | 电池ETF | 4.01% | 招商基金 | | 562880.SH | 电池ETF嘉实 | 3.92% | 量或音尖 | | 561160.SH | 锂电池ETF | 3.80% | 昌国音关 | | 159757.SZ ...

Group 1 - The core viewpoint of the article emphasizes the importance of balancing performance and cost in battery cell procurement for automotive manufacturers [6] - The article highlights BYD's expansion efforts in Southeast Asia, indicating a strategic move to capture new markets [6] - It notes that the growth in the energy storage market is outpacing that of the power battery sector, suggesting a shift in industry focus [6]

Group 1: Lithium Battery Sector - The demand for lithium batteries is strong, with a cumulative installation of 184.3 GWh from January to April 2025, representing a year-on-year growth of 52.8% [1] - Upstream material prices are at historical lows, and profitability is also low, which may accelerate the clearing process, with continued strong demand expected in the second half of 2025 [1] - Solid-state battery technology is anticipated to lead a new round of material system updates due to its significant advantages in safety and energy density, with applications expected in consumer batteries, eVTOL, and new energy vehicles [1] Group 2: AIDC and Energy Storage - In Q1 2025, the combined capital expenditure of four major overseas cloud vendors reached approximately $71.9 billion, a year-on-year increase of about 62%, while domestic companies Alibaba and Tencent's capital expenditure totaled approximately 52.1 billion yuan, up 112% [2] - The energy storage sector is expected to see steady growth in installed capacity domestically, with high-margin demand in the large-scale energy storage markets in Europe and the U.S., and emerging markets in the Middle East and Africa entering a performance realization phase [2] - The industry is expected to benefit from high growth in demand, technological iterations, and increased concentration [2] Group 3: Wind Power and Photovoltaics - The photovoltaic sector is entering a deep adjustment phase in supply and demand, with a new market structure expected to emerge in 2025 due to policy and market competition [3] - Attention is recommended on the supply-side adjustment progress of heavy asset and high-energy consumption segments such as silicon materials and photovoltaic glass, as well as the performance indicators of new technologies like N-type BC routes and new metallization schemes [3] - In the wind power sector, the domestic offshore wind industry is entering a peak construction season, which is expected to enhance industry prosperity, while onshore wind profitability is anticipated to recover as turbine bidding prices stabilize [3] Group 4: Power Grid Equipment - As of the end of March 2025, cumulative investment in the State Grid's power grid is expected to grow by 27.7% year-on-year, with ongoing high-intensity construction of ultra-high voltage projects [4] - Major projects such as the Southeast Tibet to Guangdong-Hong Kong-Macao, Shaanxi-Henan, Inner Mongolia to Beijing-Tianjin-Hebei, Southern Xinjiang to Sichuan-Chongqing, and Kubuqi to Shanghai ultra-high voltage projects are expected to accelerate in 2025, with 4-5 ultra-high voltage direct current lines anticipated to be approved for construction [4] - The increasing reliance on intelligent regulation capabilities in distribution networks is expected to lead to a peak period of intelligent transformation in distribution networks [4]

Core Viewpoint - CATL is strategically investing in the embodied robotics sector, marking its first investment in this field as a publicly listed company, focusing on technologies that can be quickly commercialized [2][3] Group 1: Investment Details - CATL led a new financing round of 1.1 billion yuan for Galaxy General Robotics, which has raised over 2.4 billion yuan in total financing over the past two years [2] - The investment round included participation from CATL's strategic investment arm and other investors, indicating a strong interest in the robotics sector [2] Group 2: Technological Advancements - Galaxy General Robotics launched the world's first end-to-end embodied large model based on 1 billion synthetic action data in January [3] - The company has made progress in applying its technology in various sectors, including smart retail, industrial applications, and healthcare [3] Group 3: Strategic Collaborations - Galaxy General Robotics announced a joint venture with Bosch Group's subsidiary, focusing on commercializing embodied intelligent robots in industrial manufacturing [4] - This collaboration aims to explore the commercial application of robotics and expand into global markets [4] Group 4: Future Growth Potential - CATL's investment in embodied robotics is seen as timely, potentially opening new avenues for growth in the lithium battery industry [4] - The collaboration is expected to enhance CATL's manufacturing efficiency through the integration of robotics in its highly automated production facilities [5]

Core Insights - The article emphasizes the acceleration of electrification across various sectors in China, with a penetration rate surpassing 50%, leading to a new industrial cycle in the lithium battery supply chain [2] - It highlights the collaborative development of power and energy storage industries, which are crucial for regional energy transition and achieving carbon neutrality goals [2] - Structural adjustments within the lithium battery industry are noted, with core material prices rebounding and a stabilization in cell prices, indicating an optimization of supply and demand [2] - The article discusses the rapid application of new materials and technologies, driving differentiation in battery performance and accelerating the adoption of innovative materials [2] Industry and Summit Background - The electrification trend is driving growth in various sectors, including power markets, shipping, commercial vehicles, humanoid robots, and eVTOLs, which are becoming new growth drivers for lithium battery shipments [2] - The lithium battery industry is undergoing structural adjustments, with a focus on optimizing competition among enterprises and consolidating key players [2] - Changzhou Jintan is positioned as a leading area for new energy development, with significant potential for breakthroughs in the industry [3] Summit Highlights - The summit is recognized as a premier annual event in the lithium battery sector, attracting over 300 influential companies and 500 industry leaders [5] - It features technical exchanges and new product showcases among upstream and downstream enterprises in the lithium battery supply chain [5] - The event will include the release of the first half of the year’s industry development report by the High-tech Lithium Battery Research Institute [5] Core Agenda - The agenda includes keynote speeches from industry leaders, discussions on next-generation battery technologies, and panels addressing the challenges and opportunities in the lithium battery sector [7][8][10][12] - Topics cover a wide range of issues, including battery safety, new materials, and the integration of electric vehicle and energy storage technologies [10][12] - The summit will also feature product launches and networking opportunities for participants to engage with the latest innovations in the industry [8][12]

Core Viewpoint - The lithium battery industry is increasingly focusing on overseas expansion as domestic competition intensifies and local market demands rise, with major players like CATL and EVE Energy accelerating their overseas production capacity [1][4]. Group 1: Industry Trends - The enthusiasm for overseas expansion in the lithium battery industry remains high despite ongoing market challenges, with numerous announcements of new factory projects [4]. - By June 2025, Zhongke Electric plans to invest up to 8 billion yuan in Oman for a lithium-ion battery anode materials integrated base with an annual capacity of 200,000 tons [4]. - Tianqi Materials announced an investment in Morocco for a project with an annual output of 150,000 tons of electrolyte products and key raw materials, with an estimated total investment of approximately 280 million USD [4]. - The penetration rate of new energy vehicles in China reached 38.9% in 2024, significantly higher than that of major automotive producing countries, indicating substantial overseas market potential [5]. Group 2: Profitability and Market Dynamics - The overseas market is still in a "blue ocean" phase, characterized by high demand and limited local supply, prompting companies to rapidly establish production bases [5]. - CATL's overseas gross profit margin is projected to be 29.45% in 2024, significantly higher than its domestic margin of 7.2% [5]. - EVE Energy and Guoxuan High-Tech also report higher overseas gross profit margins compared to their domestic operations, indicating a favorable trend for international business [5]. Group 3: Capacity Expansion and Operational Challenges - CATL's first overseas factory in Germany has achieved profitability and serves as a benchmark for the industry, encouraging more companies to pursue international expansion [8]. - EVE Energy's first overseas battery base in Malaysia commenced production in February 2024, while Envision AESC's super factory in France began operations in June 2024 [9]. - Dragon Power Technology's first phase of a lithium iron phosphate production project in Indonesia is set to start production in early 2025, with plans for a second phase already underway [10]. Group 4: Localization and Strategic Considerations - Despite positive signals for overseas expansion, the overall progress remains slow due to higher costs and longer return periods compared to domestic operations [15]. - Companies are increasingly seeking to understand local markets and establish stable customer relationships to support their overseas ventures [15]. - The challenges of local environmental regulations, labor policies, and talent acquisition are significant hurdles for companies establishing overseas operations [16].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源：有材有料新能源网 6月18日，因未在法定期限内披露过半数董事保证真实、准确、完整的2024年年报， *ST恒立收到终止上 市决定 ，公司股票将自6月25日起进入为期15个交易日的退市整理期，期满后退市摘牌。 *ST恒立于1996年登陆深交所主板。 上市以来，公司经营过冷气设备，生产过新能源电池 。 2018年以 来，公司设备生产主业大幅萎缩，主要业务转向委托加工及贸易，盈利能力持续承压，深陷亏损泥潭，甚 至连收入都逼近退市红线。 在收到深交所退市决定的同日，*ST恒立也收到湖南证监局下发的《行政处罚事先告知书》（以下简称"处 罚告知书"），曝光了公司未按期披露2024年年报的真实原因： 不接受年审机构出具的将导致公司退市的 审计报告。 此外，*ST恒立因涉嫌年报等信息披露文件财务数据虚假披露，已被中国证监会立案调查，目前调查仍在 进行中。如被查实存在财务数据虚假披露，公司及有关责任人也将依法承担相应的法律责任，投资者权益 保护也不会因退市而改变。 2005年、2016年，公司两次被实施*ST；200 ...

● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样"代表，也成为中国经济转型 升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具 挑战，交通电动化向全场景渗透，能源体系变革也加速走向纵深，这也意味着，新应用场景 开启，新技术与产品创新，新商业模式落地，新的产业生态与格局。 ● 全球化也将成为中国锂电产业新征程中的时代命题。如何从领跑全球，到真正融入全 球，并成长出一批具备跨国经营的国际企业，将成为中国锂电产业新 15年的最大考验。能 否在新的征程中续写新时代的辉煌，让我们期待中国锂电产业的时代答卷。 高工15年，与行业同行 高工锂电15周年特别策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业变化的温度，用杂志、网 站、微信传递行业信息，用会议搭建行业间交流桥梁，记录行业的起伏波澜，低谷 ...

Core Viewpoint - The article highlights the significant growth and transformation of China's power battery industry over the past 15 years, emphasizing its journey from inception to becoming a global leader, and outlines the challenges and opportunities that lie ahead as the industry enters a new phase starting in 2025 [2][4]. Group 1: Industry Development - The Chinese power battery industry has evolved from a nascent stage to a robust sector, becoming a representative of China's manufacturing capabilities on the global stage [2]. - The industry is expected to face new challenges and opportunities as it transitions into a new 15-year journey, with a focus on electric transportation, energy system transformation, and the emergence of new applications and technologies [2][12]. - The globalization of the lithium battery industry will be a key theme in the next phase, with a focus on developing international enterprises capable of cross-border operations [2][12]. Group 2: 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives [4][5]. - The activities will take place from March to December 2025 and will involve research visits, video interviews, in-depth reports, and an industry gala [5][15]. - The anniversary will feature discussions on the successes and failures of the past 15 years, as well as the opportunities and challenges for the future [10][11]. Group 3: Future Focus - The future focus will include technological advancements such as solid-state batteries and sodium-ion batteries, as well as applications across various scenarios like energy storage and eVTOL [13]. - The article emphasizes the importance of restructuring the industry ecosystem and exploring new business models in the upcoming 15 years [13][16]. - The anniversary celebration will also highlight new battery technologies, full-scene application opportunities, and feature emerging enterprises in the industry [16][17].