Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The short - term lithium carbonate market may continue its weak and volatile trend. The current market contradiction lies in the rising supply expectations and the slowdown of demand realization rhythm. Although the futures price is suppressed by the mine - restart news, factors such as spot de - stocking, strengthening basis, and rigid procurement during the peak season still support the price. Further price drops may trigger industrial hedging buying. In the future, capital's attention to relevant mine - end topics such as Jianxiaowo may increase, and the two - way disturbance from the news is expected to intensify [3]. 3. Summary by Directory 3.1 Daily Market Summary - **Futures Market Data Analysis** - **主力合约与基差**: On September 10, the price of the lithium carbonate main contract closed at 70,720 yuan/ton, a 2.99% decline from the previous day, showing a continuous decline trend. The basis strengthened to 2,280 yuan/ton [1]. - **持仓与成交**: The open interest decreased by 3% to 341,000 lots, declining for five consecutive trading days. The trading volume rebounded significantly by 27% to 751,000 lots [1]. - **产业链供需及库存变化分析** - **供给端**: Ningde Times' subsidiary planned to restart the Jianxiaowo lithium mine in November, which may release an increment of spodumene raw materials. However, short - term supply still depends on existing production capacity. The output of lithium carbonate from the spodumene route accounts for over 60%, while the proportion of the salt lake and mica routes has decreased. The capacity utilization rate of lithium carbonate remained at 66.41% without an increase, limiting the short - term supply growth rate [2]. - **需求端**: In August, new energy vehicle retail sales increased by 5% year - on - year and 9% month - on - month, with a penetration rate of 55.3%, showing the resilience of peak - season demand. However, there was a differentiation in the cathode material segment. The discount coefficient of ternary materials may be raised in September, and the price of power - type lithium iron phosphate decreased by 0.8% month - on - month, reflecting an increase in downstream cost sensitivity. The price of cobalt - acid lithium in the cell segment jumped by 5% to 6.25 yuan/Ah, but its impact on lithium carbonate demand was limited [2]. - **库存与仓单**: The total lithium carbonate inventory decreased by 0.74% to 140,000 tons, with two consecutive weeks of de - stocking. Coupled with the narrowing of the spot discount and active downstream bargain - hunting purchases, it indicated a marginal improvement in short - term supply and demand in the spot market [2]. - **价格走势判断**: The short - term lithium carbonate market may continue its weak and volatile trend. The market contradiction is concentrated between the rising supply expectations and the slowdown of demand realization rhythm. Although the futures price is suppressed by the restart news, spot de - stocking, strengthening basis, and peak - season rigid procurement still support the price. Further price drops may trigger industrial hedging buying. In the future, capital's attention to relevant mine - end topics may increase, and the two - way disturbance from the news is expected to intensify [3]. 3.2 Industrial Chain Price Monitoring - **价格变动**: The price of the lithium carbonate main contract decreased by 2,180 yuan to 70,720 yuan/ton, a 2.99% decline. The basis increased by 680 yuan to 2,280 yuan/ton, a 42.50% increase. The open interest of the main contract decreased by 10,526 lots to 340,814 lots, a 3.00% decline. The trading volume of the main contract increased by 159,805 lots to 751,480 lots, a 27.01% increase. The market price of battery - grade lithium carbonate decreased by 1,500 yuan to 73,000 yuan/ton, a 2.01% decline. The price of power - type lithium iron phosphate decreased by 275 yuan to 33,620 yuan/ton, a 0.81% decline. The price of cobalt - acid lithium cells increased by 0.30 yuan to 6.25 yuan/Ah, a 5.04% increase [5]. 3.3 Industry Dynamics and Interpretation - **现货市场报价**: On September 10, the SMM battery - grade lithium carbonate index price was 73,414 yuan/ton, a decrease of 1,175 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,450 yuan/ton, a decrease of 1,150 yuan/ton. The average price of industrial - grade lithium carbonate was 71,200 yuan/ton, a decrease of 1,150 yuan/ton. The futures price of lithium carbonate dropped sharply, and the downstream material factories' enthusiasm for price - setting significantly increased. In September, the market shows a situation of simultaneous growth in supply and demand, but the demand growth rate is faster, and it is expected that there will be a temporary supply shortage this month [6]. - **下游消费情况**: According to the preliminary statistics of the Passenger Car Association, from August 1 - 31, the retail sales of new energy vehicles in the national passenger car market were 1.079 million, a 5% year - on - year increase and a 9% month - on - month increase. The retail penetration rate of the new energy market was 55.3%. The cumulative retail sales this year were 7.535 million, a 25% year - on - year increase [7]. - **行业新闻**: On September 9, Ningde Times' subsidiary held a meeting to discuss the restart of the Jianxiaowo lithium mine, aiming to restart production in November, but whether the goal can be achieved is uncertain. The settlement discount of ternary cathode materials is expected to be raised in September. The demand for ternary precursors is expected to continue to rise in September [8][9].

Core Insights - The extension of the exemption period for certain tariffs under the US Section 301 to November 29, 2025, is expected to boost the domestic energy storage industry in China, with lithium iron phosphate (LFP) battery shipments projected to exceed 1.3 TWh by the end of 2025, leading to a 45% year-on-year growth in the upstream phosphate cathode materials market, which is expected to exceed 3.5 million tons [1] Industry Overview - The phosphate cathode materials industry is anticipated to undergo a third round of capacity expansion due to the rapid growth in demand for lithium iron phosphate materials, with capacity utilization expected to reach 70% by the end of 2025 [2] - A new wave of capacity expansion is expected post-2026, driven by product upgrades, the shift of production to regions with abundant green electricity, and the exit of companies unable to keep pace with product upgrades [2] Market Dynamics - Domestic lithium battery companies are accelerating their overseas market penetration, with companies like CATL, Fudi Battery, and EVE Energy establishing bases in regions such as Spain and the US, which is also driving the export of phosphate cathode materials [2] Equipment and Technology - The phosphate cathode materials sector is a key growth driver for the sand mill system, accounting for over 80% of the total market size. The market for lithium battery sand mill systems in China is projected to reach 2.8 billion yuan in 2024, with a year-on-year growth of 6% [3] - The revenue scale for sand mill systems used in phosphate cathode materials is expected to be 1.5 billion yuan in 2024 [3] Competitive Landscape - The sand mill manufacturing industry in China is characterized by a fragmented market with many small players. Companies that secure large customer orders tend to have a stronger market position [4] - According to research, Huahui Intelligent is expected to hold a 29% market share in the lithium battery sand mill system sector in 2024, ranking first in the industry [4]

证券日报网讯江特电机（002176）9月11日在互动平台回答投资者提问时表示，以目前的技术路线，未 来固态电池正负极材料、电解质均需要锂元素的参与，公司坐拥丰富、优质的锂矿资源，将积极关注固 态电池技术发展趋势，加快推进固态电池相关原材料的研发，把握更多的业务机会。 ...

Group 1 - The trade war initiated by the U.S. government, particularly through tariffs on imported furniture, has led to significant adjustments in the global supply chain, impacting Chinese furniture companies and U.S. home improvement giant Home Depot, which has seen a decline in net profit [1] - The book "Tariff Game" provides a comprehensive analysis of the historical and contemporary implications of tariffs as a tool for national power, highlighting the stark contrast between G20 tariff commitments and actual practices [2] - The complexity of the tariff landscape in 2025 is illustrated through various case studies, including the impact of U.S. tariffs on Canadian aluminum and Chinese graphite, which have forced companies to relocate production and adapt to new market conditions [3] Group 2 - The book proposes actionable solutions to break the cycle of "tariff-war-inflation-recession," including the Singapore variable tariff system and the exploration of new tax regimes for cross-border data flow [4] - The emergence of 3D printing technology and the growth of cross-border e-commerce, with transaction volumes exceeding $4 trillion, challenge traditional tariff systems and necessitate the development of a "tariff elasticity mechanism" [4] - "Tariff Game" serves as a key to understanding the dynamics of international relations in the 21st century, providing insights for policymakers and business leaders navigating the evolving landscape of global trade [8][9]

Core Viewpoint - The article highlights the upcoming 2025 Peak Forum on Household Storage and Portable Energy Storage Battery Technology, emphasizing safety and ecosystem collaboration, alongside significant developments in the lithium battery industry, including capital raising and production capacity expansions by companies like Mengguli [2][3]. Group 1: Event Details - The 2025 Peak Forum on Household Storage and Portable Energy Storage Battery Technology will take place on September 26, 2025, at the Venus Hall, Shenzhen Venus Royal Hotel [2][8]. - The event is organized by Qidian Lithium Battery, Qidian Solid-State Battery, and Qidian Research Institute, expecting over 600 participants [2]. Group 2: Company Developments - Mengguli announced plans to raise CNY 98 million through a private placement of A-shares to fund a project for an annual production capacity of 30,000 tons of lithium-ion battery cathode materials [2][3]. - The private placement will involve up to 35 specific investors, including the controlling shareholder Hengtong New Energy, which plans to invest CNY 20 million [2][3]. - The funds will also be allocated to supplement working capital, addressing rapid business growth and technology development needs, as well as mitigating market and financial risks [3]. Group 3: Industry Trends - Three major factors are driving a surge in orders for lithium battery equipment [3]. - The leading company in lithium iron phosphate is upgrading its production capacity by 50,000 tons [3]. - The first International Summit and Exhibition on Sulfide All-Solid-State Batteries is scheduled for November 8, 2025, in Guangzhou [3].

Core Viewpoint - During the "14th Five-Year Plan" period, China's industrial economy is showing steady progress, with the manufacturing sector playing a crucial role in global growth, contributing over 30% to global manufacturing growth and maintaining the largest share of global manufacturing for 15 consecutive years [2][3]. Group 1: Industrial Growth and Transformation - From 2020 to 2024, China's total industrial added value is expected to grow from 31.3 trillion yuan to 40.5 trillion yuan, while manufacturing added value is projected to increase from 26.6 trillion yuan to 33.6 trillion yuan [2]. - Traditional industries, which account for about 80% of the manufacturing sector, are undergoing transformation towards high-end, intelligent, green, and integrated development [3]. - The number of newly installed industrial robots in China accounts for over 50% of the global total, indicating a significant shift towards automation [3]. Group 2: Emerging Industries and Innovation - The production and sales of new energy vehicles are expected to be approximately 9.5 times higher in 2024 compared to 2020, with solar and wind power equipment production leading globally [3]. - Over 60 advanced manufacturing clusters in emerging industries have been established, along with 23 national independent innovation demonstration zones [3]. - The number of invention patent applications from industrial enterprises increased from 907,000 at the end of the "13th Five-Year Plan" to 1,244,000 in 2024, with the proportion of invention patents in total applications rising from 60% to 65% [5]. Group 3: R&D Investment and Technological Advancements - R&D expenditure from large manufacturing enterprises accounts for over 75% of total social R&D expenditure, with more than 570 industrial enterprises entering the global top 2500 in R&D investment [4][5]. - The number of national manufacturing innovation centers reached 33, and nearly 700 key common technologies have been developed, bridging the gap from basic research to industrial application [4]. - The technology contract transaction volume is expected to reach 6.8 trillion yuan in 2024, reflecting a robust growth in technology commercialization [5].

Core Viewpoint - Company is actively advancing the research and development of solid-state and semi-solid-state lithium batteries, having already launched semi-solid-state lithium battery products [1] Group 1: Company Focus - Company's lithium battery business is primarily focused on small power systems [1] - Key application areas include electric tools, smart mobility, cleaning appliances, robots, and BBU (Baseband Unit) [1] - Currently, there are no plans for entering the automotive sector [1]

Core Viewpoint - The company is focusing on the research and development of battery materials and strategic layout in the solid-state battery field, having recently obtained a patent for the preparation of lithium sulfide, which is crucial for solid-state electrolytes [1] Group 1: Company Developments - The company's current lithium battery-related products mainly consist of lithium hexafluorophosphate [1] - The successful development of lithium sulfide will lay the foundation for the company's future expansion into the solid-state battery business [1] Group 2: Industry Trends - The company is actively increasing its R&D innovation in battery materials [1] - The strategic focus on solid-state batteries aligns with industry trends towards higher performance and safety in battery technology [1]

Market Performance - The Hang Seng Technology Index closed at 5902.69, up 1.27% for the day and 31.15% year-to-date[3] - The S&P 500 Index closed at 6512.61, up 0.30% for the day and 10.25% year-to-date[3] - Oracle's stock surged 36% to a record high, with a market capitalization increase of approximately $250 billion, reaching $922.24 billion[9] Sector Highlights - Major technology stocks in Hong Kong saw significant gains, with JD.com up 3.6% and Baidu up over 2%[9] - Financial stocks also performed well, with Agricultural Bank rising 3.5% and China Construction Bank up 2.84%[9] - Semiconductor stocks were active, with SMIC gaining 3.6%[9] Economic Indicators - The U.S. Producer Price Index (PPI) unexpectedly fell by 0.1% month-over-month in August, marking the first decline in four months, strengthening the case for potential interest rate cuts by the Federal Reserve[9] - Japan's manufacturing sentiment index rose to 13, the highest in three years, indicating improved economic confidence[14] Investment Trends - Net inflows from mainland investors into Hong Kong stocks amounted to HKD 7.566 billion on September 10[9] - AI infrastructure stocks like CoreWeave rose by 16.88%, reflecting growing investor interest in the sector[9]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of KedaLi, indicating a significant increase in stock price and trading volume, alongside a strong financial performance in terms of revenue and profit growth [1][2]. - As of September 11, KedaLi's stock price increased by 2.06% to 144.95 CNY per share, with a total market capitalization of 39.656 billion CNY and a trading volume of 383 million CNY [1]. - KedaLi's stock has risen by 51.49% year-to-date, with notable increases of 10.62% over the last five trading days, 23.86% over the last 20 days, and 31.07% over the last 60 days [1]. Group 2 - For the first half of 2025, KedaLi reported a revenue of 6.645 billion CNY, representing a year-on-year growth of 22.01%, and a net profit attributable to shareholders of 769 million CNY, up 18.72% [2]. - The company has distributed a total of 1.312 billion CNY in dividends since its A-share listing, with 1.022 billion CNY distributed over the past three years [3]. - As of June 30, 2025, KedaLi had 22,500 shareholders, an increase of 17.83%, with an average of 8,746 circulating shares per shareholder, a decrease of 15.11% [2].