1、性能上，循环寿命，90%SOC内已经达到300-400次，按80%SOC测算已经可以达到商用目的，能量密度达 到350Wh/kg-350Wh/kg； 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货 报告和精准人脉。 比亚迪出海：发力东南亚 CATL ： 2、材料选择上，电解质选用硫化物路线，正极选用高镍体系，负极采用人造石墨+硅碳负极，少部分采用无 负极技术； 往期推荐 主机厂电芯采购：兼顾性能和成本 3、工艺上，选用等静压设备解决固固界面问题，目前采用湿法工艺，后续可能采用干法工艺； 4、进展上，目前中试线已搭建完成， 储能市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 ...

Core Viewpoint - The lithium battery industry in Mianyang, Sichuan, has experienced significant growth, with a 96.5% year-on-year increase in lithium-ion battery production in Q1 2025, driven by favorable policies, transportation advantages, resource availability, and industrial support [2]. Group 1: Project Developments - The lithium-ion energy storage cell project by Lithium Source New Energy aims to produce 12 million cells annually, with an investment of 50 million yuan, and has received environmental approval [3]. - Mianyang Chuangming New Energy has launched its first batch of 32 series lithium iron phosphate cylindrical batteries, utilizing advanced technology that reduces internal resistance by 90% and allows operation in extreme temperatures [4][5]. - The Exxon New Energy project in Mianyang, with a planned capacity of 18 GWh, has commenced production and is part of a broader strategy that includes additional facilities in Yunnan, Guangzhou, and Jiangsu, each also targeting 18 GWh capacity [6][7].

Core Insights - The article highlights the acceleration of electrification across various sectors in China, with the penetration rate surpassing 50%, leading to a new industrial cycle in the lithium battery supply chain [3] - It emphasizes the collaborative development of power and energy storage industries, which are crucial for achieving regional energy transition and carbon neutrality goals [3] - The lithium battery industry is undergoing structural adjustments, with core material prices rebounding and a stabilization in cell prices, indicating an optimization of supply and demand within the industry [3] - The article notes the rapid application of new materials and processes, driving differentiation in power and energy storage batteries, and the role of AI in developing new battery materials [3] Industry Background - The 18th High-tech Lithium Battery Industry Summit will take place on June 25-26, 2025, in Changzhou, focusing on the restructuring of the industry chain and the resonance of all-scenario applications [2] - Changzhou is positioned as a leading base for the new energy industry, with significant potential for growth through market opportunities and technological innovation [4] Summit Highlights - The summit is recognized as a top-tier industry event, gathering over 300 influential companies and more than 1,000 executives from the lithium battery supply chain [6] - It will feature technical exchanges and new product displays from upstream and downstream enterprises within the industry [6] - The event will also include the release of the first half of the year’s industry development report by GGII [6] Core Agenda - The agenda includes discussions on global electrification competition, product development strategies, and the dynamics of battery technology and pricing [8] - Specialized sessions will focus on battery applications in various sectors, including electric vehicles, marine electrification, and the emerging opportunities in the cylindrical battery market [8]

Core Viewpoint - The global lithium battery landscape is entering a new cycle, driven by the increasing penetration of electric vehicles (EVs) in China and the sustained demand for energy storage, with a projected compound annual growth rate (CAGR) of 57% for global power battery installations from 2020 to 2024 [3][4]. Demand Growth - The demand for lithium batteries globally is expected to reach 1339 GWh by 2024, with energy storage accounting for 235 GWh (18% of total demand). The energy storage demand is projected to grow to 305 GWh in 2025, driven by rising electricity prices, decreasing costs of storage systems, and increased renewable energy penetration [3][4]. Supply and Capacity Utilization - The oversupply situation in the lithium battery industry is expected to improve by 2025, with new capacity growth slowing to 29% and 10% in 2025-2026, compared to 68% and 52% in 2023-2024. This will lead to a recovery in capacity utilization rates to 46% by 2026 [4][5]. Global Market Dynamics - The previous cycle (2022-2024) saw significant changes in the global lithium battery landscape, primarily due to the U.S. Inflation Reduction Act (IRA) attracting Japanese and Korean battery companies to expand capacity in North America, while domestic second-tier lithium battery companies in China expanded capacity significantly, leading to temporary oversupply and declining profits [4][5]. Investment Opportunities - Companies that can expand their capacity outside the U.S. and are close to end customers are expected to achieve excess profits, especially as trade tensions rise and domestic oversupply persists. The focus on European markets is seen as a strategic move for Chinese lithium battery companies to mitigate risks and enhance profitability [5][6]. European Market Outlook - The European market is anticipated to recover in 2025, with a projected increase in lithium battery capacity utilization from 62% in 2024 to 69% in 2025. The demand for both power and energy storage batteries is expected to drive this recovery [11][12]. Competitive Landscape - Chinese lithium battery companies are expected to gain a competitive edge in Europe, with planned capacity reaching 362 GWh compared to 213 GWh for Korean companies and 300 GWh for local European firms. The broad coverage of the supply chain and superior manufacturing capabilities position Chinese firms favorably [12][13]. Client Relationships - Chinese lithium battery companies have established partnerships with 23 international automotive manufacturers, significantly higher than the 18 partnerships of Korean companies and 4 of European firms, indicating a strong supply capability and responsiveness to market demands [13][15].

Core Viewpoint - The article presents the June pre-production data for the lithium battery industry from Xinluo Lithium Battery, indicating a slight increase in overall production across various components of the lithium battery supply chain [1]. Summary by Relevant Sections - **Battery Production**: The total battery production is reported at 107.7 GWh, reflecting a month-on-month increase of 2.9% [1]. - **Cathode Production**: Cathode production reached 133,000 tons, showing a month-on-month increase of 9.1% [1]. - **Anode Production**: Anode production was recorded at 117,000 tons, with a month-on-month increase of 0.9% [1]. - **Separator Production**: Separator production amounted to 1.49 billion square meters, marking a month-on-month increase of 4.3% [1]. - **Electrolyte Production**: Electrolyte production reached 76,000 tons, indicating a month-on-month increase of 6.6% [1]. - **Overall Production Trend**: The overall production across the lithium battery supply chain shows a slight month-on-month increase [1].

Report Title - Carbonate Lithium Daily Report (June 6, 2025) [1] Report Investment Rating - Not mentioned Core Viewpoints - The previous day, the 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Spot prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and battery-grade lithium hydroxide (micropowder) all declined. The warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - Lithium ore prices continued to fall. On the supply side, the weekly output increased by 891 tons to 17,471 tons, with expected further increase in June. On the demand side, cathode production data was average, but cathode inventory was digested, and terminal sales were strong. The weekly inventory increased by 861 tons to 132,432 tons, with downstream inventory slightly decreasing and upstream and intermediate inventories increasing [3]. - Overall, the fundamentals have not substantially improved, and intensified gaming should be noted at current price levels [3]. Summary by Directory 1. Research Views - **Futures and Spot Prices**: The 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Battery-grade lithium carbonate average price dropped 50 yuan/ton to 60,200 yuan/ton, industrial-grade lithium carbonate average price fell 50 yuan/ton to 58,600 yuan/ton, battery-grade lithium hydroxide (coarse particles) decreased 150 yuan/ton to 62,270 yuan/ton, and battery-grade lithium hydroxide (micropowder) dropped 150 yuan/ton to 67,415 yuan/ton. Warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - **Supply - Side Analysis**: Weekly output increased by 891 tons to 17,471 tons. Lithium extraction from spodumene, mica, and salt lakes increased, while that from recycled materials decreased. With some enterprises planning to resume production in June, the output is expected to increase by 9.4% to 78,900 tons [3]. - **Demand - Side Analysis**: Cathode production data was average, but cathode inventory was continuously digested, especially the inventory turnover days of lithium iron phosphate significantly decreased. The cell end continued to slow down, but terminal sales were still remarkable, and the penetration rate remained high [3]. - **Inventory Analysis**: Weekly inventory increased by 861 tons to 132,432 tons. Downstream inventory decreased slightly, while upstream and intermediate inventories increased [3]. 2. Daily Data Monitoring - **Lithium - Related Product Prices**: Most prices of lithium - related products in the lithium - ion battery industry chain declined, such as lithium carbonate, lithium hydroxide, and some precursors. Some prices remained unchanged, like lithium mica, battery - grade lithium hydroxide (CIF China, Japan, and South Korea), and hexafluorophosphate lithium [5]. - **Price Spreads**: The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan/ton, while the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [5]. 3. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - **Price Spreads**: Charts display the spreads between different lithium - related products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [18][19][20]. - **Precursor and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [22][24][27]. - **Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from October 2024 to May 2025 [35][37]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [39][40]

Group 1 - The core viewpoint is that the new energy vehicle market is expected to continue outperforming, with strong sales trends in China and Europe as of April 2025, driven by solid-state batteries and other new technologies [1] - The domestic energy storage growth rate is slowing year-on-year, while the U.S. maintains relatively high growth [1] - The lithium battery sector is expected to benefit from both market prosperity and new technology advancements in 2025, with leading companies in segmented tracks being the best investment strategy [1] Group 2 - The green electricity direct connection policy has been implemented nationwide, which will help meet the green electricity consumption and traceability needs of end users, especially export-oriented enterprises [2] - This policy is expected to assist companies in reducing electricity costs and broaden the consumption methods for green electricity, particularly renewable energy [2] - It is recommended to seize the pivotal opportunities in the renewable energy generation sector [2] Group 3 - The industrialization of L4 autonomous driving is identified as a clear industry trend, with the robotics sector and new vehicle cycles remaining the main investment lines in the automotive sector [3] - The robotics sector is expected to outperform market expectations due to prolonged market neglect, while the new vehicle cycle relies on structural growth from new cars and exports [3] - The domestic passenger car insurance sales data is currently flat, with automakers increasing promotional efforts, making performance expectations and new car forecasts the core support for the sector [3]

Group 1 - The core focus of Chuaneng Power is on green energy, with main businesses including renewable energy generation and lithium battery operations [1] - The company has a total installed capacity of approximately 1.45 million kilowatts and expects to generate 5.079 billion kilowatt-hours of electricity in 2024 [1] - Chuaneng Power controls the Lijiagou lithium mine, with an annual production of approximately 180,000 tons of concentrate, and the Ding Sheng Lithium project is expected to produce 11,300 tons of lithium salt products in 2024 [1] Group 2 - The company plans to add 2.0708 million kilowatts of wind and solar power capacity in 2025, with no current plans for upgrades to existing wind farms and solar power stations [1] - The settlement method with grid companies remains unchanged, but future electricity prices for renewable energy will undergo market-oriented reforms [1] - The policy environment for lithium mining is stable, but sales of lithium products are significantly affected by market prices [1] Group 3 - The Lijiagou lithium mine project is expected to begin trial operations in the fourth quarter of 2024, with specific production ramp-up timelines dependent on trial runs [1] - The company has encouraged its controlling shareholder to increase shareholdings and has implemented cash dividends, with plans to explore market value management measures in the future [1]

Core Viewpoint - Lithium prices have dropped below 60,000 yuan/ton, leading to a trend of capacity reduction in the industry, particularly among cross-industry companies that have entered the lithium battery sector [1][2] Industry Trends - The trend of capacity reduction is becoming more pronounced, especially among companies that have crossed into the lithium battery industry, as they face operational difficulties due to falling lithium prices and increased cost pressures [1][2] - The lithium industry is experiencing a shift, with traditional lithium iron phosphate (LFP) competition becoming more intense, leading to the potential exit of underperforming capacities [3] Company Actions - Zhongke Titanium White has announced the termination of its 500,000-ton/year lithium iron phosphate project, which had previously seen an investment of 1.309 billion yuan, with only 100,000 tons/year of capacity completed [2] - Other companies, such as Jinpu Titanium Industry and Huiyun Titanium Industry, have also paused or terminated their lithium iron phosphate project investments, reflecting a broader trend among titanium dioxide and phosphate chemical companies [2] - Despite the downturn, some companies like Ganfeng Lithium and Yahua Group have increased their lithium carbonate production by approximately 24% and 10%, respectively, indicating a divergence in operational strategies within the industry [5] Market Dynamics - The lithium market is currently facing an oversupply, with an estimated surplus of 32,200 tons of lithium carbonate equivalent (LCE) expected for the year, which has been revised upward [5] - The production of lithium carbonate, lithium hydroxide, and lithium chloride in China is projected to increase significantly, with year-on-year growth rates of 35.35%, 29.54%, and 37.14%, respectively [4] - The overall capacity utilization rates for companies like Cangge Mining and Salt Lake Co. have reached 116% and 100%, respectively, indicating that some low-cost lithium producers are operating at full capacity despite the market downturn [5][6] Future Outlook - The lithium carbonate price has plummeted from a peak of 500,000 yuan/ton in early 2023 to below 60,000 yuan/ton, raising concerns about the sustainability of current production levels [6] - The demand for lithium carbonate is uncertain due to fluctuating market conditions and potential changes in U.S. tariff policies, which may impact the supply-demand balance in the medium to long term [6]

Core Insights - The article highlights the acceleration of electrification across various sectors in China, with the penetration rate surpassing 50%, leading to a new industrial cycle in the lithium battery supply chain [3] - It emphasizes the collaborative development of power and energy storage industries, which are crucial for achieving regional energy transition and carbon neutrality goals [3] - Structural adjustments in the lithium battery industry are noted, with core material prices rebounding and a stabilization in cell prices, indicating an optimization of supply and demand [3] - The article discusses the rapid application of new materials and processes, driving differentiation in power and energy storage batteries, and the role of AI in developing new battery materials [3] Industry Background - The 18th High-tech Lithium Battery Industry Summit is scheduled for June 25-26, 2025, in Changzhou, focusing on the restructuring of the industry chain and the resonance of all-scenario applications [2][4] - Changzhou is positioned as a leading base for the global new energy industry, leveraging its strong foundation and potential for significant breakthroughs [4] Summit Highlights - The summit is recognized as a premier annual event in the new energy sector, attracting over 300 influential companies and more than 1,000 executives from the lithium battery supply chain [6] - It will feature technical exchanges and new product showcases from upstream and downstream enterprises within the industry [6] - The event will also include the release of the first half of the year’s industry development report by GGII [6] Core Agenda - The agenda includes discussions on global electrification competition, product development strategies, and the dynamics of battery technology and pricing [8] - Specialized sessions will focus on battery applications across various scenarios, including electric vehicles, marine electrification, and the emerging opportunities in the heavy-duty vehicle sector [8]