Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The lithium carbonate market is in a weak operation. The closing price of the main contract LC2605.GFE is 146,200 yuan/ton, down 17,020 yuan/ton from the previous day, showing an overall upward trend in the past 10 trading days. The spot price of lithium carbonate is 157,850 yuan/ton, down 0.67% from the previous day, also showing an overall upward trend in the past 10 trading days. The current basis is 4,730 points, a positive basis (spot premium), which has strengthened by 6,450 points from the previous day, and the basis has strengthened overall in the past 10 trading days. The registered warehouse receipt volume of lithium carbonate is 27,458 lots, an increase of 253 lots (+0.93%) from the previous day, and the warehouse receipts have increased overall in the past 10 trading days. The production of energy storage cells remains resilient [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Futures Market**: The closing price of the main contract is 146,200 yuan/ton, down 17,020 yuan/ton from the previous day and up 2,780 yuan/ton from the previous week; the settlement price of the main contract is 153,120 yuan/ton, down 7,520 yuan/ton from the previous day and up 9,940 yuan/ton from the previous week [6]. - **Lithium Ore Prices**: The prices of Australian, Brazilian, Zimbabwean, and Malian lithium spodumene concentrates imported into China have different degrees of decline or increase compared with the previous week. The average price of South African lithium spodumene raw ore and the average prices of lithium mica with different Li₂O contents in China also have corresponding price changes [6]. - **Lithium Salt Prices**: The price of domestic 99.5% electric-grade lithium carbonate is 157,850 yuan/ton, down 1,070 yuan/ton from the previous day and up 17,810 yuan/ton from the previous week. The prices of domestic 56.5% lithium hydroxide and related products also have different degrees of decline or increase compared with the previous day and the previous week [6]. - **Downstream Product Prices**: The prices of some ternary precursors, ternary materials, and other products have increased, while the prices of some products such as electrolyte and lithium hexafluorophosphate have remained unchanged or decreased [6]. 3.2 Related Charts - **Ore and Lithium Prices**: Include lithium mica price change chart, lithium carbonate futures main price chart, lithium carbonate price chart, lithium hydroxide price chart, lithium carbonate basis chart, and lithium hydroxide - lithium carbonate price difference chart [8]. - **Cathode & Ternary Materials**: Include the price charts of manganese - acid lithium, domestic iron - phosphate lithium, cobalt - acid lithium, ternary precursors, and ternary materials [11]. - **Other Related Data of Lithium Carbonate Futures**: Include the change charts of the main trading volume, main open interest, and registered warehouse receipt volume of lithium carbonate futures [19][20].

Market Overview - On January 16, the spot settlement guidance price for battery-grade lithium carbonate (99.5%) was 152,500 CNY/ton, a decrease of 6,000 CNY from the previous working day, with increased spot transactions [1] - The settlement guidance price for battery-grade lithium hydroxide (56.5% coarse particles) remained stable at 142,000 CNY/ton [1] - Futures market experienced a significant drop, with the main contract closing at 146,200 CNY/ton, down 14,440 CNY, influenced by increased regulatory control and market panic [1] Price Trends - The price changes for various lithium products on January 16 compared to January 15 are as follows: - Lithium concentrate (6.0%): 2,150 CNY/ton, down 10 CNY - Battery-grade lithium carbonate: 15,250 CNY/ton, down 600 CNY - Lithium hydroxide: 14,200 CNY/ton, unchanged - Lithium iron phosphate: 5,330 CNY/ton, down 30 CNY - Ternary materials: 18,650 CNY/ton, unchanged [2] Market Sentiment - A survey of 85 companies indicated that approximately 43% believe lithium carbonate prices will find support in the 130,000-140,000 CNY range due to ongoing demand, while 23% expect lower support levels [4] - The sentiment reflects a mix of optimism and caution, with some stakeholders viewing recent price adjustments as temporary [4] Industry Insights - The lithium battery production is projected to reach 2,297 GWh by 2025, representing a year-on-year growth of 48.5%, with power batteries increasing by 40.5% and energy storage batteries growing by 92.7% [7] - Recent developments include the anticipated resumption of operations at the Sigma lithium mine in Brazil and the production of sodium-ion battery forklifts by BYD, indicating ongoing innovation in the sector [7][8]

Core Insights - The year 2026 marks the beginning of the "15th Five-Year Plan," with the market seeking new directions amidst macroeconomic changes and industry adjustments [1][12] - The focus of the technological transformation is shifting from laboratory model competitions to global industrialization efforts, characterized by "co-opetition" between global tech races and domestic supply chain breakthroughs [2][13] Group 1: Overseas Computing Power - The demand for overseas AI computing power remains a bright spot in global tech investment, driven by strong capital expenditures from tech giants supported by robust cash flows [3][14] - The competitive landscape in the large model sector is stable, avoiding harmful internal competition, while the evolution of technology from text and multimodal to "world models" is clear, opening new ceilings for growth [3][14] - The investment strategy focuses on selecting leading companies for long-term holding, benefiting from a clear demand chain that starts with optical modules, followed by servers and supporting components like PCBs [3][14] Group 2: Domestic Substitution - China's path to overcoming existing computing power gaps is becoming clearer, utilizing "super node" clusters to compensate for single-point weaknesses, which will significantly increase demand for GPUs and high-speed switching chips [4][15] - The semiconductor equipment and materials sector shows strong certainty, as expansion requires purchasing equipment and materials regardless of which wafer factory prevails [4][15] - Attention is drawn to leading equipment manufacturers benefiting from orders in the expansion of domestic storage giants, as well as small-cap growth stocks that achieve breakthroughs in high-end processes [4][15] Group 3: Storage Chips - AI is fundamentally altering the supply-demand dynamics of storage chips, with supply growing steadily at around 15% annually, while demand surges due to the memory functions of large models and the massive consumption of multimodal content [5][16] - The focus is on the listing and expansion of domestic storage leaders, which presents opportunities not only for chip design companies but also for the entire supply chain from module manufacturing to upstream equipment and materials [5][17] - The current storage cycle is accompanied by rapid technological iterations, leading to potential early depreciation of capacity, which introduces unique "option value" in investments [6][17] Group 4: AI Extensions - The success of grand technological concepts relies on solid physical foundations and commercial closed loops, extending the view to both ends of the industry chain [7][18] - The surge in computing power in North American data centers has created significant electricity shortages, making energy storage a core solution for stabilizing power supply, transitioning from a theme to a necessity [7][18] - As infrastructure improves, finding value "outlets" becomes crucial, with a focus on companies in the Hong Kong market that can integrate traditional businesses with AI, as well as new infrastructure services emerging in the AI era [7][18] Group 5: Market Dynamics - In addition to focusing on high-growth sectors, attention is also given to the "other side" of the market [8][19] - There is a reverse layout for high growth in the lithium battery supply chain driven by energy storage, with expectations of supply-demand mismatches in midstream battery materials and upstream resources due to unexpectedly high demand [8][19] - Caution is advised regarding overheated themes like humanoid robots, which face significant engineering challenges and unclear paths to mass production and profitability [8][19] Conclusion - The technology investment landscape in 2026 is expected to be complex and differentiated, with ongoing prosperity for overseas computing power leaders and challenges for domestic supply chains [9][20] - The interplay of hardware investments and the patient exploration of application deployment highlights the need for a nuanced understanding of industry logic [9][20] - The focus will remain on the essence of technological evolution, supply-demand patterns, and commercial closed loops to navigate the significant industrial transformation ahead [9][20]

从个股看，两市上涨2371家，下跌2973家，128家涨幅持平。两市共67股涨停，共62股跌停。 截至收盘，沪指跌0.26%报4101.91点，成交13380亿元；深成指跌0.18%报14281.08点，成交16711亿 元。创业板指下跌0.20%，报3361.02点。 资金动向 今日主力资金重点抢筹半导体、消费电子、汽车零部件等板块，主力净流入居前的个股包括工业富联、 长电科技、三花智控等。 要闻回顾 今日市场宽幅震荡，截至收盘三大指数集体下跌。AI应用持续调整，商业航天获资金回流，半导体、 电力设备等板块全天强势。市场全天成交约3万亿，较上个交易日放量超千亿，两市下跌个股近3000 只。 值得关注的是，今日午后宽基ETF持续放量，其中沪深华夏沪深300ETF(510330)午后分时现放量下挫， 成交超220亿，创历史成交天量，嘉实沪深300ETF(159919)成交近100亿，富国中证1000ETF(159629)成 交额环比昨日增超10倍。 据券商中国，今天市场走弱可能系市场预期改变。第一，12月的M1增速回落，A股有"M1定买卖的传统 策略"，市场担忧流动性传导仍不畅。第二，在昨天结构性"降息"之后， ...

Core Viewpoint - The article emphasizes the creation and significance of a comprehensive lithium battery industry chain distribution map, which has gained high acclaim in the industry since its launch in 2022, highlighting its unique value and far-reaching impact [1]. Group 1: Overview of the Lithium Battery Industry Chain Distribution Map - The distribution map meticulously outlines the entire ecosystem of the global lithium battery industry, covering raw materials, four main materials, battery manufacturing, and end applications, involving key enterprises in various sectors [2]. - Key raw materials include lithium carbonate, lithium iron phosphate, lithium hexafluorophosphate, lithium iron, lithium cobalt oxide, lithium manganese oxide, lithium hydroxide, and basic chemical raw materials like graphite and electrolyte solvents [2]. - The map also focuses on companies involved in the research, production, and supply of battery anode and cathode materials, including both traditional and cutting-edge materials [2]. Group 2: Components and Applications - It includes manufacturers of critical components such as separators and electrolytes, which ensure the safe and efficient operation of batteries [3]. - The battery manufacturing section encompasses various types of lithium-ion batteries, including cylindrical, prismatic, and pouch cells, covering design, production, and assembly [4]. - The map addresses battery recycling and reuse, featuring a whitelist of companies, and highlights end applications in electric vehicles, energy storage systems, consumer electronics, and lightweight power sectors, showcasing the broad application prospects of lithium battery technology [5]. Group 3: Geographic Coverage - The distribution map covers four major lithium battery industry clusters: China, North America, Europe, and Southeast Asia, including Japan and South Korea [6]. Group 4: Target Audience and Collaboration - The target investors include global venture capital funds, private equity funds, and industrial investment funds, particularly those focused on new energy and new materials [8]. - Industry enterprises are invited to join the ecosystem, including raw material suppliers, material manufacturers, battery producers, electric vehicle manufacturers, and energy storage solution providers [8]. - Research institutions and universities in fields such as new energy, materials science, and electrochemistry are encouraged to participate in advancing technological innovation and talent development [8]. - Collaboration with local governments and industry associations is emphasized to promote the implementation of lithium battery industry policies and optimize the development environment [8]. Group 5: Invitation for Cooperation - The article extends a sincere invitation for participation in exploring deep cooperation opportunities within the lithium battery industry chain [9].

Core Viewpoint - The development of the Yangtze River Economic Belt emphasizes ecological priority and green development, contributing significantly to China's GDP and carbon emissions reduction efforts [1]. Group 1: Achievements in Green Development - Over the past decade, the Yangtze River Economic Belt has promoted the green transformation of traditional industries such as steel, petrochemicals, and building materials [1]. - The region has established 24 national carbon peak pilot cities and parks, along with 14 zero-carbon parks, showcasing its leading role in ecological and green development [1]. - Sichuan province, a key ecological barrier, has achieved an annual clean energy generation of over 4,000 billion kilowatt-hours, accounting for over 80% of its total energy output, and has seen a nearly fourfold increase in new energy installations over five years, reaching 25.19 million kilowatts [1]. Group 2: Specific Pilot Cities and Parks - Leshan, located in Sichuan, is a national carbon peak pilot city with abundant hydropower resources, featuring 327 hydropower stations and an annual generation of approximately 26.5 billion kilowatt-hours [3]. - The Yibin Lingang Economic and Technological Development Zone aims to create a zero-carbon park, with over 70% of its industries being green and low-carbon [5]. - The Chongqing Jiulong New City Park serves as a national carbon peak pilot park, focusing on an aluminum industry chain and innovative green logistics [7]. Group 3: Regional Contributions - Hubei province plays a pivotal role in the central region's rise, hosting two national carbon peak pilot cities and a zero-carbon park, with a focus on green transformation in the automotive industry [10][12]. - Jiangsu province, located in the Yangtze River Delta, has four national carbon peak pilot cities and parks, promoting a circular economy and low-carbon development through various initiatives [18]. - Zhejiang province has three national carbon peak pilot cities and a zero-carbon park, emphasizing the integration of green manufacturing and renewable energy [24][26]. Group 4: Innovative Practices - The Suzhou Industrial Park has established a market-based voluntary emission reduction trading system, serving over 500 enterprises and promoting sustainable development practices [20]. - The Shanghai Lingang New Area Zero Carbon Bay has attracted major industries and aims to create a comprehensive zero-carbon system integrating various renewable energy sources [23]. - The Guizhou Big Data Science and Technology Innovation City focuses on green energy and advanced manufacturing, with a significant portion of its energy coming from renewable sources [39].

Market Overview - A-shares opened higher but retreated, with all three major indices closing in the red. The Shanghai Composite Index fell by 0.22%, the Shenzhen Component Index by 0.1%, and the ChiNext Index by 0.01%. The half-day trading volume in the Shanghai and Shenzhen markets reached 1.99 trillion yuan, an increase of 117.1 billion yuan compared to the previous trading day [1] ETF Trading Activity - Several broad-based ETFs saw increased trading volumes, with the Huatai-PB CSI 300 ETF, Southern CSI 500 ETF, Huatai-PB A500 ETF, and Huaxia A500 ETF each exceeding 10 billion yuan in trading volume. Additionally, multiple ETFs surpassed 5 billion yuan in trading volume, indicating significant investor interest [1] Sector Performance Strong Sectors - **Electric Grid Equipment and Power Stocks**: Continued to show strength, with stocks like Siyuan Electric, Guangdian Electric, and Huayin Power hitting the daily limit [3] - **Semiconductor Industry**: The entire semiconductor supply chain saw gains, particularly in materials, equipment, and packaging, with stocks like Kangqiang Electronics and Shenghui Integration reaching the daily limit [4] - **Optical Module Concept**: Stocks such as Sijia Technology and Kecuan Technology surged, driven by positive forecasts for Google's TPU chip shipments [5] - **Humanoid Robot Concept**: Stocks like Rifei Co., Henggong Precision, and Slin Intelligent Drive performed well, with significant gains observed [6] Weak Sectors - **AI Applications**: Experienced a significant pullback, with major stocks like Xinhua Net and People's Daily hitting the daily limit down [2] - **Oil and Gas Stocks**: Showed volatility, with companies like Tongyuan Petroleum and Keli Co. dropping over 10% [2] - **Lithium Battery Sector**: Continued to decline, with stocks like Tianji Co. and Lingpai Technology falling more than 8% [2] - **Tourism and Retail**: Both sectors faced corrections, with stocks like Zhongxin Tourism and Sanjiang Shopping hitting the daily limit down [2] Institutional Insights - **Dongfang Securities**: Anticipates that the spring market is not over, predicting a slow bull market continuation. The Shanghai Composite Index is expected to fluctuate between 4,000 and 4,200 before the Spring Festival, focusing on growth styles, especially in future industries [7] - **Shenwan Hongyuan**: Indicates that the market is currently in a "structural bull" phase, with expected corrections but limited amplitude. A significant bull market is likely concluding, leading to a potential phase of quarterly adjustments [8] - **CICC**: Projects that financial growth rates may continue to slow in the first half of 2026, influenced by government debt expansion and a focus on quality over quantity in fiscal policy [9]

容百科技（688005）最新公告。 1月15日晚间，容百科技发布再次延期回复上海证券交易所《问询函》相关公告。公告称，公司于2026 年1月13日收到上交所问询函，涉及与宁德时代签署的日常经营合同事项。由于《问询函》涉及的其他 事项需要进一步核实，公司股票于2026年1月16日继续停牌1日。 针对《问询函》中指出的"根据公司提交的公告及备查文件，协议中并未对总销售金额进行约定，公司 未公告销售金额的确定依据"，容百科技表示，协议未约定采购金额，"1200亿元合同总金额"是公司估 算得出，最终实际销售规模需根据实际订单签订时的原材料价格以及数量确定，销售金额具有不确定 性。 1月13日容百科技公告称，公司与宁德时代签署了《磷酸铁锂正极材料采购合作协议》，自今年第一季 度开始至2031年，将向宁德时代国内区域供应磷酸铁锂正极材料305万吨，总销售金额超1200亿元。有 业内人士评论称，如此大的订单量和协议金额，在锂电行业罕见，或将对容百科技未来的业绩产生积极 影响。具体可戳：A股公司，拿下1200亿锂电大单！ 当晚，上交所火速下发问询函，要求其就信息披露准确性、协议内容、内幕交易防控等事项进行自查并 补充披露，并 ...

容百科技（688005）最新公告。 1月15日晚间，容百科技发布再次延期回复上海证券交易所《问询函》相关公告。公告称，公司于2026 年1月13日收到上交所问询函，涉及与宁德时代签署的日常经营合同事项。由于《问询函》涉及的其他 事项需要进一步核实，公司股票于2026年1月16日继续停牌1日。 针对《问询函》中指出的"根据公司提交的公告及备查文件，协议中并未对总销售金额进行约定，公司 未公告销售金额的确定依据"，容百科技表示，协议未约定采购金额，"1200亿元合同总金额"是公司估 算得出，最终实际销售规模需根据实际订单签订时的原材料价格以及数量确定，销售金额具有不确定 性。 1月13日容百科技公告称，公司与宁德时代签署了《磷酸铁锂正极材料采购合作协议》，自今年第一季 度开始至2031年，将向宁德时代国内区域供应磷酸铁锂正极材料305万吨，总销售金额超1200亿元。有 业内人士评论称，如此大的订单量和协议金额，在锂电行业罕见，或将对容百科技未来的业绩产生积极 影响。 当晚，上交所火速下发问询函，要求其就信息披露准确性、协议内容、内幕交易防控等事项进行自查并 补充披露，并要求容百科技明确说明是否存在借大额合同进行股 ...

1月15日晚间，容百科技发布再次延期回复上海证券交易所《问询函》相关公告。公告称，公司 于2026年1月13日收到上交所问询函，涉及与宁德时代签署的日常经营合同事项。由于《问询 函》涉及的其他事项需要进一步核实，公司股票于2026年1月16日继续停牌1日。 针对《问询函》中指出的"根据公司提交的公告及备查文件，协议中并未对总销售金额进行约 定，公司未公告销售金额的确定依据"，容百科技表示，协议未约定采购金额，"1200亿元合同总 金额"是公司估算得出，最终实际销售规模需根据实际订单签订时的原材料价格以及数量确定， 销售金额具有不确定性。 容百科技（688005）最新公告。 当晚，上交所火速下发问询函，要求其就信息披露准确性、协议内容、内幕交易防控等事项进行 自查并补充披露，并要求容百科技明确说明是否存在借大额合同进行股价炒作的动机。在问询函 中，上交所表示，后续将结合容百科技回复情况启动纪律处分程序。随后， 容百科技股票于1月 14日起停牌。 责编：万健祎 校对： 姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 1月13日容百 ...