Core Viewpoint - The article emphasizes the comprehensive distribution map of the global lithium battery industry chain, detailing its components from raw materials to end applications, and highlighting key regions involved in the industry [3]. Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately illustrates the entire ecosystem of the lithium battery industry, covering raw materials, four main materials, battery manufacturing, and end applications [3]. Distribution Map Acquisition - To receive the distribution map for free, individuals are required to share the article on their social media and add the editor's WeChat contact [4]. Distribution Map Delivery Details - The distribution maps are being dispatched in order of registration [5]. 2026 Silicon-based Anode and Solid-state Battery Summit - The summit will focus on breakthroughs in silicon-based anodes and the future of solid-state batteries, organized by Xinluo Information, with various sponsors and partners involved [8]. Summit Schedule - The summit is scheduled for November 12-13, 2025, in Shanghai, with activities including a company visit and a welcome dinner on November 11 and 12, respectively [9]. Summit Topics - Specific topics for discussion at the summit have not been detailed in the provided content [10].

Core Insights - The core viewpoint of the article highlights the significant growth of the "Quanguo Xuyuan Three-Year Holding A" fund, which reached a scale of 19.069 billion yuan as of September 30, 2025, marking a quarterly increase of nearly 6 billion yuan, making it the largest among disclosed equity funds for the third quarter [1][2]. Fund Performance - The fund achieved a return of 43.10% over the past six months and 41.61% over the past year, ranking favorably among its peers, with a notable quarterly increase of 45.58% in Q3, outperforming the average of similar products and the CSI 300 index [2]. - Since its inception on October 18, 2022, the fund has delivered a total return of 1.80% and an annualized return of 0.60%, ranking 1980 out of 3209 in its category [4]. Investment Strategy - The fund manager, Zhao Yi, emphasized a "dual-end allocation" strategy to adapt to market changes, focusing on technology AI and sectors in recovery, particularly in new energy (especially the lithium battery supply chain) and military industry [5]. - In the AI sector, the fund is concentrated on three main lines: efficiency-enhancing internet companies like Meta, companies driven by new application scenarios such as Palantir, and cloud service providers like Microsoft [6]. - In the new energy sector, the fund is particularly focused on the lithium battery supply chain, noting a slowdown in fixed asset investment while demand remains high, leading to an improving supply-demand structure [6]. Portfolio Adjustments - The fund's top ten holdings include major companies such as Ningde Times, Tencent Holdings, and Enjie Co., with a total market value exceeding 12.877 billion yuan [9]. - Significant adjustments were made in the portfolio, with a notable reduction of 37.52% in holdings of Keda Li, while new additions included Tianqi Lithium and SMIC, indicating a continued focus on lithium materials and domestic semiconductor sectors [9]. Market Outlook - Zhao Yi expressed optimism about the long-term positive trend of the Chinese equity market, citing signs of easing in U.S. tariff policies and potential liquidity improvements, which could inject more momentum into the A-share market [9].

Core Viewpoint - Sichuan's Shehong City is leveraging a quality-driven strategy to enhance the lithium battery industry, aiming to establish itself as a benchmark for high-quality development in the sector [1][8]. Group 1: Quality Infrastructure Development - The establishment of the National Lithium Battery Materials and Products Quality Inspection Center in Shehong positions it as the only national-level quality inspection center covering the entire lithium battery industry chain in Southwest China [2]. - The center operates under a collaborative model involving three parties and aims to provide comprehensive testing services, including material analysis and safety assessments, with the first phase set to launch in June 2024 [2][3]. - Since its trial operation in March 2024, the center has provided over 500 batches of testing services, benefiting both local and external companies, and has introduced a cost-sharing mechanism to lower R&D expenses for small and medium-sized enterprises [2][3]. Group 2: Standardization and Research - Tianqi Lithium has taken the lead in proposing industry standards for battery-grade lithium carbonate and has been involved in drafting international standards, addressing the lack of unified terminology in the global lithium battery industry [4]. - The company has conducted extensive research and consultations to develop the "Lithium Terminology" international standard, which will facilitate global trade and technical exchanges in the lithium sector [4][5]. - Shehong enterprises have participated in the formulation of 17 national standards and 41 industry standards, supported by local regulatory bodies to transition from passive to active standard-setting [5]. Group 3: Brand and Green Development - Shehong has implemented a support system for brand cultivation and green development, providing incentives for award-winning companies and fostering a "1+N" brand matrix in the lithium industry [7]. - The region promotes the "Shehong Lithium" brand through participation in domestic and international exhibitions and hosting the International Lithium Battery Industry Conference to enhance its global recognition [7]. - A comprehensive recycling system has been established, achieving an annual processing capacity of 20,000 tons of waste batteries with a lithium recovery rate exceeding 85%, aligning with international standards for sustainable development [7][8]. Group 4: Economic Impact and Future Plans - The lithium battery industry in Shehong has become a core growth driver for the local economy, with 39 related enterprises and a total output value of 44.82 billion yuan, accounting for 75.6% of the city's industrial output [8]. - The city aims to deepen its quality-driven strategy and enhance its lithium battery industry by advancing the second phase of the National Lithium Battery Quality Inspection Center and establishing a comprehensive quality improvement system [8].

Core Viewpoint - The lithium industry is subject to significant price fluctuations, and companies must adhere to supply and demand principles rather than engage in speculative practices. It is essential for domestic companies to adapt to local markets when expanding internationally, rather than simply replicating domestic models [2]. Group 1 - The lithium market has experienced two major price cycles over the past thirty years, highlighting the importance of understanding industry dynamics [2]. - Companies should focus on the essence of business rather than being influenced by short-term price movements, which can lead to "resource gambling" [2]. - Domestic competition in the lithium sector is intense, but companies must integrate into local markets when operating abroad to succeed [2].

G高工锂电修 2025年11月18-20日 深圳前海华侨城JW万豪酒店 码 上 报 名 楚能与锂电行业均处于起步阶段, 未来会持续深耕。在全球与国内经济中, 新能源产业的前景和市场,无其他行业可 媲美。行业"卷"只是竞争方式,无"卷 "则无机会,"卷"能让我们做出更具竞 争力的产品,推动行业进步。无需质疑行 业未来与市场容量,目前仍处起步期,市 场还有巨大空间,甚至能实现一倍到两倍 的持续增长。 来源：高工锂电15周年策划《高朋会》2025.05 激荡十五载 瞭望新征程 ２０２５第十五届高工锂电年会 暨十五周年庆典＆高工金球奖颁奖典礼 代德明 楚能新能源 董事长 ...

Core Viewpoint - The recent export controls on lithium batteries and related manufacturing equipment by the Ministry of Commerce and the General Administration of Customs reflect China's commitment to managing high-end technology and key equipment while ensuring the stability of global supply chains [1][2]. Industry Development Perspective - The export controls target the core segments of China's lithium battery industry, including high energy density batteries and related production equipment, where Chinese companies like CATL, BYD, and Zhongxin Innovation have established technological advantages [2]. - The management of weight energy density, materials, and process equipment through export controls aims to protect core technologies from outflow and encourages companies to enhance independent innovation and collaborative development across the entire supply chain [2]. - This policy shift promotes a transition from scale expansion to technology-driven growth, enhancing international bargaining power and supply chain leadership in the context of accelerating global competition in the new energy sector [2]. International Perspective - China's export controls align with the responsible behavior of a major power, as controlling dual-use and high-tech products is a common global practice aimed at preventing potential risks and maintaining regional and global peace [2]. - The precise management of technology indicators and categories avoids a one-size-fits-all approach while ensuring that compliant trade continues, reflecting China's institutional confidence and responsibility in global supply chain governance [2]. Innovation and Upgrading - The export controls are expected to drive innovation and upgrading within the industry, as companies enhance their core technology levels and market competitiveness through a comprehensive "R&D—pilot testing—mass production—application" system [3]. - The policy will create a safety barrier for the high-end lithium battery industry, providing momentum for technological innovation and industrial upgrading [3]. - The organic combination of policy guidance, technological innovation, and market-driven forces positions China's lithium battery industry for high-quality development, contributing to global energy transition and green development [3].

Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]

Core Viewpoint - Despite a noticeable market correction this week, the outlook for the energy storage and lithium battery industries remains positive, driven by multiple catalysts at this moment [1] Group 1: Energy Storage Industry - The global resonance of the energy storage industry trend remains unchanged [1] - In China, the core driver is the comprehensive market entry of new energy, which is widening the peak-valley electricity price difference, along with the introduction of capacity electricity pricing policies that enhance the internal rate of return (IRR) for energy storage [1] - In the U.S., there is a significant power gap in data centers, making the combination of solar and storage an irreplaceable and rapidly scalable energy source [1] Group 2: Lithium Battery Industry - The lithium battery sector is currently experiencing multiple catalysts, with recent market declines attributed to speculations regarding export control policy interpretations [1] - The decline is mainly due to some funds cashing out, but the industry fundamentals remain optimistic amid the ongoing impact of U.S.-China relations [1] - The production season is strong, with materials and energy storage batteries in short supply, leading to continuous price increases; demand clarity for 2026 is becoming more evident, with significant growth in lithium battery production in Q3 compared to previous quarters [1] - The focus remains on materials, particularly 6F, lithium iron phosphate, and opportunities within the battery segment [1]

Core Insights - The new energy sector is experiencing a reversal in supply and demand dynamics, with positive changes on the supply side driven by market factors and "anti-involution" policies [1][2] - Investment opportunities are not only arising from supply improvements but also depend on sustained demand performance [1][3] Supply and Demand Dynamics - After a prolonged adjustment period, the new energy sector has shown significant strength this year, with prices and profits at low levels across various segments [2] - The supply-demand gap in the industry has been narrowing since last year, and there is a strong possibility of a supply shortage next year, leading to a sustained price increase cycle [2] - Recent stabilization in lithium carbonate prices is crucial for the new energy industry, as it is more market-driven compared to cobalt prices, which are influenced by non-market factors [2] Investment Strategy - The investment strategy focuses on high-end manufacturing and technology sectors, selecting companies with global competitiveness and supporting their growth over the long term [4] - The current investment portfolio is concentrated in new energy, electronics, machinery, and military industries, with a "two-end allocation" strategy that emphasizes technology and AI on one end and new energy and military on the other [4] - AI technology is accelerating its implementation across various sectors, contributing to actual revenue for some companies, indicating a continuous emergence of high-quality investment opportunities [4]

李填 博士 国轩高科 董事长 G高工锂电修 2025年11月18-20日 深圳前海华侨城JW万豪酒店 I 90 3 . 码 上 报 名 全球能源变革加速演进,格局重构 版图,人类能源文明正谱写新篇章。能源 技术创新从无灵光乍现的偶然,唯有长期 深耕才是必然。我始终坚信,要用"慢功 夫"做"难而正确"的事,用"真智慧" 解"无限可能"的题。身处百年变局,投 机取巧、不重科学终将被淘汰,唯有坚持 真理、聚焦实干方能跨越。国轩高科不惧 短期得失,不为乱象所惑。真正的科学探 索从不为掌声停留,思想引永远属于"无 人区"的拓荒者。 来源：2025全球科技大会国轩致辞2025.05 激荡十五载 瞭望新征程 ２０２５第十五届高工锂电年会 暨十五周年庆典＆高工金球奖颁奖典礼 ...