Investment Rating - The report assigns a "Buy" rating for the specific companies and an "Overweight" rating for the industry, indicating expected performance to exceed the overall market by more than 20% and the industry to outperform the overall market [69]. Core Insights - The report highlights the launch of solid-state battery material solutions by Beiterui, focusing on opportunities within the lithium battery sector on the North Exchange [2][12]. - As of May 16, 2025, there are 17 lithium battery-related companies on the North Exchange with a total market capitalization of 72.61 billion yuan, covering products such as anode materials, rolling equipment, and finished lithium batteries [21][22]. - Beiterui's main business segments include lithium-ion battery anode materials, cathode materials, and graphene materials, with a projected annual anode material sales volume exceeding 430,000 tons in 2024 and a production capacity of 575,000 tons per year [24]. Summary by Sections Beiterui's Solid-State Battery Solutions - Beiterui introduced the Beian FLEX semi-solid and GUARD all-solid series, featuring high-nickel cathodes, silicon-based anodes, solid electrolytes, and lithium-carbon composite anodes, aimed at providing high energy and safety solutions for next-generation battery technology [2][12][18]. - The FLEX series utilizes a composite of polymer and oxide electrolytes, enhancing performance under low temperatures and improving safety [13][14]. Industry Performance - The report notes that five major industries on the North Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28]. - The average price-to-earnings (P/E) ratios for various sectors have risen, with the information technology sector reaching a median of 86.1X [3][28][59]. Technology New Industries - From May 12 to May 16, 2025, 90 out of 148 companies in the technology new industry saw stock price increases, with an overall median increase of +1.21% [4][41]. - The total market capitalization of these companies rose from 444.26 billion yuan to 447.61 billion yuan during the same period [44][49]. Company Announcements - Lingge Technology has undertaken a solid electrolyte project, while Derui Lithium Battery's new production capacity is entering the acceptance phase, expected to commence production in the second half of 2025 [5][64][65].

Group 1 - The report highlights the launch of solid-state battery material solutions by BetterRay, focusing on opportunities within the lithium battery sector on the Beijing Stock Exchange [2][12][24] - As of May 16, 2025, there are 17 lithium battery-related companies on the Beijing Stock Exchange, with a total market capitalization of 72.61 billion yuan [21][24] - BetterRay's main business includes lithium-ion battery anode materials, cathode materials, and graphene materials, achieving a revenue of 14.2 billion yuan and a net profit of 930 million yuan in 2024 [24][26] Group 2 - The report notes that five major industries on the Beijing Stock Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28] - The average price-to-earnings (P/E) ratios for various sectors have risen, with the consumer services sector reaching a median of 60.4X [3][28] - The technology new industry saw a total market capitalization increase from 444.26 billion yuan to 447.61 billion yuan, with a median P/E ratio rising from 55.0X to 55.4X [4][44] Group 3 - The report indicates that BetterRay's solid-state battery solutions include high-nickel cathode materials and silicon-based anode materials, which enhance energy density and safety [12][19] - The solid-state electrolyte materials developed by BetterRay exhibit ionic conductivity exceeding 10 mS/cm, indicating strong performance [19][24] - The report also mentions the successful progress of new production capacity projects by companies like DeRay Lithium Battery, expected to commence production in the second half of 2025 [64][65]

一、研究观点 点 评 1. 昨日碳酸锂期货 2505 合约跌 0.96%至 64120 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/ 吨至 64800 元/吨，工业级碳酸锂上涨 100 元/吨至 63150 元/吨，电池级氢氧化锂（粗颗粒）下跌 100 元/吨至 65840 元/吨，电池级氢氧化锂（微粉）下跌 100 元/吨至 70985 元/吨。仓单方面，昨日 仓单库减少 52 吨至 36664 吨。 2. 昨日广州期货交易所发布关于征集碳酸锂期货注册品牌的通知，详见链接： （http://www.gfex.com.cn/gfex/tzts/202505/deea23df0856405bb111e43efa4d328b.shtml）。 3. 供应端，周度产量环比增加 575 吨至 16055 吨，5 月总供应量较预期下调；需求端，5 月三元+磷 酸铁锂消耗碳酸锂量预计环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有 小幅抬升迹象；电芯端依旧保持景气。库存端，周度库存重回累库，周度环比增加 351 吨至 131920 吨，其中下游和其他环节去库，冶炼厂累库。 4. 需求缺乏明显增量的 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 16 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数集体收跌，截止收盘，沪指收跌 0.68%，深成指收 跌 1.62%，创业板指收跌 1.92%。沪深两市成交额 11522.45 亿元；申 万行业方面，美容护理、煤炭、公用事业领涨，计算机、通信、电子 领跌；概念板块方面，NMN 概念、合成生物、宠物经济概念涨幅居前， 华为盘古、DRG/DIP、华为昇腾概念跌幅居前；港股方面，恒生指数 收跌 0.79%，恒生科技指数收跌 1.56%；海外方面，美国三大指数涨 跌不一，道指收涨 0.65%，标普 500 收涨 0.41%，纳指收跌 0.18%。 【重要新闻】 【国务院召开做强国内大循环工作推进会】国务院总理李强在会上强 调，要深刻认识和准确把握当前经济形势，把发展的战略立足点放在 做强国内大循环上，以国内大循环的内在稳定性和长期成长性对冲国 际循环的不确定性，推动我国经济行稳致远，努力实现高质量发展。 【我国城市更新顶层设计出台】中办、国办近日 ...

Group 1 - The 17th China International Battery Technology Exchange Conference/Exhibition (CIBF2025) was held in Shenzhen, attracting over 3,200 leading new energy companies and 400,000 professional visitors [1] - The production of new energy vehicles, lithium-ion power batteries, and solar cells increased by 45.4%, 39.2%, and 18.5% year-on-year, respectively, supporting steady growth in the industry [1] - In the first quarter, China's economic growth rate reached 5.4%, leading major global economies, with significant performance in the new energy sector, including exports of 441,000 new energy vehicles and 37.8 GWh of power batteries, marking increases of 43.9% and 21.5% year-on-year [1] Group 2 - Leading companies in the power battery industry, such as CATL, EVE Energy, and others, showcased products that meet new national standards, including high energy density batteries and fast charging technologies [2] - The exhibition featured innovations across the entire battery industry chain, from materials and equipment to cell manufacturing and recycling [2] - A seminar on "Advanced Battery Frontier Technology" was held, emphasizing 2025 as a critical year for the commercialization of ultra-fast charging technology, solid-state batteries, and sodium battery technology [2] Group 3 - High-level forums such as the "Electric Aviation and Next-Generation Battery Technology Exchange Conference" and the "CIBICS Battery Industry Cooperation Forum" were also conducted, providing data support and forward-looking guidance for industry development [3]

Core Viewpoint - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) has commenced, showcasing over 3,000 exhibitors, including industry giants like CATL and emerging players in the new energy battery sector [1] Group 1: Company Overview - Yantai Lihua Power Technology Co., Ltd. has introduced a high-performance 46-series cylindrical battery capable of providing 400 kilometers of range in just 10 minutes of charging, addressing the "range anxiety" in the new energy sector [1] - Lihua Power is also catering to various industries such as low-altitude economy, smart robotics, engineering machinery, and portable energy storage, with intention orders exceeding the total production capacity for 2025 [3] Group 2: Product Innovation - Lihua Power focuses on the 46-series cylindrical battery, achieving multiple technological innovations, including the globally first "all-pathless ear" design, which reduces internal resistance by 20%, enhancing fast charging capabilities [5] - The company ensures high performance and safety by addressing design, manufacturing, and application aspects, utilizing technologies like thermal electrolysis coupling and micro-arc suppression to guarantee product safety [6] Group 3: Market Strategy - The market strategy emphasizes extreme customer service and innovation support, with a commitment to enhancing technology, refining products, and improving services across various dimensions [8] - Lihua Power's cylindrical battery project plans to invest over 10 billion, aiming for a production capacity of 25 GWh and projected annual sales exceeding 15 billion [9]

碳酸锂日报 碳酸锂日报（2025 年 5 月 15 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 2507 合约涨 3%至 65200 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/吨 至 64700 元/吨，工业级碳酸锂平均价上涨 100 元/吨至 63050 元/吨，电池级氢氧化锂（粗颗粒）下 跌 50 元/吨至 65940 元/吨，电池级氢氧化锂（微粉）下跌 50 元/吨至 71085 元/吨。仓单方面，昨 日仓单库存增加 272 吨至 36716 吨。 2. 供应端，周度减产依旧，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗碳酸锂量预计 环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有小幅抬升迹象；电芯端依旧 保持景气。库存端，周内出现小幅去库状态，但整体库存水平仍维持高位，特别是下游库存处于较 高水平。 3. 宏观情绪回暖，碳酸锂期货减仓促使价格上行，但基本面来看，需求缺乏明显增量的背景下，锂矿 价格下跌和供应上减量仍然较低，警惕短期低估值下的资金扰动。 碳酸锂日报 二、日度数据监测 ...

Market Overview - The three major US stock indices showed mixed results, with the Dow Jones index declining, the S&P 500 index slightly rising by 0.1% to close at 5,892.58 points, marking its third consecutive day of gains, and the Nasdaq composite index increasing by 0.72% to 19,146.81 points, achieving its sixth consecutive day of gains [1] - In the Chinese concept stocks, the Nasdaq China Golden Dragon Index rose by 1.17%, outperforming the broader US market. Notable gainers included Tencent Music up 15.66%, Li Auto up 2.72%, New Oriental up 2.45%, Alibaba up 1.82%, and others, while Pinduoduo fell by 0.47%, JD.com by 4.08%, and Legend Biotech by 10.55% [1] Institutional Insights - Open Source Securities highlighted the rapid development of AI applications, suggesting opportunities in modules, controllers, and CDN sectors due to advancements in AI technologies such as voice and image recognition. The demand for intelligent computing and communication modules is expected to accelerate as AI toys evolve [2] - Huatai Securities recommended focusing on the solid-state battery industry chain, noting that the upcoming CIBF2025 conference will emphasize solid-state batteries, which will have a dedicated forum. The anticipation of new product launches from lithium battery companies is also linked to solid-state batteries [3] - China Galaxy Securities pointed out that the basic chemical industry is currently at a low valuation level since 2014, presenting medium to long-term investment opportunities. They suggested focusing on sectors such as civil explosives, refrigerants, and modified plastics, as well as new production capabilities and resource commodities like potash and phosphate [4]

国轩高科在4月投资者交流会中也提到矿山减产，公司表示，虽然近期碳酸锂价格持续下行，但是公司 在开采和冶炼等环节持续推动降本增效，配合阶段性减产，已取得一定成果，在当前价格水平下可以保 持正常的生产经营；同时，公司也在关注市场动态，为未来的产能释放做好准备。 行业新机遇与新技术 碳酸锂价格低位震荡 碳酸锂价格经历暴涨暴跌"过山车"行情，今年一季度以来，锂价依旧低位震荡，上海钢联数据显示，碳 酸锂价格从1月初的7.5万元/吨下滑至3月底的7.4万元/吨。 "锂业双雄"天齐锂业(002466.SZ)与赣锋锂业(002460.SZ)在2024年分别遭遇不同程度的"巨亏"，今年一季 报显示，天齐锂业扭亏为盈，赣锋锂业亏损收窄，前者净利1.04亿元，后者亏损3.56亿元。 尽管需求端有一定修复迹象，但碳酸锂行业此前产能扩张与需求错配仍未结束，综合业内机构测算， 2025年碳酸锂市场将继续面临供应过剩的基本格局，但过剩程度相比2024年可能有所调整。 智通财经5月14日讯（记者 刘越 曾楚楚）动力电池行业正经历"激荡期"，碳酸锂价格低位震荡，产业链 企业业绩分化，部分矿山出现减产，另一方面，固态电池热度不减、进展不断，ev ...

Group 1: Core Insights - The launch of lithium carbonate futures on July 21, 2023, has effectively demonstrated its price discovery, risk hedging, and resource allocation functions, particularly through the mergers and acquisitions of large state-owned enterprises represented by Salt Lake Co [1][14] - By the end of 2024, 66 lithium battery listed companies announced plans to actively use lithium carbonate futures for hedging, a 186% increase from 23 companies at the end of December 2023 [1][14] - The average daily position of general corporate clients in the lithium carbonate futures market reached 43.86%, with leading enterprises participating at over 50%, indicating a steady increase in market participation [1][14] Group 2: Market Dynamics - The price of lithium carbonate futures has declined from 230,000 yuan/ton at launch to 85,400 yuan/ton by December 5, 2023, followed by a rebound to 125,000 yuan/ton on March 4, 2024, before dropping to a new low of 62,560 yuan/ton by May 12, 2025 [2] - The lithium carbonate industry is currently experiencing widespread losses due to an oversupply in the market [2] Group 3: Company Performance - In Q1 2025, 20 listed lithium companies reported a total revenue of 43.555 billion yuan, with 12 companies profitable, including Salt Lake Co with a net profit of 1.145 billion yuan, ranking first [8][12] - The top three companies by revenue were EVE Energy (12.8 billion yuan), Hunan Youneng (6.762 billion yuan), and Ganfeng Lithium (3.772 billion yuan), while the lowest were Weiling Co (61 million yuan), Tibet Mining (68 million yuan), and Rongjie Co (95 million yuan) [8][12] Group 4: Cost and Profitability - As of July 2024, the profit margins for lithium carbonate production from different sources were approximately 35,485 yuan for lithium mica, 46,652 yuan for spodumene, and 64,964 yuan for lithium extraction from salt lakes, with the latter having the lowest cost and highest profit margin [8] - Salt Lake Co's production cost for lithium carbonate was 36,400 yuan/ton, significantly lower than the market average prices of 90,000 yuan/ton for battery-grade and 86,000 yuan/ton for industrial-grade lithium carbonate, resulting in a gross margin of 50.68% [18] Group 5: Resource Allocation and Mergers - The resource allocation function of lithium carbonate futures is exemplified by the acquisition of Salt Lake Co by China Minmetals, which became the actual controller, and the planned investment of approximately 300 million USD in Highland Resources [15][16] - Salt Lake Co has maintained profitability for five consecutive years, with a cumulative net profit of 34.66 billion yuan from 2020 to 2024, and a low debt-to-asset ratio of 12.67% as of Q1 2025, providing a solid foundation for further mergers and acquisitions [16]