在电池回收领域，融捷集团于2018年成立了全资子公司合肥融捷动力电池循环利用有限公 司，致力于动力电池的循环利用和梯次利用。此次公示的动力电池循环利用项目，正是融捷集 团在新能源板块布局的重要一环。 从上游锂资源的开发，到中游锂电池材料、锂电池装备的生产，再到下游锂电池制造及锂电池 循环利用，融捷集团已经构建了完整的锂能源产业链。特别是在锂资源开发方面，融捷集团早 在2005年就投资了四川省甘孜州甲基卡固体锂辉石矿，该矿被誉为"亚洲第一，全球第二"， 锂辉石储量约3000万吨，锂矿石氧化锂平均含量超过1.4%，并伴生有钽、铌、铍等稀有金 属。 （ 来源： 合肥市生态环境局、融捷集团 ） 3月24日，安徽省合肥市生态环境局发布《合肥融捷动力电池循环利用有限公司动力电池循环 利用项目》的环境影响评价信息第一次公示。 据悉，该项目总投资高达36.2097亿元，旨在建设一系列先进的生产设施，包括电池包拆解车 间、电芯拆解车间、浸出预处理车间、磷酸铁车间、碳酸锂车间、石墨再生车间等，以及配套 的仓库、办公和宿舍等公辅设施。项目全面建成后，将具备年产8.4万吨电池级磷酸铁、1.8万 吨电池级碳酸锂、2.5万吨磷酸铁锂、3 ...

Core Insights - The establishment of Tianqi Lithium's Innovation Research Institute marks a significant milestone in the company's R&D journey, focusing on next-generation high-performance lithium battery materials and related technologies [1][3] - The research institute aims to enhance collaboration within the lithium battery industry and contribute to the development of a world-class lithium battery industrial base in Sichuan [1][4] Group 1: Research and Development - The Innovation Research Institute has a total construction area of over 4,500 square meters and will focus on key areas such as mineral resource utilization, new lithium extraction technologies, and battery recycling [1][4] - Key R&D achievements include the world's first lithium sulfide preparation technology for solid-state electrolytes, which can improve battery energy density and safety [4][5] - The institute is positioned as a center for attracting high-level research talent and facilitating knowledge exchange, thereby supporting regional economic development [5][6] Group 2: Industry Impact and Collaboration - Tianqi Lithium's chairman emphasized the company's commitment to driving energy transformation and green transition through technological innovation, positioning lithium as a critical resource in the new energy era [3][6] - The third Innovation Season attracted 39 high-quality innovation projects, fostering collaboration with multiple universities and research institutions to advance solid-state battery materials and technologies [6][7] - The company plans to launch over 20 company-level R&D projects in 2024, aiming for a record number of patent applications and publications [7]

智通财经记者 | 高菁 "当前全球锂行业仍然处于发展上升周期。从中长期看，锂行业的基本面会持续向好。" 3月27日，天齐锂业(002466.SZ)董事长蒋安琪在2024年度业绩说明会上表示。 前一日晚间，天齐锂业发布最新年报，其去年实现营收130.63亿元，同比减少67.75%；净亏损达79.05 亿元，折合每天亏损超2000万元。该公司2024年度拟不派发现金红利，不送红股，不以公积金转增股 本。 这是蒋安琪掌舵天齐锂业后交出的首份年报。蒋安琪是天齐锂业创始人蒋卫平之女。2024年4月，她担 任天齐锂业董事长。 这也是天齐锂业自上市以来亏损最多的一年。在行业最景气的2022年，天齐锂业实现了241.25亿元的净 利润，同比暴增1060.47%。2023年，该公司净利出现69.75%的同比下滑，但也实现了72.97亿元的盈 利。 在此次业绩说明会上，蒋卫平表示，2024年是困难的一年，也是能够很好地历练新领导团队的一年。锂 行业周期承压、国际环境剧变，这些因素在去年集中爆发，经营管理团队也在思考，怎样让周期变化减 少对企业影响，"总体来说，对新的管理团队是满意的"。 自2010年以来，锂电行业经历了两轮较大的 ...

Group 1 - The article presents a detailed distribution map of the global lithium battery industry chain, covering raw materials, four main materials, battery manufacturing, and end applications [2] - The distribution map includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, South Korea, and Southeast Asia [2] - The map is sized at 1.5 meters by 1 meter, providing a comprehensive overview of the lithium battery ecosystem [2] Group 2 - A conference hosted by Xinluo Information is scheduled for July 9-10, 2025, in Jiading, Shanghai [4] - The article mentions a promotional offer for readers to receive the distribution map for free by sharing the article on social media [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在全球锂价持续探底的冲击下，天齐锂业交出历史最差成绩单。公司2024年年报显示，全年营业收入 130.63亿元，同比暴跌67.75%；归母净利润亏损79.05亿元，同比扩大208.32%，创上市以来最大亏损。 这份年报揭示了在锂价大幅调整的周期中，资源巨头面临的多重风险。 价格坍塌重击业绩 库存减值压力凸显 2024年锂化工产品价格遭遇"雪崩式"下跌。据年报披露，电池级碳酸锂现货均价从年初的11万元/吨跌 至年末的7万元/吨，全年跌幅达36%。 价格暴跌直接冲击公司核心业务：锂矿销售收入同比下滑81.7%至49.78亿元，锂化合物收入下降39.2% 至80.75亿元。 更严峻的是，公司计提资产减值损失21.14亿元，其中8.29亿元为澳大利亚二期氢氧化锂项目终止带来的 在建工程减值，另有12.85亿元存货跌价损失，反映出高价库存难以消化的困境。 产能扩张遭遇价格寒冬 澳洲项目成负担 在产能布局上，天齐锂业面临"投产即亏损"的尴尬局面。 年报显示，格林布什锂精矿年产能已提升至162万吨，2024年产量141万吨，但化学级锂精矿售价同比下 ...

本月行业重要变化： g+ 目录 1.本月洞察 ： 硫化锂技术多元并进，专利&降本为量产关键 2.行业景气度跟踪及复盘 ▫ 需求:全球新能源车、储能终端跟踪复盘 ▫ 量&价:1-3月景气度超预期, 原材料多环节成本上涨 ▫ 周期: 行业库存仍处在低位，2025年延续补库行情 3. 复盘：指数及个股走势 ▫ 板块行情回顾 ▫ 重点个股行情回顾 4.投资建议 5.风险提示 摘要 ■ 投资逻辑 行情回顾： 1）锂电： 3月21日，碳酸锂报价7.4万元/吨，较上月下降0.9%；氢氧化锂报价7.0万元/吨，较上月下降0.4%。 2）整车： 2025年2月国内新能源乘用车批发销量达83万辆，同比+79.6%，环比-6.7%；1-2月累计批发172万辆，同比+48%。 锂电价格： 3 月钴价涨势强劲，正负极积极顺价，电解液原料跌价。 2025 年初至今，锂电材料多环节出现涨价，电解钴月内涨幅近 60% 带动正极、电芯环节涨价，测算部分 有顺价空间；负极原料低硫石油焦成本冲高回落、月内降幅达 21% ，负极测算已基本完成顺价。电解液价格下跌 6% ～ 7% 反映原料 6f 、 DMC 跌价。 2025 年 3 月以来，锂电关联 ...

IPO收紧政策的影响正在缩小，起点锂电注意到，除首航新能源即将上市之外，今年2-3月份还 有以下锂电产业链企业IPO更新。 01 六家企业勇闯资本市场 宁德时代 3月25日宁德时代发布公告称，收到中国证监会出具的《关于宁德时代新能源科技股份有限公 司境外发行上市备案通知书》。《备案通知书》显示，宁德时代拟发行不超过220169700股境 外上市普通股，并在香港联交所上市，此次赴港上市尚需取得香港联交所的最终批准，但中国 证监会的备案落地已为发行扫清关键政策障碍。 先导智能 2月末先导智能在港交所递交了招股文件，联席保荐人为中信证券和摩根大通。先导智能于 2015年在深交所创业板上市，此次港股IPO募集资金的用途主要包括：进一步推进公司全球化 战略及业务布局、加大研发投入、提升公司数字化和服务能力、补充营运资金及其他一般企业 用途等。 双登股份 3月11日，双登集团向港交所递交招股书，联席保荐人为中金公司、建银国际、华泰国际。据 悉，2023年双登集团曾向深交所提交上市申请，但经历两轮问询后于2024年撤回，冲击A股不 成转战港股后，双登集团在2024年8月向港交所递交了招股书。 此次IPO募资也发生了变动，该 ...

Group 1: Key Recommendations - The report recommends increasing holdings in the food and beverage sector, particularly in liquor and consumer goods, as the market shows signs of rationality and recovery [2][34] - Dragon Source Power is highlighted for its high wind power installation ratio, benefiting from improved wind conditions and long-term profitability potential through asset upgrades [6][7] - The electronics sector is expected to see significant growth due to the rising demand for AI testing machines, driven by the increase in GPU and HBM chip production [9][10] - The steel industry, particularly CITIC Special Steel, is noted for its performance in adjusting product structure and maintaining profitability despite industry challenges [12][13] - The construction sector is projected to experience a 7.3% year-on-year increase in infrastructure funding in 2025, with recommendations for undervalued high-dividend state-owned enterprises [16][17] - Zijin Mining is expected to achieve record high performance due to rising gold and copper prices, with significant production increases anticipated in 2025-2026 [20][23] Group 2: Industry Insights - The food and beverage industry is experiencing a rational phase, with a notable decrease in participation at trade fairs, indicating a shift towards more stable market conditions [4][34] - In the liquor segment, post-holiday sales have remained stable, with major brands maintaining price stability, suggesting a potential for steady growth in Q1 2025 [4][35] - Consumer goods are showing signs of recovery, with improvements in beer and soft drink sales, particularly in the packaging water segment [5][34] - The wind power sector is poised for short-term profitability improvements due to favorable wind conditions and ongoing upgrades to older wind farms [6][7] - The electronics testing machine market is expected to grow significantly, with domestic manufacturers poised to benefit from the AI infrastructure boom [9][10] - The construction industry is set to benefit from increased funding and a more proactive fiscal policy, leading to a positive outlook for infrastructure projects [16][17]

当地时间周五（3月21日），刚果（金）政府发言人姆亚雅（Patrick Muyaya）表示，该国可能会延长上月出台的出口禁令。 上月，刚果（金）宣布暂停钴出口四个月，以应对全球钴市场供应过剩的局面。姆亚雅提到，自该国决定暂停出口以来，钴价已上涨超过 50%，维持钴出口禁令可能是有必要的。 姆亚雅援引总统费利克斯·齐塞克迪的声明称，刚果（金）将在禁令到期时进行评估，以决定是否应延长禁令或采取新措施维持市场稳定。 本周早些时候，刚果（金）总理朱迪丝·图卢卡·苏米努瓦（Judith Tuluka Suminwa）宣布，该国计划对钴实施出口配额，分两部分实施，一部 分侧重于出口，另一部分侧重于当地矿产转化。 苏米努瓦还表示，该国计划与另一个重要的钴生产国——印度尼西亚进行合作，以更好地管理全球市场上的供应和价格。刚果（金）是钴资源 最丰富的国家之一，约占全球78%以上的钴供应，印尼占10%。 相关报告写道，一位市场参与者表示，"我从未想到刚果（金）的禁令力度会如此之大。我认为，四个月后该国政府不会让出口恢复正常。也 许他们会颁布另一项政策，比如出口配额。" 但一位交易员认为，出口禁令更像是"乌龙球"。他解释道，钴的价 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance of the **electric power equipment industry** in the first quarter of 2025, highlighting strong growth driven by increased investments from the State Grid and the successful implementation of several ultra-high voltage (UHV) projects [2][26]. Key Insights and Arguments Wind Power Industry - The wind power supply chain showed ideal performance in Q1 2025, with significant improvements in the production of components and main units. Companies like Jinglei and Riyue are expected to double their performance, while Daqing Heavy Industry also reported substantial improvements [3][4]. - Offshore wind projects are gaining traction, with major contracts awarded to companies like Dajin Heavy Industry in Europe, while domestic projects are concentrated in Guangdong, Shandong, Zhejiang, and Jiangsu [4]. Lithium Battery Sector - After two years of decline, the lithium battery sector is witnessing a turnaround in profitability in Q1 2025. Leading companies such as CATL and Yiwei Lithium Energy reported strong earnings, with a year-on-year volume growth of 20%-30% [5]. - CATL is expected to achieve approximately 14 billion yuan in performance, while Yiwei Lithium Energy anticipates a 30% year-on-year growth in operational metrics [5]. Photovoltaic Sector - The photovoltaic sector faced overall pressure in Q1 2025, although some companies like Canadian Solar and East Hope performed well. Canadian Solar benefited from its U.S. component and energy storage business, while East Hope gained from increased battery contributions from Indonesia [6][22][23]. - Domestic distribution component prices rose to 0.75 yuan per watt, but concerns about demand and price declines in the second half of the year persist [6][21]. Energy Storage Sector - The energy storage sector performed exceptionally well in Q1 2025, particularly in large-scale storage. Companies like Sungrow, Dewei, and Shangen Electric are expected to see significant growth, with Sungrow projecting revenues of 2.4-2.5 billion yuan [7][15][16]. - The demand for energy storage PCS (Power Conversion System) surged, with a year-on-year increase in bidding exceeding 150% in January and February [16]. Electric Power Equipment Industry - The electric power equipment industry experienced a strong start in Q1 2025, with investment in grid projects exceeding 40 billion yuan, reflecting a year-on-year increase of over 30% [26]. - The tendering amount for transmission and transformation equipment from the State Grid exceeded 15 billion yuan, with a growth rate of over 20% [27]. - The demand for high-voltage equipment is particularly strong, benefiting leading companies like Pinggao, XJ Electric, and Western Electric [28]. Export Trends - The export of electric transformers continued to grow, maintaining a trend of over 40% year-on-year growth in January and February 2025 [29]. - The demand for AIDC (Artificial Intelligence Data Center) supporting electrical equipment is rapidly increasing, with major companies receiving large-scale orders [30]. Other Important Insights - The performance of leading companies in the battery material segment, particularly in positive and negative electrode materials, showed a year-on-year growth of approximately 40% [10]. - The impact of rising petroleum coke prices on Q1 performance was minimal, as the costs were largely absorbed by battery manufacturers [11]. - The photovoltaic industry is experiencing a mixed performance, with many companies still in a loss-making state, but some are beginning to recover due to price adjustments and demand fluctuations [22][23]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the electric power equipment industry and its related sectors in Q1 2025.