| | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | | | | liuhongru@gtht.com | | | 【基本面跟踪】 | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | 2509合约（收盘价） | | 64,280 | 100 | 1,000 | 980 | 2,540 | -10,700 | | 2509合约（成交量） | | 402,816 | 4,794 | 55,087 | -212,194 | 234,084 | 398,398 | | 2509合约（持仓量） | | 322,860 | -823 | -2,428 | -18,588 | 106,306 | 304,512 | | 盘面 | 2511合约（收盘价） | 63,920 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源 ： 央视新闻 台湾高雄小港区三元能源公司14日清晨起火 ，现场建筑冒出大量浓烟，有 爆炸声传出 。高雄消防部门表 示，清晨5时许接获火警后，已出动46辆救援车、91人前往救援。现场已启用机器人进行灌救， 事故造成 12名员工受轻微擦伤、3名消防员受轻微灼伤，均已送医救治。 据悉，该公司邻近高雄小港机场。小港机场方面回应称，火灾未对航班起降造成影响。 三元能源科技高雄锂电池厂是 台湾首家超级电池工厂， 所生产的高阶、高容量、高充放电功率的镍三元 电池，年产能达1.8GW（吉瓦），相当于一年可生产2.4万辆电动汽车所需的长程电池量。 目前，起火原因及财产损失情况有待进一步调查。 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ END ...

会议时间： 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 线上直播 会议主题： 2025年H1全球锂电数据发布 2025年7月14日15:30 会议平台： 鑫椤锂电视频号 会议直播预约： 微信扫描下方二维码预约直播会议 ...

财信证券：期待"反内卷"行情演绎 8月份之前，在宏观层面并无明显风险事件，市场正处于新一轮做多窗口期，叠加投资者情绪改善、增 量资金入场，指数仍有上行动能，虽然面临强压力位的限制，但预计仍以震荡偏强运行为主，投资容错 率将提升。在市场宽基指数并未明显破位时，可保持较高权益市场仓位，顺势而为。虽然宏观经济及政 策未见明显拐点，但"反内卷"政策如落实到位，将缓解"增收不增利"的困境，指数仍可能进入新一轮戴 维斯双击阶段、并向上走出震荡调整区间。 A股三大股指集体高开，沪指涨0.09%，创业板指涨0.02%。盘面上，贵金属、稀土永磁、证券等板块涨 幅居前。 机构看后市 投资建议：(1)反内卷相关方向，如光伏、锂电、汽车、钢铁、建材、煤炭、猪肉；(2)稳定币相关方 向，如金融科技、券商。(3)有色方向，如稀土、贵金属(尤其是白银)；(4)中报预告有望超预期的标的， 如海外算力、风电、航运、创新药、新消费、军工等。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 华安证券：继续看好银行保险趋势性行情 地产阶段性估值修复仍有较大空间 海外关税风险可能加剧，但A股正在逐步脱敏。二季度经济数据即将发布，预计弱于一季度但可能 ...

Group 1 - The core viewpoint of the articles is that there is a surge of Chinese lithium battery companies planning to list on the Hong Kong Stock Exchange (HKEX), driven by the need for capital and global competition [3][4][5] - Companies like XINWANDA are seeking to establish an "A+H" dual-share structure, following in the footsteps of NINGDE TIMES, to enhance their international presence and competitiveness [3][4] - The trend reflects a broader strategy among lithium battery firms to transition from domestic competition to global competition, as they respond to the increasing demand for energy transformation [4][5] Group 2 - The HKEX is favored by companies due to its strong international financial connections, liquidity, and favorable investor structure, making it an ideal platform for global expansion [5][6] - Recent policies from the China Securities Regulatory Commission support leading domestic companies in their efforts to list in Hong Kong, facilitating access to capital markets [5][6] - In the first half of the year, approximately 40 companies are expected to list in Hong Kong, raising around 108.7 billion HKD, marking significant increases in both the number of IPOs and the amount raised compared to the previous year [5] Group 3 - The lithium battery industry is facing challenges such as declining profitability despite revenue growth, with major companies like NINGDE TIMES and YIWAI ZHINENG reporting negative growth and cash flow issues [6][7] - The industry is undergoing a transformation, with increasing competition and the need for localized operations to meet international market demands, particularly in Europe and the U.S. [6][7] - Companies are using IPOs as a means to gather capital for expansion and technological innovation, which are critical for maintaining competitiveness in a rapidly evolving market [7][8] Group 4 - The current wave of IPOs may reshape the competitive landscape of the lithium battery industry, with capital internationalization becoming a key differentiator among leading firms [8][9] - Data indicates that by 2024, the top ten domestic power battery companies will include several that have listed or are planning to list in Hong Kong, highlighting the trend towards dual or multiple listings [8][9] - The ongoing growth in global lithium battery demand is expected to keep investor interest high, with projections indicating that global shipments will exceed 5,000 GWh by 2030 [9][10]

首席点评： "反内卷"长期利好商品价格 今年上半年，我国汽车产销量首次双超1500万辆，同比均实现两位数增长。得益于持续整治"内卷式"竞 争，车企生产节奏稳定，压库存状况得到改善，产业活力持续释放。竞争固然是市场经济的常态，但打 价格战、搞"内卷式"竞争，只会助长"劣币驱逐良币"。单纯向下"卷"价格，最终没有赢家。只有依靠技 术创新、产业升级练好"内功"，才能赢得未来。 2）国内新闻 7月13日，上海证券交易所发布《科创板上市公司自律监管指引第5号——科创成长层》《发行上市审核 规则适用指引第7号——预先审阅》等配套业务规则，并自发布之日起施行。此举旨在落实《关于在科 创板设置科创成长层 增强制度包容性适应性的意见》，以进一步深化科创板改革。 重点品种： 玻璃、钢材、股指 3）行业新闻 玻璃纯碱： 玻璃期货大幅反弹。基本面，夏季检修行情逐步深化，供给收缩，市场预期好转。上周玻 璃小幅库存消化，市场聚焦供给端收缩带来的进一步成效。数据方面，本周玻璃生产企业库存 5734万 重箱，环比下降97万重箱。纯碱期货大幅反弹。数据层面，本周纯碱生产企业库存186.4万吨，环比增 加3.3万吨。综合而言，国内，玻璃纯碱都处 ...

台股 AI 算力 2025H1 经营总结 - 计算机 20250613 摘要 AI 服务器市场在 2025 年三季度预计保持强劲增长，广达、纬创和红海 维持全年营收三位数增长预期，英业达预估全年 AI 服务器出货两位数增 长，通用服务器也因 AI 应用带动呈现快速增长趋势。 广达 AI 服务器营收占比有望从一季度的 60%上升至 70%，纬创的营收 占比预计提升至 50%~60%，英业达则为 30%~40%。红海云端网络 业务较去年同期强劲增长。 锂电业务由于上半年存在提前拉货现象，下半年旺季拉货动能或将放缓， 加之汇率影响，各家厂商对三季度锂电业务持保守态度看待，预计全年 表现持平或略有增长。 英伟达 GPU 系列全面转向液冷，齐虹在大型云厂商 GB200 液冷元件市 占率高达 7~8 成，并已有 ISIC 客户开始导入液冷方案。双宏二季度营 收同比、环比均超 20%，上半年同比超过 30%。 GPU 供应顺畅推动 PCB 行业逆势上涨，主要来自英伟达 50 系列新 GPU 出货及传统 PC 业务推升。同时 PCB 厂商开始强化 AI 服务器布局。 上半年 BMC 出货主要由 AI 服务器推动，通用服务器也 ...

电力设备新能源 2H25 展望 20250613 摘要 锂电产业链排产超预期，国内重卡商用车上半年同比增长约 190%，乘 用车终端需求韧性增强，欧洲市场恢复超预期增长超 20%，新能源车出 口强劲，对锂电总需求形成支撑。 储能行业 2025 年下半年发展积极，国内独立储能需求快速增长，海外 市场美国发货恢复，非美地区需求高涨，头部电池厂储能排产饱和，美 国大而美法案落地支撑储能需求。 美国大而美法案延续储能补贴至 2033 年，限制外国敏感实体材料援助 比例，取消技术授权上限，有望推动主链估值修复，加速锂电板块北塔 修复。 电池环节公司二季度业绩环比向上，头部厂商经营性业绩良好，已获美 国储能和动力订单及技术授权，东南亚产能逐步释放，美国市场逻辑增 强。 零部件环节中报业绩预期强劲，中熔电气二季度利润超预期，受行业景 气度及高盈利产品放量影响，激励熔断器有望应用于新能源车领域，并 拓展海外市场。 Q&A 2025 年下半年锂电板块的市场预期和实际情况如何？ 当前锂电板块的市场预期与实际情况存在显著反差。尽管受国家补贴退坡及 136 号文取消新能源强制配储影响，市场对三季度国内需求预期较弱，认为七 八月份锂电 ...

Core Viewpoint - Dazhong Mining (001203.SZ) has experienced significant stock price volatility due to the announcement of lithium reserves in Hunan Province, with a 9.44% increase from July 9 to July 11, closing at 10.78 yuan per share [2] Group 1: Lithium Resource Discovery - The Hunan Provincial Department of Natural Resources announced the discovery of a large lithium deposit in the Jijiao Mountain area, with proven reserves of 490 million tons of lithium ore and 131.35 thousand tons of lithium oxide, equivalent to approximately 324.43 thousand tons of lithium carbonate [2][4] - Dazhong Mining has invested 2.09 billion yuan to acquire exploration rights for the Jijiao Mountain lithium mine, which is expected to yield significant returns once production begins [2][4] Group 2: Investment Strategy - Dazhong Mining has invested a total of 4.4 billion yuan in lithium mining projects, including the Jijiao Mountain and Sichuan Gada lithium mines, as part of its strategy to mitigate risks associated with the cyclical nature of the iron ore industry [5][6] - The company aims to achieve a "dual-drive" strategy with both iron and lithium mining, focusing on the rapid development of its lithium projects [6] Group 3: Project Development Timeline - The Jijiao Mountain lithium mine is expected to receive mining permits more quickly than the Sichuan Gada mine, with construction of the first phase of the project anticipated to be completed by 2026 [6] - Dazhong Mining has completed site preparation for the beneficiation project and has submitted applications for mining rights, with a decision expected within 40 days [6] Group 4: Competitive Positioning - While Dazhong Mining's lithium reserves are not as extensive as those of leading companies like Ganfeng Lithium and Tianqi Lithium, it still holds a competitive position in the market with a total of 472.85 thousand tons of proven lithium resources [7][5] - The company is developing new technologies to enhance lithium extraction efficiency and reduce costs, which could improve its competitive edge in the lithium market [10][9]

胜率角度，结合中报评估后续景气。胜率方向，7月以来中报披露高增或超预期方向市场均给予及时反 馈，继续关注部分蓝筹白马龙头超预期背后体现的行业整体性改善预期，如船舶、CXO、半导体设 备、养殖、风电设备、军工电子、海外算力等。中期来看，工程师红利释放与自主可控依然是中期趋 势，关注半导体/国产算力与创新药等成长方向，等待产业催化。 "大美丽"法案落地后，特朗普发起新一轮关税冲击。特朗普发起新一轮关税政策冲击，对全球市场与美 联储降息节奏带来新的不确定性。另外近期特朗普宣称与越南达成贸易协议，对相关转口商品加征40% 关税，也值得注意，这可能为其他东南亚国家也制定了协定模板，对相关转口贸易带来较大影响。 结构选择：赔率角度，当高低切遇上反内卷。从行业轮动看，近期市场高低切换明显，"反内卷"进一步 强化了"高低切"趋势，低位布局，等待胜率催化这一策略持续有效。可关注3月20日以来涨幅相对靠 后，且可能受益"反内卷"的细分行业，如锂电池、乘用车、钢铁、建材等。 智通财经APP获悉，东方财富策略陈果团队发布研究报告称，上周上证指数收盘站上3500点，市场流动 性与范式和14-15年疯牛存在一定差异，中期大概率维持震荡慢 ...