03 供给端 06 成本端 01 情绪高涨， 谨慎为上 碳酸锂周报 2025/07/26 曾宇轲（联系人） 0755-23375139 zengyuke@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03121027 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 库存 周度评估及策略推荐 周度要点小结 ◆ 期现市场：7月25日，五矿钢联碳酸锂现货指数（MMLC）早盘报76832元，周涨17.6%，其中MMLC电池级碳酸锂均价为77000元。同日广期所 LC2509收盘价80520元，周内涨15.1%。 ◆ 供给：本周SMM国内碳酸锂产量18630吨，环比上周减2.5%。部分厂商检修，国内碳酸锂产量小幅回落。锂价回暖，7月供给维持强势，预计 环增6-7%。2025年6月中国进口碳酸锂17698吨，环比减少16.3%，同比减少9.6%。其中从智利进口碳酸锂11853吨，从阿根廷进口5094吨。1- 6月中国碳酸锂进口总量约为11.8万吨，同比增加10.7%。6月智利出口中国碳酸锂约1.02万吨，7月海外供给压 ...

Core Viewpoint - The rapid development of China's new energy vehicle (NEV) industry is a reflection of dynamic industrial governance, with government policies playing a crucial role in various stages of development [1][5][27]. Group 1: Industry Development Stages - In the new technology exploration stage, the central government broke the inertia of traditional fuel vehicle manufacturers by implementing major special projects to promote innovation and avoid past mistakes of lacking core technologies [1][7]. - During the industrialization breakthrough stage, the government adjusted entry restrictions to encourage social capital participation, leading to a surge of internet companies entering the NEV sector and revitalizing market dynamics [2][15]. - The current shift towards software-driven vehicles necessitates further adjustments in industrial policies, as the industry transitions into the era of "software-defined cars" [3][24]. Group 2: Policy Impact and Market Dynamics - The introduction of policies has significantly altered the competitive landscape, with traditional automakers and new entrants vying for market share, leading to a vibrant competition in the NEV sector [19][20]. - The government’s initial focus on creating a policy-driven market has evolved into a more competitive environment, with the gradual withdrawal of subsidies and the introduction of market-driven mechanisms [25][26]. - The NEV market has seen a dramatic increase in production and sales, with a reported growth of over 300% in production and sales in 2015, highlighting the effectiveness of government policies in stimulating market demand [18][21]. Group 3: Challenges and Future Directions - The NEV industry faces challenges such as local protectionism and fraudulent subsidy claims, which have prompted the government to tighten subsidy policies and encourage a more competitive market environment [21][22]. - As the industry moves towards a software-driven future, the integration of ICT companies into the NEV sector is expected to reshape production and operational models, enhancing competitiveness [24][28]. - The potential impact of international policies, such as those from the EU aimed at reducing the market share of Chinese brands, poses new challenges for the NEV export market [28].

Core Viewpoint - The article discusses the controversy surrounding the 3000 yuan subsidy for Huawei's HarmonyOS vehicles, highlighting the dissatisfaction among dealers in regions without the subsidy and the implications of government involvement in promotional activities [1][3][10]. Group 1: Subsidy Implementation - In July, several local governments initiated a 3000 yuan cash subsidy for purchasing HarmonyOS vehicles priced at 200,000 yuan or above, following a notification from the Henan Automotive Industry Association [2][5]. - The subsidy was initially funded by Huawei, but the announcement was made through local government and industry association channels, leading to consumer confusion regarding the source of the subsidy [4][8]. Group 2: Reactions and Controversy - Dealers in regions without the subsidy expressed concerns about unfair competition, arguing that the selective nature of the subsidy created an uneven playing field [3][4]. - The Henan subsidy was called off after being flagged by relevant authorities, indicating potential regulatory scrutiny over the promotional practices [3][5]. Group 3: Market Dynamics - The article notes that the subsidy was part of Huawei's strategy to boost sales amid significant pressure to meet ambitious sales targets, with a goal of 1 million units by 2025 [11][12]. - The article highlights that the penetration rate of new energy vehicles in Henan is significantly higher than the average in central and western regions, which may have influenced the decision to implement the subsidy in that area [12][13]. Group 4: Broader Implications - The use of government and industry association channels for subsidy announcements raises questions about the neutrality of these organizations and the potential for perceived government favoritism towards Huawei [10][11]. - The article suggests that the promotional activities could lead to market distortions, as consumers may choose to purchase vehicles in regions offering subsidies, impacting sales in areas without such incentives [8][9].

Core Viewpoint - The article discusses the concept of wealth transfer during economic crises, emphasizing that each crisis presents opportunities for ordinary individuals to advance their wealth through strategic investments in real estate, internet industries, and potentially in capital markets in the future [1][2]. Group 1: Historical Wealth Transfers - The first major wealth transfer occurred in the 1990s following the collapse of the Soviet Union, driven by industrialization and urbanization, which led to significant shifts in land ownership and wealth concentration in real estate [1][2]. - The second wealth transfer happened after the 2008 global financial crisis, primarily benefiting those involved in the internet industry, as capital shifted from real estate to online platforms, allowing tech giants to monetize user data [2][3]. Group 2: Future Wealth Transfer - A potential third wealth transfer is anticipated in the next 5-10 years, influenced by the current economic downturn and the movement of funds from bank deposits to other sectors [3][4]. - The focus of this future transfer will likely be on the capital market, as the government aims to stimulate consumption and investment, redirecting funds to areas that require growth, particularly the financial market [3][5]. Group 3: Economic Development Stages - The article outlines two critical stages for a country to become a major power: first, becoming an industrial power to ensure economic security, and second, evolving into a financial power to protect national wealth and support enterprise development [6][7]. - The transition to a financial power is essential for sustaining economic growth and preventing wealth loss, as illustrated by historical examples like the Soviet Union [8][9]. Group 4: Capital Market Potential - The article posits that the future of wealth distribution may shift from real estate to the capital market, with the potential for significant inflows of capital if the market can demonstrate strong returns [15][16]. - The anticipated growth in technology sectors and the weakening of U.S. monetary dominance could enhance the prospects for the capital market, making it a viable alternative for wealth accumulation [16][17]. Group 5: Investment Strategy - While the capital market may present opportunities, the article advises caution in stock trading due to the current global economic uncertainty and the risks associated with individual trading decisions [17][20]. - A balanced approach to investment is recommended, prioritizing stable returns over speculative stock trading until the market shows clearer signs of recovery [21][22].

2025.07. 26 本文字数：4120，阅读时长大约7分钟 作者 | 第一 财经 刘菁 从波音项目"当天拿地、当天取证、当天开工"的"加速度"，到梧桐树下老洋房里敲击代码的"烟火 气"，上海正以一个个硬核的科创营商案例"圈粉"无数。 25日，首届中国（上海）优化营商环境创新实践案例发布会发布了市级部门、区级政府、街镇三个 组别的"十佳创新实践案例"以及30个"优秀创新实践案例"。这些案例覆盖了世行对标改革、为企整体 服务、优化涉企监管、夯实基层营商等多个方面，是上海营商环境持续优化的缩影。 其中，科创领域营商环境的成效尤为亮眼。锚定"建设具有全球影响力科技创新中心"的核心战略目 标，上海以制度创新为引擎，加速项目审批改革、赋能知识产权成果转化、优化"无界硅巷"等产城融 合空间，生动诠释了"营商环境就是生产力"的深刻内涵。 这些鲜活样本，不仅为长三角一体化注入 新动能，更为全国营商环境改革贡献了可复制推广的"上海经验"。 项目审批加速度 项目落地速度，是营商环境最直观的"晴雨表"。在上海临港新片区，一个个重大项目快速推进，不断 刷新纪录，成为上海营商环境一张闪亮的名片。 特斯拉上海储能超级工厂的落地，是"临 ...

Group 1 - The Hong Kong government is actively promoting innovation and technology (I&T) collaboration with mainland cities and countries along the "Belt and Road" initiative, as reported during the eighth joint meeting with the National Development and Reform Commission [1] - A memorandum of cooperation was signed with the Slovak Republic in April 2023 to encourage research collaboration and technology transfer between research institutions and enterprises [1] - The Hong Kong Productivity Council established "The Cradle Outbound Service Center" to assist enterprises in expanding into "Belt and Road" markets [1] Group 2 - During a visit to Beijing, the Deputy Secretary of the Hong Kong Innovation and Technology Bureau, Zhang Manli, inspected leading companies in semiconductor manufacturing and intelligent manufacturing for electric vehicles [2] - The Hong Kong government emphasizes the development of advanced technologies, particularly in the semiconductor and electric vehicle sectors, as outlined in the "Hong Kong Innovation and Technology Development Blueprint" published in 2022 [2] - The Hong Kong Microelectronics Research Institute was established to lead collaboration in developing third-generation semiconductor core technologies [2][3] Group 3 - The Microelectronics Research Institute has completed the formation of its core team, with the first phase of equipment installation expected to begin within the year, and two pilot production lines anticipated to be operational next year [3] - The establishment of the microelectronics center and research institute is seen as strategically significant for the rapid development of the semiconductor field, providing technological leverage and cost-sharing benefits [3]

Core Viewpoint - The Hong Kong government is actively promoting innovation and technology (I&T) collaboration with mainland cities and countries along the "Belt and Road" initiative, focusing on sectors like semiconductors and electric vehicles [2][3]. Group 1: Government Initiatives - The Hong Kong Innovation and Technology Bureau has signed a memorandum with Slovakia to enhance research cooperation and technology transfer [2]. - The establishment of "The Cradle Outbound Service Center" aims to assist enterprises in expanding into "Belt and Road" markets [2]. - Future plans include participating in international exhibitions and facilitating enterprise visits to strengthen I&T collaboration [2]. Group 2: Semiconductor and Electric Vehicle Industry - The Hong Kong government emphasizes the development of advanced technologies, particularly in the semiconductor and electric vehicle sectors, as outlined in the "Hong Kong Innovation and Technology Development Blueprint" [3]. - The Hong Kong Microelectronics Research Institute has been established to lead collaboration in developing third-generation semiconductor core technologies [3][4]. - The institute's core team is formed, and the first phase of equipment installation is expected to begin this year, with two pilot lines anticipated to be operational next year [4]. Group 3: Strategic Importance - The establishment of a microelectronics center and research institute in Hong Kong is seen as strategically significant, providing technological leverage and cost-sharing benefits while fostering industry clustering effects [5].

一凡 发自 坪山 智能车参考 | 公众号 AI4Auto 13.98万，比亚迪造了辆中型SUV新首选。 海狮06，插混纯电双动力，价格区间13.98万元-16.38万元，空间够大，三口之家出行很宽敞。 能耗很低，插混车型实测油耗不到3L/100km，纯电车型"用车成本1周≈1瓶奶"。 此外还全系标配了高速NOA和智能泊车辅助，后者因为此前比亚迪官宣兜底，引发行业点赞。这一次比亚迪再次强调，安全兜底适用的是"所有天神之眼车辆"，也就是"三不限"： 不限首任车主、不限车辆使用人、也不设赔付上限。 电动化和智能化的优势还不是全部。比亚迪在发布会上明牌： 比亚迪留给日系的卖点，真的不多了。 顶配车型中岛处还配备了冷暖箱，最低温可到-6℃，最高温可到50℃，冻个冰棍或者热个奶都可以。 往后来到后排，空间很足，前排调至正常驾驶位置，净身高175cm成年男性实测，头部和腿部都是两拳空间。 再往后看后备箱，容积有757L，放得下6个登机箱。 这是海狮06看得见的空间表现，奠定了其家用中型SUV新首选的基础。 13.98万起，比亚迪下半年首款车上市 海狮06是一款车长超4.8米的中型SUV，外观一眼就是比亚迪海洋网的设计，采用 ...

Group 1: Strategic Initiatives - JD Group officially launched the "Dish Partner" recruitment plan, investing 1 billion yuan to find partners for 1,000 signature dishes [1][4] - Meituan's "Pin Hao Fan" initiated the "Ten Thousand Brands" plan, aiming to provide support for 10,000 well-known restaurant brands [1][6] Group 2: Market Dynamics - The competition in the food delivery market is shifting from price wars to deeper strategic battles, influenced by recent regulatory actions against malicious price competition [1] - Both JD and Meituan face unique challenges: JD must balance its significant investment with profitability needs, while Meituan needs to enhance integration efficiency among multiple brands [1] Group 3: Company Performance - BYD celebrated the rollout of its 13 millionth new energy vehicle, becoming the first company to reach this milestone globally [3] - BYD's high-end brand, Yangwang, has delivered over 10,000 units, indicating progress in its premium market strategy [3] Group 4: Leadership Changes - Shanghai Electric appointed Hu Xupeng as the new company secretary and Qiu Jiayou as vice president, with a focus on professional backgrounds [7] - Gu Yu was elected as the chairman of Yanghe Co., amid a challenging performance period for the company [8] Group 5: Collaborations - Changan Automobile and Haier Group signed a strategic cooperation agreement to explore new automotive products and personalized modification services [9]

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of 2025, surpassing the 5% growth rate expected for the same period in 2024 [1][2] - The secondary and tertiary industries grew by 5.3% and 5.5% respectively, with manufacturing, information technology services, and business services showing particularly strong growth rates of 6.6%, 11.1%, and 9.6% [1][2] Government Policies - The resilience of the Chinese economy is attributed to precise fiscal policies and flexible monetary policies implemented by the government and central bank [3][4] - The central bank has lowered key interest rates and reserve requirement ratios multiple times to release liquidity, while the government has increased the deficit ratio and expanded bond issuance to support green infrastructure and high-tech industries [3][4] Industry Development - The implementation of the "Private Economy Promotion Law" and the plan to cultivate 10,000 specialized "little giant" enterprises have effectively alleviated financing difficulties for small and medium-sized enterprises [4] - China is focusing on high-value manufacturing, high-end industrial chains, green technology, and the service sector, with significant growth observed in strategic emerging industries such as new-generation information technology and new energy vehicles [4][5] Future Prospects - The rapid growth of artificial intelligence, exemplified by the domestic model DeepSeek, indicates China's innovative potential and market opportunities in the AI sector [5] - Experts believe that as long as domestic demand continues to strengthen and policies remain coordinated, the annual growth target of 5% is still achievable [6]