转自：成都日报锦观 报告提振信心 蓝图催人奋进 迈向"十五五"，如何坚持创新驱动，用好人才第一资源，让创新成为成都发展最鲜明的特色、最强劲的 引擎？"产业是人才集聚的载体，人才是产业升级的引擎。"在市人大代表、四川蜀祥金融服务有限公司 董事长张伟看来，可以强化本土人才培育，支持高校、职业院校与企业共建实训基地，定向培养技能 型、应用型人才，形成"产业需要什么人才，就培养引进什么人才"的良性循环。 政府工作报告提出，今年将坚持双碳引领、加快绿色化转型，全力推动公园城市增色添彩，如何抓好落 实？市人大代表、天齐锂业股份有限公司高级副总裁熊万渝已有思考。"锂电产业是推动能源结构转 型、实现'双碳'目标的核心支柱产业。成都可联动重庆、眉山、宜宾等周边锂电产业集群城市，协同建 立川渝锂电固废协同治理机制，搭建跨区域固废资源化利用合作平台，推动锂电产业固废资源化利 用。" "'十五五'规划纲要草案明确了今后五年全市经济社会发展的主要目标和重点任务。"市政协常委、成都 融通产业链创新中心理事长皮建军表示，"八个推进、八个提升"重点任务，为企业和各界下一步的发展 提供了清晰的路线图。就如何在推进科产深度融合上取得更大进展，他 ...

Core Viewpoint - The lithium battery industry is experiencing a strong recovery driven by explosive downstream demand, with a significant focus on long-term contracts between battery manufacturers and lithium iron phosphate (LFP) suppliers, indicating a shift towards value competition in the industry [3][5]. Group 1: Market Dynamics - The total disclosed sales contracts for lithium iron phosphate have reached 9.3694 million tons since last year, with many contracts extending to 2030 or beyond [3][6]. - Major contracts include a 305,000-ton agreement between CATL and Rongbai Technology, estimated at 120 billion yuan, highlighting the trend of long-term supply agreements [8]. - The industry is witnessing a structural imbalance, with severe overcapacity in low-end products while high-end products remain in short supply [4][18]. Group 2: Competitive Landscape - CATL has emerged as the largest buyer, signing contracts for over 7.5306 million tons of lithium iron phosphate since 2025, indicating a strong market position [8]. - Chuangneng New Energy has also made significant strides, securing a 130,000-ton order from Longpan Technology, making it the second-largest buyer after CATL [9]. - Hunan Youneng, previously a leading player, has not disclosed any long-term contracts recently, raising questions about its competitive strategy amidst the ongoing contract frenzy [10][12]. Group 3: Product Development and Innovation - The focus of long-term contracts is shifting towards high-pressure dense lithium iron phosphate products, which offer advantages in energy density and cycle life [15][16]. - The fourth-generation high-pressure dense lithium iron phosphate is expected to enhance battery performance significantly, with a projected energy density increase of 15%-20% compared to third-generation products [16]. - Companies like CATL and BYD are actively developing high-pressure dense lithium iron phosphate technologies to maintain competitive advantages in the market [17][19]. Group 4: Future Outlook - The global demand for lithium batteries is projected to grow significantly, with an expected increase in output from 186 GWh in 2020 to 3,540 GWh by 2030, indicating robust market growth [9]. - The industry is entering a new phase of expansion, with multiple companies announcing plans to increase production capacity for high-end lithium iron phosphate products [19]. - The competition for high-end lithium iron phosphate is intensifying, with companies needing to keep pace with rapid product iterations from battery manufacturers to avoid being left behind [19].

会议背景 -广告- 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~ 2026锂电关键材料及应用市场高峰论坛 2026年，锂电行业正以磅礴之势开启新一轮周期性增长浪潮，其特征表现为需求端的强势复苏、全球 化版图的加速扩张、技术路线的颠覆性迭代，形成"量价齐升+技术跃迁"的螺旋式上升格局。 会议主办： 鑫椤资讯 会议时间： 2026年3月19-20日 会议地点： 江苏·常州 会议咨询： 13248122922（微信同） 据鑫椤资讯的预测，2025年全球锂电池产量将达到2250Gwh，2026年的增长率将达到30%，其中储能 领域增速更是有望达到48.3%，呈现出"海内外需求双轮驱动、上下游产业链协同爆发"的盛况。如此爆 发式的市场需求，对电芯及上游四大主材的需求产生了巨大的拉动作用。 然而，从当前有效产能情况来看，电芯及各种材料的远期供应存在着一定的缺口。面对明确的供应缺 口，如何保障稳定、高效的供应链，将成为抓住这轮确定性增长的关键。 为把握锂电行业这一轮发展机遇，鑫椤资讯将于 2026年3月19日-20日 (19日报到)举办 2026锂电关键 材料及应用市场高峰论坛 ...

证券研究报告 | 2026年01月29日 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 策略专题研究 证券分析师：吴信坤 021-61761046 wuxinkun@guosen.com.cn S0980525120001 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民 ...

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the inclusion of 14 new futures and options products for foreign traders marks a significant step in the opening of China's futures market, enhancing its international influence and pricing power [1][2]. Group 1: Futures Market Expansion - The CSRC has added 14 new futures and options products, increasing the total number of specific products available for foreign traders to 38 [1]. - The newly included products focus on sectors where China has substantial consumption markets or complete industrial chain advantages, such as non-ferrous metals, chemicals, and new energy materials [2]. - The inclusion of nickel futures and options as the first directly open non-ferrous metal futures product signifies a key advancement in the internationalization of the Shanghai Futures Exchange (SHFE) [2][3]. Group 2: Nickel Futures and Options - Nickel is a critical strategic material for emerging industries, and China, being the largest consumer and importer of nickel, provides a solid foundation for the opening of the futures market [2]. - The nickel futures market has effectively played its role since its launch in 2015, becoming an important reference for domestic spot trade pricing and widely used for risk management [2]. - The opening of nickel futures and options aligns with industry demands and is expected to enhance risk management capabilities within China's non-ferrous metal industry [2]. Group 3: Polyester Industry Collaboration - The newly added products in the chemical sector include core polyester industry futures and options, such as paraxylene (PX) and purified terephthalic acid (PTA) [4][5]. - China holds the world's most complete polyester industrial chain, with a projected polyester production capacity of 89.035 million tons by 2025, accounting for 60% to 70% of global capacity [4]. - The internationalization of the polyester sector is expected to improve the global pricing system and meet the diverse risk management needs of domestic and foreign enterprises [5]. Group 4: Lithium Carbonate Futures - The inclusion of lithium carbonate futures and options in the specific products is significant for the new energy sector, as lithium is a key raw material for battery production [6][7]. - Since its listing in July 2023, the lithium carbonate futures market has operated smoothly, providing a transparent pricing basis for spot trade and enhancing China's influence in international lithium resource trade [6]. - The availability of lithium carbonate futures and options will facilitate easier participation for domestic and foreign enterprises in the futures market, offering risk management tools against price volatility [7].

中银基金周斌： 太空光伏是较好的能拉动需求的点，但兑现起来会相对较慢。 从储能角度、全球缺电逻辑，从供需角度，传统锂电板块会相比光伏先走出来。 太空光伏的高景气度逻辑是认可的，但不希望参与仅有供给侧逻辑的板块，希望参与有真实需求拉动、有真实订 单的板块。 商业航天海外链space x很早就跑通了，在24年10月实现星舰可回收后逻辑就已通畅，可以以非常低成本的往太空 发射卫星。 但国内to c模式没有走通，国内成本很高，我们在全球的竞争力和马斯克相比较低，从通讯角度很难卷得过马斯 克。 光伏方面，反内卷已进行较长时间，但反应效果较一般，虽然硅料能把价格提上去，但下游传导是偏弱的。 太空光伏是短期爆点，中美目前格局下，马斯克需完成在卫星能源上的自主可控，太空算力是可行的，去弥补美 国数据中心缺电的瓶 中银基金周斌： 太空光伏是较好的能拉动需求的点，但兑现起来会相对较慢。 从储能角度、全球缺电逻辑，从供需角度，传统锂电板块会相比光伏先走出来。 光伏方面，反内卷已进行较长时间，但反应效果较一般，虽然硅料能把价格提上去，但下游传导是偏弱的。 太空光伏是短期爆点，中美目前格局下，马斯克需完成在卫星能源上的自主可控，太空算 ...

Economic Overview - The GDP of the Chengdu metropolitan area reached 31,310.2 billion yuan in 2025, accounting for 46.3% of the province's total [1] - The GDP growth rate for the Chengdu metropolitan area was 5.8%, surpassing the provincial average by 0.3 percentage points [1] - Chengdu led the metropolitan area with a GDP of 24,763.6 billion yuan, while Meishan's GDP reached 2,008.72 billion yuan, entering the "200 billion club" [1] Industrial Growth - The industrial added value above designated size in the Chengdu metropolitan area grew by 7.4% year-on-year, exceeding the provincial growth rate by 0.9 percentage points [2] - Notable growth in specific sectors included a 181.0% increase in Chengdu's new energy vehicles and a 33.9% rise in lithium-ion battery production [2] - Deyang's main industries saw a 5.4% increase, with electronic and communication equipment manufacturing growing by 44.9% [2] Investment and Consumption - Fixed asset investment in the Chengdu metropolitan area increased by 1.8% year-on-year, outperforming the provincial growth rate by 4.2 percentage points [2] - The total retail sales of consumer goods reached 13,790.5 billion yuan, with a year-on-year growth of 5.4%, accounting for 47.3% of the province's total [2] Strategic Initiatives - The "2026 Chengdu Metropolitan Area Outbound and Overseas Plan" aims to promote brand matrix expansion and diversify market outreach, focusing on key industries such as electronic information and equipment manufacturing [3] - The plan targets the expansion of over 800 product categories into overseas markets and aims to add more than 700 foreign trade enterprises and exceed 4,000 cross-border e-commerce companies [3]

受益于新能源汽车、储能与消费电子等下游市场的强劲需求，锂电产业链企业2025年业绩预告大 增。 光伏锂电设备龙头先导智能1月26日公告，预计净利润15亿—18亿元，同比增长424.29%— 529.15%，第四季度预计实现归属于上市公司股东的净利润为3.14亿—6.14亿元。 近期，赣锋锂业、先导智能、天赐材料、天际股份等锂电企业相继公布2025年业绩预告，预计净利 润同比实现正增长或扭亏为盈，行业整体景气度显著回升。 公司表示，随着国内头部电池企业开工率提升、扩产节奏有序加快，公司订单规模同比快速回升， 订单交付与项目验收节奏同步提速，推动了公司经营业绩的筑底回升与快速增长，整体盈利能力明显提 升。 赣锋锂业：主营业务仍亏损 1月28日，赣锋锂业发布业绩预告称，预计2025年实现归母净利润11亿元至16.5亿元，上年同期亏 损20.74亿元，同比扭亏为盈。预计扣非净利润为亏损3亿元至6亿元，同比减亏。 关于业绩变动原因，该公司表示，报告期内，公司持有的Pilbara Minerals Limited（PLS）股票价格 上涨，产生了公允价值变动收益，在领式期权相关的既定风险管理策略对冲后，整体公允价值变动收益 ...

Core Viewpoint - The article highlights BYD's strategic overseas expansion in the lithium battery industry, particularly through a partnership with Vietnam's Kim Long Automotive to establish a battery manufacturing plant, aligning with the growing demand for electric vehicles in Southeast Asia [2][3]. Group 1: Partnership and Market Demand - BYD has signed a strategic cooperation agreement with Kim Long Automotive to establish a battery manufacturing facility in Vietnam, marking a significant step in BYD's dual strategy of electric vehicles and battery production [2]. - Vietnam's government is pushing for a green transition in transportation, with plans to ban fuel motorcycles in urban areas by July 2026 and restrict fossil fuel vehicles by 2030, creating a booming market for electric vehicles [2]. - Electric vehicle sales in Vietnam reached 103,900 units in the first three quarters of 2025, a year-on-year increase of over 103%, indicating a rapidly expanding market for electric vehicles and batteries [2]. Group 2: Project Details and Production Capacity - The total investment for the new battery factory is $130 million (approximately 900 million RMB), with Kim Long Automotive covering all construction costs while BYD provides comprehensive technical support [3]. - The factory will focus on commercial vehicle batteries, with an initial production capacity of 3 GWh, utilizing BYD's advanced lithium iron phosphate technology, and aims to become a leading commercial vehicle battery factory in Vietnam and Asia [3]. - The project will be developed in two phases, with the second phase expanding the facility to include passenger vehicle battery research and production, increasing total capacity to 6 GWh [3]. Group 3: Industry Trends and Strategic Implications - The trend of Chinese lithium battery companies expanding overseas has entered a new phase, driven by various factors including global EV penetration rates and local policy barriers [4]. - From 2020 to 2024, China's lithium battery export value is projected to grow from $15.9 billion to $61.1 billion, with a compound annual growth rate of 40%, indicating a robust international market for Chinese battery manufacturers [5]. - BYD's collaboration with Kim Long Automotive allows it to enter the Southeast Asian market quickly while avoiding direct factory establishment costs, providing a differentiated approach to international expansion [5]. Group 4: Long-term Strategic Benefits - The project will help BYD accumulate operational experience in the Southeast Asian market and position itself to meet the needs of local and international automotive brands, such as VinFast [6]. - The technology output model allows BYD to leverage its expertise in lithium iron phosphate batteries while enhancing its brand influence internationally, creating a competitive edge over companies that establish factories directly [6]. - Although the overseas market presents opportunities, challenges such as policy fluctuations and local operational issues remain, but BYD's approach effectively mitigates initial risks while fostering deeper collaboration with local enterprises [6].

近期，赣锋锂业（002460）、先导智能（300450）、天赐材料（002709）、天际股份（002759）等锂电 企业相继公布2025年业绩预告，预计净利润同比实现正增长或扭亏为盈，行业整体景气度显著回升。 赣锋锂业：主营业务仍亏损 受益于新能源汽车、储能与消费电子等下游市场的强劲需求，锂电产业链企业2025年业绩预告大增。 1月28日，赣锋锂业发布业绩预告称，预计2025年实现归母净利润11亿元至16.5亿元，上年同期亏损 20.74亿元，同比扭亏为盈。预计扣非净利润为亏损3亿元至6亿元，同比减亏。 关于业绩变动原因，该公司表示，报告期内，公司持有的Pilbara Minerals Limited(PLS)股票价格上涨， 产生了公允价值变动收益，在领式期权相关的既定风险管理策略对冲后，整体公允价值变动收益约10.3 亿元。此外，公司通过转让控股子公司深圳易储数智能源集团有限公司部分股权并成功引入战略投资 人，确认了相应的投资收益。 值得注意的是，从近两年的业绩变动看，赣锋锂业的业绩和它持有的PLS股票关系非常大，并非主营业 务有所改善。该公司持有PLS约5.37%的股份，并享有包销权，这一投资不仅保障了锂 ...