近日，深圳市高工产业研究有限公司(以下简称"GGII")发布相关数据显示，2025年全球电力储能、乘用 车、eVTOL(电动垂直起降飞行器)、机器人等细分场景锂电池出货量预计超1.8TWh(万亿瓦时)，到2035 年，全球电池需求将突破8TWh。 日前，宁波容百新能源科技股份有限公司(以下简称"容百科技")中央研究院冯道言博士表示："全固态电 池作为下一代电池技术，凭借高安全性、高能量密度、长循环寿命与宽温域应用等显著优势，在电动飞 机、eVTOL及动力电池等领域拥有广泛应用空间，市场前景广阔，有望成为推动相关产业发展的关键 力量。" 据悉，目前容百科技已经开发出适配于硫化物全固态电池的8系正极和9系正极，成本与现有材料体系相 当，性能表现优异，均达到行业领先水平。同时，8系单晶固态正极材料S83L在2024年实现吨级出货。 主机厂在固态电池领域也动作频频。不少业内人士认为，无论动力还是储能，未来绝大多数头部主机厂 都将设立固态电池专项团队，在验证期内抢占先机。这也意味着传统隔膜企业、液态电池体系材料商若 不能顺利切换技术路径，极可能在下轮技术周期中被边缘化。 在此背景下，不少产业链龙头公司正加速提升自身电池 ...

风险提示：房地产走势不确定性仍存；政策力度不及预期。 "破局"通胀：反内卷与扩内需 [Table_Authors] 2025 年 6 月物价数据点评 本报告导读： 今年以来，"以旧换新"补贴政策持续支撑耐用消费品价格，带动核心 CPI 同比小幅 修复，而其中服务价格方面仍有待提振，指向了居民部门资产负债表的修复进展有 限，需要后续稳增长政策接续。 投资要点： 宏 观 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 专 题 宏观研究 /[Table_Date] 2025.07.09 2025-07-13 [Table_Summary] 6 月 CPI 同比转正。食品价格拖累减弱；国际油价上涨输入带动能 源价格；核心 CPI 环比持平，核心消费品 CPI 环比表现显著好于 2023、 2024 年，"618"提前促销影响过去后，"以旧换新"政策支持的相关品 类价格仍相对偏强，而服务相关价格继续稳中偏弱。 6 月 PPI 同比跌幅继续扩张，一是受高温降雨天气影响，房地产、基 建项目施工进度有所放缓。二是"反内卷"具体政策和效果仍待观察， 尤其是对光伏、水泥、钢铁等行业实际供需格局的影响。三 ...

2025 年 07 月 13 日 市场轮动北证蓄力，持续关注北交 所核心资产 ——北交所策略周报（20250707-2025713） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 6 家，摘牌 2 家，周新增计划融资 0.00 亿元，完成融资 0.65 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济波动的风险。 相关研究 证 券 研 究 报 告 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230123090006 wangbh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 郑菁华 (8621)23297818× zhengjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 三 板 研 究 专 题 研 究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are under pressure due to the implementation of a 50% tariff on copper by the U.S., which is expected to take effect in late July or early August. This has led to a significant increase in U.S. copper prices while London and Shanghai copper prices have declined [5][9]. - The report anticipates that global copper inventory transfers will conclude, providing some support for copper prices despite the short-term pressure from tariffs. It is expected that Shanghai copper will fluctuate between 77,000 and 79,000 CNY per ton in the near term [5]. - The aluminum market is characterized by low inventory levels, with aluminum prices experiencing high volatility. The report notes a slight increase in alumina prices and a decrease in aluminum production margins [5][26]. - Lithium prices are rebounding from the bottom, driven by a "reverse involution" trend, with expectations for supply-side reductions and seasonal demand support [5][78]. - Cobalt prices may rebound due to an extended export ban from the Democratic Republic of Congo, which is expected to tighten supply in the fourth quarter [5][88]. Summary by Sections 1. Industry Overview - The report discusses macroeconomic indicators, including U.S. unemployment claims, and the announcement of copper tariffs by the U.S. government [9]. - The overall performance of the non-ferrous metals sector is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - London copper prices fell by 2.43%, while Shanghai copper prices decreased by 1.63%. U.S. copper prices increased by 10.30%. Inventory levels showed a mixed trend, with London copper inventory rising by 14.12% and Shanghai copper inventory declining by 3.70% [26]. 2.2 Aluminum - London aluminum prices increased by 0.08%, and Shanghai aluminum prices rose by 0.36%. Inventory levels for both London and Shanghai aluminum increased, while production margins decreased [26][36]. 2.3 Lead and Zinc - Lead prices decreased, while zinc prices saw a slight increase. Inventory levels for lead and zinc showed mixed trends, with lead inventory declining and zinc inventory increasing [49]. 2.4 Tin and Nickel - Tin prices fell, and nickel prices also experienced a decline. Inventory levels for both metals showed a downward trend [62]. 3. Energy Metals 3.1 Lithium - Lithium prices, including lithium carbonate and lithium spodumene, saw increases, while hydroxide prices slightly decreased. The report notes ongoing challenges in production margins for lithium [78]. 3.2 Cobalt - Cobalt prices are under pressure, but the extended export ban from the DRC may create opportunities for price rebounds in the future [88].

Core Viewpoint - The recent "anti-involution" policies in China aim to construct a unified national market, improve product quality, and promote high-quality economic development, with a focus on addressing low-price and disorderly competition [1] Market Performance - Since the announcement of "anti-involution" policies on July 1, the Shenyin Wanguo Glass Fiber sector has seen a cumulative increase of 14.2%, while the Shenyin Wanguo Steel and Photovoltaic Equipment sectors have risen by 11.36% and 9.73% respectively [1] Economic Implications - Comprehensive governance of "involution" is expected to enhance overall productivity by correcting low-price competition and overcapacity, thereby preventing "bad money from driving out good" [7] - The policies are anticipated to accelerate industry consolidation and improve corporate profit expectations, particularly in sectors like steel and cement [7][8] - The construction of a unified market is expected to reduce cross-regional transaction costs and stimulate domestic demand [7] Capital Market Impact - The governance of "involution" is likely to lead to the accelerated exit of outdated capacities, enhancing the market share and pricing power of leading companies, thus stabilizing profitability [8] - The "anti-involution" trend is seen as a long-term process that will create systematic investment opportunities as industry concentration increases [10] Sectoral Opportunities - Industries such as photovoltaic, new energy vehicles, steel, and cement are expected to benefit from the "anti-involution" policies [12] - In the photovoltaic supply chain, leading companies in silicon materials and glass are likely to benefit from price stabilization and capacity exit [12] - Traditional industries like steel and cement may see improved profitability through production limits and price stabilization [12][13] Investment Focus - Investors are advised to focus on sectors with real capacity exits and technological upgrades, avoiding speculative investments in companies without actual production cuts [13] - Key areas for investment include supply-demand optimization in steel and cement, technology barriers in photovoltaic and lithium battery sectors, and cost advantages in industries like pig farming [12][13]

Core Viewpoint - The article discusses the significance of the "anti-involution" policy in promoting high-quality economic development and the construction of a unified national market in China, emphasizing the need to address low-price disorderly competition and improve product quality [2][10]. Market Performance - Since the announcement of the "anti-involution" policies on July 1, the Shenyin Wanguo Glass Fiber sector has seen a cumulative increase of 14.2%, while the Shenyin Wanguo Steel and Photovoltaic Equipment sectors have risen by 11.36% and 9.73%, respectively [2]. Economic and Market Implications - Comprehensive governance of "involution" is expected to enhance overall productivity by correcting low-price competition and overcapacity, thereby preventing "bad money from driving out good" [10]. - The policy is anticipated to accelerate industry consolidation and improve corporate profit expectations, particularly in sectors like steel and cement [10]. - The construction of a unified market is expected to reduce cross-regional transaction costs and stimulate domestic demand [10]. Industry Beneficiaries - Industries likely to benefit from the "anti-involution" policies include photovoltaic, new energy vehicles, steel, and cement [16][18]. - In the photovoltaic supply chain, leading companies in silicon materials and glass are expected to benefit from price stabilization and capacity clearance [16]. - In the new energy vehicle sector, leading manufacturers are likely to restore profitability through production control and price stabilization [16]. Market Dynamics and Sustainability - The sustainability of the "anti-involution" market rally is contingent on demand-side support, with short-term market reactions driven by policy-induced supply reductions [13][14]. - Traditional industries like steel and coal are expected to see basic support for their market performance due to clear capacity constraints [14]. - The performance of related sectors will exhibit differentiation, with traditional industries benefiting from actual capacity reductions, while technology-intensive sectors will need to focus on innovation and efficiency [14][17]. Long-term Opportunities - Key opportunities include supply-demand optimization in sectors like steel and cement, technology barriers in photovoltaic and lithium battery sectors, and cost advantages in industries like pig farming [17]. - Companies with the ability to set technical standards within their supply chains are expected to achieve excess returns, highlighting the importance of long-term structural changes in the industry [17].

子行业周度核心观点： 光伏&储能：新能源为代表的新兴制造业是本轮"反内卷"的核心聚焦领域，光伏则是核心领域中的标杆示范行业， 当前"依法依规"进行干预的价格端已初显成效，继续关注终端价格传导能力、产业链对涨价趋势一致预期的形成、 以及供给侧自上而下的潜在动作；此外，继续重申推荐受益于美国政策不确定性消除、国内新能源全面市场化+反内 卷驱动格局改善、Q2 业绩同环比展望乐观的大储龙头：阳光电源。 风电：大金重工披露半年报业绩预告，Q2 业绩超预期，看好公司中长期盈利提升，继续坚定重点推荐；海南省发布 "136 号文"细则征求意见稿，增量海风项目获明显政策倾斜；浙江海风、日月、东缆等成立母港装备公司，关注浙 江深远海示范项目推进带来的订单机会。 电网：1）思源电气发布 25 中报业绩快报，25Q2 实现营收 53 亿元，同比+50%；归母净利润 8.5 亿元，同比+62%，大 超预期，上调公司 25 年盈利预测至 27.5 亿元，yoy+34%，当前股价对应 PE 仅 20 倍，维持重点推荐；2）国网输变电 设备 3 批中标金额 211.9 亿元，同比+38%，再创单批次中标金额新高，前 3 批累计中标同比+25 ...

证券代码：001203 证券简称：大中矿业 债券代码：127070 债券简称：大中转债 大中矿业股份有限公司投资者关系活动记录表 编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会  | | 类别 | □新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名称 | 投资者网上提问 | | 时间 | 2024 年 7 月 11 日 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事会秘书林圃正先生、证券事务代表李云娥女士、IR 苏明先生 | | 员姓名 | | | | 1、林董好，近期有消息提到贵公司大宗铁矿石贸易是非洲利比里亚。 请问贵公司当前在推动一带一路高质量发展方面，有哪些业务布局 | | | 呢？谢谢。 | | | 回复： | | | 尊敬的投资者，您好。公司始终把实现中国梦作为企业使命，积 | | 投资者关系活动 | 极响应国家"一带一路"倡议。为契合公司 ...

周度报告—碳酸锂 盘面转入震荡整理，下游买盘陆续释放 | 走势评级: | | --- | 向后看，供应端整体压力有限：本轮反弹过程中矿价跟涨节奏较 快、对应锂盐加工环节利润窗口并未显著开启，7-8 月国内碳酸 锂产量或是环比小幅增长、整体压力可控；且智利及阿根廷发运 维持低位，近两个月进口压力较此前显著降低。市场博弈的焦点 仍在于需求端，需持续跟踪现货市场的成交情况。 整体而言，需求端淡季不淡、矿价跟随盘面快速调涨，叠加新仓 单生成速度偏慢，短期内碳酸锂预计仍是震荡偏强运行；待本轮 预期差充分完成计价后，盘面或在中长期过剩压力下重回下行通 道。策略方面，短期建议关注逢低试多及正套机会，中线空单建 议等待更适宜时机入场。 ★风险提示 下游消费不及预期，新增产能建设进度与企业预期有所出入。 | [T走ab势le_评R级an：k] | 碳酸锂：震荡 | 陈祎萱 CFA | 高级分析师（有色金属） | | --- | --- | --- | --- | | 报告日期： | 2025 年 7 月 13 日 | 从业资格号： | F3074710 | | [Table_Summary] | | 投资咨询号： | Z001 ...

扣除非经常性损 盈利：12,419.61 万元 益后的净利润 股票代码：002245 股票简称：蔚蓝锂芯 编号：2025-051 江苏蔚蓝锂芯集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 ?扭亏为盈 ?同向上升 ?同向下降 项目 本报告期 上年同期 盈利：30,000 万元–36,000 万元 归属于上市公司 盈利：16,732.41 万元 股东的净利润 比上年同期上涨：79.29%-115.15% 盈利：31,800 万元–37,800 万元 二、与会计师事务所沟通情况 本次业绩预告相关财务数据是公司财务部门初步测算的结果，未与会计师事 务所进行预沟通，未经会计师事务所审计。 三、业绩变动原因说明 报告期内，公司各项业务均保持良好的运营态势，尤其是锂电池业务，出货 量持续增加，带动业绩同比增长。同时，LED芯片业务业绩贡献也较2024年上半 年明显增加。 四、其他相关说明 比上年同期上涨 156.05%-204.36% 基本每股收益 盈利：0.2601 元/股-0.3121 元/股 盈利：0.1452 元/股 注：基 ...