Market Trends - On January 6, lithium carbonate futures opened high and surged, with the main contract 2605 approaching 138,000 yuan/ton, marking a nearly 14% increase over the first two trading days after the holiday, setting a new high for the period [2] Supply Dynamics - The recent price increase in lithium carbonate is primarily driven by strong expectations of supply contraction. In Yichun, Jiangxi, 27 mining rights for lithium mica were canceled due to stricter environmental and resource regulations, leading to a decrease in local enterprise operating rates. Additionally, the Jiangxi-based lithium mine under CATL is expected to reduce monthly lithium carbonate supply by 8,000 to 10,000 tons due to mining permit issues, with optimistic recovery not anticipated until June 2026 [4] Policy Impacts - The State Council issued a notice on January 5, 2026, regarding solid waste management, which may impact certain mining operations in Jiangxi. The notice emphasizes the integration of mining and processing of heavy non-ferrous metals and discourages new mining projects without self-built mines and tailings disposal facilities [5] - The National Development and Reform Commission and the Ministry of Finance announced a continuation of subsidies for heavy trucks and passenger vehicles under a "trade-in" policy, which is expected to improve market confidence regarding first-quarter demand for new energy vehicles [5] Demand Insights - In December 2025, wholesale sales of new energy passenger vehicles increased by 4% year-on-year but decreased by 8% month-on-month, indicating growth pressure in automotive consumption. However, explosive growth in the energy storage sector has extended order schedules into 2026, effectively compensating for seasonal demand gaps in new energy vehicles, providing some support for lithium prices [8] Inventory Analysis - As of January 5, lithium carbonate social inventory was 109,605 tons, with a weekly reduction of 168 tons, marking a slowdown in inventory depletion over five consecutive weeks. The inventory structure shows high downstream and other segment inventories, which may limit future purchasing momentum and exert pressure on further price increases [8] Market Sentiment - Analysts from various firms suggest that while the current demand for lithium carbonate is weakening marginally, long-term demand expectations remain strong. The market sentiment is significantly influenced by geopolitical events and domestic stimulus policies, with expectations of continued upward pressure on lithium prices despite potential short-term corrections due to inventory adjustments [11][12][13]

南华期货研究院新能源组负责人 夏莹莹：对下游企业来说，短期内确实可能会面临阶段性成本高企的问题，但后续随着市场自我调节机制发挥作 用，行业会逐渐形成新的供需平衡格局。 卓创资讯富宝锂电分析师 苏津仪：需求方面，预计动力电池领域增速平稳，储能电池领域则存在超预期的可能性。预计2026年碳酸锂现货价格中枢 将高于2025年，并随需求排产情况呈现波动。需要注意，若价格持续显著高于部分停产或停建项目的成本线，可能推动该部分产能重启，从而对价 格形成压制。 转载请注明央视财经 （央视财经《正点财经》）近半年来，碳酸锂价格持续反弹，近期更是呈现加速上涨的态势，带动全产业链价格上行。这一轮碳酸锂价格上涨是否 具有持续性？未来的供需格局将如何演变？行业又面临哪些潜在的风险？来看业内人士的分析。 分析师预计，随着新能源汽车和储能产业的发展，碳酸锂价格有望保持一定韧性，但整体走势仍将呈现阶段性波动。从供给端看，2026年新增供应 将主要来自龙头企业矿石产能的释放与扩张。 编辑：潘煦 ...

Group 1 - The third National Postdoctoral Innovation and Entrepreneurship Competition saw Jiangxi achieve 1 gold, 2 silver, and 3 bronze medals, with 80% of the projects aligning with key local industrial chains [1] - Jiangxi's strategy focuses on embedding new postdoctoral stations and recruits into 12 key industrial chains, including non-ferrous metals and biomedicine, creating a closed-loop model of "enterprises posing questions, talents providing solutions, and results landing" [1] - The city of Yingtan has collected 72 technical cooperation demands from 45 enterprises and established 7 national-level workstations in copper processing, contributing to the selection of copper-based new materials cluster for the 2024 National Advanced Manufacturing Cluster [1] Group 2 - Jiangxi has introduced a series of talent policies, including the "Nine Measures for Postdoctoral Talent," to attract and gather postdoctoral talents, supported by comprehensive measures for family settlement and social security [2] - Since 2023, the provincial government has increased annual funding for postdoctoral recruitment and training by over 43 million yuan, marking a nearly sixfold increase [2] - The total number of postdoctoral stations in Jiangxi has reached 323, with 2,727 postdoctoral recruits, and 500 of them have been selected for national or provincial talent programs, completing over 6,000 research projects [2]

Group 1 - The core viewpoint of the article emphasizes the creation and significance of the lithium battery industry chain distribution map, which has become a sought-after resource in the industry since its launch in 2022, reflecting its unique value and far-reaching impact [1] Group 2 - The distribution map provides a comprehensive overview of the global lithium battery industry, detailing the entire supply chain from raw materials to end applications, including key companies involved in lithium carbonate, lithium iron phosphate, and other essential materials [2] - It covers the production of critical components such as separators and electrolytes, which are vital for the safe and efficient operation of batteries [3] - The map includes various types of lithium-ion battery manufacturing, such as cylindrical, prismatic, and pouch cells, highlighting the design, production, and assembly processes [4] - It also addresses battery recycling and reuse, featuring a whitelist of companies engaged in these activities, and showcases the broad application prospects of lithium battery technology across electric vehicles, energy storage systems, and consumer electronics [5] - Geographically, the distribution map encompasses major lithium battery industry clusters in China, North America, Europe, Japan, South Korea, and Southeast Asia [6] Group 3 - The target audience for the distribution map includes global venture capital funds, private equity funds, and industry investment funds, particularly those focused on new energy and new materials [8] - Industry participants are encouraged to join the lithium battery supply chain ecosystem, including raw material suppliers, material manufacturers, battery producers, and electric vehicle manufacturers [8] - Collaboration with research institutions and universities in fields such as new energy, materials science, and electrochemistry is welcomed to promote technological innovation and talent development [8] - The article invites government agencies and industry associations to strengthen cooperation to facilitate the implementation of lithium battery industry policies and optimize the development environment [8] Group 4 - The article extends an invitation for collaboration in exploring deep cooperation opportunities within the lithium battery industry chain [9]

元旦"微度假"热度高 宏观研究 /[Table_Date] 2026.01.04 2026-01-06 国内高频指标跟踪（2026 年第 1 期） 本报告导读： 消费复苏动能较强，但投资、生产仍需政策进一步提振。 投资要点： 宏 观 周 报 请务必阅读正文之后的免责条款部分 宏 观 研 究 证 券 研 究 报 告 [Table_Summary] 元旦居民出行热度高，"微度假"是主流。跨区域人员流动以 19.5%的 同比增速创近期新高，铁路、水路客运增速领跑，中短途微度假成 主流，服务消费中游乐需求表现亮眼，但商品消费受年末翘尾效应 消退影响有所回落。其他高频数据显示，投资方面，地产销售边际 回落，不过其中一线城市限购放松释放部分需求，基建与开工建设 仍受新项目不足等因素制约。进出口方面，港口运行平稳，国内进 口运价与 BDI 指数走势分化。生产方面，多数行业开工率回落，呈 现分化态势，石化受成本抬升、汽车受需求回落影响表现平淡，锂 电、光伏中上游制造等新兴行业表现较好。物价上，PPI 商品价格普 遍回升，CPI 表现分化。流动性层面，人民币汇率升破 7.0 大关，资 金利率与国债收益率有所上行。 风险提示：贸 ...

1. Report's Industry Investment Rating - No information provided regarding the industry investment rating 2. Core View of the Report - On January 5, 2026, the lithium carbonate futures 2605 contract rose 7.74% to 129,980 yuan/ton. The average price of battery - grade lithium carbonate increased by 1,000 yuan/ton to 119,500 yuan/ton, and the average price of industrial - grade lithium carbonate rose by 1,500 yuan/ton to 117,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) increased by 500 yuan/ton to 110,800 yuan/ton. The warehouse receipt inventory remained at 20,281 tons [3]. - On the supply side, the weekly output increased by 259 tons to 22,420 tons. In January 2026, the lithium carbonate output is expected to decline by 1.2% to 97,970 tons. On the demand side, in January 2026, the output of ternary materials, ternary power batteries, and iron - lithium power batteries is expected to decline, while the iron - lithium energy storage output is expected to increase by 0.99% to 63.15GWh. In terms of inventory, the weekly social inventory of lithium carbonate decreased by 168 tons to 109,605 tons [3]. - Recently, due to overseas geopolitical disturbances, continued domestic stimulus policies, and speculation about solid waste, the lithium price rose significantly. According to preliminary production scheduling data, supply and demand are both weak in January. There is a risk of inventory accumulation, but considering the current inventory structure and the medium - to - long - term trading logic of being bullish on lithium prices, it is believed that there will be restocking demand when prices fall, and prices are more likely to rise than fall [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Price Changes**: The lithium carbonate futures 2605 contract, battery - grade and industrial - grade lithium carbonate, and battery - grade lithium hydroxide prices all increased on January 5, 2026, while the warehouse receipt inventory was unchanged [3]. - **Supply - Demand - Inventory Situation**: The weekly supply increased, but the January 2026 output is expected to decline. The demand for most products in January 2026 is expected to decline, except for iron - lithium energy storage. The weekly social inventory decreased [3]. - **Price Outlook**: Short - term terminal demand cannot be falsified, and there is no conclusion on the procurement, sales, pricing mechanism, and processing fees at the cathode end. Considering the inventory structure and long - term bullish logic, the price is likely to rise [3]. 3.2 Daily Data Monitoring - **Futures and Lithium Ore**: The closing prices of the main and continuous contracts of lithium carbonate futures increased, the price of lithium mica increased, and the price of lithium spodumene concentrate decreased. The prices of some other lithium ores remained unchanged [5]. - **Lithium and Lithium Salts**: The prices of battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide increased, and the price of lithium hexafluorophosphate remained unchanged [5]. - **Price Spreads**: The spread between battery - grade and industrial - grade lithium carbonate, and between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased, while some other spreads increased [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials, as well as lithium iron phosphate and lithium manganate, increased, and the price of cobalt acid lithium also increased [5]. - **Lithium Batteries**: The prices of various lithium battery cells and batteries remained unchanged [5]. 3.3 Chart Analysis - **Ore Prices**: The report shows the price trends of lithium spodumene concentrate, different grades of lithium mica, and phospho - lithium - aluminum stone from 2024 to 2026 [6][9]. - **Lithium and Lithium Salt Prices**: It presents the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 [12][17]. - **Price Spreads**: The report displays the price spread trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and some other spreads from 2024 to 2026 [19][20]. - **Precursors and Cathode Materials**: It shows the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2026 [25][30]. - **Lithium Battery Prices**: The report presents the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 [32][36]. - **Inventory**: It shows the inventory trends of downstream, smelters, and other links from May 15, 2025, to December 11, 2025 [38][40]. - **Production Costs**: The report displays the production profit trends of lithium carbonate from different raw materials from 2024 to 2026 [43][44].

Group 1: Investment Strategy in Electric Equipment and New Energy Industry - The lithium battery sector is driven by high growth in power batteries and rapid expansion in energy storage batteries, focusing on key segments such as separators, lithium iron phosphate cathodes, and electrolytes [5][6] - In the separator segment, the industry maintains a good supply-demand structure with an operating rate above 80%, while raw material prices are on a downward trend, benefiting companies like Xingyuan Material and Enjie [5] - The lithium iron phosphate cathode has captured over 80% of the power battery installation share and 94% in the energy storage sector, with leading companies like Hunan Youneng and Dofang Nano expected to see improved profitability [5] - The electrolyte segment is becoming more active, with a significant increase in operating rates expected in 2025, driven by rising prices of lithium hexafluorophosphate due to supply constraints and demand recovery, benefiting companies like Tianci Materials and Molybdenum [5] Group 2: China Merchants Bank (600036) Overview - China Merchants Bank is navigating an industry downturn since the second half of 2021, with its net interest margin and personal loan risk pressures rising, yet it maintains a leading advantage in key operational metrics [7][9] - The bank's net interest margin remains strong due to its high proportion of personal loans and low-cost liabilities, with expectations of easing pressure on net interest margins and steady recovery in non-interest income [9][10] - The bank's asset quality is well-managed, with a high provision coverage ratio allowing for greater flexibility in asset write-offs and disposals, positioning it favorably to withstand economic cycles [10][11] - The bank's dividend payout ratio is among the highest in the industry, supported by a robust capital management strategy that balances risk and returns, making it an attractive investment opportunity [11] Group 3: Robotic Vacuum Cleaner Industry Insights - The sales of robotic vacuum cleaners saw a 26.4% year-on-year decline during the 2025 Double 11 shopping festival, attributed to a high base from the previous year, although sales increased by 33.0% compared to 2023 [13][14] - Cost control has become a core competitive advantage for companies like Ecovacs, which improved its gross margin through scale production and supply chain integration [13] - Leading companies are diversifying their product lines to create a multi-ecosystem approach, leveraging technological advancements to enhance innovation and cater to specific consumer segments [14]

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、封面：图虫创意 行情变化： 1月6日，ICC电池级碳酸锂（99.5%）现货结算指导价格为 127000 元 /吨 ，较上一工作日 上涨 5000 元 ；电池级氢氧化锂（ 56.5%粗颗粒）结算指导价格为 103000 元 /吨 ，较上一工作日 上涨 5000 元 。 期货方面， 1月6日，碳酸锂期货再创新高，主力合约上午就已突破 137000元 /吨 大关，较上一交 易日 上涨 10000 元 /吨 左右，持仓量继续增长。 0 1 0 2 | 品名 | 1月5日 | 1月6日 | 环比上涨 | 上月均价 | | --- | --- | --- | --- | --- | | 锂精矿 | 1600 | 1640 | 40 | 997. 5 | | (6.0%) | | | | | | 电池级碳酸锂 | 12. 2 | 12. 7 | 0. 5 | 8. 58 | | (99.5%/辉石) | | | | | | 氢氧化锂 (56.5%相颗粒) | 9.8 | 10. 3 | 0. 5 | 7.71 | ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the energy storage, lithium battery, wind energy, photovoltaic, and electric power equipment industries, highlighting their growth and investment opportunities [1][2][3][4][5][6][25]. Core Insights and Arguments - **Capacity Pricing Policies and Clean Energy Demand**: The refinement of capacity pricing policies in northern regions and Google's acquisition of a clean energy company indicate a strong emphasis on clean energy, providing demand support for related industries [1]. - **Emerging Industries Driving Telecom Sector**: Emerging sectors such as space photovoltaics, commercial aerospace, and wind energy are expected to drive growth in the telecom sector by 2026, creating incremental demand [1][4]. - **Storage Market Growth**: The storage market is experiencing unexpected growth, with significant installations in the U.S. (13.1 GW from January to October) and Australia (4 GWh in Q3) [1][5]. - **Battery Cell Price Trends**: Battery cell prices have risen significantly for spot orders, while long-term prices have seen limited increases, indicating cost pressures being transmitted to the system level [1][10][11]. - **Lithium Battery Material Dynamics**: December saw a slight year-on-year decline in sales for key companies, but new policies are expected to improve production expectations for automakers [1][13][14]. - **Wind Energy Sector Growth**: Onshore wind energy tenders have decreased, while offshore wind tenders have increased, indicating a structural growth trend in the offshore segment [1][19]. Additional Important Insights - **Investment Recommendations**: Investors are advised to focus on specific companies within the storage, lithium battery, wind energy, electric power equipment, and robotics sectors, highlighting firms like CATL, Gotion, Goldwind, and Longi [6][25]. - **U.S. Market Outlook**: The U.S. market shows strong demand and project planning, with a significant number of projects expected to come online in 2026 and 2027 [8]. - **Australia and France Market Highlights**: Australia has seen a substantial increase in new projects, while France's installation growth is also notable, particularly in large storage systems [9]. - **Battery Cost Impact on Profitability**: Rising battery costs are expected to have a manageable impact on profitability, with a gradual transmission of cost increases to downstream customers [17]. - **Focus on Sodium-Ion Batteries**: The rise in lithium carbonate prices has led to increased interest in sodium-ion batteries, indicating a potential area for investment [18]. - **Electric Power Equipment Export Highlights**: The export of AI-related transformers and AIDC projects is notable, with significant contracts signed, indicating growth opportunities in these areas [2][23]. Conclusion - **Overall Investment Landscape**: The energy storage and lithium battery sectors are highlighted as high-priority investment areas, with wind energy and electric power equipment also showing structural advantages. Emerging sectors like robotics and AIDC are recommended for future focus due to their promising growth prospects [25].

人民财讯1月5日电，1月5日，贝特瑞与深圳清研电子签署合资公司合作协议，双方将就推动干法电极产 业化工作展开深入合作，共同推动锂电前沿关键工艺革新。 ...