新能源及有色金属周报 | 2025-10-12 矿端扰动减弱，短期消费支撑价格 市场分析 现货市场 价格方面：碳酸锂期货本周维持震荡运行，主力合约2511本周五收于 72740元/吨，本周跌幅为0.08%，持仓量为 221919吨。SMM电池级碳酸锂均价73,550元/吨；工业级碳酸锂均价71,300元/吨，现货价格基本持平。现货成交稍 有好转，但多数观望为主。截至本周五，所有合约总持仓 68.17万手。截至本周五，碳酸锂当日仓单 42379 手， 仓单数量较多。 供应端：据 SMM 统计，周度产量小幅增加，周度总产量 2.06 万吨，环比增加 119 吨，其中辉石产碳酸锂 13064 吨，环比增加 75吨，云母产碳酸锂2695 吨，环比减少145 吨，盐湖产碳酸锂 2904 吨，环比增加 141 吨，回收产 碳酸锂 1972吨，整体来看，供应端仍保持较高水平。 消费端：据百川数据，磷酸铁锂产量环比降低0.04%，三元材料环比增加0.48%。钴酸锂环比增加0.12%，锰酸锂环 比增长5.64%。下游排产维持增量预期。终端动储双增，下游需求维持高位，但节后下游散单采购需求较弱，多观 望市场走势，仅少数刚需采购， ...

Core Viewpoint - The article discusses the current state of the lithium battery materials market, highlighting price trends and supply-demand dynamics across various segments including lithium carbonate, ternary materials, lithium iron phosphate, anode materials, separators, and electrolytes. Lithium Carbonate - After the holiday, domestic lithium carbonate prices have remained stable, fluctuating between 73,000 to 74,000 yuan per ton, supported by strong downstream demand and a gradual decrease in market inventory [1] - As of October 11, the latest prices for battery-grade lithium carbonate are between 72,500 to 74,500 yuan per ton [2] Ternary Materials - The ternary materials market has seen price increases post-holiday, driven by soaring cobalt prices due to export quota management, with prices for nickel-based materials rising by 15,000 yuan per ton [2] - The latest prices for ternary materials as of October 11 are 136,000 to 140,000 yuan per ton for 5-series single crystal and 150,000 to 155,000 yuan per ton for 8-series 811 type [3] Lithium Iron Phosphate - The lithium iron phosphate market is currently experiencing tight supply, leading major manufacturers to increase prices selectively for certain battery factories [3] - The latest prices for lithium iron phosphate as of October 11 are 33,600 to 35,000 yuan per ton for power type and 32,600 to 33,200 yuan per ton for energy storage type [5] Anode Materials - The demand for anode materials remains strong, with high production levels maintained in September and October. Recent export control measures are expected to boost shipments from leading manufacturers [5] - The latest prices for anode materials as of October 11 are 50,000 to 65,000 yuan per ton for high-end natural graphite and 31,800 to 64,800 yuan per ton for high-end artificial graphite [6] Separators - The separator market is experiencing good demand, with significant orders for ultra-thin separators leading to delivery bottlenecks among major suppliers. The overall industry capacity utilization is expected to rise [6] - The latest prices for separators as of October 11 are 0.55 to 0.925 yuan per square meter for 9μm wet process base film and 0.35 to 0.50 yuan per square meter for 16μm dry process base film [7] Electrolytes - The electrolyte market is busy, with zero inventory for lithium hexafluorophosphate (6F) and orders extending into November. Manufacturers are operating at full capacity [8] - The latest prices for electrolytes as of October 11 are 66,000 to 73,000 yuan per ton for lithium hexafluorophosphate and 19,700 to 24,000 yuan per ton for ternary electrolyte [9] Batteries - The lithium battery market is experiencing robust supply and demand, with production expected to grow by up to 5% in October due to strong stocking needs [10] - The latest prices for batteries as of October 11 are 0.38 to 0.45 yuan per watt-hour for square ternary power cells and 0.26 to 0.355 yuan per watt-hour for square lithium iron phosphate power cells [10]

Core Viewpoint - The article discusses the restructuring of Shanshan Co., Ltd. and the potential change in control to a consortium of investors, which may revitalize the company amid its financial challenges and shift towards the new energy sector [2][3]. Group 1: Restructuring and Control Change - Shanshan Co., Ltd. announced a restructuring agreement with a consortium of investors, aiming to acquire 23.36% of the company's shares for approximately 3.284 billion yuan [2]. - The new controlling shareholder will be Ren Yuanlin, founder of Yangtze River Shipbuilding, known as the "King of Private Shipbuilding" in China [3][9]. - The restructuring is seen as a potential turning point for Shanshan Co., Ltd., which has faced significant financial difficulties and internal conflicts [6][9]. Group 2: Historical Context and Business Evolution - Founded by Zheng Yonggang, Shanshan initially focused on the clothing industry before diversifying into lithium battery materials and photovoltaic sectors [3][4]. - By 2013, revenue from lithium battery materials surpassed that from traditional clothing, indicating a strategic shift in business focus [4]. - In 2021, Shanshan's revenue reached 20.699 billion yuan, with significant contributions from lithium battery materials and LCD polarizer businesses [5]. Group 3: Financial Performance and Challenges - Despite a revenue increase in 2021, Shanshan faced negative cash flow and rising short-term debts, indicating underlying financial stress [5]. - In 2024, the company reported its first loss since going public, with a revenue decline of 2.05% and a net loss of 367 million yuan [7]. - As of mid-2025, Shanshan's revenue showed signs of recovery, but the company still faced substantial debt pressures, with short-term borrowings exceeding cash reserves [8]. Group 4: Future Prospects and Strategic Partnerships - The restructuring investors, including TCL Technology, are interested in Shanshan's position in the new energy sector, particularly its role as a supplier for semiconductor display materials [8][9]. - Ren Yuanlin's investment plans include significant funding for clean energy projects, aligning with Shanshan's business direction [9]. - The collaboration with restructuring investors is expected to enhance Shanshan's operational capabilities and market competitiveness in the rapidly evolving new energy landscape [9].

Core Viewpoint - The control of Singshan Holdings has been transferred to a consortium led by New Yangzi Trading, following a restructuring agreement aimed at stabilizing the company after a period of turmoil due to the sudden death of its founder, Zheng Yonggang [1][2][4]. Group 1: Restructuring and Control Change - Singshan Holdings announced a restructuring agreement with a consortium of investors, including New Yangzi Trading and TCL Investment, to acquire a total of 23.36% of the company's shares for approximately 3.284 billion yuan [1][2]. - The restructuring was prompted by a power struggle between Zheng Yonggang's son and widow, leading to financial difficulties for the controlling shareholder, Singshan Group, which was subsequently ordered to undergo restructuring by the court [2][4]. - The new controlling entity will be a limited partnership established by New Yangzi Trading and New Yangzi Shipping, which will acquire 9.93% of the shares directly [3][4]. Group 2: Financial Performance - Singshan Holdings has shown a significant recovery in its financial performance, with a 1079.59% year-on-year increase in net profit in the first half of the year, amounting to 207 million yuan [1][5]. - The company's revenue for the first half of the year reached 9.858 billion yuan, reflecting an 11.78% increase compared to the previous year [5][6]. - Despite previous losses, the core businesses of anode materials and polarizers contributed a net profit of 415 million yuan in the first half of the year [5][6]. Group 3: Market Position and Future Prospects - Singshan Holdings has established itself as a leader in the polarizer market, holding a 34% share in the large-size LCD polarizer segment as of the first half of 2025 [6]. - The company also leads in the production of artificial graphite anode materials, with a market share of 21% in the same period [6]. - The entry of New Yangzi Trading, backed by a major shipbuilding group, indicates a strategic interest in Singshan's potential in the renewable energy sector [7][8].

公司方面，据上市公司互动平台表示， 10月9日，商务部、海关总署发布对部分中重稀土相关物项实施出口管制的决定、对部分稀土设备和原 辅料相关物项实施出口管制的决定、对锂电池和人造石墨负极材料相关物项实施出口管制的决定、对超 硬材料相关物项实施出口管制的决定。 与2023年的石墨物项临时出口管制措施的公告相比，本次新规明确将人造石墨负极材料及其专用生产设 备纳入管制范围。 据国盛证券研报显示，产量方面，2025年上半年中国石墨负极材料产量达110.7万吨，同比增长36%。 2024年全球石墨负极产量216.7万吨，同比增长23%，其中中国占比进一步提升至98.5%。销量方面，全 球石墨负极销量208.7万吨，其中中国占比达98.4%。 另外，2025年上半年，中国人造石墨负极产量同比增长37%，中国人造石墨负极产量达101万吨，同比 增长37%，占石墨负极总产量的91.2%。 民生证券表示，2024年，随着负极专用焦、连续石墨化等先进技术的应用，人造石墨生产成本得到进一 步控制，价格也随之有所下行，同时受限于天然石墨出口管制，部分海外客户也逐步将原料使用向人造 石墨转移，人造石墨市场占比继续提升。 中科电气：公司 ...

Core Viewpoint - The article highlights the groundbreaking of Huaming Gaona's new project for producing aluminum oxide ceramic powder for lithium battery separators, emphasizing its significance in meeting the diverse needs of downstream manufacturers in the lithium battery industry [1]. Group 1: Project Overview - The project, located in Meicheng Town, JianDe, has a total planned investment of 200 million yuan, with fixed asset investment reaching 160 million yuan [1]. - It aims to establish four advanced production lines for aluminum oxide ceramic powder, producing high-precision products in various specifications: 0.3 microns, 0.5 microns, 0.8 microns, and 1.0 microns [1]. Group 2: Economic Impact - Upon full completion and production, the project is expected to achieve an annual output of 15,000 tons of high-end aluminum oxide ceramic powder [1]. - The anticipated annual sales revenue is projected to reach 240 million yuan, contributing approximately 23.4 million yuan in tax revenue [1].

Core Viewpoint - The article highlights the strategic collaboration between CATL and the Haikou government to establish a comprehensive battery swap network in Hainan, aligning with the province's green development goals and the broader push for electric vehicle infrastructure in China [2][3]. Group 1: Event Overview - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will take place from November 6-8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors and 20,000 professional attendees [1][11]. - The event will also include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [1]. Group 2: CATL's Strategic Moves - CATL has signed a strategic cooperation agreement with the Haikou government to invest in 100 battery swap stations across Hainan by 2030, marking a significant step in expanding its battery swap network in Southern China [1][2]. - The company aims to establish over 1,000 battery swap stations by 2025, with the Hainan market being a crucial component of this strategy [2][3]. Group 3: Market Growth and Performance - CATL's battery swap business has seen rapid growth, achieving a record of 105 new stations and 103 stations going live in August alone, totaling 512 stations across 34 cities by the end of August [2]. - The daily battery swap volume has reached over 140,000 kWh, with individual stations achieving a daily swap volume of 10,000 kWh, positioning CATL among the industry leaders [2]. Group 4: Collaboration and Policy Support - The partnership with Haikou includes collaboration on green energy development, new energy storage applications, and electric transportation, enhancing the local energy ecosystem [3][4]. - Haikou has introduced incentive policies, offering up to 500,000 yuan for projects that deploy a certain number of battery swap vehicles, supporting the promotion of the battery swap model [3].

Group 1 - Shanshan Group and a consortium of investors signed a restructuring investment agreement to advance the restructuring process of Shanshan Group and its subsidiary, Ningbo Pengze Trading Co., Ltd [2][3] - TCL Technology announced its participation in the restructuring through its subsidiary, investing up to 500 million yuan to acquire 1.94% of Shanshan shares at a price of 11.44 yuan per share [3] - Shanshan Holdings is a leading company in the global lithium battery anode material market, with significant partnerships with major panel manufacturers like BOE and TCL Huaxing [3][4] Group 2 - The restructuring is driven by the increasing demand for lithium battery materials, with the global market for anode materials expected to reach 42 billion yuan in 2024, with China accounting for 70% of global capacity [4] - The consortium aims to acquire a total of 23.36% of Shanshan's shares through various methods, including direct acquisition and trust agreements [4][5] - If the restructuring is successful, the actual controller of Shanshan will change to Ren Yuanlin, the actual controller of Xinyangzi Commerce, which is a major domestic investment platform [5] Group 3 - As of September 30, Shanshan's stock price was 15.9 yuan per share, representing a premium of approximately 39% over the restructuring pricing of 11.44 yuan per share [6]

Group 1 - The stock of Wanrun New Energy increased by 4.80%, closing at 68.79 yuan on September 30 [1] - Two block trades occurred, totaling 200,000 shares with a transaction amount of 13.552 million yuan [1] - The first transaction was at a price of 67.76 yuan for 100,000 shares, with a premium rate of -1.50% [1] - The second transaction also occurred at 67.76 yuan for 100,000 shares, with the same premium rate of -1.50% [1] Group 2 - In the last three months, the stock has recorded five block trades with a total transaction amount of 28.7188 million yuan [1] - Over the past five trading days, the stock has risen by 39.31% [1] - The net inflow of main funds for the stock amounted to 68.7358 million yuan [1]

Core Viewpoint - Fangyuan Co., Ltd. experienced a 5.01% decline in stock price, closing at 6.82 CNY per share, with a trading volume of 403 million CNY and a turnover rate of 11.30%, resulting in a total market capitalization of 3.479 billion CNY [1] Company Overview - Fangyuan Co., Ltd. is located in Jiangmen City, Guangdong Province, and was established on June 7, 2002. The company was listed on August 6, 2021. Its main business involves the research, production, and sales of lithium battery ternary precursor materials and nickel battery cathode materials [1] - The revenue composition of the company includes: 46.96% from sulfate, 29.77% from precursors, 14.07% from lithium carbonate, 7.90% from other sources, and 1.31% from spherical nickel hydroxide [1] Fund Holdings - According to data, one fund under Caitong Fund has a significant holding in Fangyuan Co., Ltd. The Caitong Yixiang Stable Pension One-Year Holding Period Mixed Fund (FOF) (021166) held 5,200 shares in the second quarter, accounting for 0.05% of the fund's net value, ranking as the tenth largest holding [2] - The fund was established on September 10, 2024, with a latest scale of 54.72 million CNY. Year-to-date returns are 5.86%, ranking 781 out of 1,048 in its category; the one-year return is 8.38%, ranking 822 out of 1,014; and the return since inception is 8.55% [2] Fund Manager Information - The fund manager of Caitong Yixiang Stable Pension One-Year Holding Period Mixed Fund (FOF) (021166) is Chen Xi, who has been in the position for 3 years and 223 days. The total asset scale of the fund is 54.72 million CNY, with the best return during the tenure being 8.59% and the worst return being -7.53% [3]