此前烯石电车新材料发布公告，于2025年11月11日，本公司间接非全资附属公司烯石(安徽)新能源材料 有限公司(买方)与安徽铂索亚精工科技（002006）有限公司(卖方)订立设备购买协议，买方同意购买而 卖方同意出售设备，代价为人民币4225.22万元(相等于约4627.04万港元)，以用于本集团位于中国安徽 省的项目。 香港联交所最新资料显示，11月20日，烯石电车新材料(06128)股东将股票由凯基证券亚洲转入大华继 显(香港)，转仓市值1509.75万港元，占比5.26%。 ...

此前烯石电车新材料发布公告，于2025年11月11日，本公司间接非全资附属公司烯石(安徽)新能源材料 有限公司(买方)与安徽铂索亚精工科技有限公司(卖方)订立设备购买协议，买方同意购买而卖方同意出 售设备，代价为人民币4225.22万元(相等于约4627.04万港元)，以用于本集团位于中国安徽省的项目。 智通财经APP获悉，香港联交所最新资料显示，11月20日，烯石电车新材料(06128)股东将股票由凯基证 券亚洲转入大华继显(香港)，转仓市值1509.75万港元，占比5.26%。 ...

策略点评 证券分析师 程强 [Table_Main] 证券研究报告 | 策略点评 2025 年 11 月 20 日 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 银行带头护盘 [Table_Summary] 投资要点： 摘要。2025 年 11 月 20 日周四，A 股市场调整；国债期货盘整，30 年期下跌；商 品多数下跌，碳酸锂突破 10 万。 一、市场行情分析 图 1：沪指企稳，市场再度缩量 资料来源：Wind，德邦研究所 请务必阅读正文之后的信息披露和法律声明 1）股票市场：股指多数下行，整体情绪仍偏低 股指多数下行，整体情绪偏低。11 月 20 日，A 股高开低走，其中：上证指数收跌 0.4%报 3931.05 点，深证成指跌 0.76%，创业板指跌 1.12%，北证 50 跌 1.07%， 科创 50 跌 1.24%，万得全 A 跌 0.66%，万得 ...

Company Overview - Aike Co., Ltd. (SZ 300889) announced on November 20 that its controlling shareholder, Mr. Xie Mingwu, has pledged 3.95 million shares, bringing the total pledged shares to 27.647 million, which accounts for 43.56% of his holdings [1] Revenue Composition - For the year 2024, Aike's revenue composition is as follows: LED industry contributes 69.68%, new energy materials account for 17.49%, photovoltaic and wind power sectors represent 10.49%, electric vehicle charging industry makes up 1.94%, and other businesses contribute 0.39% [1] Market Capitalization - As of the announcement date, Aike's market capitalization stands at 5.7 billion yuan [1]

Core Viewpoint - The launch of Zhonglun New Material's new generation BOPP capacitor film project marks a significant step in enhancing China's self-sufficiency in key materials for the new energy industry and aims to capture market opportunities in the ultra-thin capacitor film sector [1][3]. Group 1: Project Overview - The newly launched BOPP production line is the widest in the ultra-thin capacitor film field, measuring 6.4 meters [3]. - The project represents a total investment of 2.5 billion yuan and covers an area of 134,400 square meters, focusing on the R&D and mass production of ultra-thin capacitor films and composite current collector base films [3]. Group 2: Technological Advancements - The production line utilizes Zhonglun's self-innovated biaxial stretching process, achieving high automation levels and international leading technology [3]. - The project enhances product performance and consistency while significantly reducing energy consumption, thereby improving overall competitiveness [3]. Group 3: Product Launch - The first product launched is the "Long Plastic High-Function Capacitor Film," which addresses the industry's challenges of high technical barriers, difficulty in large-scale production, and insufficient domestic capacity [3]. - This new generation capacitor film features excellent properties such as high-temperature resistance, high voltage tolerance, low dielectric loss, and strong self-healing capabilities, making it suitable for demanding applications in new energy vehicles, photovoltaics, wind power, home appliances, and power grids [3].

11月20日，多氟多跌5.02%，截至发稿，报36.11元/股，成交43.59亿元，换手率10.77%，总市值429.87 亿元。 资料显示，多氟多新材料股份有限公司位于河南省焦作市中站区焦克路，成立日期1999年12月21日，上 市日期2010年5月18日，公司主营业务涉及六氟磷酸锂及电子化学品、锂离子电池、新能源汽车、无机 氟化盐。主营业务收入构成为：新能源材料34.97%，氟基新材料30.39%，新能源电池25.30%，电子信 息材料5.55%，其他3.80%。 截至发稿，冷文鹏累计任职时间9年163天，现任基金资产总规模13.31亿元，任职期间最佳基金回报 236.32%， 任职期间最差基金回报-21.77%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，中信建投基金旗下1只基金重仓多氟多。中信建投价值增长混合A（025231）三季度持有股 数105.77万股，占基金净值比例为2.56%，位居第九大重仓股。根据测算，今日浮亏损失 ...

Report Summary 1. Report Industry Investment Ratings No specific overall industry investment ratings are provided in the report. Instead, it offers investment suggestions for various futures contracts in different sectors. 2. Core Viewpoints - The domestic stock index shows resilience, with overall volatility decreasing and waiting for stabilization. The A - share market is in a repricing adjustment, with short - term fluctuations and limited downside risks. [2] - The bond market may continue to fluctuate narrowly, with the 10 - year Treasury bond yield facing resistance around 1.8%. [2] - Precious metals are expected to find support at certain levels, with a suggestion to buy on dips. [2] - Different commodities in the black, non - ferrous, energy - chemical, and agricultural sectors have different price trends and corresponding investment strategies. [2] 3. Summary by Related Catalogs Financial Futures - **Stock Index Futures**: Domestic stock index futures are in a state of repricing adjustment. Short - term fluctuations are common, and it is recommended to wait and see. In case of a deep one - day decline, a bull spread of put options can be arranged. [2] - **Treasury Bond Futures**: The bond market may continue to fluctuate narrowly. For the TL2512 contract, the fluctuation range is expected to be between 115.9 - 116.7, and an interval operation strategy is recommended. [2] Precious Metals - **Gold**: It is expected to find support around $4000 (925 yuan). A strategy of buying on dips is recommended, and selling out - of - the - money put options is suggested. [2] - **Silver**: It follows the trend of gold and is expected to find support around $49 (11,800 yuan). A light - position trial long strategy on dips is recommended. [2] Black Commodities - **Steel**: The volume of rebar and hot - rolled coil is expected to increase, and the spread between them is expected to widen. Rebar and hot - rolled coil should respectively focus on the support levels of 3000 and 3200. [2] - **Iron Ore**: It is expected to fluctuate, with a reference range of 750 - 800, and a wait - and - see strategy is recommended. [2] - **Coking Coal**: It is viewed bearishly, with a reference range of 1100 - 1200. [2] - **Coke**: It is also viewed bearishly, with a reference range of 1600 - 1700. [2] Non - Ferrous Metals - **Copper**: The price is expected to fluctuate, with a reference range of 85,500 - 87,500. [2] - **Aluminum**: Different aluminum - related contracts have different expected price ranges. Some may have short - term downward space. [2] - **Zinc**: Supported by supply reduction expectations, with a reference range of 22,200 - 22,800, and long positions should be held. [2] - **Tin**: The price is expected to be strong, and long positions should be held. [2] Energy - Chemical Commodities - **PX**: It is expected to fluctuate at a high level in the short term. [2] - **PTA**: The medium - term supply - demand outlook is weak, and it is expected to fluctuate at a high level in the short term. A rolling reverse spread strategy for TA1 - 5 is recommended. [2] - **Short - fiber**: Similar to PTA, with a focus on reducing processing fees on rallies. [2] - **Bottle - chip**: The supply - demand pattern in November remains loose, and it follows the cost - end trend. [2] - **Ethanol**: There is short - term rigid demand support, but supply is high, and it is expected to fluctuate at a low level. [2] - **Benzene**: The supply - demand is relatively loose, and short - term waiting and seeing is recommended. [2] - **Styrene**: It may fluctuate and consolidate in the short term. [2] - **LLDPE**: The price changes little, and a wait - and - see strategy is recommended. [2] - **PP**: Due to unexpected maintenance, the downward space is limited, and short - position stop - profit is recommended. [2] - **Methanol**: The port market continues to weaken, and attention should be paid to the opportunity of narrowing MTO in the 05 contract. [2] - **Caustic Soda**: It is expected to be weak, and a bearish view is recommended. [2] - **PVC**: The supply - demand contradiction remains, and a bearish strategy is recommended. [2] - **Soda Ash**: The supply - demand pattern is weakening, and a strategy of shorting on rebounds is recommended. [2] - **Glass**: It is expected to be weak, and a bearish view is recommended. [2] - **Natural Rubber**: Supported by overseas raw materials, the price is rising, and a wait - and - see strategy is recommended. [2] - **Synthetic Rubber**: It is expected to face pressure at the upper level, and a mid - term strategy of shorting on rallies is recommended, with attention to the pressure around 10,800. [2] Agricultural Commodities - **Soybean Meal**: The domestic supply is loose, and attention should be paid to the support around 3000. [2] - **Pig**: There are signs of stabilization in the spot market, and a 3 - 7 reverse spread strategy should be held. [2] - **Corn**: It is expected to fluctuate in the range of 2100 - 2200. [2] - **Edible Oils**: The price is rising, and the P contract may reach 8900 in the short term. [2] - **Sugar**: Under the pressure of production increase, it is expected to be weak. [2] - **Cotton**: With a global bumper harvest and weak domestic downstream trading, it is expected to be weak. [2] - **Egg**: The supply is still loose, and short - position stop - profit should be gradually carried out on dips for the 2512 contract. [2] - **Apple**: It may fluctuate around 9500 in the short term. [2] - **Jujube**: It is expected to fluctuate at a low level, and attention should be paid to the support around 9000. [2]

川发龙蟒在互动平台表示，截至目前，公司新能源材料板块项目进展情况如下：一是磷酸铁锂项目，其 中德阿项目6万吨/年磷酸铁锂装置已全面建成并投产使用；同时公司全资子公司德阳川发龙蟒拟与富临 精工控股子公司江西升华合作建设17.5万吨/年高压密磷酸铁锂项目，并共同设立合资公司富临龙蟒新 材料有限公司（名称以市场监督管理部门最终核准后的内容为准）。二是磷酸铁项目，其中德阿项目10 万吨/年磷酸铁装置单线正在进行设备水试、联机调试；攀枝花项目5万吨/年磷酸铁产线部分装置已实 现平稳运行。三是磷酸二氢锂项目，公司全资子公司德阳川发龙蟒拟在四川省绵竹市德阳—阿坝生态经 济产业园投资3.66亿元建设10万吨/年磷酸二氢锂项目，为草酸亚铁路线制备高压实密度磷酸铁锂提供 原材料。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company is the world's second-largest producer of lithium hexafluorophosphate, with a strong integrated layout and leading technology in crystalline hexafluoride. The demand for lithium batteries is expected to continue growing, leading to a significant rebound in hexafluoride supply and demand, with prices increasing over 170% from the bottom. This business is projected to contribute significantly to profits next year [1][7]. - The cylindrical battery business is starting to gain traction, with the company expected to become a key player in this field, contributing positively to profitability [1][27]. - The company has a comprehensive advantage in the hexafluoride sector, with a complete industrial chain from raw materials to lithium batteries, which enhances cost advantages [10]. Summary by Sections 1. Comprehensive Advantages in Hexafluoride - The company has established a complete industrial chain for hexafluoride production, significantly reducing raw material costs [10]. - It is the first domestic company to achieve breakthroughs in high-purity crystalline hexafluorophosphate technology, simplifying operations and improving raw material utilization [10][7]. 2. Reversal in Hexafluoride Supply and Demand - The hexafluoride market is experiencing a reversal in supply and demand, with prices rising sharply due to increased demand from the lithium battery sector. The average price has surged from 50,000 yuan/ton to over 150,000 yuan/ton [13][14]. - The company has a diverse customer base, with less than 30% of revenue coming from its top five customers, allowing it to be more sensitive to price increases [14][13]. 3. Growth in Cylindrical Battery Business - The company has been developing its battery business for over a decade, focusing on cylindrical batteries, which are now seeing significant demand in various sectors [27]. - The company aims to achieve a shipment volume of over 10 GWh in 2025, with expectations to reach 20-30 GWh in subsequent years [27][28]. 4. Financial Projections - The company is expected to generate revenues of approximately 10.26 billion yuan in 2025, with a significant increase projected for 2026 and 2027 [33][32]. - The gross profit margin for the hexafluoride business is expected to improve significantly, with projections of 28% in 2025 and 41% in 2026 [32][33].

2025年1至6月份，盛新锂能的营业收入构成为：新能源材料占比100.0%。 截至发稿，盛新锂能市值为342亿元。 每经AI快讯，盛新锂能（SZ 002240，收盘价：37.41元）11月18日晚间发布公告称，公司第八届第二十 五次董事会会议于2025年11月18日在四川省成都市武侯区桂溪街道锦云西一巷成都交易所大厦14楼公司 会议室以现场与通讯表决相结合方式召开。会议审议了《关于新增2025年度日常关联交易及2026年度日 常关联交易预计的议案》等文件。 （记者 曾健辉） 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 ...