产业链格局重整 全场景应用共振 2025第十八届 高工锂电产业峰会 会议预告 第十八届高工锂电产业峰会 ——产业链格局重整 全场景应用共振 主办单位： 高工锂电、高工产业研究院（GGII） 会议时间： 2025年6月25-26日 会议地点： 常州·金坛万豪酒店 2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 中国 成都 邛崃 2025/06/25-26 常州·金坛万豪酒店 技 ...

高工锂电15周年特别策划 高工15年，与行业同行 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业变化的温度，用杂志、网 站、微信传递行业信息，用会议搭建行业间交流桥梁，记录行业的起伏波澜，低谷时注入信 心，疯狂时给予警醒。15年来，高工锂电是中国动力电池产业成长的见证者和记录者。 ● 2025年，高工锂电成立15周年，站在时代的转折点上，我们特别策划了主题为"激荡15 年 瞭望新征程"的系列活动，回望15年发展的得与失，瞭望新15年的机会与挑战，并将实 地调研走访置身其中的超100家产业链代表企业，与他们对话、畅谈，记录产业转折点上的 行业与企业印记。 ● 活动时间： 2025年3月~2025年12月 ● 活动形式： 调研走访、视频专访、深度报道、 15周年行业盛典 高工锂电15周年系列策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样 ...

Core Viewpoint - The relationship between CATL and Sungrow has evolved from collaboration to competition, as both companies seek to dominate the energy storage market amidst growing demand and supply chain challenges [1][6][9]. Company Overview - CATL, founded by Zeng Yuqun, has become a leader in the lithium battery industry, achieving a total revenue of 362 billion yuan in 2024, with a net profit of 50.7 billion yuan, marking a 15% year-on-year increase [4][5]. - Sungrow, led by Cao Renxian, has established itself as a top player in the solar energy storage sector, reporting a revenue of 77.86 billion yuan in 2024, with a 40.21% increase in its energy storage business revenue [4][5]. Market Dynamics - The energy storage market is experiencing significant growth, with a notable increase in demand for storage systems, particularly in the Middle East, where Sungrow secured a 7.8 GWh project, the largest single order globally at the time [9][12]. - Both companies have faced challenges due to rising battery cell prices and supply bottlenecks, prompting them to adjust their strategies and explore new partnerships [6][9]. Strategic Moves - CATL has begun to compete directly with its former clients by developing its own energy storage systems, such as the "Tianheng" system, indicating a shift towards vertical integration [9][10]. - Sungrow is set to launch a new energy storage container system featuring a 684Ah battery cell, marking a significant technological advancement in the industry [14][15]. Competitive Landscape - The competition between CATL and Sungrow is intensifying, with both companies aiming to establish their dominance in the energy storage market. CATL's focus on large-scale production capabilities contrasts with Sungrow's innovative approaches to battery technology [16]. - The market is witnessing a shift towards diversifying supply chains, as Sungrow seeks to reduce reliance on single suppliers, potentially reshaping the competitive dynamics in the energy storage sector [15][16].

Core Viewpoint - The company is actively investing in emerging industries, including AI chip companies and silicon-carbon anode materials for solid-state batteries, expecting to achieve scaled revenue this year [1][5][7]. Group 1: Main Business Performance - The company's main business is stable, with expectations for both revenue and profit growth in 2024, despite a generally weak performance in the refractory materials industry [3][4]. - In Q1 2025, the company reported a revenue of 1.669 billion yuan, a year-on-year increase of 10.54%, and a net profit of 126 million yuan, a year-on-year increase of 49.35% [3][4]. Group 2: Investment in AI Chip Company - The company has invested in Shanghai Zhenliang, an AI chip company, with a total investment of 2.5 billion yuan, anticipating scaled revenue in 2025 due to the growing demand for AI computing power [5][6][7]. - Shanghai Zhenliang focuses on GPGPU development and has already produced two generations of AI chips, with the latest generation expected to be delivered in batches starting in 2025 [7]. Group 3: Investment in Silicon-Carbon Anode Materials - The company invested in Lianchuang Lithium Energy, which specializes in silicon-carbon anode materials applicable to solid-state batteries, with production expected to commence by the end of this year [8]. - Lianchuang Lithium Energy has completed the design of its production line and is entering the construction phase, with significant revenue and profit expected by 2026 [8].

Core Viewpoint - The 18th High-tech Lithium Battery Industry Summit will focus on the restructuring of the industry chain and the resonance of all-scenario applications, gathering leaders from upstream and downstream lithium battery enterprises to discuss new opportunities in the lithium battery industry under the new cycle [2]. Group 1: Event Details - The summit will take place on June 25-26, 2025, at the Jin Tan Marriott Hotel in Changzhou, China [3]. - The summit will feature five main sessions, including an opening ceremony, two battery application sessions, a new materials technology session, and a closing ceremony, along with a product launch and dinner event [2]. Group 2: Participants - Leaders and executives from various companies in the lithium battery industry will participate, including representatives from companies such as Honeycomb Energy Technology Co., Ltd., and others [4][5][6]. - The event aims to facilitate brainstorming among industry leaders to predict the future trends of the lithium battery sector [2]. Group 3: Industry Focus - The summit will cover the entire lithium battery industry chain, addressing topics such as multi-dimensional integration development, battery demand under all-scenario resonance, and breaking technological boundaries in new materials [2]. - The discussions will aim to identify new patterns and opportunities in the lithium battery industry as it enters a new cycle [2].

2025 年 6 月 20 日 无序产能清退期，成本曲线的失真与团雾 ---2025 年碳酸锂期货半年度行情展望 邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi@gtht.com 报告导读： 研 究 我们的观点：2025 年下半年，我们预计碳酸锂价格依然以偏弱震荡格局为主，价格运行区间预计为 5 万元/吨-6.5 万元/吨。 所 我们的逻辑：锂盐供应逆势增长，需求受贸易摩擦影响下修，锂盐过剩之况愈发严峻。2025 年锂盐供需过剩 29.9 万吨，产量 预计达 178.3 万吨，需求预计 148.4 万吨，供应增速 34%远超需求增速 21%。2025 下半年过剩幅度略低于上半年，三季度过剩 体量环比预计进一步放大，从 7 月持续过剩至 10 月。四季度与历年同期的缺口市场有所不同，历年 11-12 月为年末新能源车 和储能冲量时刻，而 2025 年 11-12 月预计将较去年同期增量表现更为疲弱和低迷。 中国自有+权益资源的自主化突破，海外矿商溢价能力减弱。2025 年中国锂供应实现关键跨越，通过自有资源深耕+海外权益 布局，已基本实现 76.0 万吨的供应规模，占全球供应量的 42.6%。 ...

Group 1 - A-shares opened mixed on June 20, with the A500 ETF gaining 0.31% and trading volume exceeding 700 million yuan, driven by strong performances in the photovoltaic and lithium battery sectors, particularly with Jingao Technology rising over 5% and several others increasing by more than 3% [1] - The China Photovoltaic Industry Association held a meeting focusing on "production limits to maintain prices," with expectations of a significant production cut in the third quarter, projecting a reduction in operating rates by approximately 10%-15% compared to the previous quarter [1] - The A500 ETF closely tracks the new benchmark index, the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] Group 2 - According to Wind data, the sector weightings of the CSI A500 Index include Electronics (10.7%), Banking (9.3%), Electric Equipment (8.5%), Pharmaceutical Biology (7.4%), and Food & Beverage (7.3%), indicating a diversified sector representation [1] - Southwest Securities noted that the CSI A500 Index is overweight in sectors such as Electronics, Electric Equipment, Pharmaceutical Biology, and National Defense, focusing more on new productive forces compared to the CSI 300 Index [1] - Bank of China International believes that the A-share market will continue to exhibit a short-term consolidation pattern, with market sentiment indicators at relatively high levels for the year, suggesting a need for patience as policies are implemented and macroeconomic support continues [2]

高工锂电15周年特别策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样"代表，也成为中国经济转型 升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具 挑战，交通电动化向全场景渗透，能源体系变革也加速走向纵深，这也意味着，新应用场景 开启，新技术与产品创新，新商业模式落地，新的产业生态与格局。 ● 全球化也将成为中国锂电产业新征程中的时代命题。如何从领跑全球，到真正融入全 球，并成长出一批具备跨国经营的国际企业，将成为中国锂电产业新 15年的最大考验。能 否在新的征程中续写新时代的辉煌，让我们期待中国锂电产业的时代答卷。 高工15年，与行业同行 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业变化的温度，用杂志、网 站、微信传递行业信息，用会议搭建行业间交流桥梁，记录行业的起伏波澜，低谷 ...

会议预告 第十八届高工锂电产业峰会 ——产业链格局重整 全场景应用共振 主办单位： 高工锂电、高工产业研究院（GGII） 会议时间： 2025年6月25-26日 会议地点： 常州·金坛万豪酒店 2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 中国 成都 邛崃 第二步： 请务必提前准备好名片、参会信息，将签到页面出示给签到处工作人员 6月25-26日， 由高工锂电、高工产业研究院（GGII）主办的 第十八届高工锂电产业峰会 将在金坛万豪酒店举行。峰 会主题为 " 产业链格局重整 全场景应用共振 " ，锂电产业上下游企业领袖、高层齐聚，共商新周期下锂电产业新格 局、新机遇。 本次峰会共设五大专场 ，分别为 ： 【 开幕式 专场】 多元融合发展 驱动产业升级 、 【电池应用专场一 】 全场景共 振下的电池需求 、 【电池应用专场二】 圆柱电池新拐点 、 【新材料技术专场】 打破技术边界 、 【闭幕式专场】 产 业链重 整 新隘口攻坚 ，以及一场 【 红运机械】 新品 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference focused on the new materials sector, particularly in lithium batteries and photovoltaic (PV) industries, highlighting significant changes in production expansion rates from late 2022 to 2023, with a notable slowdown expected in 2024, raising concerns about potential overcapacity risks [1][2][3]. Key Insights and Arguments - **Lithium and Photovoltaic Industries**: The expansion rate of the lithium and photovoltaic supply chains has significantly decreased, with lithium reaching its peak at the end of 2022 and photovoltaic at the end of 2023. This indicates a real slowdown in industrial expansion starting in 2024 [2]. - **Transformer Business Growth**: Domestic PV installation has driven rapid growth in transformer-related businesses, although AI demand's impact on transformer expansion is limited. Caution is advised regarding potential risks [1][4]. - **Wind Power Industry**: The wind power sector is experiencing average profitability due to competition from photovoltaics, with offshore wind power heavily influenced by policy changes. The photovoltaic industry is currently in a bleak state, but market capitalization suggests a recovery to normal profitability levels in the future [1][8]. - **Energy Storage Sector**: The energy storage sector continues to expand, but there is a significant amount of existing capacity that needs to be digested. The supply-demand situation is favorable in the upstream segments, while downstream faces overcapacity issues [1][9]. - **Solid-State Battery Development**: Solid-state batteries are showing promising development with a favorable supply-demand situation. If a replacement trend emerges, the market potential could be substantial, with both photovoltaic and lithium battery markets potentially reaching terawatt-scale [1][13][14]. - **Chemical Industry Trends**: The chemical industry has seen a decline in capital expenditure for three consecutive years, with poor demand performance. The ongoing US-China tariff issues are expected to continue exerting pressure on export demand, necessitating cautious observation of future trends [1][45][48]. - **Oil Price Volatility**: Fluctuations in oil prices directly affect the marginal costs and supply-demand relationships of products like oil, gas, and coal. High oil prices may exacerbate global economic pressures, significantly impacting investment opportunities in the chemical sector [1][50]. Additional Important Insights - **Investment in New Energy**: The current stock pricing reflects a neutral expectation and does not fully capture the challenges faced by the new energy supply chain. For instance, the expected profit per ton of silicon material is around 10,000 yuan, despite the industry facing cash losses [11][12]. - **Future of Solid-State Batteries**: The solid-state battery sector is expected to see significant advancements, with the potential for mass production becoming more feasible as technical challenges are addressed [17][44]. - **Emerging Technologies**: New battery technologies, including lithium-sulfur and lithium-rich manganese-based materials, show promise for future development, although they face challenges in maturity and mass production [19]. - **Government Support**: National policies and funding support are crucial for accelerating the development of new battery technologies, with significant investments being made to support solid-state battery projects [25][20]. This summary encapsulates the critical points discussed during the conference, providing a comprehensive overview of the current state and future outlook of the new materials and energy sectors.