Group 1: Event Overview - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will be held from November 6-8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors, 2000 participating companies, and 20,000 professional attendees [2] - The event will include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [2] Group 2: Export Control Policy - On October 9, 2023, China's Ministry of Commerce and General Administration of Customs announced an export control policy for lithium batteries, cathode materials, and graphite anode materials, effective from November 8, 2023 [3] - The new export control policy has a broader scope compared to previous restrictions, covering the entire supply chain from raw materials to core technologies [4] - The announcement has caused significant market reactions, with stock prices of major lithium battery companies, including XianDao Intelligent and Ningde Times, dropping over 10% on October 10 [4] Group 3: Company Responses - XianDao Intelligent stated that the policy's impact on its overall business is minimal, as its overseas orders primarily come from domestic battery manufacturers and are not subject to the new controls [5] - LiYuanHeng emphasized its established overseas R&D and manufacturing bases, ensuring the production and delivery of orders while adhering to the new policy [6] - RongBai Technology noted that its main products are not affected by the export control list, suggesting a positive outlook for the industry despite the new regulations [7] Group 4: Market Implications - The export control policy may benefit companies with established overseas production capacities, as the scarcity of lithium battery production capabilities abroad will increase [8] - The policy aims to protect the healthy and sustainable development of the lithium battery industry in China, enhancing the international market position of Chinese companies [8]

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 不知不觉中， 碳酸锂期货价格已经在 7.3万元附近横盘了近1个月， 波动率极低，仓单数量持续升高，这与今年4 月时的行情极其相似，市场呈现涨跌两难的态势 。从技术面上看，布林线喇叭口明显收窄，市场在等待新的突破方 向。 除此之外， 4月份，市场都在关注 枧下窝矿 的复产情况， 而如今市场关注的依然是枧下窝矿的复产，叠加近期一 些国内盐湖项目复产、扩产（如藏格、盐湖股份），碳酸锂供应继续增长是肯定的。 在 4月初，美国挑起"对等关 税"席卷全球，而在10月10日晚间，特朗普又在社交媒体平台上发帖威胁要大幅提高进口关税。 从基本面上看，碳酸锂在7万一线的支撑力度确实很强，在产量连创新高的局面下，碳酸锂库存却仍在缓慢下 降，显示了下游需求非常旺盛。 不过，节后宏观面再起波澜，我国对锂电池及相关技术、设备实施出口管制，并对新能源车购置税减免设定新 规，至少从金融市场的表现来看，情绪面已受到扰动。 本文作者：钱先生/13621911373 会议详情： END 会议主办： 鑫椤资讯 会议时间： 2025年1 ...

Group 1 - The core viewpoint of the article highlights the production data for lithium batteries in October, indicating a positive growth trend in both domestic and overseas battery sample enterprises [1] Group 2 - Domestic battery sample enterprises produced 141.64 GWh in October, representing a month-on-month increase of 9.59% [1] - Overseas battery sample enterprises produced 24.4 GWh, with a month-on-month increase of 2.52% [1] - Production of cathodes reached 164,500 tons, showing a month-on-month increase of 2.46% [1] - Production of anodes was 158,000 tons, reflecting a month-on-month increase of 3.95% [1] - Separator production amounted to 1.825 billion square meters, with a month-on-month increase of 11.62% [1] - Electrolyte production reached 99,000 tons, indicating a month-on-month increase of 2.6% [1]

Core Viewpoint - The recent announcement by two national departments in China regarding nine key industries is seen as a roadmap for stable growth, indicating a clear direction for investment opportunities in the coming years [2][4][6]. Group 1: Policy and Industry Direction - The nine industries are part of a long-term strategy, marking the transition from the 14th Five-Year Plan to the 15th, outlining where resources should be allocated in the next five years [6][7]. - China's policy continuity is emphasized as a significant certainty, contrasting with other markets where policies frequently change [7][9]. - The focus is on long-term logic rather than short-term numerical fluctuations, with funding expected to follow established policy directions [9]. Group 2: Key Themes in the Nine Industries - The first theme is "high-quality development," which prioritizes stability over rapid growth in certain sectors, such as construction materials and light industry, to protect supply chains and employment [11][13]. - The second theme is "domestic discourse power," promoting self-sufficiency in technology, particularly in AI servers, allowing for a 20% price premium for domestic products [13][15]. - The third theme is "green transformation," which aims to upgrade industries through low-carbon processes, emphasizing environmental standards as a competitive advantage [15][17]. - The fourth theme is "anti-involution," which seeks to control new capacity in industries like photovoltaics and lithium batteries, shifting the focus from scale to technology [17]. Group 3: Structural Opportunities in Specific Industries - The electronic information manufacturing sector is highlighted as a key beneficiary, with a projected growth rate of 7% and a target for AI server industry scale exceeding 400 billion [19][21]. - The automotive industry is transitioning to a focus on new energy and smart technologies, with a projected 20% growth in electric vehicles, indicating a shift from price competition to technological advancement [21][22]. - The non-ferrous metals sector is encouraged to focus on high-value-added products rather than raw material extraction, signaling a shift towards processing and innovation [24][26]. Group 4: Investment Logic for the Future - The investment logic for the next five years emphasizes policy benefits, industry characteristics, and technological capabilities rather than chasing new concepts or hot trends [26].

招 式 名 称 "早"字当头 招 式 拆 解 锂电行业的煎熬期仍在持续。9月以来，碳酸锂期货主力合约价格在7万—7.5万元/吨之间徘徊，与2022 年60万元/吨的历史高位相比，跌幅超八成。产能过剩，企业陷入"内卷式"恶性竞争，即便是行业龙头 也无法置身事外。寒冬之中，被网友称为"锂王"的天齐锂业如何穿越周期？ 当抢跑者 早早进入"下一代电池"赛道 "我们突破了硫化锂制备技术，中试项目已进入建设阶段，最快明年下半年投产。"9月底，天齐锂业创 新实验研究院院长刘杨向记者透露。 就在一个月前，天齐锂业对外宣布，公司年产50吨硫化锂中试项目已在眉山高新区动工，距离天齐锂业 创新实验研究院不到50公里。 产线"未建先火"。"多家下游企业已经和我们达成框架协议，有意向采购我们的硫化锂产品，预计明年 达产后将不会有库存。"刘杨透露。 固态电池热度飙升，业内人士称硫化锂价格已达200万—300万元/吨，相关概念股持续走强。作为"下一 代电池"终极形态，固态电池能量密度是传统锂电池的2倍以上，能让新能源车的续航从500—700公里提 升至1000公里以上，而且更安全、循环寿命更长、低温性能更优，可杜绝燃爆风险。 而硫化锂是硫 ...

Core Viewpoint - CATL and A.P. Moller-Maersk have signed a global strategic cooperation memorandum to enhance low-carbon transformation in global supply chains and improve CATL's supply chain management efficiency [1] Group 1: Strategic Cooperation - The partnership aims to explore resilient and scalable supply chain management models, with Maersk customizing logistics solutions for CATL to enhance overall supply chain efficiency [1] - Both companies will work together to electrify key supply chain segments, including Maersk's container fleet, port ecosystems, inland transportation, and warehousing [1] Group 2: Industry Impact - The collaboration signifies a new phase in the decarbonization process of global shipping and logistics, as highlighted by industry experts [1] - CATL's recent initiatives in the shipping sector include partnerships with major port groups and the launch of China's first pure electric passenger ship, demonstrating the feasibility of electric technology in coastal navigation [1] Group 3: Market Trends - As the demand for green transformation in shipping logistics grows, leading lithium battery companies like CATL are expected to play a more significant role in this transition [2]

Group 1: Cangge Mining (藏格矿业) - Cangge Mining's subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., has obtained the property rights certificate and mining license for the Chaka Salt Lake potash and magnesium mine, covering an area of 724.3493 square kilometers [1] - The mining rights will support long-term potash development, stabilize potassium chloride supply, and contribute to national food security while clarifying the legal basis for lithium resource development [1] - This acquisition enhances the company's core competitiveness by maximizing resource value through the comprehensive utilization of co-mined minerals such as lithium and boron [1] Group 2: Ganfeng Lithium (赣锋锂业) - Ganfeng Lithium has reported a significant stock price fluctuation, with a cumulative increase of over 20% in three consecutive trading days, indicating abnormal trading activity [2] - The company claims to have a complete integrated layout for solid-state batteries and commercial capabilities, with developments in key areas such as sulfide electrolytes and lithium metal anodes [2] - Ganfeng Lithium has launched high-energy density batteries suitable for low-altitude economy applications, achieving energy densities between 320Wh/kg and 550Wh/kg, and has established partnerships with well-known drone and eVTOL companies [2] Group 3: Guiguan Electric Power (桂冠电力) - Guiguan Electric Power reported a total power generation of 31.848 billion kWh in the first three quarters of 2025, representing a year-on-year increase of 14.89% [3] - The growth in power generation is primarily driven by an increase in hydropower generation, which rose by 21.93%, and a significant expansion in renewable energy capacity [3] - The company is well-positioned in the new power system construction due to its hydropower resource advantages and renewable energy layout, although it must remain vigilant regarding water flow fluctuations and changes in renewable energy consumption policies [3]

新能源板块今日集体调整，截至收盘，国证新能源电池指数下跌5.7%，中证新能源指数下跌5.4%，中证光伏产业指数下跌4.2%，中证上海环交所 碳中和指数下跌3.5%，储能电池ETF（159566）全天获超5000万份净申购。Wind数据显示，截至昨日，该产品连续6个交易日"吸金"，合计超5亿 元。 | 新能源ETF易方达 傳 | | | 516090 | | --- | --- | --- | --- | | 跟踪中证新能源指数 | | | | | | | | ··· ////////// | | 该指数涵盖新能源产业链, | 令日 | 该指数 | 该指数自2015年 | | 覆盖锂电、光伏、风电、 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 水电、核电等未来清洁能 | | | | | 源。 | -5.4% | 59.2倍 | 91.9% | | 储能电池ETF | | | 159566 | | 跟踪国证新能源电池指数 | | | | | | | | ·· ////////// | | 该指数聚焦储能领域,由 | | | | | 50只业务涉及电池制造、 | �日 该指数涨跌 | 该指数 滚动 ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and new energy sector [5]. Core Viewpoints - The recent export controls on the lithium battery supply chain are expected to enhance the competitiveness of domestic lithium battery companies, with a focus on battery and material leaders [1][4]. - The export restrictions are aimed at products heavily reliant on the domestic supply chain and those with high technical requirements, which may lead to increased export prices and protect domestic companies' technological and market advantages [2][3]. - The report highlights the anticipated surge in storage demand, which is expected to accelerate the supply-demand inflection point, recommending leading companies in the battery and material segments [4]. Summary by Sections Export Controls - The export controls target products with high domestic supply chain dependency, such as artificial graphite and ternary precursors, which account for 98.5% and 89.8% of global production, respectively [2]. - High-tech products, including batteries with energy densities greater than 300Wh/kg and lithium iron phosphate with a density greater than 2.5g/cm3, are also included in the export restrictions [2]. Domestic Competitiveness - The report suggests that the export controls align with previous national policies aimed at enhancing the lithium battery supply chain, potentially increasing export prices and curbing disorderly competition [3]. - The restrictions on high-tech products and related equipment may limit overseas competitors, particularly Japanese and Korean battery manufacturers, thereby safeguarding the technological and market share advantages of domestic firms [3]. Recommendations - The report expresses optimism about domestic lithium battery companies with global competitiveness, particularly those with overseas production capacities, and recommends leading companies in the battery and material sectors [4]. - Specific recommendations include the company "新宙邦" (Xinjubang), with a target price of 60.80 CNY and a "Buy" rating [7][10].

主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 10 月锂电池行业排产数据再度超预期，在 9 月高基数基础上继续上行，旺季叠加 储能爆发共振下的供需拐点 确立 。 产业逻辑正在切换 ， 从被动出清产能，转向主动补库存、优质产能争夺。产业运行正推动锂电有节奏进入上行。 综合多方数据， 10 月电池排产高位上行，在 9 月的高位上环比增幅 10% 。 Top20 电池厂电池排产环比增幅超 20% ，其中储能电芯占比超过 40% 。 倒计时39天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 同时，国内新能源重卡1-8月销量超10万辆，同比增长超180%。强劲增速拉动单车带电量抬高，成为驱动动力电池装机的又一增长极。 随着电芯产能在动力、储能的两大需求催化下持续吃紧 ，头部企业的议价能力与产能话语权 将 增强。 ...