Core Viewpoint - The article highlights the launch of the 2026 Global Lithium Battery Industry Chain Distribution Map, building on the success of the 2025 version, which has become a significant product in the industry, showcasing the entire supply chain from raw materials to end applications [8]. Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately depicts the global lithium battery industry chain, covering raw materials, four main materials, battery manufacturing, and end applications [3]. - It includes major lithium battery industry clusters in China, North America, Europe, Japan, South Korea, and Southeast Asia [3]. Distribution Map Acquisition - To receive the distribution map, individuals are required to share the article on their social media and contact the editor for a free copy [4]. Distribution Map Delivery Details - The distribution maps are being dispatched in order of registration [5]. Positive Reception and New Opportunities - The 2025 Global Lithium Battery Industry Chain Distribution Map received widespread acclaim, being described as a clear overview of the global landscape and an essential tool for business development by industry leaders [8]. - The article announces the commencement of sponsorship opportunities for the 2026 map, with limited seats available for brand exposure [8]. - Sponsorship options include naming sponsorship, where the company logo is displayed alongside the organizer, and brand sponsorship, which allows for the display of company name, main products, and contact information [8].

Core Insights - Yichun City in Jiangxi Province is transitioning from a "lithium resource city" to a "strong lithium battery industry city," with a complete industrial chain from lithium mining to battery recycling [1] - The city accounts for one-third of China's lithium carbonate production and has a lithium battery capacity exceeding 90 GWh [1] - The lithium battery industry in Yichun benefits from technological advancements, industrial clustering, and green practices, including a nearly 80% lithium recovery rate using the fourth-generation "sulfate method" [1] Industry Overview - The lithium carbonate price has experienced significant fluctuations in 2024, dropping to a historical low of 58,000 yuan per ton in June 2025, before rebounding to 120,000 yuan per ton later in the year [1] - The price is expected to stabilize between 100,000 to 150,000 yuan per ton by 2026, but volatility remains a concern for the industry's risk management [1] Financial Services Development - Agricultural Bank of China Yichun Branch has increased loans to strategic emerging industries, particularly lithium batteries, by 3.405 billion yuan, a growth rate of 122.26%, significantly above the bank's average [2] - The bank has served 126 enterprises, including 24 new clients, covering the entire industrial chain from leading companies to small and medium-sized enterprises [2] - Innovative service models have been implemented, including the establishment of financial service teams and the use of "Technology e-loan" products to support companies with urgent funding needs [2] Risk Management and Support Mechanisms - The bank has created a financial service platform to enhance price risk management and has established a risk mitigation fund to improve the resilience of enterprises against market fluctuations [3] - A differentiated credit system has been developed, linking financial resources to technological advancement, environmental compliance, and industry chain position, with a focus on solid-state batteries and lithium recycling [3] - Collaborative efforts with local government have led to the establishment of a "government-bank guarantee" risk-sharing mechanism, creating a diversified funding support system [3] Strategic Goals - The lithium battery industry is a key component of the national new energy strategy and a core driver of high-quality economic development in Yichun [3] - The Agricultural Bank of China Yichun Branch aims to continue innovating financial products and services to support the lithium battery industry and contribute to regional economic growth [3]

碳酸锂日报 碳酸锂日报（2026 年 2 月 5 日） 一、研究观点 点 评 1. 昨日碳酸锂期货 2605 涨 1.32%至 147220 元/吨。现货价格方面，电池级碳酸锂平均价下跌 500 元/ 吨至 153000 元/吨，工业级碳酸锂平均价下跌 500 元/吨至 149500 元/吨，电池级氢氧化锂（粗颗 粒）下跌 3000 元/吨至 146500 元/吨。仓单方面，昨日仓单库存增加 1030 吨至 34114 吨。 2. 乘联分会发文称，2026 年 1 月全国乘用车厂商新能源批发预估 90 万辆，同比增长 1%。根据重型货 车北斗营运证入网数据，2026 年 1 月全国共新增加新能源重卡 2.06 万辆（非终端上牌数据），同比 增长 184%、环比下降 40%。 3. 供给端，周度产量环比减少 648 吨至 21569 吨，其中锂辉石提锂环比减少 670 吨至 13244 吨，锂云 母产量环比减少 50 吨至 2832 吨，盐湖提锂环比增加 90 吨至 3205 吨，回收料提锂环比减少 18 吨 至 2288 吨；根据 SMM，2 月电池级碳酸锂排产环比下降 17.6%至 58835 吨，工业级碳 ...

Group 1 - The lithium battery industry is showing signs of recovery, with a significant shift in the global lithium market's supply-demand dynamics [1] - The lithium sector is experiencing a concentration of production capacity among leading companies, leading to a structural shortage of high-end products, which is expected to drive price and profit recovery [1] - By 2026, global energy storage shipments are projected to grow by over 35%, which will increase the prices of battery cells and materials, with lithium salt prices likely to continue rising [1] Group 2 - Tianqi Lithium (002466) has initiated a Hong Kong stock placement and zero-interest convertible bond plan, with a total financing scale of approximately HKD 6 billion, aimed at strengthening its core capabilities [1] - The financing will support the company's strategic development in the lithium sector, including capital expenditures for project development and optimization, acquisition of quality lithium mine assets, and replenishing working capital [1] - As a leading global company focused on lithium-based new energy materials, Tianqi Lithium has achieved 100% self-sufficiency in lithium resources, with core assets including the Greenbushes lithium spodumene mine in Australia and quality resources in Chile's SQM Atacama salt lake [1] Group 3 - The company expects significant improvement in performance by 2025, with net profit attributable to shareholders projected to be between CNY 369 million and CNY 553 million, marking a turnaround from losses in the previous year [1] - The improvement is primarily attributed to the optimization of lithium ore pricing cycles and increased investment returns from SQM [1] - Controlling core lithium mine capacity is a key competitive barrier in the industry, and financing support is essential for resource layout [2]

Group 1 - The core issue revolves around a patent dispute between Ningbo Ronbay New Energy Technology Co., Ltd. (Ronbay Technology) and LG Chem, with Ronbay's subsidiary, Zais Energy, being accused of patent infringement, which the company denies, stating that there has been no judicial ruling confirming any infringement [1] - LG Chem has filed a lawsuit against Zais Energy in the Seoul Central District Court based on five Korean patents, and the case is still ongoing without any court judgment or interim results [1] - The company believes that the likelihood of LG Chem's request for a temporary injunction being rejected is high, as the case has been in court for nearly two years without any urgent circumstances or evidence of irreparable harm to LG Chem [1] Group 2 - Zais Energy has initiated a patent invalidation procedure against the five patents in question, successfully invalidating one, while the others face challenges due to ambiguous protection scope and prior art [2] - The company has raised concerns about LG Chem's use of procedural delays to apply for injunctions, suggesting potential unfair competition [2] - Many corresponding patent applications in China have been declared invalid by the National Intellectual Property Administration due to insufficient disclosure of technical content [2] Group 3 - Ronbay Technology has established a comprehensive patent protection system, continuously advancing technology iterations and core patent layouts in high-nickel ternary and lithium manganese iron phosphate fields [3] - The company has completed patent defense layouts in sodium-ion battery materials and is advancing research and industrialization of solid-state battery materials, achieving technological progress and proactive patent layouts [3] - As of now, the company has filed a total of 1,587 global patent applications, with over 250 overseas patents, effectively protecting its technological achievements and building a patent risk moat internationally [3]

上海有色网行业研究院新能源事业部储能分析师李亦沙在会上介绍，全球储能市场主要增长区域集中于 中国、美国、欧洲、中东以及澳大利亚等地。预计2024—2030年全球储能电芯需求将持续增长，复合年 均增长率（CAGR）为24%。谈及碳酸锂价格变动对储能成本的影响，李亦沙表示，碳酸锂价格每上涨 1万元/吨，电芯成本增加6元/千瓦时，内部收益率（IRR）下降0.12%。 碳酸锂是动力电池的核心原材料，它的价格波动也会给电池和新能源汽车市场带来影响。中国汽车流通 协会乘用车市场信息联席分会秘书长崔东树在会上介绍，近年来新能源汽车销量呈现持续增长态势， 2025年全年零售量大幅增长。与此同时，2025年，新能源商用车电池月度需求峰值突破1700万千瓦时， 全年需求规模较往年翻倍。崔东树认为，当前汽车正从机械工具转变为耐用电子消费品，使用周期缩 短、更新加速。电动车兼具出行工具、第三空间、储能单元等多重属性，将推动锂电池在能量密度、循 环寿命等方面的需求升级。目前来看，世界汽车生产体系正从美日韩向中国等新兴市场转移，中国新能 源汽车产业链优势持续强化，锂电池需求将随产业转移进一步增加。崔东树预测，"十五五"期间，我国 汽车销 ...

2018年，天齐锂业斥资40亿美元（当时约合人民币258亿元）购买智利SQM公司23.77%股权，持有全球 储量最大的锂盐湖——位于智利的阿塔卡马项目的股权。但SQM一直存在税务相关诉讼。2024年，智 利圣地亚哥法院判决SQM缴纳约11亿美元的所得税费用，相应减少其净利润约11亿美元。因此，2024 年报中，SQM公司净资产占天齐锂业净资产比重为19.63%，投资收益却是-8.85亿元。 2025年12月26日起，天齐锂业已处置SQM的B类股，公司不再持有SQM的B类股。目前，天齐锂业通过 全资子公司天齐智利持有SQM的A类股 6255.65万股，占其股份总数的21.90%。 新京报贝壳财经讯（记者林子）千亿锂电龙头可能要抛售近19亿元核心资产了。2月4日中午，天齐锂业 宣布拟择机对参股公司中创新航价值4.59亿元的股权和Sociedad Química y Minera de Chile S.A.（简 称"SQM"）价值14.33亿元的部分股权进行处置，合计18.92亿元。 编辑 岳彩周 具体来看，天齐锂业拟择机处置持有的中创新航股份数量合计不超过2021.72万股，这意味着天齐锂业 可能全部清仓所持的中 ...

Core Viewpoint - The chairman of Tianli Lithium Energy, Wang Ruiqing, emphasizes the importance of recognizing shortcomings and striving for progress, aiming to create a new phase of development for the company in 2026 [50]. Group 1: Business Strategy - The company aims to extend its business footprint and enhance product influence [9][60]. - Continuous improvement of profitability is a key focus for the company [11][61]. - The company adheres to a technology-led and innovation-driven strategy [13][63]. Group 2: Research and Development - The R&D team is encouraged to engage deeply in their work to inject core competitiveness into products [14][66]. - Collaboration with upstream and downstream enterprises, as well as research institutions, is essential for building a cooperative ecosystem [20][71]. Group 3: Talent and Team Building - The company is committed to improving its talent cultivation system and optimizing incentive mechanisms [28][79]. - A united and progressive team is crucial for sharing the company's development achievements [30][81]. Group 4: Corporate Mission and National Strategy - The company is dedicated to responding to national strategies and actively integrating into the national 14th Five-Year Plan for industrial development [25][76]. - The goal is to assist in the high-quality development of the lithium battery industry [26][76]. Group 5: Company Culture and Values - The company promotes a sense of responsibility and a mission-driven approach among its employees [33][83]. - There is a strong emphasis on confidence and unity within the organization [38][86].

Core Viewpoint - The article discusses the strategic partnership between FuLin Precision and CATL, highlighting CATL's increased investment in Jiangxi Shenghua, which is a key player in the lithium iron phosphate (LFP) industry, and the implications for the supply chain and market dynamics [2][11]. Group 1: Investment and Shareholding Changes - FuLin Precision plans to convert its 500 million yuan debt into equity, subscribing to an additional 407 million yuan of registered capital in Jiangxi Shenghua, while CATL will invest 747 million yuan to acquire 607 million yuan of new registered capital [2]. - Following this capital increase, FuLin Precision's shareholding in Jiangxi Shenghua will decrease from 79.57% to 64.37%, while CATL's stake will rise from 18.74% to 33%, solidifying CATL's position as the second-largest shareholder [2]. - The partnership aims to enhance Jiangxi Shenghua's capabilities in high-end LFP production, product development, international expansion, and supply chain integration [2]. Group 2: Historical Context of the Partnership - The collaboration between CATL and Jiangxi Shenghua has evolved from customer cooperation to a strategic controlling partnership, with CATL initially investing 184 million yuan in March 2021 to secure supply for a 50,000-ton LFP expansion project [3]. - In 2022, CATL further increased its stake to 40% with an additional investment of 144 million yuan [4]. - By March 2025, CATL re-entered Jiangxi Shenghua with a 400 million yuan investment, holding an 18.74% stake, and signed a comprehensive strategic cooperation agreement [5]. Group 3: Market Position and Performance - Despite a net loss of 28.36 million yuan in 2024, Jiangxi Shenghua significantly reduced its losses compared to a 1.053 billion yuan loss in 2023, indicating improved financial health [6]. - In the first three quarters of 2025, Jiangxi Shenghua reported revenues of 6.166 billion yuan and a net profit of 130 million yuan, marking a turnaround [6]. - Jiangxi Shenghua ranks fifth among China's top ten LFP producers in terms of shipments for 2025 [7]. Group 4: Production Capacity and Strategic Goals - The LFP industry is characterized by a structural imbalance, with high-end products in short supply and low-end products in excess [9]. - Jiangxi Shenghua, under CATL's guidance, is developing a collaborative production capacity system across three bases, aiming for a total capacity exceeding 1.2 million tons per year [9]. - The Yichun base has a current capacity of 160,000 tons per year, with plans for expansion supported by a 500 million yuan prepayment from CATL [9]. - The Sichuan base is set to produce 200,000 tons per year by the end of 2025, leveraging local green energy resources [9]. - The Inner Mongolia base will begin construction in 2026, targeting a capacity of 500,000 tons per year for high-end energy storage LFP, with a total investment of 6 billion yuan [9]. Group 5: Future Procurement and Market Strategy - According to the strategic cooperation agreement, CATL will procure no less than 3 million tons of LFP products from FuLin Precision over the next three years, ensuring optimal business conditions [10]. - The agreement indicates that as demand for high-end LFP products surges, CATL will increase its procurement from FuLin Precision, integrating their products into more terminal power and energy storage projects [10].

证券研究报告 | 2026年02月04日 （1）政策演进分为三个阶段，2023 年初-2024 年 6 月，中央点明相关风险， 2024 年 7 月-2025 年 6 月中央首次提出防范"内卷式"恶性竞争，部分行业 开展自律探索但缺乏协同与刚性约束，2025 年 7 月至今为系统化实施期。 （2）核心定位方面，反内卷核心是破解地方保护主义与市场分割导致的资 源错配，与统一大市场形成双向支撑，前者为后者扫清不当竞争障碍，后者 为前者提供制度框架，共同服务于高质量发展。 实施特征看： （1）实施特征方面，呈现部委协同治理、行业自律为基、产能价格双控、 甄别标准多元四大特点。 （2）行业治理模式方面，煤炭、钢铁等传统上游行业以行政干预为主，多 晶硅、光伏等新兴及下游领域以行业自律为主，部分领域采用行政与自律结 合的模式。 （3）典型案例方面，光伏产业作为新兴产业内卷代表，经历"自律失败-政 策加力-实质推进"历程，2025 年政策加码后通过多重举措规范竞争，但下 游并网增速下滑、终端需求疲软导致硅料等环节提价压力难以传导，制约政 策效果。 宏观经济深度报告 反内卷系列一：将"反内卷"进行到底 反内卷政策是决策层针对 ...