Investment Rating - The report maintains a "Buy" rating for the electric equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a seasonal demand increase, with lithium carbonate and lithium hydroxide prices rising by 20% in September [1][6] - In August, domestic wholesale sales of new energy passenger vehicles reached 1.18 million units, reflecting a year-on-year increase of 22% and a month-on-month increase of 10% [1][4] - The report highlights the importance of solid-state battery technology and its potential breakthroughs in addressing interface issues, which are critical for commercialization [3][18] Summary by Sections Monthly Research Insights - The report discusses solutions to solid-solid interface issues in solid-state battery manufacturing, emphasizing the need for breakthroughs in physical, chemical, and mechanical dimensions [3][13] Industry Sentiment Tracking and Review - New energy vehicle sales in August showed strong growth, with China, Europe, and the US leading the market [4][22] - Domestic energy storage installations in August reached 12.6 GWh, a year-on-year increase of 58% [5][28] - The report forecasts a significant increase in lithium battery production in October, with year-on-year growth expected to be between 21% and 50% [5][34] Price and Volume Analysis - Lithium battery material prices are on the rise, with lithium carbonate and lithium hydroxide prices increasing by 20% in September [6][35] - The report notes that the lithium battery supply chain is entering a replenishment phase, with inventory levels rising [39] New Technology Developments - Solid-state batteries and composite current collectors are entering a critical engineering and industrialization phase, with significant orders expected for 2025 [6][44] - The report identifies key investment opportunities in solid-state battery technology, particularly in dry processing and isostatic pressing equipment [18][21] Investment Recommendations - The report recommends focusing on leading companies in the lithium battery sector and those involved in solid-state technology breakthroughs, such as CATL and EVE Energy [7][21]

倒计时41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 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 届时，组委会将邀请包括 宁德时代、中创新航、亿纬锂能、欣旺达、蜂巢能源、正力新能、瑞浦 兰钧、睿恩新能源、力华电源、容百科技、华熔科技、英联复合集流体、德福科技、诺德股份、华 创新材、亮晶晶、方恩电子、集泰股份、海目星激光、大族锂电、逸飞激光、华视集团、先导智 能、利元亨等产业链各环节企业将就锂电出海的新机遇、新挑战、新策略等话题一起探讨交流，分 享产业前沿洞见。 海外价格战 历史教训下的"自杀式"选择 新能源汽车领域，四万余元起售的车型不断刷新价格下限，将"低价"作为抢占份额的唯一筹码； 储能领域同样深陷降价竞赛，宁德时代董事长曾毓群在储能大会上直言，近三年储能系统价格降幅 超八成，某集采项目中标价甚至低于0.4元/Wh，远低于合理成本区间。 会议合作 ...

倒计时42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 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） 材料端的 "风向标"六氟磷酸锂（ 6F ）率先进入涨价周期。 多家产业链消息显示，近期 6F 现货报价已上涨至 5.85 万元 / 吨，较年中低点反弹超 8500 元 / 吨，头部企业已暂停报价，供需紧平衡局面正加 速显现。 6F ： 率先触底 反弹的材 料环节 从产业反馈看， 6F 正在成为锂电材料环节中第一个实现供需逆转的品类。 8 月以来， 6F 价格从 5 万元 / 吨抬升至 5.8 万元 / 吨，涨幅超 15% ，本周仍有继续调价预期。 当前行业月度有效产能约 2.45 万吨，而 9 月需求预计已超过 2.3 万吨，供需紧平衡已初步显现。头部三家企业产量占比超 70% 。 而 四季度临近， ...

主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 协办单位及固态年会总冠名： 茹天科技 倒计时30天 CINE2025固态电池展暨固态电池行业年会 活动时间： 2025年11月6-8日 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 第一批展商及赞助商： 金钠科技/茹天科技/海四达钠星/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能 源/时代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新能源/扬广科技/银川苏银产业园/兆钠新能源/精诚模具/儒特股份/希 倍动力/先导干燥/瓦时动力/博粤新材料/苏州翼动新能/亿隆能源/钠创新能源/瑞森新材料/海裕百特/凯德利/长篙新材/清研电子 /孚悦科技 等 长三角和珠三角地区为中国锂电产业链两大重要根据地，江苏省则是长三角锂电圈最重要的组成部分。 江苏省锂电产业有技术创新引领、全链条覆盖、规模化制造三大特征， ...

| 01 | ｜ 收获季！亿纬锂能接连拿下海外订单 | | --- | --- | | 02 | ｜ 中国电池行业处于全球领先地位，技术创新正重塑全球市场 | | 03 | ｜ CINE2025固态电池展暨固态电池行业年会定档11月6-8日，广州举办！ | | 04 | ｜ 2025第十一届起点锂电行业年会、起点用户侧储能电池技术论坛12月17-19日深圳 | | | 举办！ | | 倒计时30天 | | --- | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | 协办单位及固态年会总冠名： 茹天科技 | | 活动时间： 2025年11月6-8日 | | 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 | | 第一批展商及赞助商： 金钠科技/茹天科技/海四达钠星/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科 ...

一场历时两年多的"豪门内斗"迎来终章。 2025年9月29日，公司控股股东杉杉集团有限公司(下称杉杉集团)及其全资子公司宁波朋泽贸易有限公 司(下称朋泽贸易)与杉杉集团管理人、重整投资人联合体签署了《重整投资协议》。有中国"民营船 王"之称的任元林有望入主。重整投资人包括新扬子商贸、新扬船、TCL产投、东方资管深圳分公司 等。 这场由创始人郑永刚猝然离世引发的控制权争夺战，历经其子郑驹与其妻周婷的董事席位之争、董事长 更迭、司法强制执行最终落幕。如今，随着新实控人任元林的登场，杉杉股份不仅将迎来新的资本掌舵 者，更面临业绩复苏、产业整合与战略重塑的多重考验。 350亿杉杉股份重整进展 72岁中国民营船王或将入主 9月30日晚间，宁波杉杉股份有限公司（下称"杉杉股份"，600884.SH）公告披露，公司控股股东杉杉集 团有限公司（下称"杉杉集团"）及其全资子公司宁波朋泽贸易有限公司、杉杉集团管理人（系浙江省宁 波市鄞州区人民法院指定的杉杉集团和朋泽贸易合并重整案管理人，下称"管理人"）与江苏新扬子商贸 有限公司、江苏新扬船投资有限公司、厦门TCL科技产业投资合伙企业（有限合伙）和中国东方资产管 理股份有限公司深 ...

Core Insights - The economic competition among Chinese provinces is intensifying, with a national GDP forecast to exceed 101.6 trillion yuan, reflecting a growth of 4.47% compared to the same period last year [1] Group 1: Economic Performance - Guangdong and Jiangsu remain the leaders in the economic rankings, both surpassing 8 trillion yuan in GDP, with Jiangsu showing a nominal growth rate of 3.23% [1] - Tibet leads the nation with a remarkable growth rate of 10.27%, while smaller economies like Hainan and Ningxia are achieving stable growth through specialized industries [1] - Shandong's GDP is projected to reach 7.71 trillion yuan, significantly outpacing Zhejiang's 6.86 trillion yuan, with a growth rate of 4.48% [1] Group 2: Regional Highlights - Jiangxi has shown resilience, ranking 14th with a forecasted GDP of 25,788 billion yuan, a 4.88% increase from last year, driven by its electronic information industry [3] - Gansu is nearing the 1 trillion yuan mark with a forecast of 999.9 billion yuan, achieving a growth rate of 6.2% through its renewable energy initiatives [4] Group 3: Growth Dynamics - The data indicates that 19 out of 31 provinces achieved growth rates above 5%, showcasing a positive interaction between major economic provinces and resource-rich regions [5] - The Beijing and Shanghai metropolitan areas maintain a growth rate of 6%, while the Chengdu-Chongqing economic circle continues to grow steadily at 5% [5]

倒计时45天 业内指出， 2025 年硫化锂需求有望达到百吨量级；到 2026 年，行业大概率迈向千吨级，比此前业内预计的" 2027 年 2GWh 对应 500 吨需 求"，硫化锂需求爬坡节奏显然更快。 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 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） 9 月初，硫化锂赛道接连抛出 " 上量 " 信号。 天齐锂业在半年度业绩说明会上披露，年产 50 吨硫化锂中试项目已在四川眉山动工，宣称 " 低风险、可快速量产 " ； 8 月中旬，恩捷股份称其 百吨级高纯硫化锂中试线搭建完成，并已建成 10 吨级硫化物固态电解质产线；更早前的 7 月，上海洗霸竞得有研稀土硫化锂相关资产，并计划合 资扩产。 作为 硫化物固态电解质的关键 材料 ， 硫化锂在 高技术壁垒之下 " ...

Core Viewpoint - The strategic cooperation between Fulin Precision (300432.SZ) and CATL (300750.SZ; 3750.HK) has entered a critical turning point, with CATL set to increase its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan [2][5]. Group 1: Strategic Cooperation and Financial Impact - CATL will invest 2.563 billion yuan to gain controlling interest in Jiangxi Shenghua, leading to a significant increase in Fulin's stock price, which hit a 20% limit up, closing at 22.22 yuan per share, with a market capitalization of 38 billion yuan [2]. - In 2024, Fulin Precision's revenue is projected to be 8.47 billion yuan, with Jiangxi Shenghua contributing 4.829 billion yuan and Mianyang Fulin Precision New Energy contributing 1.684 billion yuan [4]. - The partnership has evolved since 2021, with CATL progressively increasing its investment and stake in Jiangxi Shenghua, culminating in a commitment to purchase at least 140,000 tons of lithium iron phosphate annually from 2025 to 2029 [5][6]. Group 2: Operational and Management Changes - The change in ownership of Jiangxi Shenghua signifies a deeper collaboration in terms of equity and capital, with CATL taking control of the management, appointing four out of seven board members [6]. - Jiangxi Shenghua's financial health has improved, with total assets reaching 7 billion yuan and net assets increasing from 725 million yuan to 1.189 billion yuan by the end of 2025 [7]. Group 3: Product Development and Market Position - Jiangxi Shenghua specializes in high-pressure lithium iron phosphate materials, which are crucial for the lithium battery industry, and has been recognized for its innovative production techniques [9]. - The demand for high-pressure lithium iron phosphate is expected to surge, with Fulin Precision having a production capacity of 300,000 tons, positioning it as a key player in the fast-charging battery market [10]. - The collaboration with CATL is anticipated to enhance Jiangxi Shenghua's product structure and profitability, with projections indicating a significant increase in the production of higher-generation products [11].

Core Viewpoint - The strategic partnership between Fulin Precision (300432.SZ) and CATL (300750.SZ; 3750.HK) has entered a critical turning point, with CATL increasing its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan, marking a significant shift in control and collaboration [2][5]. Group 1: Financial and Operational Highlights - Fulin Precision's core business includes lithium battery cathode materials, automotive engine and transmission precision components, and has expanded into robotic intelligent joint modules and components [5]. - In 2024, Fulin Precision is projected to achieve revenue of 8.47 billion yuan, with Jiangxi Shenghua contributing 4.83 billion yuan and Mianyang Fulin Precision New Energy contributing 1.68 billion yuan, alongside a net profit of 402 million yuan [5]. - Jiangxi Shenghua's total assets reached 7 billion yuan by mid-2025, with net assets increasing from 725 million yuan at the end of the previous year to 1.189 billion yuan [7]. Group 2: Strategic Developments - The partnership between Fulin Precision and CATL dates back to 2021, with CATL initially investing 20 million yuan and subsequently increasing its stake to 20% by 2022 [5]. - A business cooperation agreement signed on August 12, 2024, commits CATL to purchase at least 140,000 tons of lithium iron phosphate annually from Jiangxi Shenghua from 2025 to 2027, with the procurement volume expected to be no less than 80% of Jiangxi Shenghua's production capacity [6]. - The recent capital increase and shareholding change signify a deeper integration of operations and management, with CATL appointing four out of seven directors on Jiangxi Shenghua's board [6]. Group 3: Market Position and Product Development - Jiangxi Shenghua specializes in high-density lithium iron phosphate materials, which are critical for enhancing battery performance and are recognized as a key competitive advantage in the lithium battery industry [9]. - The demand for high-density lithium iron phosphate is expected to surge, particularly with the anticipated growth in fast-charging battery technologies, positioning Jiangxi Shenghua as a leader in this niche market [9]. - The production capacity for high-density lithium iron phosphate at Fulin Precision is currently at 300,000 tons, which is crucial for meeting the increasing market demand [9].