Group 1 - Chinese new energy companies are expanding overseas, creating job opportunities and driving local industrial upgrades [1][3] - Companies like EVE Energy and Guangdong Liyuanheng are leveraging their complete industrial chains and technological innovations to enhance their global competitiveness [1][2] - EVE Energy's revenue increased by approximately 30% year-on-year in Q1, with expectations for stable growth throughout the year [1] Group 2 - EVE Energy has established a sales network in 18 countries and is building wholly-owned factories in Malaysia and Hungary to enhance local operations and supply chain resilience [1][3] - Guangdong Liyuanheng has secured significant orders and expanded into international markets, with an order backlog of 4.921 billion RMB as of May [2] - The establishment of EVE Energy's factories is expected to create around 2,000 jobs in Malaysia and 1,000 jobs in Hungary, contributing to local economic development [3]

公告显示， 亿纬储能马来西亚 注册于马来西亚吉打州居林市，由亿纬锂能通过全资子公司亿 纬亚洲有限公司 100% 持股。项目名称定为 " 马来西亚高安全、高可靠、长寿命新型储能项 目 " ，规划在当地扩建储能生产基地，建设用地规模约 48.4 万平方米，建设期不超过 2.5 年。 近年来，东南亚地区新能源产业发展迅速， 马来西亚 作为东盟重要经济体，在电池制造领域 具备政策支持与区位优势。 据了解，亿纬锂能马来西亚工厂的定位是覆盖亚洲、辐射全球的多场景锂电池生产基地。 该 公司服务电动两轮车、工具及消费电子市场的圆柱锂电池项目设备已于 2024 年 12 月开始进 场，年产能达 6.8 亿只，小圆柱电池预计在 2025 年初实现量产 。 对于本次投资的战略意图，亿纬锂能表示，项目实施将促进公司海外业务扩张， 通过海外生 产基地扩大产能，满足全球日益增长的储能配套需求。尤其是在国际贸易摩擦加剧的背景下， 海外布局可一定程度降低相关风险，助力业务订单增长与产能规模扩张，为全球领先战略提供 支撑 。 业内人士认为，锂电池企业海外建厂已成为行业趋势，既能规避贸易壁垒。 财报显示， 2024 年亿纬锂能实现营业收入 48 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The unilateral and inter - period trends of lithium carbonate deviate from the short - term fundamentals, and attention should be paid to the position - holding risks. The market attributes the rebound of the absolute futures price to the change of the demand and production schedule expectation for July from negative to positive. After the strengthening of the unilateral futures price, the basis of trade and long - term contracts has strengthened significantly, while the inter - period spread has weakened significantly, which is inconsistent with the continuous large - scale cancellation of futures warehouse receipts. [3] - For unilateral trading, it is recommended to go short on rallies after the willingness of long - position holders to take delivery becomes clear, and the price of the 2507 contract is expected to range from 55,000 to 63,000 yuan per ton. [3][4] - For inter - period trading, it is recommended to conduct reverse arbitrage (except for the 8 - 9 contract, which maintains the positive arbitrage idea) after the willingness of long - position holders to take delivery becomes clear at the end of June. [5] - For hedging, it is recommended to conduct short - hedging, and the short - hedging ratio is suggested to be increased to 70%. [5] 3. Summary According to Relevant Catalogs 3.1 This Week's Price Trends - The main contracts of lithium carbonate rebounded significantly. The 2507 contract closed at 63,240 yuan per ton, up 3,420 yuan per ton week - on - week; the 2509 contract closed at 63,300 yuan per ton, up 4,400 yuan per ton week - on - week; the spot price rose 750 yuan per ton to 61,150 yuan per ton. The SMM futures - spot basis (2507 contract) weakened by 2,670 yuan per ton to - 2,090 yuan per ton, and the Fubao trader's premium and discount quote was + 400 yuan per ton, up 400 yuan per ton week - on - week. The spread between the 2507 - 2509 contracts was - 60 yuan per ton, down 980 yuan per ton month - on - month. [1] 3.2 Supply and Demand Fundamentals 3.2.1 Supply - The production of lithium carbonate continued to increase, and the operating rate improved. The price of spodumene concentrate rose by 9 US dollars per ton to 629 US dollars per ton this week. The production of salt lakes increased, and there will be new projects in Qinghai put into production in July. This week, the production of lithium carbonate was 18,767 tons, an increase of 305 tons from last week, with a growth rate of 1.65%. [2] 3.2.2 Demand - Driven by the better - than - expected performance of Xiaomi's large orders, the market expects the demand for power batteries to continue to be released. According to the statistics of consulting firms, the production schedule of lithium iron phosphate battery cells in July increased by 6% month - on - month, and that of ternary battery cells increased by 4% month - on - month; the production schedule of cathode materials increased by 2% month - on - month. The market expects that the demand in the off - season of lithium batteries in July may be better than previously expected. [2] 3.2.3 Inventory - The total social inventory continued to increase. The inventory of lithium carbonate was 136,837 tons, an increase of 1,936 tons month - on - month. The number of futures warehouse receipts decreased to 21,998 tons. [2] 3.3 Market Data - The report provides a series of charts and tables showing the price trends, production, inventory, and other data of lithium carbonate and related products in the lithium industry chain, including the spot and futures price differences of lithium carbonate, the inter - period price differences of lithium carbonate futures, the price trends of lithium ore, lithium salt products, and lithium batteries, etc. [8][10][11][13][15][17]

Group 1 - The fifth "Two-Wheeled Vehicle Battery Swap Conference" and "Lightweight Power Battery Technology Summit Forum" will be held on July 10-11, 2025, in Shenzhen [1] - Ningde Times led a new financing round for Galaxy General, raising 1.1 billion RMB, with total financing exceeding 2.4 billion RMB over two years [3] - Zhuhai Guanyu has been designated as a supplier for Dongfeng Nissan to develop and supply low-voltage lithium batteries [4] Group 2 - EVE Energy announced an investment of up to 8.654 billion RMB to build a new energy storage battery project in Malaysia [5] - Guoxuan High-Tech is advancing its 30GWh battery project, with a 10GWh new energy heavy truck cell project expected to begin trial production in October [7] - Yichang Chuangneng has successfully launched its first batch of stacked battery products, achieving a breakthrough in "offline delivery" [8] Group 3 - Funeng Technology plans to deliver small batches of its 60Ah sulfide all-solid-state batteries by the end of 2025, with energy density reaching 400-500 Wh/kg [9] - Ganfeng Lithium's new battery research institute and Pack integration project is set to begin trial production in July [10] - Huyuan Lithium Innovation has delivered high-performance solid-state batteries for drones, with energy density ranging from 320-600 Wh/kg [11] Group 4 - Changhong Sanjie has officially launched its fourth-phase battery project in Jiangsu, with a production capacity exceeding 600 million units annually [12] - Zhongxin Innovation has signed a contract for its fourth-phase battery and energy storage system project in Wuhan, with an expected annual output value exceeding 10 billion RMB [14] - Kedali plans to invest up to 50 million euros in Hungary for a precision component project related to power batteries [17] Group 5 - Sanmei Co. announced a delay in its 50,000 tons/year lithium hexafluorophosphate project, with completion now expected by June 2027 [18] - Guizhou's 450,000 tons/year lithium iron phosphate precursor project has passed environmental impact assessment [19] - Dingsheng Technology has developed multiple electrolyte products that have been certified by leading battery manufacturers [20] Group 6 - Cangge Mining has received approval for a 4.5 billion RMB lithium carbonate project in Tibet, with an estimated annual production of 50,000 tons [21] - The cobalt export ban in the Democratic Republic of Congo has been extended for three months, potentially tightening supply and increasing prices [22] - Jiangsu Aoke Chemical is planning to expand its production capacity for high-end fine chemical materials, including battery-grade solvents [23] Group 7 - A public notice has been issued for a 10,000 tons/year lithium-ion battery precursor project in Sichuan [24] - The global lithium battery equipment market is projected to reach 79.2 billion RMB in 2024, with a 26.2% year-on-year decline [26] - By 2027, the global lithium battery equipment market is expected to grow to 141.9 billion RMB [27] Group 8 - Xianlead Intelligent has completed the delivery of core equipment for solid-state batteries, marking a significant milestone in its supply chain [28] - Liqi Intelligent's IPO has been accepted, aiming to raise 1.008 billion RMB for automation and R&D projects [29] - Tianjin Teda and Guangdong Bangpu have established a battery recycling company, focusing on the recycling and reuse of used batteries [31] Group 9 - A lithium battery recycling project in Heilongjiang has been publicly announced, with a total investment of 120 million RMB [32] - A new battery recycling project in Jiangsu aims to process over 6,000 tons of battery materials annually [33] - A 25,000 tons/year battery recycling project has been approved in Fujian, with a total investment of 220 million RMB [34] Group 10 - Tesla has signed an agreement to invest approximately 4 billion RMB in a GWh-level energy storage project in Shanghai [37] - Changan Automobile has changed its name to "Chen Zhi Automotive Technology Group" [38] - Seres has secured 5 billion RMB in strategic investments from major financial institutions and industry funds [39]

Core Viewpoint - The opening of the "New Three Samples" green channel for shipping from Nanjing to Ningbo significantly enhances logistics efficiency and reduces costs for the transportation of electric vehicles, lithium batteries, and photovoltaic products [1][2][3] Group 1: Logistics Efficiency - The new shipping route improves logistics efficiency by 40% and reduces the comprehensive cost per container by over 20% [1][2] - The introduction of a "departure port declaration + transit port exemption" model eliminates the need for repeated declarations, saving 48-96 hours in the declaration process [2] - The unified inspection standards between Nanjing and Ningbo have resolved issues of repeated inspections, which previously extended logistics time by 3-5 days [2][3] Group 2: Industry Growth - The demand for waterway transportation of "New Three Samples" products is increasing, with a projected 36.1% year-on-year growth in container transport, reaching 86,300 TEUs in 2024 [3] - The transportation of new energy vehicles has seen a remarkable increase of 260.5%, with 29,200 units expected to be transported [3] - The establishment of the "direct train" service is part of a broader initiative to enhance water transport logistics and support the development of regional shipping logistics centers [3]

Core Viewpoint - EVE Energy, a subsidiary of EVE Lithium Energy, is investing up to 8.654 billion yuan in a new energy storage battery project in Kedah, Malaysia, to enhance its global capacity and respond to the growing demand in the energy storage market [2][5]. Investment Details - The investment will be made through EVE Energy Storage Malaysia, which is fully owned by EVE Lithium Energy [6]. - The project, named "Malaysia High Safety, High Reliability, Long Life New Energy Storage Project," will cover approximately 484,000 square meters and is expected to be completed within 2.5 years [6]. - Funding sources include self-owned funds, funds raised through stock issuance, and self-raised funds (including bank loans) [6]. Strategic Intent - The investment aims to expand the company's overseas operations and production capacity to meet the increasing global demand for energy storage solutions [9]. - The project is positioned to mitigate risks associated with international trade tensions and support business order growth and capacity expansion [9]. Market Context - The Southeast Asian region, particularly Malaysia, is experiencing rapid development in the new energy sector, supported by favorable policies and geographical advantages [7]. - EVE Lithium Energy's Malaysian factory is designed to serve multiple scenarios in lithium battery production, with an annual capacity of 680 million cylindrical batteries expected to begin mass production in early 2025 [7]. Financial Performance - In 2024, EVE Lithium Energy reported total revenue of 48.615 billion yuan, a slight decrease of 0.35% year-on-year, with net profit increasing by 0.63% to 4.076 billion yuan [9][10]. - Revenue from energy storage batteries reached 19.03 billion yuan, marking a significant year-on-year growth of 16.44% [10]. Industry Trends - The trend of lithium battery companies establishing overseas factories is becoming prevalent, allowing them to avoid trade barriers and be closer to end markets [9]. - However, companies face challenges related to policies, laws, and cultural differences when expanding abroad, necessitating a balance between capacity expansion and risk management [9].

证券研究报告 | 2025年6月28日 锂电产业链双周评（6月第2期） 固态电池产业化持续加速，消费电池掺硅比例稳步提升 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 【风险提示】电动车销量不及预期，行业竞争加剧，原材料价格大幅波动，政策变动风险。 请务必阅读正文之后的免责声明及其项下所有内容 • 固态电池产业化加速推进：设备端，赢合科技固态电池湿法涂布、辊压以及电解质转印设备顺利出货至国内头部客户，先导智能向客户成功交付固态电池用复合转印设备与高速叠片 设备，科恒股份与北京纯锂新能源签署战略合作协 ...

Core Viewpoint - Chinese new energy companies are experiencing a new wave of globalization, driven by a complete industrial chain, continuous technological innovation, and cost competitiveness, particularly in lithium batteries, photovoltaics, energy storage, and equipment manufacturing [1][2]. Group 1: Industry Trends - The Chinese battery industry has seen a slowdown in growth, prompting many manufacturers to shift focus to overseas markets, with leading companies like CATL and EVE Energy accelerating their international production capacity [2][11]. - The overseas market is rapidly becoming a new growth area for new energy companies, with significant investments in production bases in Southeast Asia, Europe, and North America [2][11]. Group 2: Company Strategies - Li Yuanheng has established subsidiaries in multiple countries, including the U.S., Germany, Hungary, Japan, and South Korea, and offers a comprehensive range of products in the new energy equipment sector [2][4]. - The company aims to enhance its global presence through technological innovation and resource integration, achieving significant milestones such as the launch of its first battery pack production line in North America and the introduction of advanced equipment at European exhibitions [4][6]. Group 3: Challenges and Opportunities - Despite the progress, Chinese companies face challenges such as policy environments, market competition, and technological upgrades in their globalization efforts [8][11]. - EVE Energy's planned IPO in Hong Kong aims to raise funds for overseas factory construction and global capacity expansion, reflecting the trend of domestic companies seeking to strengthen their international delivery capabilities [11][12]. Group 4: Competitive Advantages - EVE Energy emphasizes its "first-mover advantage" in overseas expansion, having initiated its Malaysia factory project after extensive planning, allowing it to achieve production capabilities ahead of competitors [12].

Core Viewpoint - The article emphasizes the emergence of the term "safety-cost ratio" in the industry, highlighting the need for optimal cost production while ensuring extreme safety standards in battery manufacturing [3]. Group 1: Industry Trends - The new national standards for power batteries have shifted the focus from "surviving 30 minutes after thermal runaway" to a fundamental requirement of "no fire, no explosion" [3]. - Material innovation is transitioning from individual advancements to a system integration approach that prioritizes safety [3]. Group 2: Company Innovations - Reen Energy's cylindrical battery cells utilize a steel shell structure, achieving a wide temperature range of -40℃ to 80℃, suitable for various demanding applications [4]. - Reen's "non-terminal ear" technology reduces internal resistance by over 80% and temperature rise by over 30%, effectively mitigating local thermal runaway risks [4]. - The performance matrix of Reen's products shows significant advantages, with energy densities exceeding 270Wh/kg for mass production models and over 350Wh/kg for pre-research models [4][5]. Group 3: Material Developments - Composite current collectors are highlighted as revolutionary materials that address safety challenges in lithium batteries, with a focus on high ductility and lightweight characteristics [5][6]. - The composite copper and aluminum structures developed by Yinglian achieve significant safety breakthroughs, passing puncture tests and maintaining corrosion resistance [5][6]. Group 4: Challenges in Silicon-Carbon Technology - Shanshan Technology is advancing silicon-carbon products with a focus on uniform distribution and high performance, targeting a market demand exceeding 45,000 tons by 2028 [9]. - Challenges include high silicon expansion, insufficient pressure resistance, limitations in fast charging, high costs, and safety management of hazardous gases during mass production [10][12]. Group 5: Safety Innovations - Aochuang Technology proposes a multi-layered safety framework to enhance battery protection, utilizing advanced materials that maintain low thermal conductivity even at high temperatures [15]. - The introduction of a new explosion-proof membrane by Ample provides an efficient and cost-effective solution for battery pack safety, ensuring rapid pressure release during thermal runaway [17][18].

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]