Group 1 - The lithium battery index has increased by 3.80% in the last two weeks, outperforming the CSI 300 index by 2.42 percentage points as of June 26, 2025 [1][2] - The lithium battery index has accumulated a rise of 4.25% this month, surpassing the CSI 300 index by 1.50 percentage points [1][2] - Year-to-date, the lithium battery index has grown by 1.35%, outpacing the CSI 300 index by 1.06 percentage points [1][2] Group 2 - As of June 26, 2025, the average price of battery-grade lithium carbonate is 61,600 CNY/ton, showing a decrease of 0.16% over the past two weeks [3] - The price of lithium hydroxide (LiOH 56.5%) is 63,900 CNY/ton, down by 3.62% in the same period [3] - Prices for cathode materials such as lithium iron phosphate remain stable at 30,300 CNY/ton, while NCM523, NCM622, and NCM811 are priced at 112,500 CNY/ton, 121,000 CNY/ton, and 145,500 CNY/ton respectively [3] Group 3 - Solid-state battery technology is gaining traction, with multiple companies announcing advancements in this area [4] - The industrialization of solid-state batteries is accelerating, leading to structural demand for materials and equipment upgrades [4] - The government’s policies, including the "old-for-new" subsidy program, are expected to boost demand in the electric vehicle market, contributing to rapid sales growth [4] Group 4 - The overall demand and production of lithium batteries continue to grow rapidly, with the industry supply-demand relationship gradually improving [5] - The utilization rate of quality production capacity is expected to increase, leading to marginal improvements in industry profitability [5] - Key companies to watch include CATL, Kodali, Enjie, Tena Technology, and Naconor [5]

Core Insights - The overall number of stocks hitting the daily limit rose to 54, with 9 stocks in consecutive limit-up status, a significant decrease in the advancement rate of consecutive limit-up stocks to 19.04% from the previous day [1] Group 1: Market Performance - The market saw over 3,300 stocks rise, but short-term sentiment continued to cool down, leading to a substantial drop in the advancement rate of consecutive limit-up stocks [1] - Notable stocks such as Quan Oil and New Tonglian experienced significant declines, impacting overall market sentiment [1] Group 2: Sector Trends - Recent popular sectors showed a pattern of rising and then falling, with significant losses for those who blindly chased high prices [1] - Specific sectors like solid-state batteries and stablecoins faced notable declines, with stocks such as Pulu Tong and Cangzhou Mingzhu dropping after initial surges [1] Group 3: Emerging Trends - Afternoon trading saw a resurgence in interest for stocks related to zodiac themes, with several stocks featuring the character "马" (horse) hitting the daily limit [1]

行 业 锂电池产业链 超配（维持） 锂电池产业链双周报(2025/06/13-2025/06/26) 5 月全球锂电池产量保持快速增长 2025 年 6 月 27 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： 行情回顾：截至2025年6月26日，锂电池指数近两周上涨3.80%，跑赢沪 深300指数2.42个百分点；锂电池指数本月至今累计上涨4.25%，跑赢沪 深300指数1.50个百分点；锂电池指数年初至今上涨1.35%，跑赢沪深300 指数1.06个百分点。 周 报 锂电池产业链近两周价格变动： 锂电池指数走势 锂盐：截至2025年6月26日，电池级碳酸锂均价6.16万元/吨，近两周下 跌0.16%；氢氧化锂(LiOH 56.5%)报价6.39万元/吨，近两周下跌3.62%。 正极材料：磷酸铁锂报价3.03万元/吨，近两周价格持稳；NCM523、NCM622、 NCM811分别报价11.25万元/吨、12.10万元/吨、14.55万元/吨，近两周 价格持稳。负极材料：人造石墨负极材料高端、低端分别报价4.85万元/ 吨和2.10万元/吨，近两周价格持稳；负极材料石墨化高端、低端分别报 价0.96万 ...

野村东方国际 锂电新周期 全球产业格局的变迁 20250625 摘要 《通胀削减法案》驱动日韩电池企业在北美大幅扩张产能，LG 化学北美 产能规划显著提升，但 2025 年起，日韩企业调整策略，削减资本开支， 优先提升现有产能利用率，并可能转向储能领域。 中国锂电市场面临供给过剩挑战，但产能利用率触底回升，企业加速海 外布局，尤其看好欧洲市场。全球电动汽车市场需求增长面临挑战，欧 洲市场或需等待低价车型大规模推出以刺激需求。 固态电池技术预计 2027 年实现规模化量产，此前投资逻辑围绕技术路 线演进，市场将呈现板块轮动，可关注下跌后的投资机会。SNE Research 预测固态电池渗透率可能达 8%，技术成熟度和成本下降速 度至关重要。 LG 化学 2025 年一季度利润扭亏为盈，受益于美国补贴，但为应对政策 不确定性，正降低北美资本开支，并可能将动力电池产能转向储能电池 生产，以填补美国本土储能供给缺口。 Q&A 贵机构对宁德时代 2025 年底的市值目标有何预期，以及支撑此预期的核心逻 辑是什么？ 宁德时代目前的市值约为 1.1 万亿人民币，预计到 2025 年底其市值有望达到 1.6 万亿人民币。此预 ...

以下文章来源于高工产研 ，作者GGII 高工产研 . 2025年5月中国锂电产业链投资扩产项目汇总表 从环节分布看，锂电池回收、固态电池及材料成为主要投资方向，各占7个项目，合计占比 近50%，反映出行业向技术迭代与循环经济双轮驱动的转型趋势。其他环节中，锂电池及 PACK项目6个，包括海四达马来西亚圆柱动力电池项目、比亚迪欧洲总部和研发中心两个海 外项目。 从投资规模来看，5月锂电产业链平均单个项目投资额约13.8亿元，较2024年同期有所下 降，仅有金晟新能源湖北黄冈基地一个百亿级规划项目，当前锂电产业投资更趋理性。 从项目区域分布来看，主要集中于长三角江苏、湖北、江西及广东及等锂电产业集聚区，海 外布局项目三个（涉及马来西亚、匈牙利、阿曼）。 | | | 灰竹矿 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 钠电池 | 苏州固能 | 钠电池、储能微 电网系统集成 | 3GWh电 池及微网 集成 | 10 | 签约 | 江苏 | 南京 | | | 昌意钠电 | 钠电池 | 3GWh | 1 | 开工 | 云南 | 最准 | ...

| 会议预告 | | | --- | --- | | | 2025 （第四届）高工储能产业峰会 ——商业裂变 破局重构 | | 主办单位： | 高工储能、高工产业研究院(GGII) | | 峰会时间： | 2025年7月1-2日 | | 峰会地点： | 浙江杭州·滨江开元名都大酒店 | | | 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 | 从电芯结构创新到装备效率革命，从材料工艺突破到物流体系重构，这场技术对话揭示出：圆柱电池的"新拐点"不仅是尺寸升级的量变，更是从制造逻 辑到应用场景的全维度质变。 在 2025 （第十八届 ）高工锂电产业峰会 以 "圆柱电池新拐点" 为主题的电池应用专场二中， 力华电源、逸飞激光、先导智能、华视集团、创盛股 份、阿帕奇 等企业就圆柱电池的全产业链解决方案展开相关主题演讲。 力华电源以"真无极耳"结构破解大圆柱电芯热、力、电三角难题，通过全通 ...

当平面红外干燥技术将烘箱长度缩短30%、压熔焊实现1秒极耳成形、锰基材料通过复合技术配套超20万辆新能源车，这些来自生产一线的创新正构 筑起全场景应用的技术基石。 "全场景共振" 对锂电技术提出的全新挑战 锂电行业正站在全场景需求爆发与技术迭代的历史交汇点。 当电动重卡穿梭于干线物流，两轮车驰骋在城市街巷，固态电池叩响下一代技术大门，锂电池的应用边界正以超乎想象的速度拓展。 2025年，电动重卡月均渗透率已超20%，换电模式在干线物流中占据35%的市场份额，而小动力场景下锰基材料的应用规模突破千万组 —— 这些数 据背后，是 "全场景共振" 对锂电技术提出的全新挑战。 在制造端，传统工艺的效率天花板日益凸显。 长达百米的热风烘箱、耗时数小时的干燥流程、占电池生产15%能耗的烘烤环节，正成为行业降本增效 的 "拦路虎"；极耳焊接的多道工序、动辄数十秒的操作时间，也让快充电池的量产面临工艺瓶颈。 雷索新材料宋琪博士在演讲中指出，传统干燥技术每小时消耗百万大卡能源，潜在碳税成本近6亿美元，这种 "高耗能、低效率" 的模式已难以匹配全 场景应用的爆发式需求。 与此同时，场景分化催生出技术路线的多元化。 干线物流中，5 ...

Group 1: Market Overview and Valuation - As of June 25, 2025, the lithium battery index has increased by 2.25% since the beginning of the year, slightly outperforming the Shanghai and Shenzhen 300 index by 1.61 percentage points. The solid-state battery index has surged by 24.86%, significantly exceeding the Shanghai and Shenzhen 300 index by 24.22 percentage points [15][16] - The overall PE (TTM) of the lithium battery sector is 24 times, indicating that the sector is still at a historical low valuation after more than three years of deep adjustments [16] Group 2: Lithium Battery Downstream Demand - The global new energy vehicle (NEV) market continues to grow, with China being the largest driving force. From January to May 2025, China's NEV sales reached 5.608 million units, a year-on-year increase of 44%, with domestic sales accounting for 84.8% [20][29] - The penetration rate of NEVs in China reached 44% in the first five months of 2025, up 3 percentage points from 2024, indicating a strong momentum in electric vehicle adoption [22] - NEV exports from China are expected to maintain growth, with 855,000 units exported from January to May 2025, a year-on-year increase of 64.6%, making NEVs a key driver of automotive exports [29] Group 3: Industry Profitability and Marginal Improvement - The lithium battery industry is expected to see a continued marginal improvement in profitability, with net profit for 2024 projected to decline at a slower rate. In Q1 2025, net profit increased by 27.44% year-on-year and 63.06% quarter-on-quarter [61][64] - Inventory levels have bottomed out and are recovering, with total inventory reaching 216.29 billion yuan by the end of Q1 2025, a 10.07% increase from the end of 2024 [69] - Capital expenditures have continued to decrease, reflecting a slowdown in capacity expansion due to temporary overcapacity in the industry [73] Group 4: Solid-State Battery Industrialization - Solid-state batteries are gaining traction due to their high energy density and safety advantages. They are expected to become the next generation of lithium batteries, with several major automakers planning to introduce solid-state battery vehicles by 2027 [80][82] - The industrialization process of solid-state batteries is accelerating, with semi-solid batteries already in mass production and full solid-state batteries expected to start small-scale production around 2027 [80][82] - The demand for solid-state batteries is being driven by the growth of new energy vehicles and low-altitude economy applications, creating structural demand in the materials and equipment sectors [80][82] Group 5: Investment Strategy - It is recommended to focus on leading companies in the battery and materials sectors that are experiencing fundamental improvements, particularly those with technological and capacity advantages in solid-state battery core materials and equipment [6][28] - Key investment targets include companies such as CATL, EVE Energy, and others that are well-positioned to benefit from the solid-state battery transition [6][28]

Core Viewpoint - The global lithium battery recycling network platform was launched to address structural challenges in the lithium battery recycling industry, including lagging recycling system construction and price inversion, amidst the anticipated surge in retired power batteries due to the explosive growth of global electric vehicles [1][5][9] Group 1: Industry Context - The global retired power battery scale is expected to exceed 10 million tons by 2030, making the recovery and reuse of key metals like lithium, cobalt, and nickel a core industry issue [5] - The lithium battery industry is experiencing rapid growth, driven by the increasing demand for electric vehicles and energy storage solutions [5] Group 2: Company Initiatives - EVE Energy, a leading global lithium battery manufacturer, aims to accelerate the Internet of Things with comprehensive lithium battery solutions and has a full industry chain layout in power, energy storage, and consumer batteries [5] - EVE Energy's R&D team showcased recent technological innovations in heavy-duty energy, large cylindrical batteries, life energy, and all-solid-state batteries, demonstrating the company's research capabilities across various applications [5] Group 3: Collaborative Efforts - The global lithium battery recycling network platform involves collaboration with Shenzhen Jiecheng New Energy and other leading global new energy companies, establishing a recycling network covering over 30 countries across Europe, North America, Asia, and Oceania [1][9] - The platform aims to create a green circular system covering the entire battery lifecycle from production to recycling and regeneration, promoting sustainable development in the global new energy industry and supporting global carbon neutrality goals [9]

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年6月26日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 利多：厂家停减产计划，从智利进口碳酸锂量环比有所下行，锂辉石进口量有所下滑。 利空：矿石/盐湖端供给持续高位，下降幅度有限；动力电池端接货意愿不足。 主要逻辑：产能错配导致供强需弱，下行态势较难改变。 主要风险点：停减产/检修计划冲击，产业出清启动时间点。 4 每日观点 | | | 供给端来看 ， | 上周碳酸锂产量为18462吨 环比增长1 84% ， . , | 高于历史同期平均水平 | 。 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 需求端来看 ， | 上周磷酸铁锂样本 ...