锂电材料企业 道氏技术 （300409.SZ）2025年业绩增长强劲。 1月23日晚间，道氏技术发布2025年业绩预告，公司预计归母净利润4.8亿元至5.8亿元，同比增长 206.01%至269.76%；扣非净利润4.6亿元至5.6亿元，同比增长280.94%至363.75%。 对于业绩增长，公司表示，公司海外业务拓展成效明显， 阴极铜 产能稳步提升并逐步释放，实现量价 齐升，带动公司业绩增长。受益于钴价格回升的积极影响，公司钴产品盈利能力提升。 业绩预告中，公司未披露毛利率情况，从2025年前三季度来看，公司的毛利率提升至21.25%，创近四 年新高。 连续两年盈利增长 资料显示，道氏技术深耕 新材料 领域，专注材料创新、工艺创新、产品创新，业务布局已从单一陶瓷 材料业务发展形成当前"碳材料+锂电材料+陶瓷材料+战略资源"的多元格局，并在此基础上明确 了"AI+材料"的战略发展方向。 2022年和2023年，公司的盈利能力曾连续两年下滑。在计提减持和折旧费用后，2024年公司轻装上阵， 业绩强势反弹。2024年，公司实现营业收入为77.52亿元，同比增长6.25%；归母净利润为1.57亿元，同 比扭亏为盈。 ...

Core Viewpoint - The performance of leading companies in the electrolyte and cathode sectors has significantly improved, with several firms forecasting substantial profit growth for 2025 [2] Group 1: Company Performance - Five companies in the lithium battery material supply chain have disclosed profit forecasts for 2025, including Hunan Youneng, Putailai, China National Materials, Tianci Materials, and Tianji Co., Ltd [2] - Tianci Materials expects a net profit of 1.1 billion to 1.6 billion yuan for 2025, representing a year-on-year growth of 127.31% to 230.63% [4] - Hunan Youneng anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, with a year-on-year increase of 93.75% to 135.87% [7] Group 2: Q4 Performance Insights - Both Tianci Materials and Hunan Youneng are projected to achieve a year-on-year net profit growth of over 500% in Q4 2025, with Tianci's growth estimated at approximately 538% and Hunan's at about 512% [3][9] - Tianci Materials' Q4 net profit is estimated to be around 929 million yuan, while Hunan Youneng's is projected at approximately 630 million yuan [6][9] - The growth for both companies is attributed to increased demand for lithium-ion battery materials driven by the growth of new energy vehicles and energy storage [6][10] Group 3: Other Companies' Performance - Putailai expects a net profit of 2.3 billion to 2.4 billion yuan for 2025, with a year-on-year increase of 93.18% to 101.58% [11] - China National Materials forecasts a net profit of 1.55 billion to 1.95 billion yuan for 2025, with a year-on-year growth of 73.79% to 118.64% [14] - Tianji Co., Ltd. anticipates a net profit of 70 million to 105 million yuan for 2025, marking a return to profitability [16] Group 4: Industry Trends - The fourth quarter saw significant price recovery in the electrolyte supply chain, driven by a rebound in the prices of key raw materials, particularly lithium hexafluorophosphate [18][19] - The profit recovery in the electrolyte and key raw material sectors is characterized by a "profit redistribution," where leading companies benefit from improved demand and cost management [20] - The improvement in the separator sector is more gradual, focusing on inventory reduction and internal efficiency enhancements [21]

1月23日，上海期货交易所（以下简称上期所）发布通知称，自2026年1月27日（星期二）收盘结算时起，调整镍、铅、锌等期货相关合约涨跌停板幅度和 交易保证金。 从期货市场来看，沪镍今日午后直线拉升，截至收盘涨近4%。消息面上，印度尼西亚可能会在2026年批准约2.6亿公吨的镍矿石生产配额。 继金、银、铜、铝之后，上期所又出手了！ 相关调整如下：镍期货已上市合约的涨跌停板幅度调整为10%，套保持仓交易保证金比例调整为11%，一般持仓交易保证金比例调整为12%；氧化铝、 铅、锌期货已上市合约的涨跌停板幅度调整为8%，套保持仓交易保证金比例调整为9%，一般持仓交易保证金比例调整为10%；不锈钢期货已上市合约的 涨跌停板幅度调整为6%，套保持仓交易保证金比例调整为7%，一般持仓交易保证金比例调整为8%。 | 品种 | 合约 | | 现行标准(%) | | | 调整后标准(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 交易保证金 | | 交易保证金 | | | | | 涨跌 | | | 涨跌 | | | | | | 停板 | 套保 ...

Core Insights - The fourth quarter of 2025 saw significant adjustments in the portfolio of renowned fund manager Fu Pengbo, with notable changes in top holdings and investment strategies [1][4]. Group 1: Portfolio Adjustments - In the fourth quarter of 2025, Maiwei Co. replaced China Mobile in Fu Pengbo's top ten holdings, indicating a shift in focus towards high-performing sectors [1]. - Fu Pengbo increased holdings in Cambricon Technologies while reducing positions in several companies including Xinyi Semiconductor, Shenghong Technology, CATL, Tencent Holdings, Dongshan Precision, Luxshare Precision, Alibaba-W, and Juxing Technology [1][3]. Group 2: Market Conditions and Economic Outlook - The central economic work conference and political bureau meeting emphasized maintaining low social financing costs and leaving room for fiscal policy to address future risks, reflecting a cautious yet optimistic outlook for domestic demand policies [1][4]. - The macroeconomic data for the fourth quarter indicated a mixed performance in consumption and investment, with automotive consumption boosted by trade-in subsidies, while real estate remained weak [4]. Group 3: Investment Strategy and Future Outlook - The concentration of the top ten holdings in the fund increased to 70.38%, up from 66.04% in the previous quarter, indicating a strategic focus on fewer, high-potential stocks [5]. - Preparations for the 2026 portfolio include reducing exposure to companies with weak fundamentals and increasing investments in data center cooling, storage, and computing power-related firms, based on industry trends and individual stock research [5]. - The market is expected to see heightened activity in early 2026, with a focus on sectors like AI, non-ferrous metals, and lithium battery materials anticipated to show significant growth [6].

Core Viewpoint - The report highlights the performance and strategic focus of the Bosera New Energy Theme Mixed A Fund, emphasizing its investment in high-growth and low-penetration sectors within the new energy industry, particularly in electric equipment and solid-state batteries [3][4]. Fund Performance - The fund reported a profit of 440,800 yuan in Q4 2025, with a weighted average profit per share of 0.0022 yuan [3]. - The net asset value (NAV) growth rate for the fund was 0.39% during the reporting period, with a total fund size of 162 million yuan as of the end of Q4 [3][15]. - As of January 22, the fund's unit NAV was 0.872 yuan [3]. Comparative Performance - Over the past three months, the fund's NAV growth rate was 12.65%, ranking 49 out of 100 among comparable funds [4]. - The fund's NAV growth rate over the past six months was 41.54%, ranking 31 out of 100 [4]. - The one-year NAV growth rate was 52.48%, ranking 36 out of 92 [4]. - The three-year NAV growth rate was 10.94%, ranking 31 out of 68 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.4889, ranking 25 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years was 46.79%, with the highest single-quarter drawdown occurring in Q2 2022 at 22.22% [11]. Investment Strategy - The fund manager indicated an increased allocation to high-growth and low-penetration sectors within the new energy industry, specifically targeting electric equipment exports and upstream lithium battery materials [3]. - The solid-state battery sector is highlighted as a low-penetration area, with expectations for mass production to begin in 2026 and scale deployment in 2027 [3]. Portfolio Composition - As of December 31, the fund's top ten holdings included companies such as CATL, Sungrow Power Supply, and Tianqi Lithium [18]. - The average stock position over the past three years was 86.14%, with a peak of 89.88% at the end of Q1 2023 [14].

Group 1 - The core viewpoint of the article highlights the progress of the lithium battery material project by Chizhou Tianci High-tech Materials Co., Ltd., which is expanding its production capacity from 150,000 tons to 280,000 tons of lithium battery materials with a total investment of 300 million yuan [2] - The company forecasts a net profit of 1.1 billion to 1.6 billion yuan for the year 2025, representing a year-on-year growth of 127.31% to 230.63% [2] - The significant increase in net profit for the fourth quarter is attributed to the rising demand in the new energy vehicle market and the rapid growth in the energy storage market, leading to a substantial increase in sales of lithium-ion battery materials [2] Group 2 - The lithium battery materials industry is expected to show signs of recovery in the second half of 2025, with the average price of electrolyte reaching 35,500 yuan per ton in the fourth quarter, marking a quarterly increase of 92.41% [3] - Several institutions have raised their profit forecasts for Tianci Materials for 2026, with East Wu Securities projecting a net profit of approximately 8.06 billion yuan, while other firms have similar estimates [3] - If the average price of hexafluorophosphate lithium continues to rise, some institutions estimate that the net profit attributable to shareholders for 2026 could reach 10.5 billion yuan [3]

Core Viewpoint - Tianhua New Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its capital strength and competitiveness [4]. Group 1: Company Overview - Tianhua New Energy focuses on three main business areas: new energy lithium battery materials, anti-static ultra-clean technology products, and medical device products, with lithium battery materials being the core segment [4]. - The main products include battery-grade lithium hydroxide and battery-grade lithium carbonate [4]. - The company has established long-term stable partnerships with leading domestic and international automotive manufacturers, power battery manufacturers, and mainstream lithium battery cathode material producers [4]. Group 2: Strategic Initiatives - The H-share issuance aims to leverage the advantages of international capital markets to create a diversified capital platform and enhance overseas financing capabilities [4]. - The company is currently in discussions with relevant intermediaries regarding the specifics of the H-share issuance and listing [1].

1月21日晚间，苏州天华新能（300390）源科技股份有限公司（以下简称"天华新能"，股票代码： 300390）发布《关于筹划发行H股股票并在香港联合交易所有限公司上市的提示性公告》，正式披露赴 港上市战略规划，引发资本市场广泛关注。作为与宁德时代（300750）新能源科技股份有限公司（以下 简称"宁德时代"）深度绑定的锂电材料龙头，此次H股发行被业内视为拓宽融资渠道、助力全球化业务 布局与技术研发升级的关键举措。 截至1月21日收盘，天华新能股价报52.03元/股，当日涨幅6.88%，总市值达432.24亿元。 值得关注的是，2025年11月份，天华新能实际控制人裴振华、容建芬夫妇通过协议转让方式向宁德时代 转让公司部分股份，完成过户后宁德时代持股比例升至13.54%，成为公司第二大股东，双方合作纽带 进一步强化。 根据公告披露，本次赴港上市核心目标为加快国际化战略落地，借助国际资本市场优势打造多元化资本 平台，增强境外融资能力，进而提升公司资本实力与综合竞争力。截至公告披露日，公司正与相关中介 机构商讨H股发行上市具体推进事宜，相关细节尚未最终确定。本次发行不会导致公司控股股东及实际 控制人发生变更，但能 ...

本报记者 陈红 1月21日晚间，苏州天华新能源科技股份有限公司（以下简称"天华新能"，股票代码：300390）发布 《关于筹划发行H股股票并在香港联合交易所有限公司上市的提示性公告》，正式披露赴港上市战略规 划，引发资本市场广泛关注。作为与宁德时代新能源科技股份有限公司（以下简称"宁德时代"）深度绑 定的锂电材料龙头，此次H股发行被业内视为拓宽融资渠道、助力全球化业务布局与技术研发升级的关 键举措。 截至1月21日收盘，天华新能股价报52.03元/股，当日涨幅6.88%，总市值达432.24亿元。 目前，天华新能已形成三大业务板块协同发展格局，新能源锂电材料为核心主业，主要产品包括电池级 氢氧化锂、电池级碳酸锂等锂离子电池正极材料关键原料，广泛应用于动力电池、储能电池等领域；防 静电超净技术产品持续服务高端制造业；医疗器械业务由子公司专业运营，为公司提供稳定利润支撑。 产能布局上，天华新能已建成宜宾、眉山、宜春三大生产基地，形成规模化供应能力。资源保障方面， 公司构建了全球化矿源体系：在尼日利亚持有多宗锂矿矿业权及选矿工厂；刚果（金）坦噶尼喀省的锂 矿权，第一期勘查探获锂（Li₂O）资源矿石量达2500万吨， ...

Core Viewpoint - The dynamic balance in the lithium battery supply chain is highlighted, with a focus on the evolving relationship between Tianqi Materials and CATL, indicating a shift towards reduced dependency and increased diversification in supply contracts [2][8]. Group 1: Cooperation with CATL - Tianqi Materials established a wholly-owned subsidiary, Ningde Kaixin, in 2015 to provide close services to CATL [4]. - Revenue from CATL reached 10 billion CNY in 2018, accounting for 35.7% of Tianqi's lithium battery material sales; this increased to 122 billion CNY in 2022, representing 58.4% of sales [5]. - In 2023, revenue from CATL decreased to 81 billion CNY, making up 57.6% of Tianqi's sales, and is projected to drop further to 50 billion CNY in 2024, which would be 45.6% of total sales [5][7]. Group 2: Reducing Dependency - The supply agreement between Tianqi Materials and CATL is set to expire at the end of 2025, with no news of renewal, indicating Tianqi's increasing options [8]. - Tianqi has disclosed significant supply contracts, including a partnership with Chuangneng New Energy to supply at least 550,000 tons of electrolyte products by 2030 [10]. - Additional contracts include an agreement with Ruipulan Jun for 800,000 tons and a framework agreement with AVIC New Energy for 725,000 tons, totaling 2.945 million tons across multiple contracts [12]. Group 3: Production Capacity and Market Dynamics - Tianqi's electrolyte production capacity is expected to reach 1 million tons by 2026, with 80% of this capacity already pre-sold, leaving little room for long-term contracts with CATL [13]. - The company anticipates a tripling of production over the next three years, with secured sales channels and potentially higher prices than those offered to CATL [14]. - CATL is also diversifying its supply sources, including a contract with Enchem for 350,000 tons of electrolyte from 2026 to 2030, indicating a shift in CATL's supply strategy [15][17]. Group 4: Financial Performance - Tianqi's lithium battery material shipments increased steadily, but gross profit fluctuated significantly, with a peak gross profit of 88 billion CNY in 2022 and a drop to 24 billion CNY in 2024 [22][24]. - The gross profit margin fell from 39.6% in 2022 to 18.9% in 2024, reflecting the impact of pricing pressures in the market [24]. - Despite the challenges, Tianqi's performance remains resilient compared to other cyclical stocks, with a gross profit margin of 20% considered acceptable in the manufacturing sector [29][30]. Group 5: Industry Positioning - Tianqi Materials has transitioned into a cyclical stock, a shift that was not initially intended, but reflects a strategic adaptation to market conditions [37]. - The company has broadened its customer base to reduce reliance on a single client, demonstrating an understanding of industry trends and the importance of flexibility in supply chains [37].