中信建投研报表示，继续看好储能、锂电板块景气度抬升。今年以来国内储能需求超预期，核心驱动在 于新能源全面入市推动峰谷电价差拉大，加上容量电价政策出台，推动储能IRR提升。储能需求驱动力 快速由新能源强制配储转向经济性驱动。海外市场，美国以外市场需求维持高速增长，"大而美"法案核 心限制2026年后开工项目，预计装机端需求影响有限。锂电方面，储能需求超预期带来的产业链量利齐 升逻辑持续兑现，当前核心矛盾为储能需求持续性是否能够带动26年需求预期在20%的增速上继续上 修，关注四季度储能招标、11月底电池企业要货预期以及2026年电动车以旧换新政策及锂电排产情况。 （文章来源：第一财经） ...

Market Overview - The lithium carbonate futures market experienced significant volatility from June to September, with prices soaring from 65,000 yuan/ton to 90,000 yuan/ton, followed by a rapid decline to around 75,000 yuan/ton [1][2] - In the context of the global energy revolution, China's lithium battery shipments are expected to reach 776 GWh in the first half of 2025, a year-on-year increase of 68%, with energy storage batteries growing at 128% [1] Supply and Demand Dynamics - The carbonated lithium industry is facing a de-stocking trend, with upward pressure from high inventory and hedging demand, while seasonal demand provides some support [1][4] - The production costs of lithium carbonate vary significantly among companies due to differences in processing methods and raw material sources [2][3] Company Performance - Salt Lake Co. (000792.SZ) reported a net profit of 2.509 billion yuan in the first half of 2025, a year-on-year increase of 16.24%, benefiting from the cost advantages of salt lake lithium extraction [3] - Companies primarily extracting lithium from ore, such as Shengxin Lithium Energy (002240.SZ) and Ganfeng Lithium (002460.SZ), reported significant losses in the first half of the year, with net profits of -841 million yuan and -531 million yuan, respectively [3] Future Outlook - Analysts predict that the lithium price will continue to fluctuate due to the balance of supply and demand, with the focus on the resumption of production at the Jiangxi lithium mines and the status of seven other mines [4] - The solid-state battery market is expected to significantly increase the demand for lithium carbonate, with projections indicating that solid-state batteries could consume 50% more lithium than traditional liquid electrolyte batteries [5][6] Technological Developments - The Chinese government has prioritized solid-state battery technology, aiming for significant advancements by 2026 and 2030, which could reshape the lithium market landscape [5][7] - The integration of AI technology is anticipated to accelerate the commercialization of solid-state lithium batteries, although liquid lithium batteries are expected to remain dominant in the market for the next 5 to 10 years [7]

28日，由福建省工商业联合会、宁德市人民政府主办，宁德市工商业联合会(总商会)承办的2025福建民 营企业100强发布暨宁德市产业招商推介会在福建省宁德市举行。 会上，发布了"2025福建省民营企业100强""2025福建省制造业民营企业100强""2025福建省服务业民营 企业100强""2025福建省创新型民营企业100强"等4个榜单，与会领导为入榜企业代表授牌。 发布"2025福建省民营企业100强"。吴允杰摄 本次"2025福建省民营企业100强"中，宁德市共有10家企业上榜，展示出良好的发展劲头。值得一提的 是，宁德时代新能源科技股份有限公司稳居2025福建省民营企业100强、制造业100强、创新型100强等3 个榜单榜首；青拓集团有限公司紧随其后，位居上述3个榜单第二位。 从昔日"草根工业"到今日"全球地标"，宁德市如何实现"逆袭"？ 宁德市市长潘国强介绍，这些年，宁德坚持"抱好金娃娃，发展大产业"，不遗余力地抓龙头、铸链条、 建集群，打造了锂电、不锈钢、新能源汽车、铜材料4个具有国际竞争力的主导产业集群，集聚产业链 头部企业200多家，总产值超5300亿元，引育了宁德时代、青拓集团2家千亿企业， ...

Core Viewpoint - The suspension of the Ningde Times Yichun lithium mine has led to a chain reaction affecting related companies, particularly Longpan Technology's joint venture, Longpan Times, which has also ceased operations due to a lack of raw materials [1] Group 1: Company Impact - Longpan Times has confirmed that it stopped production on September 25, with most employees on leave, and is not expected to resume operations until November [1] - The primary source of raw materials for Longpan Times is the Ningde Times Yichun Jiangxiawo lithium mine, which has been out of operation since August 9 [1] Group 2: Market Context - The anticipated resumption of operations at the Ningde Times Yichun Jiangxiawo lithium mine is rumored to occur in November, coinciding with Longpan Times' expected timeline for restarting production [1] - Following the suspension of the Yichun lithium mine, Longpan Times has been relying on inventory consumption and limited external sourcing for lithium raw materials [1]

Core Viewpoint - The suspension of operations at CATL's Yichun lithium mine has triggered a chain reaction, leading to the halt of production at the joint venture company Longpan Times, which is significantly reliant on the lithium supply from this mine [3][4]. Group 1: Company Impact - Longpan Times, a joint venture between Longpan Technology and CATL, has ceased production as of September 25, with most employees on leave and expected to resume operations in November [3]. - The Yichun lithium mine, which was the largest lithium producer in Jiangxi, had an annual production capacity of 30 million tons before its suspension, accounting for over 68% of the total production capacity in the region [4]. Group 2: Industry Context - The Yichun lithium mine's mining license expired on August 9, leading to a halt in operations while CATL seeks to renew the license [4]. - Longpan Times has been relying on inventory and limited external sourcing for raw materials since the mine's closure, but sourcing from other mines has proven challenging due to the scale and capacity of the Yichun mine [4].

Core Viewpoint - The suspension of the Yichun lithium mine by CATL has triggered a chain reaction affecting its joint venture with Longpan Technology, leading to production halts at Longpan Times [2][3]. Group 1: Company Impact - CATL's Yichun lithium mine ceased operations on August 9, 2023, due to the expiration of its mining license, and the company is currently working on renewing the license [3]. - Longpan Times, a joint venture between Longpan Technology (70% ownership) and CATL (30% ownership), has stopped production since September 25, 2023, with expectations to resume in November 2023 [2][3]. - The Yichun mine is the largest lithium mine in Jiangxi, with a pre-suspension production capacity of 30 million tons per year, accounting for over 68% of the total production capacity in the region [3]. Group 2: Production and Supply Chain - Longpan Times primarily sourced its lithium ore from CATL's Yichun mine, and after the mine's suspension, it relied on inventory and limited external purchases [2]. - The operational difficulties in sourcing external lithium ore have been highlighted, as other mines cannot replace the capacity lost from the Yichun mine [3]. - Longpan Times is actively seeking to expand its procurement sources, including mines outside Jiangxi province, to resume production as soon as possible [3].

本周三晚上，第一财经记者从锂电业内人士处获悉，因为宁德时代宜春锂矿停止供应原材料，宁德时代 和龙蟠科技（603906.SH）合资公司龙蟠时代将在周四停产。 8月11日早间，宁德时代在投资者互动平台表示，公司在宜春项目采矿许可证8月9日到期后已暂停了开 采作业，正按相关规定尽快办理采矿证延续申请，待获得批复后将尽早恢复生产。 龙蟠时代外采矿目前来看操作难度不小，上述知情人士表示，因为宁德时代枧下窝锂矿是江西宜春在产 规模最大的锂矿，其他矿虽然目前仍在开采，但都没法取代这部分产能。 9月28日，记者实探位于江西省宜春市宜丰县工业园的龙蟠时代工厂，工厂内部人士向记者确认，龙蟠 时代已于9月25日停产，大部分员工已经放假，预计可能要到11月才正式复产。值得注意的是，今年11 月，正是宁德时代宜春枧下窝锂矿复工复产的市场传闻时间。 龙蟠时代成立于2022年3月，是宁德时代宜春锂矿矿区配套的冶炼厂之一，龙蟠科技持股70%，宁德时 代持股30%。公开资料显示，龙蟠时代项目一期投资超25亿元，占地面积达600余亩，建成年产4万吨电 池级碳酸锂生产厂房及配套设施。 相关知情人士向第一财经记者表示，龙蟠时代大部分矿产来源，是来自 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights the positive outlook for the lithium battery sector, with iron-lithium battery prices continuing to rise and significant breakthroughs in solid-state battery technology [1][8] - The photovoltaic sector is supported by government initiatives aimed at promoting high-quality development in the renewable energy industry, with expectations for price stabilization as excess capacity is eliminated [2][17] - The wind power sector aims for a total installed capacity of 360 GW by 2035, with ongoing tenders for offshore wind projects in Hainan [2][30] - The energy storage sector is seeing new technology layouts from government departments, with recent price increases in battery cells and tight supply conditions [3][42] - The electric power equipment sector is experiencing increased capital expenditure forecasts from major companies like Alibaba, indicating growth potential [4][49] Summary by Sections Lithium Battery Sector - Iron-lithium battery prices have increased by 0.15% to 0.33 CNY/Wh for 100Ah cells, and 0.17% to 0.30 CNY/Wh for 280Ah cells [8] - Solid-state battery advancements have been published in Nature, moving towards a lithium-rich manganese-based cathode and metallic lithium anode [9] - The automotive sector plans to implement solid-state batteries by 2026, with consumer electronics rapidly adopting semi-solid batteries [10] Photovoltaic Sector - The National Energy Administration emphasizes the need for high-quality development in the renewable energy sector, addressing "involution" in the photovoltaic industry [2][17] - The report anticipates a gradual recovery in prices as outdated capacity is phased out due to new national standards and industry self-regulation [2][18] - Recent price trends show fluctuations in silicon material and module prices, with expectations for future price increases [19][21] Wind Power Sector - China's wind and solar installed capacity target for 2035 is set at 360 GW, with significant growth expected in the coming years [30] - Recent tenders for offshore wind projects in Hainan indicate ongoing investment and development in the sector [31] Energy Storage Sector - The government has released guidelines for new energy storage technologies, focusing on solid-state and liquid flow batteries [3][39] - The price of battery cells has seen slight increases, with supply remaining tight [42][45] - The report highlights the growing demand for energy storage solutions in both domestic and international markets [46] Electric Power Equipment Sector - Alibaba's increased capital expenditure forecast suggests a robust growth trajectory for the electric power equipment sector [49] - The report notes the significance of the Yantai-Weihai high-voltage project, which is expected to be completed by 2026 [50] Industrial Control and Robotics Sector - The report discusses the introduction of various robotic technologies at the 2025 Industrial Expo, indicating advancements in automation [56][57] - The manufacturing sector shows signs of recovery, with an increase in the PMI index suggesting improved demand for industrial control components [56] Hydrogen Energy Sector - The National Energy Administration has issued guidelines for the high-quality development of hydrogen energy equipment, with significant projects being approved [4][66] - The report highlights the approval of a large-scale green hydrogen project by Goldwind Technology, indicating growth in the hydrogen sector [67][68] - The report suggests focusing on companies involved in green hydrogen production and fuel cell systems [69][72]

Investment Rating - The report maintains a positive investment outlook across various sectors, particularly in hydrogen energy, wind power, and lithium batteries, indicating strong growth potential and investment opportunities [1][2][3][4][5][6][9][23]. Core Insights - The energy revolution is shifting focus towards decarbonization in non-electric sectors, with green hydrogen and methanol as key pathways, presenting multiple investment opportunities in production and equipment [1][5][6][7]. - The wind power sector is experiencing significant developments, with major projects in Italy and Thailand, indicating robust overseas expansion for leading companies [9][10][11][12]. - The lithium battery market is witnessing strong demand driven by the energy storage sector and the upcoming peak consumption season for electric vehicles, leading to price increases [23][24]. Summary by Sections Hydrogen and Fuel Cells - The market is recognizing the potential of green hydrogen and methanol, with significant growth expected in various applications such as transportation and chemicals [1][5][6][7]. - The demand for green methanol in shipping is projected to rise, with regulatory frameworks supporting its adoption [7]. Wind Power - Major investments in floating wind projects in Italy are set to commence, with expectations for significant contributions to the European offshore wind market [9][10]. - Companies like Mingyang and Goldwind are expanding their overseas operations, enhancing their competitive edge [11][12]. Lithium Batteries - The lithium battery sector is entering a strong demand phase, with significant procurement activity from end-users in both energy storage and electric vehicles [23][24]. - The market for lithium hexafluorophosphate (6F) is experiencing price increases due to tight supply conditions [23][24]. Electric Grid and Industrial Control - The export of major electrical equipment is on the rise, with significant growth in transformers and high-voltage switches, indicating a long-term positive outlook for overseas demand [26][27]. - Companies in the industrial control sector are launching new products aimed at enhancing efficiency and performance in robotics [28][29]. New Energy Vehicles - The domestic market for new energy vehicles is showing strong sales growth, with significant increases in both retail and wholesale volumes [30].

Core Insights - Zhejiang's foreign trade total reached 3.68 trillion yuan from January to August, marking a year-on-year growth of 5.5% with exports at 2.79 trillion yuan, up 7.7%, and imports at 888.43 billion yuan, down 0.8%, achieving historical highs for both import and export scales [1] Group 1: Trade Market Diversification - The trade market is increasingly diversified, with exports to ASEAN, Latin America, the Middle East, and Africa growing by 16.7%, 10.7%, 12.2%, and 11.8% respectively [1] - Trade with Belt and Road Initiative countries reached 2.1 trillion yuan, up 8.6%, while trade with BRICS nations totaled 746.01 billion yuan, a 1.3% increase [1] - The EU remains the largest trading partner, with trade totaling 574.09 billion yuan, reflecting an 8.7% year-on-year growth [1] Group 2: Contribution of Private Enterprises - Private enterprises contributed over 90% to export growth, with 117,000 foreign trade companies in Zhejiang, a 7% increase year-on-year [1] - Among these, 109,000 are private enterprises, growing by 7.4%, with their total import and export value reaching 3.02 trillion yuan, up 7.1%, accounting for 82% of the province's total [1] - More than 1,000 specialized "little giant" private enterprises have significant competitive advantages in international markets [1] Group 3: Export Performance of New Products - The "new three samples" products showed strong export performance, with electromechanical products exported at 1.31 trillion yuan, a 9% increase, making up 46.7% of total exports [2] - Electric vehicle exports reached 41,000 units in August, a 140% increase, constituting 57.4% of Zhejiang's total vehicle exports [2] - Exports of photovoltaic products were valued at 5.11 billion yuan, ending a 22-month decline, while lithium-ion battery exports grew by 43.7% to 3.29 billion yuan [2] Group 4: Import Growth of Energy and High-tech Products - Energy product imports totaled 64.73 million tons, reflecting a 4.1% increase [2] - High-tech product imports reached 72.36 billion yuan, up 25.1%, with high-end equipment and electronic information products growing by 40.5% and 44.8% respectively [2] - Consumer goods imports were valued at 101.51 billion yuan, a 9.1% increase, while agricultural product imports rose by 8.7% to 78.68 billion yuan [2]