Investment Rating - The report rates the electric equipment industry as "Positive" [3] Core Insights - The lithium battery sector is expected to experience a new demand cycle and material iteration upgrade in 2026, driven by the growth in new energy vehicle demand and advancements in battery technology [2] - Key focus areas for 2026 include the outlook for lithium battery demand, the potential intensification of supply-demand balance, supply-side expansion conditions, and the limits of price increases under tight supply-demand conditions [2] Summary by Sections 2025 Review: Industry Bottom Confirmed, Energy Storage Battery Demand Exceeds Expectations - The lithium battery industry confirmed its bottom in 2025, with energy storage demand driving global battery shipments to approximately 2.26 TWh, a year-on-year increase of about 49% [13][16] - The supply side experienced a negative feedback loop in both quantity and price, leading to a tightening of supply and price increases in certain lithium materials [13][15] 2026 Supply and Demand Outlook: Tight Balance Continues, Four Key Issues - Demand for lithium batteries is expected to grow, particularly in commercial vehicles, which will enhance battery capacity per vehicle [20][23] - The supply-demand balance is likely to tighten further, with a projected battery shipment of over 2.7 TWh in 2026, reflecting a year-on-year growth of 22% [25][26] - Supply-side expansion is constrained due to general profitability and cash flow issues within the lithium battery industry, limiting aggressive capacity increases [37][41] 2026 Material Iteration Outlook: New Technologies Gradually Realizing - High-pressure lithium iron phosphate (LiFePO4) is expected to see increased industrialization in 2026, driven by the demand for fast-charging capabilities in electric vehicles [55] - Silicon-based anodes are anticipated to gain market share, with production expected to rise significantly in consumer applications [58] Investment Recommendations - The report suggests focusing on solid-state batteries, high-pressure LiFePO4, silicon-based anodes, and sodium batteries as key areas for investment in the evolving lithium battery landscape [2]

Group 1 - The E Fund New Energy ETF tracks the China Securities New Energy Index, covering the entire new energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, nuclear power, and energy storage batteries [1] - The index has seen a decline of -0.7% as of midday trading, with a rolling market rate of 48.4 times and an estimated value since its launch of 79.09 billion [1] - The Storage Battery ETF tracks the National Securities New Energy Battery Index, focusing on the energy storage sector, comprising 50 companies involved in battery manufacturing, energy storage inverters, and system integration [1] Group 2 - The photovoltaic sector, represented in the index, is one of the strong future energy sources, consisting of 50 representative companies from the upstream, midstream, and downstream of the industry chain [3] - The index has experienced a slight decline of -0.0%, with a price-to-book ratio of 2.5 times and an estimated value since its launch of 49.29 billion [3]

Core Viewpoint - The article discusses the anticipated resumption of lithium mining operations at the Jiangxia Wokeng lithium mine in Yichun, which is expected to impact lithium carbonate futures prices significantly, amidst ongoing fluctuations in the market [3][10]. Group 1: Mining Operations and Market Impact - Yichun Times New Energy Mining Co., Ltd. is expected to resume operations at the Jiangxia Wokeng lithium mine around the Spring Festival [3]. - The Jiangxia Wokeng mine is the largest lithium mica mining area in Yichun, with a designed construction investment of 2.158 billion yuan and an estimated recoverable resource of 77.492 million tons [8]. - Prior to its suspension, the mine produced approximately 7,000 to 8,000 tons of lithium carbonate equivalent (LCE) monthly, accounting for about 10% of domestic demand [8]. Group 2: Lithium Carbonate Futures Prices - Following news of potential mining rights cancellations in Yichun, lithium carbonate futures prices surged, breaking through significant thresholds of 100,000, 110,000, and 120,000 yuan, with a peak of 127,800 yuan on December 24, marking a 5.89% increase [4]. - The latest data shows that the battery-grade lithium carbonate index price reached 101,284 yuan per ton, with a daily increase of 1,709 yuan, while industrial-grade lithium carbonate also saw a rise of 2,000 yuan [6]. Group 3: Regulatory Developments - The Jiangxi Provincial Department of Natural Resources has been actively managing the mining rights and has recently publicized the evaluation report for the Jiangxia Wokeng mine, indicating that mining rights fees will be assessed based on actual lithium resource usage [10]. - The futures market is expected to face significant adjustments if the resumption of mining operations is confirmed, especially given the seasonal demand decline in the lithium battery industry during spring [10].

Consumption - Domestic demand is recovering, with service consumption potential being significant, as evidenced by high visitor numbers at Shanghai Disneyland and ongoing winter tourism demand in Hainan[3] - Automotive sales show a slight decline, with retail and wholesale volumes at near-average levels for recent years[6] - Food and beverage prices are rising due to pre-holiday stocking, with agricultural product wholesale prices reaching recent highs[6] Investment - Real estate sales are showing marginal improvement, with new home transaction area declines narrowing from 33.7% to 23.4% year-on-year[18] - Infrastructure investment is supported by improved fiscal spending, although November's spending remains below last year's levels[18] - Land transaction area has seasonally increased, but the land premium rate has dropped to 1.8%, indicating ongoing price competition[18] Trade and Export - Port operations are showing marginal improvement, with an increase in the number of outbound vessels compared to the previous week[24] - Domestic export freight rates have risen by 0.6%, with Ningbo and Shanghai seeing increases of 3.2% and 3.1% respectively[24] - The Baltic Dry Index (BDI) has dropped by 12.9% due to excess shipping capacity and seasonal factors affecting international trade[24] Production - Production rates are showing divergence across sectors, with high operating rates in formaldehyde and lithium iron phosphate, while polyester and lithium battery demand support production[26] - Steel and photovoltaic industries are experiencing mixed performance, with upstream and downstream sectors showing different trends[26] Prices and Inflation - Industrial product prices are declining, with the Consumer Price Index (CPI) showing structural differentiation in price movements across categories[42] - The Producer Price Index (PPI) continues to decline, with coal prices dropping and Brent oil prices also decreasing, reflecting weak winter demand[42] Liquidity - The Renminbi continues to strengthen, with the exchange rate against the US dollar improving from 7.0554 to 7.0410[46] - The 10-year government bond yield has decreased by 0.9 basis points to 1.83%[47]

Economic News - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance budget management and cost control across all aspects of operations [2] - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [2] - The Ministry of Housing and Urban-Rural Development proposed measures to promote the sale of existing homes and optimize affordable housing supply [2] - The General Administration of Customs conducted research on cutting-edge technology development and technology transfer [2] - The Hainan Free Trade Port has begun exporting self-produced goods with a value of 32,000 yuan, benefiting from over 12% cost savings [2] - The Shanghai Municipal Finance Bureau announced a subsidy for pig income insurance, with the municipal government covering 50% of the premium [2] - The U.S. economy showed a revised annualized GDP growth of 4.3% in Q3, exceeding expectations [2] - Japan reported a leak of radioactive water from a new reactor, with ongoing investigations into external radiation exposure [2] - Brazil confirmed anti-dumping duties on automotive glass from China, with specific rates for Malaysian producers [2] - South Korea's BC Card completed a pilot project for stablecoin payments, allowing foreign users to pay local merchants [2] Company Insights - Haibo Technology plans to invest 2 billion yuan in a smart green energy storage factory, expected to be completed by December 2028 [6] - Zhenyu Technology's subsidiary signed a strategic cooperation agreement to invest at least 1 billion yuan in projects related to new energy vehicle components and humanoid robots [6] - Huaxin Cement's major shareholder plans to increase its stake in the company by 200 million to 400 million yuan within six months [6] - Biological Shares' major shareholder intends to increase its stake by 50 million to 100 million yuan over the next year [6] Industry Strategy Agriculture Sector - The report suggests focusing on three main investment lines for the agriculture sector in 2026, with an emphasis on pig farming, feed, and pet food [7][9][10] - The pig farming industry is expected to see a gradual improvement in supply-demand dynamics, with a focus on cost management as a key factor for long-term growth [7] - The report highlights the potential for leading companies like Muyuan Foods to benefit from improved valuations and market conditions [8] Feed and Veterinary Medicine - The veterinary medicine sector is shifting towards innovation, with companies that prioritize R&D expected to thrive [9] - The feed industry is anticipated to see stable demand supported by high livestock inventory, with leading companies likely to gain market share [9] Pet Food Market - The domestic pet food market is projected to grow, with local brands gaining market share despite tariff disruptions [10][11]

本报讯 （记者袁传玺）天眼查App显示，近日，江西赣锋锂电科技股份有限公司发生工商变更，注册资 本由约25.1亿元增至约31.8亿元。股东信息显示，该公司由赣锋锂业（002460）、湖北小米长江产业基 金合伙企业（有限合伙）、海南极目创业投资有限公司等共同持股。 （文章来源：证券日报） ...

2025年12月18-19日，由起点锂电、起点储能、起点研究院SPIR主办的 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 在深 圳市维纳斯皇家酒店隆重举行。 本次年会主题为"新周期 新技术 新生态"，汇聚了锂电产业链超过1200家企业嘉宾代表 。陀普科技凭借其在固态电池领域的技术创新，从众多候选企业中 脱颖而出，荣获 "2025年度锂电电芯技术创新奖" 01 行业盛会 起点锂电行业年会已连续举办十届，成为锂电行业的年度标杆活动。今年正值起点锂电&起点研究十周年庆典，活动意义尤为特殊。 锂电金鼎奖作为年会的重要组成部分，由起点研究院（SPIR）、起点锂电、起点储能联合国内外超过100位行业技术专家、研究机构共同评选。 该奖项旨在鼓励新能源电池行业创新发展，表彰为行业做出突出贡献的企业。 02 技术突破 陀普科技获奖并非偶然，而是基于其在固态电池领域持续技术突破。 就在获奖前不久，陀普科技刚刚发布了 能量密度高达450Wh/kg的无人机固态 电池方案 。 这一技术指标在行业内处于领先地位。与竞品相比，该电池的 内阻降低了68% ，同时提供高能量和高功率双系列产品。 陀普科技的技术路线聚焦于 富锂锰、锂 ...

行情变化： 12月24日，ICC电池级碳酸锂（99.5%）现货结算指导价格为 106500 元 /吨 ，较上一工作日 上涨 1500 元 /吨 ；电池级氢氧化锂（56.5%粗颗粒）结算指导价格为 88600 元 /吨 ，较上一工作日 上 涨 1000 元 /吨 。由于近期行情上涨过快，现货市场观望氛围浓重。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电、封面：图虫创意 期货方面， 12月24日，碳酸锂期货行情继续大涨，主力合约尾盘成功突破 124720 元 /吨 大关，较 上一交易日 上涨 4360 元 /吨 ，持仓量略有下降。空头平仓成为近期价格上涨的主要驱动之一。 ICC锂电结算指导价： | 品名 | 12月23日 | 12月24日 | 环比上涨 | 上月均价 | | --- | --- | --- | --- | --- | | 锂精矿 | 1360 | 1380 | 20 | 997. 5 | | (6.0%) | | | | | | 电池级碳酸锂 | 10. 5 | 10. 65 | 0. 15 | 8. 58 | | (99.5%/ ...

Core Insights - The photovoltaic equipment industry requires close attention to the "space photovoltaic" theme, which is linked to Sino-US strategic competition and low-orbit resource contention, potentially accelerating faster than emerging industries like nuclear fusion and robotics [1] - Google's "Project Suncatcher" aims to establish a space data center, highlighting the central role of space photovoltaics in commercial aerospace [1] Photovoltaic Equipment Industry - The photovoltaic industry index (931151) tracked by the 50ETF (159864) includes listed companies involved in solar photovoltaic power generation, covering the entire industry chain from upstream materials to downstream applications, reflecting the overall performance of related securities [1] - The index exhibits high growth potential and policy orientation, effectively representing the comprehensive development level of the photovoltaic industry [1] Wind Power Equipment - The demand for offshore wind power in Europe continues to rise, with Poland's 3.4GW tender being realized, and it is expected that the annual grid connection scale in Europe will exceed 14GW from 2031 to 2032, accelerating the release of supply chain orders for piles and submarine cables [1] Lithium Battery Industry - The price of lithium carbonate has surpassed 110,000 yuan per ton, with spot inventory below 110,000 tons, and prices are expected to remain strong in the short term [1] Power Grid Equipment - Exports of overseas power transformers have increased by 52% year-on-year, with domestic companies accelerating their transformation towards a "capital + capacity + service" comprehensive overseas strategy [1]

展望后市，国金证券指出，锂电供给确立穿越过剩周期，26年有望复苏：库存周期结束两年去库阶段， 正式转入"主动补库"的繁荣期，基本面呈现2024年触底、2026年有望明显复苏。其核心逻辑在于，终端 需求受AI与储能拉动持续高增，而供给端因资本开支收缩导致扩产放缓，供需错配重现；随着头部企 业稼动率打满，行业由"内卷价格战"转向"联合挺价"，推动价格触底回升，产业链利润分配正向具备高 壁垒、高集中度的上游"硬瓶颈"材料环节转移，最终实现全行业的量利双升。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）高弹性，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至2025 年11月30日，规模达7.32亿元；成交额最大，近一月日均成交7275万元。其储能+固态电池占比近 90%，契合当下市场热点。 （文章来源：每日经济新闻） 2025年12月24日午后，A股三大指数涨幅扩大。创业板新能源ETF华夏（159368）午后涨幅扩大至 0.88 ...