Core Viewpoint - The lithium battery sector has rebounded strongly after a two-month correction, with significant capital inflow and a notable increase in lithium prices, indicating a potential new upward trend for the industry [2][6]. Market Performance - As of December 23, the lithium battery concept index rose by 2.07%, with a year-to-date increase of 70.44% and a net capital inflow of 5 billion [3]. - Key sectors such as battery materials and energy-related industries also showed strong performance, with notable stocks like Binhai Energy and Tianqi Lithium seeing gains of over 10% [4]. Price Trends - The price of battery-grade lithium carbonate surged by 5.96% to over 120,000 yuan per ton, marking a significant recovery from earlier lows [4]. - In November 2025, the average price of battery-grade lithium carbonate rose from 81,000 yuan to 92,000 yuan per ton, reflecting a monthly increase of 13.58% [7]. Supply and Demand Dynamics - The lithium supply has contracted due to proactive supply-side reforms, with lithium carbonate production in November 2025 at approximately 66,000 tons, a 0.2% decrease month-on-month [9]. - Demand for lithium remains robust, driven by the growth in the electric vehicle market, with November 2025 seeing production and sales of 1.88 million and 1.823 million new energy vehicles, respectively, both up over 20% year-on-year [10]. Industry Growth - The global energy storage market is experiencing explosive growth, with significant increases in both domestic and international demand for energy storage solutions [11]. - In November 2025, the production of power and other batteries reached 176.3 GWh, a year-on-year increase of 49.2% [11]. Profit Recovery - The lithium battery industry's profitability is recovering rapidly, with a reported net profit of 117.196 billion yuan for 118 lithium battery concept stocks in the first three quarters, a year-on-year increase of 26.97% [18]. - Leading companies like Ganfeng Lithium reported a substantial increase in revenue and net profit, indicating a strong correlation between rising lithium prices and improved financial performance [19][20]. Policy and Institutional Support - Recent policy initiatives are expected to boost the energy storage battery industry, while institutional forecasts predict a significant increase in lithium battery demand through 2026 [21][22]. - Major institutions have raised their price forecasts for lithium, reflecting a consensus on the industry's growth potential [22]. Valuation and Investment Focus - The lithium battery sector is currently in a phase of valuation recovery, with leading companies trading at significantly lower multiples compared to industry growth rates [25]. - Investors are advised to focus on three core areas: leading lithium mining companies, materials firms benefiting from supply-demand balance, and stable battery manufacturers with strong profitability [26][27].

证券研究报告 行业研究 / 行业点评 2025 年 12 月 23 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：AI 与数据中 心景气延续，电力设备需求持续高企》 2025-12-22 《光储行业跟踪：11 月光伏组件出口额同比高 增，海外需求持续旺盛》2025-12-22 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 动力电池和储能电池需求旺盛，锂电材 料价格回升 强于大市 投资要点： 排产：11 月份正极材料产量同比增长。2025 年 1-11 月，国内电池和磷酸铁锂正极材料产 量显著高于 2024 年同期。2025 年 11 月，国内电池产量 176.3GWh，同比增长 49.66%， 环比增长 3.34%；2025 年 11 月，国内磷酸铁锂正极材料产 ...

英维克（002837）（002837）市值突破千亿大关。 A股今日（12月23日）走势出现明显分化，以保险、银行为首的大市值个股拉升，小盘股走势疲弱；港股午后下探，恒生指数翻绿。 具体来看，三大股指盘中强势上扬，午后涨幅有所收窄。截至收盘，沪指微涨0.07%报3919.98点，深证成指涨0.27%，创业板指涨 0.41%，中证2000指数跌0.63%，沪深北三市合计成交19216亿元，较此前一日增加近400亿元。 A股市场超3800股飘绿，旅游餐饮、零售、食品饮料等消费板块集体下挫，曲江文旅（600706）跌停，近日4连板的庄园牧场 （002910）逼近跌停；商业航天概念跳水，顺灏股份（002565）跌停，中国卫通（601698）跌超9%；光刻机、先进封装等半导体产业 链股强势，美埃科技、同飞股份（300990）等涨停；液冷服务器等AI产业链股拉升，英维克（002837）尾盘涨停续创新高；锂电产业 链股崛起，奕东电子（301123）涨停续创新高，华盛锂电等涨超10%。 港股方面，地平线机器人跌约4%，快手跌超3%，腾讯控股、京东健康、药明康德（603259）等跌逾2%。 半导体产业链强势 光刻机、先进封装等半 ...

港股方面，地平线机器人跌约4%，快手跌超3%，腾讯控股、京东健康、药明康德等跌逾2%。 A股市场超3800股飘绿，旅游餐饮、零售、食品饮料等消费板块集体下挫，曲江文旅跌停，近日4连板的庄园牧场逼近跌 停；商业航天概念跳水，顺灏股份跌停，中国卫通跌超9%；光刻机、先进封装等半导体产业链股强势，美埃科技、同飞股 份等涨停；液冷服务器等AI产业链股拉升，英维克（002837）尾盘涨停续创新高；锂电产业链股崛起，奕东电子涨停续创 新高，华盛锂电等涨超10%。 此外，今日上市的三只新股——纳百川、锡华科技、天溯计量收盘分别上涨408.2%、264.5%、174.5%，盘中最高攀升至 180元/股、46元/股、150.99元/股，若以上述最高价计算，三股单签最高盈利分别达7.87万元、1.8万元、5.71万元。 半导体产业链强势 英维克（ 002837 ） 市值突破千亿大关 。 A 股今日（ 12 月 23 日 ） 走势 出 现明显分化，以保险、银行为首的大市值个股拉升，小盘股走势疲弱；港股午后下探， 恒生指数翻绿。 具体来看，三大股指盘中强势上扬，午后涨幅有所收窄。截至收盘，沪指微涨0.07%报3919.98点，深证成 ...

Market Overview - On December 23, the spot settlement guidance price for battery-grade lithium carbonate (99.5%) was 105,000 CNY/ton, an increase of 1,000 CNY/ton from the previous working day [1] - The settlement guidance price for battery-grade lithium hydroxide (56.5% coarse particles) was 87,600 CNY/ton, up by 800 CNY/ton from the previous working day [1] - Lithium carbonate futures continued to rise, with the main contract closing above 120,000 CNY/ton, an increase of 5,980 CNY/ton from the previous trading day [1] Price Changes - The price of lithium concentrate rose from 1,320 CNY/ton to 1,360 CNY/ton, a 6% increase [2] - Battery-grade lithium carbonate increased from 10.4 CNY/kg to 10.5 CNY/kg, while battery-grade lithium hydroxide rose from 8.68 CNY/kg to 8.76 CNY/kg [2] - The average price level for lithium carbonate that downstream industries can bear is approximately 102,000 CNY/ton [4] Import and Export Data - In November, China imported 22,055 tons of lithium carbonate, a decrease of 8% month-on-month but an increase of 15% year-on-year [5] - Lithium hydroxide exports in November were 3,357 tons, a 17% increase from the previous month but a 39% decrease year-on-year [5] Market Sentiment - Approximately 80% of surveyed companies believe that the peak price for lithium carbonate futures this week (December 22-26) will be in the range of 110,000 to 120,000 CNY/ton, with only 19% expecting prices to exceed 120,000 CNY/ton [7] - The market sentiment is relatively optimistic, with recent performance exceeding expectations [7] Regulatory Changes - Starting December 23, the trading volume limits for non-futures company members or clients on various lithium carbonate futures contracts have been set to prevent excessive speculation [9] Industry Insights - The price gap for lithium carbonate has widened, with lithium salt manufacturers becoming increasingly cautious, leading some traders to adopt a wait-and-see approach [10] - The market is expected to experience wide fluctuations in the future, influenced by production adjustments and potential regulatory measures [10]

多个板块异动！ 今日（12月23日），A股液冷服务器概念股大幅走高。开盘不久，集泰股份直线拉升至10%涨停。随后，同飞 股份、中光防雷也封死20%涨停。午后，川润股份、英维克也陆续封板。 锂电产业链再度活跃，天际股份、深圳新星、多氟多、万润股份等十多只个股涨停或涨超10%。 这两个板块究竟有何消息刺激呢？ 液冷服务器概念股拉升 最近几个交易日，液冷服务器概念股反复活跃。12月23日，相关概念股再度拉升。 截至收盘，Wind液冷服务 器指数涨幅超过3%，同飞股份、集泰股份、中光防雷、快克智能、英维克、奕东电子等涨停，申菱环境涨超 13%。其中，同飞股份、英维克、奕东电子的股价均创历史新高。 今日，有外媒报道称，国内某知名互联网企业计划明年在人工智能基础设施领域投入1600亿元。此外，还有市 场传闻称，英伟达正努力争取在明年2月中旬前出口H200芯片。不过，上述消息尚未获得证实。 国信证券最新研报指出，数据中心应用液冷将替代风冷成为产业趋势。国内外大厂也均开始大力推动数据中心 液冷方案，建议重点关注液冷中价值量高、核心卡位的环节。 方正证券表示，液冷作为英伟达GB机柜方案的必选组件之一，伴随英伟达机柜出货，市场规 ...

12月份以来，股票型ETF呈现资金净买入状态，月内净申购份额达400.96亿份。在股票型ETF中，宽基 ETF受到投资者青睐。Wind数据显示，截至12月22日，宽基ETF月内净流入金额超100亿元，达111.37亿 元。中证A500、中证500、科创50等重要宽基指数相关ETF获资金积极布局。最新数据显示，截至12月 22日，全市场 A500ETF近1个月合计净流入超600亿元，总规模超2600亿元。 今日（2025年12月23日）A股继续反弹，三大股指齐涨，上证指数迎来日线5连阳，全市场半日成交额 达1.25万亿元。从具体板块表现看，受碳酸锂期货持续上涨影响，锂电产业链领涨；半导体产业链、算 力产业链等表现活跃。值得一提的是，Wind数据显示，截至12月22日，A股今年总成交额达405.55万亿 元，这是A股历史上首次年度成交额超过400万亿元。 其中，有色金属表现活跃因碳酸锂价格上涨催化。中国有色金属工业协会锂业分会发布2025年11月锂行 业运行情况提到，2025年11月，碳酸锂期货价格逐步抬升。锂企业三季报业绩回升，市场对未来锂价预 期乐观。供应端，市场库存加速去化，宁德时代旗下锂矿消息仍形成扰动， ...

Market Overview - The three major indices in the market experienced slight gains, with the Shanghai Composite Index rising by 0.07%, the Shenzhen Component Index by 0.27%, and the ChiNext Index by 0.41% as of the close on December 23. The total trading volume reached approximately 1.9 billion yuan, showing a slight increase compared to the previous day, although over 3,800 stocks declined [1] Key Factors Influencing Market Performance - The performance of micro-cap stocks has been underwhelming, particularly following a significant drop on December 22, with the number of rising stocks in the market falling below 1,500. This indicates a concentration of market activity in large-cap stocks [1] - Year-end liquidity tends to favor large-cap stocks, with 19 stocks having transaction volumes exceeding 100 billion yuan this year, including Zhongji Xuchuang and Xinyisheng, which both surpassed 200 billion yuan in trading volume [1] - The commercial aerospace sector, particularly stocks like Shunhao Co., experienced sudden declines due to the impact of rocket launch variables, affecting market sentiment [1] - ByteDance's plan to invest $23 billion in artificial intelligence is expected to boost related sectors, potentially shifting market focus back to major technology stocks [1] Sector Performance Real Estate Sector - The real estate development sector saw strength in the afternoon, with stocks like Hualian Holdings hitting the daily limit. The national housing and urban-rural development conference emphasized stabilizing the real estate market and promoting the sale of existing homes by 2026 [2] Lithium Battery Sector - The lithium battery sector experienced a strong rally, with stocks such as Tianci Materials and Binhai Energy seeing significant gains. The rise in lithium prices and the demand from new energy vehicles ahead of subsidy reductions contributed to this performance [4] Precious Metals Sector - The precious metals sector has been on an upward trend, with stocks like Shandong Gold and Zhongjin Gold rising. The increase in international gold and silver prices, driven by geopolitical tensions, has heightened investor demand for safe-haven assets [5] Hainan Sector - The Hainan sector continued to perform strongly, with stocks like Haixia Co. and Hainan Development hitting the daily limit. The recent launch of the Hainan Free Trade Port is expected to boost tourism consumption, with significant sales reported during the holiday season [7] Institutional Insights - Huaxi Securities noted the accumulation of positive factors for a potential "spring rally," suggesting a focus on buying on dips. Historical patterns indicate that a reasonable valuation, a loose liquidity environment, and catalysts to boost risk appetite are necessary for such a rally [8] - CITIC Construction emphasized the need for a "volume reversal + sentiment recovery" signal to identify trend opportunities, indicating that the market is currently in a consolidation phase with weak volume [9] - Zhongtai Securities projected that sectors like brokerage and technology may see structural outperformance in the first half of the upcoming year, driven by expectations of global easing and potential liquidity improvements as institutions reposition their portfolios [10]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 化工板块今日（12月23日）继续猛攻，反映化工板块整体走势的化工ETF（516020）早盘低位震荡后突 然拉升，盘中场内价格最高涨幅达到1.33%，截至发稿，涨0.73%。 成份股方面，氟化工、锂电等板块部分个股涨幅居前。截至发稿，多氟多、天赐材料双双涨停，恩捷股 份大涨超6%，新宙邦涨超5%，宏达股份、星源材质涨超2%。 | 分时 多日 1分 5分 15分 30分 60分 ▼ | F9 盘前盘后 雪加 九转 画线 工具 @ CO | 516020 | 4. TETS (D | 516020(化工ETF) 13:48 价 0.833 涨跌 0.006(0.73%) 均价 0.833 股交量 0 IOPV 0.8 | 0.833 | +0.006 +0.73% | 0.83 | Varmon | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Group 1 - The lithium battery sector is experiencing a strong upward trend, with electrolyte and lithium mining sectors leading the gains, as evidenced by multiple stocks reaching their daily limit [1] - The lithium industry chain's prosperity has been continuously rising since December, driven by demand from energy storage, with price increases observed across various segments including electrolyte, positive materials, separators, and negative materials [1] - The price of battery-grade lithium carbonate has significantly increased, rising from 81,000 yuan/ton to 92,000 yuan/ton, a 13.58% increase, while futures prices also saw a substantial rise of 17.19% [2] Group 2 - The market is optimistic about future lithium prices, with a recovery in the performance of lithium companies reported in their Q3 earnings, and a gradual depletion of market inventory [2] - The lithium battery industry is showing signs of structural recovery, with profitability concentrating among leading companies, while smaller firms face pressure due to rising costs of key raw materials [3][4] - Major companies are implementing price increases for their products in response to supply-demand imbalances and rising raw material costs, indicating a proactive approach to maintaining profitability [3]