消息面上，据市场媒体报道，多家磷酸铁锂龙头企业提出提价诉求，其中两家头部磷酸铁锂厂商计划自 2026年起，将全系列铁锂产品加工费统一上调3000元/吨，受到市场关注。龙蟠科技在投资者互动平台 表示，近期行业确实有相关涨价的行情，目前公司销售人员也正在和客户积极沟通涨价事由。该工作人 员直言，当前磷酸铁锂的原材料价格上涨，磷酸铁锂行业利润空间承压，叠加市场需求持续扩大，价格 上涨是行业必然趋势，公司对磷酸铁锂未来价格走势比较乐观。 卓创资讯分析师表示，2025年成为磷酸铁锂行业发展的关键转折年，需求端的爆发式增长与供给端的结 构性矛盾形成鲜明对比，行业呈现高增长、低盈利的特殊格局。随着行业"反内卷"倡议落地、技术升级 加速及供需格局改善，磷酸铁锂行业将逐步告别恶性竞争，进入以技术为核心、以价值为导向的新阶 段，价格、供需与产业前景均将呈现积极变化。 来源：智通财经网 龙蟠科技(02465)涨超3%，截至发稿，涨3.15%，报14.74港元，成交额8434.97万港元。 ...

龙蟠科技（603906）(02465)涨超3%，截至发稿，涨3.15%，报14.74港元，成交额8434.97万港元。 消息面上，据市场媒体报道，多家磷酸铁锂龙头企业提出提价诉求，其中两家头部磷酸铁锂厂商计划自 2026年起，将全系列铁锂产品加工费统一上调3000元/吨，受到市场关注。龙蟠科技在投资者互动平台 表示，近期行业确实有相关涨价的行情，目前公司销售人员也正在和客户积极沟通涨价事由。该工作人 员直言，当前磷酸铁锂的原材料价格上涨，磷酸铁锂行业利润空间承压，叠加市场需求持续扩大，价格 上涨是行业必然趋势，公司对磷酸铁锂未来价格走势比较乐观。 卓创资讯（301299）分析师表示，2025年成为磷酸铁锂行业发展的关键转折年，需求端的爆发式增长与 供给端的结构性矛盾形成鲜明对比，行业呈现高增长、低盈利的特殊格局。随着行业"反内卷"倡议落 地、技术升级加速及供需格局改善，磷酸铁锂行业将逐步告别恶性竞争，进入以技术为核心、以价值为 导向的新阶段，价格、供需与产业前景均将呈现积极变化。 ...

宏观研究 证 券 研 究 报 告 【每周经济观察】第 49 期 出口高频维持韧性 ❖ 每周经济观察： （一）景气向上 1、外贸：港口集装箱吞吐量同比维持高位。截至 11 月 30 日，我国港口集装 箱吞吐量环比-0.3%，上周环比为+5.4%，四周同比微幅回落至 9.6%，上周为 10%，10 月 26 日四周同比为 6.6%。 2、耐用品消费：乘用车零售周度增速转正，但月度增速转负。截至 11 月 30 日当周，乘用车零售同比增速+2%，前值-7%。乘联分会发布初步统计数据， 11 月全国乘用车市场零售同比-7%。10 月全月同比为+5.8%。 3、地产：住宅销售降幅缩窄，二手房价格暂时止跌。我们统计的 67 个城市， 12 月前 5 日，商品房成交面积同比为-26%。11 月同比为-34%。10 月同比为- 26%。11 月 24 日当周，二手房挂牌价，一线和全国均持平。今年以来，一线 城市二手房挂牌价累计下跌 5.1%，全国累计下跌 5.5%。 4、价格：国内外大宗品价格普涨，农产品价格普涨。本周南华综合指数、RJ/CRB 商品价格指数分别上涨 1%、1.5%。蔬菜批价上涨 2.4%，鸡蛋批价上涨 1. ...

有业内人士指出，当前，磷酸铁锂行业整体复苏势头强劲，景气度走高。在此趋势下，相关企业积极推进产能结构优化与技术升级， 不断强化核心技术壁垒与成本控制能力，有望进一步改善盈利并在新一轮竞争中占据主动。 受下游需求快速增长强力拉动，磷酸铁锂行业三季度迎来显著回暖，多家头部厂商订单充盈，纷纷瞄准高端产能释放扩产信号。与此同 时，高压实密度磷酸铁锂等创新技术的快速发展也为产业发展持续注入活力。有业内人士指出，当前，磷酸铁锂行业整体复苏势头强 劲，景气度走高。在此趋势下，相关企业积极推进产能结构优化与技术升级，不断强化核心技术壁垒与成本控制能力，有望进一步改善 盈利并在新一轮竞争中占据主动。 企业纷纷签单、扩产 三季度以来，磷酸铁锂行业进入"签单、扩产"活跃期。具体来看，8月，龙蟠科技发布2025年度向特定对象发行A股股票预案。龙蟠科 技本次向特定对象发行股票募集资金总额不超过20亿元（含本数），扣除相关发行费用后的募集资金净额拟用于11万吨高性能磷酸盐 型正极材料项目、8. 5万吨高性能磷酸盐型正极材料项目，以及补充流动资金。公告中，龙蟠科技明确，计划通过本次募投项目，建设 优先满足第四代超高能量密度磷酸铁锂正极材料 ...

Group 1: Infrastructure and Investment - Major projects in various regions are progressing, which is crucial for expanding effective investment and supporting infrastructure investment growth [1] - Experts anticipate continued policy support for "two heavy" projects, which will further bolster economic stability [1] Group 2: Automotive Industry - The automotive market is experiencing a "promotion frenzy" with nearly 20 car manufacturers offering purchase tax subsidies to consumers who lock in orders by the end of 2025 [2] - This initiative is a response to upcoming adjustments in purchase tax and marks the beginning of year-end sales efforts by car companies [2] Group 3: Fund Management and Market Trends - In the fourth quarter, mutual funds are implementing purchase limits to manage large inflows and ensure stable operations [3] - New funds are also controlling their fundraising scales amid increasing uncertainties in the market [3] - The launch of "China's first domestic GPU" by Moore Threads on the STAR Market is seen as a significant step for both the company and the domestic computing power industry [3] Group 4: Commercial Aerospace - The domestic commercial aerospace sector is witnessing a dual breakthrough in technology and scale, with significant developments showcased at the 2025 Commercial Aerospace Forum [4] - The opening of major space projects to commercial entities is creating unprecedented opportunities in the industry [4] Group 5: Capital Market Support - Local governments are increasingly implementing measures to support capital market development, focusing on nurturing listed companies and facilitating financing for tech firms [5] - Policies from provinces like Shaanxi, Guangdong, and Zhejiang aim to guide capital towards innovation and emerging industries [5] Group 6: Phosphate Industry - Phosphate rock prices remain high due to a sustained price increase in chemical products, with market prices reported at 1016 CNY/ton for 30% grade [6] - Companies like Batian and Xingfa are actively acquiring phosphate resources, indicating an expansion in production capacity [6] Group 7: AI Glasses Market - The smart glasses market is experiencing a surge with new product launches from companies like Li Auto and Alibaba, indicating a growing interest in AI-integrated eyewear [7] - This trend is expected to have a profound impact on the AI glasses supply chain from both supply and demand perspectives [7] Group 8: Private Equity and Market Research - Private equity firms are actively conducting research to identify new investment opportunities, with a total of 1.3 million research sessions reported in the fourth quarter [8] - The electronics, healthcare, and integrated circuit sectors are among the most researched areas by private equity firms [8] Group 9: Lithium Iron Phosphate Industry - The lithium iron phosphate industry is seeing price increases as leading companies plan to raise processing fees by 3000 CNY/ton starting in 2026 [9] - The industry is expected to transition to a new phase focused on technology and value, moving away from intense competition [9] Group 10: Photovoltaic Industry - The photovoltaic supply chain is experiencing a decline in production across multiple segments, attributed to insufficient end-user demand [9] - Production reductions include a 0.96% decrease in polysilicon and a 15.95% decrease in silicon wafers for December [9]

Core Insights - The lithium iron phosphate (LFP) industry is experiencing a price increase due to downstream demand and the industry's "anti-involution" initiative, with leading companies planning to raise processing fees by 3,000 yuan/ton starting in 2026 [1][2] - 2025 is identified as a pivotal year for the LFP industry, characterized by explosive demand growth contrasted with structural supply-side contradictions, leading to a unique high-growth, low-profit scenario [1][3] - The industry is moving towards a new phase focused on technology and value, as the "anti-involution" initiative takes effect, improving the supply-demand landscape and overall industry outlook [1][3] Industry Trends - The demand for lithium iron phosphate has been rising due to the booming electric vehicle and energy storage sectors, but significant capacity increases and lithium resource price volatility have resulted in low capacity utilization and profit disparities among companies [1][2] - From January to October 2025, China's LFP production reached 2.7099 million tons, a year-on-year increase of 57.8%, yet this expansion did not lead to overall profitability improvements for the industry [1][2] - The China Chemical and Physical Power Industry Association has initiated measures to promote sustainable development in the LFP industry, including resisting vicious price competition and enhancing supply chain ecology [2] Cost and Pricing Dynamics - The average cost range for LFP materials, based on a study, is estimated between 15,714.8 yuan/ton and 16,439.3 yuan/ton (excluding tax), providing a reference for companies in setting prices [2] - Recent price increases by LFP companies are seen as a strategic move to escape price wars and return to value-based competition [2][3] - If processing fees rise by 3,000 yuan/ton in 2026, the average gross margin for LFP could increase to 7.5%, significantly improving profitability for companies [3] Capacity and Technological Advancements - Advanced production capacity in the LFP industry is expanding, with companies like Beijing Easpring Material Technology Co., Ltd. accelerating the development of high-density LFP products [3] - Sichuan Development Longmang Co., Ltd. announced plans for a 175,000-ton high-density LFP project, indicating a positive market demand and a trend towards industry consolidation and technological upgrades [3] - The supply side is expected to see high-end capacity expansion while low-end capacity is phased out, with sustained demand growth from power batteries and energy storage systems driving the industry forward [3]

中期而言，继续看好我国发展新阶段下权益市场的向上空间。配置上，建议关注三条主线：一是内外需共振下景气向上的科技成长（TMT/机械/军工等）； 二是"反内卷"推动下行业景气有望改善的板块（新能源/建材/传统周期等）；三是受益于政策支持且目前估值不高的消费板块。而流动性仍是行情发展的重 要驱动，融资资金的流入进程是否会转向，将对题材股行情的发展产生重要影响。此外，红利资产的配置价值亦值得关注。 近期头部电池厂密集派发磷酸铁锂大单，宁德时代更是重金入股富临精工子公司江西升华，以锁定高压实密度磷酸铁锂产能。在下游旺盛的市场需求下，磷 酸铁锂厂商正悄然启动新一轮扩产。多数业内人士认为，在"反内卷"背景下，本轮磷酸铁锂行业扩产主要围绕"高端产品、海外需求"展开，风格更为理性， 比拼维度也逐步从"卷价格"、"卷规模"向"卷价值"、"卷技术"过渡，同时产能布局更加全球化。 展望2025Q4季度，预计供给紧张将望推动铜钴等商品价格继续上行，锂价则受益于储能需求超预期有望上涨。贵金属价格虽然经历冲高回落行情，但整体 看涨思路并未改变，随着市场对高位品种的风险担忧加深，煤炭、电解铝等年内滞涨品种或将在四季度获得更高关注度。其他商品 ...

Group 1 - Longpan Technology's A-shares hit the daily limit, reaching 23.41 yuan, while H-shares surged over 13% to 16.73 Hong Kong dollars [1] - The company recently signed a long-term sales agreement for lithium iron phosphate worth 45 billion to 55 billion yuan [1] - There is a collective price increase action occurring in the lithium iron phosphate industry, which Longpan Technology has confirmed [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the context of the mild domestic economic recovery and the increasing expectation of global liquidity easing, the policy resonance of the Fed's December FOMC meeting and the Central Economic Work Conference in China will affect the A-share market's rhythm in December and lay the foundation for the cross - year market and the investment main line in 2026. Before the official implementation of the policies of the two meetings, funds may be more cautious, and the stock market is expected to be more volatile, with funds preferring defensive allocations. After the meeting content is clear, positive policy signals and the Fed's interest rate cuts may resonate, and market risk appetite is expected to rise again. [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next all declined, with the decline rates ranging from - 0.32% to - 0.40%. The trading volumes were 55,827.00, 2,946.00, 19,023.00, and 3,903.00 respectively. The positions were 138,432.00, 6,861.00, 85,537.00, and 24,607.00 respectively, with changes of - 7,168.00, 491.00, 586.00, and 480.00 respectively. [1] - **IH Contracts**: The closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next all declined, with the decline rates ranging from - 0.40% to - 0.45%. The trading volumes were 25,152.00, 1,149.00, 7,430.00, and 1,892.00 respectively. The positions were 53,855.00, 2,456.00, 23,041.00, and 7,352.00 respectively, with changes of - 5,275.00, 112.00, - 302.00, and 160.00 respectively. [1] - **IC Contracts**: The closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next all declined, with the decline rates ranging from - 0.58% to - 0.63%. The trading volumes were 54,148.00, 3,714.00, 19,427.00, and 6,766.00 respectively. The positions were 127,620.00, 9,568.00, 72,697.00, and 32,227.00 respectively, with changes of - 6,889.00, 860.00, 1,648.00, and 923.00 respectively. [1] - **IM Contracts**: The closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next all declined, with the decline rates ranging from - 0.61% to - 0.64%. The trading volumes were 96,449.00, 5,948.00, 26,897.00, and 10,822.00 respectively. The positions were 181,453.00, 14,342.00, 96,203.00, and 55,881.00 respectively, with changes of - 7,566.00, 1,179.00, - 705.00, and 1,806.00 respectively. [1] - **Inter - monthly Spreads**: The inter - monthly spreads of IF, IH, IC, and IM showed different changes. For example, the current value of the IF next month - IF current month spread was - 18.00, compared with the previous value of - 14.40. [1] 2. Stock Index Spot Market - **Major Indexes**: The CSI 300 index decreased by - 0.48%, the SSE 50 index decreased by - 0.51%, the CSI 500 index decreased by - 0.87%, and the CSI 1000 index decreased by - 1.00%. The trading volumes and total trading amounts of these indexes also showed corresponding changes. [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the energy, telecommunications services, and utilities sectors had positive growth rates of 0.53%, 0.52%, and 0.35% respectively, while the raw materials, industry, and other sectors had negative growth rates. [1] 3. Futures - Spot Basis - The basis of IF, IH, IC, and IM contracts against their corresponding spot indexes showed different values and changes compared with the previous two days. For example, the IF current month - CSI 300 basis had a previous value of - 18.53, compared with - 21.09 two days ago. [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index decreased by - 0.42%, the Shenzhen Component Index decreased by - 0.68%, the Small and Medium - Sized Board Index decreased by - 0.79%, and the ChiNext Index decreased by - 0.69%. [1] - **Overseas Indexes**: The Hang Seng Index increased by 0.24%, the Nikkei 225 decreased by - 1.89%, the S&P 500 increased by 0.25%, and the DAX index increased by 0.49%. [1] 5. Macroeconomic Information - China and Russia held strategic security consultations, reaching new consensuses on major issues related to strategic security interests. They also had in - depth exchanges on the Ukraine crisis and strategic coordination on issues related to Japan. [2] - Some Japanese organizations expressed their willingness to visit China. The Chinese Foreign Ministry hoped that these organizations would play a positive role in Japan. [2] - The "15th Five - Year Plan" proposal will prioritize the construction of a modern industrial system. The key is to optimize and upgrade traditional industries, cultivate and expand emerging industries and future industries, and accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy. [2] - The State Administration for Market Regulation issued the "Administrative Measures for Credit Restoration in Market Supervision and Administration", which will be implemented on December 25 this year. [2] - Five departments including the National Development and Reform Commission put forward opinions on strengthening the construction of data element disciplines and professional digital talent teams, with 12 specific measures to support the construction of digital colleges in comprehensive universities and the addition of relevant majors in vocational colleges. [2] 6. Industry Information - The lithium iron phosphate industry is experiencing a collective price increase, with many leading enterprises issuing price increase notices to customers. [2] - In November, the estimated wholesale volume of new - energy passenger vehicles in China was 1.72 million, a year - on - year increase of 20% and a month - on - month increase of 7%. Tesla China's wholesale volume was 86,700, a year - on - year increase of 10% and a month - on - month increase of nearly 41%. [2] - The China Drug Price Registration System was officially launched, which is beneficial for building a global price system and promoting the development of the global market for innovative drugs. [2] - The Department of Electronic Information of the Ministry of Industry and Information Technology organized a symposium to listen to opinions on the preparation of the China Artificial Intelligence Terminal Industry Association, aiming to promote the high - quality development of the artificial intelligence terminal industry in China. [2] 7. Stock Index Views - The three major US indexes rose. On the previous trading day, the stock index fluctuated and declined, with the petroleum and petrochemical sector leading the gain and the media sector leading the loss. The market turnover was 1.61 trillion yuan. On December 1, the margin trading balance increased by 10.208 billion yuan to 2.466708 trillion yuan. [2]

第 1 页，共 3 页 板块持仓 (250,000) (200,000) (150,000) (100,000) (50,000) 0 50,000 100,000 150,000 200,000 250,000 Wind农副产品 Wind谷物 Wind化工 Wind能源 Wind煤焦钢矿 Wind有色 Wind商品综合 Wind软商品 Wind油脂油料 Wind贵金属 Wind非金属建材 近五日商品期货板块持仓变动 2025-12-02 2025-12-01 2025-11-28 2025-11-27 2025-11-26 热点资讯 1.国家发改委主任郑栅洁发表署名文章指出，"十五五"规划建议将建设现代化产业体系这一任务摆在12个领域首位，关键是 优化提升传统产业，培育壮大新兴产业和未来产业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展。 2.磷酸铁锂行业正在发生一场集体提价行动，近期多家龙头企业已向客户发出明确的涨价通知。龙蟠科技工作人员称，近期行 业确实有相关涨价的行情，公司正与客户沟通涨价事由。 3.经合组织发布最新经济展望报告，今明两年，预计全球经济增速分别为3.2%和2.9%，与 ...