导语：固态电池第一股，浮出水面。 证监会披露信息显示， 卫蓝新能源与中信建投签署上市辅导协议，目标直指创业板。 消息一 出，市场迅速给它贴上"固态电池第一股"的标签。 以下文章来源于金角财经 ，作者田羽 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 作者 | 田羽 来源 | 金角财经（ID: F-Jinjiao) 站在当下这个时间点，卫蓝新能源看起来像是下一只 "摩尔线程"的候选人，但它要面对的，恐怕 是一场更漫长、更复杂的耐力赛。 华为、小米都投了 卫蓝新能源之所以备受资本市场期待，除了踩中 "固态电池"这个新能源里最性感的赛道，更关键 是 它背后站着 "中国锂电之父"、中国工程院院士陈立泉。 陈立泉 1940 年出生， 1964 年毕业于中国科技大学物理系，随后进入中科院物理所工作。 1976 年，陈立泉在西德马克斯·普朗克科学促进学会固体所进修。 一边是 "中国锂电之父"陈立泉院士领衔的中科院班底，一边是 华为、小米、吉利、蔚来等产业 资本真金白银的站台 ，再叠加今年下半年固态电池指数的集体躁动，卫蓝新能源尚未敲钟，预期 已经被提前打满。 类似的场景， A 股并不陌生。上一次市场在"新技术 + ...

Core Insights - The article highlights the strategic role of financial innovation in reshaping the industrial landscape, particularly in the lithium battery sector in Suining, which is referred to as the "Lithium Battery Capital" [1][2][4] Group 1: Financial Innovation and Market Integration - Suining's carbon lithium futures delivery warehouse has become a key hub connecting futures and spot markets, maintaining high inventory utilization rates since its establishment in July 2024 [1] - The integration of futures and industry in Suining reflects a strategic approach to mitigate industrial cycle fluctuations and strengthen high-quality development [1][5] - The establishment of the carbon lithium futures delivery warehouse has facilitated cooperation with over 300 enterprises, achieving a delivery scale of nearly 20 billion yuan [5][6] Group 2: Industrial Strength and Growth - Suining's lithium battery new energy industry is projected to reach a scale of 67 billion yuan by the end of 2024, accounting for approximately 25% of Sichuan's lithium battery industry [3][4] - The region's industrial growth is supported by a comprehensive layout that includes upstream lithium resource security, midstream material production, and downstream battery manufacturing [3][4] - The lithium battery sector contributes significantly to Suining's industrial economy, with an industrial growth contribution rate of 86.8% [3] Group 3: Strategic Development and Future Goals - Suining has proactively established specialized lithium battery industrial parks since 2013, positioning itself ahead of other regions [4][9] - The city aims to expand its futures delivery warehouse network to include multiple categories, enhancing its role in the national commodity market [9][10] - Future plans include applying for futures varieties such as rapeseed oil and lithium hydroxide, which will inject financial vitality into local traditional industries [10]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2025 年 12 月 18 日 碳酸锂日报 专业研究·创造价值 碳酸锂小幅下跌 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 106160 元/吨，较前日 下跌 2460 元/吨（-2.26%），近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 97570 元/吨，较前日上涨 0.50%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-9690 点，负基差（现货贴水），较前日 走强 230 点，近 10 个交易日基差整体走弱。 【仓单情况】碳 ...

Core Viewpoint - The article discusses the advancements in solid-state battery technology, particularly focusing on halide solid electrolytes, which are seen as a promising solution to the limitations of traditional liquid electrolyte batteries [1][10]. Group 1: Event Overview - The 2025 (10th) Lithium Battery Industry Annual Conference and the Lithium Golden Tripod Award Ceremony were held in Shenzhen, gathering over 800 attendees to discuss core topics in lithium batteries, materials, and equipment [1]. - The event included a forum on user-side energy storage and battery technology, emphasizing the exploration of technological breakthroughs and safety challenges [1]. Group 2: Technical Insights - Traditional liquid batteries face significant issues, including flammability, lithium dendrite growth, and limited temperature ranges, which hinder energy density improvements [5][6][7][8]. - Solid-state electrolytes are proposed as a key enabling technology for next-generation batteries, offering enhanced safety, longer cycle life, and higher energy density [10]. Group 3: Halide Solid Electrolytes - Halide solid electrolytes have gained attention due to their room temperature ionic conductivity reaching 10^-3 S/cm, making them competitive with liquid electrolytes [11]. - They exhibit better electrochemical compatibility with high-voltage cathodes and have unique potential in safety and cycling stability [11]. - The development history of halide solid electrolytes shows significant progress since 2018, marking the emergence of the second generation with improved ionic conductivity [12]. Group 4: Comparative Analysis - Halide solid electrolytes offer a balance of ionic conductivity, mechanical properties, and electrochemical stability compared to sulfide and oxide solid electrolytes [14][15]. - While sulfide electrolytes have the highest ionic conductivity, they are sensitive to air and humidity, whereas halides provide better oxidation stability and lower costs [14]. Group 5: Future Directions - The company plans to advance its first-generation halide products into pilot testing, focusing on performance validation in soft-pack batteries [19]. - The second-generation halide materials will continue to optimize electrochemical performance and expand the application range of solid electrolyte systems [20]. - The company, headquartered in Shenzhen, aims to integrate high-end equipment, new processes, and new materials into its product development strategy [20].

Core Viewpoint - The article discusses the advancements in lithium battery technology and the role of magnetic suspension systems in enhancing production efficiency and flexibility in the industry [1][6]. Group 1: Event Overview - The 2025 (10th) Lithium Battery Industry Annual Conference and the Lithium Battery Golden Ding Award Ceremony were held in Shenzhen, gathering over 800 guests to discuss core topics such as battery technology, materials, and equipment [1]. - The event also celebrated the 10th anniversary of the organizing research institute, highlighting the importance of technological breakthroughs and safety challenges in the lithium battery sector [1]. Group 2: Company Introduction - Morrochi Intelligent, established in 2019, focuses on developing direct drive systems and magnetic suspension technology, with a comprehensive approach to R&D, design, production, and sales [4]. - The company has a strong background in intelligent manufacturing, providing advanced solutions for various industries, including semiconductor, renewable energy, and automotive [4]. Group 3: Product Development Timeline - The R&D team for intelligent magnetic drive systems was established in 2018, leading to the launch of the V1.0 connection line prototype in 2021 and the V2.0 series achieving mass production in 2023 [5]. - Future plans include launching a flexible circular line in 2024 and expanding product offerings in 2025, targeting applications in energy storage and power batteries [5]. Group 4: Market Demand and Efficiency - The demand for power lithium batteries is entering the TWh era, necessitating higher flexibility, efficiency, and yield in production lines [6]. - Magnetic suspension technology offers significant energy savings, with electromagnetic drives being over 40% more energy-efficient than traditional motor drives, aiding companies in achieving high ESG ratings [6]. Group 5: Magnetic Suspension Technology Advantages - The technology enhances production speed and output, significantly reducing the transfer time of battery cells between processes, thus improving overall equipment effectiveness (OEE) [7]. - It also lowers costs by minimizing physical wear and contamination, ensuring higher yield rates and consistency in battery production [7]. - The system allows for dynamic path planning and real-time scheduling, enabling flexible production without physical modifications [7]. Group 6: Technical Specifications - The magnetic suspension logistics line can reach a maximum speed of 2 m/s, with a maximum load capacity of 1000 kg and a positioning accuracy of ±0.03 mm [14]. - The system features modular design, allowing for easy upgrades and integration with various logistics lines [12][14]. Group 7: Application Areas - The magnetic suspension technology is applied in various sectors, including smartphone assembly, battery production, and medical equipment manufacturing [25]. - Specific case studies demonstrate the technology's effectiveness in enhancing efficiency, such as a circular line for lithium battery production with a length of 12 meters and a speed of 2 m/s [27].

MACD金叉信号形成，这些股涨势不错！ 群益证券(香港)研报指出，天赐材料为电解液龙头企业，产能全球第一，2024年全球市占率超30%。公 司具备技术护城河，掌握电解液核心原材料六氟磷酸锂的工艺技术，能够实现完全自供，盈利能力明显 优于同业。公司已经与锂电头部企业建立长期供应关系，国内外产能正在稳步扩张。下半年储能需求带 动锂电产业景气度明显提升，公司排产饱满，产品供不应求。随着国内外储能支持政策加码，锂电池成 本下降，目前储能系统经济性已经显现；叠加AIDC建设和新能源装机占比提升增加了对储能的需求， 今年国内外储能招标量均翻倍增长，预计2026年储能电池需求增速将超50%，带动2026年全球锂电池出 货量将同比增30%。A股按当前价格计算，对应2025/2026/2027年PE为60/13/10倍，建议"买进"。 ...

Group 1 - The market showed divergence on December 18, with the ChiNext Index dropping over 2%, while the Shanghai Composite Index rose by 0.10% and the Shenzhen Component Index fell by 0.98% [1] - Sectors such as consumer electronics, securities, and lithium batteries experienced significant declines [1]

Group 1: ETF Day Trading Momentum Strategy - The report upgrades the original day trading momentum strategy to version 2.0, addressing execution difficulties, premature exits, and profit retracement issues, resulting in improved applicability and enhanced risk-reward ratios [1][6][8] - The improved strategy shows an annualized return of 18.9% from January 25, 2013, to October 10, 2025, with a Sharpe ratio of 2.10 and a Calmar ratio of 2.86, maintaining a win rate above 50% [9][10] - Implementing a 50% base position in ETFs and ETF combinations leads to significant excess returns compared to a buy-and-hold strategy, with an annualized excess return of 10.1% and 9.2% for the respective ETFs [10] Group 2: Lithium Battery Industry Strategy - The lithium battery supply-demand landscape is expected to reverse in 2026, driven by stable growth in global power battery demand and high demand for energy storage batteries in domestic and overseas markets [11][12] - Key recommendations include companies like Ningde Times and Yiwei Lithium Energy in the battery segment, and Keda Li and Dongsheng Technology in the materials segment, with a focus on head manufacturers benefiting from capacity concentration and high-end trends [11][12] Group 3: Power Equipment Industry Strategy - The power equipment sector is projected to grow due to rising global power infrastructure investment and domestic market reforms, with a focus on high demand for power equipment exports and energy structure changes [15][16] - Key investment themes include the expansion of AI-driven power demand and the ongoing market reforms that will enhance grid investment, with recommendations for companies like Sanyuan Electric and Dongfang Electric [16] Group 4: Automotive Industry Strategy - The automotive industry is expected to develop steadily, driven by exports and the integration of AI technologies, with recommendations for companies such as Li Auto, BYD, and Great Wall Motors [18][19] - The report highlights the importance of high-end and export-oriented strategies for both complete vehicles and components, with a focus on the growth of new energy vehicles and the recovery of commercial vehicle sales [20][21]

Core Viewpoint - The lithium battery industry is expected to experience a new round of expansion driven by solid-state technology breakthroughs and increased capital expenditure from 2023 to 2025, leading to a potential reversal in supply-demand dynamics and price increases in certain segments [1][2]. Industry Cycle - The lithium battery midstream is entering a "recovery-prosperity" phase from 2024 to 2025, with revenue and inventory on the rise since the first quarter of 2024, indicating a recovery phase in the inventory cycle [1]. - The current inventory cycle is nested within a mid-cycle capacity expansion, with a second round of weak replenishment expected to last 1-2 years, potentially ending by late 2025 to 2026 [1]. Technological Developments - New technologies and scenarios are creating a second growth peak for lithium batteries, with solid-state batteries being a long-term strategic direction that will reshape the process and material systems [2]. - The establishment of pilot lines for solid-state batteries is expected to begin in 2025, transitioning towards mass production, with a clearer supply chain emerging [2]. - Composite copper foil is anticipated to achieve true industrialization, with production rhythms and penetration rates likely to exceed market expectations [2]. Market Dynamics - The industry is expected to favor differentiated leading players in niche segments, as they possess significant product and cost competitive advantages [2]. - Leading companies are likely to achieve full capacity utilization first, ensuring the most reliable performance and strongest elasticity [2]. - As the lithium battery supply-demand dynamics reach a new turning point in the second half of 2025, attention should be paid to high-demand segments such as lithium hexafluorophosphate, energy storage batteries, lithium iron phosphate, and dry-process separators [2].

Market Overview - On December 17, A-shares experienced a strong upward trend, with the ChiNext Index leading the gains. The Shanghai Composite Index closed at 3870.28 points, up 1.19%, the Shenzhen Component Index at 13224.51 points, up 2.40%, and the ChiNext Index at 3175.91 points, up 3.39% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 183.43 billion yuan, an increase of 86.3 billion yuan compared to the previous trading day [2] CPO Concept and Performance - The CPO concept sector saw significant gains, with Lian Te Technology hitting a 20% limit up, and the three major optical module companies (Xinyi Sheng, Tianfu Communication, and Zhongji Xuchuang) experiencing substantial increases [2] - The strong performance in the CPO sector was driven by the overall market rally, with over 3600 stocks rising [2] Lithium Battery Industry - The lithium battery supply chain showed robust activity, with stocks like Jinyuan Co. and Tianji Co. hitting the limit up. The main contract for lithium carbonate futures rose over 7%, nearing 110,000 yuan/ton [3] - Dongguan Securities reported that the new energy vehicle market is experiencing a surge in sales, supported by tax exemption policies, while demand for energy storage remains strong. The overall demand for lithium batteries is expected to remain robust, with a slight increase in production planned for December [3] - The development of solid-state batteries is progressing, with semi-solid batteries starting to gain traction and pilot lines for all-solid-state batteries set to launch [3] Computing Hardware Sector - The GPU star stock, Muxi Co., officially listed on the Sci-Tech Innovation Board, saw its stock price surge by 755% at one point, closing at 829.9 yuan per share, with a total market capitalization of 332 billion yuan [4] - Muxi Co.'s initial offering price was 104.66 yuan per share, resulting in a profit of over 360,000 yuan per share for investors, making it one of the most profitable new stocks in A-share history [5] Future Market Outlook - According to Daitong Securities, the market is expected to maintain a steady upward trend in the medium to long term, supported by favorable policies. A "barbell" strategy is recommended for investment, balancing aggressive positions in sectors like communications and semiconductors with defensive positions in consumer sectors [6] - The overall valuation of the A-share market remains attractive compared to global peers and other asset classes, with the dividend yield of the CSI 300 index exceeding the yield of 10-year government bonds by 80 basis points [6]