Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 1%. The total trading volume in the Shanghai and Shenzhen markets was 1.02 trillion yuan, a decrease of 98.7 billion yuan compared to the previous trading day [1] - The lithium mining sector showed strength, with companies like Jinyuan Co. and Shengxin Lithium Energy hitting the daily limit. The computing hardware sector also performed actively, with companies such as Huanxu Electronics reaching the daily limit [1][3] - The retail and dairy sectors saw a rebound, with Zhuangyuan牧场 and Li Qun股份 hitting the daily limit. However, high-priced stocks experienced significant declines, with companies like Bona Film Group and Taiyang Cable hitting the daily limit down [1] Company Highlights - Nuxi Co. debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board with an issue price of 104.66 yuan per share. On its first day, the stock price surged over 700%, reaching a peak of 895 yuan, and closed at 824.5 yuan, marking a 687.8% increase from the issue price [1] - The company has transformed from a traditional foreign trade enterprise to a comprehensive cultural and tourism operation platform, with its subsidiary Qinzhun focusing on boat tours in a prime scenic area [5] Industry Insights - The global optical module market is expected to exceed $37 billion by 2029, with significant demand anticipated for 800G optical modules peaking in 2025, projected to reach 18-19 million units, doubling year-on-year [4] - The hotel and tourism sector is showing strong performance, with companies like Qujiang Cultural Tourism and Nanjing Commercial Travel hitting the daily limit. Data from Qunar Travel indicates that hotel bookings in popular cities for early January 2026 have tripled year-on-year [4][26] - The lithium battery sector is also experiencing a collective surge, with companies like Tianji Co. and Shengxin Lithium Energy hitting the daily limit. The price of lithium carbonate futures has risen over 8%, nearing 110,000 yuan per ton [1][19]

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and the Qidian Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, focusing on new cycles, new technologies, and new ecosystems in the lithium battery sector [2]. Event Details - Event Name: 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Qidian Golden Ding Award Ceremony & Qidian Research 10th Anniversary Celebration, 2025 Qidian User-side Energy Storage and Battery Technology Forum [4]. - Event Date: December 18-19, 2025 [4]. - Venue: Venus Royal Hotel, Shenzhen [4]. - Organizers: Qidian Lithium, Qidian Energy Storage, Qidian Research Institute SPIR [4]. - Key Sponsors: Yifei Laser, Bluejing New Energy, Xiaolu Lithium Battery, Aohong Intelligent, and others [4]. Agenda Overview - The conference will feature over 800 guests and will cover more than 40 hot topics across five major sessions, including discussions on lithium batteries, materials, equipment, commercial energy storage, portable energy storage, and household energy storage [2]. - The first day will include a keynote address and various specialized sessions focusing on cylindrical battery technology, battery innovation, and new materials [10][11][12]. - The second day will focus on user-side energy storage applications and technology, including household and portable energy storage solutions [12][13]. Notable Participants - The event will host numerous industry leaders and companies, including CATL, BASF, BYD, and others, highlighting the significance of collaboration and innovation in the lithium battery industry [4][18][19].

Group 1 - The core viewpoint of the article indicates that the domestic power battery installation volume in November continues to grow, with exports remaining stable [1] - According to the China Automotive Power Battery Industry Innovation Alliance, the domestic power battery installation volume reached 93.5 GWh in November 2025, representing a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [1] - The report suggests that battery production in December will continue to grow month-on-month, presenting an opportunity for investment in the lithium battery sector following recent adjustments [1] Group 2 - Data from Xinluo Lithium Battery indicates that the planned battery production for domestic sample enterprises in December is 148.8 GWh, reflecting a month-on-month increase of 2.3%, while overseas sample enterprises plan for 23.8 GWh, showing a month-on-month decline of 2.6% [1] - The industry fundamentals are described as robust, with ongoing production increases, suggesting that the recent sector pullback may provide a window for investment [1] - The report highlights the importance of focusing on companies with cost and technological advantages, particularly mentioning CATL (Ningde Times) as a leader in overseas expansion [1]

中航创新(03931)涨近3%，截至发稿，涨2.1%，报26.22港元，成交额1702.23万港元。 申万宏源表示，随着下游新能源汽车市场持续扩容，1-3Q25，中国新能源车销量达1120万辆，新能源 渗透率攀升至46%，商用车电动化成为重要增量，叠加单车带电量提升，有力支撑动力电池需求。储能 市场高景气延续，国内招标与中标规模稳步增长，投资主体多元，该行预计全球储能电池出货量从2025 年530GWh跃升至2028年1343GWh。锂电行业竞争呈现头部集中与二线崛起态势，公司市占率稳步提 升，叠加锂电行业进入供需改善周期，为企业盈利改善打开新空间。 消息面上，国泰海通研报指出，11月国内动力电池装车量93.5GWh，同比增长39.2%，环比增长 11.2%；其中，三元电池装车量18.2GWh，占总装车量19.4%，同比增长33.7%，环比增长9.9%，磷酸铁 锂电池装车量75.3GWh，占总装车量80.5%，同比增长40.7%，环比增长11.6%。该行认为，随着锂电行 业下游需求快速增长，动力电池及相关关键材料企业有望受益。 ...

申万宏源表示，随着下游新能源汽车市场持续扩容，1-3Q25，中国新能源车销量达1120万辆，新能源 渗透率攀升至46%，商用车电动化成为重要增量，叠加单车带电量提升，有力支撑动力电池需求。储能 市场高景气延续，国内招标与中标规模稳步增长，投资主体多元，该行预计全球储能电池出货量从2025 年530GWh跃升至2028年1343GWh。锂电行业竞争呈现头部集中与二线崛起态势，公司市占率稳步提 升，叠加锂电行业进入供需改善周期，为企业盈利改善打开新空间。 智通财经APP获悉，中航创新(03931)涨近3%，截至发稿，涨2.1%，报26.22港元，成交额1702.23万港 元。 消息面上，国泰海通研报指出，11月国内动力电池装车量93.5GWh，同比增长39.2%，环比增长 11.2%；其中，三元电池装车量18.2GWh，占总装车量19.4%，同比增长33.7%，环比增长9.9%，磷酸铁 锂电池装车量75.3GWh，占总装车量80.5%，同比增长40.7%，环比增长11.6%。该行认为，随着锂电行 业下游需求快速增长，动力电池及相关关键材料企业有望受益。 ...

起点研究十周年感谢信：十年风雨兼程 感恩与您同行！ 12月19日（ 18:30-21:30 ），起点研究十周年暨第十届锂电金鼎奖颁奖晚宴庆典 将在 深圳市维纳斯皇家酒店举办，晚宴参与 嘉宾名单如下： | 公司/单位名称 | 职位 | 参会嘉宾姓名 | | --- | --- | --- | | 起点研究 | 重事长 | 李振强 | | 蓝京新能源 | 重劃长 | 郭春泰 | | 新日股份 | 副总经理/总工程师 | 雷宝荣 | | 海裕百特 | 重劃长 | 王留幸 | | 广东奥鸿智能 | 重量长 | 噂世民 | | 倍特力 | 重畫长 | 龙翔 | | 金钠科技 | 重劃长 | 杨维元 | | 先导智能 | 营销总经理 | 叶正平 | | 逸飞激光 | 市场总监 | 等朝首 | | 小鲁锂电 | 营销中心总经理 | 沈星星 | | 时代联合 | 重劃长 | 周富や | | 江西远东电池 | 总经理 | 相江峰 | | 亿嘉丰 | 重量长 | 吴松彦 | | 诺达智慧 | 总经理 | 江国龙 | | 起点锂电&固态 | 总经理 | 郎喜胜 | | 北测新能源 | 总经理 | 汪继云 | | 仲恺科促局粤港澳大 ...

活动名称： 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼&起点研究十周年庆典 、2025起点用户侧储能及电池技术论坛 起点研究十周年晚宴庆典特邀企业名单 (赞助及演讲单位以外）： 巴斯夫/宁德时代/博力威/富临精工/远景动力/楚能新能源/时代联合/金银河/海裕百 特/金钠/中科云储/钹鑫科技/川马激光/浦士达/奥克股份/奥特迅/成泰科技/中能建/富士康储能/中集储能/星霆动力/新日股份/华金资本/中信证券/申 万宏源/德旭资本/贝特瑞/国泰海通/国中资本/飞毛腿/倍特力/瑞昇新能源/中瑞股份/隐功科技/乔岳智能/希倍动力/和誉智能/中国中车/安克创新/正浩 科技/陀普科技/比亚迪/孚能科技/科力远/比克电池等 活动专场及议题 二 | | 2025 (第十届) 起点锂电行业年会暨锂电金鼎奖颁奖典礼&起点研究十周年庆典 | | --- | --- | | | 2025 起点用户侧储能及电池技术论坛议程 | | | 12月17日 | | 18:30-21:30 | 2025 新能源企业家闭门交流晚宴 | | | (白白油)主 (1)阳如至台公店人小学目立动化印大白沙好明人日下午1时期六十 | 活动主题及架 ...

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 宝城期货投资咨询部 从业资格证号：F3035632 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 16 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 100600 元/吨，较前日 下跌 460 元/吨（-0.46%），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 95910 元/吨，较前日上涨 0.78%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-5030 点，负基差（现货贴水），较前日 走弱 860 点，近 10 个交易日基差整体走弱。 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com （仅供参考，不构 ...

Core Insights - The report from CMB International highlights a robust growth in China's power battery industry in November, driven by strong demand and favorable policies, indicating a clear trend of "anti-involution" in the industry [1][2] Group 1: Industry Performance - In November, the installed capacity of power batteries in mainland China reached 93.5 GWh, reflecting a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [2] - The export of batteries remained strong, with a total export of 32.2 GWh in November, marking a year-on-year increase of 46.5% and a month-on-month increase of 14.1% [2] - Lithium iron phosphate batteries accounted for 80.5% of the total installed capacity, with a significant year-on-year increase of 40.7% [2] Group 2: Price Trends - The trend of "anti-involution" continues in the lithium battery industry, with prices across the supply chain generally rising due to government initiatives aimed at curbing irrational price competition [3] - The price of lithium hexafluorophosphate has reached 180,000 CNY per ton, while battery-grade lithium carbonate has surpassed 95,500 CNY per ton [3] - Companies like Suzhou Dejia Energy Technology have announced price increases of 15% for their battery products starting December 16, due to rising raw material costs [3] Group 3: Production Plans - December production plans indicate a continued increase in battery production, with domestic companies planning to produce 148.8 GWh, a month-on-month increase of 2.3% [4] - The production of separator materials is expected to rise by 2.6%, while the production of electrolyte is projected to increase by 1.4%, reflecting strong downstream demand [4] - The lithium battery sector has experienced a correction, with the Wande Lithium Battery Index down approximately 12% from its peak, presenting a potential investment opportunity [4] Group 4: Investment Recommendations - The report suggests focusing on leading companies with cost and technological advantages, particularly CATL (宁德时代), as the industry fundamentals remain strong and production continues to rise [1][4]

Core Insights - The Chinese power battery industry experienced strong production and sales in November, with a positive trend in pricing across the supply chain driven by policy guidance and a "de-involution" trend [1][3] Group 1: Industry Performance - In November, the installed capacity of power batteries in mainland China reached 93.5 GWh, reflecting a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [2] - The export of batteries remained robust, with a total export of 32.2 GWh in November, marking a year-on-year increase of 46.5% and a month-on-month increase of 14.1% [2] - Lithium iron phosphate batteries accounted for 80.5% of the total installed capacity, with a total of 75.3 GWh, showing a year-on-year increase of 40.7% [2] Group 2: Pricing Trends - The National Development and Reform Commission held a meeting to curb irrational price competition, aiming to return to rational pricing and ensure reasonable profit levels [3] - Prices across the supply chain have generally risen, with lithium hexafluorophosphate reaching 180,000 yuan per ton and battery-grade lithium carbonate exceeding 95,500 yuan per ton [3] - A notice from Suzhou Dejia Energy Technology indicated a 15% price increase for all battery products starting December 16 due to rising raw material costs [3] Group 3: Production Plans - The planned battery production for December in mainland China is 148.8 GWh, reflecting a month-on-month increase of 2.3% [4] - The production of separator materials increased by 2.6%, while the production of electrolyte saw a 1.4% increase, indicating strong downstream demand [4] - The lithium battery sector has experienced a correction, with the Wande Lithium Battery Index down approximately 12% from its peak, providing a potential investment opportunity [4] Group 4: Investment Recommendations - The industry remains fundamentally strong, and the recent adjustments in the lithium battery sector may offer a window for investment [4] - Companies with cost and technological advantages, particularly CATL (宁德时代), are recommended for attention due to their leading position in the market [4]