点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【有色】多晶硅价格连续1个月下跌，电车材料价格普遍下滑——金属新材料高频数据周报（20250414- 20250420） 继续全面看好金属新材料板块。氧化镨钕价格仍处于40万元/吨以上，关注2025年需求及第一批配额释放情 况。锂价已跌至8 万元/吨以内，产能后续存在加速出清的可能性，锂矿板块建议关注成本具有优势且资源 端存在扩张的标的。刚果（金）决定暂停钴出口4个月，有望缓解全球钴市场供应过剩程度。Bisie锡矿停 产，看好锡价上行。 （王招华/马俊/王秋琪） 2025- 04-21 您可点击今日推送内容的第1条查看 【华友钴业（603799.SH）】2024年镍产品毛利占比升至52%，继续看好镍板块业绩释放——202 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the prominence of leading companies and the ongoing push towards new directions in the industry [1]. Summary by Sections 1. Weekly Review of the Electric New Energy Sector - The CJ Electric New Energy Index fell by 0.41% this week, with the first half of the week seeing a rebound following the broader market, while the latter half was dragged down by photovoltaic and energy storage sectors due to significant tariff impacts [9]. - Wind power, lithium batteries, and electric power equipment showed stronger performance compared to other sectors [9]. 2. Important Events Review and Outlook - The distributed photovoltaic market demand continues to weaken, leading major manufacturers to lower photovoltaic module prices by 0.01-0.03 RMB/W. However, centralized bidding project scales have recently seen a significant increase [11]. - Key contracts and agreements were signed, including a sales framework agreement for battery cells and successful bids for photovoltaic component procurement [11]. - The report notes a 4.8% year-on-year increase in total electricity consumption in March, with a cumulative increase of 2.5% for the first quarter [11]. 3. Sector Strategy Summary and Core Recommendations - The report emphasizes the importance of focusing on undervalued stocks with good quarterly reports, particularly in the energy storage, electric power equipment, and lithium battery sectors, while also keeping an eye on themes like robotics and AI [14]. - For photovoltaic, the report suggests monitoring price changes in the supply chain and production schedules for May, with specific recommendations for companies like Longi Green Energy and Tongwei Co [14]. - In the energy storage sector, the report anticipates a recovery as negative tariff impacts are priced in, recommending leading companies like Sungrow Power Supply and Dewei Co [15]. - The lithium battery sector is viewed as being at a bottom stage, with recommendations for companies like CATL and Hunan YN Energy [15]. - Wind power is expected to see increased activity in offshore projects, with recommendations for companies like Orient Cable and Mingyang Smart Energy [15]. - The electric power equipment sector is advised to focus on domestic demand and potential export opportunities, with recommendations for companies like State Grid Corporation and Mingyang Electric [15]. 4. Photovoltaic Sector Analysis - The photovoltaic module prices are under downward pressure due to weak demand in the distributed market, while centralized bidding projects are increasing [20]. - The report highlights the positive progress in new technologies, including the development of high-efficiency cells and the expansion of production capacity for new battery technologies [20][36]. - The overall sentiment in the photovoltaic sector is cautious, with expectations of a recovery in the second half of the year driven by overseas demand and supply policies [36].

Core Insights - The event "Lithium Fire Spring Gathering" was successfully held in Shanghai, attracting over 200 representatives from the lithium battery industry chain, trading companies, and financial institutions to discuss lithium resource supply and demand, lithium carbonate price trends, and the application of futures tools in risk management [1][4] - The importance of lithium resources as a core raw material for the new energy industry was emphasized, with price fluctuations directly impacting the stability of the industry chain [1] - Various industry experts provided insights on the macroeconomic outlook for 2025 and the lithium carbonate industry chain, highlighting strategic opportunities and challenges in the context of global energy transition [3] Group 1 - The event was supported by the Guangzhou Futures Exchange and organized by CITIC Futures, with collaboration from various financial institutions [1] - Keynote speeches included analyses of carbon lithium demand resilience and supply-demand balance changes, as well as innovative applications of carbon lithium options in price risk management [3] - A roundtable discussion featured representatives from various companies debating the impact of lithium extraction costs on carbon lithium prices, contributing to high-quality development in the lithium battery industry [3][4] Group 2 - The conference included participation from over 40 leading lithium battery companies and more than 30 investment institutions, providing a platform for industry elites to exchange ideas [4] - The event aimed to offer systematic solutions for the lithium battery industry to cope with price fluctuations and optimize resource allocation [4]

-广告- ——The End—— 本文来源： 新能源CEO驿站 。 本公众号所发表内容注明来源的，版权归原出处所有（无法查证版权的或未注 明出处的均来源于网络搜集），如有侵权请及时联系删除。转载内容只以信息传播为目的，仅供参考，不代表 本号认同其观点和立场。内容的真实性、准确性和合法性由原作者负责。 鑫椤资讯成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业产业研究和顾问公司。鑫椤资 讯以研究为中心，提供数据库、产业前瞻预测、战略咨询和媒体宣传等服务。 4 月 10 日，LGES详细披露了其固态电池的开发进展。LGES 首席执行官 Son Kwon-nam 表 示，公司计划开发包括固态电池在内的下一代电池，并将在 2030 年前推出成熟产品。 Son Kwon-nam 指出，当前开发的关键任务是提升固体电解质的离子电导率，使其达到液体电 解质的水平。他透露，LGES 新开发的 argyrodites 型（硫银锗矿）硫化物基固体电解质已在内 部测试中展现出高离子电导率，目前该材料已进入大规模生产的工艺开发阶段。 这意味着 LGES 在固态电池核心材料的研发上取得重要突破，距离商业化应用又近一步。 ...

Group 1: Macro Insights - The large-scale tariffs implemented by Trump in early April 2025 led to a surge in consumer purchases in March, resulting in a month-on-month retail growth rate of +1.4%, a significant increase from February's +0.2% [2] - However, this front-loading of consumer demand may lead to a weakening of future retail data, indicating potential risks for upcoming consumption trends [2] Group 2: Industry Research - The real estate sector is identified as the largest driver of domestic demand, with a recommendation for strategic investment in the real estate supply chain, including leading companies such as Beike-W, China State Construction, and major cement and glass producers like Conch Cement and Qibin Group [3] - The report suggests that these companies are positioned well due to the cyclical bottoming and improving profitability, alongside potential policy support [3] Group 3: Oil and Gas Sector - The IEA and OPEC have lowered their oil demand forecasts for 2025, yet there is a strong outlook for the "three oil giants" (China National Petroleum, Sinopec, and CNOOC) due to their low valuations, high dividends, and resilient performance [4] - The report also highlights opportunities in domestic substitutes for semiconductor materials and panel materials, as well as in the pesticide and fertilizer sectors [4] Group 4: Company-Specific Analysis - For Shida Shenghua, the report anticipates a decline in profitability for 2024 due to the low demand in the lithium battery sector, with net profits projected to drop significantly in 2025 and 2026 [5] - Despite this, the company is expanding its production capacity for electrolyte products, which may provide growth opportunities in the future [5] Group 5: Coal Industry - Lu'an Environmental Energy is recognized as a leading producer of injection coal, with a strong business model and high elasticity, despite current coal price declines [7] - The projected net profits for 2024-2026 are 2.62 billion, 2.14 billion, and 3.03 billion yuan, respectively, with corresponding EPS of 0.87, 0.71, and 1.01 yuan [7] Group 6: High-End Manufacturing - Su Shi Testing is facing short-term performance pressure, with a projected revenue decline of 4.31% in 2024, but is expected to benefit from recovering downstream demand and new industry layouts [8] - The forecasted net profits for 2025-2027 are 3.04 billion, 3.81 billion, and 4.62 billion yuan, indicating potential recovery [8] Group 7: Renewable Energy - Guoneng Rixin is expected to maintain steady growth, with a projected net profit of 0.94 billion yuan in 2024, reflecting an 11.09% year-on-year increase [9] - The company is advancing its product upgrades and is well-positioned to meet increasing demand in the distributed energy sector [9] Group 8: Electrical Equipment - Huaming Equipment reported an 18.41% increase in revenue for 2024, with net profits rising by 13.25% [10] - The company is expanding its overseas market presence and is expected to achieve net profits of 7.09 billion, 8.09 billion, and 9.15 billion yuan from 2025 to 2027 [10] Group 9: Communication Technology - Hengwei Technology has revised its net profit forecasts downward for 2025 and 2026, but maintains a positive long-term growth outlook [11] - The projected net profits for 2027 are expected to reach 2.41 billion yuan, indicating potential recovery [11] Group 10: Beverage Industry - Dongpeng Beverage reported a strong start to 2025, with a revenue increase of 39.23% in Q1 and a net profit growth of 47.62% [12] - Future net profit projections for 2025-2027 are 4.483 billion, 5.684 billion, and 6.836 billion yuan, suggesting robust growth potential [12] Group 11: Catalyst and Advanced Materials - Zhongzi Technology's catalyst business is expected to benefit from the implementation of the National VII standards, with a strategic focus on high-end composite materials [13] - The projected net profits for 2024-2026 are -0.27 billion, 0.57 billion, and 2.38 billion yuan, indicating a potential turnaround [13]

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！ 日前，威领股份发布公告，控股孙公司郴州领武矿业有限公司以自有资金合计1.77亿元收购控股孙公司 天津长领矿业合伙企业（有限合伙）（以下称"长领矿业"）合伙人长城资产持有的69.965%合伙份额。 收购后，威领股份持有长领矿业99.95%合伙份额，长城资产按照年化7%回报率计算退出时收益。 公司表示，本次交易有助于优化资源的统一调配，增强内部协同，降低管理成本，提升管理效率，促进 业务发展。 值得注意的是，截至2024年三季度末，威领股份账面全部现金仅1.35亿，尚不足以支付此次接盘长领矿 业部分股权的对价。 不仅如此，威领股份现金债务比仅为0.32倍，货币资金无法覆盖有息负债，偿债能力堪忧。2024年三季 度末，公司资产负债率达50.63%，较2023年继续攀升，流动负债占比高企，短期偿债压力突出。 同时，公司现金流为经营、投资活动净流出，筹资活动净流入，依赖融资"输血"维持运转，财务风险进 一步放大。 2023年，威领股份实现营业收入11.41亿元，同比下降3.76%，归母净利润-2.23亿元，同比由盈转亏。 2024年前三季度，公司 ...

今年以来，受A股IPO收紧以及大型企业全球化战略等因素影响，港股上市热潮不断，锂电行业也不例外。 具体来看， 2024 年，正力新能动力电池装机量为 9.9GWh ，占中国动力电池市场份额为 1.8% ，排名第九。 从增速上来看， 2022年至2023年间，其装机量同比增速在动力电池市场装机量前十的企业中排名第2名，在磷酸铁锂动力电池市场装机量前 十的企业中位列榜首。 客户方面，正力新能的动力电池客户包括大型央国企、造车新势力及跨国领先整车汽车，公司在一汽红旗、广汽传祺、零跑汽车、上汽通用五 菱、上汽通用等全球多个龙头企业核心车型的电池产品供应份额持续提升。 截至 2024 年 12 月 31 日，公司对零跑汽车核心 BEV 车型的销售渗透率及对上汽通用核心 PHEV 产品 GL8 陆尊 PHEV 渗透率达 50% 以上，为 GL8 陆尊 PHEV 的主要供应商。 正力新能通过不断开拓主流车企客户，也 为业绩增长打开向上通道。公司于2024年实现扭亏， 实现净利润达9101.4万元， 结束了此前连续 三年的亏损。 正力新能预计本次募资净额为9.28亿港元，将重点用于产能扩张、智能制造设施建设及核心技术研发。 ...

今年以来，受A股IPO收紧以及大型企业全球化战略等因素影响，港股上市热潮不断，锂电行业也不例外。4月14日，中国锂离子电池制造商正力新能 （03677.HK）H股敲钟上市，公司当日股价收涨1.45%，总市值210.5亿港元。值得一提的是，正力新能创始人曹芳系福耀集团董事长曹德旺胞妹。伴随曹芳 带领正力新能成功登陆港股市场，曹德旺家族的资本版图也得以扩容。另外，在正力新能上市背后，还有多家锂电企业正在排队IPO，寻求登陆港股市场。 针对相关问题，北京商报记者向正力新能方面发去采访函进行采访，但截至记者发稿，未收到公司回复。 正力新能收涨1.45% 4月14日，正力新能上市首日股价高开2.3%，开盘后全天保持震荡态势，公司最终收涨1.45%，收于8.39港元/股，总市值达210.5亿港元。 资料显示，正力新能成立于2019年2月26日，是中国的锂离子电池制造商，主要专注于动力电池产品、储能电池产品及航空电池产品的研发、生产及销售。 业绩表现方面，公司净利在2021—2023年接连亏损，但于2024年实现扭亏。 具体来看，2021—2024年，正力新能实现营业收入分别约为14.99亿元、32.9亿元、41.62亿元 ...

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

对美国锂电总体需求预期维持： 电动车需求影响有限：增速预期低且电池实现本土制造。 25年预计10-15%增长，180万辆车，对应动力电池装机130GWh+，需求 170GWh+。电池结构，宁德已将至12%，其余基本为北美制造。此次加税后，中国出口美国动力电池面临82.4%关税，叠加本土制造拥有 10%制造补贴+终端汽车7500美金/辆补贴，经济性远高于进口，因此厂商加速北美建厂。 储能有所影响，但IRR仍有经济性，或双发各自承担。 出口美国储能电池关税当前提升至64.9%，2026年为82.4%。若从中国进口储能系 统，则当前关税下irr为8.2%，而去年为16.9%；若从中国进口储能电芯，其他可实现本土生产，则当前irr为12.8%，而去年为17%。25年2 月末美国大储备案量65GW，其中年内计划并网项目19-20GW，同比翻倍增长，需求仍旺盛，预计美国储能总体需求仍可以有40-50%增 长，且北美缺乏铁锂电池产能，依旧依赖中国企业，双方或协商各自承担一定关税。 1.美国锂电需求： 宁德占比已下降至12%： 松下、LG新能源占据美国主要份额，宁德时代市占率12%。从电池供应结构看，松下、LG新能源占据主要 ...