热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 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！ 出品：新浪财经上市公司研究院 作者：昊 A股锂电上市公司中报披露完毕。上半年，多数企业营收实现增长，但净利润则呈现出较为明显的两级分化之势。 在头部公司中，亿纬锂能（维权）实现营业收入281.70亿元，同比增长30.06%，归母净利润16.05亿元，同比下降近25%，扣非净利润11.57亿元，同比下降 22.82%，在行业激烈竞争下，增收减利迹象明显。 | | | | 2025H1锂电上市公司主要业绩和同比增速 | | | | | --- | --- | --- | --- | --- | --- | --- | | 上市公司 | 营业总收入(亿元) | 营收增速 | 归母净利润(亿元) | 净利增速 | 扣非净利润(亿元) | 扣非净利增 | | 宇德时代 | 1,788.9 | 7.3% | 304.9 | 33.3% | 272.0 | 35.6% | | 亿纬锂能 | 281.7 | 30.1% | 16.1 | -24.9% | 11.6 | -22.8% | ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The main contract of lithium carbonate futures rose 1.25% to 71,000 yuan/ton, while the average price of battery - grade lithium carbonate decreased by 600 yuan/ton to 72,850 yuan/ton, and the average price of industrial - grade lithium carbonate also dropped 600 yuan/ton to 70,600 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) fell 250 yuan/ton to 74,450 yuan/ton. The warehouse receipt inventory increased by 290 tons to 38,391 tons [3]. - On the supply side, the weekly output increased slightly. The weekly output increased by 544 tons to 19,963 tons. The output of lithium extraction from spodumene increased by 300 tons to 12,709 tons, from lepidolite by 130 tons to 2,730 tons, from salt lakes by 62 tons to 2,655 tons, and from recycling by 52 tons to 1,869 tons. The expected output of lithium carbonate in September will increase by 1.7% to 86,730 tons. On the demand side, the expected output of ternary materials in September will decrease by 1.5% to 72,330 tons, while the expected output of lithium iron phosphate will increase by 6% to 335,250 tons. On the inventory side, the weekly inventory depletion accelerated, with a week - on - week decrease of 1,580 tons to 138,512 tons [3]. - The news that Ningde's Jianxiawo project may resume production was released again. Under the resumption expectation, the long - position logic was weakened. Before the actual resumption of the project, in the context of strong demand, the downstream procurement demand will support the price. The actual situation of projects in Jiangxi needs to be continuously monitored [3]. 3. Summary According to Related Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 71,000 yuan/ton, up 280 yuan from the previous day; the closing price of the continuous contract was 71,020 yuan/ton, up 720 yuan [5]. - Lithium ores: The price of spodumene concentrate (6%, CIF China) was 844 US dollars/ton, down 5 US dollars; the price of lepidolite (Li2O: 1.5% - 2.0%) was 1,075 yuan/ton, down 40 yuan; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, down 40 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,770 yuan/ton, down 230 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,845 yuan/ton, down 205 yuan [5]. - Lithium carbonates and hydroxides: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 72,850 yuan/ton, down 600 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 70,600 yuan/ton, down 600 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 74,450 yuan/ton, down 250 yuan; the price of battery - grade lithium hydroxide (micropowder) was 79,420 yuan/ton, down 250 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 69,410 yuan/ton, down 250 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was 9 US dollars/kg, unchanged [5]. - Other products: The price of lithium hexafluorophosphate was 56,000 yuan/ton, unchanged. The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 2,250 yuan/ton, unchanged. The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was 1,600 yuan/ton, up 350 yuan. The price difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 8,388 yuan/ton, up 224 yuan [5]. - Precursor and cathode materials: The price of ternary precursor 523 (polycrystalline/power type) was 79,200 yuan/ton, up 575 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 78,000 yuan/ton, up 200 yuan; the price of ternary precursor 622 (polycrystalline/consumer type) was 73,900 yuan/ton, up 150 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 92,750 yuan/ton, up 250 yuan. The prices of most ternary materials remained unchanged. The price of lithium iron phosphate (power type) was 33,470 yuan/ton, down 150 yuan; the price of lithium iron phosphate (mid - to - high - end energy storage) was 32,075 yuan/ton, down 150 yuan; the price of lithium iron phosphate (low - end energy storage) was 29,290 yuan/ton, down 140 yuan. The prices of lithium manganate and cobaltate remained unchanged [5]. - Batteries: The prices of most lithium batteries remained unchanged, with only a slight increase in the price of 523 cylindrical ternary batteries from 4.34 yuan/piece to 4.40 yuan/piece [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of spodumene concentrate (6%, CIF), lepidolite (Li2O: 1.5% - 2.0%), lepidolite (Li2O: 2.0% - 2.5%), and amblygonite (Li2O: 6% - 7%) from 2024 to 2025 [7][8][9]. - Lithium and lithium salt prices: Charts present the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [10][11][12][13][14][15]. - Price differences: Charts display the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide and battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025 [17][18][20][21][22]. - Precursor and cathode materials: Charts illustrate the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobaltate from 2024 to 2025 [23][24][26][27][28][29][30]. - Lithium battery prices: Charts show the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][32][33][34]. - Inventory: Charts present the inventory trends of downstream, smelters, and other sectors from January to September 2025 [36][37][38][39]. - Production cost: A chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉 (Li: 5.5% - 6.5%),外购磷酸铁锂极片黑粉 (Li: 3.2% - 4.2%),外购锂云母精矿 (Li₂O: 2.5%), and外购锂辉石精矿 (Li₂O: 6%) from 2024 to 2025 [40][41]. 3.3 Research Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a junior gold investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily and Securities Times. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won awards such as the 15th and 16th Best Metal Industry Futures Research Team Awards of Futures Daily and Securities Times and the 2016 Excellent Non - ferrous Metal Industry Team title of the Shanghai Futures Exchange [44]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [45]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [45].

化工板块今日（9月12日）又陷回调，反映化工板块整体走势的化工ETF（516020）开盘后迅速下探， 盘中场内价格一度跌超1%，截至发稿，跌0.8%。 成份股方面，锂电、氟化工、氮肥等板块部分个股跌幅居前。截至发稿，恩捷股份大跌超4%，多氟多 跌超3%，鲁西化工、新宙邦、联泓新科等多股跌超2%，拖累板块走势。 值得注意的是，尽管今日出现回调，但"反内卷"行情以来，化工板块表现仍显著优于大盘。数据显示， 截至昨日（9月11日）收盘，自7月初以来，化工ETF（516020）标的指数细分化工指数累计涨幅已达到 23.55%，显著优于同期上证指数（12.51%）、沪深300指数（15.55%）等A股主要指数。 中国银河证券表示，供给端，近几年化工行业资本开支及在建产能增速趋于放缓，但预计存量产能及在 建产能仍需时间消化。需求端，下半年随政策刺激效果逐渐显现、终端产业回暖动能逐步转强，内需潜 力有望充分释放。看好下半年化工品的结构性机会及行业估值修复空间。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF （516020）跟踪中证细分化工产业主题指数，全面覆盖化工各个细分 ...

■李婷 从实验室到产业化，目前固态电池的技术突破已初见成效，这些创新不仅让产品向更高能量密度迈进， 更打开了低空经济等新场景的应用空间。固态电池技术的突围，不仅是新能源产业升级的"关键一跃"， 更是中国企业抢占全球能源技术话语权的战略窗口。 其二，以"专利布局"筑造护城河。在全球竞逐固态电池相关专利的背景下，国内龙头企业应尽快把在固 态电池核心技术上的深厚积累与长期投入转变为严谨的知识产权布局。 其三，持续培养和吸引高端技术人才，打造创新团队。在固态电池技术之争的背后，一场没有硝烟 的"人才争夺战"正悄然升级，人才争夺持续白热化。事实上，固态电池技术涉及材料、电化学、机械工 程等多学科交叉，需打造精准育才、长效激励以及跨界聚才的立体化人才体系。 在笔者看来，固态电池的技术与成本是驱动其实现产业化突破的双核心，需要相关政策与产业链上下游 等多方形成合力。在技术层面，当前研发和攻关重点主要集中在界面阻抗优化、锂枝晶抑制、干法电极 工艺、静压成型技术等关键材料与工艺环节，这些技术的成熟度将直接决定固态电池的规模化应用进 程。 在全球新能源竞争进入"技术深水区"的当下，锂电企业唯有以专利筑壁垒、以人才强根基，才能不断 ...

Market Performance - On September 11, both stocks and bonds rose, with the STAR 50 and ChiNext indices increasing by 5.32% and 5.15% respectively, while the Shanghai Composite Index and CSI 300 rose by 1.65% and 2.31%[2] - The total trading volume of the entire A-share market reached 2.46 trillion yuan, an increase of 460.6 billion yuan compared to the previous day[2] Fund Flows - On September 10, stock ETFs experienced a net outflow of 4.8 billion yuan, continuing a slight outflow trend[3] - The financing balance increased by 5.8 billion yuan, with leveraged funds adding positions in electronics, computers, and machinery, which saw respective increases of 2.07 billion yuan, 580 million yuan, and 450 million yuan[3] Sector Performance - AI-related sectors showed significant strength, with optical modules and circuit boards rising by 9.77% and 7.59% respectively[3] - In the commodity market, industrial silicon, coking coal, and polysilicon led the gains, with increases of 2.5%, 2.3%, and 1.9% respectively[8] Bond Market Insights - The yield on 10-year government bonds rose to 1.83% before retreating to around 1.80% by the end of the day, indicating market volatility and differing investor sentiments regarding the central bank's bond-buying expectations[6] - The central bank's recent reverse repos totaled 74.9 billion yuan and 79.4 billion yuan, contributing to a shift in funding rates from rising to falling[7] Risk Considerations - The report highlights potential risks from unexpected adjustments in monetary policy, liquidity changes, and fiscal policy shifts, which could impact market stability[11]

Core Viewpoint - The article emphasizes the comprehensive depiction of the global lithium battery industry chain, highlighting its significance in various sectors and regions, particularly focusing on the distribution of resources and manufacturing capabilities. Group 1: Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately illustrates the entire lithium battery industry chain, from raw materials and four main materials to battery manufacturing and end applications [3] - It covers major lithium battery industry hubs, including China, North America, Europe, Japan, South Korea, and Southeast Asia [3] Group 2: Distribution Map Acquisition - To receive the distribution map for free, individuals must share the article on their social media and contact the editor [4] - The distribution of the maps is being conducted in order of registration [5] Group 3: Conference Information - The conference hosted by Xinluo Information is scheduled for November 12-13, 2025, with registration on the 12th [9] - The event will take place in Shanghai, China, and inquiries can be made via the provided contact number [9]

一、销量增长强劲，产能扩张同步推进 2025 年上半年销量表现：公司上半年交付约 40GWh 电池产品，同比增长 48%；尽管未披露全年出货目标，但管理层表示产能利用率将维持高位，凸显可持 续增长势头。 国内产能布局： 为匹配强劲销量增长，公司正于江苏、安徽两省各启动 20GWh 电池产能建设，合计新增 40GWh 产能。 海外市场进展： 2025 年上半年海外市场贡献 33% 营收，公司正推进摩洛哥、越南、斯洛伐克等国的生产网络建设；受国内外产能扩张影响，管理层预计 2025 年资本支出（CAPEX）将同比增长。 二、产品升级：发力中高端市场，绑定大众深化合作 第三代电芯推动市场渗透： 管理层透露，随着第三代电芯推出，公司在中高端电动汽车市场的渗透率有望显著提升。 与大众联合开发统一电芯： 双方合作的统一电芯可适配大众未来 80% 的新电动汽车车型，为公司切入高端供应链奠定基础。 三、 全固态电池： 量产线规划推进：已启动第一代 2GWh 全固态电池生产线的设计工作，为后续规模化生产铺路 期推荐 往 试点线投产达标，量产线启动设计 首条试点生产线落地：公司首条全固态电池试点生产线已完成建设，生产良率达约 9 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On September 10, 2025, the 2511 contract of lithium carbonate futures dropped 4.87% to 70,720 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,150 yuan to 73,450 yuan/ton, the average price of industrial - grade lithium carbonate dropped by 1,150 yuan to 71,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell by 500 yuan/ton to 74,700 yuan/ton. The warehouse receipt inventory remained at 38,101 tons [3]. - In terms of supply, the weekly production increased slightly. The weekly production rose by 389 tons to 19,419 tons. In September, the expected production of lithium carbonate is estimated to increase by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September is projected to decline by 1.5% to 72,330 tons, while the production of lithium iron phosphate is expected to increase by 6% to 335,250 tons. Regarding inventory, the weekly inventory depletion accelerated, with a week - on - week decrease of 1,044 tons to 140,092 tons [3]. - Amid news - related disturbances, the futures price opened significantly lower and then rebounded. However, due to the expected resumption of production, the bullish logic has weakened, and there is certain pressure on the upside. Before the actual resumption of projects, strong demand will support the price, and the actual situation of projects in Jiangxi needs continuous attention [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The prices of most products in the lithium - battery industry chain declined on September 10, 2025. For example, the closing price of the main futures contract dropped by 2,180 yuan/ton, and the price of lithium ore and lithium salts also decreased. However, the prices of some products like battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) and lithium hexafluorophosphate remained unchanged [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts 1 - 4 show the price trends of lithium - bearing ores such as lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to September 10, 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts 5 - 10 present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to September 2025 [10][12]. 3.2.3 Spreads - Charts 11 - 22 display the price spreads between different lithium - related products and the basis from 2024 to September 2025 [16][18][19][21]. 3.2.4 Precursor & Cathode Materials - Charts 16 - 20 show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to September 2025 [23][25][27]. 3.2.5 Lithium Battery Prices - Charts 21 - 24 present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to September 2025 [29][32]. 3.2.6 Inventory - Charts 25 - 39 show the weekly inventory trends of downstream, smelters, and other sectors of lithium carbonate from January 16, 2025, to September 4, 2025 [36][38]. 3.2.7 Production Costs - Chart 42 shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole - piece black powder, lithium iron phosphate pole - piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to September 2025 [42]. 3.3 Research Team Introduction - The non - ferrous research team of Everbright Futures includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new - energy research and have provided services and reports for clients [44][45]. 3.4 Contact Information - The company is located at Building 6, No. 729 Yanggao South Road, Lujiazui Century Financial Plaza, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [48].

9月9日晚间，已经停产的宁德时代（300750.SZ）宜春枧下窝锂矿传出复产消息。据称，宁德时代子公 司正在推进矿区复工，预计复产速度将快于市场预期。 一石激起千层浪。对于股民来说，锂矿复产消息当属利空，不少人表示锂矿要跌了。当晚亦有券商投顾 在交流群中表示，"明天的锂矿股票小心点。"9月10日开盘，碳酸锂期货、现货、锂矿股全部大跌。不 仅如此，市场恐慌情绪还蔓延到了其他锂电板块，多只锂电概念指数同时下跌。 9月10日，《华夏时报》记者向宁德时代方核实此事，截至发稿未得回复。有业内人士告诉记者，宁德 时代该矿并非马上复产，不能说此事打破了其他锂矿停产的预期。 复产速度有望快于预期 今年7月7日，宜春8座涉锂矿山企业收到整改通知，此前按照瓷土矿、瓷石矿审批、设立的项目需要按 照锂矿程序重新审批，若未能在9月30日之前获得新证，则有可能面临停产、罚款等风险。 其中，宁德时代手握江西省宜丰县圳口里—奉新县枧下窝陶瓷土（含锂）矿的采矿证，采矿证已于2025 年8月9日到期，并于当日暂停开采作业。8月11日，宁德时代在深交所互动平台表示，"在宜春项目采矿 许可证8月9日到期后已暂停了开采作业，正按相关规定尽快办理采矿证 ...

Group 1 - The solid-state battery sector experienced a surge last week, while the lithium battery sector saw increased volatility this week, with the New Energy Vehicle Leading ETF (159637) stabilizing and showing gains [1] - The recent decline in the lithium battery sector was primarily due to news of the rapid resumption of production at the Ningde Times' Jiangxiawo lithium mine, which is expected to restart operations sooner than market expectations [1][2] - The Jiangxiawo mine, which had suspended production due to an expired mining license, is projected to produce 80,000 tons by 2025, significantly impacting lithium supply and potentially leading to a decrease in lithium prices below 70,000 RMB per ton [1][2] Group 2 - The recent rise in lithium battery prices is attributed to three main factors: the unexpected advancement of the solid-state battery industry, the overproduction in the lithium battery supply chain, and a pricing logic driven by anti-involution [2] - The solid-state battery sector is expected to see significant developments in the second half of 2025 to the first half of 2026, marking a critical period for pilot production lines and boosting market confidence and investment [2] - The New Energy Vehicle Leading ETF (159637) tracks the CSI New Energy Vehicle Index, comprising 50 leading companies in the new energy vehicle supply chain, ensuring no style drift in its investment focus [2]