Core Viewpoint - The Central Economic Work Conference emphasized the importance of addressing "involution" competition and identified key sectors such as photovoltaic, lithium battery, and coal industries that have shown significant improvement, suggesting investment opportunities based on policy support and market dynamics [1][2]. Group 1: Industry Performance - Since July, all "anti-involution" themed industries have achieved positive returns, with lithium batteries and photovoltaics performing the best due to favorable policies and improved demand, particularly in domestic and international energy storage [1]. - The steel industry, while initially strong due to policy support, has seen a decline in performance as real estate investment and demand have decreased, leading to a significant drop in the past month [1]. - Sectors like express delivery and live pig farming have shown weaker performance, with limited gains since July and negative fluctuations recently [1]. Group 2: Price Trends - Industrial product prices have not uniformly increased since July; instead, there has been a divergence, with photovoltaic materials, lithium carbonate, and thermal coal showing relative strength, while prices for pork and cement have fallen below July levels due to weak demand [2]. Group 3: Future Investment Opportunities - The "anti-involution" theme is expected to be a long-term market focus, with investment opportunities identified based on three key factors: 1. Current policy support levels, with photovoltaic and coal industries receiving the most robust backing [2]. 2. Market structure, where industries with lower private capacity and higher concentration are better positioned for supply-side control [3]. 3. Demand side dynamics, particularly in the lithium battery sector benefiting from rising energy storage needs and seasonal demand increases for coal during winter [3]. Group 4: Market Outlook - The "anti-involution" trend is anticipated to remain a central market theme, with optimistic expectations for sectors like lithium batteries, coal, and photovoltaics, which are supported by both policy and demand [3].

Core Insights - The article discusses the historic moment for Hainan Free Trade Port as it prepares for full island closure operations, highlighting the significance of the 2025 14th Annual Development Conference for Listed Companies and the opportunities presented by the Hainan Free Trade Port [1] Group 1: New Paradigm of Chinese Enterprises Going Global - Chinese enterprises are evolving from competing on "products and costs" to focusing on "industrial chain capabilities and standard systems" for global expansion [1][2] - Nanshan Aluminum exemplifies the "chain-style going global" approach by establishing an industrial park in Indonesia, emphasizing a strategy of "chain operation, high-end manufacturing, and deep processing" [2] - The output of standards and regulations, as seen in the low-altitude economy proposed by Jifeng Technology, represents a shift towards exporting comprehensive operational standards rather than just products [3] Group 2: Integration of Green Standards - Shengxin Lithium Energy highlights the importance of meeting global ESG (Environmental, Social, and Governance) standards driven by major clients like BYD and Tesla, indicating a need for integrated resource, technology, and green standards in their global strategy [3] - The focus on carbon emission management and sustainable practices is becoming a critical aspect of the global expansion strategy for Chinese resource companies [3] Group 3: Future Competitiveness - Nanshan Aluminum is extending its high-end manufacturing advantages into the robotics industry, leveraging its expertise in aluminum alloy materials for lightweight applications [5] - Jifeng Technology aims to enhance its "ecological empowerment capability" by integrating regulations and ecological partners into its global expansion efforts, particularly in Indonesia's low-altitude economy [5] - Shengxin Lithium Energy emphasizes the importance of resource acquisition and development capabilities as the foundation for maintaining manufacturing advantages and market influence in the lithium battery sector [5][6]

投资咨询业务资格：证监许可【2011】1778 号 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 期货研究报告 碳酸锂 姓名：龙奥明 宝城期货投资咨询部 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 12 日 碳酸锂日报 专业研究·创造价值 碳酸锂维持强势 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 97720 元/吨，较前日下 跌 1160 元/吨（-1.17%），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 94590 元/吨，较前日上涨 1.12%， 近 10 个交易日整体呈现震荡走势。 【基差分析】当前基差为-5070 点，负基差（现货贴水），较前日 走弱 710 点，近 10 个交易日基差整体走弱。 【仓单情况】碳酸 ...

Core Viewpoint - The article emphasizes that composite current collectors have transitioned from laboratory research to industrial application, with Yinglian's technology in solid-state batteries providing sustainable momentum for high-quality industry development, becoming a key force in the transition from concept to large-scale application of solid-state batteries [1][10]. Group 1: Structural Reconstruction - The implementation of new national standards for power batteries and the popularization of fast-charging technology have intensified safety performance requirements, highlighting structural defects in traditional current collectors [4]. - Traditional aluminum foil is prone to aluminum-thermal reactions during thermal runaway, leading to significant temperature increases, which are major causes of battery fires and explosions [4]. - The composite current collector's "polymer substrate + metal coating" sandwich structure offers a revolutionary solution to these issues, enhancing safety by preventing electrical arcing and reducing aluminum-thermal reactions [5]. - The polymer substrate's density is only 1/7 to 1/10 that of copper, significantly reducing weight while maintaining conductivity, thus improving energy density [5]. - The metal usage in composite current collectors is only 1/3 to 1/5 of traditional current collectors, allowing for a cost reduction of over 65% compared to traditional materials [5]. Group 2: Precision Control - Despite the advantages of composite current collectors, challenges in high process difficulty and yield control have hindered mass production [7]. - Yinglian has established a comprehensive process system that integrates raw materials, processing, testing, and data systems to overcome mass production bottlenecks [7]. - The company has achieved a production width of 1140mm for composite copper foil with a thickness uniformity control of ≤2%, entering a stable mass production phase [7]. - This breakthrough significantly enhances efficiency and reduces unit costs, ensuring performance consistency for downstream applications [7]. Group 3: Forward-looking Layout - Yinglian is proactively preparing for the next generation of solid-state battery materials while consolidating its advantages in the liquid battery market [8]. - The company is focusing on two core areas: bipolar current collectors and lithium deposition technology, aiming to meet the higher requirements for solid-state battery applications [9]. - The optimization of vacuum deposition and magnetron sputtering technologies is expected to enhance the bonding strength and density of coatings, with a target for mass production capabilities by 2025-2027 [9]. - The lithium deposition technology offers significant advantages, with cycle life improvements exceeding three times that of traditional rolling methods, and a volume change rate of less than 3% [9]. Group 4: Industrial Value - The widespread application of composite current collectors is anticipated to drive a positive cycle of "safety upgrades, energy density improvements, and cost optimization" within the lithium battery industry [13]. - Yinglian has completed a comprehensive layout from technology research and development to mass production, with a total investment of 3.089 billion yuan in a demonstration factory in Jiangsu [10]. - The factory is expected to achieve a production capacity of 500 million square meters of composite copper foil and 200 million square meters of composite aluminum foil by 2025, providing solid support for large-scale supply [10]. - Collaboration with upstream raw material and equipment manufacturers has formed a synergistic industrial ecosystem, enhancing technological precision to a nanometer-level accuracy [12].

12月11日，锂电材料企业新宙邦发布公告，宣布其第六届董事会第二十六次会议已审议通过H股 上市相关议案，公司 拟发行境外上市外资股并申请在香港联交所主板挂牌交易 。 新宙邦表示，此次赴港上市的目标在于推进全球化战略落地，实现资源本地化供应，进而提升国际 品牌影响力与全球市场竞争力。 企业通过港股募集的资金，可直接用于海外建厂、资源收购等全球化布局，有效规避欧美绿色贸易 壁垒与各类贸易限制。 如中伟股份借港股融资强化对印尼镍资源的掌控，宁德时代、亿纬锂能则将募资投向欧洲、东南亚 生产基地，精准适配海外市场旺盛的锂电产品需求，加速全球化产能落地。 据高工锂电不完全统计， 2025年以来，以行业龙头 宁德时代 为开端， 截至目前已有超16家锂 电相关企业扎堆赴港上市，覆盖电池、材料、设备等全产业链核心环节，形成规模化上市热潮。 其中，电池板块集结了宁德时代、亿纬锂能、欣旺达、南都电源、海辰储能、正力新能、双登集团 等企业；材料领域有星源材质、天赐材料、中伟股份、盛新锂能、格林美、金晟新能源及新宙邦等 企业；设备端则包括先导智能、中鼎智能等企业， 全产业链赴港上市态势显著 。 从上市模式来看，此次热潮呈现出 多元化 ...

每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 2024年1至12月份，容百科技的营业收入构成为：锂电行业占比95.86%。 截至发稿，容百科技市值为196亿元。 每经AI快讯，容百科技（SH 688005，收盘价：27.43元）12月12日晚间发布公告称，公司第三届第八次 董事会会议于2025年12月11日以现场结合通讯表决的方式召开。会议审议了《关于修订 <董事会议事规 则> 的议案》等文件。 （记者 曾健辉） ...

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 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 倒计时6天 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点储能、起点研究院SPIR 赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远 东电池/诺达智慧/奥鸿智能/中天和/超业精密/北测新能源/蓝京新能源/贤辰智享/东唐智能/达力智能/ 亿鑫丰/爱签/和明机械/金力股份/孚悦科技/乾纳智能装备/多氟多/科迈罗/三合一体/果曼钠电/新能安/ 海辰储能/瑞浦兰钧/鹏辉能源/国轩吉泰美/创明新能源/德赛电池/先导智能/亿纬锂能/移族/新日股份/ 弘正储能/亮见钠电/易事特/清陶云能/信宇人/星恒电源/昆仑化学/星翼能源等 近日，眉山市生态环境局发布受理建设项目环境影响评价文件情况的公告，《四川锦源晟新能源材料有限公司年产 10 万吨特种磷酸铁项目和 10 万吨特种磷酸铁锂项目（一期）环 ...

黄河落笔，鲁南筑梦；绿色为帆，高新作答。在"十四五"的奋进征程上，枣庄高新区抢抓国家"双碳"战 略和省委、省政府支持枣庄集聚发展锂电产业的重大机遇，以锂电产业破局、产城融合筑基、营商环境 赋能，实现了从"量"的积累到"质"的飞跃，成功撬动了区域发展能级的整体跨越。 锂电产业全链崛起 铸就产业高地 在枣庄高新区，新能源产业的脉搏正以惊人的节拍跃动，这股动能的核心，源于"链主"企业释放的"头 雁效应"与区域精准招商的合力共振。总投资200亿元的欣旺达（300207）项目落户枣庄高新区，一期 16GWh项目已投产，二期24GWh项目加快建设，吸引了8家上下游配套企业跟进落地，形成了"龙头入 驻、链条共生"的磁场效应。在引进龙头企业的同时，枣庄高新区也格外注重培育本土"专精特新"力 量，"老牌企业"山东精工电子科技股份有限公司通过智能化改造不断提升产品竞争力，相继获批国家专 精特新"小巨人"、山东省"瞪羚"企业，拥有全省锂电行业首张产品碳足迹证书。本土明星企业与引进的 龙头企业相互呼应，共同构建起更加健全、更有韧性的锂电产业生态 在全力打造产业高地、构建现代化产业体系的同时，枣庄高新区始终将完善城市功能、提升民生福祉 ...

Core Insights - The report emphasizes the importance of boosting domestic demand and economic growth, with a focus on moderate policy stimulus that is data-driven and efficiency-oriented [3] - The central economic work conference outlines three main investment themes for the upcoming year: expanding domestic demand, promoting technological and industrial innovation, and advancing the construction of a unified national market [3] Group 1: Expanding Domestic Demand - The conference highlights the need to implement special actions to boost consumption, develop urban and rural income plans, and optimize the supply of quality goods and services [3] - It suggests that improving consumer capacity, enhancing willingness to consume, and creating favorable consumption conditions are essential for driving future consumption growth in China [3] - Key sectors to focus on include new retail, dining, hospitality, cultural tourism, and modern services such as healthcare, elderly care, childcare, and finance [3] Group 2: Technological and Industrial Innovation - The report calls for a comprehensive plan to advance education and technology talent development, strengthen the role of enterprises in innovation, and implement high-quality development actions for key industrial chains [3] - It emphasizes the strategic direction of artificial intelligence (AI) development, advocating for the "AI+" initiative to enhance technological research and industrial upgrading [3] - Investment opportunities are identified in high-end manufacturing, renewable energy, and AI-related industries, with a particular focus on AI application implementation in the coming year [3] Group 3: Unified National Market Construction - The conference indicates the need to establish regulations for a unified national market and to address "involution" competition [3] - The "anti-involution" approach is expected to support inflation and improve supply-demand relationships in traditional cyclical industries, while also benefiting emerging industries by regulating competition [3] - Sectors likely to benefit include new energy vehicles, e-commerce, lithium batteries, and photovoltaics, as they may experience enhanced output efficiency [3] Short-term Market Judgments and Investment Strategies - The report notes that while the central economic work conference has released positive policy signals, the short-term market will still be influenced by liquidity factors and market sentiment [3] - It suggests a balanced investment strategy, combining defensive sectors like banking, insurance, telecommunications, and utilities with growth sectors in technology, particularly those with strong AI attributes and reasonable valuations [3] - The report recommends focusing on AI-leading companies in the Hong Kong stock market and opportunities in the A-share computing power industry chain and AI application layer [3]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 行业热点新闻 Liontown将向天华新能供应15万吨锂精矿 澳大利亚锂矿商Liontown公司周二（12月9日）宣布，已签署一项购销协议，将于2027年至2028年期间 向中国锂化工制造商天华新能（300390.SZ）(Canmax Technologies) 供应15万湿公吨锂辉石精矿，该 精矿来自其Kathleen Valley项目。 钴价年内涨幅150%！刚果（金）出口迟迟未恢复，10%特许费又添变数 全球最大钴供应国刚果（金）自10月中旬以出口配额制取代禁令以来，钴产品出口仍未恢复。新增的特许 权使用费核算方式和复杂审批流程， 叠加钴价自年初低谷以来上涨150%， 供应链不确定性持续提高。 根据新出口规定，刚果（金）要求钴出口商在申报后48小时内预付10%的特许权使用费，并取得由刚果 （金）战略矿产市场监管局（ARECOMS）签发的强制性配额核查证书（AVQ）方可发运。 莫桑比克耗资逾1亿美元的石墨新工厂即将建成，石墨年产能约20万吨 据莫桑比克总统兼党主席丹尼尔·沙波（er Daniel ...