1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On May 13, 2025, the 2507 contract of lithium carbonate futures dropped 0.69% to 63,220 yuan/ton. The average price of battery - grade lithium carbonate remained at 64,600 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 62,950 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton to 65,990 yuan/ton, and that of battery - grade lithium hydroxide (micropowder) also decreased by 100 yuan/ton to 71,135 yuan/ton. The warehouse receipt inventory increased by 250 tons to 36,444 tons [3]. - On the supply side, weekly production cuts continued, and the total supply in May was lower than expected. On the demand side, the consumption of lithium carbonate by ternary and lithium iron phosphate in May was expected to increase slightly month - on - month. The inventory turnover days of lithium iron phosphate cathode materials decreased continuously, and the ternary materials showed a slight upward trend. The cell end remained prosperous. In terms of inventory, there was a slight destocking during the week, but the overall inventory level remained high, especially the downstream inventory [3]. - In general, against the background of a lack of obvious increase in demand, the decline in lithium ore prices and the relatively small reduction in supply still led to a strong bearish sentiment in the market. Attention should be paid to the capital disturbance under short - term low valuations [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 63,220 yuan/ton, down 820 yuan from the previous day; the closing price of the continuous contract was 63,200 yuan/ton, down 960 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 714 US dollars/ton, down 5 US dollars; the price of lithium mica (Li₂O: 1.5% - 2.0%) was 760 yuan/ton, down 10 yuan; the price of lithium mica (Li₂O: 2.0% - 2.5%) was 1360 yuan/ton, down 15 yuan; the price of amblygonite (Li₂O: 6% - 7%) was 6300 yuan/ton, down 75 yuan; the price of amblygonite (Li₂O: 7% - 8%) was 7340 yuan/ton, down 85 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 64,600 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 62,950 yuan/ton [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 65,990 yuan/ton, down 100 yuan; the price of battery - grade lithium hydroxide (micropowder) was 71,135 yuan/ton, down 100 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 59,980 yuan/ton, down 100 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 8.55 US dollars/kg, down 0.1 US dollars [5]. - Lithium hexafluorophosphate: The price remained at 54,000 yuan/ton [5]. - Spread: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 1650 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was 1390 yuan/ton, down 100 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 4437.7 yuan/ton, down 685 yuan [5]. - Precursor and cathode materials: Most prices remained unchanged, with only slight decreases in some products such as ternary material 523 (single - crystal/power type), ternary material 622 (polycrystalline/consumer type), ternary material 811 (power type), and cobalt acid lithium (60%, 4.35V/domestic) [5]. - Cells and batteries: The price of 523 cylindrical ternary batteries increased by 0.2 yuan, while most other cell and battery prices remained unchanged [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. - Lithium and lithium salt prices: Charts display the price trends of metal 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 [9][11][13]. - Spread: Charts present 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 - battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) - domestic, and basis from 2024 to 2025 [16][17][19]. - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [21][24][27]. - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from September 12, 2024, to May 1, 2025 [35][36][38]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, and 外购锂辉石精矿 from 2024 to 2025 [39][40]

据2024年年报，深圳证券交易所市场上市公司2024年整体经营稳健向好，共有1585家公司实现收入增 长、2064家公司实现盈利。创业板公司敢闯敢拼，锚定新质生产力，加快业务转型升级，加大研发创新 投入，勇拓多元化市场，不断提升公司质量和投资价值。 总体业绩稳中有进 深市上市公司整体经营稳中有进。年报数据显示，2024年深市上市公司合计实现营业收入20.82万亿 元，"十四五"规划以来，复合增长率达到8.55%；合计实现净利润8064.47亿元。其中，1585家公司实现 收入增长，占比55.30%；2064家公司实现盈利，占比72.02%；2443家公司累计分红5753亿元，分红家 数与金额同比增幅均超30%，中期分红方案数量增长318%。"2024年深市总体在发展中凸显出对投资者 回报机制的重视，分红总额和连续分红企业均有所增长，投资者获得感提升，市场信心增强。"南开大 学金融学教授田利辉表示。 在总体业绩向好的背景下，2024年深市表现出两个趋势。一方面，实体经济"基本盘"稳固。实体类上市 公司平均营业收入69.49亿元，"十四五"规划以来，复合增长率达到9.48%；平均净利润2.82亿元。其 中，32家 ...

Core Viewpoint - The company CATL plans to conduct a secondary listing in Hong Kong on Valentine's Day, aiming to raise approximately 310 million HKD (over 20 billion RMB), marking it as the largest IPO globally in 2025 [2][4]. Group 1: IPO Details - CATL officially launched its public offering in Hong Kong on May 12, with a maximum issue price of 263 HKD per share [2]. - The IPO has received significant market interest, with a 21-fold oversubscription, attracting 51.7 billion HKD in financing commitments [4]. - The final pricing for the Hong Kong listing is expected to be completed by May 16, with the listing on the Hong Kong Stock Exchange scheduled for May 20 [2]. Group 2: Financial Performance - Since its A-share listing in June 2018, CATL has raised a total of approximately 702 billion RMB through various financing activities, including two private placements [5]. - The company has distributed cash dividends totaling 565 billion RMB to shareholders [6]. - As of the end of Q1 2025, CATL holds cash and cash equivalents amounting to 286.3 billion RMB, indicating strong liquidity [8]. Group 3: Market Position and Strategy - CATL has established itself as a global leader in the lithium battery industry, achieving a dominant market share [4]. - The company’s domestic revenue has plateaued, with figures of 251 billion RMB in 2022, 270 billion RMB in 2023, and a projected 251 billion RMB in 2024, indicating diminishing returns from domestic market stimuli [10]. - In contrast, CATL's international revenue has shown growth, reaching 769 billion RMB in 2022 and 1.31 trillion RMB in 2023, with a revenue share increase from 23.4% in 2022 to 30.5% in 2024 [10]. Group 4: Future Initiatives - CATL is advancing its battery swapping technology, collaborating with major automotive companies to launch ten battery-swapping models [11]. - The company aims to establish 1,000 battery swap stations by 2025, with long-term goals of 10,000 and 30,000 stations [11]. - The funds raised from the IPO will primarily be allocated to the construction of projects in Hungary, enhancing local supply capabilities [10].

大连海关商品检验处处长郝宁介绍说，"通过对创新举措的升级，企业单月不合格箱次检出率提高 14%，节约人工成本25%，有效提升企业的自检效能。此外，我们搭建'危险品循环包装监管子系统'应 用支撑平台，将'随机抽样'升级为'风险量化抽样'，进一步降低循环箱质量安全风险。" 目前，"出口锂电池循环包装检验新模式"已入选国务院减负办"强化企业服务，提升减负成效"典型案 例，入选中国(辽宁)自由贸易试验区第七批改革创新经验，并获得海关总署自贸创新举措备案。南京、 福州、南宁海关已协同启动复制推广工作，落地后将惠及宁德时代、比亚迪等更多锂电池出口企业。 (完) 中新网大连5月13日电(记者杨毅)随着新能源产业的高速发展，国内外车企对锂电池的需求正逐年增 加。大连海关13日发布消息称，该关聚焦车用锂电池出口企业包装箱循环使用诉求，创新推出出口锂电 池包装箱循环使用检验新模式。该模式启动以来，已累计监管出口锂电池包装循环箱64.3万箱次，为企 业节约成本1.28亿元，车用锂电池正成为辽宁省外贸出口的新增长点。 根据规定，出口锂电池包装需经海关检验后方可使用，大连海关聚焦车用锂电池出口企业包装箱循环使 用诉求，此次海关创新推出 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the lithium battery and new energy sectors, focusing on the impact of U.S. tariff adjustments on these industries [1][2][3]. Core Insights and Arguments - **Tariff Adjustments**: The U.S. has frequently adjusted tariffs on lithium batteries and related products. The total tax rate for energy storage batteries has decreased to 40.9%, but if no agreement is reached in the next three months, it could rise to 64.5% [1][2]. - **Impact on Demand**: The reduction in tariffs is expected to marginally improve the economic viability of energy storage projects, particularly benefiting Tesla's North American storage demand, with projected profits increasing to $350 million [1][3][13]. - **Market Reactions**: Companies with significant indirect exposure to the U.S. market, such as those producing consumer electronics batteries, have seen stock price adjustments due to concerns over demand shrinkage and supply chain shifts [1][5]. - **3M Company**: Initially faced pessimism regarding its energy storage business due to tariff concerns, but stock prices have begun to recover as market conditions improve. Expected shipments for 2025 are between 670-680 GWh, with profits projected around $70 billion [9]. - **Macro Trends**: The U.S. accounts for approximately 30% of global energy storage demand. The tariff reduction is expected to lead to a surge in installations in the short term [1][6]. Additional Important Content - **Indirect Exposure Risks**: Companies like EVE Energy and others in the consumer electronics battery sector are facing significant indirect exposure to U.S. tariffs, leading to stock price declines [5][14]. - **Future Opportunities**: The solid-state battery sector is highlighted as a potential investment opportunity, with several companies expected to benefit from upcoming product launches and technological advancements [18]. - **Long-term Market Trends**: The U.S. renewable energy market is projected to grow, with wind and solar power becoming increasingly competitive. This growth is expected to drive demand for energy storage solutions [19][26]. - **Investment Recommendations**: Companies such as Ningde Times, Sungrow Power, and others are identified as key beneficiaries in the energy storage market due to their strong positions and readiness to expand orders [28][38]. Conclusion - The overall sentiment is cautiously optimistic regarding the lithium battery and energy storage sectors, with potential for growth driven by tariff adjustments and increasing demand for renewable energy solutions. Companies with strategic positioning and adaptability to market changes are likely to benefit the most in the coming years [1][17][38].

Group 1: Financial Performance - The company reported a net profit of -316.19 million RMB for 2024, a decrease of 23.88% compared to the previous year [6] - The company's cash reserves were approximately 48 million RMB at the end of 2024, significantly lower than previous years due to reduced cash inflows from operating and financing activities [6] Group 2: Business Strategy and Development - The company has sold its 100% stake in Lifeng Chuangda for 190 million RMB, and this asset has already been impaired in the 2024 financials [1] - The company is focusing on enhancing its e-commerce and new energy sectors to improve profitability and risk resistance, transitioning from live-streaming sales to direct sales of self-owned brands [7] - The e-commerce direct sales business achieved revenue of 143 million RMB in 2024, accounting for 88.52% of total revenue [7] Group 3: Industry Outlook - The lithium battery industry is expected to experience significant growth, with lithium carbonate prices stabilizing around 70,000 RMB per ton as of Q1 2025 [3] - The live-streaming e-commerce sector is transitioning towards healthier growth models, supported by government policies aimed at consumer protection and sustainable development [2] Group 4: New Energy Initiatives - The company is developing a three-dimensional driving system for its new energy sector, focusing on resource development, technology research, and capital operation [4] - The company has invested 550 million RMB in a new energy fund, which is actively supporting projects in the new energy industry chain [5] - The annual production project of 300,000 tons of sulfuric acid in the green circular economy is progressing steadily [5]

Market Overview - On May 13, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 1.87%, the Hang Seng China Enterprises Index down by 2.02%, and the Hang Seng Tech Index decreasing by 3.26% [1] Sector Performance - The Apple-related stocks experienced significant declines, including: - Highway Electronics (01415.HK) down 7.69% - Sunny Optical Technology (02382.HK) down 7.64% - BYD Electronics (00285.HK) down 7.11% - AAC Technologies (02018.HK) down 3.07% - Q Tech (01478.HK) down 3.41% [1] - The automotive supply chain, including lithium batteries and Tesla-related stocks, also saw declines: - Jinli Permanent Magnet (06680.HK) down 4.88% - Xpeng Motors-W (09868.HK) down 5.35% - NIO-SW (09866.HK) down 5.17% - Xiaomi Group-W (01810.HK) down 3.85% - Li Auto-W (02015.HK) down 3.05% [1] - Semiconductor stocks faced notable declines: - Hua Hong Semiconductor (01347.HK) down 4.24% - SMIC (00981.HK) down 4.05% - Beike Micro (02149.HK) down 2.86% - Shanghai Fudan (01385.HK) also declined [1] Technology Sector - Technology-related stocks, including short video concepts, cloud office, and cloud computing, mostly weakened: - Weimob Group (02013.HK) down 5.52% - Kuaishou-W (01024.HK) down 4.62% - Bilibili-W (09626.HK) down 3.14% - Alibaba-W (09988.HK) down 3.89% - NetEase-S (09999.HK) down 2.96% - Kingsoft Cloud (03896.HK) down 5.91% [2] - Other consumer sectors, including holiday concepts, sports goods, home appliances, and beer, also saw declines: - Meituan-W (03690.HK) down 4.91% - China Resources Beer (00291.HK) down 4.63% - Hisense Home Appliances (00921.HK) down 2.33% [2] Biopharmaceutical Sector - The biopharmaceutical and medical aesthetics sectors showed resilience, with notable gains: - Kintor Pharmaceutical-B (02171.HK) up 14.94% - Peijia Medical-B (09996.HK) up 9.2% - Yiming Oncology-B (01541.HK) up 7.77% - Genscript Biotech (02367.HK) up 5.64% [2] Gold Sector - The gold sector saw gains in the afternoon, with significant increases: - Tongguan Gold (00340.HK) up 15.79% - Chifeng Jilong Gold Mining (06693.HK) up 5.19% - Lingbao Gold (03330.HK) up 5.37% - Shandong Gold (01787.HK) up 4.75% - China Gold International (02099.HK) up 4.26% - Zhaojin Mining (01818.HK) up 3.45% [3] - The international gold price rebounded, influenced by uncertainties in U.S. macroeconomic policies and inflation concerns, which may support gold prices throughout the year [3]

而今年 1 月， ICL 携手德方纳米在西班牙布局磷酸铁锂工厂，根据协议，双方预计投资 2.85 亿欧元 增资 ICLBM,S.L. （项目公司）用于建设磷酸铁锂正极材料生产项目。 所谓兵马未动，粮草先行，需求实际情况如何，从企业扩产情况就能看出。 随着海外新能源车的铁锂化 加速及部分国家储能本土化的要求，国内铁锂厂纷纷出海建厂， 截止目前已经公布在海外扩建磷酸铁锂 厂企业还包括湖南裕能，湖北万润，融通高科，国轩高科，中伟股份，青山控股，比亚迪，华友钴业， 天赐材料等。 | | | 磷酸铁锂企业海外扩产一览表 | | --- | --- | --- | | 1241 | 扩产国家 | 建设内容 | | 锂源科技 | EU E | 总规划产能达12万吨,一期3万吨已建成,二期9万吨的建设也 | | | | 已蓄势待发 巴 | | 德方纳米 | 西班牙 | 携手ICL,预计投资2.85亿欧元增资ICLBM,S. L. (项目公司) | | | | 用于建设磷酸铁锂正极材料项目 | | 湖南裕能 | 西班牙 | 布局年产5万吨锂电池正极材料项目,并同步开展东南亚、北 | | | | 美等地区市场考察 | | 湖北万 ...

天力锂能于2022年8月29日在深交所创业板上市，公开发行股票3,050.0000万股，发行价格为57.00元/股，保荐机构 (主承销商)为民生证券股份有限公司(现为国联民生（601456）证券股份有限公司)，保荐代表人为李凯、马腾。 上市首日，天力锂能盘中最高价报82元，为该股上市以来最高价。该股目前处于破发状态。 中国经济网北京5月13日讯天力锂能（301152）(301152.SZ)近日发布的2024年年度报告显示，2024年，天力锂能实现 营业收入17.54亿元，同比减少28.23%；归属于上市公司股东的净利润-4.29亿元，上年同期为-5.02亿元；归属于上市 公司股东的扣除非经常性损益的净利润-4.28亿元，上年同期为-4.83亿元；经营活动产生的现金流量净额-3.05亿元， 上年同期为1.24亿元。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1.753.691.994.78 | 2, 443, 327, 297. 50 | -28. 23% | 2, 617, 619, ...

Group 1: Semiconductor Industry - Samsung has finalized new pricing with major clients, planning to increase DDR4 prices by approximately 20% and DDR5 prices by about 5% [3] - In April, the price of PC DDR4 8Gb increased by 22.22% month-on-month in the international market [3] - Domestic storage module companies are expected to see performance improvements similar to the first half of 2024 due to the price hikes from original manufacturers [3] Group 2: Electric Vehicle Battery Industry - In April, China's total exports of power and other batteries reached 22.3 GWh, a month-on-month decrease of 2.9% but a year-on-year increase of 64.2% [3] - From January to April, cumulative exports reached 83.9 GWh, with a year-on-year growth of 83.2%, accounting for 20.8% of cumulative sales in the first four months [3] - The demand for lithium batteries is expected to improve due to sustained high growth in domestic new energy vehicle sales and increasing overseas demand [3] Group 3: Coffee Industry - Luckin Coffee reported Q1 2025 revenue of 8.87 billion yuan, a year-on-year increase of 41.2%, with operating profit reaching 740 million yuan and an operating margin of 8.3% [6] - The number of monthly active customers reached 74.27 million, a year-on-year increase of 24%, indicating improved customer engagement [6] - The rising cost of coffee beans, currently at historical highs, may pressure future gross margins as the company begins to implement inventory replenishment plans [6]