一、电池 A公司：12月排产预期77.5GWh，环比增长3%； B公司：12月排产预期27.5GWh，环比增长2%； C公司：12月排产预期12.1GWh，环比持平； D公司：12月排产预期0.9GWh，环比持平； E公司：12月排产预期12.2GWh，环比持平。 F公司：12月排产预期13.2GWh，环比增长2%。 二、正极 A公司：12月排产预期1.525万吨，环比增长1%； B公司：12月排产预期1.25万吨，环比持平； C公司：12月排产预期0.82万吨，环比持平； D公司：12月排产预期11万吨，环比持平； E公司：12月排产预期1.23万吨，环比下降2%。 F公司：12月排产预期2.9万吨，环比持平。 三、负极 A公司：12月排产预期1.4万吨，环比持平； B公司：12月排产预期5.3万吨，环比持平； C公司：12月排产预期5.4万吨，环比持平； D公司：12月排产预期3.3万吨，环比持平。 四、隔膜 A公司：12月排产预期10.8亿平，环比增长4%； B公司：12月排产预期4.3亿平，环比下降2%； C公司：12月排产预期4.7亿平，环比增长4%。 五、电解液 A公司：12月排产预期7.55万吨 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report highlights the continued prosperity of the energy storage industry chain, with hydrogen and ammonia expected to be developed in a coordinated, large-scale, and advanced manner [2][3]. - The National Development and Reform Commission (NDRC) has recognized the achievements in energy storage and hydrogen energy development, emphasizing the importance of market-oriented mechanisms for reasonable returns [2]. - The investment outlook for energy storage, hydrogen energy, and lithium batteries remains positive, with expectations for sustained demand and favorable bidding data in the domestic market [3][4]. Summary by Sections Energy Storage - Domestic energy storage is expected to maintain a good level of independent storage bidding in 2026, supported by a complete revenue model through energy, capacity, and ancillary service markets [3]. - Overseas energy storage demand is anticipated to rise, particularly in the U.S. due to ongoing electricity shortages, and in regions like the Middle East and Ukraine [3][6]. - The report notes a continuous high level of bidding and production in domestic energy storage, with significant projects being awarded [6][7]. Wind Power - The report states that China's onshore wind power installed capacity is projected to grow by 9.68% year-on-year in 2024, while offshore wind power capacity is expected to decrease by 40.85% [8]. - The bidding capacity for domestic wind power projects has seen a significant increase, with a 90% year-on-year growth in 2024 [11]. - The profitability of wind turbine manufacturers is expected to improve due to rising order deliveries and ongoing cost reductions [18]. Lithium Batteries - The lithium battery supply chain is experiencing strong demand, particularly in the electric vehicle and energy storage markets, with expectations for a favorable supply-demand balance [19][22]. - The report suggests focusing on investment opportunities in lithium mines and components that are not yet supporting production expansion [22]. - The pricing dynamics for lithium carbonate and other battery materials are expected to remain strong due to tight supply conditions [21][23].

Event Overview - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, marking the 10th anniversary of Qidian Lithium Battery and Qidian Research [2][3] - The theme of the event is "New Cycle, New Technology, New Ecology," focusing on discussions around new cycles in the industry, new materials, new processes, and new technological advancements [2] Event Scale and Participation - The event is expected to attract over 1200 offline participants and 30,000 online viewers, making it the largest annual gathering in the industry [4] - There will be nine specialized forums and over 60 prominent speakers discussing core topics, including technological breakthroughs and safety challenges [4] Award Ceremony - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4][9] - The award aims to encourage innovation and provide procurement references for the industry, with various categories including technology innovation awards for different battery types [9][10] Specialized Forums and Topics - The agenda includes specialized sessions on cylindrical batteries, soft-pack batteries, and new materials and processes, with discussions on topics such as fast-charging technologies and safety standards for energy storage systems [5][6][7] - Notable companies participating in discussions include Eifly Laser, New Day Co., and others, focusing on advancements in battery technology and applications [6][7] Networking Opportunities - The event will also host the 2025 China New Energy Entrepreneurs Club Council Meeting, providing opportunities for high-level networking among industry leaders [4] - A total of over 50 exhibitors will showcase solutions across the entire lithium battery supply chain, including materials, equipment, and components [4]

Core Viewpoint - The article highlights the upcoming 2025 Lithium Battery Industry Annual Conference and the Lithium Gold Award Ceremony, emphasizing the theme of "New Cycle, New Technology, New Ecology" and the significance of the event for the lithium battery sector [4]. Event Details - The event is scheduled for December 18-19, 2025, at the Venus Royal Hotel in Shenzhen, with an expected attendance of over 1,200 participants and an online viewership of 30,000 [4]. - The event is organized by various entities including Qidian Lithium Battery, Qidian Solid-State Battery, Qidian Energy Storage, and Qidian Research Institute [4]. Sponsorship and Participation - The first batch of sponsors and speakers includes notable companies such as Hicharge Energy, Rongjie Energy, Ruipu Lanjun, and Ganfeng Lithium, among others [4][5]. - The event aims to foster collaboration and innovation within the lithium battery industry, showcasing advancements in battery technology and energy storage solutions [4]. Company Announcements - Enjie Co., Ltd. announced plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. through a share issuance and related fundraising, with the stock suspension starting from December 1 [5]. - Enjie expects to disclose the transaction plan within 10 trading days, by December 15, 2023, and will resume trading if the plan is not disclosed by that date [5].

Core Insights - The industry is expected to transition into a new phase of high-quality growth by 2025, moving away from the previous adjustment cycle [1] Group 1: Industry Trends - Market demand, cost competition, and globalization are identified as the three major trends in the lithium battery industry, emphasizing the need for companies to strengthen their internal capabilities and understand market dynamics to thrive in the new cycle [4] - The global competitive landscape is changing, prompting companies like Ruipu Lanjun to shift from a "global layout" to a "localized deep cultivation" strategy, establishing a "R&D + manufacturing + service" ecosystem in various regions [5] Group 2: Technological Advancements - Material performance improvements require systematic enhancements across three core levels: powder, particles, and lattice, rather than focusing on a single dimension [8] - The copper price has increased from 73,000 yuan/ton to 86,000 yuan/ton, with projections indicating a potential rise above 90,000 yuan. The transition from 6-micron to 4.5-micron copper foil is expected to save significant costs, with a net saving of 9.3 million yuan for 1GWh applications [9] Group 3: Manufacturing Innovations - The opening of the TWh era necessitates a focus on "extreme manufacturing" as the key to success [12] - Companies are leveraging AI not just as a tool for individual problem-solving but as a means to empower entire organizations, enhancing management, business efficiency, and collaboration [13]

Investment Rating - The report suggests a positive outlook on the wind power, lithium battery, and energy storage sectors, indicating a favorable investment environment due to improving supply-demand dynamics and government support [1][5][15]. Core Insights - The report emphasizes the importance of the "anti-involution" initiative led by the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT), which aims to promote healthy competition and stabilize prices in the industry [5][15]. - The lithium battery sector is highlighted as a key area for investment, with expectations of significant growth driven by increasing demand and government support for rational competition [15][16]. - The wind power sector is projected to experience a recovery in profitability, supported by stable bidding prices and a favorable demand outlook for offshore wind projects [1][6][13]. Summary by Relevant Sections Wind Power - The average bidding price for land-based wind turbines remains high, with expectations for continued profitability recovery in the manufacturing sector [1][6]. - Shanghai's government is accelerating the construction of offshore wind power demonstration projects, indicating a strong demand outlook for the "14th Five-Year Plan" period [13][14]. Lithium Batteries - The MIIT held a meeting to discuss the lithium battery industry, emphasizing the need for self-discipline and the rejection of irrational competition [15][16]. - The report maintains a positive view on the midstream material segment of the lithium battery supply chain, anticipating a favorable market environment [15]. Energy Storage - Fluence's Q4 2025 earnings call indicated a positive trend, with AI-driven power shortages translating into substantial energy storage orders [18][19]. - The report highlights the growing demand for energy storage solutions, particularly in data centers, driven by the need for flexible interconnection and backup power solutions [19]. Hydrogen and Fuel Cells - The NDRC has reiterated the importance of hydrogen energy in enhancing power system regulation, with new policies expected to support the development of green hydrogen projects [20][21]. - The report notes that Inner Mongolia's green hydrogen policy has improved project economics, allowing for excess electricity to be sold to the grid, which is crucial for project viability [21][22]. Photovoltaics - In October, new photovoltaic installations increased by 30% month-on-month to 12.6 GW, with expectations for total installations to reach 280-300 GW for the year [23][25]. - The report suggests bottom-fishing opportunities in the photovoltaic sector, particularly in companies involved in high-efficiency modules and innovative technologies [25][24]. Grid and Power Equipment - The report highlights significant bidding activity in the ultra-high voltage (UHV) equipment sector, with a record 16.5 billion yuan in contracts awarded [29][30]. - The report anticipates continued high demand for UHV projects, with several key projects expected to be approved in 2026 [30][31].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The UK government plans to introduce a $2 billion electric vehicle subsidy program to accelerate the adoption of electric vehicles [13] - Tianqi Lithium has made significant progress in the production of lithium sulfide, with costs expected to drop to 60% of the industry average [14][15] - Longpan Technology has secured a major order for 1.3 million tons of lithium iron phosphate from Chuangneng New Energy, significantly increasing its revenue potential [16] - The first large-capacity all-solid-state battery pilot production line in China has been completed, marking a technological milestone [18][19] Summary by Sections Lithium Battery Sector - The battery industry index rose by 3.14%, outperforming the CSI 300 by 1.5 percentage points, with significant gains from key companies like Longpan Technology and Penghui Energy [11] - The UK plans a £1.5 billion subsidy to boost electric vehicle sales, which has already seen over 35,000 owners switch to electric vehicles since July [13] - Tianqi Lithium's new production process for lithium sulfide is expected to reduce costs significantly, enhancing its competitive edge [14][15] - Longpan Technology's order increase from 150,000 tons to 1.3 million tons of lithium iron phosphate is projected to generate over 45 billion yuan in sales [16][17] Energy Storage Sector - The National Development and Reform Commission has announced that new energy storage plants will not be included in the pricing of transmission and distribution costs, promoting the sector's growth [22][23] - The Hubei province aims to reach 5GW of new energy storage capacity by 2027, with a focus on new energy storage technologies [28][29] Power Equipment Sector - The results of the pricing competition for electricity mechanisms across 11 provinces have been released, with Shanghai leading in pricing [30] - The bidding for three high-voltage direct current projects has commenced, indicating ongoing infrastructure development [31][32] Photovoltaic Sector - The price of polysilicon remains stable, while the price of silicon wafers has decreased, reflecting a challenging market environment [33][34] - The global market for polysilicon is dominated by Chinese manufacturers, with four companies expected to account for 65% of global production by 2024 [39] Wind Power Sector - Recent approvals and bidding progress for offshore wind projects in various regions indicate a steady pace of development in China's offshore wind sector [43][44] - The UK is advancing its offshore wind projects, with significant milestones achieved in the Dogger Bank project [47]

Core Viewpoint - The Chinese lithium battery industry has reached a significant milestone but now faces the challenge of achieving high-quality development beyond mere scale [1]. Group 1: Industry Insights - The industry has achieved global leadership in scale, but true innovation remains insufficient, with issues like imitation and price competition undermining advantages [4]. - The current manufacturing environment is highly competitive, necessitating a focus on unique technologies and protecting innovation as the only viable path forward [5]. - Equipment capabilities have improved significantly over the past fifteen years, and leading equipment companies will focus on collaboration across processes, delivery, supply chains, and innovation [8]. Group 2: Future Directions - The next fifteen years will require the industry to prioritize genuine innovation and adhere to self-discipline and long-term strategies to earn global respect [4]. - The emergence of new cycles in the lithium battery market calls for identifying application scenarios before pursuing breakthroughs [13]. - The industry is entering a new phase characterized by supply chain cooperation and rational competition, which will drive efficiency and cost reduction [13].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) emphasizes the importance of regulating competition in the power and energy storage battery industry to promote high-quality development and address existing challenges [3][4]. Group 1: Industry Development - The power and energy storage battery industry in China has rapidly developed, achieving global competitive advantages in market scale, innovation capability, and industrial system [3]. - The MIIT acknowledges the challenges faced by the industry and aims to implement targeted policies to address irrational competition and enhance production consistency and product quality [3][4]. Group 2: Industry Collaboration and Innovation - Industry enterprises are encouraged to promote entrepreneurial spirit, resist irrational competition, and maintain a healthy market environment [4]. - There is a call for increased research and development investment to enhance core competitiveness and strengthen collaboration within the industrial chain [4][5]. Group 3: Regulatory Measures - The MIIT plans to monitor production capacity, implement early warning systems, and enforce regulations against intellectual property violations to ensure orderly industry development [3][5]. - The ministry will develop the "14th Five-Year" industrial development plan, focusing on technological innovation and modernizing industry governance [5].

（一）项目计划投资 项目名称：大锂电研发平台建设 项目实施主体：天能电池集团股份有限公司 本公司原计划通过收购湖州市高新智能终端有限公司100%股权，依托其现有场地及建筑布局建设大锂 电研发平台，以夯实公司在锂电领域的研发硬件基础。结合当前宏观经济形势、行业发展趋势及公司战 略规划，为进一步优化资源配置、提升资金使用效能，公司审慎研究后决定终止该项目及将该项目节余 募集资金用于永久补充流动资金，具体变更原因及说明如下： 1、聚焦核心创新，优化资源配置 公司始终以科技创新为核心驱动力，坚持战略定力与前瞻布局，已构建起多层次、立体化的高水平研发 平台矩阵，涵盖国家认定企业技术中心、示范院士工作站、浙江省动力电池与材料工程技术研究中心等 核心载体，形成了从基础研究、应用开发到成果转化的全链条科研支撑体系。 基于此坚实基础，公司紧密围绕锂电行业"高容量、高安全、全场景"的发展趋势，聚焦储能与绿色出行 等关键领域，系统打造了从电芯到系统解决方案的全维度产品生态。在储能领域，公司推出 280Ah/314Ah等高容量长循环储能电芯，配套372kWh/418kWh高效温控液冷交直流一体柜及5MW储能 电池仓，精准满足新型电力 ...