ICC锂电结算指导价： | 品名 | 1月20日 | 1月21日 | 环比上涨 上月均价 | | | --- | --- | --- | --- | --- | | 锂精矿 | 2030 | 2100 | 70 | 1249 | | (6.0%) | | | | | | 电池级碳酸锂 (99.5%/旌石) | 15. 35 | 15. 95 | 0. 6 | 10. 2 | | 氢氧化锂 (56.5%相颗粒) | 14. 2 | 15 | 0.8 | 8.58 | | 磷酸铁锂 (动力型) | 5.28 | 5.38 | 0.1 | 4. 05 | | 三元材料 | 19. 7 | 19.7 | - | 16. 76 | | (811) | | | | | | 方形动力电芯 | 0. 335 | 0. 335 | | 0. 307 | | (磷酸铁锂) | | | | | 0 1 0 2 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、封面：图虫创意 行情变化： 1月2 1 日， ICC电池级碳酸锂（99.5%）现货结算指导价格为 15 9 50 ...

动能之变：从"过路经济"到多元现代产业体系 "数字背后，是发展逻辑的重塑。"推介会上，王军的解读，指向一个根本性转变：雅江正挣脱对传统过 境旅游"流量"的单一依赖，构建起清洁能源、绿色矿产、特色文旅并重的多元发展体。 数据显示，雅江县水能、光伏规划装机2200万千瓦，已建成529万千瓦，全球海拔最高的水光互补电站 ——柯拉一期光伏电站的投产，标志着雅江成为国家清洁能源版图上的重要节点。此外，全国首个高海 拔岩洞式算力舱智算中心的正式投运，使雅江将得天独厚的低温环境和绿色电力转化为数字经济时代的 新质生产力。 产业协作的深化，则让资源价值最大化。依托与"中国动力（600482）电池之都"宜宾共建的"飞地园 区"，雅江探索"县域采选、飞地精深加工"的锂电产业新模式。这意味着，储量丰富的锂矿资源，不再 仅是原材料的输出，而是通过跨区域产业链协同，深度融入全国新能源产业循环，实现从"卖原 料"到"参与高端制造"的价值跃升。 文旅产业的蝶变，则是雅江发展路径优化的另一面镜子。1300万人次、142亿元旅游总收入，远非简单 的"门票经济"。其背后，是雅江将"中国最小网红县城"的瞬时热度，转化为可持续消费场景的系统工 程， ...

证券研究报告 行业研究 / 行业点评 2026 年 01 月 21 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《光储行业跟踪：光伏出口退税将取消，电池 片价格持续上涨》2026-01-21 《数据中心供配电设备行业跟踪：台积电 2025Q4 营收创新高，DRAM 涨价趋势延续》 2026-01-14 《锂电行业跟踪：2025 年 11 月新能源车销量 高景气延续，碳酸锂价格快速上行》 2026-01-13 《光储行业跟踪：光伏出口退税取消，硅料价 格小幅上涨》2026-01-13 《固态电池行业深度：材料和工艺设备体系革 新，固态电池产业化加速》2025-12-31 强于大市 投资要点： 排产：12 月份正极材料产量同比增长。2025 年 1-12 月，国内电池和磷酸铁锂正极材料产 量显著高于 2024 年同期。2025 年 12 月，国内电池产量 201.7GWh，同比增长约 62%，环 比增长约 14%；2025 年 12 月，国内磷酸铁锂正极材料产量 26.93 万吨，同比增长 32.48%， 环比增长 0.16%，产能利用率为 59.85 ...

碳酸锂日报 碳酸锂日报（2026 年 1 月 21 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 涨停至 160500 元/吨。现货价格方面，电池级碳酸锂平均价上涨 1500 元/吨至 152500 元/吨，工业级碳酸锂平均价上涨 1500 元/吨至 149000 元/吨，电池级氢氧化锂（粗颗粒）上 涨 3000 元/吨至 147000 元/吨。仓单方面，昨日仓单库存减少 17 吨至 27681 吨。 2. 供给端，周度产量环比增加 115 吨至 22535 吨，其中锂辉石提锂环比增加 35 吨至 13959 吨，锂云母 产量环比增加 20 吨至 2956 吨，盐湖提锂环比增加 40 吨至 3185 吨，回收料提锂环比增加 20 吨至 2435 吨。2026 年 1 月碳酸锂产量预计环比下降 1.2%至 97970 吨。需求端，2026 年 1 月三元材料产 量预计环比下降 5%至 78180 吨；磷酸铁锂产量预计环比下降 10%至 363400 吨；2026 年 1 月三元动 力电池产量预计环比下降 6.15%至 28 ...

证券研究报告 电力设备与新能源 德国电动车补贴利好锂电产业链 华泰研究 2026 年 1 月 20 日│中国内地 动态点评 锂电需求有望上修，欧洲产业链相关标的弹性更大 我们预计政策可带动电动车新增需求在 0~80 万辆之间，按照单车带电量 60kWh 计算，对应电池新增需求 0~48GWh，占 26 年全球电池需求约 0~1.7%。看好锂电需求上修带来业绩增量，欧洲产业链相关标的弹性更大， 看好欧洲敞口大的相关环节标的，首选电池环节宁德时代、亿纬锂能，三元 正极当升科技，此外其余锂电产业链也有望受益于需求上修，推荐磷酸铁锂 环节湖南裕能、负极环节尚太科技、电解液环节天赐材料。 德国政府 1 月 19 日宣布，联邦政府气候与转型基金拨款 30 亿欧元，对新 购入电动汽车的家庭提供最高 6000 欧元的补贴，以推动其电动汽车产业发 展，这是德国在 2023 年底终止原有电动汽车购车补贴政策后，再次提供类 似补贴。我们认为政策意在扶持电动车产业发展，补贴倾向纯电汽车+中低 收入人群，看好锂电需求上修带来锂电产业链公司业绩增量，推荐宁德时代、 亿纬锂能、当升科技、湖南裕能、尚太科技、天赐材料。 政策意在扶持电动车产 ...

Group 1: Electric Equipment and New Energy - The German government announced a €3 billion subsidy for families purchasing electric vehicles, providing up to €6,000 per household, aimed at boosting the electric vehicle industry and supporting lithium battery demand [2] - The report recommends companies in the lithium battery supply chain, including CATL, Yiwei Lithium Energy, and others, due to expected performance growth driven by increased lithium battery demand [2] Group 2: Automotive Industry - Key changes in the automotive industry include rising costs from storage chips and copper, Bosch's performance challenges reflecting European supply chain transitions, and Canada's reduction of tariffs on Chinese electric vehicles to 6.1%, creating opportunities for Chinese automakers in North America [3] - The report suggests focusing on automakers with comprehensive industry chain advantages and global expansion strategies [3] Group 3: Basic Chemicals - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and new energy materials, with high sulfur prices enhancing the competitiveness of thermal phosphoric acid [4] - Domestic production capacity for yellow phosphorus is strictly controlled, leading to a favorable supply-demand dynamic that may benefit integrated companies in the phosphorus industry [4] Group 4: Consumer Sector - In December, China's retail sales increased by 0.9% year-on-year to CNY 4.5 trillion, with a focus on durable goods like automobiles and home appliances [6] - The report highlights structural opportunities in high-growth sectors, recommending investments in domestic brands, technology consumption, and high-dividend stocks [6] Group 5: Fixed Income - The ABS market is expected to recover in 2026, with a shift in supply structure and increased activity in consumer finance and real estate ABS [7] - The report anticipates a gradual recovery in financing demand, although total ABS issuance may not see significant growth [7] Group 6: Utilities - China's electricity prices have been declining, while the U.S. faces electricity shortages, leading to a divergence in electricity stock valuations between the two countries [8] - The report recommends undervalued power operators, as stable coal prices could support electricity prices and valuations in the sector [8] Group 7: Key Companies - TCL Electronics announced a strategic partnership with Sony to enhance its global leadership in home entertainment, projecting a 45%-60% increase in adjusted net profit for 2025 [10] - Yanjing Beer expects a 50%-65% increase in net profit for 2025, driven by operational improvements and market strategies [11] - Sony's strategic partnership with TCL aims to streamline its home entertainment business, focusing on high-growth areas and enhancing operational efficiency [12] - Xingyu Co. is advancing its Micro-LED technology through a strategic partnership, aiming to accelerate the commercialization of this technology [13] - China Duty Free Group plans to acquire DFS assets to strengthen its position in the Hong Kong and Macau markets, enhancing its competitive edge [15]

证券日报网1月20日讯，埃科光电在接受调研者提问时表示，总体来看，公司在锂电领域处于良性发展 状态，锂电行业营收规模增长快速，已成为公司业务增长的重要引擎。公司聚焦行业对检测精度、效率 与可靠性要求的全面提升，持续加大锂电池检测技术的研发投入与系统布局。目前，公司已与多家头部 终端厂商建立了紧密的合作关系，未来将依托扎实的技术积累和深入的客户协同，持续推动产品迭代与 产业质量提升，保持技术领先性、把握行业发展趋势，支撑业务的持续成长。 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 宝城期货投资咨询部 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 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 2026 年 1 月 20 日 碳酸锂日报 专业研究·创造价值 碳酸锂强势运行 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 160500 元/吨，较前日 上涨 13240 元/吨，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 152540 元/吨，较前日上涨 1.07%，近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为-2920 点，负基差（现货贴水），较前日 走弱 6580 点，近 10 个交易日基差整体走强。 专业研究·创造价值 2 / ...

Market Overview - On January 20, the spot settlement price for battery-grade lithium carbonate (99.5%) was 153,500 CNY/ton, an increase of 3,000 CNY from the previous working day, with increased spot transactions [1] - The settlement price for battery-grade lithium hydroxide (56.5% coarse particles) was 142,000 CNY/ton, up 4,000 CNY from the previous working day [1] - In the futures market, due to rumors of potential production halts at some mines in Jiangxi, lithium carbonate futures surged, with the main contract closing at 160,500 CNY/ton, an increase of 13,240 CNY from the previous working day, and an increase in open interest [1] Price Trends - The ICC lithium battery settlement prices on January 19 and January 20 showed the following changes: - Lithium concentrate remained at 2,030 CNY/ton - Battery-grade lithium carbonate increased from 15.05 to 15.35 CNY/kg - Battery-grade lithium hydroxide increased from 13.8 to 14.2 CNY/kg - Lithium iron phosphate (power type) increased from 5.23 to 5.28 CNY/kg - Ternary materials remained at 19.7 CNY/kg - Square power battery cells remained at 0.335 CNY/Wh [2] Industry Insights - Current average price levels for lithium iron phosphate battery cells suggest that the terminal (mainly second-tier companies) can bear lithium carbonate prices around 156,000 CNY [4] - The lithium market is experiencing significant fluctuations primarily due to rumors of production halts in Jiangxi, although production remains normal for lithium salt manufacturers in the region [6] - The overall fundamentals of the lithium battery market remain strong, with even cost-sensitive sectors like energy storage able to accept current lithium prices, indicating a continuation of wide fluctuations in the short term [6] Import and Export Data - In December, China imported 23,900 tons of lithium carbonate, a month-on-month increase of 9%, with a cumulative import forecast of 243,000 tons for 2025, representing a year-on-year growth of 3.4% [9] - In December, the shipment volume of lithium concentrate from the Hedland port in Australia was 168,500 tons, an increase of 8.99% from November, all shipped to China [9]

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints - In early 2026, the market sentiment has significantly warmed up, and the market has risen strongly. However, the risk - return ratio of chasing the rising market may not be high. Thematic investment remains popular, and funds from previously over - heated themes are expected to shift to other thematic sectors [1][7]. - The technology main line is still the market consensus. Funds are likely to flow into sectors such as semiconductor computing power and robotics within the technology sector, while lithium battery, non - ferrous metals, power grid, chemical, and innovative drugs are important supplementary sectors for the market [2][22]. Group 3: Summary by Directory 1. Which theme ETFs are expected to be the direction of capital return? - **Market situation**: In early 2026, the market has risen strongly, with commercial aerospace, AI applications, and non - ferrous metals becoming the focus. But there are signs of the market correcting irrational behaviors under regulatory guidance, and the risk - return ratio of chasing the rising market may be low. Thematic investment is still very popular. As of January 19, 2026, the cumulative net capital inflow of thematic index ETFs in the past five days exceeded 42.254 billion yuan, while industry index ETFs only had a net inflow of 9.763 billion yuan, and broad - based index ETFs showed a large net outflow [1][7]. - **Analysis from the perspective of rise and valuation**: Technological industries generally have high rises, while traditional cyclical industries such as liquor, coal, and breeding have relatively low rises. New energy sectors like lithium battery, photovoltaic, and new - energy vehicles, as well as the chemical industry, have risen but still have room to reach previous highs. From the valuation dimension, the current valuations of the game, intelligent driving, lithium battery, and breeding sectors are low [8]. - **Analysis using the quadrant chart**: - **First quadrant (high rise and high congestion)**: Mainly includes commercial aerospace, communication, AI, and non - ferrous metals. Non - ferrous metals (such as copper) and AI have relatively moderate congestion, and relevant sectors are still worthy of attention [2][17]. - **Second quadrant (high rise and low congestion)**: There are relatively few relevant industries, mainly semiconductor equipment (including related industrial chains such as storage) and lithium battery. The sector sentiment is not over - heated, and the industrial supply - demand pattern is optimized, so they are still worthy of attention [2][17]. - **Third quadrant (low rise and low congestion)**: Sectors such as innovative drugs, chemicals, and games have both industrial logic and market capacity, with large potential for a supplementary rise. For example, since 2026, the chemical ETF has re - entered the state of net inflow [2][17]. - **Fourth quadrant (low rise and high congestion)**: Includes robotics, power grid equipment, consumer electronics, and software. Power grid equipment has received renewed attention due to the unexpected increase in the 14th Five - Year Plan expenditure, and robotics has also been favored by the market because Tesla's third - generation robot has entered the scheme confirmation stage [2][21]. - **Specific ETF selection**: For ETFs tracking the same index, products with larger scale, relatively lower fees, and smaller tracking errors are selected. Specific ETF lists are provided in the report [22].