Group 1: CPI and PPI Trends - In July, the Consumer Price Index (CPI) turned from a decrease of 0.1% in the previous month to an increase of 0.4%, exceeding seasonal levels by 0.1 percentage points [1] - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was narrowed by 0.2 percentage points compared to the previous month, marking the first contraction reduction since March [1] - Service prices rose by 0.6% month-on-month, contributing approximately 0.26 percentage points to the CPI increase, with significant price hikes in air tickets (17.9%), tourism (9.1%), hotel accommodation (6.9%), and vehicle rentals (4.4%) [1] Group 2: Impact of Consumption Policies - The "trade-in" policy for old vehicles has stabilized prices for fuel and new energy vehicles, which had been declining for over five months [2] - The prices of household appliances have also shown a significant increase, indicating that consumption promotion policies are effectively supporting the overall price level [2] - The central government's emphasis on regulating low-price competition in the automotive sector is expected to further stabilize prices and support the overall price level [2] Group 3: Industry Competition and Price Adjustments - The construction of a unified national market has led to improved competition in industries such as coal, steel, photovoltaic, cement, and lithium batteries, with price declines in these sectors narrowing [3] - The month-on-month price declines in coal mining, black metal smelting, photovoltaic equipment manufacturing, cement manufacturing, and lithium-ion battery manufacturing have decreased by 1.9, 1.5, 0.8, 0.3, and 0.1 percentage points respectively, reducing the overall downward pressure on PPI [3] - The overall trend indicates a narrowing of PPI declines, with the year-on-year decline remaining stable due to changes in the previous year's base [3]

国家统计局：PPI环比下降0.2%，降幅比上月收窄0.2个百分点，为3月份以来环比降幅首次收窄。本月PPI环比变动的主要原因：一是季节性因素叠加国际贸易环境不确定性影响部分行业价格下降。夏季高温雨水天气增多，一方面建筑项目施工进度放缓影响建材需求；另一方面部分地区河流水量充沛，水力发电对火力发电的补充替代作用明显增强，电煤需求减少，电价下降。二是国内市场竞争秩序持续优化带动相关行业价格降幅收窄。全国统一大市场建设纵深推进，煤炭、钢材、光伏、水泥和锂电等行业市场竞争秩序持续优化，煤炭开采和洗选业、黑色金属冶炼和压延加工业、光伏设备及元器件制造、水泥制造、锂离子电池制造价格环比降幅比上月分别收窄1.9个、1.5个、0.8个、0.3个和0.1个百分点，合计对PPI环比的下拉影响比上月减少0.14个百分点。 ...

Group 1 - The overall consumer price index (CPI) in May showed a slight decline, with a month-on-month decrease of 0.2% and a year-on-year decrease of 0.1% [1] - Core CPI, excluding food and energy prices, increased by 0.6% year-on-year, indicating a widening growth margin of 0.1 percentage points compared to the previous month [2][3] - Energy prices fell by 1.7% month-on-month, contributing significantly to the overall CPI decline, with a year-on-year decrease of 6.1% [1][2] Group 2 - Food prices decreased by 0.2% month-on-month, with fresh vegetable prices dropping by 5.9%, while prices for eggs, pork, and poultry showed slight declines [2] - The demand for services increased, with service prices rising by 0.5% year-on-year, driven by higher travel and accommodation costs [3] - Industrial producer price index (PPI) fell by 0.4% month-on-month and 3.3% year-on-year, but some sectors showed positive price trends [3][4] Group 3 - The hospitality and tourism sectors experienced price increases of 4.6% and 0.8% month-on-month, respectively, indicating a recovery in consumer demand [3] - High-tech industries, including integrated circuits and wearable devices, saw price increases of 3.6% and 3.0% year-on-year, reflecting a shift towards high-end and innovative production [4] - The prices of photovoltaic and lithium battery manufacturing showed a narrowing decline, with decreases of 12.1% and 5% year-on-year, respectively [4]

1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The 2511 contract of lithium carbonate futures rose 5.36% to 72,300 yuan/ton yesterday. The average price of battery - grade lithium carbonate increased by 150 yuan/ton to 71,100 yuan/ton, and the average price of industrial - grade lithium carbonate increased by 150 yuan/ton to 69,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) remained at 65,490 yuan/ton. The warehouse receipt inventory increased by 1,420 tons to 16,443 tons [3]. - On the supply side, the weekly output increased by 2,288 tons to 19,556 tons, with a large increase in lithium extraction from lithium mica, followed by lithium extraction from spodumene and salt lakes. It is expected that the supply in August will increase by 3% month - on - month to 84,200 tons. On the demand side, the lithium consumption of the two major cathode materials in August is expected to increase by 8% month - on - month to 86,000 tons of LCE. On the inventory side, the social inventory increased by 692 tons to 142,418 tons this week, with inventory reduction in the upstream and other links and inventory replenishment in the downstream [3]. - After the concentrated cancellation of warehouse receipt inventory, there is a certain reflux, but the current total remains at a low level. The short - term market focus is on the uncertainty of whether Jiaxiaowo will stop production [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 72,300 yuan/ton, up 2,680 yuan; the closing price of the continuous contract was 70,000 yuan/ton, up 1,140 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) was 757 US dollars/ton, up 9 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,090 yuan/ton, up 25 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,750 yuan/ton, up 60 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,550 yuan/ton, up 275 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,500 yuan/ton, up 300 yuan [5]. - **Lithium Carbonate**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 71,100 yuan/ton, up 150 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 69,000 yuan/ton, up 150 yuan [5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 65,490 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) remained at 70,610 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) remained at 60,420 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was 8.05 US dollars/kg, down 0.1 US dollars [5]. - **Lithium Hexafluorophosphate**: The price of lithium hexafluorophosphate was 52,150 yuan/ton, up 50 yuan [5]. - **Spreads**: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,100 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,610 yuan/ton, down 150 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 8,057.28 yuan/ton, down 766 yuan [5]. - **Precursors & Cathode Materials**: The prices of various ternary precursors and cathode materials such as ternary precursor 523, ternary material 523, and lithium iron phosphate all showed varying degrees of increase, while the prices of some products such as manganese acid lithium remained unchanged [5]. - **Cells & Batteries**: The prices of various cells and batteries such as 523 square ternary cells, square lithium iron phosphate cells, and cobalt acid lithium cells remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: There are charts showing the price trends of 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**: There are charts showing the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [9][11][13]. - **Spreads**: There are charts showing the price difference trends of battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, and other spreads from 2024 to 2025 [16][17][19]. - **Precursors & Cathode Materials**: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [21][24][27]. - **Lithium Battery Prices**: There are charts showing 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 [29][31]. - **Inventory**: There are charts showing the inventory trends of downstream, smelters, and other links from December 12, 2024, to July 31, 2025 [34][35][37]. - **Production Costs**: There are charts showing the profit trends of lithium carbonate production from various 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 [38][39].

中国近期在光伏、锂电、电动车等终端制造业推进的"反内卷"行动，已超越单纯产业调控范畴，深刻体 现了国家经济发展战略导向。这一导向在政策层面得到清晰延续：今年4月召开的中共中央政治局会议 提出"规范竞争秩序"，7月召开的中共中央政治局会议进一步深化导向，明确提出"推动市场竞争秩序持 续优化"，同时聚焦"增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好势头"，构建了从产 业端到资本市场的完整政策体系。从逻辑内核看，理解资本市场的吸引力与包容性，需以"反内卷"为基 石，进而巩固资本市场回稳态势，实现资本与企业的良性循环。 "反内卷"优化市场生态 "反内卷"通过系统性优化市场生态，为资本市场夯实基本面支撑，核心体现为四方面协同发力。 一是破除市场分割，需纵深推进全国统一大市场建设，打破地方保护主义，促进要素跨区域自由流动。 这一举措能从空间维度减少同质化竞争，让要素在更广域市场实现最优配置，避免局部资源低效堆积， 为企业创造公平竞争的底层环境。 二是规范竞争行为，要以法治手段治理企业无序竞争。以多晶硅行业为例，通过行业自律与监管协同， 针对部分企业为抢占市场份额而实施的低于成本价倾销等乱象，依据《中华人民共和国 ...

Group 1: Industry Events - The 2025 (15th) High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen [1] Group 2: Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) has established a new energy technology company in Beijing with a registered capital of 20 million RMB, focusing on emerging energy technology research and sales of electric vehicle battery swap facilities [3] - Shenzhen Xinjie Energy Technology Co., Ltd. has completed a multi-hundred million RMB Series A financing round, with funds allocated for production line expansion, team building, core technology iteration, and market application expansion [5] - Haike New Energy has received approval for trial production of its high-end battery materials project, which aims to develop and supply new raw materials for the new energy battery system [7] - Shandong Jianqing New Energy Technology Co., Ltd. is investing in a lithium battery anode material project with a planned annual production capacity of 110,000 tons, including high-purity graphite and expanded graphite [9] - Xianhui Technology has secured a 702 million RMB equipment order from CATL, which is expected to positively impact the company's performance in 2025-2026 [11]

天眼查App显示，近日，中创新航科技（福建）有限公司发生工商变更，注册资本由25亿人民币增至39亿人民币，增幅56%。 该公司成立于2022年2月，法定代表人为汪建昆，经营范围包括电池制造、电池销售、新能源汽车废旧动力蓄电池回收及梯次利用等。股东信 息显示，该公司由中创新航（03931.HK）、厦门市产业投资有限公司分别持股51%、49%。 业绩方面，中创新航7月23日在港交所发布的公告显示，预期上半年净利润区间约为人民币7.09亿元至人民币7.93亿元，同比上升约70%至 90%。 （ 来源：天眼查、综合报道） | 往 | 期 回 顾 | | | --- | --- | --- | | 01 | ｜ | 远景动力六大极限测试，重构储能安全边界 | | 02 | ｜ | 国轩高科10亿"落子"芜湖 | | 03 | ｜ | 行业首届户储及便携式储能电池技术论坛9月26日深圳举办！ | | 04 | ｜ | 2025首届硫化物全固态电池国际峰会暨展览会定档11月8日广州 | | | 举办！ | | 点击阅读原文，即可报名参会！ 扫描右方二维码 加入中国锂电行业通讯录 扫描左方二维码 加入起点锂电行业交流群 >> ...

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

Group 1: Economic Context - The revision of the Price Law is the first major update in 27 years, addressing the "increase in production without profit" dilemma and internal competition issues[5] - China's Producer Price Index (PPI) has experienced negative growth for 33 consecutive months, with a year-on-year decline of 3.6% in June 2025, marking a new low in this negative growth cycle[7] - Industrial value-added increased by 6.4% year-on-year in the first half of 2025, yet industrial profits fell by 1.8% year-on-year, highlighting the paradox of increased production without corresponding profits[6] Group 2: Legislative Changes - The Price Law revision expands the definition of "below-cost pricing" to include digital economy practices, enhancing the legal framework against unfair competition[6] - The revision raises the maximum fines for violations from 5,000 yuan to 50,000 yuan, significantly increasing the deterrent effect on large enterprises[17] - New regulations will cover algorithmic manipulation and digital pricing issues, marking a significant step in addressing the challenges posed by the digital economy[17] Group 3: Market Implications - The revision is expected to lead to a restructuring of industries, promoting a shift from "price wars" to "innovation wars," ultimately enhancing long-term economic competitiveness[18] - Capital markets are likely to see a reallocation of funds, with a shift from defensive sectors to cyclical and anti-involution sectors, as evidenced by rising prices in commodities and stocks in related industries[20] - The anticipated stabilization of PPI and recovery of profit margins may occur faster than expected, particularly benefiting midstream manufacturing sectors[18]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for A-share CFOs reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - The report indicates a stark contrast in salary changes among CFOs, particularly in the lithium battery industry, where some CFOs have experienced drastic salary reductions due to industry challenges [1][2] Salary Overview - The average salary for A-share CFOs in 2024 is 814,800 yuan, with a total salary scale of 4.27 billion yuan [1] - Notable CFO salaries include: - Midea Group's CFO, Zhong Zheng, with a salary of 9.46 million yuan - BYD's CFO, Zhou Yalin, earning 8.96 million yuan [1] - Wang Jie, CFO of Hunan Youneng, saw a salary drop to 1.0452 million yuan, a decrease of 711,550 yuan (-40.45%), reflecting the industry's downturn [1][2] Industry Challenges - The lithium battery sector is facing severe financial pressures, as evidenced by Hunan Youneng's significant profit decline of 62%, despite leading in revenue with 22.599 billion yuan [1] - The report illustrates the "scale curse" phenomenon, where larger companies in struggling industries face disproportionate challenges [1] CFO Salary Changes - The report lists several CFOs with notable salary changes, including: - Liu Zhiwen of Better Energy, with a salary of 2.7483 million yuan, down by 2.3093 million yuan - Wang Jie of Hunan Youneng, with a salary of 1.0452 million yuan, down by 711,550 yuan [2][3] - The data indicates that many CFOs in the industry hold a college diploma, with the majority of the top earners also experiencing salary fluctuations [2][3]