摘要 锂电产业链集体转向港股，是一场由"资本国际化+破局内卷+产能出海"多重逻辑驱动下的战略迁徙。 2025上市闸门开启，锂电行业多个公司相继启动IPO进程。 上半年A股IPO新增受理企业达177家，半年受理量超过去年全年；港股方面，上半年递表企业有 240家，包括已成功上市的宁德时代，其以1.3万亿的市值缔造今年上半年全球最大IPO。 除了宁德时代，今年上半年成功在A股或港股上市的锂电相关企业有：1月27日，海博思创登陆科 创板；4月2日，首航新能上市成功；6月5日，优优绿能创业板上市成功。 今年上半年在A股或港股提交IPO申请的企业则有：海辰储能、双登股份、高特电子、思格新能 源、麦田能源、华润新能源、南都电源、亿纬锂能等。 值得一提的是，"A+H"双上市趋势持续上扬。 上半年最后一天，亿纬锂能正式向港交所递交上市 申请；7月1日，欣旺达发布公告称，公司拟发行H股股票并在香港联交所主板上市；不到一周后， 星源材质、天赐材料相继宣布启动港股IPO。 包括此前已在港股上市的比亚迪、中创新航、瑞浦兰钧，以及上半年在港股交表的先导智能、中伟 股份、格林美、南都电源等，主流锂电上下游企业纷纷扎堆港股，与两年前锂电企 ...

90%的散户可能都看不懂现在的行情，为什么指数天天涨，你的个股却不涨？和讯投顾徐斌箐分析，最 近拉板块都是哪些东西？昨天 CPU PCB今天冲高回落，今天涨的是锂矿，包括稀土。这里跟大家讲到 一点，每个当天涨的板块或多或少都是有一些消息面的去刺激，但都只是次要的，最主要的就是有人想 去拉指数，那么他必然要去拉这个指数里面的权重，那为什么说现在这个行情跟以往不一样，节奏这么 难踩，原因是当时拉上证指数的时候，其实主力他只要拉银行拉券商就可以了，他只要当天一拉，你上 车足够早，那么你只要相信就行了，它会持续几天，但是深证成指就比较麻烦，深证成指因为本身成分 就比较复杂，你看它又有包括像固态电池，包括像锂电池，锂矿也是权重之一，光伏也是权重之一，昨 天涨的CPU、PCB算力人工智能也是权重之一，它权重板块太多了，所以任何一个板块它只要拉起来都 能把指数给带起来。 那么现在其实很明显，上证指数3500反正已经过了，问题不是特别大，现在主力就是要拉深证成指要拉 过什么拉过11,000，点拉过11,000点之后，后面再去拉上证指数，这样就是什么？题材跟金融两边都有 的走，叫金融搭台，题材来唱戏，那么这样滚动上去之后就形成 ...

朱良表示，随着贸易政策不确定性逐步消退，近期市场情绪逐步回暖，风险性资产普遍上涨，但中国市 场估值水平仍较有吸引力，股票型基金或者偏股型基金的发行量还维持在一个历史较低的水平。 中国股市具有长期可投资性 面对中国市场的机遇，近年来联博基金加码布局，继2024年3月发布首只公募产品——联博智选混合型 证券投资基金后，2025年4月再度发布第二只公募产品——联博智远混合型证券投资基金。 新华财经上海7月18日电（葛佳明） 鉴于中国资产盈利能力、回报能力提升等带来的结构性改善，国际 投资机构对中国资产的兴趣明显回升。作为全球知名资产管理公司，联博集团（AllianceBernstein） 2009年开始通过QFII投资中国A股市场，日前，联博基金副总经理、 投资总监朱良接受新华财经记者采 访，畅谈他对中国市场以及全球投资的理解。 朱良认为，对于全球投资者而言，A股与其他市场相关度较低，具有比较好的防御性，外资对中国资产 的态度现已向积极方向发生转变。长久期资产或是联博未来重点关注的资产类别之一，对于股票市场来 说，这主要包括两类资产：一类是现金流比较健康，且分红率不断提高的企业，第二类则是ROE（净资 产收益率）稳 ...

Core Viewpoint - Chunan New Energy, established only four years ago, is rapidly expanding its supply chain and entering the automotive sector, driven by strong demand for energy storage and power solutions [1][20]. Group 1: Procurement Orders - Chunan New Energy has signed procurement contracts with at least four lithium battery industry chain companies from January to July 2023, covering multiple fields [3]. - A significant contract with Tianci Materials involves the procurement of over 550,000 tons of electrolyte products, effective until December 31, 2030 [4][5]. - A strategic cooperation agreement with Jiangsu Ruidefeng entails a procurement of approximately 250 million structural components, valued at around 3 billion yuan over five years [6]. - Chunan has partnered with Longpan Technology for the supply of 150,000 tons of lithium iron phosphate cathode materials, with an estimated total sales amount exceeding 5 billion yuan from 2025 to 2029 [7]. - A collaboration with Huachuang Materials will see the supply of 150,000 tons of lithium battery copper foil over the next five years [9][10]. Group 2: Market Position and Growth - Chunan New Energy's order influx reflects a strong supply chain stability and a focus on the lithium iron phosphate battery market, indicating confidence in future development [12][14]. - In 2024, Chunan ranked 7th globally in energy storage battery shipments, with significant overseas market performance, securing over 30 GWh in orders from international companies [15]. - The company has also made strides in the power sector, ranking 14th in domestic power battery installations in the first half of 2023, with a notable entry into the passenger vehicle market [15][16]. - Chunan is expanding into emerging sectors such as marine applications, having equipped over 100 new energy vessels [18]. Group 3: Automotive Sector Entry - Chunan New Energy is planning to enter the automotive manufacturing sector, with a dedicated team already in place and job postings for various roles related to vehicle production [20]. - The first vehicle model is expected to target the Wanjie M5, focusing on range-extended SUVs, with plans for both range-extended and pure electric models in the long-term strategy [22].

Core Viewpoint - The lithium battery industry is entering a new round of capital expenditure amidst unclear demand signals, with a notable shift in production dynamics between lithium iron phosphate (LFP) and ternary batteries, indicating a demand "window" in the industry [1][3]. Group 1: Industry Dynamics - Since May 2025, the production growth rate of LFP batteries has fallen below that of ternary batteries, a rare occurrence that highlights a demand "window" in the industry [1]. - Major automotive and battery manufacturers have reported significant production cuts and slowed capacity expansion from May to July, reflecting strategic adjustments in response to market pressures [1][2]. - Some leading automotive companies may only achieve less than 40% of their annual sales targets in the first half of 2025, leading to downward revisions in sales forecasts [1]. Group 2: Price Trends - In the first and second quarters of 2025, the price of LFP batteries has decreased more than that of ternary batteries, with the second quarter's decline exceeding the average decline for all of 2024 [3]. - The price of LFP cathode materials dropped approximately 10% in the second quarter, marking the largest decline among major materials [3]. - The prices of LFP electrolytes have also fallen for two consecutive quarters, with declines greater than those of ternary electrolytes [4]. Group 3: Demand Challenges - A global demand gap has emerged, largely due to "advance overdraft" effects from previous surges in demand, particularly driven by U.S. tariff policies and the "Inflation Reduction Act" [6]. - In the first five months of 2025, exports of energy storage batteries from China to the U.S. saw a year-on-year growth exceeding 2000% [6]. - Concerns about the sustainability of demand are heightened by uncertainties surrounding domestic "trade-in" policies and the slowing growth of electrification [7]. Group 4: Capital Expenditure Trends - Despite cautious demand sentiment, a new round of capital expenditure is beginning in the industry, with improved capacity utilization rates in the first half of 2025 compared to the same periods in 2023 and 2024 [7]. - Capital expenditures for industry leaders like CATL have increased by over 40% year-on-year in the first quarter of 2025, with certain materials seeing a shift from negative to positive capital expenditure [7]. - Major battery equipment suppliers expect new orders to grow by over 45% in 2025, reversing the downward trend seen in 2023 and 2024 [7]. Group 5: Strategic Shifts - CATL is focusing on long-term strategies, including advancements in energy storage technology and transitioning from a pure manufacturer to an energy system operator [8]. - The industry faces a dilemma of prolonged capacity clearing and demand gaps while simultaneously entering a new capital competition [9]. - The parallel of "clearing" and "investment" complicates the industry's ability to establish clear expectations for price and profit recovery, emphasizing the importance of demand certainty [9].

一、行情回顾 沪指全天震荡走强，创年内收盘新高，创业板指冲高回落。稀土永磁板块集体大涨，中色股份、东方锆业等涨停。锂矿股震荡走高，金圆股份、盛新锂能等 封板。创新药概念继续活跃，昂利康涨停，博瑞医药涨超10%，均创历史新高。下跌方面，光伏板块调整，亚玛顿跌停。个股涨跌互现，今日成交1.59万 亿。 二、当日热点 1.稀土磁材 稀土磁材板块今日反弹大涨，东方锆业、中色股份等涨停，北方稀土一度涨停，华宏科技反包。 据央视新闻报道，从中国地质大学(武汉)获悉，该校联合内蒙古自治区地质调查研究院，在内蒙古白云鄂博矿床主矿矿段的矿体中部，发现一种新稀土矿 物，命名为"钕黄河矿"。 | 股票名称 | 最新价 ◆ | 涨跌幅 = | 涨停时间 ◆ | 换手率 = | 流通市值 ◆ | | | --- | --- | --- | --- | --- | --- | --- | | 东方错业 | 11.86 | +10.02% | 09:45:06 | 11.64% | 89.87亿 | 公司涉 | | 002167.SZ | | | | | | 独居石 | | | | | | | | 稀土元 | | 中色股份 | 6.08 ...

Industry Highlights - In the first half of the year, China's new energy vehicle production increased by 36.2%, with lithium battery production growing by 53.3%, indicating a strong growth momentum in the new energy sector [1] - The export structure of China continues to optimize, with total exports of electromechanical products reaching 7.8 trillion yuan, a growth of 9.5%, accounting for 60% of total exports [1] Company Updates - SK On's North American factory has fully commenced operations for the first time since opening three years ago, with all 12 production lines running at full capacity, and daily battery production expected to increase by over three times compared to last year [2] - Singshan Co. expects a strong rebound in its performance for the first half of 2025, with net profit projected to be between 160 million to 240 million yuan, representing a year-on-year increase of 810.41% to 1265.61% [3] - Tianqi Lithium Industries anticipates a net profit of 0 to 155 million yuan for the first half of the year, marking a turnaround from losses, driven by improved investment income and favorable currency exchange rates [4] Lithium Battery Material Market - Lithium carbonate prices have increased by 0.3 million yuan per ton, driven by macroeconomic factors and market sentiment [6] - The price of lithium carbonate as of July 18 is reported at 65,500 to 66,500 yuan per ton for battery-grade and 63,000 to 64,000 yuan per ton for industrial-grade [8] - The price of ternary materials has slightly weakened, with the latest prices for ternary materials reported at 121,000 to 127,000 yuan per ton for 5-series single crystal and 141,000 to 147,000 yuan per ton for 8-series 811 type [9] - Phosphate iron lithium exports are performing well, with major companies developing overseas clients and planning to establish factories in Europe [10] Market Conditions - The domestic separator market remains stable, with high capacity utilization rates, although there are concerns about potential future order declines [14] - The domestic electrolyte market continues to see price declines, with major manufacturers maintaining optimistic shipment expectations for the second half of the year [16] - Recent procurement activities from a leading company indicate a production plan exceeding 60 GWh/month for the third quarter, maintaining high demand for materials and lithium salts [18] New Energy Vehicle Sales - In July, traditional passenger car sales reached 362,000 units, down 1.56% year-on-year, while new energy vehicle sales were 204,000 units, down 13.18% year-on-year [19] - The penetration rate of new energy vehicles reached 56.35%, an increase of 5.84 percentage points compared to the same period last year [19] - The UK government announced a £650 million electric vehicle subsidy plan, providing discounts for electric vehicles priced below £37,000 [19] Energy Storage Market - The domestic energy storage market is operating steadily, with a total of 1,040 projects connected to the grid in the first half of 2025, achieving a total scale of 21.79 GW/51.20 GWh, a year-on-year increase of 46% [20]

每经记者｜孔泽思 每经编辑｜魏官红 40年前，在武汉大学的实验室里，刘金成与同学们操作新购置的打印机时，打出了"锂电池，我爱你"的标语。这句话源自他们对自己当时研究方向的情感， 也暗藏刘金成与锂电池事业的不解之缘。 无论是服务于智能设备的消费电池，还是驱动新能源车与工业设备的动力电池，锂电池与群众生活愈发深度绑定。如今，亿纬锂能产品覆盖各类锂电池、电 芯模组、电池管理系统（BMS）等。 O 1 879 th E 8 FF . " " " " " PP 23 ffirm m f 5555 mi . 20 - Televantial Produced Bear Program States And T 11 S 2 12 12 1.7 40 - 18 1 t 215 1111 /20 68 ag .IT 4 1 7 t 199 lines F . line E c In 2001年，刘金成于广东惠州创立亿纬锂能（SZ300014）。历经二十余年发展，公司从消费电池业务起步，逐步扩展到动力电池与储能电池领域，成长为拥 有全球竞争力的锂电池企业。 近日，《每日经济新闻》记者随"活力中国调研行"采访团来到惠州，与上市公 ...

Market Overview - On July 18, the A-share market opened higher with major indices rising: Shanghai Composite Index up 0.34%, Shenzhen Component Index up 0.3%, and ChiNext Index up 0.26% [1] - The non-ferrous metals sector showed strong performance, particularly in rare earth, lithium, and nickel mining concepts, while photovoltaic-related concepts experienced a pullback [1] Lithium Market Dynamics - Lithium carbonate futures saw a significant rebound, with the main contract rising over 15% from its year-to-date low, peaking at a 4.32% increase during the day [2] - The spot price for battery-grade lithium carbonate was reported at 65,000 CNY/ton on July 17, an 8.52% increase from the late June low of 59,900 CNY/ton [3] - A decline in lithium salt imports has been noted, attributed to seasonal production reductions in Argentina and Chile, impacting shipment volumes [3] Company Performance and Forecasts - Several lithium mining stocks saw substantial gains, with major players like Tianqi Lithium and Ganfeng Lithium expected to report improved earnings, with Tianqi Lithium forecasting a turnaround to profitability [5] - Xizang Zhuofeng is projected to achieve a net profit of 204 million to 306 million CNY in the first half of the year, representing a year-on-year growth of 59.31% to 138.96% [5] - Research reports suggest that the lithium battery supply chain is at a historical low point, with expectations for recovery in profitability and revenue growth in 2025 [3][4] Institutional Interest - There has been significant institutional interest in lithium mining stocks, with over 17 billion CNY of net inflow into the sector and multiple companies receiving extensive institutional research attention [5]

Core Insights - The Chinese lithium battery market is experiencing strong growth, with a shipment volume of 776 GWh in the first half of 2025, representing a 68% increase year-on-year [1] - The main drivers of this growth are power batteries and energy storage batteries, with power battery shipments reaching 477 GWh (up 49% year-on-year) and energy storage battery shipments at 265 GWh (up 128% year-on-year) [1] Power Battery Sector - Lithium iron phosphate (LFP) batteries have shown remarkable performance, with shipments reaching 372 GWh, accounting for 78% of total power battery shipments, and a year-on-year growth of 68% [3] - The growth is attributed to technological improvements in fast charging and range, as well as increased adoption by overseas automakers like Volkswagen and BMW [3] Energy Storage Battery Market - The energy storage battery market has been robust, with a significant increase in shipments, particularly in May and June, leading to a 94% quarter-on-quarter growth in the second quarter [3] - Domestic energy storage lithium battery shipments have maintained a year-on-year growth rate of over 120% for two consecutive quarters, indicating strong market demand [3] Market Trends and Capacity Utilization - The lithium battery industry is showing a clear trend of differentiation, with leading companies achieving over 70% capacity utilization, while smaller firms struggle with less than 20% [4] - It is expected that this trend will continue into the second half of the year, with leading companies maintaining high capacity utilization rates between 75% and 95% [4] Future Expansion and Pricing - A new round of capacity expansion is anticipated in the lithium iron phosphate materials and energy storage lithium battery segments from the second half of 2025 to 2026, primarily driven by leading companies [4] - Short-term forecasts suggest that the costs of power and energy storage lithium batteries will bottom out, with a potential 2%-3% price increase expected in the second quarter of 2025 due to sustained market demand and improved capacity utilization [4]