长江商报消息 ●长江商报记者 汪静 下游需求增长，中科电气（300035.SZ）持续扩产。 2025年半年报显示，中科电气负极材料产能约为30万吨，在建产能为5.76万吨，产能利用率达 106.72%。 中科电气接连抛出大手笔扩产项目。此前的6月4日，中科电气发布公告，公司拟投建阿曼年产20万吨锂 离子电池负极材料一体化基地项目，计划总投资额不超过80亿元。同时，为确保海外投资事项的稳步、 有序推进，此前公司已审议通过的投资建设"摩洛哥年产10万吨锂离子电池负极材料一体化基地项目"将 做延缓建设安排。根据公告，摩洛哥项目投资总额不超过50亿元，分两期建设。 长江商报记者注意到，截至2025年9月末，中科电气货币资金仅为4.85亿元，交易性金融资产2848万 元，但有高达28.83亿元的短期借款，以及一年内到期的非流动负债9839万元。与此同时，2025年前三 季度，公司经营活动产生的现金流量净额为-10.96亿元，上年同期为-1.85亿元。 12月16日晚间，中科电气发布公告，拟在四川泸州（长江）经济开发区投资建设"年产30万吨锂离子电 池负极材料一体化项目"，项目计划总投资约70亿元。 中科电气表示，项目旨 ...

Core Viewpoint - The company is actively developing products for the lithium battery industry, focusing on composite copper and aluminum foils as key materials for current collectors [1] Group 1: Product Development - The composite copper foil project is ready for mass production, indicating a significant advancement in the company's capabilities [1] - The composite aluminum foil is currently in the research and verification stage, showcasing ongoing innovation efforts [1] - The company has also developed carrier copper foil products that meet customer requirements for flexible circuit boards used in touch applications [1] Group 2: Market Demand - These products are designed to effectively meet the advanced current collector material needs of the lithium battery industry, positioning the company for future business expansion in this sector [1]

Core Viewpoint - Zhongwei Materials (02579) has seen a stock price increase, with a notable rise of over 3% in the morning session, attributed to the announcement of its inclusion in the Stock Connect program starting December 15, 2025 [1] Group 1: Stock Performance - As of the report, Zhongwei Materials' stock price is at 26.92 HKD, with a trading volume of 20.44 million HKD [1] - The stock experienced a rise of 2.36% at the time of reporting [1] Group 2: Business Growth - Changjiang Securities indicates that Zhongwei's business in ternary precursors and cobalt tetroxide is experiencing continuous growth, with an expected growth rate surpassing the industry average [1] - The market share of Zhongwei is on the rise, with expectations for sustained growth in shipments due to the recovery of the ternary precursor market and ongoing growth in cobalt products [1] Group 3: Lithium Resource Development - Zhongwei has established two salt lake lithium mines in Argentina, with an estimated lithium resource exceeding 10 million tons of LCE, which may increase with further exploration [1] - The company plans to confirm the reserves of the lithium mines and will disclose progress in accordance with regulations based on exploration and construction conditions, as well as market demand [1]

今年以来，衢州聚焦新材料、新能源等六大标志性产业链，以产业链、创新链、人才链、资金链、服务链"五链融 合"为抓手，不断做强产业集群，推动经济高质量发展。 以产业链、创新链等五链融合为牵引，目前，衢州构建起"大企业领航、科技型企业突围"的产业发展新格局，百 亿级制造业项目达15个。预计全年六大标志性产业链产值将突破2200亿元。 今年以来，衢州聚焦新材料、新能源等六大标志性产业链，以产业链、创新链、人才链、资金链、服务链"五链融 合"为抓手，不断做强产业集群，推动经济高质量发展。 在衢州中巨芯科技生产车间，一批超高纯度氯气正在灌装，产品供应给国内外集成电路龙头企业，用于芯片制造 关键材料的生产。 中巨芯科技股份有限公司董秘 陈立峰：上下游的一个协同，形成一个很好的产业集聚效应，提供了很好的帮助。 推动产业链加速融合的同时，衢州联合高校共建创新研究院，实现创新链的关键突破。专注锂电池硅碳负极材料 研发的格源新材料，和浙江大学衢州研究院深度协作，突破了多项关键核心技术，建成了新一代硅碳负极材料百 吨级生产线。 得益于当地大力推动产业链协同发展，企业生产所需的蒸汽、盐酸等原料，全部由链主企业巨化集团通过专用管 道直供 ...

据悉，本次投资项目有利于扩大公司锂电负极业务规模，满足锂电负极市场需求。同时有利于提高公司 负极材料产品的市场占有率，获取规模经济效益。 项目拟选址龙马潭区罗汉街道，用地约1500亩，建设年产30万吨锂离子电池负极材料一体化生产基地， 包含锂离子电池负极材料生产线、办公楼、宿舍楼等配套设施。一期项目建设年产20万吨锂离子电池负 极材料一体化生产基地，建设周期18个月，在完成土地交付后6个月内乙方启动项目建设，一期启动建 设后18个月内建成投产;二期项目建设年产10万吨锂离子电池负极材料一体化生产基地，在一期建成投 产后12个月内启动二期建设，二期启动建设后18个月内全面建成投产。 智通财经APP讯，中科电气(300035.SZ)公告，公司董事会同意公司与四川泸州(长江)经济开发区管理委 员会签订的投资协议，公司拟在四川泸州(长江)经济开发区投资建设"年产30万吨锂离子电池负极材料 一体化项目"，项目计划总投资约人民币70亿元，分两期建设，一期项目建设年产20万吨锂离子电池负 极材料一体化生产基地，计划投资约47亿元;二期项目建设年产10万吨锂离子电池负极材料一体化生产 基地，计划投资约23亿元。 ...

Group 1 - Good Electric Technology recently completed over 100 million yuan in Series B financing, with investors including Shangqi Capital, Dongfang Fuhai, Shenzhen Xibo Investment, and Hongde Investment [2] - In February 2023, Good Electric Technology completed over 150 million yuan in Series A financing, led by Fengyun Capital, with participation from multiple investors including CATL and Dongfang Fuhai [2] - Founded in March 2011, Good Electric Technology is a national high-tech enterprise focusing on customized development, production, and sales of functional materials for industries such as new energy and semiconductors [2] Group 2 - The company emphasizes technological innovation and has achieved breakthroughs in high-performance lithium battery materials, contributing to the localization of key materials and reducing reliance on foreign suppliers [3] - Binders, which are crucial components in lithium-ion battery electrodes, enhance the contact between active materials and current collectors, directly affecting battery capacity, lifespan, and safety [3] - Good Electric Technology has a complete material research and development platform and a high-level R&D team, accumulating extensive experience in R&D, application, and production in the field of lithium battery functional materials [2][3]

Summary of Key Points from Conference Call Records Industry Overview Chemical Industry - The chemical industry is expected to experience both cyclical and growth opportunities in 2026 due to domestic supply-side reforms and demand-side expansion policies, alongside improved overseas demand. Oil prices are projected to stabilize around $60 per barrel, alleviating inventory pressure on chemicals. [4][12] - Key sectors to focus on include spandex, nylon, and rigid demand sectors like pesticides and fertilizers, particularly those with strong demand resilience. [4] Power Industry - The power industry is segmented into thermal, hydro, nuclear, and renewable energy, each presenting unique investment opportunities. [5][6] - Thermal power's capacity price has increased to over 50%, enhancing profitability, although its share of installed capacity is expected to decline. [5] - Hydro power is benefiting from improved water conditions, while nuclear power is set to experience a production peak between 2026 and 2027, indicating strong growth potential. [6][7][8] Non-Ferrous Metals Industry - The non-ferrous metals index has surged by 78% by the end of 2025, indicating a new upward cycle. Valuations remain within a safe range, with expectations of price increases driven by Fed rate cuts and improved US-China trade relations. [12] - Specific opportunities include increased demand for gold and silver, as well as investment prospects arising from copper supply shortages. [12] Building Materials Industry - The building materials sector is recovering confidence due to factors like the Western Development strategy and anti-involution policies. The fiberglass manufacturing sector has led the market with a 68% increase. [28][29] - Structural investment opportunities are anticipated in 2026, particularly in traditional materials like cement and glass, driven by urban renewal and new energy demands. [29][30] Key Investment Opportunities Lithium Battery Sector - The lithium battery sector is expected to maintain strong growth despite concerns over slowing demand for electric vehicle batteries. The sector is projected to grow at a rate of 10% to 15% in 2026, with significant demand from the energy storage market. [34][35] - Key materials such as electrolyte additives, particularly VC additives, are expected to see price increases due to their sensitivity and tight supply conditions. [37] Gold Market - The passage of the "Great Beauty Act" is anticipated to increase the US fiscal deficit, negatively impacting asset credit and accelerating global central bank gold purchases, supporting gold prices. A 10% increase in gold prices is expected by 2026. [3][14] - A-share gold companies are entering a growth phase in mining output, with performance expected to improve significantly. [14] Construction Sector - The construction industry should focus on urban renewal and major engineering projects, as well as opportunities arising from mergers and acquisitions. [18][27] - Key players in the construction of clean energy projects in the western regions, such as China Power Construction and China Energy Engineering, are recommended for tracking. [20][19] Additional Insights - The hydro power sector is expected to see strong support from improved water conditions, with significant growth potential in the long term. [7] - The nuclear power sector is projected to have a compound annual growth rate of around 10% due to a peak in new production. [8][9] - The building materials sector is expected to benefit from urban renewal policies and the demand for high-quality green materials as the real estate market evolves. [32][33]

Core Viewpoint - The restructuring of Shanshan Group has attracted significant players, including China Baoan, which aims to lead a consortium for the substantial merger and restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd [2] Group 1: Restructuring Background - Shanshan Group has faced a debt crisis and control disputes following the sudden death of its founder Zheng Yonggang in February 2023, leading to management instability and a significant decline in operational performance [3] - In 2024, Shanshan Co., Ltd. reported its first annual loss since listing, with a net loss of 367 million yuan, a year-on-year decline of 147.97%, and total liabilities reaching 23.673 billion yuan, with a short-term debt gap of 5.355 billion yuan [3] - The ongoing debt pressure triggered judicial restructuring procedures, with the Ningbo Intermediate People's Court accepting the bankruptcy restructuring case on February 25, 2025 [3] Group 2: Initial Restructuring Efforts - The first round of restructuring nearly succeeded when a consortium signed an investment agreement to acquire 23.36% control of Shanshan Co. for 3.284 billion yuan, but it ultimately failed due to the rejection of the plan by creditor groups [4][5] - A key factor in the failure was a lawsuit from a former intended investor, which disrupted the restructuring process [4] Group 3: New Round of Restructuring - Following the failure of the first round, a new round of investor recruitment was initiated on November 7, with a focus on investors with backgrounds in polarizers and/or anode materials [5][6] - The investment proposals include acquiring 100% equity of the debtor or forming a consortium with specific investment conditions [6] - Notable participants in the new round include Fangda Carbon and Hunan Salt Industry Group, with China Baoan completing preliminary preparations and submitting required materials [6] Group 4: Strategic Advantages and Market Implications - China Baoan and its subsidiary Bettery have a strong synergy in the lithium battery anode materials sector, with Bettery being the global leader in anode material shipments for 15 consecutive years [6] - The potential collaboration between the "global anode leader" and "artificial graphite leader" could enhance cost competitiveness and market positioning [7] - The restructuring has evolved into a battle for industry consolidation in the new energy materials sector, with significant implications for the future of the lithium battery materials industry [7]

杉杉集团实质合并重整的资本棋局再添重量级玩家。12月12日晚间，中国宝安（000009.SZ）发布公告称，公司已 通过董事会决议，将作为重整投资联合体牵头人，联合旗下子公司贝特瑞（920185.BJ）及其他潜在投资人，参与 杉杉集团有限公司（下称"杉杉集团"）及其全资子公司宁波朋泽贸易有限公司（下称"宁波朋泽"）的实质合并重 整投资人招募。 回溯杉杉集团的重整之路，其背后是一场由债务危机、控制权纷争交织而成的困局。2023年2月，杉杉系创始人郑 永刚突发心脏病离世，随即引发了其子郑驹与继母周婷之间的控制权之争，这场内斗直接导致公司管理层频繁更 迭，经营稳定性遭受重创。 2024年，杉杉股份（600884.SH）迎来上市以来的首次年度亏损，归母净亏损达3.67亿元，同比大幅下滑 147.97%；截至2024年末，杉杉股份总负债攀升至236.73亿元，有息负债占比达67.29%，短债缺口高达53.55亿 元，资金链危机全面爆发。 债务压力的持续发酵最终触发了司法重整程序。2025年2月25日，浙江省宁波市鄞州区人民法院裁定受理杉杉集团 破产重整一案；3月20日，法院进一步裁定对杉杉集团与宁波朋泽进行实质合并重整， ...

中经记者 李哲 北京报道 去年营收76.73亿元的龙蟠科技（603906.SH、02465.HK），在2025年却接连揽获大单，总额逾600亿 元。 协议约定，预计将由锂源（亚太）自2026年至2030年间合计向Sunwoda销售10.68万吨符合双方约定规格 的磷酸铁锂正极材料。双方约定每两年校准一次需求量，校准后的需求量不低于协议已约定的年度最低 采购量。具体单价由双方根据协议条款逐月确定，如按照预计数量及市场价格估算，合同总销售金额约 45亿—55亿元。 此前，在11月25日，龙蟠科技控股子公司常州锂源及控股孙公司南京锂源与楚能新能源全资子公司—— 武汉楚能、孝感楚能及宜昌楚能共同签署了《〈生产材料采购合作协议〉之补充协议二》（以下简 称"《补充协议二》"），对原常州锂源、南京锂源与武汉楚能、孝感楚能、宜昌楚能签订的《生产材料 采购合作协议》及《补充协议》（以下合称"《原协议》"）相关条款进行补充与修订。 《原协议》约定，自2025年至2030年期间，卖方合计向买方销售15万吨磷酸铁锂正极材料产品。《补充 协议二》约定，自2025年至2030年期间，卖方合计向买方销售130万吨磷酸铁锂正极材料产品。按照 ...