（文章来源：中国经营报） 受访专家认为，今年以来，中央和部委层面多次强调治理低价无序竞争，中央政治局会议再次强调这一 问题，显示出国家"反内卷"的决心。 远东资信首席宏观研究员张林对《中国经营报》记者表示，随着光伏、锂电、新能源汽车等领域出现 的"内卷式"竞争，本次会议延续了7月的中央财经委会议精神，进一步强调要发展新质生产力也要符合 市场秩序，特别是要通过全国统一大市场建设，减少各地的低价竞争与同质化投资现象。 在粤开证券首席经济学家罗志恒看来，当前"反内卷"不能"一刀切"。本轮"内卷式"覆盖的行业更广，并 非主要集中在钢铁、煤炭等上游行业，同样也出现在新能源车、锂电池、光伏等下游行业。"基于这些 情况，我建议'反内卷'要精细化分类施策。一方面，对于传统产业，严控新增产能，鼓励企业进行错峰 生产或自愿减产。另一方面，对于新兴产业，由于其技术迭代速度较快，不宜采取'大刀阔斧'的行政干 预，要提高对企业创新的支持力度，帮助企业突破技术周期，同时支持行业进行并购重组，畅通市场化 退出机制。"罗志恒说。 财信金控首席经济学家伍超明认为，破"内卷"、去产能，是让低效产能出局，而不是让某一类企业出 局，其目的是激发所有 ...

中国首个储能强制性国标生效 智通财经记者 | 高菁 锂电产业链本周大事： 7月28日，比亚迪储能官微宣布，7月25日与中国船级社武汉规范研究所(下称CCS武汉所)在深圳坪山举 行战略合作签约仪式。CCS武汉所是中国船级社核心科研机构之一，负责起草编制中国新能源船舶相关 规范法规，也是全球海事规则的重要参与者。根据协议，双方将充分发挥核心优势，整合各自技术、市 场、投资、平台资源，携手共建电池动力船舶安全研究联合实验室，围绕新型动力电池专项研究与安全 测试认证、电池动力系统技术创新、电池动力船舶岸基充电智能监控系统开发及行业技术标准制定等方 面开展全方位合作。 8月1日，由工业和信息化部归口，中国电子技术标准化研究院(CESI)牵头并组织起草的中国首部储能用 锂电池安全的强制性国家标准——GB 44240-2024《电能存储系统用锂蓄电池和电池组安全要求》(下称 《新国标》)正式生效。《新国标》规定了应用于电能存储系统用锂蓄电池和电池组的安全要求，并描 述了相应试验方法。其中，电能存储系统应用包括但不限于：电信、中央应急照明和报警系统、固定式 发动机启动、光伏系统以及并网/离网大容量储能。 比亚迪储能与中国船级 ...

Core Viewpoint - The article highlights the ongoing expansion of phosphate iron production capacity in response to the surging demand for lithium iron phosphate (LFP) batteries, driven by the growth in both the electric vehicle and energy storage markets [6][7]. Group 1: Industry Expansion - Four major projects in phosphate iron production are set to add a total of 1.3 million tons of supply to the market, signaling a new wave of expansion in the lithium iron phosphate industry [3][4]. - The projects include: - Andar Technology's 450,000 tons per year phosphate iron lithium precursor project in Guiyang, which will increase its total precursor capacity to over 600,000 tons [4]. - Hunan Youneng's additional 150,000 tons phosphate iron production line, raising its total capacity in Guizhou to 300,000 tons [5]. - Huayou Group's 600,000 tons phosphate iron project, aiming to become one of the largest phosphate iron production bases in China [5]. - Yingda Lithium's 100,000 tons per year lithium-ion battery positive material phosphate iron lithium precursor project [3]. Group 2: Market Demand - The demand for lithium iron phosphate materials is robust, with shipments reaching 1.61 million tons in the first half of 2025, a 68% year-on-year increase, accounting for 77% of total positive material shipments [6]. - In the power market, the installed capacity of lithium iron phosphate batteries reached 223.1 GWh in the first half of 2025, a 71% increase, with a market share of 77.4% [6]. - The energy storage market also saw significant growth, with domestic shipments of lithium batteries exceeding 120% year-on-year growth for two consecutive quarters, and lithium iron phosphate batteries capturing over 85% of the market share [6]. Group 3: Industry Concentration - The trend of market concentration among leading companies is becoming more pronounced, with many smaller firms being pushed out due to technological and cost disadvantages [7]. - Leading companies such as Hunan Youneng, Andar Technology, and Huayou Group are expanding their production capabilities, supported by stable orders and strong market positions [7][10]. - The industry is undergoing a structural adjustment phase, balancing capacity clearance and high-end product development [7]. Group 4: Price Trends and Global Competition - The price of lithium iron phosphate materials is expected to recover, with projections indicating a return to over 40,000 yuan per ton by the end of 2025 or early 2026 [8]. - International companies, including LG Energy Solution, Samsung SDI, and SK On, are intensifying their focus on lithium iron phosphate batteries, aiming to catch up with Chinese firms [9]. - LG Energy Solution has secured a $4.3 billion supply project, which represents 23.2% of its projected 2024 sales, marking a significant milestone for its lithium iron phosphate business [9].

Key Points - The article discusses various developments in the lithium battery industry, including new projects, production updates, and market trends [2][3][4][5][6][8]. Group 1: Battery Projects - Jia Yu Pin Neng Battery Co., Ltd. is set to launch a lithium-ion battery R&D and industrialization project with an investment exceeding 750 million yuan, aiming for an initial daily production capacity of 400,000 batteries, eventually reaching 1.5 million batteries per day [2]. - Dufu Dufu has announced that its third-generation cylindrical battery products have entered mass production, achieving a 10%-15% reduction in ACR, which enhances manufacturing efficiency [3]. Group 2: Capital Involvement - The registered capital of Tangshan Guoxuan Battery Co., Ltd. has increased from 1 billion yuan to approximately 1.21 billion yuan, reflecting a growth of about 21% following the entry of Chongqing International Trust as a new shareholder [4]. Group 3: Material Prices - The price of battery-grade lithium carbonate has decreased by 950 yuan per ton, with the average price now ranging from 70,800 to 73,200 yuan per ton [5]. Group 4: Recycling Initiatives - A battery recycling project in Jiangxi Ganzhou has been publicly announced, with an investment of 20 million yuan aimed at processing approximately 11,000 tons of waste lithium batteries annually [8].

Report Industry Investment Rating - The report has a cautious bullish view on lithium carbonate [1] Core Viewpoints of the Report - The commodity market is influenced by the "anti-involution" concept, with a stark contrast between strong expectations and weak reality. The compliance risk of lithium mining licenses in Jiangxi has become a focal point of market speculation. Overseas imports have declined for two consecutive months, alleviating the overall supply-side pressure. Although the fundamental changes are lagging and July was in a surplus and inventory accumulation pattern, the upstream inventory has gradually shifted to the intermediate links driven by the positive feedback between futures and spot markets. The market is gradually returning to rationality. Currently, the production schedule of cathode factories in August has slightly increased. If there are production cuts or suspensions in Jiangxi lithium mines, there may be a slight shortage of lithium carbonate, and there is an expectation of inventory reduction. Overall, there are no obvious negative fundamental disturbances, and it is difficult for prices to experience a trend decline. Attention should be paid to the issue of mining licenses in the future [78] Summary by Relevant Catalogs Macro Overview - China's manufacturing PMI in July was 49.3, lower than the expected and previous value of 49.7, indicating a decline in manufacturing prosperity compared to the previous month. The production index and new order index were 50.5% and 49.4% respectively, down 0.5 and 0.8 percentage points from the previous month. The Politburo meeting set the tone for the economic work in the second half of the year, with the main core content focusing on "implementing and refining", "boosting consumption", and "governing disorderly competition". The introduction of incremental policies was relatively limited, and strongly expected varieties saw significant corrections. The impact of Sino-US tariffs has gradually weakened. The Fed kept interest rates unchanged as expected, and Powell did not give a clear indication of a rate cut in September, still believing that tariffs and inflation are full of uncertainties, which cooled the market's expectation of a rate cut in September [3] Supply Side - The estimated output of lithium carbonate in July was about 85,000 tons, a slight increase from the previous month. In July, the futures and spot prices of lithium carbonate rose in tandem, and the hedging profit on the futures market stimulated the resumption of production by previously reduced or suspended production enterprises. China imported 17,700 tons of lithium carbonate in June, a 16% month-on-month and 10% year-on-year decline. As of July 25, the output of lithium carbonate was 18,548 tons, a week-on-week increase of 235 tons, and the enterprise operating rate was 45.18%, a week-on-week increase of 0.57 percentage points [3][13] Demand Side - According to the data from the Passenger Car Association, from July 1 - 27, the retail sales of new energy vehicles in the national passenger car market reached 789,000 units, a 15% year-on-year increase but a 17% month-on-month decrease compared to the same period last July. The retail penetration rate of the new energy market was 54.6%, and the cumulative retail sales this year reached 6.258 million units, a 31% year-on-year increase. The wholesale volume of new energy vehicles by national passenger car manufacturers was 816,000 units, a 17% year-on-year increase but a 20% month-on-month decrease compared to the same period last July. The wholesale penetration rate of new energy manufacturers was 54.2%, and the cumulative wholesale volume this year reached 7.264 million units, a 35% year-on-year increase. The sales volume of new energy vehicles in six European countries in June was 220,000 units, with a cumulative year-on-year and month-on-month increase of 22% and 16% respectively. The sales volume of new energy vehicles in the US in June was 110,000 units, with a cumulative year-on-year increase of 2% and a month-on-month decrease of 11% [4] Inventory - As of July 31, the total inventory of lithium carbonate was 141,726 tons, an increase of 3,379 tons from the previous month. Among them, the inventory of upstream smelters was 51,958 tons, a decrease of 6,932 tons from the previous month; the inventory of downstream material factories was 43,880 tons, an increase of 3,383 tons from the previous month; and the inventory in other links was 45,888 tons, an increase of 3,379 tons from the previous month. The number of registered lithium carbonate warehouse receipts was 5,545 tons, a decrease of 17,083 tons from the previous month [4] Cost and Profit - As of July 31, the average industry cost was 62,821 yuan/ton, a month-on-month increase of 1,247 yuan/ton. The price of African SC 5% lithium ore was quoted at $515/ton, a month-on-month increase of $115/ton; the CIF price of Australian 6% spodumene was $774/ton, a month-on-month increase of $152/ton; and the market price of lithium mica was 2,130 yuan/ton, a month-on-month increase of 545 yuan/ton. The profit of the lithium carbonate industry was 8,459 yuan/ton, a month-on-month recovery of 9,129 yuan/ton [5] Price Overview of the Lithium Battery Industry - The prices of various lithium battery products showed different degrees of increase or decrease in July compared to June. For example, the price of 6% CIF spodumene increased by 24.34% to $774/ton, the price of battery-grade lithium carbonate increased by 12.65% to 69,000 yuan/ton, and the price of industrial-grade lithium carbonate increased by 12.86% to 68,000 yuan/ton [6] Market Review in July - As of July 31, the LC2509 contract closed at 68,280 yuan/ton, a 9.67% increase from the previous month. The spot price of battery-grade lithium carbonate was quoted at 69,000 yuan/ton, a 12.7% increase from the previous month, and the basis changed from a large discount to a premium. The trading volume of the main contract was 230,000 lots. In July, affected by the macro "anti-involution" expectation, the market's bullish sentiment was high. The sudden shutdown of Qinghai Salt Lake and the ongoing fermentation of the issue of lithium mining licenses in Jiangxi boosted the upward trend of lithium carbonate prices. However, at the end of the month, as the meeting concluded, the market trading gradually returned to the fundamentals, and the price returned to a reasonable level [7] Production and Supply - As of the end of June, the national lithium carbonate production capacity was 2,148,620 tons, unchanged from the previous month. The monthly operating rate was 45.45%, a 5.29 percentage point increase from the previous month. The production in June was 80,962 tons, a 10.9% month-on-month and 23% year-on-year increase. In June, the lithium carbonate production reached a new high, exceeding 80,000 tons. Qinghai Salt Lake entered the seasonal production peak, and the overall operating rate of enterprises increased as some new production capacities were successfully put into operation. In addition, toll processing enterprises resumed production by reducing processing fees. As of July 25, the production of lithium carbonate was 18,548 tons, a week-on-week increase of 235 tons, and the enterprise operating rate was 45.18%, a week-on-week increase of 0.57 percentage points [12][13] Import and Export - In June 2025, China imported 17,700 tons of lithium carbonate, a 16.3% month-on-month and 9.6% year-on-year decrease. Among them, 11,900 tons were imported from Chile, a 11.5% month-on-month and 24.3% year-on-year decrease, and 5,094 tons were imported from Argentina, a 23.1% month-on-month decrease but a 48.3% year-on-year increase. The continuous decline in domestic imports in May and June will lead to a decrease in the arrival volume in July - August, alleviating the supply-side pressure marginally. In June 2025, the total import volume of spodumene was about 576,000 tons, a 4.8% month-on-month decrease, equivalent to 46,400 tons of LCE. The import volume from Australia decreased significantly, while the import volumes from Zimbabwe, South Africa, and Nigeria increased to varying degrees [17][20] Terminal Demand - In June, China's new energy vehicle production and sales reached 1.268 million and 1.329 million units respectively, a 26.4% and 26.7% year-on-year increase, and a -0.2% and +1.7% month-on-month change respectively. The penetration rate was 45.8%. The new energy vehicle market continued to grow in June, benefiting from the trade-in subsidy policy and promotional activities launched by various car companies. However, due to the high penetration rate of new energy vehicles for three consecutive months, the month-on-month growth rate slowed down. In June, China's power battery loading volume was 58.2 GWh, a 1.9% month-on-month and 35.9% year-on-year increase. Among them, the loading volume of ternary batteries was 10.7 GWh, a 2.0% month-on-month increase but a 3.4% year-on-year decrease; the loading volume of lithium iron phosphate batteries was 47.4 GWh, a 1.9% month-on-month and 49.7% year-on-year increase [27] Storage Market - According to TrendForce data, the new energy storage tender market continued to be booming in June, with the new tender volume reaching 9.05 GW/53.19 GWh, a 58%/282% year-on-year and 23%/147% month-on-month increase. The average energy storage duration was 5.9 hours. In terms of price, the average price of 2-hour energy storage systems was 0.641 yuan/Wh, a 16.55% month-on-month increase, and the highest price was 0.792 yuan/Wh. The average price was affected by some high quotes. The average price of 4-hour energy storage systems decreased by 9.75% month-on-month, reaching a record low of 0.432 yuan/Wh. The economic benefits of the energy storage market still face challenges [32] Digital Demand - In the second quarter of 2025, the global smartphone shipments reached 295.2 million units, a 1% year-on-year decline, the first decline in six consecutive quarters. In June, the smartphone production was 108.27 million units, with a year-on-year growth rate turning positive to 8.40%. Globally, Samsung maintained its market-leading position this quarter, accounting for 19% of the market share with its Galaxy A series. Apple ranked second, accounting for 16%, and Xiaomi performed stably this quarter, accounting for 15% of the market share. Affected by the tariff risk, the consumer electronics market remained relatively stable. Most manufacturers reduced production targets to avoid inventory backlogs, but the US market still maintained a relatively high inventory to avoid tariff uncertainties [33] Supply and Demand of Lith-ium Iron Phosphate - As of July 25, the production of lithium iron phosphate was 69,853 tons, a week-on-week decrease of 40 tons. The enterprise operating rate was 61.82%, unchanged from the previous week. This week, the production rhythm of lithium iron phosphate enterprises remained relatively stable. The demand from the power end decreased slightly, while the demand from the energy storage market drove an unexpected increase, but the increase was limited [36] Ternary System Materials - The incremental orders of ternary materials are concentrated in leading enterprises, and production is based on sales [38] Other Cathode Materials - During the off-peak season of terminal demand, the internal operating rates of other cathode materials are differentiated [46] Inventory and Cost - As of July 31, the total inventory of the lithium carbonate industry was 141,726 tons, an increase of 3,379 tons from the previous month, and the warehouse receipt inventory was 5,545 tons, a 17,083-ton decrease from the previous month. This month, the total lithium carbonate inventory continued to increase and reached a new high, but with the increase in speculative demand, the upstream inventory was transferred to the middle and downstream links. At the end of the month, the warehouse receipts faced centralized cancellation, and the decline rate of this round of warehouse receipts was significantly faster. As of July 31, the price of African SC 5% lithium ore was quoted at $515/ton, a month-on-month increase of $115/ton; the CIF price of Australian 6% spodumene was $774/ton, a month-on-month increase of $152/ton; and the market price of lithium mica was 2,130 yuan/ton, a month-on-month increase of 545 yuan/ton. The ore price closely followed the lithium salt price, the auction transaction prices of overseas mines were generally high, the market trading recovered, and traders accelerated shipments [54][56] Cost and Profit Analysis - As of July 25, the production cost of lithium carbonate was 62,821 yuan/ton, a week-on-week increase of 865 yuan, and the industry profit was 8,459 yuan/ton, a week-on-week recovery of 5,193 yuan. This week, the raw material price increased rapidly, with a涨幅 exceeding 10%, providing some support for the lower price of lithium carbonate. The futures price was greatly affected by the policy side, and the bullish sentiment of funds was strong. After the synchronous increase of futures and spot prices, the industry profit recovered rapidly. As of July 25, the production cost of lithium hydroxide was 61,221 yuan/ton, a week-on-week increase of 79 yuan, and the industry profit was 353 yuan/ton, a week-on-week recovery of 858 yuan. This week, the strong price increase of lithium carbonate and raw materials drove the bullish sentiment in the lithium hydroxide market. The price of lithium hydroxide ended the downward trend and continued to increase, and the industry profit recovered. As of July 25, the production cost of lithium iron phosphate was 34,402 yuan/ton, a week-on-week increase of 1,188 yuan/ton, and the loss was 932 yuan/ton, a week-on-week increase of 5 yuan/ton. The rapid increase in the price of raw material lithium carbonate led to an increase in the quotation of material factories, but the pricing power still lies with downstream battery cell factories, and the price increase was limited. Material factories mainly adopted a wait-and-see attitude, and the procurement sentiment was not high. The cost transmission from the upstream was blocked, and the profit space of downstream industries was under pressure [60][62][65] Supply and Demand Balance Sheet - The supply and demand balance sheet shows the supply, demand, inventory, and supply-demand gap of lithium carbonate from January to August 2025. The overall supply and demand situation is relatively complex, with fluctuations in production, imports, and demand in different months, and the inventory also shows corresponding changes [77] Views and Strategies - The market is gradually returning to rationality. Currently, the production schedule of cathode factories in August has slightly increased. If there are production cuts or suspensions in Jiangxi lithium mines, there may be a slight shortage of lithium carbonate, and there is an expectation of inventory reduction. Overall, there are no obvious negative fundamental disturbances, and it is difficult for prices to experience a trend decline. Attention should be paid to the issue of mining licenses in the future. The unilateral strategy is to participate in long positions at low prices, with a reference range of [65,000, 77,000]. In the long term, the market remains in a surplus pattern, and production enterprises can conduct hedging on the futures market when the price rebounds according to their own profit levels [78][79]

Core Viewpoint - The article highlights the ongoing construction and development of the lithium-ion battery R&D and industrialization project by Jiyu Pineng Battery Co., Ltd. in Hubei Province, emphasizing its significance in the lithium battery industry and its expected production capacity and economic impact [2][3]. Group 1: Project Overview - The project is being constructed in the Jiyu Development Zone and is expected to complete its main construction by the end of July, with production starting in August [3]. - The total investment in the project exceeds 750 million yuan, with the introduction of advanced automated equipment to enhance production efficiency [3]. - Initial daily production capacity is projected to reach 400,000 lithium batteries, with plans to increase to 800,000 and eventually 1.5 million batteries per day at full capacity [3]. Group 2: Economic Impact - Once fully operational, the project is expected to produce 550 million battery cells annually, generating sales revenue of 600 million yuan and creating over 100 jobs [3][5]. Group 3: Environmental Considerations - The company implements a classification system for waste and scrap generated during production, partnering with professional recycling companies for centralized recovery and reuse [4]. Group 4: Future Plans - The first phase of the project is progressing steadily, with plans for simultaneous construction of the second phase and future third phase development [5].

Group 1 - The battery ETF managed by Jiashi has a turnover rate of 1.67% and a transaction volume of 4.9343 million yuan as of July 31. The average daily transaction volume over the past month is 9.6408 million yuan [2] - The net value of the battery ETF has increased by 21.52% over the past year, with the highest monthly return since inception being 31.11% and the longest consecutive monthly increase being 3 months [2] - The valuation of the index tracked by the ETF is at a historical low, with a latest price-to-book ratio (PB) of 2.94, significantly lower than 80.38% of the time over the past five years, indicating strong valuation attractiveness [2] Group 2 - Since 2023, the capital expenditure in the lithium battery industry chain has been in a continuous decline for seven consecutive quarters, but is expected to turn positive in Q1 2025, indicating a potential recovery in the industry [3] - The Chinese government is focusing on regulating "involution" competition, which may lead to industry consolidation and value reconstruction within the supply chain [3] - Chinese companies are enhancing their competitiveness in the global market, with leading positions in both power and energy storage battery shipments, and are accelerating overseas capacity construction [3] Group 3 - As of July 31, the top ten weighted stocks in the CSI Battery Theme Index include Yangguang Electric, Ningde Times, Sanhua Intelligent Control, and others, collectively accounting for 51.66% of the index [3] - The performance of individual stocks shows mixed results, with Yangguang Electric increasing by 3.51% while Ningde Times decreased by 0.42% [5] - Investors without stock accounts can access battery industry investment opportunities through the Jiashi Battery ETF linked fund (016567) [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 2509 contract of lithium carbonate futures dropped 4.66% to 6,8280 yuan/ton. The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 950 yuan/ton to 69,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton. The warehouse receipts were concentrated for cancellation, and the inventory decreased by 7,586 tons to 5,545 tons [3]. - Recently, Australian mining companies have successively disclosed their financial reports, with many companies showing a month - on - month increase in production and sales. Overseas lithium ore supply remains stable and abundant. At the performance interpretation meeting of CATL's semi - annual report, the company's management stated that its lithium ore project is operating normally, and the application materials for the renewal of the mining right have been submitted to provincial and municipal authorities a month ago, and the enterprise is relatively optimistic [3]. - On the supply side, the weekly output decreased by 1,362 tons to 17,268 tons, with a significant decline in lithium extraction from mica. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3%. On the demand side, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory decreased by 1,444 tons to 141,726 tons, with an increase in downstream inventory and a decrease in upstream and other links [3]. - There is a game between market sentiment and fundamentals. With low warehouse receipt inventory and high market volatility, opportunities to short volatility in the future market can be considered, and attention should be paid to position management [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract dropped from 70,600 yuan/ton to 68,280 yuan/ton, a decrease of 2,320 yuan/ton; the closing price of the continuous contract decreased from 70,260 yuan/ton to 68,000 yuan/ton, a decrease of 2,260 yuan/ton [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) decreased from 776 US dollars/ton to 766 US dollars/ton, a decrease of 10 US dollars/ton; the price of lithium mica (Li2O: 1.5% - 2.0%) decreased from 1,140 yuan/ton to 1,120 yuan/ton, a decrease of 20 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) decreased from 1,775 yuan/ton to 1,750 yuan/ton, a decrease of 25 yuan/ton; the price of petalite (Li2O: 6% - 7%) decreased from 5,675 yuan/ton to 5,325 yuan/ton, a decrease of 350 yuan/ton; the price of petalite (Li2O: 7% - 8%) decreased from 6,625 yuan/ton to 6,250 yuan/ton, a decrease of 375 yuan/ton [5]. - **Lithium Carbonate**: The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 950 yuan/ton to 69,900 yuan/ton [3][5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) rose by 200 yuan/ton to 70,820 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 60,570 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) remained unchanged at 8.28 US dollars/kg [5]. - **Lithium Hexafluorophosphate**: The price remained unchanged at 53,250 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate increased from - 7,480 yuan/ton to - 6,330 yuan/ton, an increase of 1,150 yuan/ton; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased from - 6,316.85 yuan/ton to - 6,472.97 yuan/ton, a decrease of 156 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials changed slightly. For example, the price of ternary precursor 523 (polycrystalline/power type) increased by 70 yuan/ton to 75,865 yuan/ton [5]. - **Cells and Batteries**: The prices of most cells and batteries remained stable, with only a few showing minor increases, such as the 523 square ternary cell price increasing by 0.001 yuan/Wh to 0.384 yuan/Wh [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), petalite (6% - 7%) from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metallic lithium, average price of battery - grade lithium carbonate, average price of industrial - grade lithium carbonate, etc. from 2024 to 2025 [9][10]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [16][17]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, cobalt acid lithium from 2024 to 2025 [21][22]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, square lithium iron phosphate batteries from 2024 to 2025 [30][31]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from December 2024 to July 2025 [34][35]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39].

在全球能源转型背景下，港股凭借国际化资本渠道和宽松的融资环境，正成为锂电企业突破内卷、加速海外扩张的战略"跳板"。2024年开始，锂电池 产业链赴港上市掀起高潮。 7月30日，欣旺达公告称，公司已向香港联交所递交了发行境外上市外资股（H股）并在港交所主板挂牌上市的申请，并于同日在香港联交所网站刊登 了本次发行并上市的申请资料，高盛和中信证券担任联席保荐人。 其称此举为深入推进公司全球化战略，打造国际化资本运作平台，提升国际品牌形象及综合竞争力。 除欣旺达外，截至目前，电池板块包括宁德时代、亿纬锂能、南都电源、海辰储能、正力新能、双登集团等，锂电材料领域包括星源材质、天赐材 料、中伟股份、盛新锂能、格林美、金晟新能源等，设备企业包括先导智能、中鼎智能等，合计约15家企业冲击港股IPO。 一大部分企业是"A+H"双上市，这意味着中国锂电产业链从材料、设备、电池均有头部企业加入了"A+H"的队伍。其中，作为锂电巨头的A股上市公 司，宁德时代已成功登陆港交所上市，以1.3万亿的市值缔造今年上半年全球最大IPO。 部分是首次冲刺资本市场，比如海辰储能、正力新能、双登集团、中鼎智能、金晟新能源等。 01 5月20日，宁德 ...

昨日市场震荡调整，三大指数均跌超1%。7月市场总体呈现震荡攀升态势，三大指数月线均收涨，其中 创业板指7月累计涨超8%，但沪指3600点整数关得而复失。昨日沪深两市全天成交额1.94万亿，较上个 交易日放量918亿。板块方面，辅助生殖、液冷IDC、信创、华为昇腾等板块涨幅居前，钢铁、煤炭、 有色、影视等板块跌幅居前。截至昨日收盘，沪指跌1.18%，深成指跌1.73%，创业板指跌1.66%。 在今天的券商晨会上，光大证券认为，二季度"抢进口"效应减弱，美联储下半年或重启降息；华泰证券 表示，预计锂电产业链各环节产能利用率或持续提升；银河证券指出，仍然看好权益市场，重点关注科 技、消费及"反内卷"领域。 光大证券：二季度"抢进口"效应减弱 美联储下半年或重启降息 光大证券表示，二季度"抢进口"效应减弱，美国进口环比折年率降至-30.3%，导致净出口对GDP拖累大 幅收敛，是二季度经济增速转正的重要原因。但另一方面，消费与投资则难掩疲弱，其中二季度美国消 费者信心指数低迷，相应地个人消费表现较弱，1.4%的环比增速为2024年以来的次低值，私人投资环 比折年率也降至-15.6%，因此不宜高估本次经济数据的韧性。光大 ...