长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

产业链一体化正成为平抑金属价格波动的重要手段。 近日，锂电赛道再现签约大单。龙蟠科技（603906）日前公告其子公司与楚能新能源子公司签署《<生 产材料采购合作协议>之补充协议二》，将2025年至2030年的磷酸铁锂正极材料供货量从此前约定的15 万吨提升至130万吨，总销售金额预计超过450亿元。 近日，锂盐巨头盛新锂能（002240.SZ）最新公告称，与华友控股集团签署锂盐产品合作框架协议，约 定自2026年至2030年供应22.14万吨锂盐，以当时期货价格计算，协议金额近220亿元。 "金属在能源转型时代至关重要。若要实现净零排放目标，全球能源转型所需金属将达48亿吨。"彭博新 能源财经金属和矿业研究员徐鹏日前表示，预计十年后风电、光伏金属需求将有所下降，电池金属需求 将持续增长，锂、钴、镍、石墨等电池金属以及铜和稀土将是能源转型需求主力。 基于关键金属在时空分布上的错位特点，徐鹏认为这将给中国相关产业带来发展先机。 全球金属资源供需层面地理错配，资源供给集中在澳大利亚、东南亚、非洲、南美洲等区域，主要需求 方中国、欧美等资源相对匮乏；另外，例如锌矿等金属从发现矿山到进行开采往往需要5-10年不等的时 ...

2025年11月25日，由中国有色金属工业协会主办、天齐锂业（002466）特邀协办的"2025年第二届中国 国际锂业大会"在四川成都举行。 大会以"锂聚全球，链动未来"为主题，围绕"稳供给、强链条、促创新、谋共赢"四大核心，深入探讨新 形势下如何通过技术创新与全球协作，增强产业链供应链韧性与安全，推动锂电产业迈向高质量、可持 续发展新阶段。 会议当天，来自中国有色金属工业协会、广州期货交易所、国际锂业协会，以及天齐锂业、中国盐湖等 400余名锂电产业人士，共同就碳酸锂供需格局、固态电池的产业化应用等热点话题进行探讨。 2026年供需预期向好 对于过去五年国内锂行业的发展，中国有色金属工业协会会长葛红林指出，"中国锂产业实现了历史性 跨越，从'跟跑'迈入部分领域'领跑'阶段。" 资源勘探方面，在青藏高原、川西地区、华南等地相继发现多个大型、超大型锂矿，中国锂资源储量大 幅提升，跃居全球第二位。 资源开发方面，江西宜春、湖南鸡脚山等锂云母资源开发有序推进，新疆、川西地区锂辉石资源开发全 面启动，形成"盐湖、锂辉石、锂云母"三大资源开发并举的新格局。 产业规模方面，今年1—9月锂盐产量占全球70%以上，支撑动力电 ...

Core Insights - The 2025 (15th) Gaogong Lithium Battery Annual Conference was held in Shenzhen from November 18 to 20, with the theme "Fifteen Years of Innovation, Looking Ahead to New Journeys" [2] - The event gathered over 400 companies and more than 1,200 industry leaders from various segments of the lithium battery supply chain [2] Event Highlights - The conference featured the release of the "2025 China Solid-State Lithium Battery Industry Chain Development Blue Book" by the Gaogong Industry Research Institute (GGII) [4] - The event received significant attention and recognition from lithium battery industry chain enterprises, with participation from over 100 companies including major players like Yiwei Lithium Energy, Haimeixing, and CATL [6]

Group 1: Environmental Protection and Cultural Heritage - The provincial secretary emphasized the need to implement the spirit of the 20th Central Committee and Xi Jinping's ecological civilization thoughts, focusing on the protection and utilization of the Grand Canal's cultural heritage [1][2] - There are ongoing issues with the stability of water quality improvements in the Grand Canal's tributaries, indicating that some environmental problems remain unaddressed [2] - The secretary highlighted the importance of integrating ecological protection with cultural heritage preservation, aiming to enhance the historical, artistic, and scientific value of the Grand Canal [2] Group 2: Corporate Development and Innovation - Companies like Tianli Lithium Energy Co., Ltd. and Chengde Energy Technology Equipment Co., Ltd. are encouraged to align with national "dual carbon" goals, focusing on smart, green, and integrated development [3] - There is a push for increased investment in technological research and development to improve product quality and expand market share, with an emphasis on carbon reduction and safety in production [3] - The secretary called for a deep integration of innovation resources with technology-driven enterprises, aiming to enhance the synergy between innovation chains, industry chains, and talent chains for high-quality development [3]

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will focus on the theme "New Cycle, New Technology, New Ecology," discussing the lithium battery industry's evolution over the past decade and its future development [2]. Event Background and Significance - The Qidian Lithium Battery Industry Annual Conference is a significant annual event that has been held for nine consecutive years, attracting over 1,000 participants each year from the entire lithium battery supply chain [2]. - The 2025 event marks the 10th anniversary of the conference and the Qidian Research Institute, aiming to provide a platform for industry exchange and collaboration [2]. Event Theme and Structure - Event Name: 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony, along with the 2025 User-side Energy Storage and Battery Technology Forum [2]. - Theme: New Cycle, New Technology, New Ecology [2]. - Scale: Over 2,000 offline participants and 30,000 online viewers [2]. Highlights of the Event - The conference will feature nine specialized forums with over 60 prominent speakers discussing core issues and technological breakthroughs [4]. - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4]. - The event will also include the 2025 China New Energy Entrepreneurs Club Council meeting, facilitating direct interactions among industry leaders [4]. - More than 50 exhibitors will showcase solutions across the lithium battery, energy storage, and related sectors [4]. Specialized Topics and Forums - Specialized sessions will cover topics such as soft-pack batteries for eVTOL and drones, high-nickel ternary cathode industrialization, and advancements in lithium battery separator technology [7][8]. - The User-side Energy Storage and Battery Technology Forum will address trends in household energy storage and portable energy systems [7]. Golden Ding Award Details - The Golden Ding Award aims to encourage innovation in the lithium battery industry and recognize brands that contribute significantly to its development [8]. - The award categories include various technical innovation awards for battery cells, energy storage technologies, and materials [9][14]. Registration and Participation - Registration for the event is open, with a participation fee of 2,888 yuan per person, which includes access to the conference, meals, and industry white papers [10].

证券代码：000155 证券简称：川能动力 四川省新能源动力股份有限公司 投资者关系活动记录表 编号：20251126 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 长城基金、正心谷、瓴仁投资、弘尚资产、格传投资、鹏华基 金、交银施罗德、Sage par、星石投资、青骊投资、瀚亚投资、 嘉实基金、新华基金、拾贝投资、天时股权、川恒集团、北京 金九瑞和、汐泰投资、海南川溪私募基金管理有限公司、中信 证券、东方财富 时间 2025 年 11 月 26 日 (周三) 上午 10:30-12:00 地点 公司 1622 会议室 上市公司接待 人员姓名 资本运营副总监、证券事务代表、董事会办公室 投资者关系活 动主要内容介 绍 一、问答交流环节 1、公司基本情况介绍 答：公司聚焦绿色能源核心产业，主营业务包括新能源发 电和锂电业务，其中：新能源发电业务主要为风力发电和光伏 发电项目开发、建设和运营，以及垃圾焚烧发电项目的投资运 营及环卫一体化；锂电业务主要为碳酸锂、氢氧化锂产品的生 产和销售，以及李家沟锂矿采选。 ...

Core Viewpoint - The A-share market is expected to return to a "technology growth" theme by 2026, with a continued trend of high performance growth in the technology sector [1] Group 1: Technology Sector - The performance growth trend in the technology sector has not reversed, and the valuation differentiation between growth and value is not at an extreme [1] - The TMT (Technology, Media, and Telecommunications) sector remains relatively under-traded overall, despite some overheating in AI hardware areas like electronics and communications [1] - There are potential rebound opportunities in media and computer sectors as AI application sectors lag behind [1] Group 2: Traditional Industries - The "anti-involution" policy is expected to improve the fundamentals of certain industries, with traditional sectors like coal and steel likely to see a recovery in profitability driven by policy support [1] - Emerging industries such as photovoltaics and lithium batteries may stabilize in supply-demand dynamics after capacity clearing [1] Group 3: Consumer Sector - The consumer sector is anticipated to experience a mild recovery, with structural opportunities in service consumption and travel industries supported by demand recovery and policy backing [1] Group 4: Index Overview - The CSI A500 ETF (159338) tracks the CSI A500 Index (000510), which selects 500 stocks with large market capitalization and good liquidity from the Shanghai and Shenzhen stock exchanges [1] - The index emphasizes balanced industry allocation, focusing on both growth and cyclical sectors, and highlights leading companies in niche industries and representative firms in the new economy [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - On November 25, 2025, the 2601 contract of lithium carbonate futures rose 4.47% to 95,400 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 92,050 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 100 yuan/ton to 89,650 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton to 81,180 yuan/ton. The warehouse receipt inventory increased by 105 tons to 26,615 tons [3]. - In terms of supply, the weekly production increased by 585 tons to 22,130 tons. In October, the import of lithium carbonate increased by 22% to 24,000 tons. In terms of demand, the weekly production of ternary materials increased by 118 tons to 19,002 tons, and the weekly inventory increased by 79 tons to 19,290 tons; the weekly production of lithium iron phosphate increased by 118 tons, and the weekly inventory decreased by 2,154 tons. In terms of inventory, the social inventory of lithium carbonate has been destocked for 14 consecutive weeks to 118,400 tons, and the inventory turnover days have decreased to 26.8 days [3]. - The weekly inventory continued the destocking trend last week, but the marginal change shows that the weekly destocking has slowed down. The weighted contract positions are still large, with risks of continued position reduction and transfer. Although the market sentiment was boosted by news on November 25, the fundamentals may weaken marginally, leading to a short - term downward risk in prices. It is recommended to wait for opportunities to go long after over - decline or the full release of negative factors [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 95,400 yuan/ton, up 4,920 yuan; the closing price of the continuous contract was 95,340 yuan/ton, up 5,140 yuan. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 1,067 US dollars/ton, down 4 US dollars; the prices of various types of lithium mica and phospho - lithium - aluminum stone remained unchanged. - Lithium carbonate and lithium hydroxide: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide decreased by 100 yuan/ton, except for the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea), which decreased by 0.05 US dollars/kg [5]. - Lithium hexafluorophosphate: The price was 160,500 yuan/ton, up 2,500 yuan. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,400 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate remained at - 10,870 yuan/ton; the price difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased by 276 yuan [5]. - Precursors and cathode materials: The prices of various ternary precursors and cathode materials decreased, with the exception of some materials whose prices remained unchanged. - Cells and batteries: The prices of most cells and batteries remained unchanged, while the prices of some products increased slightly [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%, 7% - 8%) from 2024 to 2025, showing their price trends over time [6][8]. 3.2.2 Lithium and Lithium Salt Prices - The report shows charts of the prices of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025, reflecting their price changes [11][15]. 3.2.3 Price Differences - The report includes charts of price differences such as the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025 [18]. 3.2.4 Precursors and Cathode Materials - The report provides charts of the prices of ternary precursors and cathode materials (including various types of ternary materials and lithium iron phosphate, manganese acid lithium, cobalt acid lithium) from 2024 to 2025, showing their price trends [23][25]. 3.2.5 Lithium Battery Prices - The report presents charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025, reflecting their price changes [31]. 3.2.6 Inventory - The report shows charts of the inventory of downstream, smelters, and other links of lithium carbonate from April to November 2025, reflecting the inventory changes [35]. 3.2.7 Production Costs - The report provides a chart of the production costs of lithium carbonate (including cash production profits from different raw materials) from 2024 to 2025, showing the cost - profit situation [39].

Group 1: National Policies and Initiatives - The National Space Administration has issued a plan to promote high-quality and safe development of commercial aerospace from 2025 to 2027, encouraging the strengthening of satellite and rocket manufacturing, expanding application services, and enhancing measurement and control operations [1] - The National Data Bureau supports the establishment of a comprehensive service system for data trading, emphasizing the role of data exchanges in product incubation, compliance assurance, and market integration [2] - The Ministry of Science and Technology aims to implement major national scientific tasks to achieve breakthroughs in key technologies, enhancing collaboration between enterprises and research institutions [5] Group 2: Corporate Developments - Moore Threads announced the results of its initial public offering, with a total of 33,600 winning numbers for subscriptions, allowing each winning number to subscribe for 500 shares [4] - Huayou Cobalt signed a supply agreement with Yiwei Lithium Energy for high-nickel ternary cathode materials, expected to supply approximately 127,800 tons from 2026 to 2035, enhancing its market share in lithium battery materials [5] - Shangwei New Materials elected Peng Zhihui as chairman and appointed Tian Hua as CEO during its board meeting [6][7] - Shida Group is advancing its investments in intelligent computing, leveraging policy advantages from digital initiatives in Fujian [7] - Heng Rui Medicine received approval for clinical trials of its innovative drug HRS-8364 for treating advanced solid tumors, with no similar drugs approved in the market [8] - Spring Autumn Electronics plans to acquire all shares of Asetek A/S for up to 573 million Danish Krone, focusing on liquid cooling technology for PCs [9] - Tianfu Communication's major shareholder transferred 3.011 million shares for 422 million yuan, with no impact on the company's control structure [10] - Century Huatong obtained a loan commitment of up to 900 million yuan from China Merchants Bank for stock repurchase [11] - Demingli plans to raise up to 3.2 billion yuan for expanding SSD and DRAM production projects [12] - Dayang Electric is investing 10 million yuan in an industrial fund focused on robotics and related technologies [13] - Guosheng Technology intends to acquire 100% of Fuyue Technology for 240.6 million yuan, which specializes in high-precision lithium battery components [13]