本报记者 李万晨曦 上海有色网数据显示，截至11月25日，电解液均价已达54250元/吨，而今年年初价格约为19400元/吨； 核心原材料六氟磷酸锂涨势更为迅猛，从7月份约49300元/吨的低点飙升至11月25日的160500元/吨（均 价）。在价格飙升的同时，头部电解液企业订单火爆，批量斩获长协大单，其中部分企业订单更是排至 2028年。 国际智能运载科技协会秘书长、黄河科技学院客座教授张翔在接受《证券日报》记者采访时表示，电解 液行业量价齐升格局的形成，核心是新能源汽车与储能产业双轮驱动下的需求爆发，叠加供给端核心材 料扩产滞后、行业集中度提升后的有效供给收缩，多重因素共同催生了行业历史性机遇。在此背景下， 产业链企业正通过技术升级、产能布局与战略合作多维发力，在把握机遇的同时积极应对行业变革带来 的挑战。 11月份以来，电解液行业持续复苏，头部企业大额长协订单密集落地。例如，作为电解液龙头企业，广 州天赐高新材料股份有限公司11月6日分别与合肥国轩高科动力能源有限公司、中创新航科技集团股份 有限公司签订订单，两份重大订单的电解液产品总需求量高达159.5万吨，供货周期均覆盖2026年至 2028年。11 ...

Global Research China Electrolyte Sector Electrolyte/LiPF6 supply-demand to improve in 2026E; raising price targets for Tinci/Capchem LiPF6 price uptrend likely to continue in 2026 As per ICCSINO, the LiPF6 retail price has risen to Rmb158,000/tonne (t) from Rmb57,000/t in early September, alongside a ~Rmb3,000/t price hike for LPF battery electrolyte in the same period. We attribute the LiPF6 price gain mainly to: 1) growing demand for downstream ESS batteries; 2) less planned new capacity vs the prior two ...

Core Insights - The rapid growth in the energy storage industry and the recovery in lithium battery demand have led to a significant increase in the prices of key materials such as lithium hexafluorophosphate and VC additives, described as a "fire in winter" for the market [2][3]. Lithium Hexafluorophosphate - The price of lithium hexafluorophosphate has surged dramatically, with mainstream quotes exceeding 120,000 yuan per ton in mid-November, doubling from the low of 50,000 yuan in July and also doubling from mid-October [3]. - The price increase is driven by explosive growth in demand from the electric vehicle and energy storage sectors, alongside a contraction in supply due to the exit of many small enterprises under financial pressure [3]. - Domestic energy storage battery shipments reached 430 GWh in the first three quarters, surpassing last year's total, with some companies facing order backlogs extending to 2026 [3]. VC Additive - The price of VC additives has seen a staggering increase, with quotes reaching 100,000 to 120,000 yuan, marking a daily jump of over 50% [5]. - The surge in VC prices is attributed to the explosive demand from the energy storage market, rigid supply constraints, and smooth cost transmission [5]. - The global supply of VC is expected to face a significant shortfall, with projections indicating a gap of 12,000 to 15,000 tons by 2025 and potentially reaching 20,000 tons by 2026 [6]. Chlorosulfonic Acid - Chlorosulfonic acid prices have also risen sharply, with a cumulative increase of 23.5% in November and over 35% since early August [7]. - It is a key raw material for lithium bis(fluorosulfonyl)imide (LiFSI), which is gaining traction due to its superior technical specifications compared to traditional lithium hexafluorophosphate [7]. - The transition from lithium hexafluorophosphate to LiFSI indicates a shift towards high-nickel battery applications, with demand for LiFSI expected to grow at an annual rate of over 30% [8]. Industry Dynamics - Major players in the electrolyte market, such as Tianqi Materials, are benefiting from integrated layouts, maintaining high capacity utilization rates and securing long-term supply contracts with downstream battery manufacturers [4]. - The market outlook for lithium hexafluorophosphate remains optimistic, with expectations of continued price increases due to tight supply-demand dynamics [4].

Core Viewpoint - The A-share market is currently in a consolidation phase, with rapid rotation between sectors, particularly as funds shift towards lithium batteries and electrolyte themes, while the technology sector is undergoing a correction after significant gains [1] Sector Summaries 1. Market Dynamics - The A-share market is experiencing a continued consolidation pattern, with funds rotating quickly between sectors [1] - The technology sector, which had previously seen substantial gains, is now in a state of correction [1] - There is a notable shift of funds towards lithium batteries and electrolyte themes, indicating a change in investment focus [1] 2. Institutional Positioning - As the year-end approaches, institutional allocations are likely to become more balanced, preparing for the economic outlook for the next year [1] - The year-end market is expected to maintain a volatile structure [1] 3. Investment Opportunities - In the context of sector rotation, there are opportunities in themes such as anti-involution and dividends [1] - **Anti-involution Sector**: The focus on addressing "involution" competition is becoming a key macroeconomic control measure, enhancing the long-term investment value of related sectors [1] - **New Productive Forces**: Technology companies that align with national strategies and possess genuine technological barriers are expected to be a significant investment theme in the A-share market [1] - **Consumer Sector**: As a crucial part of domestic demand, consumption plays a vital role in stabilizing the economic foundation, with particular attention on service consumption and new consumption segments [1] - **"Dual" Sector**: Project construction is anticipated to drive the improvement and development of the industrial chain, benefiting related companies through increased orders and performance releases [1]

中国银河证券研报表示，A股行情整理格局仍在延续，板块之间快速轮动，前期涨幅较大的科技板块处 于盘整状态，资金开始向锂电池、电解液等主题扩散轮动，大消费板块也受益于政策利好，但主题演绎 的持续性仍显不足。同时，临近年末，机构配置或趋于均衡，也在为明年景气方向布局做出准备。预计 年末行情仍以震荡结构为主。在板块轮动中关注"反内卷"、红利等主题机会，科技主题关注补涨细分及 产业趋势的催化。 ...

Core Insights - The A-share market is experiencing fluctuations around the 4000-point mark, with a notable acceleration in the rotation rhythm between and within sectors, including AI, new energy, resource products, and consumer goods, although the sustainability of the upward trend is limited [1][2] - Analysts suggest that the recent wide fluctuations in the A-share market are influenced by both domestic and international factors, including a decline in risk appetite in overseas markets and resistance at the 4000-point level [1][2] - The market is expected to maintain a range-bound oscillation in the short term, with a potential rebalancing of market styles lasting several months, while technology growth sectors like TMT and advanced manufacturing are anticipated to lead index breakthroughs in the longer term [1][3] Market Outlook - The A-share market is likely to continue its oscillation pattern, with rapid sector rotation observed, particularly as funds shift from previously high-performing technology sectors to lower-performing sectors such as resources, consumption, and pharmaceuticals [2][3] - Analysts from various firms indicate that the current market structure reflects a global trend of "rebalancing," with funds moving away from technology stocks due to concerns over AI bubbles and external events impacting risk preferences [2][3] - The investment strategy should focus on structural allocation around themes of "anti-involution" and AI applications, leveraging trends in prosperity, policy direction, and capital flow to achieve excess returns [2][3] Sector Performance - In the context of year-end market style assessments, analysts suggest that sectors that have lagged may perform better during this oscillation phase, with a focus on high-dividend, consumer, and cyclical stocks [3][4] - The technology sector, particularly TMT and advanced manufacturing, is expected to maintain a long-term advantage due to relative profitability and global semiconductor cycles, despite a temporary shift towards value stocks [3][4] - The current market environment is characterized by a high degree of volatility, driven by valuation and expectations, with a potential shift back to technology stocks as the underlying industrial logic strengthens [3][5]

Summary of Key Points Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 225.42 billion, with significant trading activity in specific stocks and sectors, indicating a dynamic market environment [1]. Trading Volume - The total trading amount for the Shanghai Stock Connect was 105.55 billion, while the Shenzhen Stock Connect totaled 119.88 billion [2]. Top Traded Stocks - The top traded stock on the Shanghai Stock Connect was Zhaoyi Innovation with a trading amount of 1.83 billion, while the top on the Shenzhen Stock Connect was Ningde Times with 7.10 billion [3]. Sector Performance - The non-ferrous metals sector saw the highest net inflow of funds, amounting to 10.26 billion, followed by the new energy sector with 8.92 billion [5]. ETF Trading - The Chemical ETF (516020) experienced a significant increase in trading volume, with a 188% rise compared to the previous trading day, indicating strong investor interest [11]. Futures Positioning - In the futures market, both long and short positions in the IH, IF, and IC contracts saw a reduction, with long positions decreasing more significantly [12]. Institutional Activity - Institutional buying was notable in stocks like Tianqi Lithium and Ningde Times, with net inflows of 1.23 billion and 2.68 billion respectively, while Tianji Co. faced significant selling pressure with outflows of 4.02 billion [7][14]. Retail Investor Activity - Retail investors showed high activity, particularly in stocks related to the lithium battery supply chain, with significant buying in Tianqi Lithium and Ningde Times [16].

Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The report highlights significant orders for electrolyte products, with Tianqi Materials signing contracts worth nearly 40 billion yuan for the supply of 87,000 tons to Guoxuan High-Tech and 72,500 tons to Zhongxin Innovation [3][28] - Global semiconductor sales reached 208.4 billion USD in Q3 2025, marking a 15.8% increase from the previous quarter, driven by rising demand for various semiconductor products [3][33] Market Overview - The Wind New Materials Index closed at 5201.04 points, up 1.11% week-on-week. Among sub-industries, the semiconductor materials index fell by 1.43%, while the organic silicon materials index rose by 10.04% [2][10] - The top five gainers this week included Dongyue Silicon Materials (22.5%), Sanxiang New Materials (20.65%), and Zhejiang Zhongcheng (18.52%) [24][25] Recent Industry Trends - The report notes a major adjustment in BASF's new materials business, consolidating its PolyTHF™ operations in China and ceasing production in South Korea by 2026 [28][29] - The global smartphone market saw shipments reach 320 million units in Q3 2025, with Samsung leading in market share at 19% [30]

Core Points - The main point of the article is the analysis of capital flow in various industries, highlighting the net inflow and outflow of funds in the stock market on November 7, with specific focus on the performance of certain sectors and individual stocks [2][4]. Industry Summary - On November 7, the main capital outflow from the Shanghai and Shenzhen markets was 29.74 billion yuan, with the ChiNext board experiencing a net outflow of 12.746 billion yuan and the CSI 300 index seeing a net outflow of 8.593 billion yuan [2]. - Among the 14 primary industries, the basic chemical industry had the highest increase at 2.39%, while the computer, electronics, home appliances, and automotive industries all saw declines exceeding 1% [2]. - Five industries experienced net inflows of main capital, with the basic chemical and electric equipment industries leading with inflows exceeding 3.3 billion yuan each [2]. - The computer industry had the largest net outflow at 7.842 billion yuan, followed by the electronics industry with 6.787 billion yuan [2]. Company Summary - Tianfu Communication, a leading optical module stock, saw a net inflow of 2.259 billion yuan, resulting in a price increase of over 12% [4]. - Tianqi Materials, a lithium battery concept stock, had a net inflow of 1.01 billion yuan, following the announcement of two major orders involving nearly 1.6 million tons of electrolyte products over three years [4]. - Multiple stocks in the new energy supply chain received significant attention, with 86 stocks seeing net inflows exceeding 100 million yuan, and 19 stocks exceeding 300 million yuan [3]. - Other notable stocks with significant net inflows included EVE Energy, Tianji Co., Enjie Co., Yongtai Technology, and Haima Automobile, each with inflows exceeding 400 million yuan [5]. - Conversely, two humanoid robot stocks, Sanhua Intelligent Control and Wanxiang Qianchao, faced substantial net outflows of over 1.6 billion yuan and 861 million yuan, respectively [7].

Core Viewpoint - The recent announcements from Tianci Materials regarding long-term supply agreements for electrolyte with major clients indicate a significant shift in the supply-demand dynamics within the industry, reflecting a collective anticipation of recovery in the electrolyte market [2][4]. Group 1: Company Developments - Tianci Materials' subsidiary, Jiujiang Tianci, has secured contracts to supply 870,000 tons of electrolyte to Guoxuan High-Tech and 725,000 tons to Zhongchuang Xinhang from 2026 to 2028, totaling 1,595,000 tons [2]. - The company has also established long-term orders with Ruipu Lanjun for 800,000 tons and Chuangneng New Energy for 550,000 tons this year, bringing the total locked-in electrolyte supply to over 3 million tons [2]. - Tianci Materials has achieved a self-supply rate of over 90% for lithium hexafluorophosphate, with a production capacity of 110,000 tons, which enhances its cost resilience during raw material price surges [4][6]. Group 2: Industry Trends - The demand for electrolytes is driven by the explosive growth in the energy storage sector and the increasing penetration of new energy vehicles, with China's electrolyte market shipments reaching 1.41 million tons in the first three quarters of 2025, a 40% year-on-year increase [2]. - The price of lithium hexafluorophosphate, a key material constituting over 50% of electrolyte costs, has surged to over 110,000 yuan per ton, marking a nearly 90% increase since the end of September [3]. - The industry is experiencing a structural recovery from the bottom, with a tight balance in the lithium hexafluorophosphate market due to capacity adjustments and regulatory constraints [4]. Group 3: Future Outlook - The price increase and long-term contracts signal a restructuring of the industry value chain, where battery manufacturers secure stable supplies while electrolyte producers optimize capacity allocation [6]. - The industry is expected to see increased concentration among leading firms with integrated layouts, technological advantages, and economies of scale, while smaller players face cost and supply pressures [6]. - The high prices of raw materials are likely to enhance the economic viability of battery recycling and alternative materials development, promoting a shift towards a circular economy and technological innovation within the industry [6].