主题演讲｜高比能圆柱电池开发进展 在圆柱电池技 术专场，相江峰博士发表主题演讲《高比能圆柱电池开发进展》，系统梳理了全球圆柱电芯市场的发展现状与应用结构 变化。他指出，当前圆柱电芯需求保持稳定增长，广泛应用于两轮车 、滑板车、智慧家居、消费电子等成熟领域，并在无人机、BBU、人 形机器人等新兴赛道中展现出增长潜力。 12 月18日—19日，由起点锂电、起点储能、起点研究院SPIR主办的2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼&起点 研究十周年庆典、2025起点用户侧储能及电池技术论坛在深圳举办，大会围绕锂电与储能产业的新周期、新技术与新生态展开深入交流， 汇聚了众多行业专家与企业代表。 大会期间，远东电池资深合伙人、电芯研究院院长、江西远东电池执行总经理相江峰博士受邀出席并发表主题演讲；在同期举办的锂电 金鼎奖颁奖典礼上，江西远东电池有限公司荣获"锂电电芯技术创新奖"，充分体现了行业对公司技术实力与创新成果的高度认可。 围绕高能量密度这一核心命题，相江峰博士重点分享了远东电池在硅基负极技术方向的持续探索与阶段性成果。通过硅纳米化、结构调 控及碳材料复合等技术手段，远东电池在硅碳、硅氧多技术路径上 ...

权益投资团队均衡成长组组长李博认为，明年科技成长风格有望保持相对优势。权益均衡与价值组组长 倪权生重点提示了两类机会：一是受益于供给约束、格局改善且现金流持续优化的周期行业（如有色金 属），二是依托中国供应链与效率优势，积极拓展海外市场的高端制造业。 新京报贝壳财经讯（记者张晓翀）12月19日，摩根资产管理中国权益投资团队分享了对于2026年市场机 会的研判。 校对 柳宝庆 摩根资产管理中国副总经理兼投资总监杜猛指出，中国资产的长期价值重估进程仍在持续，看好2026年 市场结构性机会。在当前市场分化格局下，判断是不是优质资产应回归产业需求是否稳定增长以及现金 流能否持续这一核心逻辑。 权益成长组基金经理赵隆隆看好锂电与储能产业链，指数及量化投资部总监胡迪指出，展望2026 年，"哑铃型"配置策略仍具有重要价值。 编辑 岳彩周 ...

Core Viewpoint - The A-share market experienced volatility this week, with several major indices showing a downward trend, indicating a shift in market style towards small and low-priced stocks while growth stocks, particularly in the AI sector, faced challenges [1][4][5]. Market Performance - The micro-cap stock index rose by 3.16% over the week, while the Shanghai Composite Index remained flat, and the Guozheng 2000 Index slightly declined by 0.13% [1]. - The ChiNext Index and the Sci-Tech 50 Index, which had previously led the market, fell over 3% this week, marking them as the weakest performers [1]. Market Sentiment and Trends - The market is currently characterized by a "strong at both ends, weak in the middle" phenomenon, with a notable shift in focus towards small-cap and low-priced stocks [1][7]. - The recent performance of the A-share market reflects a broader trend where small and low-priced stocks are gaining traction, while growth stocks lack catalysts due to a performance vacuum during the year-end period [2][3]. Key Events and Indicators - The upcoming earnings report from NVIDIA on November 20 is anticipated to significantly influence the direction of AI stocks, as the market seeks confirmation of strong AI chip orders [6]. - Additionally, Huawei's announcement of a breakthrough technology in AI on November 21 is expected to enhance the utilization of computing resources, which could impact market sentiment [6]. Sector Focus - Defensive sectors, particularly those related to energy supply and heating, are expected to attract investment as winter approaches, with coal and gas supply stocks likely to see increased interest [7]. - The lithium battery and energy storage upstream sectors are also highlighted, with recent price increases in several products drawing attention from investors, although caution is advised against chasing high prices [8]. Summary of Market Outlook - The market is currently in a state of flux, with a critical focus on the performance of the Sci-Tech 50 Index. A rebound could lead to upward movement in the broader market, while a breakdown may increase volatility [8]. - The ongoing trend of speculation in small-cap and thematic stocks is expected to continue, with particular attention on sectors like national defense and emerging concepts [7][8].

Group 1 - Silver prices surged to a historical high, with international spot silver prices exceeding $54 per ounce, driven by multiple factors including geopolitical tensions and strong industrial demand [2] - The U.S. short-term financing market is under pressure, with a warning from banks that the Federal Reserve may need to intervene to alleviate liquidity tightness, as key short-term interest rates remain high [2] - A-shares saw a collective rise in major indices, with lithium battery and energy storage sectors becoming market hotspots, supported by rising upstream product prices and favorable policies [2] Group 2 - Oracle's stock price has been declining, with investor confidence shaken due to concerns over the sustainability and profitability of its AI and cloud businesses, as internal data revealed a low cloud business gross margin of around 14% [3] - China's central bank reported positive financial statistics for October, with broad money (M2) and social financing growth rates remaining high, indicating a robust financial support for the real economy [3] - 22 stocks received buy ratings from institutions, with some showing significant upside potential, particularly in the automotive and electronics sectors [3] Group 3 - The "14th Five-Year Plan" period is seen as a critical stage for the capital market to promote high-quality development, with a focus on supporting technological innovation and fostering high-quality listed companies [5] - Bitcoin's price recovery has been sluggish, with institutional buyers retreating, leading to a net outflow of approximately $2.8 billion from spot Bitcoin ETFs over the past month [5] - Linyi Intelligent Manufacturing announced the termination of its major asset restructuring review, which involved purchasing a 66.46% stake in Jiangsu Keda [5] Group 4 - Several high-performing stocks have issued risk warnings, indicating potential market overheating and irrational speculation, with some stocks being suspended for review due to excessive price increases [6]

Core Conclusion - Morgan Stanley recently acknowledged previous misjudgments regarding the stock prices of Ganfeng Lithium (002460) and Tianqi Lithium (002466), upgrading their ratings from "reduce" to "neutral" [1][2] - The stock prices of Ganfeng Lithium and Tianqi Lithium have significantly outperformed lithium carbonate prices, with increases of 79% to 137% since July, compared to a 34% rise in lithium carbonate prices [3] Lithium Market Analysis - The strong performance of Ganfeng Lithium and Tianqi Lithium is attributed to robust demand for energy storage systems, supply disruptions due to mining license renewals in China, and positive developments in solid-state battery research [4] - Morgan Stanley has adjusted its lithium price forecast for FY2026 from 70,000 RMB/ton to 90,000 RMB/ton, anticipating that lithium supply will gradually increase as prices reach around 90,000 RMB/ton [2][4] Energy Storage Demand - Market expectations for global energy storage battery shipments in 2026 vary widely, with growth projections ranging from 20% to 80%. Morgan Stanley's analyst predicts shipments will reach approximately 770 GWh, a 30% year-on-year increase [5] - Since June, energy storage has accounted for over 25% of global battery production and 40% of lithium iron phosphate battery production, contributing to rising lithium prices and improved profit margins for battery manufacturers [5] Mining License and Supply Issues - The renewal of mining licenses in Jiangxi province is becoming clearer, with expectations for gradual capacity release from the Jiangxia mine, which has an annual capacity of approximately 45,000 to 50,000 tons [6] - Even with the anticipated supply from the Jiangxia mine, investors expect the global lithium market to remain in a shortage state through 2025 and 2026 [6] Company-Specific Insights Ganfeng Lithium - Ganfeng Lithium is a leading global lithium producer with key assets such as Mt Marion and Cauchari-Olaroz, and its battery business has seen rapid growth, contributing 40% to revenue by Q3 2025 [8] - Financial forecasts for FY2026 estimate revenue of 28.819 billion RMB, adjusted net profit of 1.794 billion RMB, and an adjusted EPS of 0.87 RMB, with an EBITDA margin of 19.5% [9] Tianqi Lithium - Tianqi Lithium holds a 26% stake in the Greenbushes mine, the lowest-cost spodumene source globally, and is the only Chinese lithium producer achieving self-sufficiency in mining, returning to profitability by Q3 2025 [11] - Financial forecasts for FY2026 estimate revenue of 16.996 billion RMB, adjusted net profit of 2.161 billion RMB, and an adjusted EPS of 1.32 RMB, with an EBITDA margin of 66.0% [11]