Core Viewpoint - The carbon fiber market in China is experiencing price stability, with expectations for future breakthroughs in production technology to enhance competitiveness [2][4]. Price Summary - As of July 11, 2025, the average price of carbon fiber in China is 83.75 yuan per kilogram, with specific prices for different grades: - Domestic T300 grade: 12K specifications priced between 80 to 90 yuan/kg, while 24/25K bundles range from 70 to 80 yuan/kg [1]. - Domestic T700 grade: 12K products priced between 90 to 120 yuan/kg, and 24K products range from 85 to 120 yuan/kg [1]. - Domestic T800 grade: 12K specifications priced between 180 to 240 yuan/kg [1]. Market Dynamics - T800 grade products command significantly higher prices due to their advanced technology and high-end applications, while smaller bundles (e.g., 12K) are priced higher than larger bundles (e.g., 48/50K) within the same grade due to complexity and performance advantages [2]. - The carbon fiber market is currently in a stagnant phase without major positive stimuli, but advancements in raw silk technology and production processes may lead to cost reductions and improved competitiveness in the future [2]. Technological Developments - A collaborative research project involving Jilin Chemical Fiber Group and several leading enterprises has successfully developed key technologies for the large-scale manufacturing of large bundle carbon fibers and composite materials, achieving stable production of high-performance 35K and above large bundle carbon fibers [3]. - The project has established a simulation model for the pultrusion process of large bundle carbon fibers and developed specialized high-efficiency pultrusion processes and equipment, enabling the stable mass production of high-performance pultruded plates [3]. Future Market Potential - The carbon fiber market is expected to benefit from applications in hydrogen storage and transportation, global wind turbine blade recovery, photovoltaic thermal carbon-carbon composites, low-altitude economy, and the domestic large aircraft supply chain [4].

Core Points - Chengdu's Wenjiang District and Qingbaijiang District have signed a bulk exchange agreement for major air pollutant emission quotas, marking the first cross-regional quota exchange case in the province [1] - The innovative exchange breaks down resource allocation barriers between districts, allowing for the effective use of limited emission quotas to support various construction projects with a total investment exceeding 30 billion yuan in Wenjiang and approximately 150 billion yuan in Qingbaijiang [1] - The exchange is facilitated by the recent implementation of the "Regulations on the Review and Management of Major Air Pollutant Emission Quotas for Construction Projects" by Chengdu's Ecological Environment Bureau, which aims to balance project implementation and air quality improvement [1] Emission Reduction Goals - Chengdu has exceeded its "14th Five-Year Plan" emission reduction targets by the end of 2024, addressing the shortage of nitrogen oxide quotas through policy support and the development of a technical guide for emission reduction accounting [2] - The city plans to expand the scope of emission reduction projects to include reductions from industrial and automotive repair sectors, potentially adding 238 tons of nitrogen oxides and 254 tons of volatile organic compounds to the total quota [2] - The approval process for construction project environmental assessments will emphasize accurate and objective accounting of quota replacements to minimize unnecessary "quota waste" [2]

【DT新材料】 获悉，5 月 20 日， 吉林石化公司 千吨级高性能碳纤维项目环境影响评价公众参与 第一次公示 。 公告显示，该项目 投资 12.99亿元 ， 新建 1400 吨 / 年高性能碳纤维装置，主要原料为丙烯腈， 主要工程内容包括聚合单元、纺丝单元、碳化单元、溶剂回收单元等，以及配套建设的储运工程、全 厂工艺及热力管网、公用工程、辅助工程等。 早在2022 年， 吉林石化 就将 " 碳纤维新产品开发及应用 " 项目列为公司 "2022 年揭榜挂帅攻 关项目 " 之一，明确了 1K 碳纤维新产品 攻关考核指标，后继成立了碳纤维厂，年底顺利产出原 丝。 2023 年底， 吉林石化 成功开发出高强中模型大丝束碳纤维新产品，目前该公司高强中模型大丝束 碳纤维装置达到最优工艺条件，产品良品率稳定在 90% 以上。据介绍中国石油吉林石化开发的 T300 级 3K 、 6K 小丝束碳纤维 ，在航天航空等领域得到应用，开发的 T700 、 T800 级系列 产品，尤其是油田用碳纤维连续抽油杆扶正器等实现了生产应用。 注册签到 7月16日 星期三 青年学者论坛一最佳报告评选 开幕式 ( ( 品)主席致辞) 最佳报告颁 ...

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6] Core Insights - Lithium demand may be pressured by trade tensions, with a market surplus expected to increase to approximately 10,000 tons of lithium carbonate equivalent (LCE) in April, leading to downward pressure on prices [2][3] - Uranium fundamentals remain solid despite a spot price correction, with term pricing stable at around US$80 per pound, indicating a constructive medium-to-long-term supply-demand outlook [3] - Solar glass prices are likely to stabilize due to supply responses, although pressures are expected to persist in the second half of 2025 as demand decreases [4][10] Summary by Sections Lithium - Demand in 1Q25 was stronger than expected due to EV trade-in programs and energy storage system (ESS) demand, but the peak season in 2Q25 is anticipated to be muted due to earlier demand pull-forward [2] - Tariff uncertainties have caused large EV makers to pause April order books, leading to a potential price bottom for lithium carbonate at approximately Rmb65,000 per ton [2] Uranium - The spot price has declined to around US$60 per pound, influenced by uncertainties regarding Russian enriched uranium and US tariffs, but the gap between spot and term prices has widened, limiting further downside [3] - Supply imbalances are expected to gradually reflect in the market, potentially pushing uranium prices higher and benefiting companies like CGN Mining [3] Solar Glass - A reasonable recovery was noted in 1Q25, with prices rebounding due to increased demand from module producers, but a decrease in demand is expected in June as rush installations conclude [4][10] - The near-term supply and demand for solar glass could remain solid, supporting earnings recovery for producers, but increased industry supply may pressure prices again in 2H25 [10] Rare Earth Magnets - An upward trend in rare earth prices is anticipated due to new smelting regulations and tariffs, which could tighten supply from imports, benefiting producers [11] Stock Ratings - Overweight-rated stocks include Xinyi Solar, CGN Mining, and various rare earth magnet producers, with significant upside potential noted for several companies [12][13]