国企实力嫁接国际品牌，共拓产业融合新赛道。首农食品集团是首都食品供应保障的核心载体，旗下拥 有六必居、王致和、月盛斋、三元、大红门等众多中华老字号。近年来，集团积极拓展"农文旅体商"融 合发展的新增长曲线，致力于服务首都市民品质生活，为北京国际消费中心城市建设贡献"首农力量"。 其全资平台企业首农发展公司，作为本次项目的具体执行方，具备丰富的资产盘活与产业运营经验。悦 榕集团是新加坡上市公司，深耕全球奢华度假市场30年的行业标杆，以坚持"设计为先"理念、深度融合 在地文化而著称，在全球运营超过百家酒店及度假村，旗下拥有悦榕庄、悦椿、鸿居等多个知名品牌。 此次携"鸿居"品牌进入北京，是其布局华北区域战略高地的关键一步。 1月27日，首农食品集团旗下首农发展公司与新加坡悦榕集团在京正式签署合作协议，双方将共同打造 位于延庆区延农路8号的高端度假酒店项目。此举标志着悦榕集团旗下生活方式品牌"鸿居"（HOMM） 首度进驻北京，也是首农食品集团培育农文旅融合新业态、助力北京国际消费中心城市建设的又一重要 举措。 此次签约是北京市属国企与国际知名度假酒店集团的强强联合。根据协议，双方将依托延庆优越的生态 与区位资源，打造 ...

晨报 碳酸锂 成材：重心下移 偏弱运行 碳酸锂：高位震荡调整，聚焦供需边际 以伊冲突 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 投资咨询业务资格： 证监许可【2011】1452 号 逻辑:昨日碳酸锂期货主力合约呈震荡下行态势，日内跌幅达 6.56%， 收 165680 元/吨。资金面主力净空延续，多空比环比下降，仓单微增 490 吨至 28646 吨。现货端，SMM 电碳均价 181500 元/吨。锂价冲高时上游散 单放量，随后快速下跌触发锂盐厂惜售；下游早盘观望，跌势中部分采购 意愿上升，市场活跃度提升，备库逐步启动。 原材料：程 鹏 基本面来看，供应端，上周原料市场呈分化走势，海外锂辉石持稳微 涨，国内现货锂矿普遍回调。上周 SMM 碳酸锂总周度开工率 50.99% （-1.7%），受检修计划影响各工艺路线开工率环比下降；SMM 总产量 22217 吨（-388 吨），供应量微降。需求端结构性分化显著。上周 SMM 铁锂、 三元增产累库，动力电芯产量微降，截至 1 月 18 日，SMM 新能源车销量 渗透率上升至 55.6%，储能电芯排产小 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint - The report predicts that the price of lithium carbonate will stabilize in a volatile manner, and investors should focus on marginal changes in cost, supply, and demand [5] 3. Summary by Relevant Catalogs Market Performance - Last week, the main contract of lithium carbonate showed a volatile downward trend, hitting the daily limit of 146,200 yuan/ton multiple times, with an intraday decline of about 9%. Trading volume increased to 592,000 lots, and open interest slightly decreased to 416,000 lots. The net short position of the main force in the capital market continued, and the long - short ratio decreased by 3.8% month - on - month. Market sentiment was cautious, and the number of warehouse receipts increased slightly to 27,500 lots. The SMM average price of electric carbon was 158,000 yuan/ton, and the basis of the main contract was 11,800 yuan/ton [3] - In the spot market, the upstream's reluctance to sell increased, with a low willingness to sell scattered orders, and some manufacturers suspended quotations and actively stockpiled. The downstream's purchasing willingness increased due to lower prices and rigid demand. Overall market inquiries and traders' willingness to sell both increased [3] Fundamental Analysis Supply - Last week, raw material prices increased by more than 17% month - on - month, strengthening cost support. The total weekly operating rate of SMM lithium carbonate was 52.7% (+0.98%). The operating rates of spodumene and salt lakes increased slightly, while those of lithium mica and recycling decreased slightly. The total output was 22,605 tons (+70 tons), and the supply stabilized at a high level [4] Demand - There was significant structural differentiation in demand. Last week, the output of SMM lithium iron phosphate and ternary materials decreased slightly, and inventory was destocked. The output of SMM power cells decreased slightly. As of January 11, the penetration rate of new - energy vehicle sales decreased month - on - month, and the production schedule of energy - storage cells increased slightly to support demand [4] Inventory - Last week, the weekly inventory of SMM samples was destocked again, with a month - on - month decrease of 0.24% (-263 tons). The total inventory days remained at 28 days. The upstream inventory days increased to 5 days, and the downstream inventory days decreased slightly to 13.8 days, showing significant inventory structure differentiation [4] Macroeconomic Policy - On the demand side, in 2026, multiple incentives such as car trade - in subsidies, Fed rate cuts, and battery export tax - rebate policies will stimulate terminal consumption and improve macro - liquidity. On the supply side, on January 15, the National Development and Reform Commission proposed to introduce management measures for the comprehensive utilization of new - energy vehicle power batteries, which will improve recycling thresholds and eliminate backward production capacity, optimizing the domestic lithium carbonate supply structure and raising the cost support center in the long term [5] - Industrial planning, such as the Qinghai Salt Lake Industry Plan and the "15th Five - Year Plan" for energy storage, along with a series of deployments from the Central Economic Work Conference, will form a coordinated positive impact, supporting long - term supply - demand balance. The central bank's structural interest - rate cuts will indirectly strengthen the long - term macro - positive atmosphere [5]

Report Summary 1. Industry Investment Rating No investment rating was provided in the report. 2. Core View The industry will experience range - bound oscillations, with the strong game - playing pattern continuing. Attention should be focused on marginal changes in costs, supply, and demand [4]. 3. Summary by Related Content Market Performance - Yesterday, the main lithium carbonate contract showed wide - range oscillations, with prices fluctuating between 155,000 yuan/ton and 173,400 yuan/ton, closing at 161,940 yuan/ton. Trading volume slightly shrank to 589,000 lots, and open interest slightly decreased to 453,000 lots. The net short position of the main force in the capital market continued, and the long - short ratio decreased by 3.8% month - on - month. Market sentiment was cautious, and the number of warehouse receipts increased to 27,200 lots. The average price of SMM electric carbon was 163,000 yuan/ton, and the basis of the main contract was 1,060 yuan/ton [3]. - In terms of market transactions, upstream lithium salt manufacturers preferentially fulfilled long - term agreements, and their willingness to sell spot orders was low, with some manufacturers quoting high prices. The proportion of spot purchases by downstream material manufacturers increased during long - term agreement negotiations. The weakening of the afternoon market led to a recovery in inquiry and transactions, and overall transactions moderately increased [3]. Fundamental Analysis - **Supply side**: Last week, raw material prices increased by more than 9% month - on - month, continuing the upward trend and strengthening cost support. The total weekly operating rate of SMM lithium carbonate decreased by 1.05% month - on - month. The operating rates of spodumene and salt lakes decreased slightly, while those of lithium mica and recycling increased slightly. SMM's total output increased by 0.5% month - on - month, and production capacity was further released [4]. - **Demand side**: There was a significant structural differentiation. Last week, the production of SMM lithium iron phosphate and ternary materials decreased by 3.3% and 1.3% month - on - month respectively, with inventory destocking. The production of SMM power cells slightly decreased, while SMM new energy vehicle sales and penetration reached new highs. Slight growth in the production scheduling of energy - storage cells supported demand [4]. - **Inventory**: Last week, the weekly inventory of the SMM sample increased by 0.3% month - on - month, showing the first sign of inventory accumulation. The total inventory days slightly increased to 28 days [4]. Policy Impact - In 2026, subsidies for car trade - ins, the Fed's interest rate cuts, the industrial plan for Qinghai salt lakes, the key points of the "15th Five - Year Plan" for energy storage, and a series of arrangements from the Central Economic Work Conference jointly provided favorable support for long - term supply - demand balance [4]. - On January 4th, the State Council's "Solid Waste Comprehensive Management Action Plan" strengthened constraints on the supply side, which may exacerbate short - term supply shortages. On January 9th, the two departments announced a reduction in the battery export tax - refund policy, which may trigger short - term export rush demand [4].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The lithium carbonate futures rose and then fell. After the sentiment of supply - side disturbances faded, the high point of the previous day had obvious suppression. Although the weekly inventory reduction of lithium carbonate slowed down, which was expected to dampen short - term market enthusiasm, the callback space of lithium prices was limited due to the stable price increase trend in the industrial chain [10]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - The lithium carbonate futures rose and then fell. The high point of the previous day had strong suppression after supply - side disturbances subsided. The price of electric carbon increased by 500 to 97550, the price of Australian ore increased by 10 to 1340, the price of mica increased by 40 to 2825, the price of ternary increased by 200 - 800, the price of iron - lithium increased by 120, and the price of electrolyte remained flat. The weekly inventory of lithium carbonate decreased by 1044 tons to 110425 tons, and the de - stocking intensity continued to slow down [10]. 3.2行业要闻 (Industry News) - The Chilean Copper Commission (Cochilco) reported that although the global lithium carbonate price had risen significantly due to increased supply uncertainty and improved future demand prospects, it was still lower than last year's average. On December 10, the price reached $10,500 per ton, a 13% increase from the end of October. The average price this year was $9306 per ton, 24% lower than the 2024 level. Despite expected oversupply in the market this year and next, prices continued to rise. Lithium prices were expected to recover moderately in 2026, but the resumption of major mines might cause short - term price drops. The consumption of lithium - battery energy storage systems was expected to increase, driving prices up [13]. - BloombergNEF's "2025 Transition Metals Outlook" report stated that lithium supply continued to grow. Supported by new project launches in South America and Africa, the maturity of direct extraction technology, and increased secondary supply, the total lithium carbonate equivalent production capacity might increase from 1.5 million tons in 2025 to 4.4 million tons in 2035. Lithium prices were still low after falling from the peak of $80,000 per ton in 2022, but recent production interruptions and subsidy cuts had led to a slight rebound [13].

Core Viewpoint - The solid-state battery sector is experiencing significant stock price increases, particularly for companies like Keheng Co., Ltd. (科恒股份), Jin Yinhe (金银河), and Dexin Technology (德新科技), despite their poor financial performance and ongoing losses [1][2][3] Company Performance - Keheng Co., Ltd. reported a cumulative loss of 11.72 billion yuan over three years, with a net profit of -1.92 billion yuan in 2024, although it showed a 117.15% improvement in net profit compared to the previous year [2][4][5] - The company's revenue for 2024 was 21.23 billion yuan, down 29.92% from the previous year, with significant declines in both its new energy cathode materials and intelligent equipment segments [5][6] - Jin Yinhe's revenue for 2024 was 15.09 billion yuan, a decrease of 33.00% from the previous year, and it reported a net loss of 807.15 million yuan [10] - Dexin Technology's revenue for 2024 was 3.64 billion yuan, down 35.22% from the previous year, with a net loss of 1.51 billion yuan [10][11] Industry Trends - The solid-state battery sector is anticipated to undergo critical technological breakthroughs in the next 3 to 5 years, with expectations for commercial applications and increased market share for sodium-ion batteries [8] - The market for new energy cathode materials and intelligent equipment is rapidly growing, with China becoming a leading manufacturer and exporter of lithium battery materials [8] - The lithium battery equipment market reached 90 billion yuan in 2023, with a projected decline to 75 billion yuan in 2024, indicating volatility but an overall positive trend [8][9]