碳酸锂日报 1. 昨日碳酸锂期货 2509 合约跌 0.43%至 64180 元/吨。现货价格方面，电池级碳酸锂平均价上 350 元/ 吨至 63650 元/吨，工业级碳酸锂平均价上涨 350 元/吨至 62050 元/吨，电池级氢氧化锂（粗颗粒） 维持 57420 元/吨。仓单方面，昨日仓单库存减少 90 吨至 13191 吨。 2. 供应端，7 月产量预计环比增加 3.9%至 81150 吨，周度产量环比增加 690 吨至 18813 吨，增量主要 体现在锂辉石提锂、云母提锂次之，进口方面，5-6 月智利锂盐出口基本持平，预计整体 7 月碳酸 锂进口环比变化不大。需求端，7 月排产环比小幅增加，两大主材消耗碳酸锂环比增加 3%至 8.08 万 吨左右。库存端，周度库存环比增加 2446 吨至 140793 吨，其中中间环节增幅明显。 3. 当前市场来看，整体市场情绪回暖，仓单维持低位水平，锂矿成交价格有所上涨，锂盐厂宣布停产 检修及技改，叠加市场消息面扰动较多，短期刺激价格上涨，但昨日仓单库存小幅增加，后续需要 关注 6.5 万元/吨压力位置。但后市来看，套保压力也将随之而来，同时，截至目前矿山端未有停减 ...

碳酸锂日报 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2509 合约涨 0.16%至 64400 元/吨。现货价格方面，电池级碳酸锂平均价上涨 400 元/吨至 63300 元/吨，工业级碳酸锂平均价上涨 400 元/吨至 61700 元/吨，电池级氢氧化锂（粗颗 粒）下跌 50 元/吨至 57420 元/吨。仓单方面，昨日仓单库存增加 626 吨至 13281 吨。 2. 供应端，7 月产量预计环比增加 3.9%至 81150 吨，但随着部分上游企业检修及技改，周度产量有所 放缓，对预期产量或将有一定下调，进口方面，5-6 月智利锂盐出口基本持平，预计整体 7 月碳酸 锂进口环比变化不大。需求端，7 月排产环比小幅增加，两大主材消耗碳酸锂环比增加 3%至 8.08 万 吨左右。库存端，周度库存延续累库，但目前锂盐+锂矿库存高企，据钢联数据约合 38 万吨 LCE。 3. 当前市场来看，整体市场情绪回暖，仓单维持低位水平，锂矿成交价格有所上涨，锂盐厂宣布停产 检修及技改，叠加市场消息面扰动较多，短期刺激价格上涨，但昨日仓单库存小幅增 ...

区域经济发展如此之好，关键在于精准把握产业脉搏，以创新实践破解发展难题。今年5月，商务部印 发的《深化国家级经济技术开发区改革创新 以高水平开放引领高质量发展工作方案》明确提出，要因 地制宜发展新质生产力、提升开放型经济水平。这为国家级经开区的发展指明了方向，也与杭州湾上虞 经开区的发展路径不谋而合。 一次次产业升级的蝶变、一家家出海拓市的企业，汇聚成高质量发展的澎湃动能。如今的杭州湾上虞经 开区，已集聚1846家企业，其中规模以上工业企业达351家。2024年，经开区实现总产值2576.2亿元， 同比增长6.9%，勾勒出区域发展的曲线。 日月递嬗，盛貌日新。行走在杭州湾上虞经济技术开发区，蓬勃发展的生动图景徐徐铺展：昔日破土抽 枝的工业新苗，如今已长成枝繁叶茂的产业森林；曾经扎根一隅的本土企业，正蜕变为逐浪全球的外贸 劲旅。这片充满活力的热土，处处跃动着跨越发展的强劲脉搏。 创新谋发展 先进材料产业加速前进 在世界百年未有之大变局加速演进的时代背景下，杭州湾上虞经开区正面临产业结构不均衡、经济效益 亟待突破等多重挑战。如何在变局中开新局、于挑战中寻机遇，成为推动经开区实现高质量发展的关键 命题。 面对产业升 ...

碳酸锂日报 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报（2025 年 7 月 9 日） 一、研究观点 1. 昨日碳酸锂期货 2509 合约涨 0.69%至 63880 元/吨。现货价格方面，电池级碳酸锂平均价上涨 350 元/吨至 62900 元/吨，工业级碳酸锂平均价上涨 350 元/吨至 61300 元/吨，电池级氢氧化锂（粗颗 粒）下跌 50 元/吨至 57470 元/吨。仓单方面，昨日仓单库存减少 2900 吨至 12655 吨。 2. 供应端，7 月产量预计环比增加 3.9%至 81150 吨，但随着部分上游企业检修及技改，周度产量有所 放缓，对预期产量或将有一定下调，进口方面，5-6 月智利锂盐出口基本持平，预计整体 7 月碳酸 锂进口环比变化不大。需求端，7 月排产环比小幅增加，两大主材消耗碳酸锂环比增加 3%至 8.08 万 吨左右。库存端，周度库存延续累库，但目前锂盐+锂矿库存高企，据钢联数据约合 38 万吨 LCE。 3. 当前市场来看，整体市场情绪回暖，仓单维持低位水平，锂矿成交价格有所上涨，锂盐厂宣布停产 检修及技改，叠加市场消息面扰 ...

碳酸锂日报 碳酸锂日报（2025 年 7 月 8 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2509 合约较前一交易日持平至 63660 元/吨。现货价格方面，电池级碳酸锂平均价 上涨 250 元/吨至 62550 元/吨，工业级碳酸锂平均价上涨 250 元/吨至 60950 元/吨，电池级氢氧化 锂（粗颗粒）下跌 50 元/吨至 57520 元/吨。仓单方面，昨日仓单库存减少 5481 吨至 15555 吨。 2. 供应端，7 月产量预计环比增加 3.9%至 81150 吨，但随着部分上游企业检修及技改，周度产量有所 放缓，对预期产量或将有一定下调，进口方面，5-6 月智利锂盐出口基本持平，预计整体 7 月碳酸 锂进口环比变化不大。需求端，7 月排产环比小幅增加，两大主材消耗碳酸锂环比增加 3%至 8.08 万 吨左右。库存端，周度库存延续累库，但目前锂盐+锂矿库存高企，据钢联数据约合 38 万吨 LCE。 3. 当前市场来看，整体市场情绪回暖，仓单维持低位水平，锂矿成交价格有所上涨，锂盐厂宣布停产 检修及技改，叠加市场消息 ...

Report Industry Investment Rating - Not provided Core View of the Report - The negative feedback in the industrial chain has not ended [4] Summary by Relevant Catalogs Nickel Situation and Policy Changes - On June 10, Indonesia's Energy Minister Bahlil Lahadalia announced the revocation of the mining licenses of four nickel companies in Raja Ampat, Papua, due to environmental concerns [3] - On July 2, 2025, Indonesia's Mining Minister Bahlil Lahadalia said Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and control coal and ore supplies, which is expected to support prices and increase government revenue [4] Negative Feedback Reaching the Mine End - From the perspective of industrial profit distribution, mine - end profits are still substantial. With mine supply at a seasonal peak, there is room for mine prices to fall [6] - As of July 4, the premium of Indonesian pyrometallurgical ore was $25/wet ton, a week - on - week decrease of $2/wet ton. Due to losses in the NPI - stainless steel industry chain, pyrometallurgical ore prices are under pressure. Hydrometallurgical ore prices are relatively stable as MHP still has profits and the Qingshan Chenxi project is about to be put into production [8] NPI Production Cuts - The latest transaction price of NPI is 910 yuan/nickel point. The previously circulated price of 895 yuan/nickel point had no transactions. NPI production cuts have occurred in China and non - free mine smelters in Indonesia due to increased losses. With no profit recovery in the downstream stainless steel sector, there is still pressure on NPI and pyrometallurgical ore prices [15] Ice - Nickel Production - Since March, ice - nickel has been in a loss state, and current production mainly meets downstream rigid demand. The break - even line for Indonesian ice - nickel corresponds to a nickel price of around $15,000. If Indonesian NPI starts to lose money, attention should be paid to NPI conversion to ice - nickel, which may bring supply pressure [21] MHP Production and New Projects - The tailings dam collapse event in late March was resolved at the end of April, and MHP production has recovered quickly. MHP maintains a profitable state with a cost equivalent to LME nickel price of $13,000/metal ton. Short - term attention should be paid to the progress of Qingshan's newly launched Chenxi project with a capacity of 67,000 metal tons [25] Sulfuric Acid Nickel Market - In the first half of the year, the consumption of ternary precursors was lower than expected, and the surplus of sulfuric acid nickel was reflected in the increase of refined nickel production. Losses in non - integrated downstream electrowon nickel have a negative feedback on the sulfuric acid nickel sector, and prices are under downward pressure [33] Domestic Electrowon Nickel and Policy - The 50,000 - ton production capacities of Indonesia's Eternity Nickel Industry and Dingxing Nickel Industry are still in the climbing stage, which will temporarily digest the new pressure of MHP. Domestic non - integrated electrowon nickel is in a loss state, and electrowon nickel production has decreased slightly [42] Stainless Steel Market - After Tsingshan gave up price support the week before last, the spot price of stainless steel collapsed, and the inventory pressure of steel mills was transferred to the terminal. In July, the production plan of 3 - series stainless steel was 1.62 million tons, a 5% month - on - month decrease but a 2% year - on - year increase. After production cuts, stainless steel profits have not recovered [45] Ternary Precursor Market - In the first half of the year, the cumulative production of domestic ternary precursors was 399,300 tons, a 3% year - on - year decrease, and nickel consumption in the new energy field was significantly lower than the initial expectation [47]

碳酸锂日报 1. 昨日碳酸锂期货 2509 合约涨 0.16%至 62780 元/吨。现货价格方面，电池级碳酸锂平均价维持 61300 元/吨，工业级碳酸锂平均价维持 59700 元/吨，电池级氢氧化锂（粗颗粒）下跌 100 元/吨至 57720 元/吨。仓单方面，昨日仓单库存增加 312 吨至 22940 吨。 2. 供应端，周度碳酸锂产量环比增加 305 吨至 18767 吨，其中云母增量相对明显，6 月碳酸锂产量环 比增加超 9%。需求端，据第三方排产数据来看，7 月预计磷酸铁锂产量环比增长 3%，三元材料产 量环比增长 1.3%；周度库存周转天数均有增加，磷酸铁锂相对增加明显。库存端，周度库存环比增 加 1936 吨至 136837 吨，其中下游增加 269 吨至 40635 吨，中间环节增加 1260 吨至 37170 吨，上游 增加 407 吨至 59032 吨。 3. 上周锂矿成交价格小幅上涨，锂盐厂宣布停产检修及技改，叠加市场消息面扰动较多，但当前价格 面临一定套保压力，且矿山端未有停减产迹象，短期或仍偏震荡运行。 碳酸锂日报 碳酸锂日报（2025 年 7 月 2 日） 一、研究观点 点 评 ...

Core Viewpoint - The announcement of the share reduction by the controlling shareholder of Daoshi Technology coincides with the company's technological breakthroughs in solid-state battery materials, raising questions about the company's short-term outlook and investment in R&D [1][2][3]. Group 1: Shareholder Actions - The controlling shareholder, Rong Jihua, plans to reduce holdings by up to 15.42 million shares, representing 1.97% of the total share capital, citing "personal funding needs" [1]. - After the reduction, Rong Jihua's shareholding will decrease from 16.19% to approximately 14.2% [1]. Group 2: Technological Developments - Daoshi Technology has made significant progress in solid-state battery core materials, achieving a breakthrough in sulfide electrolyte conductivity of over 1 mS/cm and stable production at the 100-gram level [1]. - The company has established a comprehensive material solution covering the entire solid-state battery industry chain, including single-wall carbon nanotube conductive agents and silicon-based anodes [1]. Group 3: Financial Performance - In 2024, Daoshi Technology's revenue is projected to be 7.752 billion, a year-on-year increase of 6.25%, with a net profit of 157 million, marking a turnaround [2]. - However, R&D expenditure for 2024 is expected to be 239 million, down 16.7% year-on-year, with R&D spending as a percentage of revenue at only 3.1%, significantly below the industry average of 5%-8% [2]. Group 4: Market Context and Challenges - The global solid-state battery market is expected to reach a scale of 100 billion by 2030, with Daoshi Technology at a critical technological breakthrough point [3]. - The company aims to achieve stable supply of kilogram-level sulfide electrolytes by 2025, but current production levels are insufficient compared to industry needs [2][3]. - The company faces headwinds in its main businesses of lithium battery materials and ceramic materials, with a decline in output of ternary precursors and a drop in ceramic material sales due to a sluggish recovery in the real estate sector [2].

Group 1: Core Investment Opportunities - The technology sector is expected to experience significant growth in the second half of the year, particularly in the military and solid-state battery industries, which are seen as key investment hotspots [1] - The military sector is a national priority, with increased focus on asset securitization and strategic upgrades, especially in light of the upcoming 80th anniversary of the Anti-Japanese War parade, which will showcase advanced military equipment [3] - The solid-state battery industry is entering a golden development period, driven by its advantages such as high energy density and safety, making it a core power source for electric vehicles and energy storage [4] Group 2: Key Companies in Military and Solid-State Battery Sectors - Zhongke Electric has made significant technological breakthroughs in solid-state batteries and has military applications, showcasing strong market competitiveness [5] - Greeenmei has achieved major advancements in solid-state battery materials and has established long-term supply agreements with leading companies, while also expanding into military applications [6] - Youyan New Materials is the only domestic producer of high-purity lithium sulfide and has developed technologies that enhance battery life, with military certifications for its products [6] - A certain holding subsidiary is noted for its comprehensive technology layout in solid-state battery materials and has a strong market position, indicating potential for future growth in both military and civilian sectors [6]

Group 1: Industry Events - Multiple conferences related to solid-state batteries are being held, indicating a rapid acceleration in the industrialization of solid-state batteries driven by policy and market factors [1] - The Fifth China International Solid-State Battery Technology Conference and the 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition took place in Hefei on June 19, followed by the first Lithium Sulfide and Sulfide Solid-State Battery Forum in Suzhou on June 25 [1] Group 2: Policy Developments - Since 2025, China has been implementing policies to accelerate the development of the solid-state battery industry, including the "New Energy Storage Manufacturing Industry High-Quality Development Action Plan" which identifies solid-state batteries as a key focus area [2][3] - The Ministry of Industry and Information Technology (MIIT) has introduced new safety standards for electric vehicle batteries, effective from July 1, 2026, emphasizing the importance of safety performance in solid-state batteries [2] Group 3: Industry Standards - In April 2025, MIIT included solid-state batteries in its overall planning and initiated the development of a standard system for solid-state batteries to expedite their industrialization [3] - The China Automotive Engineering Society introduced a method for determining solid-state batteries, clarifying definitions and testing methods, which is crucial for technological upgrades and industrial applications [3] Group 4: Corporate Developments - Companies in the solid-state battery supply chain are accelerating technological breakthroughs and industrialization, with CATL revealing plans for small-scale production of solid-state batteries by 2027 [4] - Guoxuan High-Tech has launched new technologies and products, including the second-generation Jinshi solid-state battery, currently in trial production [4] - Jiangsu Longpan Technology is developing solid-state battery precursors, with some materials already sent for testing to leading companies [5] Group 5: Market Outlook - Despite current challenges in technology and cost, solid-state batteries are expected to gain market penetration once these issues are resolved, with a potential market acceleration in the next five years [5] - A report indicates that 2026 to 2028 will be critical for the mass production of various solid-state battery technologies, with the sulfide route likely to achieve mass production first in 2026 [5]