锂电产业链的回暖，正在以一种更 " 财务报表化 " 的方式出现。 在 2025 年底到 2026 年初的两周里，多家与锂电产业链直接相关的上市公司发布 2025 年度业绩预告： 资源端（盐湖股份、紫金矿业）与材料端（天赐材料、立中集团）利润修复更显著，一体化公司（华友钴业）则把 " 价格回升 " 和 " 效率提升 " 叠加成更强的盈利弹性。 先看资源端。 盐湖股份预计 2025 年归母净利润 82.9 亿至 88.9 亿元，同比增幅最高接近 91% ，公司在预告里把增长与钾肥价格上行、碳酸锂下半年回暖相 连，并披露了碳酸锂产销量等核心经营数据。 摘要 锂电利润修复冒头：资源与材料先回暖 紫金矿业预计 2025 年归母净利润 510 亿至 520 亿元，同比增长约 59% 至 62% ，公司公告强调矿产品量价齐升与运营效率提升。 紫金矿业近年已把锂明确纳入增长曲线。 公司在2025年度业绩预告中披露，全年当量碳酸锂产量约2.5万吨，并给出2026年当量碳酸锂12万吨的产量目标，意味着其锂业务从零星产出迈向 规模化供给。 更关键的是，紫金矿业的锂布局并不止于"挖矿卖盐"。 工商信息显示，福建紫新锂电材料有限公司近 ...

固态电池的量产攻坚，正演变为全产业链的生态竞合。 过去一周内，至少五起跨界合作密集落地，合作焦点高度一致地指向规模化量产必须攻克的核心装 备与共性工艺。而不同技术路线的企业，其合作策略也呈现出泾渭分明的差异化路径。 从材料到整线全方位链接 本次合作潮覆盖了固态电池制造的关键环节： 摘要 合作焦点高度一致地指向规模化量产必须攻克的核心装备与共性工艺。 随着 2027 年全固态电池小批量装车的预期节点临近，当前的合作布局将在未来 1-2 年内初见成 效。这场发生在车间深处的装备攻坚，其结果将直接影响下一代动力电池产业化的进程与格局。 攻克关键材料装备关： 天永智能与茹天科技计划成立合资公司，专注于固态电池核心材料智能成 套装备的研发与生产。值得注意的是，茹天科技是硫化物电解质制备设备的市场领先者，而天永智 能的优势在于高端装备制造与系统集成 ， 前段与后段核心设备商的深度握手。 攻克工艺 嫁接关 与整线集成关： 恩力动力（硫化物路线）与离子能源（聚合物路线）均选择与 智能装备企业金银河达成战略合作。其中，离子能源更同步推进与中基自动化的 " 智造产投联合 项目 " ，系统化构建从核心工艺到智能产线完整量产能力的明 ...

近日，北交所官网披露了鑫森炭业招股说明书，公司上市申报材料被正式受理。其主营业务为各类 高性能多孔炭材料产品的研发、生产和销售。 而硬炭作为钠离子电池核心关键材料，其性能与钠离子电池的能量密度、循环寿命、成本等密切相 关。 目前硬碳为钠电主流负极技术路线，占总产量的97.5% ，而鑫森炭业同样布局其中。 3月27日，广西百色中森碳投30GWh钠电材料产业园一期开工，一期投资10 亿元建设5万吨负极 材料产能。几天后，四川遂宁天钠科技签约计划建设年产13万吨钠电负极材料基地。在随后的8 月，天钠科技完成A轮融资。 钠电负极材料产业化加速，与目前热度较高的无负极技术路线是否冲突？ 据悉，鑫森硬炭产品性能全面对标日本进口产品。该公司硬炭的原材料主要包括棕榈壳、毛竹、椰 壳、果壳，其中包括福建、江西多个基地。订单方面，鑫森炭业此前与众钠能源签订了《钠电负极 材料量产协同战略协议》。 从钠电各关键材料产业化进展来看，负极材料仍需攻克诸多工程化难题，同样也是目前钠电池最重 要的技术瓶颈。 现阶段，其原材料主要集中在椰壳，受海外进口影响。而目前，国内钠电负极材料正向竹碳、煤 基，甚至是无负极技术等方向寻求突破。 值得一提的 ...

产能与订单共振。截止2025年，佰思格已相继斩获近10万吨钠电硬碳负极材料合作订单。今年5 月，佰思格与超威旗下钠电企业超仁达成合作。据悉，超仁将在合作期内，向佰思格采购3万吨以 上负极材料，用于超威钠离子电池的大规模生产。 产能规划方面，钠电负极产能规划已超几十万吨，并在今年签约了一个超10万吨级的项目。 3月27日，广西百色中森碳投30GWh钠电材料产业园一期开工，一期投资10 亿元建设5万吨负极 材料产能。几天后，四川遂宁天钠科技签约计划建设年产13万吨钠电负极材料基地。在随后的8 月，天钠科技完成A轮融资。 近日，北交所官网披露了鑫森炭业招股说明书，公司上市申报材料被正式受理。其主营业务为各类 高性能多孔炭材料产品的研发、生产和销售。 而硬炭作为钠离子电池核心关键材料，其性能与钠离子电池的能量密度、循环寿命、成本等密切相 关。 目前硬碳为钠电主流负极技术路线，占总产量的97.5% ，而鑫森炭业同样布局其中。 据悉，鑫森硬炭产品性能全面对标日本进口产品。该公司硬炭的原材料主要包括棕榈壳、毛竹、椰 壳、果壳，其中包括福建、江西多个基地。订单方面，鑫森炭业此前与众钠能源签订了《钠电负极 材料量产协同战略协议 ...

Core Viewpoint - The article highlights the rapid electrification of motorcycles, particularly focusing on electric scooters in the commuting segment, which is becoming a dominant market trend as lithium battery technology matures [2][3][4]. Industry Trends - The global trend towards lithium battery electrification in motorcycles is evident, with electric scooters gaining traction in markets traditionally dominated by fuel-powered motorcycles [3][6]. - In China, the transition to electric two-wheelers is nearly complete, with electric bicycles and scooters becoming mainstream, while fuel motorcycles are shifting towards recreational use [3][4]. Market Dynamics - Commuting electric scooters account for 90% of the electric scooter market, directly competing with the popular 125CC fuel motorcycles, which are favored for their performance and economic viability [6][4]. - The demand for electric scooters is driven by their high energy density and cost-effectiveness, making them suitable for daily commuting needs [4][6]. Company Focus - Star恒电源 is positioned as a leading player in the electric scooter lithium battery market, focusing on providing safe, reliable, and cost-effective battery solutions tailored for commuting users [9][10]. - The company has achieved a significant market share in domestic, South Asian, and Southeast Asian markets, with plans to expand into Africa and South America [11]. Safety and Standards - The industry faces potential risks due to a focus on extreme performance parameters, which may compromise safety. The upcoming national standards for electric scooter lithium batteries are expected to enforce strict safety requirements [12][14]. - Star恒电源's strategy aligns with these regulatory developments, emphasizing safety and reliability in their product offerings [13][14]. Future Outlook - As national standards are implemented and market demands become clearer, companies like Star恒电源, with solid technical foundations and manufacturing capabilities, are likely to lead the industry consolidation and promote sustainable growth in motorcycle electrification [14].

Core Viewpoint - CATL has recently sold its 20.6% stake in Valmet Automotive, marking the end of its 8-year overseas investment, which reflects a strategic shift in its European ambitions and the completion of Valmet's "nationalization" [3][9]. Group 1: Valmet Automotive's Transition - Valmet has accelerated its battery system (EVS) business, with its battery module production line in Salo starting operations in 2019, achieving a production capacity of 800,000 units in 2023 and surpassing 2 million units cumulatively [4][5]. - In 2023, Valmet's EVS business revenue exceeded €1 billion for the first time, despite a 21.8% year-on-year decline in its traditional automotive contract manufacturing (VCM) revenue due to the termination of the Mercedes GLC production line in June 2022 [5][6]. Group 2: Market Challenges and Opportunities - The demand for fuel vehicles in Europe is declining, and while electric vehicle contract manufacturing has higher profit margins, Valmet faces insufficient new orders due to slower electrification progress and an overall downturn in the European automotive market [6]. - In 2024, European BEV sales are projected to be 1.993 million units, a 1.3% year-on-year decrease, with Finland's BEV sales dropping by 30.3% [6]. - Finland's electric vehicle average price remains higher than traditional fuel vehicles, and the country offers less subsidy and tax incentives compared to neighboring countries like Sweden and Denmark, impacting growth [6]. Group 3: Finland's Strategic Positioning - Finland is among the first countries to release a national battery strategy, focusing on building a complete value chain from raw materials to battery manufacturing and recycling [7]. - The extreme environment in Finland has driven battery technology innovation, and the high penetration of renewable energy is promoting large-scale energy storage [8]. - Valmet plans to spin off its battery business into a separate subsidiary, IONCOR, which will further enhance its position as a leading independent battery system supplier in Europe [8]. Group 4: Government Involvement and Future Prospects - The nationalization of Valmet reflects the Finnish government's intention to gain greater influence in the electrification sector, with the government already holding a 70% stake in IONCOR and committing an additional €20 million investment [9]. - Collaborative projects, such as the Keliber lithium project, aim to establish local production of battery-grade lithium hydroxide, providing essential materials for electric vehicle battery production [10]. Group 5: Implications for Chinese Enterprises - The strategic adjustments in Finland suggest that Chinese companies need to adopt more flexible strategies to enter the European market, including joint ventures and technology licensing to meet EU localization requirements [11][12]. - Long-term strategies should involve integrating compliance requirements into the entire lifecycle of product design, production, and recycling, as well as establishing R&D centers and brand ecosystems [12].

Group 1 - The article highlights the strategic partnership between CATL and Shenzhou Car Rental, aiming to expand the battery swap model into the rental car industry, with plans to operate over 100,000 battery swap vehicles this year [3][5] - CATL has set a goal to establish a nationwide battery swap network covering 80% of trunk transportation by 2030, with the recent launch of the standardized battery swap block and full-scenario chassis battery swap solutions [3][4] - As of July, CATL has built over 400 battery swap stations for passenger vehicles and approximately 100 for heavy-duty trucks, with plans to reach 1,000 and 300 stations respectively by the end of the year [4] Group 2 - In the first half of 2025, China's sales of new energy heavy-duty trucks reached approximately 79,000 units, a year-on-year increase of 185%, leading to a battery installation volume of about 31.7 GWh, with CATL holding a 66.6% market share [4] - CATL's collaboration with NIO will support the development of NIO's battery swap network, integrating CATL's battery swap standards into NIO's upcoming models [4][5] - The partnership with Shenzhou Car Rental will leverage over 2,000 offline locations to accelerate the construction of CATL's battery swap network, enhancing service efficiency for rental customers [5]

Core Viewpoint - The automotive industry is facing significant challenges due to slowing demand, trade tensions, and increased competition, leading to substantial profit declines for many car manufacturers [3][4][5]. Financial Performance of Major Automakers - German automakers, particularly Volkswagen, are experiencing severe profit declines, with Volkswagen's revenue remaining flat at €158.4 billion and operating profit down 33% to €6.7 billion, primarily due to tariffs causing a €1.3 billion loss [3][4]. - Audi's after-tax profit fell 37.5% to €1.346 billion, attributing the decline to external policy environments, including U.S. tariffs and rising transformation costs [4]. - Mercedes-Benz reported a revenue drop of 8.6% to €66.377 billion and a 40.7% decline in pre-tax profit to €4.534 billion, impacted by tariffs and model transitions [4]. - BMW's revenue decreased by 8.0% to €67.685 billion, with net profit down 29.0% to €4.015 billion, facing challenges in the Asian market despite growth in North America [4]. - U.S. automakers are also affected, with Ford reporting a second-quarter revenue of $50.2 billion but a net loss, expecting a tariff impact of approximately $2 billion for the fiscal year [5]. Performance of Japanese and Korean Automakers - Toyota stands out with a 7.4% increase in global sales to over 5.54 million vehicles, driven by strong performance in North America and China [6]. - Hyundai's global sales rose 36.4% to 262,100 vehicles, with electric vehicle sales contributing significantly [6]. - Kia anticipates a 7% to 8% increase in U.S. sales for the second half of the year, bolstered by the success of its hybrid models [6]. Strategic Shifts in the Automotive Industry - The U.S. government's policy shift is influencing automakers to increase production of fuel vehicles, with Kia adjusting its production plans to focus on gasoline models [7][8]. - General Motors is investing $4 billion to boost fuel vehicle production while also enhancing the profitability of electric vehicles [8]. - Audi has canceled plans to stop developing internal combustion engine vehicles by 2033, reflecting a more flexible approach to electrification [8]. Industry Outlook - The automotive industry is navigating a survival challenge, with the primary focus on sustaining operations before considering improvements [8].

Core Viewpoint - The 2025 High-tech Energy Storage Industry Summit and the 2025 High-tech New Energy Materials Industry Conference will focus on the transformation and restructuring of the energy storage and new materials sectors, emphasizing new materials, new dynamics, and new ecosystems [1][2]. Event Details - The 2025 High-tech New Energy Materials Industry Conference will take place on July 8-9, 2025, at the Yang'an New Town Conference Center in Qionglai, Sichuan [1][3]. - The summit will feature leaders from upstream and downstream enterprises in the lithium battery materials industry, discussing the industrialization paths of solid-state batteries and sodium batteries [1][2]. Agenda Overview - The conference will include a series of speeches and discussions on various topics related to battery materials and innovations, with a focus on the industrialization of new materials [5][6][7]. - Key sessions will cover themes such as the transformation of battery materials under diverse demands, new material applications, and the industrialization of solid-state battery materials [5][6][7]. Transportation and Accommodation - Attendees can reach the venue via Chengdu Shuangliu International Airport or Chengdu Tianfu International Airport, with various transportation options available [8][9]. - Accommodation is not arranged uniformly, but attendees can enjoy special rates at the conference hotel if needed [15][16]. Networking Opportunities - The conference will provide opportunities for networking through various sessions, including roundtable discussions and a thank-you dinner for invited guests [5][7].

Core Viewpoint - The article highlights the significant growth in the global electric vehicle (EV) market, particularly in the sales of new energy vehicles (NEVs) and the corresponding increase in power battery installation capacity, indicating a robust trend in the industry [3][4]. Group 1: Global New Energy Vehicle Market Analysis - In the first four months of 2025, global NEV sales reached 5.39 million units, representing a year-on-year growth of 29%, which drove the power battery installation capacity to approximately 285.1 GWh, a year-on-year increase of 36% [3][4]. - China's power battery installation capacity accounted for 60.9% of the global total, with six out of the top ten companies being Chinese, showcasing the country's dominance in the sector [4][11]. - The installation capacity of lithium iron phosphate (LFP) batteries in China continues to grow, contributing to a global year-on-year increase of 63% in LFP battery installations [4]. Group 2: Power Battery Installation Capacity by Vehicle Type - The power battery installation capacity for passenger vehicles, buses, and special vehicles is detailed, with specific figures indicating the distribution among these categories [8][9]. - The breakdown of installation capacity by battery type shows that LFP batteries lead the market, followed by ternary and other types [9]. Group 3: Leading Countries in Power Battery Installation - The top ten countries for power battery installation capacity are listed, with China leading at 173.59 GWh, followed by the United States at 38.38 GWh, and Germany at 12.12 GWh [11].