1 月 12 日国内电池级碳酸锂均价报 15 .2 万 元 / 吨，单日上涨 超过一万元，开盘便呈现出涨停状态，其下游表现强劲，系储能应用端需求 超预期，头部企业订单满满。 与此同时起点锂电观察到，几家锂电材料厂也披露了业绩预告，均呈现出向好趋势。 此前已报道过电解液龙头天赐材料业绩预告，预计净利润约 11 亿元 -16 亿元，同比增长约 127.31% — 230.63% ；此外盐湖股份也披露相 关数据，业绩预告显示 2025 年净利润约 82.9 亿元 -88.9 亿元，同比增长约 77.8% — 90.7% ，为该公司两年来首次业绩翻盘，该公司 Q4 利润尤其亮眼，环比增长约 90.5% — 120.7% 。 多元化发展的紫金矿业同样表现亮眼， 2025 年预计净利润约 510 亿元— 520 亿元，同比增长约 59% — 62% ，去年公司锂矿相关业务增 长较快，碳酸锂产量升至 2.5 万吨，增幅达到惊人的 900% 。 三元材料方面， 1 月 9 日晚振华新材发布 2025 年业绩预告，预计亏损 4 亿元至 5 亿元，相比 2024 年有所收窄，减亏幅度在 5.25% — 24.20% ，当下市场对 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector is experiencing significant growth, driven by government policies aimed at promoting consumption upgrades and high-end applications in the industry [1][2] - The China Securities Regulatory Commission's non-ferrous metal index rose by 3.85% during the trading session, with notable individual stock performances including Xiyu Co. hitting the daily limit, and Jiangxi Copper, Huayou Cobalt, and Yongxing Materials increasing by 8.28%, 7.45%, and 7.44% respectively [1] - The Ministry of Industry and Information Technology, along with eight other departments, released a plan for the non-ferrous metal industry aimed at enhancing the application of rare metals and accelerating the validation of high-end products such as high-purity gallium and tungsten hard alloys [1] Group 2 - The energy metals sector is leading the gains, benefiting from the rise of solid-state batteries and regulatory changes in the Democratic Republic of Congo regarding cobalt exports, which will be subject to quotas starting October 16 [1] - Following the announcement of the new export policy, cobalt prices surged, with the price reaching 344,000 yuan per ton, leading to significant increases in the A-share cobalt sector, including Huayou Cobalt hitting the daily limit and Tengyuan Cobalt and Hanrui Cobalt seeing maximum increases of 8.32% and 10.59% respectively [2]

Core Insights - The new energy industry chain experienced a significant surge, with the ChiNext New Energy ETF (Hua Xia, 159368) rising by 4.19% and key holdings such as Hunan YN Energy increasing over 17% [1] - The Ministry of Industry and Information Technology (MIIT) released action plans to support the growth of the new energy sector, particularly focusing on solid-state battery materials and advanced technology research [1] Group 1: Market Performance - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, with a scale of 1.009 billion as of September 26, 2025 [1] - The ETF has the highest trading volume, averaging 65.75 million in daily transactions over the past month [1] - The ETF's holdings include 51% in energy storage and 23.6% in solid-state batteries, aligning with current market trends [1] Group 2: Government Initiatives - Eight departments issued the "Nonferrous Metal Industry Stabilization Growth Work Plan (2025-2026)" to accelerate the application verification of high-end products like solid-state batteries [1] - The MIIT also published the "Electronic Information Manufacturing Industry Stabilization Growth Action Plan (2025-2026)" to support foundational research in cutting-edge technologies, including solid-state batteries [1]

Group 1: New Energy Battery Industry - The Ministry of Industry and Information Technology and eight other departments issued a plan to accelerate the application verification of high-end products such as all-solid-state battery materials [1] - In September, the lithium battery sector saw strong production, with downstream energy storage demand remaining robust; the domestic tax exemption for vehicle purchases is expected to further intensify the rush for lithium batteries next year [1] - Leading battery manufacturers have increased their capacity utilization rates to historically high levels, with the top lithium battery companies achieving a capacity utilization rate of 89.9% in the first half of the year [1] Group 2: Investment Opportunities in the ChiNext Index - The ChiNext Index is highlighted as a key point for investment in emerging industries, with its recent rise reflecting a "multi-dimensional coexistence" characteristic, covering AI, new energy, and anti-involution sectors [1] - Under the influence of favorable policies, the battery and energy storage sectors are expected to accelerate the recovery of the ChiNext Index [1] Group 3: AI Industry and Related Hardware - The AI industry is at a critical stage of technological breakthroughs and commercialization, with surging demand for computing power driving growth in AI chips, optical modules, and servers [2] - The rapid development of AI technology is boosting demand for optical modules, while telecom operators are experiencing stable revenue and improved cost control, leading to increased cloud revenue [2] Group 4: ChiNext ETF Performance - As of September 29, 2025, the ChiNext Index rose by 2.34%, with major weight stocks like CATL increasing over 4% [2] - The ChiNext ETF Guangfa has seen significant growth, with an increase of 8.57 billion yuan in scale over the past two weeks and a strong inflow of funds totaling 8.15 billion yuan over the last ten trading days [3]

Core Viewpoint - The renewable energy sector is experiencing significant growth, with major companies like Hunan YN and EVE Energy seeing substantial stock price increases, contributing to the rise of the ChiNext Index above 3200 points [1] Group 1: Market Performance - Hunan YN's stock rose by 16%, while EVE Energy and Xinzhou Bang increased by over 7%, and Sunshine Power rose by 6% [1] - The ChiNext ETF (159948) increased by 1.61%, with a year-to-date gain of 51% [1] - The ChiNext Index has seen a cumulative increase of 74.39% since April 8, with a current P/E ratio of 44.17, positioned at the 50.98% percentile over the past decade [1] Group 2: Industry Demand and Supply - There is strong demand for domestic energy storage cells, with leading battery companies operating at full capacity and some orders extending into early next year [1] - EVE Energy reported a full order book for its energy storage batteries, indicating robust demand [1] - Eight departments have issued a plan to stabilize growth in the non-ferrous metals industry for 2025-2026, focusing on accelerating the application verification of high-end products like all-solid-state battery materials [1] Group 3: Strategic Developments - The lithium resource self-sufficiency process is accelerating, with concentrated lithium extraction capacity being established, closely related to upstream raw material supply for companies like CATL [1] - Sunshine Power's executives announced the early termination of their share reduction plan to avoid short-term trading [1]

Monetary Policy and Economic Measures - The People's Bank of China announced a 7-day reverse repurchase operation of 181.7 billion yuan at a fixed interest rate of 1.4% on September 28 [4] - The monetary policy committee of the People's Bank of China emphasized the use of securities, funds, and insurance company swap facilities to maintain capital market stability [4] - The Ministry of Transport expects a total of 2.36 billion cross-regional passenger flows during the National Day and Mid-Autumn Festival holiday, averaging about 295 million per day, a 3.2% increase from the previous year [4] Industry Development Initiatives - The Ministry of Industry and Information Technology, along with other departments, issued a work plan for the petrochemical and chemical industry, aiming for an average annual growth of over 5% in value added from 2025 to 2026 [10] - The plan focuses on key product breakthroughs in integrated circuits, new energy, and medical equipment, supporting the development of high-end chemical products [10] - The Ministry of Industry and Information Technology and other departments also released a work plan for the non-ferrous metals industry, targeting an average annual growth of around 5% in value added from 2025 to 2026 [12] AI and Transportation - The Ministry of Transport and other departments issued implementation opinions on "Artificial Intelligence + Transportation," aiming for widespread application of AI in the transportation sector by 2027 [8] - The opinions focus on seven key areas, including smart driving assistance, intelligent railway systems, and smart logistics [8] - Companies like Les Information and COSCO Shipping Technology are developing AI-integrated products to enhance their capabilities in the low-altitude economy and shipping logistics [8] Company Developments - Galaxy Magnetics plans to acquire 100% of Kyoto Longtai's shares through a combination of stock issuance and cash payment, expanding its product range in magnetic materials for the automotive sector [15] - Dongxing Medical intends to purchase 90% of Wuhan Yijiaobao's shares to enhance its position in high-end orthopedic and biomedical materials [15] - East Star Medical's overseas subsidiary secured an order worth approximately 1.8 billion yuan, representing 22.3% of the company's projected revenue for 2024 [16]

Core Viewpoint - The "Nonferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" aims to address challenges in the nonferrous metals sector, focusing on resource security, supply optimization, transformation promotion, consumption expansion, and enhanced cooperation to ensure sustainable growth and high-quality development [1][2]. Group 1: Industry Growth and Economic Performance - The nonferrous metals industry is projected to achieve an average annual value-added growth of around 5% from 2025 to 2026, with the output of ten major nonferrous metals expected to grow by approximately 1.5% annually [2]. - In 2024, the output of ten commonly used nonferrous metals is forecasted to reach 79.19 million tons, reflecting a year-on-year increase of 4.3% [7]. Group 2: Resource Utilization and Supply Chain - The plan emphasizes efficient resource utilization and improving resource security, including a new round of mineral exploration strategies focusing on copper, aluminum, lithium, nickel, cobalt, and tin [2]. - The initiative aims to enhance the recycling of waste nonferrous metals and promote the comprehensive utilization of emerging solid waste, such as used batteries and photovoltaic components [2]. Group 3: Technological Innovation and Industry Transformation - The plan calls for strengthening technological innovation in the industry, focusing on high-purity metals, copper alloy materials, and advanced rare earth materials [5]. - It encourages the establishment of platforms for new materials and low-carbon smelting processes to facilitate product quality improvement and innovation [6]. Group 4: Market Demand and Consumption Expansion - The plan aims to stimulate market consumption potential by promoting the upgrade of bulk metal consumption and expanding applications for high-end aluminum, copper, and magnesium alloys [6]. - It supports long-term procurement agreements between upstream and downstream enterprises to establish stable cooperative relationships [6]. Group 5: Policy Support and Implementation - The Ministry of Industry and Information Technology plans to utilize existing funding channels and policies to support the implementation of the work plan, including tax reductions and state reserves for key products [7].

Core Viewpoint - The "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" aims to address key issues such as resource security, high-end supply shortages, and untapped effective demand through ten initiatives, targeting an average annual growth of 5% in industry value added and 1.5% in the production of ten nonferrous metals [1][2][4] Group 1: Resource Security and Supply Enhancement - The plan prioritizes improving resource security by implementing a new round of strategic actions for mineral exploration, focusing on copper, aluminum, lithium, nickel, cobalt, and tin [1][2] - It supports the development of green and efficient mining technologies for low-grade and complex resources [1][2] Group 2: Technological Innovation and Quality Improvement - The plan emphasizes strengthening industrial technological innovation to enhance effective supply capabilities, including breakthroughs in high-purity metals and advanced materials [2][3] - It encourages the establishment of pilot platforms for new materials and low-carbon smelting processes to accelerate material application verification and upgrades [2][3] Group 3: Investment and Industry Transformation - The plan aims to expand effective investment and facilitate industry transformation by expediting the approval processes for mineral resource development projects [2][3] - It promotes energy-saving and pollution-reduction transformations in various sectors, including alumina and copper smelting [2][3] Group 4: Market Demand and International Cooperation - The plan seeks to stimulate market consumption by promoting the upgrade of bulk metal consumption and establishing long-term cooperative relationships between upstream and downstream enterprises [3][4] - It encourages international development by guiding enterprises to respond to unreasonable trade restrictions and supporting the export of high-end new materials [3][4] Group 5: Futures Market and Risk Management - The plan proposes to enrich important nonferrous metal futures trading varieties and financial derivatives to provide precise risk management tools for industry chain enterprises [3][4] - It highlights the need for the futures market to explore the introduction of derivatives related to the recycling metal industry to support the development of a circular economy [4]

Core Viewpoint - The Ministry of Industry and Information Technology and eight other departments have jointly issued the "Nonferrous Metal Industry Stabilization and Growth Work Plan (2025-2026)", aiming for an average annual growth of around 5% in the added value of the nonferrous metal industry and a 1.5% annual growth in the production of ten nonferrous metals from 2025 to 2026 [1] Summary by Sections Industry Growth Targets - The plan sets a target for the nonferrous metal industry to achieve an average annual growth of approximately 5% in added value and a 1.5% annual growth in the production of ten nonferrous metals [1] - It emphasizes the development of domestic resources such as copper, aluminum, and lithium, with a goal of exceeding 20 million tons in recycled metal production [1] Key Initiatives - **Resource Efficiency**: The plan promotes efficient resource utilization, including a new round of mineral exploration and support for green and efficient mining technologies [2] - **Technological Innovation**: It aims to enhance supply capabilities through technological advancements in high-purity metals and new materials [2] - **Investment Expansion**: The plan encourages effective investment to facilitate industry transformation, including the construction of key projects in aluminum and copper refining [2] Market Demand and International Cooperation - **Consumer Demand**: The plan seeks to stimulate market consumption by promoting high-end applications of metals and developing new market scenarios [3] - **International Development**: It emphasizes the importance of international cooperation, guiding enterprises to navigate foreign trade restrictions and supporting the import of primary products [3] Implementation Measures - **Organizational Support**: The plan calls for local governments to refine growth targets and policies, leveraging the role of key enterprises and industry associations [4] - **Policy Support**: It suggests utilizing existing funding channels and tax reduction policies to support the industry [4] - **Monitoring and Analysis**: The plan highlights the use of big data and AI for monitoring industry performance and market conditions [4]

Core Viewpoint - The "Nonferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" aims to address challenges in the nonferrous metals sector, focusing on resource security, supply optimization, transformation promotion, consumption expansion, and enhanced cooperation to ensure sustainable growth and high-quality development [1][2]. Group 1: Industry Growth Targets - The plan sets a target for an average annual growth of approximately 5% in the added value of the nonferrous metals industry from 2025 to 2026, with a 1.5% annual increase in the production of ten major nonferrous metals [2]. - The production of recycled metals is expected to exceed 20 million tons, with advancements in domestic resource development for copper, aluminum, and lithium [2]. Group 2: Resource Utilization and Exploration - The plan emphasizes efficient resource utilization and improving resource security through a new round of exploration strategies for copper, aluminum, lithium, nickel, cobalt, and tin [2]. - It supports the development of green and efficient mining technologies for low-grade and complex ores, as well as the comprehensive utilization of waste nonferrous metals [2]. Group 3: International Cooperation and Trade - The plan encourages enhancing international development levels and guiding enterprises to respond to unreasonable foreign trade restrictions [2]. - It aims to increase imports of primary products like anode copper and alumina while supporting the import of recycled metals that meet standards [2]. Group 4: Technological Innovation and Industry Transformation - The plan calls for strengthening technological innovation in the industry to enhance effective supply capabilities, focusing on high-purity metals and advanced materials [5][6]. - It promotes investment in projects related to aluminum, copper smelting, and lithium carbonate, while also advancing energy-saving and emission-reduction transformations [5][6]. Group 5: Market Demand and Consumption Expansion - The plan seeks to stimulate market consumption potential by promoting upgrades in bulk metal consumption and expanding applications for high-end aluminum, copper, and magnesium alloys [6]. - It encourages long-term procurement agreements between upstream and downstream enterprises to establish stable cooperative relationships [6]. Group 6: Industry Performance and Economic Impact - The nonferrous metals industry has rapidly developed, becoming the largest producer and consumer globally, with a projected 8.9% growth in added value for 2024 [7]. - The industry’s revenue and profit are expected to grow by 15.8% and 16.5% year-on-year, respectively, supporting strategic emerging industries and overall economic growth [7].