冶炼厂库存下降 8月11日，商品期货多数收涨，多晶硅涨超6%，工业硅涨超4%。受供应扰动消息影响，碳酸锂期货强 势涨停，主力LC2511合约涨幅达8%，报收于81000元/吨。业内人士表示，早盘碳酸锂期货直接封涨停 板，现在市场最关注的是，接下来还有几个涨停板？ "近期围绕锂矿企业停产的消息持续发酵，8月9日宁德时代枧下窝矿确定停产，这一消息意味着碳酸锂 月度供需逻辑发生重大转向，由过剩转向平衡，后期有进一步向紧缺转化的可能。当前除宁德时代外， 宜春市点名的其余涉锂矿山经营暂时正常。"方正中期新能源首席研究员魏朝明接受《华夏时报》记者 采访时表示。 现货价格大幅上涨 "作为长期投资碳酸锂期货的投资者，对于此次停产事件并不意外，自7月初宜春自然资源局发送《宜春 市自然资源局关于编制储量核实报告的通知》后，宁德枧下窝8月9日采矿证到期，市场关注的焦点一直 集中在该矿山是否会停产。"期货市场交易员李欣接受记者采访时表示。 8月11日上午，宁德时代在互动平台正式回应，公司在宜春项目采矿许可证8月9日到期后，确已暂停了 开采作业。宁德时代表示，公司正按相关规定尽快办理采矿证延续申请，待获得批复后将尽早恢复生 产，该事项 ...

Investment Rating - The industry investment rating is "Overweight" [2][51]. Core Viewpoints - The lithium battery industry is experiencing a structural shift with opportunities in solid-state battery segments. The demand for power batteries is expected to recover as the traditional peak season approaches, while energy storage demand remains high. The report suggests focusing on leading companies in the battery and materials sectors that have technological and production advantages in solid-state electrolytes and new materials [3][45]. Summary by Sections Market Review - As of August 7, 2025, the lithium battery index has decreased by 6.59% over the past two weeks, underperforming the CSI 300 index by 5.77 percentage points. Year-to-date, the lithium battery index has increased by 4.55%, also underperforming the CSI 300 index by 0.01 percentage points [4][13]. Price Changes in the Lithium Battery Supply Chain - As of August 7, 2025, the average price of battery-grade lithium carbonate is 71,200 CNY/ton, up 0.92% in the last two weeks. The price of lithium hydroxide (LiOH 56.5%) is 69,300 CNY/ton, up 2.36% [25][27]. - Electrolytic cobalt is priced at 267,000 CNY/ton, up 8.10%, while electrolytic nickel is at 122,400 CNY/ton, down 2.08% [26]. - Phosphate iron lithium prices remain stable at 32,700 CNY/ton, while NCM523, NCM622, and NCM811 have seen increases of 1.78%, 1.68%, and 0.69%, respectively [27][30]. - The price of lithium hexafluorophosphate is 50,300 CNY/ton, up 1.62%, with other electrolyte prices remaining stable [31]. Industry News - In July, the retail sales of new energy vehicles reached 1,003,000 units, a year-on-year increase of 14%, while wholesale sales were 1,179,000 units, up 25% year-on-year. The report indicates a traditional seasonal decline in sales but a strong year-on-year growth [42][45]. - Major automotive companies are advancing solid-state battery technology, with significant investments and developments reported by companies like Volkswagen and Gotion High-Tech [42][44]. Company Announcements - Notable companies such as CATL reported a revenue of 178.886 billion CNY in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion CNY, up 33.33% [44][47]. - Other companies like Keda and Enjie are also showing strong performance and growth in their respective sectors, particularly in solid-state battery materials and components [47].

行情回顾 1.新能源汽车相关板块一周行情梳理 同花顺数据显示，上周（6月16日-6月20日，下同），新能源汽车指数（885431.TI）周内下跌1.61%， 跑输沪深300指数1.16%。其中，汽车相关板块中表现最好的是电机Ⅲ指数（884085.TI），周跌幅为 2.25%。新能源车电池相关板块中表现最好的是锂电池指数（884309.TI），周涨跌幅为2.85%。 新能源汽车相关板块一周涨跌幅 2.上市公司一周（6月16日-6月20日）行情梳理 | 新能源整车 | | | --- | --- | | | 新能源整车表格 | | 电机电控 | | | | 电机电控表格 | | 汽车零部件 | | | | 汽车零部件表格 | | 汽车服务及其他 | | | | 汽车服务及其他表格 | | 锂电池 | | | | 锂电池表格 | | 燃料电池 | | | | 燃料电池表格 | | 充电桩 | | | | 充电桩表格 | | 换电概念 | | | | 换电概念表格 | | 动力电池回收 | | | | 动力电池回收表格 | 产业链数据 1.锂 截至6月20日，电池级氢氧化锂平均报价为64300元/吨，较6月13日下跌 ...

碳酸锂周度报告 姓名：王竣冬 从业资格号：F3024685 交易咨询从业证书号：Z0013759 联系电话： 18366135881 公司地址：济南市市中区经七路86号证券大厦15、16层 客服电话：400-618-6767 公司网址：www.ztqh.com 交易咨询资格号：证监许可[2012]112 周报摘要： 风险提示 行业政策变化、锂盐厂大规模检修减产、海外矿端变故 请务必阅读正文之后的声明部分 5月19日-5月23日当周，上游小幅扰动，但涉及量小，碳酸锂小幅冲高回落。截至5月23日收盘，主力合约报60960元/吨，现货报63050 元/吨。除成本下移外，基本面无更悲观变化，锂辉石矿价进一步下行拉低了锂价成本支撑，现货报价续创期货上市来新低，市场情绪仍 悲观，但有望随着原材料端的价格企稳而止跌。国内社会库存小幅下降，周产量减少。不断下行的价格增加了上游企业减、停产可能性， 近期需持续关注。主要交易逻辑 前期对等关税导致碳酸锂成品端未来需求被进一步限制，在国内面临新能源汽车旺季效应弱化、磷酸铁锂订单增速放缓、三元材料排产 下滑的现实状况时，对等关税对碳酸锂品种影响不明显；成品端对碳酸锂需求的指引，则更体 ...

Summary of Zhuhai Guanyu Conference Call Company Overview - **Company**: Zhuhai Guanyu - **Industry**: Battery manufacturing, focusing on consumer and power battery segments Key Points Financial Performance - In Q1 2025, Zhuhai Guanyu reported revenue of 2.498 billion yuan, a slight decline year-on-year. The net profit attributable to shareholders was a loss of 24 million yuan, compared to a profit of 9 million yuan in the same period last year [4][5][42] - The overall performance was impacted by a seasonal downturn in consumer electronics and a decrease in prices due to falling upstream material costs [5][42] Business Segments - **Consumer Battery Segment**: - Q1 2025 consumer battery shipments were approximately 80 million units, flat year-on-year, with a self-supply rate of about 40% [5] - The company expects Q2 shipments to grow by 40%-50% quarter-on-quarter, with an annual target of 120 million units [6] - **Power Battery Segment**: - Revenue in Q1 2025 was around 400 million yuan, more than doubling year-on-year, driven primarily by the Zhikang and drone businesses [5][6] - The power segment is expected to generate 600 million yuan in Q2, with annual revenue projected to be double that of the first half [6][29] Growth Drivers - The start-stop battery business is anticipated to continue its rapid growth, with significant orders from domestic and international clients [7] - The drone business, primarily serving DJI, is expected to exceed 1 billion yuan in total revenue this year, also doubling year-on-year [7][33] Technological Advancements - The company is making progress in smart wearable devices and robotics, leveraging its soft-pack technology and small battery solutions for advantages in energy density and weight [8] - The company aims to capture 30% of the smartphone battery market, up from the current 8%-10%, through technological iterations [3][35] Margin and Cost Management - Q1 gross margin declined due to seasonal factors, increased contribution from lower-margin businesses, and lagging cost pass-through from export tax adjustments [11][12] - The company expects improvement in margins in Q2 as production ramps up and costs stabilize [11] International Expansion - The construction of a factory in Malaysia is progressing well, expected to be operational within 1 to 1.5 years, which will help mitigate export costs to the U.S. due to lower tariffs [9][13][14] - The company is also exploring opportunities in Mexico and India, although these facilities are smaller in scale [13] Market Trends and Customer Demand - The company is well-positioned to meet domestic demand despite trade tensions, with a focus on local suppliers [10][9] - The demand for high-capacity batteries is increasing, with a trend towards larger batteries (6,000 to 7,000 mAh) in the market [36] Future Outlook - The company maintains a positive outlook for Q2 and the full year, expecting significant growth driven by domestic demand and new product launches [6][43] - The focus will remain on enhancing market share in both consumer and power battery segments while managing costs effectively [46] Challenges and Risks - The company faces challenges from fluctuating material prices and the impact of export tax policies, which it is addressing through strategic cost management and communication with clients [24][25] Conclusion - Zhuhai Guanyu is navigating a challenging market environment with a focus on growth in both consumer and power battery segments, leveraging technological advancements and international expansion to enhance its competitive position. The outlook for the upcoming quarters remains optimistic, supported by strong demand and strategic initiatives.