（编辑 丛可心） 证券日报网讯 1月12日，海科新源在互动平台回答投资者提问时表示，公司的电解液溶剂、添加剂等产 品应用于锂离子电池领域，终端电动车、机器人、低空经济、储能等领域均有应用，同时公司以"解决 当下痛点+抢占未来高点"为研发主线，积极研发新产品、新技术，确保业绩的持续增长。 ...

海科新源（301292）12月25日晚公告，公司与湖南法恩莱特新能源科技有限公司(以下简称"法恩莱特") 于12月24日签署《战略合作暨原材料供货协议》。协议约定，在协议有效期内(2026年1月1日至2028年 12月31日)，法恩莱特向海科新源购买电解液溶剂及添加剂27万吨。产品的实际采购数量以经双方确认 的订单为准。 据海科新源介绍，法恩莱特集合了龙蟠科技（603906）董事长石俊峰、多氟多（002407）、小米等多元 战略股东资本，拥有行业优秀的的研发团队和先进的智能化生产线。公司已与国内领先的电池企业建立 长期合作关系，并在湖南长沙、安徽安庆、广西柳州等地布局规模化电解液生产基地。凭借覆盖锂电、 钠电、固态电解质及核心添加剂的多元化产品矩阵，法恩莱特已成为国内具有完整技术布局与快速交付 能力的电解质材料研发、制造与服务企业。 此外，海科新源10月23日公告，公司与合肥乾锐科技有限公司(简称"合肥乾锐")于10月21日签署《战略 合作暨原材料供货协议》。在协议有效期内(2026年1月1日至2028年12月31日)，合肥乾锐向海科新源购 买电解液溶剂及添加剂20万吨。产品的实际采购数量以经双方确认的订单为 ...

Core Viewpoint - The company Shida Shenghua is attempting to list H-shares in Hong Kong as a crucial self-rescue move amid a downturn in the lithium battery materials industry, characterized by declining performance and cash flow pressures [1][3]. Group 1: Company Background - Shida Shenghua, established in 2002 and listed on the Shanghai Stock Exchange in 2015, was a leading player in the domestic electrolyte industry, holding over 40% of the global high-end carbonate solvent market [3]. - The company has a strong customer base that includes major global electrolyte firms, positioning it as a "hidden champion" in the lithium battery upstream sector [3]. Group 2: Financial Performance - The company's revenue has significantly declined from 8.316 billion yuan in 2022 to 5.635 billion yuan in 2024, with net profit plummeting from 891 million yuan to 18.72 million yuan and further to 16.42 million yuan [3]. - In the first three quarters of 2025, the company reported a net loss of 62.2 million yuan, indicating ongoing financial struggles [3]. - Operating cash flow has been negative for 2023 and 2024, with net cash flows of -432 million yuan and -448 million yuan, respectively [3]. - Accounts receivable surged from 613 million yuan to 1.389 billion yuan, accounting for over 25% of revenue, highlighting issues with product sales and cash collection [3]. Group 3: Strategic Moves - The company has previously attempted to raise funds through a 4.5 billion yuan private placement in July 2022, which faced multiple inquiries from the Shanghai Stock Exchange, ultimately reducing the fundraising to 1.99 billion yuan for three core projects [5]. - The shift to the Hong Kong market is interpreted as a response to obstacles in the private placement process, seeking new financing channels and advancing global expansion [5]. - The effectiveness of the Hong Kong listing in reversing the company's declining trend remains uncertain, especially given the cyclical fluctuations and intensified competition in the lithium battery materials industry [5].

锂电材料推荐更新 20151223 摘要 锂电材料板块受关注，短期市场对需求的担忧有望缓解，大客户价格和 四季度业绩将在一两周内揭晓，整体需求问题或明年 3 月明朗，当前或 是较佳投资时机。 看好六氟磷酸锂和隔膜细分领域，以及 EC 溶剂、添加剂和石墨化环节。 正负极材料、铜铝箔等亦受益，但各环节弹性和斜率不同。AIDC 和电 气设备值得关注，储能市场尤其是海外市场潜力巨大。 安孚科技具备长期投资价值，第二主业潜力巨大，目前估值约 16 倍， 增长潜力上移，品牌效应和现金流强劲，值得长期关注。 锂电池与材料行业资本开支比例失衡，材料端投资弱于电池端，多数公 司依赖融资，缺乏业绩支撑，未来供需平衡向好，利好六氟磷酸锂和隔 膜。 短期市场关注大客户和头部公司价格表现，若 1 月价格高于 12 月即为 积极信号，头部公司涨价 5%-10%将带动二线公司。12 月底至 1 月 15 日业绩快报披露期值得关注。 Q&A 目前锂电行业的投资机会和前景如何？ 锂电材料板块在未来几年内具有显著的投资机会。2026 年将是周期底部反转 的第一年，预计会出现强劲增长。如果 2026 年表现不如预期，2027 年的表 现将更为强劲 ...

六氟磷酸锂市场需求旺盛，库存低，二三线客户款到发货，大客户月度 议价，显示市场对该产品需求强劲，价格传导机制有效，虽有滞后性， 但整体定价机制明确。 隔膜行业固定资产周转率极低，扩产能力有限，但需求保持增长，供需 关系持续向好。市场对隔膜行业回报率和可持续性存在疑虑，但若能提 高净利润率和总资产周转率，仍有很大发展空间。 隔膜行业扩展周期长，需一年半以上，设备主要依赖进口，扩产意愿较 低。佛塑科技新增产能采用最新自动化设备，技术上具有优势，总产能 将达到 65 亿平米以上。 5 微米隔膜技术是重要结构性迭代，渗透率快速提升，但受限于供给， 技术门槛高，将拉开企业间差距，可能显著提升相关企业盈利能力。市 场普遍认为隔膜价格上涨 15%左右，但实际涨幅更高，小型电池厂家涨 幅超过 40%。 未来需求端需关注汽车、储能和海外市场，特别是地方政府补贴政策变 化、新车型发布、全国性容量电价或补贴政策出台，以及大规模储能需 求和工商储、数据中心配储等新兴需求。 Q&A 当前锂电材料行业的市场情况和未来展望如何？ 锂电材料行业目前整体表现出较强的市场前景，尤其在六氟磷酸锂、隔膜、电 解液等领域。我们坚定看好六氟磷酸锂，其确 ...

电解液： 磷酸铁锂SMM3.475万/吨，+0.05万/吨，+1.5% 三元动力SMM3.65万/吨，+0.05万/吨，+1.4% 添加剂： SMM电池级FEC7.4万/吨，+0.10万/吨，+1.4% SMM电池级VC18.1万/吨，+0.10万/吨，+0.6% 前驱体： 氧化钴SMM31万/吨，+0.25万/吨，+0.8% 六氟磷酸锂： SMM17.3万/吨，+0.05万/吨，+0.3% 氢氧化锂： 国产SMM8.193万/吨，-0.02万/吨，-0.2% 正极： 磷酸铁锂-动力SMM3.9095万/吨，-0.01万/吨，-0.3% 碳酸锂： 工业级SMM9.035万/吨，-0.04万/吨，-0.5% 电池级SMM9.275万/吨，-0.05万/吨，-0.5% 期推荐 往 加入社群 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 CATL ：储能市场增长高于动力 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除。 ...

与碳酸锂价格由于政策、监管等带来供给侧扰动而驱动的涨价传导不同，本次产业链价格上涨主要系下 游动储需求持续向好：1）动力方面，25年前三季度中国新能源汽车销量1123万辆，同比高增35%，Q3 增速平稳，电动化率持续提升至49.7%，相应动力电池装车同比高增43%：2）储能方面，136号文后储 能表现超预期，25H2各地容量电价政策出台、套利空间增厚等因素下国内储能经济性显现，海外市场 爆发同频共振，储能成为需求重要支撑，电芯供应出现阶段性紧张局面。 排产持续提升，产能利用率高位带动龙头盈利回升 据则言咨询，样本企业中11月电芯排产环比+7%，材料环节排产环比+2~3%，需求景气度驱动涨价同时 带动排产持续提升。当前电芯、电解液等环节龙头企业产能利用率维持高位，25Q3业绩表现亮眼，盈 利能力企稳回升，25Q3电芯/正极材料/负极材料/电解液/隔膜/集流体/结构件净利率环比 +1.9/+0.4/1.1/+0.8/+2.0/+0.1/+0.6pcts。展望后续，该行认为行业将加速回归平衡，部分环节已经历较长 时间调整，随需求启动有望实现量利齐升，业绩放量可期。 电芯价格持续上涨 则言咨询统计25H1、Q3、Q4 ...

Core Viewpoint - The report highlights that 317 stocks have gained attention from brokerages in November, with a focus on those that have shown significant price increases, particularly Haibo Sichuang, which has a potential upside of over 15% according to Northeast Securities [1][5]. Group 1: Stock Performance - Among the 317 stocks, 24 have seen price increases exceeding 10% in November, with Haike Xinyuan leading at a rise of over 122% [1][2]. - Other notable performers include Saiwei Electronics with a 98% increase and Changguang Huaxin with a 60% increase [1][2]. Group 2: Brokerage Ratings and Target Prices - Haibo Sichuang has a latest closing price of 302.90 yuan, with a target price set at 350 yuan by Northeast Securities, indicating a potential upside of 15.55% [5]. - Other stocks with potential upside include Hengyin Technology (15.02% upside), Huo Laiwo (8.93% upside), and Penghui Energy (2.93% upside) [5]. Group 3: Sector Insights - The stocks that have performed well are primarily from sectors such as electric equipment, electronics, and defense, indicating a trend in market interest towards these industries [2][3].

Group 1 - China Uranium Industry (001280) will open for subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [1] - The company also engages in the comprehensive utilization and sales of radioactive co-associated mineral resources such as monazite and uranium molybdenum [1] Group 2 - Vice Premier He Lifeng emphasized the need to continuously improve foreign trade quality and efficiency during his research in Hubei and Hunan, aiming to support high-quality development of the manufacturing industry [2] - He noted that despite a challenging external environment, China's foreign trade has maintained stable growth, providing strong support for domestic economic development [2] Group 3 - The Ministry of Commerce stated that China is strictly implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [3] Group 4 - Minister of Commerce Wang Wentao held a video meeting with UK Trade Secretary Peter Kyle to discuss the ASML semiconductor issue, emphasizing that the responsibility lies with the Netherlands [4] - Wang indicated that the Netherlands' recent suspension of an administrative order is a positive step towards resolving the semiconductor supply chain crisis [4] Group 5 - The Ministry of Foreign Affairs reiterated that Japanese seafood products currently have no market in China due to public sentiment against Japan's leadership statements on significant issues [5] Group 6 - The China Securities Regulatory Commission (CSRC) highlighted the need to enhance the inclusiveness and adaptability of capital market systems to promote high-quality development [6] Group 7 - Guangdong Province is focusing on developing cutting-edge technology, particularly in areas of strategic importance and "bottleneck" technologies [8] - The provincial government aims to leverage the strengths of major cities like Guangzhou and Shenzhen to drive technological innovation [8] Group 8 - Guangdong's government has launched initiatives to promote innovation in artificial intelligence and robotics, including the "AI+" and "Robot+" actions [9] - The province plans to expand the development of consumer-level smart terminal products and enhance the integration of online and offline business models [9] Group 9 - The Chinese Academy of Sciences signed a new cooperation agreement with the Shanghai Municipal Government to accelerate the construction of an international science and technology innovation center [10] - The agreement aims to enhance Shanghai's role as a global technology innovation hub [10] Group 10 - The Ministry of Commerce announced a new policy to guide local governments in promoting the export of used cars, shifting focus from "scale growth" to "value growth" [11] - The policy aims to improve the overall development level and international competitiveness of the used car export industry [11] Group 11 - The Guangzhou Futures Exchange announced adjustments to trading fees and limits for lithium carbonate futures contracts, effective November 24, 2025 [12] - New trading fee standards and daily opening limits for various contracts have been established to regulate market activity [12] Group 12 - The 18th China-EU Investment Trade and Technology Cooperation Fair opened in Chengdu, with EU representatives expressing optimism about future cooperation with Chinese enterprises [13] - The event highlighted the potential for collaboration in emerging sectors such as artificial intelligence and robotics [14]

Core Viewpoint - Haike Xinyuan has entered a "surge period" since late September, with its stock price experiencing significant volatility and an increase of over 100% in just eight trading days [1][3]. Group 1: Stock Performance - On November 13, Haike Xinyuan achieved a "20cm" limit-up, closing at 69.22 CNY per share with a turnover rate of 32.53% and a trading volume of 276,700 shares [1]. - The stock price continued to rise on November 14, reaching a historical high of 80.03 CNY during the day and closing at 72.7 CNY, up 5.03% [1]. - The company had been in a prolonged state of decline since its IPO in July 2023, where it was listed at an issue price of 19.99 CNY per share [3]. Group 2: Financial Performance - In 2024, Haike Xinyuan reported a revenue of 3.615 billion CNY, a year-on-year increase of 7.49%, but a net profit attributable to shareholders of -267 million CNY, a decline of 944.35% [6]. - The decline in profitability is attributed to intense price competition in the lithium-ion battery electrolyte solvent market, a decrease in product sales prices and gross margins, and high fixed costs due to low production load at a new facility [6]. - For the first three quarters of the year, the company reported a revenue of 3.653 billion CNY, a year-on-year increase of 43.17%, and a net profit of -128 million CNY, a reduction in losses by 40.06% [7]. Group 3: Market Position and Outlook - Haike Xinyuan is recognized as a global leader in lithium battery solvents, with a stable competitive position and an improving industry supply-demand dynamic [7]. - The company is also developing its additives segment, which is beginning to gain traction, with potential for significant profit elasticity due to rising prices in this area [7].