| 碳酸锂日评20250827:波动仍大,持仓注意保护 | | | | | --- | --- | --- | --- | | | | | 近两周走势 | | 2025-08-25 2025-08-19 交易日期(日) 2025-08-26 较昨日变化 | | | | | 近月合约 收盘价 79260.00 79580.00 87580.00 -320.00 | | | | | 连一合约 收盘价 79140.00 79580.00 87600.00 -440.00 | | | 5 | | 连二合约 收盘价 78700.00 79040.00 87540.00 -340.00 | | | | | | | | 3 | | 连三合约 收盘价 78700.00 79040.00 87420.00 -340.00 | | | n | | 收盘价 79020.00 79380.00 87540.00 -360.00 | | | 5 | | 成交堂(手) 559599.00 626916.00 734929.00 -67.317.00 | 砖酸包期货 | | | | 活跃合约 持仓量(手) 349496.00 368667 ...

智通财经记者 | 高菁 今年上半年，国内锂电电解液企业业绩呈现分化趋势。 据智通财经不完全统计，截至8月26日，已披露上半年业绩报告的五家电解液企业中，两家净利增长， 三家净利润下滑，其中一家陷入亏损。 | | | 2025年上半年部分电解液上市公司业绩概况 | | | | --- | --- | --- | --- | --- | | 企业 | 上半年营收 | 上半年营收 同比变化 | 上半年净利润 | 工未年净利润同比 变化 | | 新宙邦 | 42.48亿元 | 18.58% | 4.84亿元 | 16.36% | | 天赐材料 | 70.29亿元 | 28.97% | 2.68亿元 | 12.79% | | 瑞泰新材 | 9.75亿元 | -7.36% | 0.82亿元 | -24.19% | | 多氧多 | 43.28亿元 | -6.65% | 0.51亿元 | -16.55% | | 石大胜华 数据来源: 各公司半年报 | 30.11亿元 | 14.87% | -0.56亿元 | -248.03% | 图：高菁 净利润排名前二的企业分别为新宙邦(300037.SZ)、天赐材料(002709.SZ) ...

| 碳酸锂日评20250827:波动仍大,持仓注意保护 | | | | | --- | --- | --- | --- | | | | | 近两周走势 | | 2025-08-25 2025-08-19 交易日期(日) 2025-08-26 较昨日变化 | | | | | 近月合约 收盘价 79260.00 79580.00 87580.00 -320.00 | | | | | 连一合约 收盘价 79140.00 79580.00 87600.00 -440.00 | | | 5 | | | | | 3 | | 连二合约 收盘价 78700.00 79040.00 87540.00 -340.00 | | | | | 连三合约 收盘价 78700.00 79040.00 87420.00 -340.00 | | | n | | 收盘价 79020.00 79380.00 87540.00 -360.00 | | | 5 | | 成交堂(手) 559599.00 626916.00 734929.00 -67.317.00 活跃合约 | 砖酸包期货 | | | | 持仓量(手) 349496.00 368667 ...

证券研究报告·公司点评报告·电池 新宙邦（300037） 2025 半年报点评：业绩符合市场预期，氟化 工稳中有升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,484 | 7,847 | 10,963 | 13,928 | 17,779 | | 同比（%） | (22.53) | 4.85 | 39.71 | 27.05 | 27.64 | | 归母净利润（百万元） | 1,011.07 | 942.05 | 1,194.03 | 1,632.17 | 2,025.46 | | 同比（%） | (42.50) | (6.83) | 26.75 | 36.69 | 24.10 | | EPS-最新摊薄（元/股） | 1.35 | 1.26 | 1.60 | 2.18 | 2.71 | | P/E（现价&最新摊薄） | 35.04 | 37.61 | 29.67 | 21.71 | 17.49 | 证券分析师 ...

事件：公司发布 2025 年半年度报告。25H1 公司实现营业收入 70.29 亿元，同 比增加 28.97%；实现归母净利润 2.68 亿元，同比增加 12.79%。其中，25Q2 公司实现营业收入 35.40 亿元，同比增加 18.52%，环比增加 1.47%；实现归母 净利润 1.18 亿元，同比下降 3.94%，环比下降 20.94%。 电解液出货量稳步增长，25H1 盈利同比改善。25H1 公司电解液出货量实现了 稳步增长，公司通过核心原材料的产能利用率提升持续带来生产环节的降本，在 电解液市场价格小幅下降的背景下，保持了电解液单位盈利的稳定性。25H1 公 司锂离子电池材料实现营收 63.02 亿元，同比增加 33.2%，毛利率为 17.05%， 同比减少 0.06pct。同时，25H1 公司日化材料及特种化学品实现营收 6.14 亿元， 同比增长 12.93%，毛利率 30.27%，同比减少 0.51pct。费用率方面，25H1 公 司销售、管理、研发、财务费用率分别为 0.5%、4.9%、6.2%、1. 5%，同比分 别变动-0.02、-0.9、+0.6、-0.3pct。 2025 年 8 月 ...

1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The supply contraction concern persists, and the downside space for lithium carbonate prices is limited. In the short - term, lithium carbonate prices are expected to fluctuate widely. Attention should be paid to the progress of mines in Jiangxi and the continuity of the "anti - involution" sentiment [1][4][78]. 3. Summary by Directory 3.1 Market Review - Last week, lithium carbonate prices opened high and closed low, with a weekly decline of 7.39%. Trading volume reached 4.32 million lots (-310,000), and open interest reached 362,300 lots (-38,800). The basis premium was 4,940 yuan/ton [6][7]. 3.2 Supply Side 3.2.1 Lithium Ore - In July, China's lithium spodumene production was 6,500 tons of LCE, a month - on - month increase of 0.8%; lithium mica production was 16,100 tons of LCE, a month - on - month decrease of 4.2%. Lithium concentrate imports rebounded to 576,100 tons, a month - on - month increase of 34.7% and a year - on - year increase of 4.8% [12][16]. 3.2.2 Lithium Battery Recycling - In August, the expected recycling volume of waste lithium batteries was 23,484 tons, a month - on - month increase of 6.4% and a year - on - year increase of 28.9% [19]. 3.2.3 Lithium Carbonate - Last week, lithium carbonate production was 19,138 tons, a month - on - month decrease of 4.2%. In July, lithium carbonate imports dropped to 13,845 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. In July, Chile's lithium carbonate exports to China were 13,633 tons, a month - on - month increase of 33.3% and a year - on - year decrease of 13.5% [25][27]. 3.2.4 Lithium Hydroxide - In August, the operating rate of lithium hydroxide was 36%, and the production was 23,820 tons, a month - on - month decrease of 5.4% and a year - on - year decrease of 24.3%. In July, lithium hydroxide exports were 1,248 tons, a month - on - month decrease of 80.1% and a year - on - year decrease of 86.3% [33]. 3.3 Downstream Demand 3.3.1 Lithium Iron Phosphate - Last week, lithium iron phosphate production was 75,886 tons, a month - on - month decrease of 4.0%. In July, the operating rate of iron phosphate was 59%, and the production was 252,200 tons, a month - on - month increase of 10% and a year - on - year increase of 70% [36]. 3.3.2 Ternary Materials - Last week, ternary material production was 16,565 tons, a month - on - month increase of 1.7%. In July, imports increased and exports decreased [39]. 3.3.3 Ternary Precursors - In August, the operating rate of ternary precursors was 41%, and the production was 76,160 tons, a month - on - month increase of 8.1% and a year - on - year increase of 5.4%. In July, exports increased [42]. 3.3.4 Lithium Manganate and Lithium Cobaltate - In August, the operating rate of lithium manganate was 33%, and the production was 11,978 tons, a month - on - month increase of 3% and a year - on - year increase of 26%. The operating rate of lithium cobaltate was 61%, and the production was 8,880 tons, a month - on - month decrease of 3.8% and a year - on - year increase of 11.1% [43]. 3.3.5 Electrolyte - In August, electrolyte production was 169,680 tons, a month - on - month increase of 4.1% and a year - on - year increase of 38.0%. In July, exports of lithium hexafluorophosphate increased [50]. 3.4 Terminal Demand 3.4.1 Power Batteries - In July, power battery production was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 45.8%. Power battery installations were 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.3% [53]. 3.4.2 New Energy Vehicles - In July, new energy vehicle production was 1.243 million units, a month - on - month decrease of 2.0% and a year - on - year increase of 26.3%. Sales were 1.262 million units, a month - on - month decrease of 5.1% and a year - on - year increase of 27.4% [56]. 3.4.3 Energy Storage - In August, energy storage battery production was 45.15 GWh, a month - on - month increase of 2.2% and a year - on - year increase of 42.9%. In June, the winning bid power scale of energy storage was 4.57 GW, a month - on - month decrease of 11.3% and a year - on - year increase of 15.1%; the winning bid capacity scale was 12.11 GWh, a month - on - month decrease of 27.3% and a year - on - year increase of 45.0% [61]. 3.4.4 Consumer Electronics - In July, China's smartphone production was 94.32 million units, a month - on - month decrease of 12.9% and a year - on - year increase of 2.1%. China's micro - computer production was 25.52 million units, a month - on - month decrease of 19.2% and a year - on - year decrease of 9.8% [64]. 3.5 Cost - Lithium ore prices declined. The price of 6% lithium spodumene concentrate dropped by $53/ton, and the price of lithium mica dropped by 190 yuan/ton [68]. 3.6 Inventory - The total inventory decreased by 713 tons. Structurally, smelter inventory decreased by 2,847 tons, downstream inventory increased by 3,224 tons, and other inventory decreased by 1,090 tons. Last week, lithium iron phosphate inventory decreased by 1,441 tons, and ternary material inventory increased by 321 tons [74][75]. 3.7 Market Outlook - Strategy: After an over - decline, short - term long positions can be taken, and options can be appropriately bought for protection; buy straddle options. The operating range is 70,000 - 100,000. In the short - term, lithium carbonate prices are expected to fluctuate widely [78].

核心结论 分析师 晨会纪要 【策略】"资金洞察"系列报告（四）：居民存款，何时搬家？ 居民资金尚未跑步入市，但存款搬家已经初现端倪。历史上，居民存款搬家 一般在熊牛切换后的 10-12 个月开启，当前距离去年 9.24 熊牛切换已有 11 个月，居民存款搬家可期。在居民存款搬家初期，市场可能会有 2-3 个月的 盘整；但如果存款搬家带动各类资金放量流入，市场或迎来新一轮主升浪行 情。 【机械设备】无人车系列专题报告 1：无人环卫车：千亿市场空间，设备+ 运营双重受益 随着无人环卫领域逐步度过 0-1 阶段步入量产，环卫领域运营企业有望迎来 一轮设备高景气成长+运营业务盈利显著改善，走出业绩+估值双提振的戴维 斯双击，建议关注劲旅环境/玉禾田/福龙马/侨银股份/盈峰环境。 【专用设备】国产算力链崛起，关注上游自主可控环节 当前我们认为科创 50 成分股和半导体设备股交集具备较大的补涨潜力，本 轮国产 AI 行情具备更强的基本面支撑，我们认为半导体上游的自主可控环 节作为产业链核心瓶颈，核心受益，建议关注：半导体前道设备/后道测试 设备，光刻机产业链相关标的。 【计算机】国能日新（301162.SZ）2025 半 ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 电池： 根据ICC鑫椤锂电数据库统计： 2025年7月年全球锂电池产量为 186.6GWH ，同比增长 48.9%。1-7月累计产量 1175.12GWH ，同比增长48.62%。 钴酸锂： 根 据 ICC鑫椤锂电数据库 统计： 2025年7月中国钴酸锂的产量达 0.99万吨 ，同比增长 13.7%。1-7月产量累计 6.07万吨 ，同比增长19.49%。 负极： 根 据 ICC鑫椤锂电数据库 统计： 2025年7月全球负极材料产量 24.4万吨 ，同比增长38.7%。 1-7月累计产量 154.44吨 ，同比增长34.21%。 电解液： 根 据 ICC鑫椤锂电数据库 统计： 2025年7月全球电解液产量为 19.05万吨 ，同比增长 38.2%。1-7月累计产量 118.66万吨 ，同比增长43.74%。 隔膜： 根据 ICC鑫椤锂电数据库 统计： 2025年7月全球隔膜产量为 26.72亿平米 ，同比增长 36.6%。1-7月累计产量 169.6亿平米 ，同比增长36.64%。 更多详 ...

Group 1: Industry Insights - SQM reported a 28% decline in adjusted earnings to $307.9 million in Q2 due to falling lithium prices, which hit a multi-year low, but expects a price recovery driven by reduced production in China [1] - The global tablet shipment volume reached 39 million units in Q2 2025, marking a 9% year-on-year increase, supported by stable demand in China and EMEA regions [4] - The domestic lithium carbonate market experienced fluctuations, with a recent announcement from Jiangte Electric regarding the resumption of production at its subsidiary [6] Group 2: Market Prices - As of August 21, the price for battery-grade lithium carbonate is between 81,000 to 83,000 yuan per ton, while industrial-grade is between 78,500 to 79,500 yuan per ton [7] - The price for ternary materials ranges from 128,000 to 134,000 yuan per ton for single crystal 5 series and 146,000 to 151,000 yuan per ton for 8 series 811 type [8] - Phosphate lithium prices are stable, with power-type priced at 33,600 to 35,000 yuan per ton and energy storage-type at 32,600 to 33,200 yuan per ton [9] Group 3: Company Developments - BYD has launched a new line of lithium batteries for electric two and three-wheelers in partnership with JD Auto, offering eight products priced between 1,298 to 6,998 yuan [2] - Zhongwei New Materials signed a cooperation agreement with POSCO Future M to advance the production of lithium iron phosphate cathode materials [3] - Tianqi Lithium reported a net profit of 267 million yuan in the first half of the year, reflecting a year-on-year growth of 12.79% [13] Group 4: Battery and Energy Storage Market - The domestic lithium battery market remains stable, with global production expected to reach 2,100 GWh this year, and a slight increase in orders from second-tier battery manufacturers [15] - The domestic energy storage battery prices are stable, with a notable project in Inner Mongolia achieving a system price of 0.389 yuan per Wh [17] - New energy vehicle sales reached 244,000 units last week, showing a year-on-year increase of 13.10% [16]

Core Viewpoint - The rise of emerging industries in China is leading the next decade of polymer development, with opportunities in sectors such as new energy vehicles, aerospace, drones, robotics, and AI materials [2]. Financial Performance - In the first half of 2025, Sinopec reported a revenue of RMB 1.41 trillion, a decrease of 10.6% compared to RMB 1.58 trillion in the same period of 2024 [3]. - The total profit for the period was RMB 28.77 billion, down 43.4% from RMB 50.87 billion year-on-year [3]. - Net profit attributable to shareholders was RMB 21.48 billion, a decline of 39.8% from RMB 35.70 billion [3]. - Operating cash flow increased by 44.4% to RMB 61.02 billion compared to RMB 42.27 billion in the previous year [3]. Product Sales and Pricing - Sales of major chemical products in the first half of 2025 amounted to RMB 231.1 billion, a decrease of 3.2% year-on-year, accounting for 95.5% of the chemical division's revenue [3]. - Specific product sales volumes showed varied performance, with basic organic chemicals increasing by 6.1% to 25,657 thousand tons, while average prices fell by 14.6% [4]. - Synthetic resin sales rose by 9.2% to 8,821 thousand tons, but average prices decreased by 2.4% [4]. Strategic Initiatives - Sinopec aims to strengthen its market share in refined oil sales and expand its new energy business, focusing on hydrogen, solar, wind, and geothermal energy [4]. - The company is actively developing new materials for emerging industries, including electric vehicle batteries and synthetic biology applications [5]. - Sinopec has established an AI computing center and is developing a unified data governance system to enhance its AI capabilities [5]. New Material Developments - Sinopec has made significant advancements in battery materials, including high-nickel ternary cathode materials and silicon-carbon anodes, with production volumes expected to grow by 40% year-on-year [5]. - The company has successfully produced high-end graphite electrodes and is expanding its capabilities in graphene-based coatings and EVA materials [6][8]. Collaborations and Partnerships - Sinopec has signed strategic agreements with companies like CATL to enhance its battery swap station network and support the development of hydrogen energy infrastructure [7][8]. - The company is also investing in various hydrogen energy enterprises to establish a comprehensive hydrogen energy supply chain [8].