氯磷硅三元素循环不息，叙写产业融合新传奇 2022年布局浙江启源、湖州金灿、湖北皇恩烨三大基地，聚焦石墨负极、硅基负极、新型负极业务，提供新能源应用场景负极材料综合解决方案。 2021年并购合肥星宇，进入杀虫杀菌系列，打破农化产品系列单一的发展瓶颈，成为全球除草剂品种最齐全的企业，为产业登顶奠定坚实基础。 新安的步伐，始终踏在时代需求的脉搏上 2016年以来，围绕"氯、磷、硅"元素循环利用，集团以资本为引擎，以项目为抓手，持续延链补链强链，从"双轮驱动"逐步走向硅基材料、磷基材料、新 能源材料"三足鼎立"新发展格局，利用白南山园区搬迁契机，打造马目智能园区，草甘膦合成技术成为国内领先。 2018年牵手德国赢创投产白炭黑项目，填补高端领域的空白，巩固了全产业链优势。把握"碳达峰、碳中和"发展机遇，发挥碳基、硅基传统优势，在动力 电池、储能电池、3C消费电池等领域拓展新能源应用场景。 2019年，新安与福建上杭县政府签约磷基阻燃剂项目，聚焦新能源汽车、5G通信、航空材料等战略性新兴产业。 2020年全资控股华洋化工，深化硅基产业一体化发展。同年，建成镇江江南30万吨氯资源综合利用项目，巩固了行业地位；合资建设崇耀 ...

Core Viewpoint - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations, providing timely market impact references through a professional lens [1] Group 1: Company Overview - The company has an annual production capacity of 90,000 tons for graphite anodes and holds a 40% stake in an enterprise with a capacity of 40,000 tons per year for lithium carbonate [1] - In the niche machinery sector, the company ranks first in Asia and second globally, showcasing its competitive position [1] Group 2: Product and Technology - The company has developed a hydraulic system for the lifting of offshore self-elevating platforms, indicating its focus on innovative engineering solutions [1]

Group 1 - The company is actively laying out its lithium battery materials industry chain, which includes the construction of a closed-loop system for lithium-ion batteries [2] - The established industry chain consists of phosphoric acid iron/needle coke → lithium iron phosphate/graphite anode → lithium iron phosphate battery → battery resource utilization [2] - The company is inquiring about future layouts in lithium mines, indicating ongoing interest in expanding its lithium-related operations [2]

Core Viewpoint - The company is actively developing the lithium battery materials industry chain, establishing a closed-loop system for lithium-ion battery production and recycling [1] Group 1 - The company has built a complete industry chain from phosphoric iron and needle coke to lithium iron phosphate and graphite anodes [1] - The established chain includes lithium iron phosphate batteries and the resource utilization of batteries [1]

Overall Viewpoint - The electric new energy sector is experiencing increased volatility due to fluctuating tariff policies. In Q3 2025, China's energy storage lithium battery shipments are projected to reach 165 GWh, with a total of 430 GWh expected from Q1 to Q3, and an annual forecast of 580 GWh, representing a year-on-year growth rate exceeding 75%. Energy storage and lithium batteries remain the most prosperous sub-sectors within the electric new energy industry [4]. Group 1: Solid-State Batteries - There are significant advancements in solid-state battery technology, including improvements in interface contact through iodine ions, polymer electrolyte frameworks, and fluorinated polyether materials. The market is shifting from equipment speculation to material speculation, indicating that this trend will likely continue [4]. Group 2: Energy Storage - Due to domestic and international policy factors, energy storage demand is being anticipated earlier. The industry is expected to maintain a favorable outlook through 2025-2026. Current stock prices may continue to experience high-level fluctuations, with investment preferences leaning towards companies that resonate with AIDC power sources and photovoltaic "anti-involution" logic [4]. Group 3: Lithium Battery Materials - According to SMM data, the price of lithium hexafluorophosphate has been rising, reaching an average of 75,500 yuan per ton as of October 17. Some negative electrode companies have increased the prices of graphite negative electrode products by 2,000-3,000 yuan per ton, primarily due to rising petroleum coke prices. Battery manufacturers are still under pressure to lower prices, while leading companies in lithium iron phosphate and separators are maintaining good capacity utilization rates, with orders flowing to small and medium-sized enterprises [4]. Group 4: Power Equipment and Photovoltaics - Currently, the stock prices of power equipment and photovoltaic sectors are relatively low, primarily due to the industry's weaker outlook. Market trends will determine the direction of these two sectors in Q4 2025, influenced by defensive factors and the preliminary results of photovoltaic "anti-involution." There are signs of improvement, but a definitive trend has yet to form, warranting close monitoring [6]. Group 5: Policy Changes - Recent announcements from the Ministry of Finance, General Administration of Customs, and State Taxation Administration regarding adjustments to value-added tax policies for wind power have garnered market attention. The cancellation of the 50% immediate refund policy for land-based wind power is noted, while the benefits for offshore wind power will be retained from November 1, 2025, to December 31, 2027. This policy change is expected to have a slight impact on the internal rate of return (IRR) of wind power projects, but the overall effect may be less significant than the marketization requirements outlined in document "136" [5].

Core Viewpoint - The solid-state battery anode materials are primarily silicon-based and lithium metal anodes, with silicon-based anodes currently advancing faster in industrialization. The development of lithium metal anodes is slower compared to silicon-based anodes. Solid-state electrolytes offer wider electrochemical windows and higher chemical stability, which can effectively suppress lithium dendrite formation, indicating a short to medium-term trend towards silicon-based anodes in solid-state batteries, with future iterations expected for lithium metal anodes [2][10]. Summary by Sections Anode Materials Overview - The main types of solid-state battery anode materials are silicon-based and lithium metal anodes, with silicon-based anodes showing faster industrialization progress. Lithium metal anodes have high capacity and low electrochemical potential, potentially achieving energy densities above 400 Wh/kg when paired with suitable battery designs [2][10]. Advantages and Disadvantages of Anode Materials - **Graphite**: Good stability and long cycle life, but low energy density and weak fast charging capabilities [3]. - **Silicon-based Anodes**: High energy density and abundant resources, but significant volume expansion, short cycle life, and high costs [3]. - **Metal Aluminum**: High energy density and fast charging advantages, but can produce lithium dendrites [3]. Current Trends in Silicon-based Anodes - Silicon-carbon anodes are currently the preferred choice for solid-state batteries, offering high energy density, safety, and system compatibility. With over 30% silicon content in solid-state batteries, energy density can exceed 500 Wh/kg [5][6]. Safety and Compatibility - Silicon-based anodes have a lower lithium embedding potential of approximately 0.5V, reducing the likelihood of lithium plating during fast charging and preventing dendrite penetration that could cause short circuits. The mechanical modulus of solid electrolytes can buffer the volume changes of silicon-based materials, reducing interfacial resistance and enhancing battery performance [6]. Industry Players and Developments - Numerous companies are emerging in the silicon-based anode market, including established players like BetterRay, Sanyuan, and Puli, which have rapid verification and marketization speeds. New entrants like Tianmu Xian Dao and He Chuang Energy are also making strides [6][7]. Industrialization Progress of Silicon-based Anodes - Companies like BetterRay and Sanyuan are advancing their production capabilities, with BetterRay expected to achieve mass supply by 2025 and Sanyuan completing trial production by the end of 2024. Other companies are also establishing production lines and expanding capacities [7][8]. Lithium Metal Anode Potential - Lithium metal anodes have significant potential in solid-state batteries due to their low density, low chemical potential, and high specific capacity. However, challenges such as lithium dendrite growth need to be addressed for commercial viability. Companies like Ganfeng Lithium and Ningde Times are already working on lithium metal anode-based solid-state batteries [10][11].

Group 1 - The rapid development of the new energy industry has significantly increased the market scale of lithium-ion batteries, with an annual growth rate exceeding 20% in recent years [5] - In 2024, the shipment volume of cathode materials is expected to reach 3.2 million tons, while anode materials will exceed 2.1 million tons, indicating a strong growth trend [5] - Graphite anodes dominate the market, accounting for over 95% of the total, while silicon-based and other composite anodes represent less than 5% [5] Group 2 - Graphite anodes possess a hexagonal layered structure that allows lithium ions to embed and extract easily, making them suitable for battery charging and discharging cycles [6] - The theoretical specific capacity of graphite is 372 mAh/g, with commercial products typically ranging from 330 to 360 mAh/g, meeting energy density needs for most applications [7] - Graphite anodes exhibit excellent cycling performance, with lifespans exceeding 1000 cycles for consumer electronics and over 3000 cycles for power batteries [7] Group 3 - Despite their advantages, graphite anodes face limitations, including a capacity ceiling close to their theoretical value, which restricts their use in high-energy-density applications like electric vehicles [8] - Fast charging performance is limited due to kinetic constraints, leading to potential safety hazards from lithium dendrite formation [8] - Low-temperature adaptability is poor, with capacity loss exceeding 30% at -30°C, limiting their use in cold environments [8] Group 4 - The industry is exploring alloy materials with higher capacities, such as silicon, phosphorus, tin, and aluminum, which can significantly exceed the capacity of graphite [9] - Silicon-based anodes have undergone four generations of technological iterations, focusing on improving volume expansion, cycling life, and initial efficiency [9][10] - By 2030, silicon-based anodes are expected to achieve a market penetration of 30%, with phosphorus-based materials expanding in high-end applications [9] Group 5 - The first generation of silicon-based anodes utilized a physical modification approach, resulting in a core-shell structure that reduced volume expansion but had short cycling life and low initial coulombic efficiency [11][12] - The second generation improved cycling stability and capacity through chemical modification, but still faced challenges with initial efficiency and conductivity [13][14] - The third generation introduced pre-lithiation techniques, significantly enhancing initial efficiency and cycling life, but increased complexity and costs [15][16] Group 6 - The fourth generation of silicon-based anodes employs a porous carbon framework to stabilize silicon particles and enhance conductivity, achieving a balance between capacity, cycling, and cost [17][18] - This generation shows significant improvements in specific capacity, volume expansion, initial efficiency, and cycling performance, making it a promising direction for future applications [19] - However, challenges remain regarding production costs, structural stability over long cycles, and electrolyte compatibility [20] Group 7 - The demand for silicon-carbon composite materials is expected to grow significantly, with projections indicating a market space of hundreds of billions by 2030 [24] - Companies like Zhangjiagang Bowei are positioning themselves as collaborative suppliers, leveraging their technological advantages to partner with leading firms in the industry [25] - The industry is currently in the early stages of commercialization, with ongoing efforts to optimize production processes and expand application scenarios [21][24]

Investment Rating - Industry investment rating: Maintain "Overweight" [1][60] Core Views - The lithium battery materials industry rebounded by 1.53%, outperforming the benchmark (CSI 300) by 1.79 percentage points [3][12] - The industry valuation (TTM P/E) increased by 0.51x to 31.5x, currently at 20.8% of the long-term historical percentile [3][12] - The market is experiencing a supply-demand imbalance, with many segments facing overcapacity and high inventory levels, leading to low profitability [60] Summary by Sections Market Performance - Over the past month, the industry has shown relative returns of -1%, -8% over three months, and -3% over twelve months, with absolute returns of -2%, -10%, and 7% respectively [2] Positive Material Trends - Last week, the price of lithium carbonate slightly rebounded by 0.25%, while the prices of various ternary precursors continued to decline [4][14] - The price of phosphoric iron lithium remained stable, with production slightly increasing by 0.86% [31] Negative Material Trends - High-nickel ternary material prices continued to decline, with significant downward pressure on the prices of negative electrode materials due to weak downstream demand [6][48] - The production and operating rates of negative electrode materials decreased significantly, with a 2.46% drop in production [48] Electrolyte and Separator Insights - Electrolyte prices remained stable, but production and operating rates continued to decline, indicating a supply surplus [42] - Separator prices remained flat, with a slight increase in production and inventory, but the market remains oversupplied [51][56] Investment Recommendations - The current market conditions suggest that the overall demand is weak, particularly in the power market, while the supply side continues to face overcapacity issues [60] - The industry is expected to maintain a low profitability level, with valuation recovery dependent on marginal profit improvement expectations [60]

高能密、高倍率、高安全、超快充等性能要求下，锂电池行业由"量变"转向"质变"的发展路径进一步明显。进行锂电池技术创新与迭代，是 锂电各个细分环节实现"质变"的主要途径。 目前，锂电池技术创新可分为"电池结构技术创新"和"电池材料技术创新"。电池结构技术创新包括CTP等系统结构创新、大圆柱及短刀等电 芯结构创新、全极耳等工艺结构发展以及半/全固态等新技术创新等；电池材料技术创新则包括正极材料、负极材料、隔膜、电解液、铜箔、 导电剂、粘结剂等材料的创新升级。 其中在负极材料端， 硅基负极是较为明确的技术创新路线，已有多家企业进行技术与产业化的布局，目前正处于放量前夕。 01 硅基负极VS石墨负极： 比容量高、快充性能优异 当前锂电市场主要以石墨负极为主，天然石墨及人造石墨合计占市场份额达到98%甚至更高。 其中天然石墨成本较低、首次库伦效率高，但膨胀率较高、循环寿命较低、电解液相容性差、安全性一般，实际比容量340mAh/g左右。 人造石墨同样具有较高的首次效应，循环寿命优异大于1000次，相较于天然石墨安全性更高，成本由于工艺成熟性，目前处于较低水平。 但人造石墨的问题在于比容量已接近理论天花板370mAh/g ...