2025年，涨价题材成为市场核心主线之一。 受供需格局重构、产业升级、政策引导等多重因素影响，国内产业呈现"结构性涨价"特征。 一方面，高景气赛道涨幅突出：锂电池产业链核心材料价格飙升数倍，存储芯片市场迈入超级景气周 期，有色金属板块指数年内累计涨幅突破85%...... 与此同时，化工、煤炭、建材等行业以"反内卷"破局，通过自律减产、主动调价等举措优化供需结构。 多个细分品种厂商联合推进价格修复，以期实现量利双升。 锂电池产业链：供需紧平衡引爆涨价潮 2025年，受储能需求爆发等多重因素催化，锂电池产业链核心产品价格强势上涨。 作为电解液核心溶质的六氟磷酸锂表现尤为抢眼，价格从2025年7月底不超过5万元/吨一度飙升至12月 的17万元/吨。12月30日，上海有色数据显示，电池级碳酸锂价格已触及11.8万元/吨的高点；12月26 日，碳酸锂市场在连涨多日后迎来标志性突破，主力合约盘中站上13万元/吨关口。 不仅如此，另一重要材料磷酸铁锂在多日价格高企后，出现了头部厂商减产检修与集体挺价的现象。锂 电池电解液关键溶剂碳酸乙烯酯（EC）、添加剂VC（碳酸亚乙烯酯）、FEC（氟代碳酸乙烯酯）价格 也纷纷回暖，保持 ...

经济导报记者 贾义航 今年前三季度，石大胜华更是首现亏损。三季报显示，报告期内，石大胜华实现营业收入46.35亿元，同比增长11.41%；归母净利润-6220.18万元，同比下 降652.16%。 据悉，石大胜华今年前三季度业绩亏损主要系市场竞争激烈，公司部分产品价格同比下降，为应对行业竞争，公司加大了市场投入及研发力度，期间费用 同比增加，营业利润减少。 经济导报记者注意到，石大胜华的应收账款居高不下。具体而言，2022年到2024年，石大胜华应收账款期末余额分别为8.7亿元、6.13亿元、13.89亿元。 截至2025年9月末，其应收账款达17.06亿元。 A股方面，石大胜华2015年5月登陆上交所主板，发行价为6.51元/股。该公司股价最高点出现在2021年9月，盘中最高价触及348.88元，此后股价开始下 跌。 石大胜华表示，此举系为深入推进全球化战略布局，打造国际化资本运作平台，提高综合竞争力。"公司将充分考虑现有股东利益及境内外资本市场情 况，在股东会决议有效期内（即经公司股东会审议通过之日起24个月或同意延长的其他期限）选择适当的时机和发行窗口完成本次发行并上市。" 公告称，截至目前，石大胜华正 ...

Core Viewpoint - The price of ethylene carbonate (EC) has rebounded due to a tight supply-demand relationship, leading to a potential recovery in industry profitability, with significant stock price increases for leading companies in the sector since September 2023 [2][5]. Group 1: Price Dynamics - The supply-demand relationship for battery-grade EC is currently in a "tight balance," with some manufacturers limiting orders or pausing quotes [2][3]. - The average price of battery-grade EC increased by 11.46% in November, while industrial-grade EC rose by 11.37% [3]. - Manufacturers are adjusting their strategies in response to rising EC prices, with some actively taking orders while others adopt limited order strategies or stop external quotes altogether [3][4]. Group 2: Industry Outlook - Analysts predict that the price increase of EC will have sustainability due to ongoing tight supply and strong downstream demand for electrolytes [4]. - The industry is currently in a phase of profitability recovery, with leading companies like Haike Xinyuan and Shida Shenghua experiencing significant stock price increases, although they have not yet achieved excess returns [5][6]. - It is expected that by 2026, the profitability of lithium battery solvents will improve significantly due to restrained capacity expansion among major enterprises [6]. Group 3: Demand and Capacity - The demand for EC is driven by the rapid growth in the energy storage and power battery markets, leading to increased procurement of electrolytes [3]. - By 2025, the total capacity for both battery-grade and industrial-grade EC is projected to exceed 2 million tons [6]. - The production of lithium battery additives is expected to drive an additional demand of over 300,000 tons of EC in 2026 [6].

Group 1: Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index up by 0.29%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44% respectively [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 1.71 trillion yuan [2] Group 2: Lithium Battery Sector - The lithium battery sector rebounded, with significant gains in stocks such as Huasheng Lithium Battery (up over 15%) and Penghui Energy (up over 14%) [2] - Prices of key lithium battery electrolyte components, including lithium hexafluorophosphate and ethylene carbonate, have been rising [2] - CITIC Construction Investment Securities predicts that excess profits in the energy storage downstream investment operation will be passed upstream through price increases, indicating a resilient lithium battery industry chain [2] Group 3: Paper Industry - The paper industry remains active, with companies like Qifeng New Materials and Bohui Paper experiencing substantial gains [2] - Driven by e-commerce stocking demands, the operating rates of paper companies are high, and prices for corrugated and boxboard paper continue to rise [3] - White cardboard prices have also been increasing, supported by high costs and low inventory levels [3] Group 4: Photovoltaic Sector - Photovoltaic concept stocks are performing well, with Mingguan New Materials rising by 20% and Saiwu Technology by 10% [4] - The outlook for the electric new industry remains positive, with expectations of supply-side adjustments and battery technology upgrades creating new opportunities [5] - The Chinese government's commitment to energy transformation is expected to accelerate demand improvements in the photovoltaic sector [5] Group 5: Consumer Electronics - The consumer electronics sector is showing strong performance, with companies like Yunzuka Technology rising by 20% [6] - Alibaba's launch of its first self-developed flagship AI glasses is seen as a significant step in integrating digital and physical worlds [6] Group 6: Weak Sectors - The film and cultural media sectors are experiencing declines, with Shanghai Film dropping over 7% [6] - Some pharmacy-related stocks are also weakening, indicating a broader trend of underperformance in these sectors [6]

Core Viewpoint - The lithium battery electrolyte sector has experienced a significant surge, with stocks such as Furi Shares, Shida Shenghua, and Wansheng Shares hitting the daily limit, driven by rising prices of key electrolyte components [1] Price Movements - On November 26, prices for lithium battery electrolyte components increased, with the price of vinyl carbonate (VC) rising by 3000 yuan/ton to an average of 168,000 yuan/ton [1] - The battery-grade ethylene carbonate (EC) saw an average price of 6550 yuan/ton, reflecting a year-on-year increase of 2.34% [1] - Lithium hexafluorophosphate (domestic) also rose by 2500 yuan/ton, reaching 163,000 yuan/ton after previously surpassing 160,000 yuan/ton [1] Market Outlook - CITIC Construction Investment Securities suggests that excess profits in the energy storage downstream investment operation segment will be transferred to materials, batteries, and integration sectors through price increases in the upstream due to a sharp rise in demand [1] - The lithium battery industry chain is considered to have significant elasticity, with a positive outlook on materials, particularly lithium hexafluorophosphate, iron lithium, anodes, membranes, and battery segments [1]

| | | | 13:19 89.49 | 3 | | --- | --- | --- | --- | --- | | | | | 13:19 89.49 | 1 | | | | | 13:19 89.49 | 137 | | 分时博弈 | 超大:0.596大户:0.130中户:- 0.313 小户:- 0.413 | | 13:19 89.49 | 2 | | 0.596 | | | 13:19 89.49 | | | | | | 13:19 89.49 | 1 | | -0.413 | | | 13:19 89.49 | 00 | | 9:30 | | 15:00 | 13:19 89.49 | 1 | | | 固态电池 2360.30 2.57% | | L | | | 成份股 | 股吧 | | 资讯 | | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 联得装备 | 33.83 | 20.01% | | 5.64 | | 300545 | | | | | | 壹石通 | 33.18 | 20.00% | | 5.53 | | 688733 科创 融 | | | | | | 华自科技 | 13 ...

Core Insights - The recent surge in prices of various chemical and industrial products, particularly lithium battery electrolyte materials, has raised significant market interest and questions regarding the drivers of this price increase, its sustainability, and the potential for performance recovery among upstream and downstream companies in the industry [1] Price Trends in Electrolyte Industry - Prices for key lithium battery electrolyte components have risen sharply, with carbonates and lithium hexafluorophosphate seeing significant increases. For instance, carbonates like VC rose by 3000 CNY/ton to an average of 168,000 CNY/ton, while lithium hexafluorophosphate reached 163,000 CNY/ton after a 2500 CNY/ton increase [2] - The price of battery-grade lithium carbonate increased by 1.03%, with industrial-grade lithium carbonate rising by 750 CNY/ton. The price of lithium hexafluorophosphate has more than doubled since July 18, when it was 49,800 CNY/ton [2] Market Demand and Growth - The demand for lithium battery materials is being driven by robust growth in both the power battery and energy storage sectors, with companies like Huasheng Lithium Battery noting a significant increase in demand for related materials [3] - Analysts predict that the energy storage market will see explosive growth, with domestic energy storage orders expected to exceed 250 GWh by mid-2025, marking an 86% year-on-year increase [3] Company Outlook and Production Plans - Companies such as New Zobang and Tianqi Materials are optimistic about future price trends, with New Zobang expecting prices to remain within a range that supports reasonable profit margins and ongoing R&D investments [4] - Tianqi Materials indicated that the price increase for lithium hexafluorophosphate is expected to continue into November and December, with production levels maintained at 3,800 tons per month [5] - Several companies are ramping up production capacity, with Shenzhen New Star planning to complete a 7,200-ton capacity for lithium hexafluorophosphate by mid-2024, while Jinshi Resources is investing in a project to produce 15,000 tons of lithium hexafluorophosphate [5][6] Capacity Expansion Plans - Fuxiang Pharmaceutical plans to increase its VC product capacity to 10,000 tons per year by Q2 2026, with potential further expansions based on market demand [6] - New Zobang's subsidiary, Hankan Electronic Materials, currently has a VC capacity of 10,000 tons and is building an additional 5,000 tons, expected to be operational by the second half of 2026 [7]

春江水暖"价"先知。涨价，是经济脉络复苏中最灵敏的脉动信号。上海证券报微信公众号推出《市场 探"涨"》系列报道，意在凸显这一系列价格变化背后的市场活力与商业逻辑变迁。透过"涨"声，倾听复 苏脚步；在潮起潮落之间，探见未来可期。 今年7月起，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲线 背后，藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的业 绩能否借此迎来修复契机，又将如何重塑行业竞争格局？ 风口正盛，多款电解液相关材料价格再度联袂攀升。 11月26日，上海有色网数据显示，锂电池电解液主要成分六氟磷酸锂、碳酸乙烯酯（EC），以及电解 液添加剂碳酸亚乙烯酯（VC）等三种产品价格均呈现上涨态势。 电解液产业链普遍涨价 具体而言，当日，碳酸亚乙烯酯（VC）上涨3000元/吨，平均报价为16.8万元/吨；电池级碳酸乙烯酯EC （送到成交价）均价为6550元/吨，同比上涨2.34%；继前一日突破16万元/吨后，六氟磷酸锂（国产） 再次上涨2500元/吨，触达16.3万元/吨。 "六氟磷酸锂行业经历过几年的下行周期，全行业已达成一定共识，有序扩产和合理利 ...

Core Insights - The electrolyte solvent industry is crucial for the energy density, cycle life, and safety of batteries, with significant growth driven by policies and the dual demand from the new energy vehicle and energy storage markets [1][3][6] - China has become a global supply hub for electrolyte solvents, with substantial increases in output and exports, particularly in the context of the booming new energy vehicle sector [1][4][6] Industry Overview - Electrolyte solvents are essential components of electrolytes, facilitating ion transport in lithium-ion batteries, and must possess high dielectric constants, low viscosity, and chemical stability [2][3] - The solvent market is categorized into four main types: carbonate solvents, ether solvents, carboxylic ester solvents, and specialty solvents, each serving different battery technologies and applications [2] Policy Environment - Multiple policies have been introduced to support the electrolyte solvent industry, focusing on technological innovation, environmental standards, and recycling systems, which aim to enhance the industry's development and compliance with international standards [3][4] Industry Chain - The electrolyte solvent industry features a well-defined supply chain, with upstream raw materials supplied by major petrochemical companies, while leading firms like Haike New Source and Shida Shenghua dominate the midstream production segment [3][4][6] - The downstream market includes applications in new energy vehicles, energy storage systems, and consumer electronics, with the solvent quality accounting for 80%-85% of the electrolyte [3][4] Market Dynamics - The demand for electrolyte solvents is primarily driven by the new energy vehicle sector, which is expected to account for over 70% of the market by 2025, alongside a rapidly growing energy storage market [4][6] - The output of electrolyte solvents has seen a compound annual growth rate (CAGR) of 51.8% from 2019 to 2024, with projections indicating continued strong growth [6][7] Competitive Landscape - The industry is characterized by a concentration of leading companies such as Haike New Source and Shida Shenghua, which leverage technological advantages and large-scale production to maintain market leadership [7][8] - Haike New Source holds over 40% of the global market share in carbonate solvents, while Shida Shenghua is expanding its integrated supply chain capabilities [8][9] Future Trends - The electrolyte solvent industry is expected to evolve towards high-end technology, market concentration, and integrated production models, with a focus on developing high-purity, low-volatility solvents [10][11] - Companies will increasingly adopt vertical integration strategies to enhance cost control and supply chain stability, while also addressing global environmental regulations [12][13]

Core Viewpoint - Satellite Chemical (002648.SZ) has a current carbonate production capacity of 150,000 tons, which includes 60,000 tons of Dimethyl Carbonate (DMC), 50,000 tons of Ethylene Carbonate (EC), 40,000 tons of Diethyl Carbonate (DEC), and Ethyl Methyl Carbonate (EMC) [1] Group 1 - The company's carbonate products are utilized in downstream applications such as new energy and energy storage systems [1] - Satellite Chemical possesses a full industry chain advantage and a comprehensive product layout, covering four mainstream products used as lithium battery electrolyte solvents [1] - The company aims to provide overall solutions for downstream electrolyte customers [1]