证券研究报告 | 行业周报 gszqdatemark 2025 11 02 年 月 日 基础化工 储能全球共振，锂电材料迎景气周期 全球共振，储能需求高增。储能是一种将电能转换为机械能、热能等不同 形式的能量存储，并在需要用电能时重新转换成电能并释放的路径。受益 于中国市价上网改革以及容量电价补贴、美国 OBBBA 法案抢装、欧洲/中 东大储装机发力拉动，根据 InfoLink，2025 H1 全球储能系统出货同比增 长 85.7%。从电芯角度看，2025 年上半年，大储电芯满产满销，头部厂 商产能利用率突破 80%，部分电芯厂直逼 90%。 英伟达定调，AIDC 配储需求 2030 年展望 200GWh。2025 年 10 月 13-16 日举行的 OCP 全球峰会上，英伟达发布了 800 V 直流架构白皮 书，指出"储能必须被视为电源架构中必不可少的、活跃的组件，而不仅 仅是备用系统"，明确了下一代配电方案和 AIDC 配储的必要性。储能不 仅可以有效解决 AI 计算负载功率 10X 以上波动问题，还能作为补充，整 合风光绿电供应，同时应对断电风险。根据弗若斯特沙利文，预计 2030 年全球数据中心储能需 ...

人民财讯11月1日电，华泰证券研报称，鑫椤锂电发布锂电产业链11月预排产数据，样本企业中电池排 产138.6GWh，环比增长1.5%，正极17.7万吨，环比下降0.4%，负极15.5万吨，环比下降1.9%，隔膜18.9 亿平方米，环比增长3.3%，电解液10.7万吨，环比增长12.0%，需求维持强劲，主要系国内储能迎来四 季度并网高峰，国内新能源车由于明年免购置税政策退坡而抢装，欧洲新能源车销量持续提速，美国 AI基建带动储能需求，锂电产业链景气度持续向上。需求向好叠加供给显著放缓，储能电池及多数锂 电材料供需已出现阶段性偏紧，电池、六氟磷酸锂、磷酸铁锂、负极率先迎来拐点，看好锂电产业链材 料各环节盈利改善，实现量利齐升。 ...

中科电气成立于2004年4月6日，于2009年12月25日在深圳证券交易所上市，注册地址和办公地址均位于湖 南省。公司是国内电磁行业的领军企业，专注于工业磁力应用技术，拥有深厚的技术积累和全产业链优 势。 中科电气主要从事工业磁力应用技术和产品的研发、生产、销售和服务，所属申万行业为电力设备 - 电池 - 电池化学品，涉及碳基材料、磁悬浮、融资融券核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第18，净利润第10 2025年三季度，中科电气营业收入为59.04亿元，行业排名18/44，行业第一名中伟股份332.97亿元，第二名 格林美274.98亿元，行业平均数为65.2亿元，中位数为48.45亿元。当期净利润为5.21亿元，行业排名 10/44，行业第一名璞泰来18.72亿元，第二名中国宝安13.19亿元，行业平均数为1.98亿元，中位数为 1608.46万元。 长江证券指出，中科电气2025年中报量利超预期，后续有望持续贡献盈利。具体业务亮点如下：2025年上 半年负极材料出货15.7万吨，同比增长70.47%，对应收入34.5亿元，同比增长65.79%。持续深化快充负 极、低成本储能负极及新型负 ...

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 行业热点新闻 从11月锂电排产看碳酸锂走势 10月29日早盘，碳酸锂期货突然跳水，多少是受到点排产"减量"的影响，但实际上并非如此。根据鑫椤资讯统计，11 月铁锂电池和三元电池均环比继续小幅增长，虽然正极材料和负极材料主要厂家排产环比略有下降，但这并非是需求减 弱所致， 反而是由于下游需求太旺，导致主导厂家超负荷生产，无法继续加单。 从四大材料中对需求敏感度最强的电 解液来看，11月环比增幅仍达到两位数，说明下游需求继续拉满。 对于碳酸锂而言，在市场价格突破8万元之后，又逼近此前实体企业的集中套保区域，市场必然会遇到一定阻力。近几 日期货持仓量也是持续增长， 预计后期多空博弈将加剧，市场以宽幅震荡走势为主。 湖南裕能第三季度净利润同环比均大幅增长 本周国内三元材料市场价格继续上涨。 本周钴、锂价格齐涨，带动了三元材料价格进一步上涨。 10-11月份三元材料 并未出现 减产的信号，依旧将维持较好水平运行。 10月24日，当升科技发布2025年三季报，多元材料在国内外头部 客户快速放量，为公司盈利的 ...

璞泰来成立于2012年11月6日，于2017年11月3日在上海证券交易所上市，注册地址和办公地址均位于上海 市。它是国内锂电负极材料龙头企业，在负极材料及涂覆隔膜领域具备全产业链布局优势，投资价值显 著。 璞泰来主营业务涵盖新能源电池的负极材料及石墨化加工、隔膜及涂覆加工、自动化工艺设备、PVDF及 粘结剂的研发生产和销售、铝塑包装膜、纳米氧化铝及勃姆石。所属申万行业为电力设备 - 电池 - 电池化 学品，涉及PVDF概念、智能汽车、宁德时代概念、核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第九，净利润第一 2025年三季度，璞泰来营业收入达108.3亿元，行业排名9/44，高于行业平均数65.2亿元和中位数48.45亿 元，行业第一名中伟股份为332.97亿元，第二名格林美为274.98亿元。净利润为18.72亿元，行业排名 1/44，远高于行业平均数1.98亿元和中位数1608.46万元，行业第二名中国宝安为13.19亿元。 资产负债率高于同业平均，毛利率高于同业平均 截至2025年9月30日，璞泰来A股股东户数为12.45万，较上期增加80.40%；户均持有流通A股数量为1.72 万，较上期减 ...

碳酸锂日评20251031:谨防价格冲高回落 | 交易日期(日) | 2025-10-30 | 2025-10-29 | 2025-10-23 | 较昨日变化 | 近两周走势 | | --- | --- | --- | --- | --- | --- | | 近月合约 收盘价 | 81840.00 | 81740.00 | 79380.00 | 100.00 | | | 连一合约 收盘价 | 83260.00 | 82740.00 | 79800.00 | 520.00 | | | 连二合约 收盘价 | 83000.00 | 82400.00 | 79940.00 | 600.00 | | | 连三合约 收盘价 | 83000.00 | 82400.00 | 79480.00 | 600.00 | | | 收盘价 | 83400.00 | 82900.00 | 79940.00 | 500.00 | | | 砖酸包期货 成交堂(手) | 829117.00 | 659421.00 | 490920.00 | 169,696.00 | | | 活跃合约 (元/吨) 持仓量(手) | 532871.00 | 50 ...

Group 1 - The core point of the news is that Hunan Zhongke Electric Co., Ltd. is introducing strategic investors and transferring shares to optimize its equity structure and support long-term development [1][2] - The controlling shareholders, Yu Xin and Li Aiwu, along with their associates, plan to transfer approximately 34.28 million shares, representing 5.001% of the total share capital, to Kaibo (Chengdu) New Energy Equity Investment Fund [1] - After the transfer, the shareholding of the controlling shareholders will decrease to 12.93%, but they will remain the controlling shareholders of Zhongke Electric [1] Group 2 - Zhongke Electric's collaboration with Chengdu Industrial Investment Group will focus on the anode materials business, leveraging resources, capital, management, and talent from both parties [2] - The partnership aims to enhance production capacity, upgrade production lines, and improve material industry layout, positioning Zhongke Electric as a global leader in anode materials [2] - The market for anode materials is expected to see strong demand driven by energy storage and new energy vehicles, with a new growth cycle anticipated to begin by 2025 [2]

Core Viewpoint - Xiangfenghua, a significant supplier in the domestic lithium battery anode materials sector, has faced challenges in revenue and profit growth due to market conditions and rising costs [2][5]. Group 1: Company Overview - Xiangfenghua was established on June 12, 2009, and listed on the Shenzhen Stock Exchange on September 17, 2020, with its headquarters in Shanghai [1]. - The company specializes in the research, production, and sales of lithium battery anode materials, with a comprehensive technology and production capacity in the domestic market [1]. Group 2: Financial Performance - For Q3 2025, Xiangfenghua reported revenue of 1.131 billion yuan, ranking 36th among 44 companies in the industry, significantly lower than the top competitors [2]. - The main business revenue from anode materials was 684 million yuan, accounting for 99.50% of total revenue, while net profit was 18.91 million yuan, ranking 22nd in the industry [2]. - The company's asset-liability ratio was 53.72%, higher than the industry average of 51.96%, while the gross profit margin was 13.06%, above the industry average of 10.89% [3]. Group 3: Management and Shareholder Information - The chairman, Zhou Pengwei, received a salary of 531,800 yuan in 2024, a decrease of 213,800 yuan from 2023 [4]. - The number of A-share shareholders increased by 7.08% to 24,300 as of September 30, 2025, while the average number of shares held per shareholder decreased by 6.49% [5]. Group 4: Market Outlook and Challenges - The company has experienced increased volatility in performance, with revenue and net profit declining due to slower growth in downstream industries and rising costs from raw materials [5]. - Despite challenges, the company is expanding into new carbon material fields and has a well-established domestic production capacity, with plans for international expansion [5].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by various factors in its overseas building materials and lithium battery materials businesses [7][8]. Financial Performance - The company achieved operating revenue of 12.605 billion yuan, representing a year-on-year increase of 47.19% [7]. - The net profit attributable to shareholders reached 1.149 billion yuan, with a year-on-year growth of 63.49% [7]. - The lithium battery materials segment saw a production capacity of 150,000 tons/year for artificial graphite, with sales volume nearing 70,000 tons, reflecting a year-on-year increase of over 300% [7]. Business Segments - The overseas building materials business experienced substantial revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for ceramic tiles [7]. - The company decided to terminate its investment in the Honduras ceramic project due to increased investment risks stemming from macroeconomic policies and market conditions [7]. - The company is actively enhancing local operations and service efficiency in its ceramic machinery business amid industry challenges [7]. Investment in Subsidiaries - The company's associate, Qinghai Salt Lake Blue Science Lithium Industry Co., Ltd., produced approximately 31,600 tons of lithium carbonate and achieved sales of about 31,500 tons, with a net profit attributable to the company of 271 million yuan [8].

Core Viewpoint - The company has signed a comprehensive strategic cooperation agreement with Chengdu Industrial Investment Group to enhance its position in the anode materials business and aims to become a global leader in this sector [1] Group 1: Strategic Cooperation - The agreement focuses on collaboration in the fields of lithium-ion batteries, sodium-ion batteries, and solid-state batteries [1] - The parties plan to prioritize the establishment of key core material R&D centers in Chengdu or Sichuan Province, gradually building pilot lines and mass production lines [1] Group 2: Chengdu Industrial Investment Group's Role - Chengdu Industrial Investment Group is a state-controlled platform in Chengdu, possessing strong advantages in capital, resources, and industrial layout [1] - The group has made significant investments in the new energy lithium battery industry, including investments in leading companies such as Zhongchuang Innovation, Hive Energy, Bamo Technology, and Defang Nano [1] - In 2022, the group participated in the company's stock issuance to specific investors through its wholly-owned subsidiary, indirectly holding 2.68% of the company's shares [1] Group 3: Strategic Investor Introduction - The recent introduction of strategic investor Kaibo (Chengdu) New Energy Equity Investment Fund Partnership is linked to the share transfer agreement involving Chengdu Industrial Investment Group [1] - Chengdu Industrial Investment Group is a key partner in the Kaibo Chengdu Fund, reflecting its recognition of the company's development prospects and investment value [1]