（来源：内蒙古日报） □本报记者 郝飚 目前，乌海市石墨负极材料年产能达6万吨；国轩5GWh电池组装及PACK工厂项目已建成；乌海黑猫年 产1.5万吨酚醛树脂项目建成并部分投产，其产品可用于固态电池电芯封装及电解质隔膜加固；明海锆 业年产2万吨二氧化锆项目建成，产品为氧化物固态电解质的重要原料；我国装机规模最大、内蒙古首 个半固态锂电池储能项目建成并网…… 固态电池在能量密度、安全性、寿命和性能潜力上，对现有液态锂离子电池实现了全面超越，它不仅成 为下一代电池体系发展的重要方向，也推动了重塑电动汽车、储能和消费电子格局的颠覆性技术革命。 站在"十四五"收官与"十五五"开局的历史交汇点，乌海市依托自身资源、能源、产业等优势条件，明确 将固态电池材料及装备制造列为转型主攻方向，着力打造特色产业集群，以奋进之姿在高质量发展的道 路上全力奔跑。 1月4日，记者走进位于乌海海勃湾高新技术产业开发区的乌海宝骐炭材料有限公司，从煤焦油到针状 焦，一条从煤延伸向新能源电池材料的产业链在车间有序运转。 "乌海及周边地区煤焦化产业规模大，煤焦油等产品正是生产电极材料的重要原料。"乌海宝骐炭材料有 限公司总经理夏苇介绍。这家隶属中 ...

Core Viewpoint - The lithium battery materials industry is gradually recovering, prompting increased capital activities among listed companies, with Fangda Carbon (600516.SH) actively participating in the restructuring of Shanshan Group, which is the controlling shareholder of Shanshan Co., Ltd. (600884.SH) [2] Group 1: Fangda Carbon's Involvement - On November 24, Fangda Carbon announced its intention to participate as an industrial partner in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [2] - Fangda Carbon's involvement is seen as a strategic move to accelerate its entry into the lithium battery anode materials sector, especially as it faces declining performance in recent years [2][5] - The company has experienced continuous revenue and net profit declines since 2023, with a 55.89% year-on-year drop in net profit for the first three quarters of 2025 [2][5] Group 2: Shanshan Group's Restructuring - Shanshan Group entered bankruptcy restructuring in February 2025, with a court ruling in March for the substantive merger of Shanshan Group and Pengze Trading [3] - The restructuring plan previously signed with a consortium of investors was not approved by the creditors' meeting and was legally terminated in early November, leading to a restart of the investor recruitment process [4][6] - The main assets involved in the restructuring include Shanshan Group's shares in Shanshan Co., Ltd., which total 525 million shares, accounting for 23.36% of the company's total equity [4] Group 3: Market Context and Opportunities - The lithium battery anode materials sector is entering a new cycle of prosperity, driven by the commercialization of solid-state battery technology and increasing demand for power and energy storage batteries [6] - Shanshan Co., Ltd. has a strong position in the lithium battery materials market, being the first company in China to engage in the research and production of artificial graphite anode materials [6] - In the first three quarters of 2025, Shanshan Co., Ltd. achieved revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit of 284 million yuan, a significant year-on-year increase of 1121.72% [6] Group 4: Strategic Implications for Fangda Carbon - If Fangda Carbon successfully becomes the restructuring investor, it could acquire a controlling stake in Shanshan Co., Ltd. at a relatively low cost and integrate its production advantages in precursor materials with Shanshan's application capabilities [7] - The market has responded positively to Fangda Carbon's strategic move, as evidenced by a stock price surge following the announcement [7]

Core Viewpoint - The lithium battery materials industry is gradually recovering, prompting increased capital activities among listed companies, with Fangda Carbon (600516.SH) actively participating in the restructuring of Shanshan Group and its subsidiary, Ningbo Pengze Trading [1][3]. Group 1: Fangda Carbon's Involvement - Fangda Carbon announced its intention to participate as a strategic partner in the substantive merger and restructuring of Shanshan Group and Ningbo Pengze Trading, which has attracted significant market attention [1][2]. - The restructuring process of Shanshan Group has faced challenges, including the withdrawal of initial investors and the subsequent cancellation of agreements, leading to renewed efforts to recruit potential investors [2][3]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced continuous pressure on its performance, with revenue and net profit declining for two consecutive years, and a 55.89% year-on-year drop in net profit for the first three quarters of 2025 [1][3]. - The company's revenue for the first three quarters of 2025 was 2.622 billion yuan, a decrease of 16.79% year-on-year, while net profit was only 113 million yuan, marking a significant decline [3][5]. Group 3: Strategic Implications of the Restructuring - Fangda Carbon's involvement in the restructuring is seen as a strategic move to leverage its advantages in the negative electrode materials sector, aiming for integration across the supply chain and enhancing stability [3][6]. - The restructuring assets include Shanshan Group's holdings in Shanshan Co., which represent 23.36% of the total shares, along with other significant assets [2][3]. Group 4: Market Dynamics and Opportunities - The lithium battery negative electrode materials sector is entering a new growth cycle, driven by the commercialization of solid-state battery technology and increasing demand for power and energy storage batteries [5][6]. - Shanshan Co. reported a revenue of 14.809 billion yuan for the first three quarters of 2025, an increase of 11.48% year-on-year, with net profit soaring by 1121.72% due to significant improvements in sales and profitability of its negative electrode materials business [5][6].

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]

Summary of Conference Call Records Industry Overview - The new power system is witnessing a decline in domestic thermal power proportion, with an increase in independent energy storage demand. The overseas energy storage market, particularly in Southeast Asia, Australia, and Europe, shows promising prospects. In the U.S., the utilization hours of energy storage in AI data centers are expected to increase, potentially driving storage products to evolve towards 6-8 hours [1][2]. Key Insights and Arguments - **Energy Storage Demand**: The demand for energy storage is expected to exceed expectations, with growth rates revised from approximately 15% to over 20%, potentially nearing 30%. This is primarily driven by energy storage needs, which may lead to a continued shortage of battery cells and a tight supply-demand situation lasting until mid-next year [1][4]. - **Price Increases in Battery Materials**: Key battery upstream materials such as lithium hexafluorophosphate, VC additives, iron lithium, and needle coke are entering a price increase cycle. Manufacturers of aluminum foil, separators, and copper foil are also considering price hikes, indicating a broader trend in material costs [1][5]. - **Integration of New Energy Development**: The development path for new energy includes integration with traditional and emerging industries, such as coal, oil and gas development, computing power, and hydrogen production. Concepts like zero-carbon factories, zero-carbon parks, and virtual power plants are also highlighted as important supplements to new energy demand [1][6]. - **Photovoltaic and Wind Power Industry**: The photovoltaic industry is advised to pay attention to policy changes, while the wind power sector should focus on offshore wind, particularly deep-sea wind-related segments, which are expected to develop significantly under policy support [1][7]. Noteworthy Companies - In the energy storage integrated products and battery cell sectors, companies such as Sungrow Power Supply, HIBOR, Canadian Solar, CATL, EVE Energy, and Xinwangda are recommended for continued observation. Additionally, companies involved in non-electric utilization pathways, such as China Tianying, China Shipbuilding Technology, and Shuangliang Eco-Energy, are also highlighted [2][3][8]. Additional Important Insights - **Chemical Industry Upstream**: The chemical industry is seeing growth in upstream materials like iron phosphate and sulfur. The phosphate market is expected to remain tight due to insufficient new mining projects, while sulfur prices have surged due to increased demand from the energy sector [9][10]. - **Lithium Carbonate Market Dynamics**: The price of lithium carbonate has risen significantly, with expectations of further increases due to improved storage demand. The overall growth of power batteries is projected to reach 10-15% next year [19][20]. - **Future Supply and Demand for Lithium**: The supply-demand balance for lithium is expected to remain tight, with risks of shortages increasing in the coming years due to limited new projects and rising demand from downstream sectors [20][21]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state and future outlook of the energy storage and related industries.

Group 1 - The needle coke sector experienced a significant surge, with companies like Baotailong and Yunmei Energy hitting the daily limit up [1]

Group 1 - The needle coke sector is active, with Baotailong hitting the daily limit up [1]

Core Insights - The chemical industry in Dezhou is experiencing significant growth, with projected revenue of 84.548 billion yuan and profit of 6.962 billion yuan in 2024, accounting for a quarter of the city's manufacturing revenue and a third of its profits [1] - The industry is transitioning from scale expansion to quality enhancement, focusing on high-end, intelligent, green, and cluster development to achieve a "trillion cluster" goal [1][8] Industry Foundation - Dezhou's chemical industry consists of 183 large-scale enterprises, with nearly a thousand chemical products covering four major fields: petroleum, coal, salt, and fine chemicals [2] - The city has established five provincial chemical parks, covering an area of 31.5 square kilometers, with four parks recognized as pilot units for smart chemical parks [2] Innovation and Technology - Dezhou Shihua Chemical Co., Ltd. has achieved high-quality, large-scale production of food-grade liquid caustic soda, meeting stringent purity and impurity requirements [4] - Shandong Hualu Hengsheng Chemical Co., Ltd. has developed new processes for producing glycol and dicarboxylic acid, with a market share of 70% for dicarboxylic acid in China [5] - Hengyuan Carbon Materials Co., Ltd. produces needle coke, a key material for lithium-ion battery anodes, using patented technology to meet high-quality standards [6] Policy Support - Dezhou is implementing measures to support high-quality development in the chemical industry, including the construction of chemical parks and the cultivation of specialized enterprises [7] - The city has introduced 13 new chemical projects this year, with a total investment of 3.95 billion yuan, and has established an industrial innovation research institute in collaboration with universities [7] Transformation and Future Outlook - The transformation of Dezhou's chemical industry exemplifies the shift from scale advantages to value advantages, emphasizing innovation-driven growth and sustainable development [8]

Core Viewpoint - The Chinese coking industry is undergoing significant structural adjustments and green transformation, driven by tightening supply and increasing high-end demand for coal tar deep processing products [2][6]. Supply Dynamics - The recent shutdown of two coking furnaces in Tangshan has led to a reduction of 1.1 million tons of coking capacity, contributing to over 5 million tons of coking capacity being phased out since 2024 [2] - The overall coking production in China is expected to be approximately 470 million tons in 2024, reflecting a slight decrease of 0.5% year-on-year, with coal tar production estimated at around 20 million tons [2] Environmental Regulations - Stricter environmental policies are causing the closure of non-compliant small coking enterprises, which is likely to further decrease coking production and limit the supply of coal tar, leading to increased costs for deep processing companies [3] Technological Upgrades - The coal tar deep processing sector is facing pressure to upgrade its technology, with current production processes primarily relying on distillation, while hydrogenation technology is gaining traction for producing high-value products [4] - By the end of 2024, China's coal tar deep processing capacity is projected to exceed 26 million tons, with an average annual growth rate of about 3% over the past five years, although capacity utilization remains between 75% and 80% due to outdated technology [4] Market Opportunities - The coal tar deep processing industry has diverse applications, including carbon black, pharmaceutical intermediates, and new energy materials, with carbon black production expected to reach 5.5 million tons in 2024 [5] - The demand for needle coke, a key material for lithium battery anodes, is projected to grow by over 20% year-on-year, reaching 1.2 million tons in 2024, indicating a significant market opportunity [5] Future Trends - The coal tar deep processing industry is anticipated to evolve towards high-end, green, and intelligent development, focusing on product structure upgrades, energy-efficient production processes, and the integration of advanced technologies such as industrial internet and big data [6]

Group 1 - The core product of Yicheng New Energy is graphite electrodes, and the company possesses a complete industrial chain in the graphite electrode industry, including needle coke, binder pitch, ultra-high power graphite electrodes (UHPΦ350mm-Φ800mm), and special graphite materials [1] - The company focuses on "high-end carbon materials" and "new energy storage" as its core business [1] - In the first half of 2025, the company will achieve control over Meishan Lake Company through equity acquisition, further enhancing its graphite electrode production capacity, and currently has no plans to divest this company [1]