非常好,欢迎大家早上来接受我们国际电话会议的第五期。那么今天我们给大家汇报一下我们节前刚刚发布深度报告的这个复令进攻的这样一个推荐。那么最近这段时间呢,其实我们对于这个理电这个板块的推荐有一条很重要的主线,就是主页非常稳健,同时也在积极布局一些像机器人啊,半导体啊,这些第二增长曲线的一些公司。 那么傅林金工呢就是这样一家比较典型的这个标的啊甚至他的主业不只是文件啊甚至在这个零酸铁力的技术迭代的过程当中可能会打造为一家这个铁力的一个新龙头啊那么我们接下去就把时间交给这篇报告的这个主笔研究员陆文杰给大家做一个详细的一个汇报啊文杰 好的感谢杨老师各位投资者早上好然后也是感谢大家这么早来接入我们这边的一个进门的一个会议然后我这边的话是节前发布了一个富林金工的一个深度的报告那么现在我们就是就节前的深度以及我们推荐的一个观点然后我再向各位把我们整体的一些内容PPT过一遍然后再继续重申一下我们对于富林金工向公司的推荐 那么这个首先呢就是呃从呃核心的这个观点上来看的话呢呃第一个啊我们呃认为说呢呃在过去的这两到三年的这个时间里面呢呃其实弗林金工呢是一家比较稀缺的也比较典型的一家 因为受到了这种下游这种往高性能电池发展的这么一种 ...

碳酸锂期现背离博弈加剧，库存压制下或冲高回落 一、日度市场总结 碳酸锂期货市场数据变动分析 主力合约与基差：碳酸锂主力合约7月14日收于66480元/吨，较前一交易日 上涨3.42%。但基差大幅走弱，基差从7月11日的-580元/吨扩大至-2,680 元/吨，现货市场跟涨动力不足。 持仓与成交：主力合约持仓量环比增加10.31%至35.6万手，成交量激增 151.87%至101.5万手，创近期单日新高。 产业链供需及库存变化分析 供给端：锂盐产能利用率微升至62%，中期供应宽松预期持续。但当前锂辉 石及锂云母精矿价格保持665元/吨和765元/吨不变，成本端暂未形成明显 压力。 需求端：新能源车零售7月初同比增21%，但环比降11%，短期需求增速放 缓。三元和磷酸铁锂正极材料价格温和上涨，电芯价格多数持稳，下游企 业对高价原料接受度有限，刚性采购为主。 库存与仓单：碳酸锂社会库存连续四周攀升至14.1万实物吨，创年内新 高，仓单同步累积，现货市场实际消化能力不足。 市场小结 碳酸锂期货近期大幅反弹与基本面出现明显背离，尽管新能源车需求韧性 尚存，但现货贴水走阔、库存持续攀升以及下游电芯企业利润空间收窄， 均对 ...

2025 年 07 月 13 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250705-20250711） - 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 研 究 证 券 研 究 报 告 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 行 业 比 较 相关研究 一、A 股本周估值（截至 2025 年 7 月 11 日） ✓ 1）指数及板块估值比较： ✓ 中证 A 股整体 PE 为 19.7 倍，处于历史 78%分位； ✓ 上证 50 指数 PE 为 ...

7月10日，苏州工业园区和顺电气（300141）股份有限公司(以下简称"和顺电气")发布公告称，公司与 上海京能领金新能源发展有限公司就中标项目签订《设备采购合同》，合同设备含税总价1.95亿元，供 应周期为3年，项目总需求为30套移动电源综合系统，将分批供货。该合同的履行预计对公司2025年度 及未来年度经营业绩产生积极影响。 《证券日报》记者注意到，6月份以来，上市公司频频签订大额合同，其中，新能源(光伏、储能、新能 源汽车产业链)与算力领域表现尤为突出，成为订单集中的核心板块，彰显出这些行业强劲的发展动能 与市场需求。 新能源赛道多点开花 作为新能源领域的重要分支，光伏产业的订单规模较为突出。6月中旬，第十八届(2025)国际太阳能光 伏和智慧能源&储能及电池技术与装备(上海)大会暨展览会成功举办，展会期间众多光伏企业集中达成 合作。例如，协鑫集成（002506）科技股份有限公司(以下简称"协鑫集成")与申能股份（600642）有限 公司(以下简称"申能股份")旗下子公司签署1.2GW(吉瓦)光伏组件合同。据悉，申能股份于2024年启动 总装机容量200万千瓦的光伏发电项目，总投资73亿元，预计2025 ...

Core Viewpoint - The company, Xin Yang Feng, emphasizes the importance of international cooperation and technological innovation in transforming from a traditional fertilizer manufacturer to a leader in both phosphate fertilizers and new energy materials, contributing to sustainable agricultural development and food security [1][2][8]. Group 1: International Cooperation - Xin Yang Feng has established strategic partnerships with international fertilizer giants, such as Germany's Compo Expert and the U.S. company Brandt, to enhance product offerings and technological capabilities [2][3]. - The collaboration with Compo Expert has led to the introduction of DMPP stabilized fertilizers in China, while the partnership with Brandt has resulted in the launch of the "Weibolang" specialty fertilizer series, which has shown significant improvements in crop quality and yield [2][5]. - The company is also working with Israel's chemical group to advance its international strategy, focusing on product, technology, and promotion [3]. Group 2: Research and Development - Xin Yang Feng has developed a comprehensive innovation system that integrates basic research and results transformation, significantly contributing to national food security [4]. - The collaboration with China Agricultural University has resulted in the development of specialized fertilizers, achieving an average yield increase of 8.6% across various crops [4]. - The company has also partnered with the National Agricultural Technology Promotion Service Center to promote new fertilizer technologies, leading to an average yield increase of 8% to 10% for field crops [4]. Group 3: Technological Advancements - Since 2016, Xin Yang Feng has focused on digital transformation and automation in production, implementing numerous projects to enhance efficiency and reduce energy consumption [6][7]. - The company is collaborating with leading agricultural technology firms to develop a smart agriculture platform, which has already shown promising results in wheat production [7]. Group 4: Green Industry Layout - Xin Yang Feng has recognized the opportunities in the new energy revolution and is transitioning from traditional phosphate fertilizers to new energy materials and fine chemicals [8][9]. - The partnerships with companies like Changzhou Lithium Source and GreeenMei have enabled Xin Yang Feng to establish a strong industrial chain in lithium iron phosphate materials, enhancing its market position [8][9]. - This strategic shift not only opens a new growth avenue for the company but also supports its green and sustainable development goals [9].

Group 1 - Ganfeng Lithium has completed the acquisition of 100% equity in Mali Lithium, marking a significant step in its lithium resource layout in Africa [1] - The Goulamina lithium spodumene project, with an annual production capacity of 506,000 tons of lithium concentrate, has officially commenced production, indicating a transition to substantial output [1] - This acquisition strengthens Ganfeng Lithium's position in the global lithium market and lays a solid foundation for future growth, contributing to the stability of its global lithium supply chain [1] Group 2 - Tianci Materials' subsidiary has filed a lawsuit for trade secret infringement against several companies, with an expected economic loss of 887 million yuan and legal fees of 1.15 million yuan [2] - The lawsuit is anticipated to have no direct negative impact on the company's current profits, but the case's outcome will be determined by the court [2] - The significant amount involved in the lawsuit may affect investor sentiment, and the market will closely monitor the case's progress and its long-term implications for the company [2] Group 3 - Fulian Precision has signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [3] - The joint venture aims to build a 100,000 tons/year high-pressure lithium iron phosphate project and a 100,000 tons/year lithium dihydrogen phosphate precursor project, enhancing Fulian Precision's capacity in the lithium battery materials sector [3] - This collaboration reinforces Fulian Precision's position in the core supply chain of new energy vehicle components and is expected to contribute to regional economic development [3]

Group 1 - The core viewpoint of the news is the collaboration between Chuanfa Longmang and Fulim Precision Engineering to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [1][2] - The joint venture will invest in a new project with an annual capacity of 100,000 tons for high-pressure lithium iron phosphate and 100,000 tons for lithium dihydrogen phosphate precursor, as well as a 100,000 tons per year ferrous oxalate project [1] - Both companies are leaders in the domestic phosphate chemical sector and have expanded into lithium iron phosphate and other new energy materials [1][2] Group 2 - Fulim Precision Engineering reported a revenue of 2.697 billion yuan in Q1, a year-on-year increase of 80.30%, and a net profit of 124 million yuan, up 211.85% [1] - Chuanfa Longmang achieved total revenue of 2.084 billion yuan in Q1, with a year-on-year growth of 24.70%, while its net profit was 103 million yuan, a slight decline of 0.24% [1] - The collaboration aims to leverage Fulim's market demand and technical advantages along with Chuanfa's resource advantages to optimize product performance and cost [1][2] Group 3 - The partnership will enhance the core competitiveness and sustainable development capabilities of Fulim's lithium iron phosphate business [2] - Chuanfa Longmang believes the collaboration will strengthen its new energy materials business layout and improve its core competitiveness through a multi-resource green circular economy industry chain [2] - Both companies plan to establish a special working group to ensure high-quality completion of the collaboration projects through regular meetings and technical exchanges [2]

Core Viewpoint - The company Fulin Precision signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for lithium battery material projects, enhancing its capacity in the lithium material industry [1] Group 1: Partnership and Collaboration - Fulin Precision and Sichuan Development Longmang will engage in equity and capital cooperation [1] - The collaboration aims to jointly invest in a new joint venture company [1] Group 2: Project Details - The joint venture plans to establish a 100,000 tons/year high-pressure dense lithium iron phosphate project [1] - Additionally, a 100,000 tons/year lithium dihydrogen phosphate precursor project will be developed [1] - The projects will be located in the Mianzhu City Deyang-Abazhou Ecological Economic Industrial Park [1]

Group 1 - The company has approved the investment in the Suez Phosphate Chemical Project in Egypt, which will produce 800,000 tons of sulfuric acid, 300,000 tons of industrial wet-process crude phosphoric acid, and 150,000 tons of other products annually [1] - The company plans to change the use of raised funds from a lithium iron phosphate precursor material project to the Suez Phosphate Chemical Project, pending approval from the upcoming shareholders' meeting [2] - The company has received necessary approvals from the Yunnan Provincial Development and Reform Commission and the Yunnan Provincial Department of Commerce for the overseas investment project [2]

Core Viewpoint - The visit by Ding Shujing, Dean of the School of Chemistry at Xi'an Jiaotong University, to Lanshi Zhongke highlights the company's advancements in nanomaterials and its commitment to green development through innovative technologies [1][3][7]. Group 1: Project Insights - The 100,000 tons/year nano zinc oxide project was inspected, showcasing its production process, technical advantages, and market applications, which received high recognition from Ding Shujing [3]. - The project integrates solid waste high-value utilization with nanotechnology, addressing environmental challenges while enhancing industrial value, aligning with national green development and "dual carbon" strategies [3]. Group 2: Collaboration and Future Plans - Ding Shujing visited the 1,500 tons/year nano lithium iron phosphate precursor demonstration line, focusing on the preparation process and future implementation plans [5]. - The discussions included Lanshi Zhongke's proprietary core patent technologies and advancements in high-value utilization of industrial solid waste, emphasizing the company's significant achievements in the nanomaterials sector [7]. - There is a strong interest in establishing comprehensive cooperation between Xi'an Jiaotong University and Lanshi Zhongke in technology transfer, pilot base construction, and industrial promotion, leveraging both parties' strengths in research and application [7].