中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 储能需求高增，锂电材料迎供需改善与盈利修复 共振 2 0 2 6 . 0 1 . 0 9 分析师：孙颖 博士 建材&化工行业首席分析师 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 分析师：农誉 S0740524120001 Email：nongyu@zts.com.cn 二、2026年核心锂电材料供需将整体改善但走势分化：六氟磷酸锂与隔膜供需格局明确改善（后者价格拐点逐步明确）；磷 酸铁锂、磷酸铁及锂电级PVDF等则处于底部温和修复期；而上游磷矿预计整体景气延续，并可能存在结构性涨价机会。 1、六氟磷酸锂和隔膜行业：供需拐点明确，供给紧平衡驱动价格上行。1）六氟磷酸锂：受储能需求激增、供给优化、行业 低库存及关键原料碳酸锂成本上升等多重因素驱动，六氟磷酸锂价格迎来快速上涨。预计2026年行业高开工率下的有效供给为 36.1万吨，市场将延续紧平衡态势，支撑价格高位维持；2）锂电隔膜：经历深度价格战后，行业扩产已显著谨慎。预计2026 年需求增速（约29%）将显 ...

摘要 锂价反弹期，资源并购进入"全产业链博弈"阶段 12月30日晚，锂业资本面再出重磅： 盛新锂能公告拟以20.8亿元现金收购四川启成矿业30%股权，实现对后者的全资控股，随之将四 川雅江木绒锂矿和阿坝观音桥锂矿两块资源收入囊中。 盐湖股份则披露，将以46.05亿元收购五矿盐湖51%股权，一里坪盐湖碳酸锂、磷酸锂、氢氧化 锂及钾肥产能整体并表，控股股东承诺解决同业竞争的锂资源资产基本完成注入。 这两笔合计约66.85亿元的交易，发生在碳酸锂价格突破每吨10万元的时间点。 数据显示，自12月中旬以来，电池级碳酸锂报价快速上行，先后越过9.5万元和10万元关口，背 后既有宜春等地采矿权调整带来的供给扰动，也有储能需求"淡季不淡"的托底。 在价格从底部回升、并购政策窗口打开的阶段，两大锂企同步加码上游资源，为今年本已热络的锂 业整合，再添两块标志性样本。 盛新锂能"二次加码"川西，木绒成核心筹码 盛新锂能此次出价20.8亿元接手启成矿业30%股权，是公司年内第二次针对同一标的出手。 今年9月，盛新锂能刚以14.56亿元收购启成矿业21%股权；两次交易叠加，公司为这一资产累计 支付金额已超过35亿元。 按最新对价推算 ...

近期，锂电隔膜行业掀起并购热潮，恩捷股份拟收购中科华联，启动产业一体化整合；佛塑科技收购金力股份事项通过深交所审核，资本市 场"隔膜江湖"将迎新一轮扩容。在行业加速整合的背后，多家隔膜厂商启动涨价，行业景气度持续升温。 01 ｜ 一周锂电新闻汇总 02 ｜ 福特砸20亿美元进军储能市场 03 ｜ 48亿磷酸锰铁锂项目落地宁夏 04 ｜ 2026起点锂电两轮车换电大会暨轻型动力电池鲁班奖颁奖典礼定档2026年4月深圳 举办！ 往 期 回 顾 2 起点锂电 \ 2 起点固态电池 多数受访人士认为，当前下游市场需求持续增长，而隔膜行业扩产动力不足，未来供需面有望逐步改善，并带动产品价格回升、企业盈利修 复。在"反内卷"背景下，隔膜行业的竞争焦点已从规模扩张转向结构升级，具备超薄高强隔膜研发量产能力，且拥有全球化交付能力的企 业，将凭借差异化竞争优势，在行业洗牌中抢占先机。 09月~10月 2026(第11届)起点锂电金鼎奖评选 2026起点固态电池金鼎奖评选 11月 2026CINE固态电池展 2026起点固态电池行业年会 暨固态电池金鼎奖颁奖典礼 起点锂电&固态年度计划表 01月~02月 2026起点锂电&固态电 ...

e公司 . 近期，锂电隔膜行业掀起并购热潮，恩捷股份拟收购中科华联，启动产业一体化整合；佛塑科技收购金力股份事项通过深交所审核，资本市 场"隔膜江湖"将迎新一轮扩容。 以下文章来源于e公司 ，作者证券时报 叶玲珍 e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 在行业加速整合的背后，多家隔膜厂商启动涨价，行业景气度持续升温。多数受访人士认为，当前下游市场需求持续增长，而隔膜行业扩产 动力不足，未来供需面有望逐步改善，并带动产品价格回升、企业盈利修复。 在"反内卷"背景下，隔膜行业的竞争焦点已从规模扩张转向结构升级，具备超薄高强隔膜研发量产能力，且拥有全球化交付能力的企业，将 凭借差异化竞争优势，在行业洗牌中抢占先机。 并购潮、涨价潮轮番上演 近期，锂电隔膜赛道轮番上演 "并购潮" 与 "涨价潮"，市场活跃度显著提升。 12月中旬，隔膜龙头恩捷股份发布重组预案，拟以发行股份方式购买中科华联100%股权，并募集配套资金。资料显示，中科 ...

今天是2025年12月29日，市场在年末的交易时段，呈现出经典的结构性分化特征。指数层面看似"沪强 深弱"，但赚钱效应实则高度集中在几条明确的主线之上。 如果将视野放宽，我们会发现今日市场的领涨主线并非一枝独秀。除了有色金属代表的"资源重估"线 索，以科创50和恒生科技指数为代表的"硬科技成长"线同样表现强势。港股市场中，卫星导航、充电 桩、燃料电池等概念集体爆发。这一切清晰地指向了当前资金形成的两大共识：一是拥抱全球流动性拐 点下的资产价格重估（资源品），二是押注产业政策与技术创新驱动的未来增长（硬科技）。 截至午间收盘，上证指数上涨0.31%，报3975.92点；深证成指微涨0.03%。科创50指数表现最为亮眼， 大涨0.91%，彰显出硬科技板块的强劲势头。创业板指则逆势微跌0.32%。成交方面，两市半天合计成 交近1.4万亿元，虽较前一日小幅缩量，但整体交投氛围依然活跃。港股方面，恒生科技指数大涨 1.55%，与A股科技板块形成强势共振。 对于后市，多家机构观点认为跨年行情正在展开。在市场趋势延续、政策预期积极、海外流动性环境改 善的共同作用下，春季躁动行情或许已经提前启动。对于投资者而言，与其每日焦虑 ...

证券时报记者 叶玲珍 近期，锂电隔膜行业掀起并购热潮，恩捷股份拟收购中科华联，启动产业一体化整合；佛塑科技收购金 力股份事项通过深交所审核，资本市场"隔膜江湖"将迎新一轮扩容。 在行业加速整合的背后，多家隔膜厂商启动涨价，行业景气度持续升温。多数受访人士认为，当前下游 市场需求持续增长，而隔膜行业扩产动力不足，未来供需面有望逐步改善，并带动产品价格回升、企业 盈利修复。 在"反内卷"背景下，隔膜行业的竞争焦点已从规模扩张转向结构升级，具备超薄高强隔膜研发量产能 力，且拥有全球化交付能力的企业，将凭借差异化竞争优势，在行业洗牌中抢占先机。 并购潮、涨价潮轮番上演 近期，锂电隔膜赛道轮番上演 "并购潮" 与 "涨价潮"，市场活跃度显著提升。 12月中旬，隔膜龙头恩捷股份发布重组预案，拟以发行股份方式购买中科华联100%股权，并募集配套 资金。资料显示，中科华联为国内头部锂电隔膜生产装备制造商，同时拥有高性能湿法隔膜品牌"蓝科 途"，2024年其湿法隔膜市场国内占有率约为4.5%，排名行业第六。 恩捷股份表示，本次并购将发挥产业链上下游协同效应，降低生产成本，缩短设备采购周期，同时补充 产品矩阵，筑牢技术"护城河" ...

Core Viewpoint - The article discusses the rise and fall of Enjie Co., Ltd., a key player in the lithium battery separator market, highlighting the company's strategic decisions, market dynamics, and the impact of recent industry downturns on its financial performance and the wealth of its founders. Company Overview - Enjie Co., Ltd. specializes in lithium battery separators, crucial for battery safety and energy density, with a focus on reducing the thickness of these separators to enhance performance [1][7]. - The company was founded by Paul Xiaoming Lee and his brother Li Xiaohua, who returned to China after studying polymer materials in the U.S. [6][7]. Market Performance - As of December 26, Enjie Co., Ltd. reached a stock price of 56.71 yuan per share, with a year-to-date increase of over 70%, resulting in a market capitalization of 557 billion yuan [1]. - However, the stock price has dropped significantly from its peak, losing 80% of its value and over 250 billion yuan in market capitalization [4]. Financial Growth and Challenges - Enjie Co., Ltd. experienced rapid growth from 2016 to 2021, with revenue soaring from less than 1.2 billion yuan to 8 billion yuan and net profit increasing from 1.7 billion yuan to over 2.7 billion yuan [9]. - The company set an ambitious target of reaching a separator production capacity of 15 billion square meters by 2025, despite the global production being only 7.6 billion square meters at that time [10]. Industry Downturn - The lithium battery industry faced a downturn in 2023, with lithium carbonate prices plummeting from 500,000 yuan per ton to 100,000 yuan, leading to reduced demand and price cuts for separators [10]. - Enjie Co., Ltd. reported a 119.46% year-on-year decline in net profit in the first half of 2025, marking its first loss since its listing [11]. Debt and Cash Flow Issues - The company has significant construction projects totaling 3.32 billion yuan, with high fixed asset depreciation becoming a burden amid low industry operating rates [11]. - Accounts receivable reached 5.25 billion yuan, representing 51.67% of 2024 revenue, with extended turnover days indicating cash flow pressures [11]. Wealth Impact on Founders - The wealth of the Lee family has drastically decreased, with their net worth dropping from 72.5 billion yuan in 2021 to 10 billion yuan in 2025, reflecting a loss of 62.5 billion yuan [12][13]. Capital Operations and Strategic Moves - Between 2020 and 2022, the Lee family engaged in significant share sell-offs, totaling 3.517 billion yuan, during a period of high stock prices [15]. - In 2025, the Lee family committed to repurchasing shares, acquiring 42.77% of the company at a significantly lower price than their previous sell-off [16]. Future Strategies - Enjie Co., Ltd. is focusing on global expansion, with plans for production bases in Hungary, the U.S., and Malaysia, alongside a commitment to technological innovation [17]. - The company announced plans to acquire a manufacturer of separator equipment, aiming to strengthen its technological capabilities and market position [17]. Market Recovery Signs - In late 2025, there are indications of a recovery in lithium battery demand, with separator prices beginning to rebound, and the Ministry of Industry and Information Technology discussing measures to stabilize the industry [18].

Market Overview - The overall market shows a "weak Shanghai, strong Shenzhen" pattern, with the Shanghai Composite Index slightly up by 0.07%, while the Shenzhen Component Index rose by 0.27%, the ChiNext Index by 0.41%, and the STAR Market 50 Index by 0.36%, indicating a preference for growth styles [2] - A-share trading volume reached 1.9 trillion yuan, with a cumulative annual trading volume exceeding 405 trillion yuan, marking a historical high, reflecting increased market activity and liquidity depth [2] Structural Analysis - The performance of the Shenwan first-level industry indices reveals clear capital flows, with leading sectors such as power equipment (+1.12%), building materials (+0.88%), and electronics (+0.58%) showing gains, while consumer sectors like social services (-2.07%) and beauty care (-1.65%) faced significant adjustments [3] - The leading sectors benefit from clear industrial policies, improved economic cycles, or expectations of valuation recovery, while the consumer sector's adjustment reflects a reassessment of short-term recovery strength and valuation [3] Focus on Lithium Battery Industry - The lithium battery supply chain has seen a comprehensive surge, with significant increases in sub-indices for lithium battery electrolyte, lithium hexafluorophosphate, and lithium battery separators, driven by solid underlying logic rather than speculative trading [4] Market Outlook - The index is likely to maintain a volatile trend, but structural opportunities will continue to emerge, supported by a friendly policy environment, ample liquidity, gradually recovering corporate earnings, and reasonable market valuations [4] - A forward-looking judgment suggests that the "spring excitement" market in 2026 may start earlier than expected, driven by strong policy expectations, improving economic fundamentals, and a favorable global liquidity environment [4] - Key market themes are expected to revolve around technology innovation (AI applications, semiconductors, robotics), cyclical recovery (improving supply-demand dynamics in non-ferrous metals and chemicals), and balanced allocation (low-valuation sectors benefiting from market activity) [4] Summary of Market Sentiment - The market has conducted a concentrated "vote" through clear sector differentiation, indicating that funds are currently favoring directions aligned with long-term policy guidance and improving economic conditions [5] - The central economic work conference has positioned new energy as a strategic emerging industry, with potential support from special government bonds, providing clear backing for long-term industry development [5] - In a context of ample market liquidity, growth sectors attract high-risk preference funds, as evidenced by significant trading volumes in related thematic indices, indicating institutional capital's collective layout rather than retail speculation [5] - Marginal improvements in the fundamentals are noted, with a stable trend in the penetration rate of new energy vehicles and signs of price stabilization for key materials after prolonged declines, correcting pessimistic profit expectations in the supply chain [5]

Group 1 - The article highlights the importance of timely announcements in the stock market, including suspensions, shareholding changes, investment wins, acquisitions, earnings reports, and stock unlocks, which are crucial for investors to identify potential investment opportunities and risks [1] - A company has achieved in-orbit application of flexible solar wings in the satellite sector, indicating advancements in 6G, commercial aerospace, photolithography, storage chips, and CPO [1] - Another company is involved in the production of components for the "Jiutian" drone, as well as manufacturing composite materials for large rockets, spacecraft, and satellites, linking it to commercial aerospace, military, low-altitude economy, and state-owned enterprise reforms [1] - A company plans to acquire a high-tech enterprise specializing in lithium battery separators, which aligns with trends in solid-state batteries, energy storage, and artificial intelligence [1]

Group 1 - The Central Economic Work Conference outlined the economic tasks and policy directions for 2026, emphasizing stable progress and the implementation of proactive fiscal and moderately loose monetary policies [2][7] - The A-share market saw significant index adjustments, enhancing the innovation attributes of indices like the STAR 50, with a focus on new emerging industry leaders [2][7] - Enjie Co., a leading lithium battery separator supplier, announced plans to acquire 100% of Zhongke Hualian, aiming to expand its product matrix and reduce supply chain risks [2][7] Group 2 - Broadcom's AI market sales outlook fell short of investor expectations, leading to a 12% drop in stock price, marking the largest decline in 10 months [3][8] - Following a 25 basis point rate cut by the Federal Reserve, market attention is on the 2026 interest rate trajectory, with most Wall Street firms predicting two rate cuts totaling 50 basis points [3][8] - The stock private equity position index reached a new high of 82.98%, indicating strong confidence among large private equity firms in the ongoing market conditions [3][8] Group 3 - The price of Moutai has dropped below the psychological threshold of 1499 yuan, facing challenges in consumer demand and the need to return to genuine consumption [3][8] - The Central Economic Work Conference highlighted the need to address local fiscal difficulties and improve the local tax system, with expectations for increased government debt next year [4][9] - The A-share market experienced a surge, particularly in the electric equipment sector, with 19 stocks hitting the daily limit up [4][10]