品种 价格区间预测 当前波动率（20日滚动） 当前波动率历史百分位（3年） 碳酸锂主力合约 强支撑位：120000 68.4% 94.9% source： 同花顺,南华研究 碳酸锂期货主力合约 source： 同花顺,南华研究 元/吨 碳酸锂期货主力合约收盘价 碳酸锂期货主力合约成交量(右轴) 碳酸锂期货主力合约持仓量(右轴) 手 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 50000 100000 150000 200000 0 500000 1000000 1500000 2000000 碳酸锂期货数据 南华期货碳酸锂数据日报 2026年01月14日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 一、期货数据 碳酸锂期货价格区间 | 指标 | 本期值 | 日涨跌 | 日环比 | 周涨跌 | 周环比 | 单位 | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The company Fulin Precision announced the termination of a capital increase and major asset restructuring for its subsidiary Jiangxi Shenghua New Materials, shifting to a comprehensive strategic cooperation with CATL, which is expected to enhance collaboration in lithium iron phosphate materials and other emerging industries [3][4]. Group 1: Fundraising and Projects - Fulin Precision plans to raise a total of 3.175 billion yuan through a private placement, which will be used for projects including an annual production of 500,000 tons of high-end lithium iron phosphate for energy storage, key components for electric drive systems in new energy vehicles, and other advanced technology projects [3]. - After the completion of this issuance, CATL is expected to hold over 5% of Fulin Precision's shares, marking a significant strategic investment [3]. Group 2: Supplier Relationship and Market Demand - Fulin Precision has received multiple large orders from CATL in recent years and has been awarded the Excellent Supplier Award for 2024 and 2025, indicating a strong supplier relationship [3]. - The demand for high-pressure dense lithium iron phosphate products is expected to surge, leading to increased procurement from CATL, which will further integrate Fulin Precision's products into various battery projects [3]. Group 3: Strategic Collaboration and Resource Support - CATL will leverage its advantages to assist Fulin Precision in lithium material precursors, smart electric control for new energy vehicles, energy storage thermal management, and robotics, exploring additional business cooperation opportunities [4]. - A key agreement includes ensuring stable supply of lithium salt for Fulin Precision, which is crucial given the current tight balance in lithium carbonate supply and rising futures prices [4]. Group 4: Emerging Industry Cooperation - Both companies plan to advance cooperation in emerging industries, including the application of Fulin Precision's robotic products in CATL's manufacturing processes [6].

证券日报网讯 1月13日，兆新股份在互动平台回答投资者提问时表示，公司参股企业上海中锂实业有限 公司主要产品包含锂盐、铷盐、铯盐等，目前公司持有其30%股权；2025年公司通过司法程序取得青海 锦泰15%股权。公司始终审慎评估产业融合机会，兼顾战略发展与股东回报。有关股权资产的后续安 排，公司将严格履行信息披露义务。 （文章来源：证券日报） ...

证券日报网讯1月13日，雅化集团（002497）在互动平台回答投资者提问时表示，随着锂盐价格的上涨 以及公司自有锂矿在生产端的导入，预计将对公司锂业务盈利产生积极影响，具体数据请以公司后续披 露的定期报告为准。公司持续做好经营管理，力争以良好业绩为股东创造投资价值。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - xAI has invested over $20 billion in building a data center in Mississippi, indicating a significant push towards AI computing infrastructure, with recommended companies including Shiyuan Electric, Dongfang Electric, Sifang Co., and Igor [1] - China has applied for over 200,000 satellite frequency resources from the ITU, reflecting ongoing growth in the commercial aerospace sector, with recommended stocks including Maiwei Co., Foster, and Goldwind Technology [1] - The wind and solar utilization rates have remained above 94%, with Shanghai Electric entering the nuclear fusion industry through a strategic partnership with New Energy [2] - The cancellation of VAT export rebates for photovoltaic products starting April 2026 may impact the solar industry [3] - The solid-state battery technology has achieved a breakthrough with the successful cross-strait flight of an eVTOL aircraft, showcasing advancements in energy density and safety [4][63] Summary by Sections AI and Computing Infrastructure - xAI's investment in data centers highlights the growing demand for AI computing capabilities, with specific companies recommended for investment [1] Commercial Aerospace - The application for satellite frequency resources indicates a robust future for the commercial aerospace sector, with several companies identified as potential investment opportunities [1] Renewable Energy - The wind and solar sectors are performing well, maintaining high utilization rates, and new developments in nuclear fusion are being pursued by major players [2] Policy Changes - The upcoming changes in VAT export rebates for solar products could have significant implications for the industry, particularly affecting pricing and competitiveness [3] Battery Technology - The successful application of solid-state batteries in aviation marks a significant technological advancement, with implications for future energy storage solutions [4][63]

（文章来源：证券日报） 证券日报网讯 1月7日，天华新能在互动平台回答投资者提问时表示，为避免锂电材料价格波动带来的 不利影响，公司及控股子公司开展期货套期保值业务，期货品种为与上市公司及控股子公司生产经营有 直接关系的锂盐及生产锂盐所需原材料等相关期货品种。具体详见公司在巨潮资讯网发布的关于开展期 货套期保值业务的相关公告。 ...

2025年12月30日晚，盛新锂能发布公告称，公司拟通过全资子公司以现金20.8亿元收购四川启成矿业有 限公司30%股权，交易完成后将实现对其全资控股。 本次交易对启成矿业的整体估值高达约69.33亿元，而这家公司截至2025年8月31日的净资产仅为21.18亿 元。 启成矿业的财务表现引发市场担忧。财务数据显示，启成矿业营业收入持续为0元。 2024年全年，启成矿业净利润为3531万元，而到2025年1月至8月，业绩"变脸"速度惊人，骤变为亏损 1.55亿元。 启成矿业的核心资产是木绒锂矿，该矿生产规模为300万吨/年，目前正在积极推进矿山开发建设。这意 味着公司仍处于大规模投入阶段，尚未形成稳定现金流。 本次交易对启成矿业的估值高达约69.33亿元。按此计算，启成矿业估值溢价超过2倍。 盛新锂能此次全资控股启成矿业，是其持续加码锂矿资源布局的关键一步。通过子公司四川盛屯锂业有 限公司，以现金20.8亿元收购启成矿业30%股权。 交易完成后，盛新锂能将直接持有启成矿业100%股权。这意味着公司完全掌控了启成矿业及其控股子 公司惠绒矿业拥有的木绒锂矿资源。 木绒锂矿是这次交易的核心价值所在。该矿已查明Li₂O ...

王振华辞去中矿资源集团股份有限公司（以下简称"中矿资源"）副总裁职务。 1月5日，中矿资源发布公告称，公司董事会近日收到副总裁王振华的书面辞职报告，王振华因个人原因申请辞去公司副总裁职务，辞职 后将不再担任公司及子公司的任何职务。王振华的辞任自辞职报告送达公司董事会之日起生效。 矿资源集团股份有限公司 中矿资源集团股份有限公司 关于公司高级管理人员辞任的公告 3. 遵守《中华人民共和国公司法》等法律、法规、规范性文件中关于高级管理人 员股份转让的其他规定。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假记载、 误导性陈述或重大遗漏。 中矿资源集团股份有限公司(以下简称"公司"或"本公司")董事会于近日收到 公司副总裁王振华先生的书面辞职报告,因其个人原因,申请辞任公司副总裁职务。王 振华先生辞任后将不担任公司及子公司的任何职务。根据《中华人民共和国公司法》等 国家有关法律法规、规范性文件的规定,王振华先生的辞任自其辞职报告送达公司董事 会之日起生效,其辞任不影响公司的正常生产经营。 截止本公告披露日,王振华先生持有公司股票 251.000 股,占公司总股本的比例为 0.0348%,其所持股 ...

Group 1: Stock Recommendations - Torch Electronics (603678.SH) shows improving industry conditions with a 24.20% revenue growth to 17.72 billion CNY and a 59.04% increase in net profit to 2.61 billion CNY in H1 2025[10] - Huace Navigation (300627.SZ) achieved a revenue of 32.51 billion CNY in 2024, a 21.38% year-on-year growth, with a net profit of 5.83 billion CNY, up 29.84%[17] - Kingsoft Office (688111.SH) reported a revenue of 41.78 billion CNY for the first three quarters of 2025, a 15.21% increase, with a net profit of 11.78 billion CNY, up 13.32%[22] Group 2: Market Trends and Performance - The global MLCC market is projected to reach 132.6 billion CNY by 2029, with a CAGR of 5.7% from 2024 to 2029[13] - The lithium business of Zhongmin Resources (002738.SZ) saw a revenue increase of 34.99% to 48.18 billion CNY in the first three quarters of 2025, despite a net profit decline of 62.58%[36] - The automotive sealing strip market is benefiting from the rise of European-style door designs, with a projected revenue growth for Zhejiang Xiantong (603239.SH) to 14.7 billion CNY in 2025, a 20.2% increase[31] Group 3: Investment Ratings and Risks - Torch Electronics maintains a "recommended" rating with expected EPS of 1.09 CNY, 1.36 CNY, and 1.81 CNY for 2025-2027[14] - Huace Navigation is rated "recommended" with a target price indicating a potential upside of 16%-36%[22] - Risks include potential market fluctuations, increased competition, and technological advancements not meeting expectations[35]

Valuation Summary - The overall valuation of the A-share market as of December 31, 2025, shows the CSI All Share (excluding ST stocks) with a PE of 21.6x and a PB of 1.8x, positioned at the 81st and 42nd historical percentiles respectively [2] - The Shanghai Stock Exchange 50 Index has a PE of 11.8x and a PB of 1.3x, at the 63rd and 43rd historical percentiles [2] - The CSI 300 Index has a PE of 14.2x and a PB of 1.5x, at the 65th and 39th historical percentiles [2] - The CSI 500 Index shows a PE of 33.8x and a PB of 2.3x, at the 64th and 51st historical percentiles [2] - The ChiNext Index has a PE of 40.8x and a PB of 5.5x, at the 35th and 63rd historical percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the 85th historical percentile include Real Estate, Retail, and IT Services [2] - Industries with PB valuations above the 85th historical percentile include Electronics (Semiconductors) and Communications [2] - Industries with both PE and PB valuations below the 15th historical percentile include Medical Services and White Goods [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, the average price of silicon wafers increased by 10.8%, while battery cell prices rose by 11.8% [2] - The price of cobalt increased by 6.8% and nickel by 5.5%, while lithium carbonate prices rose by 0.9% [2] Technology TMT - The Philadelphia Semiconductor Index rose by 2.2%, and the Taiwan Semiconductor Index increased by 5.1% [3] - The DXI Index (DRAM output value) increased by 7.2%, driven by strong demand for high-performance products related to AI computing [3] Real Estate Chain - The price of rebar increased by 0.1%, while iron ore prices rose by 1.5% [3] - The national cement price index decreased by 0.3% [3] Consumption - The average price of live pigs increased by 10.4%, while wholesale pork prices rose by 1.4% [3] - The price of Moutai liquor decreased by 3.5% to 1505 CNY [3] Cyclical Industries - The price of copper increased by 2.7%, while aluminum rose by 2.2% [3] - Brent crude oil futures closed at 60.8 USD per barrel, down 2.4% [3]