有色、钢铁行业 行业研究 | 行业周报 关注被错杀的有色细分板块 ——有色钢铁行业周观点（2025 年第 47 周） 核心观点 投资建议与投资标的 风险提示 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化。 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 11 月 24 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | 李一涛 | 执业证书编号：S0860124120001 | | --- | --- | | | liyitao@orientsec.com.cn | | | 021-63326320 | | 当降息预期回摆，关注中期财政发力受益 | 2025-11-17 | | --- | --- | | 品种：——有色钢铁行业周观点（2025 年 | | | 第 46 周） | | | 西芒杜项目顺利投产，铁矿供给格局变革 | 2025-11-11 | | 有 ...

由宁德时代运营的一座重要的中国锂矿准备最早于下月初重启。据知情人士透露，宁德时代已制定初步 计划，拟于12月初重启枧下窝矿区。公司已要求供应商和合作伙伴备妥设备、化学品及工人，并通知了 从该矿获取原料的精炼商。公司计划可能存在变数，目前仍在等待主管部门的批准。 ...

2025年11月20日，大为股份（sz002213）触及涨停，涨停价36.64元，涨幅10%，总市值87.00亿元，流 通市值75.73亿元，截止发稿，总成交额18.18亿元。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，大为股份涨停原因可能如下，半导体存储+锂矿资源+机构净买： 1、公司经营以 半导体存储和新能源等业务为主，半导体存储业务是核心增长点，营收占比超90%，且同比增长 40.77%。行业内NAND闪存价格上涨，11月合约价格涨幅高达50%，公司虽未明确产品是否涨价，但构 建了应对策略。同时，公司产品认证取得突破，LPDDR4X进入运营商体系，LPDDR5认证也在推进 中。 2、公司锂矿资源 ...

中伟股份（300919.SZ）11月18日在投资者互动平台表示，公司基于产业一体化战略需求，已通过控股 和参股方式，于阿根廷布局了两座盐湖锂矿，预计掌握锂资源超1000万吨LCE。公司将根据自身需求以 及市场情况，对阿根廷盐湖锂矿进行开采。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司有没有锂矿相关的资源？ ...

Market Overview - The Shanghai Composite Index closed at 3972.03 points, down 0.46%, with a trading volume of 805.7 billion yuan [1] - The Shenzhen Component Index closed at 13202.00 points, down 0.11%, with a trading volume of 1105.058 billion yuan [1] - The ChiNext Index closed at 3105.20 points, down 0.2%, with a trading volume of 493.701 billion yuan [1] - The STAR Market 50 Index closed at 1354.04 points, down 0.53%, with a trading volume of 59.5 billion yuan [1] - Total trading volume for both markets was 1910.758 billion yuan, a decrease of 47.351 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included computer, defense, coal, real estate, education, oil and petrochemicals, telecommunications, and chemicals [2] - Concepts such as lithium mining, aquaculture, AI, remote work, digital taxation, synchronous reluctance motors, Kimi, and quantum technology showed active performance [2] - Weak sectors included pharmaceuticals, banking, insurance, building materials, transportation, and home appliances [2] Stock Performance - A total of 2510 stocks rose, while 2521 stocks fell, with 125 stocks remaining flat and 10 stocks suspended [2] - 100 stocks hit the daily limit up, while 13 stocks hit the daily limit down [2] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 16.844 billion yuan [4] - The ChiNext saw a net outflow of 7.505 billion yuan, while the CSI 300 experienced a net outflow of 8.35 billion yuan [4] - The computer sector had the highest net inflow of main funds, amounting to 4.331 billion yuan [4] - The pharmaceutical sector had the largest net outflow, totaling 6.216 billion yuan [4] Individual Stock Highlights - 94 stocks received net inflows exceeding 1 billion yuan, with Zhongdian Xindong leading at 863 million yuan [8] - Ningde Times had the highest net outflow at 1.762 billion yuan [11] - Institutional investors net bought 6 stocks, with Yahua Group receiving the highest net purchase of approximately 41.692 million yuan [14]

二 〇 二 四 年 度 2025 年 11 月 16 日 碳酸锂：动力和储能需求短期转弱，矿端发运 起量，上方承压 邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi020696@gtjas.com 报告导读： 本周价格走势：高位震荡 碳酸锂期货合约上行后高位震荡。2601 合约收于 87360 元/吨，周环比上涨 5060 元/吨，2605 合约 收于 87880 元/吨，周环比上涨 4940 元/吨，现货周环比上涨 4750 元/吨为 85150 元/吨。SMM 期现基差 （2601 合约）下跌 310 元/吨至-2210 元/吨，富宝贸易商升贴水报价-410 元/吨，周环比下跌 70 元/ 吨。2601-2605 合约价差-520 元/吨，环比走强 120 元/吨。 供需基本面：动力和储能需求短期转弱，矿端发运起量 原料：锂矿价格突破 1000 美元/吨，港口库存方面，中联金调研，由于澳矿和马里集中到货，11 月 所有国家澳矿到货预计 42 万吨，环比增加约 5 万吨。本周国内港口锂精矿库存 35.9 万吨，环比增加 4.6 万吨，12 月预计继续去库。 供应：周度产量整体持平为 2154 ...

Core Insights - The new energy concept stocks continue to strengthen, with the power equipment sector seeing significant gains, leading to a total market capitalization exceeding 100 billion yuan for leading companies [1] - The lithium battery industry chain has experienced a collective surge, closely related to favorable policies and improved supply-demand dynamics [2] Group 1: Stock Performance - A total of 83 stocks reached historical highs this week, a decrease from 94 the previous week [1] - Among these, the power equipment, basic chemicals, and electronics sectors had the highest concentration of stocks reaching new highs, with 17, 11, and 11 stocks respectively [1] - The main board had 48 stocks, the Sci-Tech Innovation Board had 14, the Growth Enterprise Market had 18, and the Beijing Stock Exchange had 3 stocks reaching new highs [1] Group 2: Lithium Battery Industry - The lithium battery industry is benefiting from favorable policies, such as the recent guidelines from the National Energy Administration promoting large-scale development and high-level consumption of new energy [2] - In Q3, China's energy storage lithium battery shipments reached 165 GWh, a year-on-year increase of 65% [2] - The supply-demand situation is improving, with some products experiencing supply tightness, while demand for energy storage and power batteries is exceeding expectations [2] Group 3: Price Movements - Prices for lithium hexafluorophosphate have surged, with some market quotes reaching 150,000 yuan per ton, doubling since mid-October [3] - The prices of electrolyte additives VC and FEC have also increased significantly, with VC rising 77% from 48,700 yuan per ton in early June to 86,000 yuan per ton by November 12 [3] - FEC prices increased by 64%, from 33,000 yuan per ton at the end of May to 54,000 yuan per ton by November 12 [3] Group 4: Trading Volume - The stocks with the highest trading volumes this week included TBEA, Shannon Chip, Jiangbolong, Demingli, and Canadian Solar, with trading volumes of 57.22 billion yuan, 52.65 billion yuan, 35.35 billion yuan, 27.33 billion yuan, and 25.20 billion yuan respectively [3] Group 5: Market Capitalization - Among the 83 stocks, six had a market capitalization exceeding 100 billion yuan, with Agricultural Bank of China, Industrial and Commercial Bank of China, Baofeng Energy, Jiangbolong, and TBEA leading the list with market caps of 29,748.56 billion yuan, 29,403.52 billion yuan, 1,421.21 billion yuan, 1,220.01 billion yuan, and 1,195.49 billion yuan respectively [5] Group 6: Stock Price Increases - The stocks with the highest price increases this week included Huasheng Lithium Battery, Haike New Source, Furui Shares, Online and Offline, and Yuegui Shares, with increases of 79.61%, 71.38%, 61.23%, 46.55%, and 36.45% respectively [6]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index increasing by 0.73% to close at 4029.50 points, the Shenzhen Component Index rising by 1.78% to 13476.52 points, the Sci-Tech 50 up by 1.44% to 1399.29 points, and the ChiNext Index gaining 2.55% to 3201.75 points [1][10] - Overall, 3952 stocks rose while 1334 stocks fell, with a total trading volume of 2042 billion yuan, an increase of 96.9 billion yuan compared to the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, the top gainers included Electric Power Equipment (up 4.31%), Nonferrous Metals (up 4.01%), Comprehensive (up 3.30%), Basic Chemicals (up 2.62%), and Building Materials (up 1.65%) [1][10] - The only sectors that experienced declines were Utilities, Communication, Oil & Petrochemicals, and Banking, with decreases of 0.27%, 0.21%, 0.12%, and 0.05% respectively [1][10] Concept Sector Performance - The leading concept sectors in terms of growth included Lithium Battery Electrolyte, Lithium Ore, Power Batteries, Lithium Battery Anodes, Lithium Battery Cathodes, Lithium Iron Phosphate Batteries, Lithium Batteries, Photovoltaic Inverters, Salt Lake Lithium Extraction, Energy Storage, Cobalt Ore, Solid-State Batteries, Sodium-Ion Batteries, the Ningde Times Industry Chain, and Fluorine Chemicals [2]

每经AI快讯，11月12日，宁德时代宜春枧下窝锂矿复产又有新的进展。近日，江西省自然资源厅矿业 权管理处对江西省宜丰县圳口里-奉新县枧下窝矿(已动用未有偿处置资源量)采矿权出让收益评估报告、 评估报告主要参数表、承诺书进行了公示。根据最新评估结果，枧下窝矿区已动用未处置锂矿资源量矿 业权出让收益，在评估基准日时点上的评估价值约为2.466亿元，而该锂矿资源量探矿权出让收益市场 基准价约为0.693亿元。根据《国务院关于印发矿产资源权益金制度改革方案的通知》，矿业权出让收 益按照评估价值、市场基准价就高确定的原则，宁德时代或需要补缴1.77亿元。 (智通财经) ...

Group 1 - The overall market sentiment is mixed, with external markets performing well while the A-share market is underperforming [1] - In the materials sector, silicon materials and lithium mines have seen a surge but are now experiencing a pullback, indicating that prices may have risen too high [1] - The white liquor sector experienced a decline after a previous surge, with poor sales fundamentals leading to a lack of interest in further investments [2] Group 2 - The automotive sector reported a significant increase in production and sales, exceeding 3 million units in October, but the production outpacing sales may lead to a price war [3] - The excess inventory in the automotive sector raises concerns about future demand and pricing strategies [3] - The market's volatility is testing investors' patience and confidence, highlighting the challenges of navigating current market conditions [3]